Nam Tai Property (NTPIF) swings to Q2 2026 loss as revenue drops 65%
Rhea-AI Filing Summary
Nam Tai Property Inc. reported a sharp deterioration in results for the quarter ended June 30, 2026. Revenue fell to $4.9 million from $14.2 million a year earlier, mainly due to much lower property sales at Nam Tai • Longxi as the project nears its final stage and faces court freezing orders on certain units amid a contractor dispute and a weaker residential market.
Gross profit declined to $1.5 million, and the company recorded a net loss from operations of $2.6 million versus prior operating income of $0.9 million. Consolidated net loss was $2.9 million, compared with net income of $13.7 million in Q2 2025, when results benefited from a large gain on disposal of Wuxi properties.
As of June 30, 2026, Nam Tai held $38.5 million in cash and cash equivalents and total assets of $472.3 million, with a current ratio of 1.23 and a debt ratio of 62.0%. Real estate properties under development rose to $241.2 million, reflecting continued investment in the Nam Tai Technology Center, which is expected to complete in the second half of 2026. The company fully repaid promissory notes due to shareholders and in July 2026 arranged RMB 740 million of new onshore bank facilities at fixed interest rates to refinance Nam Tai Inno Park and support the Qianhai project, while continuing to face challenging property and leasing market conditions.
Positive
- New lower-cost long-term financing: secured a RMB 700 million, 15-year fixed asset loan at 3.5% and a RMB 40 million, 5-year facility at 3.6%, expanding credit for Nam Tai Inno Park and the Qianhai project and reducing interest versus the prior loan.
- Shareholder loans fully repaid: current portion of amount due to shareholders fell to $nil by June 30, 2026 after full repayment of promissory notes, simplifying the capital structure.
- Progress on Nam Tai Technology Center: real estate properties under development increased by $20.5 million to $241.2 million, and completion is expected in the second half of 2026, positioning the project as a future source of sales and rental income.
- Improving occupancy at Nam Tai Inno Valley: occupancy reached 81% as of June 30, 2026, an increase of 23 percentage points year over year, supporting recurring leasing income.
Negative
- Revenue dropped over 65%: Q2 2026 revenue declined to $4.9 million from $14.2 million, driven by sharply lower property sales at Nam Tai • Longxi and soft market conditions.
- Shift from profit to loss: consolidated net result swung from $13.7 million net income in Q2 2025 to a $2.9 million net loss in Q2 2026; for the first six months, the company recorded a $9.2 million net loss.
- Rising leverage metrics: the debt ratio increased to 62.0% and the ratio of total liabilities to total equity to 1.63 as of June 30, 2026, indicating a more leveraged balance sheet.
- Frozen residential units constraining sales: 54 Nam Tai • Longxi units were subject to court freezing orders in connection with a contractor dispute, which the company states has impeded sales and could adversely affect project cash flow if not resolved promptly.
Filing Explained
Only the RMB 40 million Qianhai facility is closed; the RMB 700 million Inno Park refinancing still depends on drawdown conditions.
Nam Tai Property Inc. uses this Form 6-K to furnish interim information and reports two July 2026 onshore facilities totaling
Under the equity-for-rent initiative, the company exchanged rental consideration for a minority stake in a tenant enterprise. As of
The Nam Tai Longxi contractor dispute remains pending: 54 residential units were frozen in 2025, the order over one unit was lifted in May 2026, the company’s applications to substitute frozen assets were not approved, and the construction-work appraisal is ongoing with no judgment issued. The company says the freezing has impeded sales and cash flow and reports no additional provision for the matter. Two staged-mortgage-guarantee arbitrations also remain awaiting hearings, involving principal and accrued interest totaling approximately
The financing state will be clarified by satisfaction of the listed drawdown conditions, the contractor dispute by the appraisal and court process, and Technology Center sales by the required regulatory filings.
Key Figures
Key Terms
current ratio financial
debt ratio financial
real estate properties under development financial
equity-for-rent financial
staged mortgage guarantees financial
judicial appraisal regulatory
Earnings Snapshot
FAQ
How did Nam Tai Property (NTPIF) perform financially in Q2 2026?
What were Nam Tai Property (NTPIF)’s revenues and margins in Q2 2026?
What is Nam Tai Property (NTPIF)’s liquidity and debt position as of June 30, 2026?
How is the Nam Tai Technology Center project impacting NTPIF’s results?
What new financing did Nam Tai Property (NTPIF) secure in 2026?
What operational challenges does Nam Tai Property (NTPIF) face at Nam Tai "+ Longxi"?
What are occupancy levels at Nam Tai Property (NTPIF)’s Shenzhen projects?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6–K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the Month of August 2026
Commission File Number 001-31583
NAM TAI PROPERTY INC.
(Registrant’s name)
Nam Tai Property Inc.
No. 2 Namtai Road, Gushu Community, Xixiang Township
Bao’an District, Shenzhen City, Guangdong Province
People’s Republic of China
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
NAM TAI PROPERTY INC. |
||
|
|
|
||
Date: August 14, 2026 |
|
By: |
|
/s/ Bo Hu |
|
|
|
|
Name: Bo Hu |
|
|
|
|
Title: Chief Executive Officer |
|
|
SECOND QUARTER NEWS RELEASE |
NAM TAI PROPERTY INC.
Reports Q2 2026 Results
Shenzhen, China – August 14, 2026 – Nam Tai Property Inc. (OTC Market Symbol: NTPIF) (collectively with its subsidiaries, “Nam Tai” or the “Company”) today announced its unaudited results for the second quarter ended June 30, 2026.
