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    Real Estate

  3. •

    REIT - Diversified
China Merchants Commercial Real Estate Investment Trust

China Merchants Commercial Real Estate Investment Trust

1503.HK
China Merchants Commercial Real Estate Investment TrustHK flagHong Kong Stock Exchange
1.11
HKD
- -
- -
1.25BMarket Cap
China Merchants Commercial Real Estate Investment Trust
1503.HK
(Hong Kong Stock Exchange)

Recent

price

1.11

P/E

ratio

- -

div

yld

- -

ROIC.AI

2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
FRC
0.33
0.32
0.35
0.03
0.33
0.38
0.38
0.43
0.47
0.38
Revenue per Share
0.31
0.64
0.97
0.03
0.25
0.24
-0.18
-0.17
-0.16
-0.09
Basic EPS, GAAP
0.19
0.2
0.22
0.01
0.17
0.21
0.18
0.24
0.24
0.17
Free Cash Flow per Basic Share
- -
- -
- -
- -
0.09
0.21
0.24
0.16
0.1
0.1
Dividend per Share
0.01
- -
- -
3.02
3.34
3.22
2.91
2.67
2.41
2.23
Book Value per Share
3.79
1.18
2.16
3.36
3.47
3.55
3.59
4.33
4.04
3.8
Tangible Book Value per Share
1,128
1,128
1,128
1,128
1,128
1,128
1,128
1,128
1,128
1,128
Basic Weighted Avg Shares
367
360
389
29
370
433
432
489
529
432
Sales/Revenue/Turnover
66.83
75.95
76.84
24.31
67.79
66.62
68.42
67.04
67.46
66.22
Operating Margin (%)
1
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
348
725
1,099
29
285
268
-197
-189
-185
-99
Net Income, GAAP
25.01
26.51
25.85
30.52
20.68
30.75
- -
- -
- -
- -
Effective Tax Rate (%)
94.97
201.76
282.23
99.16
77.02
61.85
-45.72
-38.72
-34.91
-22.81
Profit Margin (%)
342
-3,085
-2,846
49
307
-1,665
812
733
-1,067
517
Working Capital
- -
- -
- -
1,888
2,012
- -
4,053
4,054
2,376
4,000
LT Debt
4,275
1,334
2,433
3,787
3,910
4,007
4,047
4,881
4,558
4,288
Total Equity
- -
7.11
11.67
0.12
3.41
3.28
- -
- -
- -
- -
Return on Invested Capital (%)
- -
14,506.58
- -
1.13
5.94
5.26
- -
- -
- -
- -
Return on Capital (%)
- -
14,506.58
- -
1.67
7.94
7.24
-5.72
-6.02
-6.45
-3.77
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
No data availableFinancial data will appear here once available

Working Capital

FRC

•

in mil. unless spec.
No data availableFinancial data will appear here once available

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
2.31%
-5.91%
Free Cash Flow
- -
2.86%
-26.57%
Net Income, GAAP
- -
-46.59%
-46.63%
Sales/Revenue/Turnover
- -
3.97%
-18.35%
Total Cash Common Dividend
- -
17.76%
3.29%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
489
2024
- -
- -
- -
- -
529
2025
- -
- -
- -
- -
432

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
-0.17
2024
- -
- -
- -
- -
-0.16
2025
- -
- -
- -
- -
-0.09

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
0.16
2024
- -
- -
- -
- -
0.1
2025
- -
- -
- -
- -
0.1
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Business
China Merchants Commercial Real Estate Investment Trust (1503.HK) operates as a Hong Kong-listed real estate investment trust focused on owning and investing in income-producing commercial properties, primarily in mainland China, to deliver stable distributions to unitholders and long-term net asset value growth. Its property portfolio comprises seven high-quality assets located in the Shekou Industrial Zone of Shenzhen within the Greater Bay Area and the CBD of Beijing, including two Grade-A office towers, three Grade-B office complexes such as Cyberport Building and Technology Building, and a shopping mall; the combined gross rentable area stood at approximately 290,223 square meters as of late 2022, with all properties benefiting from strong public transportation access and parking facilities. Sponsored by China Merchants Shekou Industrial Zone Holdings Co., Ltd. (1979.SZ), a leading state-owned enterprise, and managed by China Merchants Land Asset Management Co., Limited—a Type 9 licensed asset manager and wholly-owned subsidiary of China Merchants Land Limited (978.HK)—the REIT was listed on the Main Board of the Hong Kong Stock Exchange in December 2019, marking the first such listing since 2014 and the first managed by a PRC state-owned corporation; its headquarters and registered manager's office are situated in Hong Kong at Room 2603-2606, 26/F, China Merchants Tower, Shun Tak Centre, 168-200 Connaught Road Central. In recent developments, the REIT held an Extraordinary General Meeting on October 15, 2025, approving the acquisition of a 46.41% stake in Onward Science & Trade Center, an iconic property in Shenzhen, to expand its portfolio; it also reported unaudited operating statistics for the three months ended September 30, 2025, alongside a change in the manager's registered office address on October 31, 2025, and secured a five-year facility agreement with an independent third-party bank in January 2025 to support operations. The trust targets institutional and retail investors seeking exposure to premium commercial real estate in key Chinese growth hubs, with ongoing asset enhancement initiatives driving occupancy improvements, such as at Garden City Shopping Centre, amid a portfolio occupancy rate rising to 90.6% by year-end 2024.