HONG KONG, Mar 11, 2026 - (ACN Newswire) – Yuexiu Real Estate Investment Trust ("Yuexiu REIT", together with Yuexiu REIT Asset Management Limited, collectively known as the “REIT”; stock code: 405) announced its annual results for the year ended 31 December 2025.
Yuexiu REIT Management Team: Chairman and Non-Executive Director Mr. JIANG Guoxiong (center), Executive Director and Chief Executive Officer Ms. OU Haijing (left), and Chief Financial Officer Mr. KWAN Chi Fai (right)
2025 Annual Results Highlights:
- Overall operation remained resilient, with total revenue of RMB1,856 million (2024: RMB2,032 million).
- The average financing cost was 3.61%, a three-year low; the average interest payment rate was 3.77%, representing a year-on-year decrease of 76 basis points. Excluding exchange loss, the financing expenses decreased by approximately RMB152 million year-on-year.
- As at 31 December 2025, the overall occupancy rate of the properties was 82.1% (2024: 84.5%).
- Optimised the asset portfolio by disposing of a 50% interest in Yuexiu Financial Tower in Q4 2025, realising cash proceeds of approximately RMB5.3 billion to enhance financial flexibility. Yuexiu REIT maintained its "investment-grade" rating from both Standard & Poor's and Fitch, with the outlook upgraded to "stable".
- The final distribution to the Unitholders for the period will be approximately RMB0.0189, equivalent to HK$0.0214. Distribution per Unit for the year will be approximately RMB0.0522, equivalent to HK$0.0580. Distribution yield is 6.74% per Unit for the year.
- To maintain the REIT’s financial flexibility, the distribution ratio for the period from 1 July 2025 to 31 December 2025 has been adjusted to 90%, resulting in an overall full-year distribution ratio of approximately 96%.
Guangzhou International Finance Center (GZIFC):
- Operating revenue of the GZIFC complex was RMB984 million, accounting for 53.0% of the REIT’s total revenue.
- The office building of GZIFC introduced two Fortune Global 500 companies; the occupancy rate was 80.9%.
- GZIFC Shopping Mall introduced China Duty Free Group (CDFG), the first and currently the only downtown duty-free store in Guangzhou, achieving a renewal rate of 89% for the year, and an occupancy rate of 95.5% at the end of the period.
- Four Seasons Hotel Guangzhou's average room rate increased by 5.8% year-on-year. Ascott Serviced Apartments GZIFC achieved an average occupancy rate of 91.5%, up 1 percentage point year-on-year, with revenue reaching a record high for the period.
Proactive Management of Financing Risk and Effective Stabilisation of Financing Cost
- With regard to the short-term loan of RMB530 million, the 5-year syndicated loan of HK$2.1 billion, and the remaining HK$2.1 billion of the 3-year syndicated loan of HK$3.8 billion, all due in 2025, the Manager in 2025 renewed the short-term loan of RMB530 million, obtained offshore loan of RMB1.7 billion, issued dim sum bonds of RMB1 billion, and obtained an offshore syndicated loan package equivalent to HK$2.1 billion (a sustainability-linked loan), for the refinancing of the maturing loans so as to ensure effective monitor on the liquidity risk.
- A total of approximately RMB4.68 billion in loans were obtained in 2025 to partially refinance offshore HKD floating rate loans, taking advantage of the relatively low-cost of RMB financing to proactively adjust the financing structure. At the end of 2025, the financing interest rate exposure of Yuexiu REIT was approximately 10%, narrowed by 16 percentage points from 26% at the beginning of the year; the average financing cost was 3.61%, a three-year low, representing a decrease of 55 basis points from 4.16% at the beginning of the year; the average interest payment rate for the full year of 2025 was 3.77%, representing a year-on-year decrease of 76 basis points. Excluding the exchange loss, the finance expenses were approximately RMB773 million, representing a year-on-year decrease of approximately RMB152 million.