The following tables set forth key highlights of the financial information for the periods indicated:
(In thousands of US dollars, except per share data, percentages and as otherwise stated)
|
|
Quarterly Results |
|
|
Six Months Results |
|
||||||||||||||||||
|
|
Q2 2026 |
|
|
Q2 2025 |
|
|
YoY(%) |
|
|
6M 2026 |
|
|
6M 2025 |
|
|
YoY(%) |
|
||||||
Revenue |
|
$ |
4,948 |
|
|
$ |
14,168 |
|
|
|
(65.08 |
)% |
|
$ |
11,815 |
|
|
$ |
21,958 |
|
|
|
(46.19 |
)% |
Gross profit |
|
$ |
1,451 |
|
|
$ |
4,526 |
|
|
|
(67.94 |
)% |
|
$ |
2,884 |
|
|
$ |
7,478 |
|
|
|
(61.43 |
)% |
Net income (loss) from operations |
|
$ |
(2,613 |
) |
|
$ |
899 |
|
|
|
— |
|
|
$ |
(5,299 |
) |
|
$ |
(579 |
) |
|
|
815.20 |
% |
% of revenue |
|
|
(52.81 |
)% |
|
|
6.35 |
% |
|
|
|
|
|
(44.85 |
)% |
|
|
(2.64 |
)% |
|
|
|
||
per share (diluted) |
|
$ |
(0.04 |
) |
|
$ |
0.02 |
|
|
|
|
|
$ |
(0.09 |
) |
|
$ |
(0.01 |
) |
|
|
|
||
Consolidated net income (loss) |
|
$ |
(2,921 |
) |
|
$ |
13,692 |
|
|
|
— |
|
|
$ |
(9,245 |
) |
|
$ |
8,468 |
|
|
|
— |
|
% of revenue |
|
|
(59.03 |
)% |
|
|
96.64 |
% |
|
|
|
|
|
(78.25 |
)% |
|
|
38.56 |
% |
|
|
|
||
Basic earnings (loss) per share |
|
$ |
(0.05 |
) |
|
$ |
0.23 |
|
|
|
— |
|
|
$ |
(0.15 |
) |
|
$ |
0.14 |
|
|
|
— |
|
Diluted earnings (loss) per share |
|
$ |
(0.05 |
) |
|
$ |
0.23 |
|
|
|
— |
|
|
$ |
(0.15 |
) |
|
$ |
0.14 |
|
|
|
— |
|
Weighted average number of shares (’000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic |
|
|
61,008 |
|
|
|
58,644 |
|
|
|
|
|
|
61,005 |
|
|
|
58,644 |
|
|
|
|
||
Diluted |
|
|
61,008 |
|
|
|
58,644 |
|
|
|
|
|
|
61,005 |
|
|
|
58,644 |
|
|
|
|
||
|
|
Financial Position |
|
|||||||||
|
|
As of June 30, |
|
|
As of December 31, |
|
|
As of June 30, |
|
|||
|
|
2026 |
|
|
2025 |
|
|
2025 |
|
|||
Cash and cash equivalents(a) |
|
$ |
38,489 |
|
|
$ |
43,503 |
|
|
$ |
40,369 |
|
Restricted cash |
|
$ |
12,913 |
|
|
$ |
10,141 |
|
|
$ |
5,052 |
|
Short-term investments(b) |
|
$ |
— |
|
|
$ |
17,781 |
|
|
$ |
— |
|
Real estate properties under development, net |
|
$ |
241,226 |
|
|
$ |
220,729 |
|
|
$ |
203,674 |
|
Real estate properties held for sale |
|
$ |
17,905 |
|
|
$ |
22,080 |
|
|
$ |
41,297 |
|
Real estate properties held for lease, net |
|
$ |
130,414 |
|
|
$ |
128,638 |
|
|
$ |
133,888 |
|
Property, plant and equipment, net |
|
$ |
7,315 |
|
|
$ |
7,157 |
|
|
$ |
7,365 |
|
Equity investment(c) |
|
$ |
367 |
|
|
$ |
— |
|
|
$ |
— |
|
Total assets |
|
$ |
472,251 |
|
|
$ |
473,185 |
|
|
$ |
458,669 |
|
Current portion of amount due to shareholders(d) |
|
$ |
— |
|
|
$ |
19,688 |
|
|
$ |
18,732 |
|
Short-term bank and third party loans |
|
$ |
4,545 |
|
|
$ |
4,410 |
|
|
$ |
4,329 |
|
Current portion of long term bank loans |
|
$ |
5,772 |
|
|
$ |
3,870 |
|
|
$ |
14,174 |
|
Accounts payable |
|
$ |
33,810 |
|
|
$ |
31,561 |
|
|
$ |
34,953 |
|
Advance from customers |
|
$ |
5,341 |
|
|
$ |
1,014 |
|
|
$ |
1,620 |
|
Long term bank loans |
|
$ |
180,072 |
|
|
$ |
166,527 |
|
|
$ |
122,846 |
|
Treasury stock(e) |
|
$ |
(1,121 |
) |
|
$ |
(1,121 |
) |
|
$ |
— |
|
Total shareholders’ equity |
|
$ |
179,656 |
|
|
$ |
181,688 |
|
|
$ |
185,104 |
|
Total number of common shares issued (’000) |
|
|
61,755 |
|
|
|
61,295 |
|
|
|
60,203 |
|
Notes:
1
SUPPLEMENTARY INFORMATION (UNAUDITED) IN THE SECOND QUARTER OF 2026
Key Highlights of Financial Position
|
|
As of June 30, |
|
|
As of December 31, |
|
|
As of June 30, |
|
|||
|
|
2026 |
|
|
2025 |
|
|
2025 |
|
|||
Current ratio(a) |
|
|
1.23 |
|
|
|
1.23 |
|
|
|
1.00 |
|
Debt ratio(b) |
|
|
62.0 |
% |
|
|
61.6 |
% |
|
|
59.6 |
% |
Ratio of total liabilities to total equity |
|
|
1.63 |
|
|
|
1.60 |
|
|
|
1.48 |
|
Notes:
FINANCIAL RESULTS*
*Amounts presented as totals or differences in this “Financial Results” section may not precisely equal the sum or difference of the component amounts due to rounding.
