雅居乐巨亏226亿，市值仅剩12亿港元

Radar Finance Production Written by | Peng Cheng Edited by | Meng Shuai

With a market value of only about HKD 1.2 billion, Agile Group recently reported a massive loss of approximately HKD 22.6 billion.

The disclosed financial report clearly reveals the current performance difficulties faced by Agile. In 2025, the company achieved revenue of 27.859 billion yuan, a sharp decline of 35.7% year-on-year; net profit attributable to the parent company was a loss of 22.569 billion yuan, an increase of over 30% compared to the previous year; gross profit margin also continued to decline, further dropping to -17.6%.

On the debt front, Agile is under considerable pressure. As of the end of 2025, the company’s cash and bank balances (including restricted cash) totaled only 5.579 billion yuan, but short-term borrowings reached as high as 38.734 billion yuan, and the asset-liability ratio rose to 89.53%.

What adds to Agile’s pressure is that by the end of last year, the company had loans totaling 29.421 billion yuan principal and 1.305 billion yuan in interest, which defaulted due to non-payment on time, triggering cross-defaults on bank and other borrowings amounting to 3.766 billion yuan.

Moreover, in December of last year, the company of Stanley Ho’s son, Ho Yau Lung, submitted a winding-up petition against Agile Group to the High Court of Hong Kong.

In response to the liquidity crisis, Agile has taken active measures, including pushing forward with offshore debt restructuring; simultaneously, the company is attempting to ease cash flow pressure through asset sales.

However, asset disposals have also impacted Agile’s profits. The annual report shows that in 2025, the company recorded a loss of about 2.896 billion yuan from the sale/termination of subsidiaries.

Revenue plummets 35.7%, losses grow over 30%

On March 31, Agile Group released its 2025 annual performance announcement. The financial report shows that Agile achieved revenue of 27.859 billion yuan for the year, down 35.7% from 43.346 billion yuan in 2024; net loss attributable to the parent was 22.569 billion yuan, an increase of over 30% compared to 17.216 billion yuan in 2024.

Looking at the business segments, Agile’s revenue contraction nearly covered all sectors. Among them, property development recognized sales revenue of 12.729 billion yuan, a sharp drop of 52.1% from 26.552 billion yuan in 2024; the confirmed sales area was 1.26 million square meters, a 44.5% decrease year-on-year; the average sales price was 10,073 yuan per square meter, down 13.7% year-on-year.

Meanwhile, property management revenue reached 12.826 billion yuan, a decrease of 6.2% year-on-year. As of the end of last year, the total managed area of the group decreased from 551 million square meters at the end of the previous year to 503 million square meters, a decline of 8.7%.

As for other businesses, including property construction services, green ecological landscape services, smart home and decoration services, environmental protection services, and commercial management services, they contributed 2.304 billion yuan in revenue last year, a decline of 26.1%.

In 2025, Agile recorded a gross loss of 4.906 billion yuan, with a gross loss rate of 17.6%. In comparison, the gross loss in 2024 was only 520 million yuan, meaning its gross loss sharply expanded by 841.3% year-on-year.

The main culprit behind this was the “scissors difference” between prices and costs. Under pressure from both ends, Agile’s gross profit margin was further eroded.

The company explained in the financial report that the increase in gross loss was mainly due to the challenging operating environment in the real estate industry, which weakened buyer confidence and slowed property sales. The average confirmed sales price last year decreased by 13.7% compared to the previous year, while the related average cost only decreased by 4.1% from 2024.

At the net profit level, Agile posted a net loss attributable to the parent of 22.569 billion yuan last year, an increase of 31.1% from 17.216 billion yuan in the previous year.

Regarding this, Agile explained that the loss was mainly affected by three factors: losses from the sale/termination of subsidiaries; impairment losses on investments accounted for using the equity method; and a significant increase in income tax expenses.

In 2025, the total pre-sale amount of Agile’s real estate projects was 8.57 billion yuan, a decrease of 44.7% year-on-year; the total pre-sale construction area was 939,000 square meters, down 19.1%; and the pre-sale average price was 9,129 yuan per square meter, a decline of 31.7%.

In terms of delivery, in 2025, Agile delivered approximately 16,000 units, with a delivery area of about 1.35 million square meters. However, the progress in delivery commitments did not effectively ease the company’s profit and cash flow pressures.

Regarding land reserves, Agile also showed a shrinking trend. By the end of 2025, the group’s land reserves in 69 cities and regions had an estimated total construction area of about 25.48 million square meters.

Compared to the end of the first half of last year, when the estimated total construction area was 29.62 million square meters across 73 cities and regions, the land reserve scale had significantly decreased within half a year.

Debt “mounting pressure,” “Stanley Ho’s son” files for winding-up petition

In terms of assets and liabilities, Agile also faces significant challenges. The financial report shows that as of the end of 2025, Agile’s asset-liability ratio was 89.53%, an increase of 10.13 percentage points from the end of the previous year.

At the end of 2025, the company’s cash and bank balances (including restricted cash) totaled 5.579 billion yuan, but short-term borrowings alone reached 38.734 billion yuan.

