China Resources Land dividend
China Resources Land proposed a final 2025 dividend of RMB0.966 per share, down from RMB1.119. In 2025, free cash flow reached RMB22,724.039 million and, after dividends and minority distributions, RMB9,729.79 million remained.
How much does China Resources Land pay per share?
CR Land also proposed a final 2025 dividend of RMB0.966 per share, down from RMB1.119. Together, the share sale, proposed property trust and lower dividend release capital, but each gives something up: future ownership, future rent or immediate shareholder income.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| − Paid to minority owners, per share | 0.51 | 0.23 | 0.14 | 0.10 | 0.27 |
| − Dividends paid, per share | 1.32 | 1.44 | 1.48 | 1.46 | 1.25 |
| = FCF not paid out, per share | 1.36 | 1.04 | 0.07 |
Is China Resources Land’s dividend covered by its cash?
The position improved from 2023. Free cash flow reached RMB22,724.039 million in 2025, compared with RMB19,382.466 million in 2024. After 2025 dividends, RMB9,389.662 million, and minority distributions, RMB3,604.587 million, RMB9,729.79 million remained.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 22,724.039 | 19,382.466 | 12,045.323 | -32,084.932 | -31,287.722 |
| − Dividends paid | 9,389.662 | 10,283.076 | 10,578.701 | 10,379.329 | 8,905.14 |
| − Share buybacks | 0 | 0 | 0 | 0 | 0 |
| = Free cash flow not paid out | 9,729.79 | 7,435.217 | 497.212 | ||
| = Paid out more than the free cash flow | 43,186.45 | 42,108.201 |
What this means. The company paid 3,604.587 million yuan to minority owners, but the shareholder payout percentage counts only dividends and share buybacks, so it leaves out some money paid to owners.
What could change China Resources Land’s dividend?
Dividends reflect weaker recent earnings. The base case uses RMB1.15 per share first. It rises to RMB1.20 and RMB1.25 as recurring profit grows. The bear case cuts DPS to RMB1.05, then RMB0.95 and RMB0.90, consistent with the proposed reduction in the 2025 final dividend and negative first-half 2026 free cash flow. The bull case reaches RMB1.25, RMB1.40 and RMB1.55, requiring stronger cash conversion and asset recycling.
The bull path requires stronger tenant sales, occupancy and effective rents through 2027–28. By October 2029, the decisive evidence would be asset exits that release more cash than retained-income losses, allowing debt reduction and a higher earnings multiple.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Normal operating profit | 41,000 (30,000 / 48,000) | 46,000 (34,000 / 55,000) | 49,000 (38,000 / 60,000) |
| Dividends per share | 1.15 (1.05 / 1.25) | 1.20 (0.95 / 1.40) | 1.25 (0.90 / 1.55) |
| Net debt | 203,168 (186,518 / 176,768) | 224,068 (196,718 / 176,768) | 242,668 (201,418 / 177,768) |
What is China Resources Land’s dividend yield today?
Free cash flow is cash left after selected investment spending, not cash automatically available for dividends. Buying less land can strengthen cash today while shrinking tomorrow’s development pipeline. At year-end 2025, borrowings were RMB281.47 billion against RMB116.99 billion of cash. The 37% payout from core profit provides room, but debt service and construction commitments come first.