Revenue
Revenue for the second quarter of 2026 was $4.9 million compared to $14.2 million in the second quarter of 2025. Revenue for the second quarter of 2026 mainly consisted of the sales of property income from Nam Tai • Longxi of $1.0 million, operating lease income of $2.3 million from Nam Tai Inno Park, operating lease income of $0.3 million from Nam Tai Inno Valley, and property service income of $1.3 million from Nam Tai Inno Park and Nam Tai Inno Valley. Revenue for the second quarter of 2025 mainly consisted of the sales of property income from Nam Tai • Longxi of $10.1 million, operating lease income of $2.4 million from Nam Tai Inno Park, operating lease income of $0.4 million from Nam Tai Inno Valley and Wuxi property (sold by the Company to the local government of Wuxi in 2025), and property service income of $1.3 million from Nam Tai Inno Park and Nam Tai Inno Valley. The decrease in revenue was primarily attributable to a substantial decrease in sales of property income at Nam Tai • Longxi, reflecting a lower volume of residential units delivered as the residential portion of the project entered its final sales stage, including the impact of freezing order imposed by the court on certain residential units in connection with the Nam Tai • Longxi general contractor dispute, as well as lower average selling prices amid challenging property market conditions.
One of our primary sources of revenue growth in the next 12 months is sales of property income and operating lease income from the Nam Tai Technology Center project, once it is completed and operational. However, we cannot assure you as to when the project will begin contributing to revenue or the extent of any such contributions. The timing and amount of any revenue from this project are subject to various factors including without limitation, the delivery schedule of Nam Tai Technology Center project, the timing of the sale and leasing of Nam Tai Technology Center project, and any adverse changes in residential and leasing market conditions. We expect revenue to remain under downward pressure in the third quarter of 2026, primarily reflecting the continued wind-down of residential deliveries at Nam Tai • Longxi as the project approaches its final stage, together with ongoing soft conditions in the broader property sales and leasing markets. Contribution from the Nam Tai Technology Center is not expected until after its completion later in the year. Please refer to Part I, Item 3.D. “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2025 (“Annual Report on Form 20-F”) for factors affecting our revenue and results of operations.
2
Cost of Revenue
Cost of revenue for the second quarter of 2026 was $3.5 million compared to $9.6 million in the second quarter of 2025. Cost of revenue for the second quarter of 2026 mainly consisted of the sales of property cost from Nam Tai • Longxi of $1.3 million, operating lease cost of $1.6 million from Nam Tai Inno Park, operating lease cost of $0.1 million from Nam Tai Inno Valley, property service cost of $0.5 million from Nam Tai Inno Park and Nam Tai Inno Valley. Cost of revenue for the second quarter of 2025 mainly consisted of the sales of property cost from Nam Tai • Longxi of $7.5 million, operating lease cost of $1.3 million from Nam Tai Inno Park, operating lease cost of $0.3 million from Nam Tai Inno Valley and Wuxi property, property service cost of $0.5 million from Nam Tai Inno Park and Nam Tai Inno Valley. Operating lease costs at Nam Tai Inno Park increased despite lower leasing revenue, primarily due to the fixed nature of such costs and higher utility costs following lighting decoration works undertaken in mid-2025. We expect our sales of property cost to decrease in the third quarter of 2026 and to fluctuate for the foreseeable future in line with our sales of property income. As our operating lease cost consists primarily of fixed costs, we expect it to remain relatively stable for the foreseeable future.
Gross Profit
Gross profit for the second quarter of 2026 was $1.5 million compared to $4.5 million in the second quarter of 2025. The decrease in gross profit was primarily attributable to lower revenue as discussed above.
General and administrative expenses
General and administrative expenses for the second quarter of 2026 were $3.5 million, compared with $2.0 million in the second quarter of 2025. General and administrative expenses for the second quarter of 2026 mainly consisted of staff costs of $2.0 million, professional service fees of $0.6 million, PRC taxes and surcharges of $0.6 million and office expenses of $0.3 million. General and administrative expenses for the second quarter of 2025 mainly consisted of staff costs of $1.7 million, office expenses of $0.3 million, PRC taxes and surcharges of $0.7 million, and professional service fees of $1.0 million, offset by a return of land appreciation tax of $1.8 million, which is a one-off item. The increase in staff costs was mainly due to a higher average headcount compared to the same period in 2025. We expect our general and administrative expenses to fluctuate depending on a number of factors, including our progress in optimizing our cost structure and changes in professional service fees related to certain ongoing projects.
Selling and marketing expenses
Selling and marketing expenses for the second quarter of 2026 were $0.5 million, compared with $1.6 million in the second quarter of 2025. Selling and marketing expenses for the second quarter of 2026 mainly consisted of staff costs of $0.4 million and marketing and commission fees of $0.1 million. The corresponding expenses for the second quarter of 2025 mainly consisted of staff costs of $0.7 million, and marketing and commission fees of $0.9 million. The decrease was mainly due to lower sales bonuses and commission fees resulting from decreased sales at Nam Tai • Longxi. We expect our selling and marketing expenses to increase after we generate sales from Nam Tai Technology Center, once it is completed and operational.
