Taking Over a Wanda Plaza, Country Garden Property Management's Asset-Light Expansion, Does the Yang Family Signal an Operating Turnaround?

Ask AI · Under Yang Huiyan’s leadership, why is Country Garden’s commercial management expansion seen as a sign of recovery?

Source: Times Finance Author: Chen Zexuan

Country Garden Headquarters Building Image source: TuChong Creative

After reports emerged of the company’s largest-scale “veteran recall” plan, Country Garden also “secured” a Wanda Plaza.

Recently, there were reports that Wanda Commercial Management would withdraw from Guihua Wanda Plaza in Nanhai District, Foshan City. The project would be taken over by Country Garden Commercial Management for operation, with plans to complete upgrades and renovations by October this year. An insider confirmed to Times Finance that Country Garden Commercial Management had won the bid and signed a contract for the Foshan Guihua project (formerly Guihua Wanda Plaza) in mid-February.

Public information shows that the mall has a total construction area of about 116,000 square meters, planned as five floors above ground and one underground level. The project has been open for over ten years and has changed hands multiple times. In 2022, Wanda Commercial Management took over the project from Tianhe City and reopened it in September of the following year. This time, Country Garden Commercial Management will also adopt a light-asset model for involvement.

The insider revealed that this acquisition will adopt a “owner investment + professional operation output” cooperation mechanism, meaning the owner will invest tens of millions of yuan to upgrade the project, while Country Garden Commercial Management will provide systematic renovation plans and be responsible for implementation, as well as overall subsequent leasing, operation, and brand output.

Since the second half of 2021, the real estate industry has entered a deep adjustment period. Over the past three years, Country Garden has focused on delivering homes and debt restructuring, with several business segments becoming more cautious in external expansion. The takeover of Foshan Guihua is seen by the market as an important signal that Country Garden’s operational condition is gradually recovering and that it is regaining expansion capacity.

Country Garden Commercial Management Continues Light-Asset Expansion

When real estate development projects have nearly stalled due to industry-wide adjustments, operational commercial projects with “cash cow” characteristics are shifting from “supporting roles” to “ballast stones.”

Times Finance learned that Country Garden Commercial Management has not stopped developing in recent years. Especially in 2025, the company has made substantial progress in market-oriented expansion, signing new projects in Suzhou, Zhenjiang, Shenzhen, and other cities; in November 2025, it successfully signed a commercial management project at Chengdu Polar Ocean Park, covering commercial streets, commercial villas, and public spaces.

Since 2024, Country Garden Commercial Management has added 231,000 square meters of commercial project management area; its long-term rental apartment brand “Bijia Apartments” has added over 2,400 units, with a management scale approaching 30,000 units. According to Times Finance’s incomplete review, the company’s projects now cover Shanghai, Guangzhou, Shenzhen, Wuhan, Hangzhou, Dongguan, Foshan, Suzhou, and other cities, with assets under management exceeding 3 million square meters, including shopping centers,特色 commercial streets, long-term rental apartments, trade parks, and office buildings.

In the second half of 2023, Country Garden fell into a debt crisis. Several key developments were completed last year, including overdue financial report resubmissions, stock resumption, and the basic implementation of domestic and overseas debt restructuring plans in December. The “guaranteed delivery of homes” work is also nearing completion.

Internally, Country Garden has defined 2026 as the “final year” for guaranteed home delivery, and it is also the most critical year for transitioning from guaranteed delivery to normal operations.

Recently, market rumors suggested that Country Garden plans to recall a large number of departing employees to match the company’s recovery pace and new project development needs.

Personnel expansion is generally seen as a sign of business recovery. The rumor once sparked market discussion, interpreted as a milestone indicating Country Garden is emerging from its debt crisis and the industry is gradually recovering. Previously, due to scale contraction, the company’s employee count steadily declined. Data shows that full-time employees peaked at about 131,400 at the end of 2018 and had shrunk to 17,900 by June 30, 2025.

However, Country Garden responded to Times Finance that the “large-scale recall of departing employees” rumor is false. The internal “Rehiring of Resigned Staff Management Measures” is merely a routine update of existing policies, not a new policy.

Ranking Rebounds to TOP15, but Country Garden Remains Cautious

As it strives to return to normal operations, Country Garden has also outlined a strategic plan.

At the annual work conference held on February 2, Yang Huiyan, Chairwoman of the Board, proposed a timetable aiming to complete most home deliveries by mid-2026, freeing up more resources to repair the asset-liability sheet and restore normal operations. The key indicator of normal operation is positive operating cash flow, with the ultimate goal being positive overall cash flow and profits.

According to unreviewed operational data, in 2025, Country Garden achieved a contracted sales amount attributable to the company’s shareholders of 33.01 billion yuan, down about 30.0% year-on-year; the corresponding contracted sales area was about 4.024 million square meters, down about 18.2%. Since 2026, the decline in sales has significantly narrowed. In the first two months, the company achieved contracted sales attributable to shareholders of 4.44 billion yuan, down 2.6% year-on-year; the sales area was about 570,000 square meters, down about 1.7%.

Country Garden’s market ranking has also improved. According to CRIC, in 2025, the company’s total managed sales amounted to 38.27 billion yuan, ranking 18th nationwide. In the first two months of this year, sales reached 5.09 billion yuan, rising to 15th place nationwide.

The company’s commercial management segment also shows positive signs. Insiders revealed that Country Garden Commercial Management continues to strengthen cooperation with local governments and platform companies, promoting project implementation and operation. There will be further opportunities in project acquisition, brand cooperation, and capital cooperation, though the company will continue to adopt a cautious and prudent strategy. In terms of regional layout, it will focus on core markets such as South China, East China, Central China, and Southwest China, deepening presence in key urban clusters like the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta.

In fact, the real estate industry has shifted from “incremental development” to “stock operation.” Early players like China Resources Land, Longfor, and Sunac have long made operational business a main profit driver; while companies like Midea Real Estate and China Communications Construction have chosen to divest heavy-asset development businesses, focusing instead on property services and asset management.

Meanwhile, many well-managed Hong Kong-invested commercial real estate firms still dominate the domestic market, making this a highly competitive sector. As a latecomer, Country Garden Commercial Management still needs more successful projects to prove its strength.