- As at the end of 2025, Yuexiu REIT had RMB financing of approximately RMB15.47 billion, accounting for 76% of total financing (2024: RMB financing of approximately RMB12.33 billion, accounting for 60% of total financing).
Mr. JIANG Guoxiong, Chairman and Non-Executive Director of Yuexiu REIT, said, "2025 marked the 20th anniversary of Yuexiu REIT's listing. The Manager consolidated its competitive advantages by taking strategic actions to secure market share, prioritised occupancy rates, strengthened risk control to stabilise lease renewals, enhanced product competitiveness to meet market demand and invested in capital renovation projects to ensure asset value preservation and appreciation. These efforts stabilised the fundamentals of operations in a challenging market, providing solid support for the full-year revenue. Concurrently, we optimised the asset portfolio by appropriately reducing the proportion of office buildings, and proactively captured favourable financing opportunities, successfully issuing the first-ever Panda Bonds by a listed REIT globally as well as the REIT’s inaugural green bond. Financing costs for the year reached a three-year low, effectively underpinning the overall distribution level. The successful execution of a series of pioneering capital operations fully demonstrated the Manager’s strategic commitment to driving the high-quality development of Yuexiu REIT. This underscored its resolute determination in creating sustainable and long-term value for Unitholders.”
Guangzhou International Finance Center (GZIFC)
During the year, GZIFC recorded a newly contracted area of 15,702 sq.m. The newly launched 7,403 sq.m. of furnished units recorded an absorption cycle of about 36 days, with an absorption rate close to 72%. Quality tenants introduced include two Fortune Global 500 companies, a Fortune China 500 company, a leading global shipping giant, and a renowned Internet-based culture, sports and entertainment company. In addition, the project recorded a renewal area of 34,294 sq.m. and a renewal rate of 86%, retaining quality tenants including six Fortune Global 500 companies and a foreign consulate. GZIFC was selected as one of the Top 30 companies in the “Performance Index - 2025 Commercial Property Operation Performance)” by Guandian.
GZIFC Shopping Mall renewed lease with its anchor tenant, Guangzhou Friendship Store, and introduced China Duty Free Group (CDFG) to set up a store, which is the first and currently the only downtown duty-free store in Guangzhou. In addition, GZIFC Shopping Mall launched the light meal and beverage area on the basement floor, coupled with the brand revitalisation of the dining tenants on the fourth and fifth floors by introducing seven “first stores”. Membership operations achieved remarkable results, with the share of member sales doubling to 16%. The project actively created digitalised consumption scenarios and made full use of mainstream platforms to attract customer flow through multiple channels. Specifically, the “Italian Culture Season” themed event was successfully held in collaboration with hotels, theaters, museums and consulates, effectively boosting customer flow and sales. Newly contracted area and renewal area totaled 35,573 sq.m., with a renewal rate of 89%. The occupancy rate was 95.5%.
Four Seasons Hotel Guangzhou launched the first batch of renovated rooms during the year. The average room rate was RMB2,260, representing a year-on-year increase of 5.8%. The average occupancy rate was 77.7%. The revenue per available room (RevPAR) was RMB1,756, representing a year-on-year increase of 0.9%. The RevPAR competitive index was 110.0, maintaining a relatively leading market position among luxury hotel competitors. Ascott Serviced Apartments GZIFC recorded an average occupancy rate of 91.5% during the year, representing a year-on-year increase of 1 percentage point. The average room rate was RMB1,137, representing a year-on-year increase of 1.6%. The RevPAR was RMB1,040, representing a year-on-year growth of 2.7%. The RevPAR competitive index reached 146.9, remaining at a high level among high-end apartment competitors. The Apartments achieved a record high in operating revenue for the same period and ranked first in operating revenue among Ascott China properties for ten consecutive years since 2016.
Yuexiu Financial Tower
The Manager disposed of 50% interest in Yuexiu Financial Tower in Q4 2025. Following completion of the disposal, Yuexiu Financial Tower became a Qualified Minority-owned Property of the REIT. The occupancy rate was 77.9% at the end of the period.