Net Loss (Income) from Operations
Net loss from operations for the second quarter of 2026 was $2.6 million compared to net income from operations of $0.9 million in the second quarter of 2025. Net loss from operations for the second quarter of 2026 mainly consisted of gross profit of $1.5 million, offset in part by our general and administrative expenses of $3.5 million and selling and marketing expenses of $0.5 million for the period. Net income from operations for the second quarter of 2025 mainly consisted of gross profit of $4.5 million, general and administrative expenses of $2.0 million and selling and marketing expenses of $1.6 million.
Consolidated Net Loss (Income)
Consolidated net loss for the second quarter of 2026 was $2.9 million compared to consolidated net income of $13.7 million in the second quarter of 2025. Consolidated net loss for the second quarter of 2026 mainly consisted of net loss from operations of $2.6 million, other net expenses of $0.8 million, offset in part by income tax benefits of $0.4 million and interest income of $0.1 million. Consolidated net income for the second quarter of 2025 mainly consisted of net income from operations of $0.9 million and other net income of $16.8 million, primarily attributable to gains on the disposal of Wuxi properties, partially offset by income tax expenses of $4.0 million.
Cash and Cash Equivalents
Cash and cash equivalents decreased by $5.0 million in the first six months of 2026 from $43.5 million as of December 31, 2025 to $38.5 million as of June 30, 2026. The decrease was primarily attributable to net cash used in operating activities and the repayment of shareholder loans, partially offset by net cash provided by investing activities from the redemption of short-term investments.
3
Restricted Cash
Restricted cash increased by $2.8 million in the first six months of 2026 from $10.1 million as of December 31, 2025 to $12.9 million as of June 30, 2026. As of June 30, 2026, restricted cash consisted of loan security deposit accounts and certificates of deposit of $9.8 million, $2.3 million restricted in connection with the freezing orders issued by the relevant PRC courts, a security cash deposit of $0.7 million due to a guarantee to the bank for the repayment of the loans of our long-term rental customers, which will be gradually released as the loans are repaid, and $0.1 million frozen by other restrictions.
Real Estate Properties under Development, Net
Real estate properties under development, net increased by $20.5 million in the first six months of 2026 from $220.7 million as of December 31, 2025 to $241.2 million as of June 30, 2026, primarily attributable to the increase for the construction of Nam Tai Technology Center.
Real estate properties held for sale
Real estate properties held for sale are stated at the lower of carrying amounts or fair value less selling costs. Real estate properties held for sale decreased by $4.2 million from $22.1 million as of December 31, 2025 to $17.9 million as of June 30, 2026. The decrease was mainly due to the handover of sold units at Nam Tai • Longxi during the first six months of 2026.
Real estate properties held for lease, net
Real estate properties held for lease, net are recorded at cost less accumulated depreciation. Real estate properties held for lease, net increased by $1.8 million from $128.6 million as of December 31, 2025 to $130.4 million as of June 30, 2026, which was mainly due to an increase in exchange rates for the first six months of 2026.
Property, plant and equipment, net
Property, plant and equipment, net increased by $0.1 million from $7.2 million as of December 31, 2025 to $7.3 million as of June 30, 2026. The increase was mainly attributable to the procurement for normal business operations.
Accounts Payable
Accounts payable increased by $2.2 million in the first six months of 2026 from $31.6 million as of December 31, 2025 to $33.8 million as of June 30, 2026. The increase mainly arose from the construction of the Nam Tai Technology Center.
Advance from Customers
Advance from customers increased by $4.3 million in the first six months of 2026 from $1.0 million as of December 31, 2025 to $5.3 million as of June 30, 2026. The increase was mainly attributable to increased customer advances from properties contracted but not yet delivered at Nam Tai • Longxi of $0.8 million, and customer deposits received under purchase intention agreements for units at Nam Tai Technology Center of $3.5 million.
Current Portion of Long Term Bank Loans
The current portion of long term bank loans increased by $1.9 million in the first six months of 2026 from $3.9 million as of December 31, 2025 to $5.8 million as of June 30, 2026. The increase was mainly attributable to scheduled principal repayments on long term bank loans falling due within the next 12 months.
Liquidity and Capital Resources
As of June 30, 2026, the Company had total cash and cash equivalents of $38.5 million. As of December 31, 2025, the Company had total cash and cash equivalents of $43.5 million. The decrease was primarily attributable to net cash used in operating activities and the repayment of shareholder loans, partially offset by net cash provided by investing activities from the redemption of short-term investments.
4
During the second quarter of 2026, the Company secured additional bank financing and received partial drawdowns to support the construction of Nam Tai Technology Center and the Company’s working capital needs. The Company continues to pursue further financing opportunities and management believes that, upon completion, Nam Tai Technology Center is expected to generate meaningful new rental and sales revenue once the project opens. The Company will continue to monitor its liquidity position closely and manage its working capital prudently, as it seeks to advance its key projects and strengthen its liquidity position.
BUSINESS OVERVIEW
Leasing and Sales Progress
As of June 30, 2026, we had leasable area of approximately 292,819 square meters located in Shenzhen. As of June 30, 2026, the occupancy rate of our projects (i.e., Nam Tai Inno Park and Nam Tai Inno Valley), including pre-leasing areas, was approximately 73%. As of June 30, 2026, the occupancy rate of Nam Tai Inno Park was 73%, a decrease of 2 percentage points as compared with June 30, 2025; the occupancy rate of Nam Tai Inno Valley was 81%, an increase of 23 percentage points as compared with June 30, 2025.