Although Agile’s total borrowings decreased by 2.111 billion yuan compared to the end of 2024, its net debt ratio soared from 103.6% at the end of 2024 to 229.6%, sharply increasing financial risk.

Notably, as of the end of 2025, Agile had loans totaling 29.421 billion yuan principal and 1.305 billion yuan in interest, which defaulted due to non-payment on their respective due dates. This default also triggered cross-defaults on bank and other borrowings totaling 3.766 billion yuan.

The company mentioned in the financial report that, as stated in the announcements on May 14 and June 7, 2024, due to liquidity pressures, it had not paid interest on the 483 million USD 6.05% senior notes due in 2025 after the grace period expired on May 13, 2024, and expected to be unable to fulfill all payment obligations under its offshore debt.

Agile stated that failure to pay these debts could lead creditors to demand accelerated repayment.

The company also emphasized that it has been actively managing its offshore debt. Specifically, it has established cash flow models and simulated liquidation analyses to support restructuring plans.

Based on this, Agile has maintained negotiations with major offshore creditors, actively assisting with due diligence, engaging in multiple communications on restructuring plans, and continuously adjusting and improving the terms to reach an agreement as soon as possible.

It is worth noting that the company also mentioned in its annual report that on December 9 of last year, a company filed a winding-up petition against Agile Group in the Hong Kong High Court, involving alleged unpaid amounts totaling USD 18.587 million and RMB 2.347 million.

According to Shenzhen Business Daily·Du Chuang, the petitioner was Melco Crown (Asia) Limited Zhongshan branch, a subsidiary of Melco International Development Limited, which is controlled by “Stanley Ho’s son” Ho Yau Lung.

The petition was based on an arbitration award issued by the China International Economic and Trade Arbitration Commission on September 25, 2025. The High Court scheduled a hearing for the petition on March 2, 2026, which was postponed to June 29, 2026.

Agile stated that these circumstances indicate significant uncertainties that cast doubt on the group’s ability to continue as a going concern. Given these factors, the directors have prudently considered the group’s future liquidity, performance, and available financing sources when assessing its ability to continue operations.

To address this, Agile’s directors have implemented multiple plans and measures to improve liquidity and financial conditions, aiming to restructure existing borrowings and oppose the winding-up petition.

According to Tianyancha, Agile Group Holdings Limited currently has multiple enforcement records, with total enforced amounts exceeding 1.578 billion yuan. Historical enforcement data shows total enforced amounts exceeding 11 billion yuan.

To ease liquidity pressures, adopting a “sell, sell, sell” approach

Faced with declining performance and debt pressures, asset disposal has become a key strategy for Agile to maintain liquidity.

According to media reports, in October last year, Agile Property was forced to sell the Hong Kong Kowloon Tong Yidong Road No. 6 Longpu Villa project, acquired at a bottom price of HKD 966 million in July 2023, due to liquidity issues.

Additionally, according to Perspective Network, as early as the second half of 2021 to 2022, Agile had been consolidating project equity and asset packages, raising over 20 billion yuan in funds.

Since 2023, asset disposals have become more specific and fragmented. For example, selling equity in Changzhou projects for about 426 million yuan and pushing forward with the sale of Kuala Lumpur projects.

Since 2024, the logic of asset disposals has shifted further towards “trading time for space.” On one hand, the scope of asset stripping expanded from real estate projects to include environmental protection, education, and other non-core sectors, reflecting a comprehensive contraction of non-core businesses; on the other hand, the scale of individual transactions has become more medium and small-sized, more often serving as “continuous blood transfusions” rather than one-time relief.

According to Perspective Network’s incomplete statistics, since 2025, Agile has disclosed asset disposals amounting to about 1 billion yuan. When including undisclosed transactions, the total funds raised could be even larger.

However, compared to Agile’s enormous debt load, the scale of funds raised remains relatively limited. Asset disposals have also become a significant source of net profit loss. The annual report shows that in 2025, losses from the sale/termination of subsidiaries amounted to about 2.896 billion yuan.

Looking ahead into 2026, Agile continues to divest non-core assets. On March 27, Agile announced plans to sell environmental protection-related assets for about 1.15 billion yuan.

Regarding this transaction, Agile stated that the sale aims to divest non-core environmental assets, further focusing resources on the core main business and improving resource allocation efficiency.

The company’s directors believe that this sale will reduce the group’s debt and interest expenses, improve cash flow, and realize the value of environmental assets.

It is noteworthy that Agile has long maintained a typical family-controlled governance structure. Currently, the board is chaired and led by founder Chen Zhuolin, with his spouse Yue Yuan and family members Chen Zhuoxi, Chen Zhuonan, among others, serving as directors.

Just one day after the annual report was released, on April 1, Agile announced that Chen Zhuoxiong (elder brother of Chen Zhuolin), due to reaching retirement age and wishing to reduce workload, resigned as a non-executive director.

Additionally, in May last year, Agile also announced that Ernst & Young had resigned as auditor because it could not reach an agreement with the company on audit fees for 2025, and was replaced by BDO Limited.

Radar Finance will continue to monitor Agile’s subsequent developments.