White Horse Building
White Horse Building introduced high-quality customers from core industrial clusters in Guangzhou, Shenzhen and Dongguan and recorded a newly contracted area of 5,808 sq.m. for the year, with full occupancy on the 1st floor for the first time in the past five years and a six-year record high set by the 2nd floor’s occupancy rate. During the year, it organised 22 original brands to showcase their products at professional exhibitions such as the Fashion World Tokyo, and the China International Fashion Fair; held the “White Horse Fashion Journey: Border Trade Supply Chain Matching Conference”, and established the “Guangdong-Xinjiang Fashion Industry Chain Supply and Procurement Cooperation Alliance” with ten wholesale markets in Urumqi, Xinjiang. During the year, it welcomed a total of 517 procurement delegations, along with nearly 13,000 purchaser visits, including 19 foreign delegations from France, Vietnam and other countries, and facilitated procurement deals worth RMB320 million. The occupancy rate was 96.0% at the end of the period.
Fortune Plaza
During the year, the project recorded a newly contracted area of 6,334 sq.m., and introduced certain quality tenants including several subsidiaries of a Fortune Global 500 integrated financial group, two Fortune Global 500 companies and the Guangzhou branch of two global leading companies. The project recorded a renewal area of 8,662 sq.m. and a renewal rate of 84.0%, retained quality tenants including three Fortune Global 500 companies and the Guangzhou branch of a national commercial bank. Upgraded product standards accelerated the absorption of vacant units, with an absorption rate of 93% for furnished units. The occupancy rate was 93.4% at the end of the period, representing a year-on-year increase of 1 percentage point, and a strong rebound of 5.4 percentage points from the interim period.
City Development Plaza
During the Reporting Year, the project recorded a newly contracted area of 9,279 sq.m. and introduced a beauty technology company and a pharmaceutical supply chain service company to enhance the ambience of healthcare business in the building. The project recorded a renewal area of 5,011 sq.m. and a renewal rate of 77%, retained tenants including a Fortune Global 500 company and a globally-renowned Contract Research Organisation (CRO). The occupancy rate was 90.6% at the end of the period.
Victory Plaza
Victory Plazq’s anchor tenant, Uniqlo, continued to play a flagship role, recording a 7.0% year-on-year sales growth for the year and maintaining its position as the top-selling store nationwide. The project successfully introduced the sports brand “Super Anta” to set up the largest store in the Guangzhou-Foshan region and “Crab Mang Mang”, the first store nationwide of Guizhou spicy crab business, achieved the diversification of its food and beverage brand portfolio. By connecting internal and external resources to hold fifteen major events, the mall achieved a year-on-year increase of 2.0% in its annual sales. During the year, newly contracted area and renewal area totaled 5,579 sq.m., with a renewal rate of 84%. The occupancy rate was 94.0% at the end of the period.
Shanghai Yue Xiu Tower
During the year, Shanghai Yue Xiu Tower recorded a renewal area of 6,430 sq.m., with a renewal rate of 43%, while securing a newly contracted area of 8,070 sq.m., efficiently making up for the prematurely vacated units. During the year, the project continued to increase the supply of small-area furnished units to meet market demand, formulated differentiated pricing strategies, and successfully held a channel recruitment conference, which attracted more than one hundred real estate agencies. By investing in various capital nature renovations, the project enhanced both energy efficiency and service standards. The occupancy rate was 83.1% at the end of the period.
Wuhan Properties
During the year, Wuhan Yuexiu Fortune Centre recorded a newly contracted area of 26,837 sq.m., and introduced quality tenants including two Fortune Global 500 state-owned enterprises, and two Fortune Global 500 foreign enterprises. In addition, it recorded a renewal area of 20,617 sq.m. and a renewal rate of 76.0%, hitting a new high in the past three years, and retained quality tenants, including seven Fortune Global 500 enterprises and a Fortune China 500 company. Approximately 21,000 sq. m. of renovated units were supplied throughout the year, with an absorption rate approaching 98%. The occupancy rate was 62.1% at the end of the period, representing a year-on-year increase of 1 percentage point.