Projects |
|
Leasable Area |
|
|
Leased Area |
|
|
Occupancy Rate |
|
|||
Nam Tai Inno Park |
|
|
261,494 |
|
|
|
189,696 |
|
|
|
73 |
% |
Nam Tai Inno Valley |
|
|
31,325 |
|
|
|
25,441 |
|
|
|
81 |
% |
Total |
|
|
292,819 |
|
|
|
215,137 |
|
|
|
73 |
% |
In the second quarter of 2026, a total of 2 residential units and 43 parking units of Nam Tai • Longxi were newly subscribed, compared with 66 residential units in the second quarter ended June 30, 2025.
Project Construction and Development Progress
Real Estate Market Update
5
RECENT DEVELOPMENTS
RMB 740 Million Onshore Financing
In July 2026, the Company announced two onshore financing transactions totaling RMB 740 million. The transactions include (i) a signed RMB 700 million, 15-year fixed asset loan facility from Ping An Bank Co., Ltd., Shenzhen Branch (“Ping An Bank”) for the Group’s Nam Tai Inno Park project, and (ii) a closed RMB 40 million, five-year non-revolving credit facility from Shenzhen Rural Commercial Bank Co., Ltd., Xixiang Branch for the Group’s Qianhai project.
The RMB 700 million facility with Ping An Bank carries a fixed annual interest rate of 3.5% and a 15-year maturity. The facility is expected to be primarily used to repay and replace the Group’s existing loan for the Nam Tai Inno Park project with China CITIC Bank Corporation Limited, subject to customary drawdown conditions, including coordination with the existing lender, release of existing collateral, and completion of applicable collateral registration procedures. The new facility provides a total credit line of up to RMB 700 million, compared to the original loan’s initial principal amount of RMB 600 million, and carries a fixed interest rate representing an 80-basis-point reduction compared to the original loan rate. The repayment schedule is structured on an escalating semi-annual basis, with cumulative principal repayment of RMB 140 million, or 20% of the facility amount, during the first five years.
The RMB 40 million facility with Shenzhen Rural Commercial Bank carries a fixed annual interest rate of 3.6% and a five-year maturity. Capital secured under this facility will be used to support permitted corporate and project-level capital requirements, including park management, property maintenance, and other approved working capital needs.
Nam Tai • Longxi General Contractor Dispute
In July 2025, the Company received a notice from Shenzhen Guangshengda Construction Co., Ltd. (“Guangshengda”) regarding the assignment of claims for Nam Tai • Longxi project under its general construction contract to Shenzhen Weiyueda Mechanical & Electrical Installation Engineering Co., Ltd. (“Weiyueda”). The Company responded in August 2025, disputing and refusing to acknowledge the validity of such assignment. The Company believes the assignment is invalid due to, among other reasons, Guangshengda’s failure to fully perform its post-warranty maintenance obligations, which has led to customer complaints and potential group disputes; the ongoing and unresolved final project settlement process, which includes potential claims for liquidated damages against Guangshengda for project delays; and Guangshengda’s failure to issue the full amount of required invoices for the project.
In late August 2025, 54 residential units of the project were frozen by a court order following a pre-litigation asset preservation application filed by Weiyueda.
In September 2025, the Company filed a jurisdictional challenge, arguing that the case should be heard by a court in Shenzhen. The Company has also applied to substitute the frozen assets, specifically the pre-sold properties, with other unencumbered assets. Both applications have not been approved.
In October 2025, Weiyueda’s legal counsel proposed a potential settlement involving the transfer of properties in lieu of cash payment. This proposal was reviewed by the Company but no agreement was reached.
In January 2026, the court held the first hearing, but no judgment was rendered. The court provided both parties additional time to finalize settlement calculations. A second hearing was held in April 2026. Subsequently, the court approved a judicial appraisal of the construction work. The appraisal process is currently ongoing, and no judgment has been issued as of the date of this report. Separately, in May 2026, the court granted an objection filed by the purchasers of one of the frozen residential units, and the freezing order over that unit has accordingly been lifted as of the date of this report.
This litigation remains pending before the court, and the timing and outcome remain uncertain. The freezing of properties has impeded their sale, which could adversely affect our project sales and cash flow if not resolved in a timely manner. As of the date of this report, no additional provision has been recorded in respect of this matter.
Nam Tai • Longxi Staged Mortgage Guarantees Dispute
As part of the Company’s ordinary course of business for sales of residential properties for the Nam Tai • Longxi project and consistent with the industry practice, the Company provides temporary mortgage guarantees to purchasers until the purchasers receive their title certificates and mortgage their properties to relevant commercial banks. If a purchaser defaults on the payment of its mortgage during such interim period, the mortgage lending bank may require the Company to repay the outstanding amount under the mortgage loan plus any accrued interest.
6
In March 2026, the Company received two arbitration notices concerning staged mortgage guarantees of the Dongguan Longxi Project, with principal and accrued interest of approximately RMB 1.8 million and RMB 2.4 million, respectively, totaling approximately $0.6 million. The Company has submitted its evidence in response to the arbitration proceedings, and both cases are currently awaiting hearings. As of the date of this report, no provision has been recorded in respect of these matters.
Shenzhen Anju Master Lease Arrangement
In December 2025, the Company entered into a six-year master lease agreement with Shenzhen Anju Leyu Development & Construction Co., Ltd. (“Shenzhen Anju”), a state-owned enterprise that manages the rental housing program for the Futian District Government, covering approximately 456 dormitory units across approximately 24,000 square meters of facilities at Nam Tai Technology Center project in Bao’an District.
