- Business
- DevGreat Group Limited is an investment holding company principally engaged in property development, property investment, property sales, and property rental, management, and agency services in the People's Republic of China. The company operates through two primary segments: Sales of Properties, which involves the development and sale of residential, commercial, and mixed-use properties including business plazas, office buildings, villas, residences, and urban complexes; and Properties Rental, Management and Agency Services, which provides leasing, maintenance, cleaning, security, and agency services for similar property types. It also engages in hotel operations, previously reported as a separate segment but discontinued in 2024, alongside property rental services targeting institutional and individual customers in key regions such as Shanghai, with operations extending to Zhejiang, Jiangsu, Sichuan, Jilin, Shandong, and Hainan. Founded in 1992 and headquartered in Wan Chai, Hong Kong, at Room 2429-2430, 24/F, Sun Hung Kai Centre, 30 Harbour Road, the company, formerly known as Shanghai Zendai Property Limited, changed its name to DevGreat Group Limited in October 2024 to reflect strategic evolution. Recent major changes include the completion of a significant disposal in October 2024, under which it sold entire equity interests in subsidiaries Auto Win Investments Limited, Giant Hope Investments Limited, Best East Developments Limited, and Ample Century Limited—collectively the Disposal Group—to Fortunate Omen (HK) Limited for RMB10 million (approximately HK$11 million), streamlining operations and enhancing cash flow; discontinuation of the hotel operations segment during the year ended December 31, 2024; a capital reorganisation and issuance of new shares in 2024 to bolster financial position; deconsolidation of a subsidiary impacting equity; and ongoing adjustments to property development plans based on market conditions, including holding completed properties for sale and cost control measures to address liquidity.