Poly Developments and Holdings Group (600048) Q2 2026 earnings summary

Capital allocation and financing

• As of June 30, 2026, the company and subsidiaries provided guarantees totaling RMB 84.44 billion, mainly for subsidiaries, joint ventures, and associates, with detailed maturity schedules extending to 2056.

• Guarantees include both direct and indirect (subsidiary-to-subsidiary, subsidiary-to-parent, and for joint ventures/associates) with most not yet expired as of the report date.

• The company also provides phase guarantees for mortgage loans to homebuyers, with a balance of RMB 29.87 billion as of June 30, 2026.

• Collateralized assets include inventories, fixed assets, and investment properties, with a total book value of RMB 113.78 billion, securing various borrowings and obligations.

• Collateralized assets cover a wide range of projects and asset types, including residential, commercial, hotels, and land, across multiple regions.