However, the master lease agreement with Shenzhen Anju may be subject to termination risk in accordance with terms in the event of the Futian District Government’s termination of its cooperation with Shenzhen Anju, or any change in governmental policies. The Company is actively exploring alternative leasing arrangements with other prospective tenants, including, among others, large-scale hotel groups and other institutional operators, with a view to ensuring the continued utilization of the relevant facilities in the event that the master lease agreement with Shenzhen Anju is terminated. The outcome of this matter cannot be determined as of the date of this report.
Equity-for-Rent Initiative
To enhance tenant retention and create potential long-term value in a competitive leasing environment, the Company introduced a selective “equity-for-rent” arrangement at Nam Tai Inno Park in the second half of 2025. Under this model, the Company may, on a case-by-case basis and subject to strict commercial evaluation, exchange a portion of rental payments for minority equity interests in high-potential tenant companies. This approach allows the Company to align interests with selected tenants while participating in their potential future upside. In the first transaction under this model, relevant business registration was completed in February 2026, and the Company exchanged rental consideration for a minority equity stake in a qualifying tenant enterprise. The Company intends to apply this tool selectively to support occupancy stability and diversify revenue sources beyond traditional rental income, while maintaining disciplined valuation and risk management. This initiative is part of the Company’s ongoing efforts to strengthen its competitive position in the Greater Bay Area industrial property market. The Company expects to apply this initiative only selectively and does not intend for it to become a material investment activity.
7
FORWARD-LOOKING STATEMENTS AND FACTORS THAT COULD CAUSE OUR SHARE PRICE TO DECLINE
This report contains forward-looking statements about future expectations and plans, as well as other statements regarding matters that are not historical facts. These forward-looking statements are made under the “safe-harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the Company’s ongoing working capital management and liquidity position, the Company’s pursuit of additional external financing, the Company’s expectations regarding the RMB 700 million long-term refinancing of Nam Tai Inno Park with Ping An Bank and the RMB 40 million credit facility with Shenzhen Rural Commercial Bank for the Qianhai project as well as the Company’s ability to satisfy customary drawdown conditions for such financing facilities, the Company’s strategy to reduce inventory at Nam Tai • Longxi, the Company’s expectations regarding the generation of rental and sales revenue from Nam Tai Technology Center upon its completion, the expected completion timeline of Nam Tai Technology Center, the Company’s ability to satisfy the conditions for property pre-sales under applicable PRC regulations for the Nam Tai Technology Center, the Company’s revised plan to develop and market Tower C of Nam Tai Technology Center for sale rather than for leasing, the Company’s exploration of alternative leasing arrangements with prospective tenants in the event the master lease agreement with Shenzhen Anju is terminated, the Company’s intention to selectively apply the equity-for-rent arrangement to support occupancy stability and diversify revenue sources, the Company’s expectation that the equity-for-rent initiative will be applied only selectively and is not intended to become a material investment activity, the Company’s belief in its strategic direction and long-term value creation potential in the Greater Bay Area industrial property market, the Company’s belief on the invalidity of Guangshengda’s assignment of claims for Nam Tai • Longxi project under its general construction contract, the expected outcomes and timing of the Company’s pending legal and arbitration proceedings, including the Nam Tai • Longxi general contractor dispute and staged mortgage guarantee arbitrations, and statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, estimates, and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond the Company’s control. These factors include risks related to its currently contemplated strategy, competition, timing, increases in costs of materials, capital and financing needs, access to funding under the Company’s debt instruments and the timing thereof, the Company’s ability to refinance certain debt, its ability to sell certain assets, construction/development challenges or setbacks, its ability to hire and retain construction contractors and subcontractors, the Company’s ability to obtain materials and supplies necessary for construction of various projects, any unforeseen issues relating to construction, including environmental, weather, catastrophes, or other issues, the Company’s ability to add additional guaranteed power to certain of its projects, projected regional development, composition of potential tenants of development projects, development of asset light capabilities for internal or external use and monetization, judicial and regulatory challenges and/or delays, changes in economic policy, including in relation to trade and/or tariffs, anticipated savings or uses of funding from refinancings, changes in general economic conditions, and other factors detailed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors discussed in the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2025. You should not place undue reliance on forward-looking statements, which reflect management’s view only as of the date of this report. The words “may”, “could”, “can”, “should”, “would”, “will”, “believe”, “anticipate”, “estimate”, “expect”, “intend”, “plan”, “potential”, “seek”, “advance”, “strengthen” and similar expressions are intended to identify forward-looking statements. All forward-looking statements are based on information currently available to the Company, and the Company does not undertake to update any forward-looking statement, whether written or oral, whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulations.
ABOUT NAM TAI PROPERTY INC.
Nam Tai Property Inc., a company incorporated in the British Virgin Islands (the “BVI”) and governed by BVI law, owns certain subsidiaries, that own and operate commercial real estate projects across the People’s Republic of China. Those subsidiaries currently maintain two industrial complex projects, with one in Guangming, Shenzhen and one in Bao’an, Shenzhen, as well as one residential project in Dongguan. Learn more about the Company and the portfolio of properties held by certain of its subsidiaries by emailing our investor relations team or visiting Weibo: https://weibo.com/u/7755634761.
