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In 2024, against the backdrop of a continuous decline in domestic real estate growth and intensified competition in the property industry, Yunnan City Investment Property under Yunnan Kanglv Group achieved counter trend growth. As of October, the company has added a total of 14 new projects, with an additional management area of over 750000 square meters. It is expected that the annual increase in management area will achieve a significant leap on this basis, with a management scale growth of over 15%.

In April 2022, Yunnan Chengtou (600239. SH), a listed company, officially announced its transformation from a traditional real estate development enterprise to a light asset operation city comprehensive service provider mainly engaged in commercial management and property management. At that time, Yunnan Chengtou Property will begin to sort out the underlying logic of the company's development, while improving the brand system and incorporating market formats into hierarchical management; Reshaping the service architecture and fundamentally improving service quality; Expand diversified operations while breaking the boundaries of traditional property services.

Along with a significant improvement in service quality, Yunnan Urban Investment Property has achieved a new high in revenue. Preliminary estimates suggest that revenue for the full year of 2024 will achieve a historic breakthrough, with double-digit growth for two consecutive years.

In the era of incremental real estate market, the Chinese property management industry has established a value mainline around ensuring the development of the upstream real estate industry. In 2008, the birth of Yunnan Urban Investment Property was based on this main line, but with the end of the era of real estate increment, it indicated that the extensive and winning development model of the property management industry was no longer sustainable.
According to data released by the China Index Research Institute, the growth rate of management scale of property listed companies has continued to slow down in recent years. The average growth rate of management area has decreased from 37.29% in 2020 to 12.40% in 2023, and the average growth rate of contract area has decreased from 20.39% in 2020 to 4.35% in 2023. In 2024, the overall profit margin and property fee collection rate of the property industry will also show a downward trend.

In the past, the development of property management companies relied entirely on the speed of completion of real estate projects, but now we should think about it in reverse. Good property services have become an important factor in promoting real estate sales. "An insider from Yunnan Chengtou Property revealed that in the future, whether it is new or old communities, or other forms of property management and service levels, they will inevitably become important indicators of asset preservation and appreciation in the region.
Over the past two years, Yunnan Chengtou Property Management has focused on the corporate vision of "building a first-class urban comprehensive property service operator in China", adhering to the core values of "working with heart" and the service concept of "customer first, pursuing excellence". Around the "Kanglv Livable" brand of Yunnan Kanglv Group, it has vertically formulated graded service standards for different property forms such as residential, office buildings, and marketing sites; We have horizontally established a standard system for security, engineering, greening, cleaning, and housekeeping services, and issued service manuals to standardize the operational procedures of each position and ensure service quality.
In the past, the satisfaction rate of Yunnan Urban Investment Property Services remained at around 80% for a long time, and the collection rate of property fees was correspondingly high. But with the formation of a graded brand matrix and the establishment of service standards, Yunnan Chengtou Property has significantly improved the quality of property management services, with customer satisfaction and collection rates continuing to rise, achieving a positive cycle of quality and efficiency. Throughout the year, we strive to break through the 90% mark in both satisfaction and collection rates.
With the comprehensive improvement of service quality, Yunnan Urban Investment Property is gradually expanding outward while stabilizing its basic market. At present, the company's managed projects cover many fields such as residential, office buildings, government enterprises and institutions, military, industrial parks, universities, large exhibition halls, financial institutions, cultural tourism and health towns, etc. It has more than 100 commercial and enterprise customers, and its service areas span multiple provinces and cities including Yunnan, Sichuan, Shaanxi, Gansu, etc. The company has signed contracts to provide services covering an area of over 8 million square meters, serving nearly 100000 homeowners.