Wuhan Starry Victoria Shopping Centre revitalised several popular dining and fitness brands, aiming to attract more family and young customer groups. The project deeply tapped into the consumption potentials of “night economy” and “scene experience” by leveraging the unique venue feature of “Joy Garden”, launching themed activities such as “Riverside Starry Night ”, thus achieving customer flow substantially in line with last year, while the shopping mall recorded a year-on-year increase of 0.5% in annual sales. During the year, newly contracted area and renewal area totaled 9,827 sq.m., with a renewal rate of 48.0%. The occupancy rate was 87.4% at the end of the period, representing a rebound of 5.0 percentage points from the interim period.
Hangzhou Victory
During the year, the project recorded a newly contracted area of 7,890 sq.m. and introduced a tenant to take up an entire floor. In addition, it recorded a renewal area of 8,836 sq.m. and a renewal rate of 54%, retained quality tenants including two Fortune Global 500 companies and the Zhejiang branch of a state-owned enterprise in Shanxi Province. The occupancy rate was 84.5% at the end of the period.
Integrating ESG into Business and Promoting Sustainable Development
Adhering to a long-term perspective, the Manager systematically advanced ESG initiatives. On the occasion of publicly disclosing Yuexiu REIT’s sustainability practices for the tenth consecutive year, the Manager officially renamed the “Environmental, Social and Governance Report” to the “Sustainability Report”, further promoting the deep integration of Yuexiu REIT’s strategy into sustainable development and reinforcing their synchronized progress. During the year, Yuexiu REIT received the highest Green Five Star rating and the title of “Global Sector Leader” for the first time from the Global Real Estate Sustainability Benchmark (GRESB) and once again secured A-rating (highest level) for public disclosure, highlighting its outstanding capabilities in the field of sustainable development.
Prospects
In the coming year, the Manager will maintain a prudent and optimistic attitude, adapt proactively to changes and strengthen risk managemen to generate stable return for the Unitholders. In terms of asset management, the Manager will dynamically implement proactive, prudent and flexible leasing and operating strategies in response to economic development trends and competitive dynamics, diligently explore new growth drivers, and keenly seize potential opportunities to enhance the market competitiveness of asset portfolio. In terms of financing management, the Manager will continue to review and make reasonable adjustments to its financing structure, and introduce low-cost RMB financing through various financing channels to offset interest rate risks. In respect of renovation projects, the Manager will carry out the phased renovations of Four Seasons Hotel Guangzhou in an orderly manner to support the long-term preservation and appreciation of property value.
About Yuexiu Real Estate Investment Trust
Yuexiu Real Estate Investment Trust ("Yuexiu REIT") was listed on the Hong Kong Stock Exchange of Hong Kong Limited on 21 December 2005 and is the first listed real estate investment trust only investing in properties in the People's Republic of China (the "PRC") in the world. As of 31 December 2025, Yuexiu REIT’s portfolio of properties consisted of ten properties (including one Qualified Minority-owned Property), namely, White Horse Building, Fortune Plaza, City Development Plaza, Victory Plaza, Guangzhou International Finance Centre (“GZIFC”), Yuexiu Financial Tower (a Qualified Minority-owned Property with a 49.495% beneficial interest) located in Guangzhou; Yue Xiu Tower located in Shanghai; Wuhan Yuexiu Fortune Centre, and Starry Victoria Shopping Centre located in Wuhan; Victory Business Centre located in Hangzhou; and Yue Xiu Building located in Hong Kong. The total gross floor area of the properties (excluding Yuexiu Financial Tower) was approximately 974,000 sq.m. All properties are located in the central business district of Guangzhou, Shanghai, Wuhan, Hangzhou and Hong Kong respectively. The categories of the properties include Grade-A offices, commercial complexes, retail business, hotel, serviced apartments and professional clothing market etc.