8
NAM TAI PROPERTY INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE PERIODS ENDED June 30, 2026 AND 2025
(In Thousands of US dollars except share and per share data)
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
||||
Revenue |
|
$ |
4,948 |
|
|
$ |
14,168 |
|
|
$ |
11,815 |
|
|
$ |
21,958 |
|
Cost of revenue |
|
|
(3,497 |
) |
|
|
(9,642 |
) |
|
|
(8,931 |
) |
|
|
(14,480 |
) |
Gross profit |
|
|
1,451 |
|
|
|
4,526 |
|
|
|
2,884 |
|
|
|
7,478 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
General and administrative expenses |
|
|
(3,538 |
) |
|
|
(2,032 |
) |
|
|
(7,289 |
) |
|
|
(5,909 |
) |
Selling and marketing expenses |
|
|
(526 |
) |
|
|
(1,595 |
) |
|
|
(894 |
) |
|
|
(2,148 |
) |
Total operating expenses |
|
|
(4,064 |
) |
|
|
(3,627 |
) |
|
|
(8,183 |
) |
|
|
(8,057 |
) |
Net income (loss) from operations |
|
|
(2,613 |
) |
|
|
899 |
|
|
|
(5,299 |
) |
|
|
(579 |
) |
Other income (expenses), net |
|
|
(795 |
) |
|
|
16,797 |
|
|
|
(3,318 |
) |
|
|
12,705 |
|
Interest income |
|
|
135 |
|
|
|
17 |
|
|
|
215 |
|
|
|
57 |
|
Income (loss) before income tax |
|
|
(3,273 |
) |
|
|
17,713 |
|
|
|
(8,402 |
) |
|
|
12,183 |
|
Income tax (expense) benefit |
|
|
352 |
|
|
|
(4,021 |
) |
|
|
(843 |
) |
|
|
(3,715 |
) |
Consolidated net income (loss) |
|
|
(2,921 |
) |
|
|
13,692 |
|
|
|
(9,245 |
) |
|
|
8,468 |
|
Other comprehensive income |
|
|
2,657 |
|
|
|
2,879 |
|
|
|
5,876 |
|
|
|
2,153 |
|
Functional currency translation adjustment |
|
|
2,657 |
|
|
|
2,879 |
|
|
|
5,876 |
|
|
|
2,153 |
|
Consolidated comprehensive income (loss) |
|
$ |
(264 |
) |
|
$ |
16,571 |
|
|
$ |
(3,369 |
) |
|
$ |
10,621 |
|
Earnings (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
(0.05 |
) |
|
$ |
0.23 |
|
|
$ |
(0.15 |
) |
|
$ |
0.14 |
|
Diluted |
|
$ |
(0.05 |
) |
|
$ |
0.23 |
|
|
$ |
(0.15 |
) |
|
$ |
0.14 |
|
Weighted average number of shares (’000) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
61,008 |
|
|
|
58,644 |
|
|
|
61,005 |
|
|
|
58,644 |
|
Diluted |
|
|
61,008 |
|
|
|
58,644 |
|
|
|
61,005 |
|
|
|
58,644 |
|
Notes:
9
NAM TAI PROPERTY INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF June 30, 2026 AND December 31, 2025
(In Thousands of US dollars)
|
|
June 30, |
|
|
December 31, |
|
||
|
|
2026 |
|
|
2025 |
|
||
|
|
(Unaudited) |
|
|
(Audited) |
|
||
ASSETS |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
38,489 |
|
|
$ |
43,503 |
|
Restricted cash |
|
|
12,913 |
|
|
|
10,141 |
|
Short-term investments |
|
|
— |
|
|
|
17,781 |
|
Accounts receivable |
|
|
3,512 |
|
|
|
3,347 |
|
Real estate properties held for sale |
|
|
17,905 |
|
|
|
22,080 |
|
Prepaid expenses and other receivables |
|
|
12,373 |
|
|
|
11,617 |
|
Total current assets |
|
$ |
85,192 |
|
|
$ |
108,469 |
|
Real estate properties under development, net |
|
|
241,226 |
|
|
|
220,729 |
|
Property, plant and equipment, net |
|
|
7,315 |
|
|
|
7,157 |
|
Equity investment |
|
|
367 |
|
|
|
— |
|
Real estate properties held for lease, net |
|
|
130,414 |
|
|
|
128,638 |
|
Deferred income tax assets |
|
|
5,049 |
|
|
|
5,689 |
|
Other assets |
|
|
2,688 |
|
|
|
2,503 |
|
Total assets |
|
$ |
472,251 |
|
|
$ |
473,185 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Short-term bank and third party loans |
|
|
4,545 |
|
|
|
4,410 |
|
Current portion of long term bank loans |
|
|
5,772 |
|
|
|
3,870 |
|
Accounts payable |
|
|
33,810 |
|
|
|
31,561 |
|
Rental deposits from customers |
|
|
808 |
|
|
|
799 |
|
Accrued expenses and other payables |
|
|
16,438 |
|
|
|
21,346 |
|
Advance from customers |
|
|
5,341 |
|
|
|
1,014 |
|
Contract liabilities |
|
|
2,597 |
|
|
|
5,208 |
|
Current portion of amount due to shareholders |
|
|
— |
|
|
|
19,688 |
|
Total current liabilities |
|
$ |
69,311 |
|
|
$ |
87,896 |
|
Long term bank loans |
|
|
180,072 |
|
|
|
166,527 |
|
Long term rental deposits |
|
|
2,933 |
|
|
|
1,850 |
|
Other payable |
|
|
23,707 |
|
|
|
19,147 |
|
Deferred income tax liabilities |
|
|
16,572 |
|
|
|
16,077 |
|
Total liabilities |
|
$ |
