Powerlong Real Estate Holdings Limited (“Powerlong”) reported interim 2026 revenue of RMB 8.18 billion, down 38.20 % year-on-year as softer property deliveries and lower rental income offset stable hotel and services revenue.

Gross profit declined to RMB 0.55 billion (-72.90 %), with margin sliding to 6.70 % from 15.30 %. Fair-value losses on investment properties expanded to RMB 2.65 billion.

Loss attributable to owners narrowed to RMB 0.59 billion from the prior-year RMB 2.65 billion, aided by a RMB 3.11 billion one-off gain from restructuring six onshore bonds and ABS. Excluding fair-value movements, restructuring gains and FX effects, core loss widened to RMB 1.97 billion.

Contracted sales (including JVs/associates) slipped 8 % to RMB 3.42 billion on 332,200 sq m, with ASP at RMB 10,295/sq m. As at 30 June 2026, the investment-property portfolio stood at 69.42 million sq m GFA (-1.60 %), while landbank totalled around 13 million sq m, 55.60 % of which is in the Yangtze River Delta.

Balance-sheet cash (including restricted) edged up 3.90 % to RMB 7.52 billion. Total borrowings fell 9.60 % to RMB 49.78 billion, of which RMB 32.23 billion is due within 12 months. Net gearing improved to 107.70 % from 119.10 % at 2025-year-end.

Liquidity stress persists: RMB 24.90 billion of senior notes, corporate bonds, CMBS and bank loans were in default or cross-default at period-end. Offshore restructuring progressed—an HK scheme of arrangement covering c.US $2.7 billion equivalent debt was sanctioned on 17 June 2026, though the restructuring effective date had not occurred by the reporting date. Onshore, six bond issues (RMB 4.50 billion) were modified, creating a RMB 2.86 billion restructuring gain.

Net assets attributable to shareholders were RMB 26.13 billion; total equity stood at RMB 39.22 billion against total assets of RMB 158.59 billion.

The board declared no interim dividend.