Greentown Management H1 New Orders Fall 32% on Land Market Slump
Greentown Management Holdings reported a 32% year-on-year decline in new construction management orders for the first half of 2026, with total floor area of 13.52 million square meters and fees of RMB 3.41 billion. The company cited a shrinking land market and noted that the impact on current earnings is delayed due to the time lag between signing and revenue recognition. Industry-wide new orders fell 8.2% in the period.
In the first half of 2026, the continued contraction of the land market affected the construction management industry. Greentown Management Holdings' interim results, released on August 25, showed that its newly signed construction management projects totaled 13.52 million square meters in gross floor area, with corresponding fees of RMB 3.41 billion, both down approximately 32% year on year. Because construction management revenue is recognized only after a project moves from signing to construction and then to completion, the decline in new orders has not yet directly fed through to current-period earnings.
At a results briefing held on August 26, Wang Junfeng, executive director and chief executive officer of Greentown Management, cited external market data showing that the industry's newly signed scale fell 8.2% year on year in the first half of 2026. From 2023 to 2025, the industry's annual new signed scale remained broadly stable at between 160 million and 170 million square meters.