SZI Qianhai Project (“Qianhai Project”)

The Qianhai Project has successfully implemented the long closed-loop “Investment, Construction, Operation and Transformation” business model. Through the land consolidation and preparation in Qianhai, the Group was compensated through a land swap from which it received a land parcel with a total site area of approximately 120,000 square meters and a total gross floor area of approximately 390,000 square meters (comprising a residential area of approximately 190,000 square meters and an apartment area of approximately 25,000 square meters), which is valued at approximately RMB8,373 million under the new land use arrangement. The appreciation of the land value signifies the initial benefit derived from the land consolidation and preparation in Qianhai. With the gradual development of the swapped land parcels and the release of completed properties to the market, the Qianhai Project generated profits before tax over eight instances at a total of approximately 14,717 million over the past few years, supporting the steady growth of the Group’s financial performance. Furthermore, the Qianhai Project has provided the Group with valuable experience and laid a solid foundation for the seamless execution of its forthcoming transformation and upgrading initiatives.

Residential Projects

Yicheng Zhenwanyue is a residential project jointly developed by the Group and a renowned property developer, in which the Group holds 50% interest. Phase I of the project encompasses a residential gross floor area of approximately 40,000 square meters and a commercial gross floor area of approximately 3,500 square meters. Phase II of the project has a plot ratio-based gross floor area of approximately 80,000 square meters, comprising a residential gross floor area of approximately 50,000 square meters (inclusive of residential and talent housing), an apartment gross floor area of approximately 25,000 square meters and a commercial gross floor area of approximately 5,000 square meters.All residential units were delivered in June 2025, and the inspection and acceptance procedures of the apartments completed in December 2025.

All other residential projects of the Qianhai Project, including Parkview Bay (a jointly-developed project) and Yicheng Qiwanli (a project independently developed and operated by the Group), have been fully delivered.

Commercial and Office Projects

Regarding commercial projects, the Group and SCPG (印力集團) have leveraged their respective strengths to jointly develop a unique boutique commercial project known as “Qianhai Yinli” in the Mawan area of Qianhai. Qianhai Yinli, which commenced operations in September 2022, has a total gross floor area of approximately 25,000 square meters. As a “slow-living”, courtyard-style neighborhood of a type rare in Qianhai and Shenzhen, the project integrates high-quality living, culture and arts, social interactions and a digital ecosystem.

As for office projects, the Group jointly managed and operated “SZI Properties (Shenzhen Yidu Building)” with China Center for Information Industry Development (“CCID”), an enterprise directly controlled by the Ministry of Industry and Information Technology of the PRC. In May 2022, Yidu Building successfully obtained the LEED-CS Platinum certification from the U.S. Green Building Council, signifying its position as one of the world’s top green office buildings. Since its launch in July 2021, Yidu Building has positioned itself as an artificial intelligence of things+ (AIoT+) ecological courtyard with industrial operation services, successfully attracting a variety of digital economy enterprises as tenants.

In addition, the Group owns two separate land parcels for office and commercial uses in Qianhai, with a site area of approximately 21,800 square meters. Given that the two land parcels are situated within the bonded area, the Group is currently communicating with relevant departments of the Shenzhen Municipal People's Government regarding land swap and development matters.

SZI South China Logistics Park Transformation Project

With the in-depth implementation of the nation’s “Two-region Engines” strategy, the Greater Bay Area will become one of the most open and vibrant economic zones in the PRC. However, land supply in the Greater Bay Area is limited and land resources in the core areas are particularly scarce. Covering an area of approximately 580,000 square meters, the Group’s SZ South China Logistics Park is located in the central axis and core node of Shenzhen. It is the largest traditional warehousing and logistics park of the Group in Shenzhen.

Phase I – Transformation and upgrading

Promoting the transformation of SZ South China Logistics Park is a key part in the Group’s exploration of the long closed-loop “Investment, Construction, Operation and Transformation” development model besides the Qianhai Project. In the next few years, the Group will proactively promote the transformation of the park area into “functional headquarters for the digital economy”, which will gradually unlock its intrinsic value. The high-quality transformation and upgrading of the SZI South China Logistics Park into a “South China Digital Economy Super Headquarters Base”, reflects the Group’s steadfast commitment to pursuing high-quality development.

In October 2023, the Group entered into a land consolidation and preparation supervision agreement with relevant government authorities regarding the consolidation and preparation of the land parcel for Phase I of SZI South China Logistics Park with a site area of approximately 530,000 square meters. The project would be implemented via a comprehensive approach which involves reservation of land and monetary compensation. The South China Logistics Park Transformation Project is progressing steadily in phases as planned, and the value appreciation for the phase 1 of the reserved land (plot number: 02-20-04) and the phase 2 (stage 1) of the reserved land (plot number: 02-20-02) was recognized.

Looking ahead, the Group will expedite the development and construction of the above land parcels and endeavor to develop a high-quality residential flagship project, so as to facilitate the timely receipt of sale proceeds and recovery of cash flow. Meanwhile, the Group will continue to push forward with the securing and obtaining of land use rights for the remaining Reserved Land and proceed with its development and construction in an orderly manner. This will gradually unlock the land’s value appreciation potential, so as to realize the closed-loop “Investment, Construction, Operation and Transformation” business model, and provide strong momentum for the Group’s long-term sustainable development.

Phase II - SZI South China Digital Valley

SZI South China Digital Valley covers a site area of approximately 62,000 square meters and a gross floor area of approximately 200,000 square meters. Aligning with Longhua District’s “Digital Longhua” development strategy, the project is dedicated to fostering the digital economy and targets enterprises in four key areas including artificial intelligence, 5G technology, industrial internet and software and information. It aims to attract and cultivate industry-leading enterprises, promoting the integration of industry and urban development, driving regional growth through the digital economy, and injecting new momentum into local economy.

Updated on 17 April 2026