Golden Wheel Tiandi Holdings (GW Tiandi) reported 2025 revenue of RMB452.68 million, down 43.20% year-on-year, as contracted sales fell 32.50% to RMB433.40 million.
The group recorded a net loss of RMB587.10 million, an improvement from the RMB775.64 million loss in 2024, supported by a swing to RMB39.82 million gross profit and a 58.56% reduction in fair-value losses on investment properties to RMB282.46 million.
Segment performance: • Property development revenue declined 57.54% to RMB241.75 million. • Property leasing revenue slipped 8.18% to RMB116.28 million, reflecting a 77.4% average occupancy rate. • Hotel operations generated RMB94.66 million, down 5.67%, with an average room occupancy rate of 76.6%.
Total investment properties shrank 66.30% to RMB1.26 billion after revaluations and asset transfers. Cash and bank deposits dropped 34.56% to RMB88.72 million. Net current liabilities widened to RMB2.11 billion, and the group swung to a RMB394.53 million capital deficiency.
Debt pressures persisted. Cross-defaulted bank loans totalling RMB283.55 million remain callable on demand. GW Tiandi also missed interest payments of USD91.91 million and failed to redeem USD466.66 million of senior notes, now classified as liabilities held for sale totalling RMB4.23 billion.
A restructuring scheme became effective on 24 June 2025. Key terms include: • Exchange of existing offshore debt for new notes issued by wholly owned unit Mega Drive Company Limited. • Transfer of a 95% stake in Global Diamond Company Limited—holding GW International Plaza, GW Binary Star and GW New Metro—to the note issuer. • Issuance of 30.52 million new GW Tiandi shares to scheme creditors, subject to the restructuring effective date.
The auditor issued an unmodified opinion with a material-uncertainty paragraph on going concern, citing the net loss, negative working capital and unresolved debt defaults.
No dividend was proposed for 2025. The board targets completion of the debt restructuring in 2026 while focusing on sales delivery and cost controls.