292,595 |
|
|
$ |
291,497 |
|
EQUITY |
|
|
|
|
|
|
||
Shareholders’ equity: |
|
|
|
|
|
|
||
Common shares |
|
$ |
618 |
|
|
$ |
613 |
|
Treasury stock |
|
|
(1,121 |
) |
|
|
(1,121 |
) |
Additional paid-in capital |
|
|
327,171 |
|
|
|
325,839 |
|
Retained earnings (accumulated deficit) |
|
|
(147,556 |
) |
|
|
(138,311 |
) |
Accumulated other comprehensive income (loss) (1) |
|
|
544 |
|
|
|
(5,332 |
) |
Total shareholders’ equity |
|
$ |
179,656 |
|
|
$ |
181,688 |
|
Total liabilities and shareholders’ equity |
|
$ |
472,251 |
|
|
$ |
473,185 |
|
Notes:
10
NAM TAI PROPERTY INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED June 30, 2026 AND 2025
(In Thousands of US dollars)
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated net income (loss) |
|
$ |
(2,921 |
) |
|
$ |
13,692 |
|
|
$ |
(9,245 |
) |
|
$ |
8,468 |
|
Adjustments to reconcile consolidated net income (loss) to net |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
1,130 |
|
|
|
1,260 |
|
|
|
2,238 |
|
|
|
2,517 |
|
Gain on disposal of property, plant and equipment |
|
|
— |
|
|
|
(17,968 |
) |
|
|
— |
|
|
|
(17,593 |
) |
Share-based compensation expenses |
|
|
310 |
|
|
|
340 |
|
|
|
434 |
|
|
|
803 |
|
Unrealized exchange (gain) loss |
|
|
127 |
|
|
|
237 |
|
|
|
425 |
|
|
|
310 |
|
Deferred income taxes |
|
|
(528 |
) |
|
|
(310 |
) |
|
|
815 |
|
|
|
(597 |
) |
Interest paid |
|
|
(981 |
) |
|
|
(907 |
) |
|
|
(2,904 |
) |
|
|
(3,855 |
) |
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accounts receivable |
|
|
389 |
|
|
|
(182 |
) |
|
|
(62 |
) |
|
|
(544 |
) |
Prepaid expenses and other receivables |
|
|
(402 |
) |
|
|
(809 |
) |
|
|
(507 |
) |
|
|
(1,641 |
) |
Real estate properties under development |
|
|
(2,321 |
) |
|
|
(1,707 |
) |
|
|
(8,957 |
) |
|
|
(1,610 |
) |
Accrued expenses and other payables |
|
|
2,159 |
|
|
|
5,628 |
|
|
|
2,212 |
|
|
|
7,028 |
|
Accounts payable |
|
|
3,088 |
|
|
|
2,565 |
|
|
|
1,277 |
|
|
|
3,324 |
|
Advance from customers |
|
|
3,612 |
|
|
|
1,280 |
|
|
|
4,163 |
|
|
|
1,296 |
|
Rental deposits from customers |
|
|
(58 |
) |
|
|
(9 |
) |
|
|
1,010 |
|
|
|
(71 |
) |
Contract liabilities |
|
|
(684 |
) |
|
|
297 |
|
|
|
(2,771 |
) |
|
|
1,997 |
|
Amount due to shareholders |
|
|
— |
|
|
|
456 |
|
|
|
— |
|
|
|
896 |
|
Total adjustments |
|
$ |
5,841 |
|
|
$ |
(9,829 |
) |
|
$ |
(2,627 |
) |
|
$ |
(7,740 |
) |
Net cash used in (provided by) operating activities |
|
$ |
2,920 |
|
|
$ |
3,863 |
|
|
$ |
(11,872 |
) |
|
$ |
728 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Proceeds from disposal of property, plant and equipment |
|
|
— |
|
|
|
15,702 |
|
|
|
— |
|
|
|
15,702 |
|
Purchase of property, plant and equipment |
|
|
(18 |
) |
|
|
— |
|
|
|
(241 |
) |
|
|
— |
|
Payments for purchases of short-term investments |
|
|
(48,651 |
) |
|
|
— |
|
|
|
(86,657 |
) |
|
|
— |
|
Redemption of short-term investments |
|
|
52,713 |
|
|
|
— |
|
|
|
105,092 |
|
|
|
— |
|
Payments for purchases of equity investment |
|
|
(295 |
) |
|
|
— |
|
|
|
(367 |
) |
|
|
— |
|
Net cash provided by investing activities |
|
$ |
3,749 |
|
|
$ |
15,702 |
|
|
$ |
17,827 |
|
|
$ |
15,702 |
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Repayment of bank and third party loans |
|
|
(5,683 |
) |
|
|
(12,550 |
) |
|
|
(6,484 |
) |
|
|
(77,877 |
) |
Proceeds from bank loans |
|
|
12,611 |
|
|
|
6,799 |
|
|
|
16,684 |
|
|
|
76,322 |
|
Repayment of shareholder loans |
|
|
— |
|
|
|
— |
|
|
|
(19,688 |
) |
|
|
— |
|
Decrease in finance lease payable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4 |
) |
Net cash (used in) provided by financing activities |
|
$ |
6,928 |
|
|
$ |
(5,751 |
) |
|
$ |
(9,488 |
) |
|
$ |
(1,559 |
) |
Net increase (decrease) in cash and cash equivalents and |
|
$ |
13,597 |
|
|
$ |
13,814 |
|
|
$ |
(3,533 |
) |
|
$ |
14,871 |
|
Cash and cash equivalents and restricted cash at beginning |
|
|
42,027 |
|
|
|
33,020 |
|
|
|
53,644 |
|
|
|
33,275 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(4,222 |
) |
|
|
(1,413 |
) |
|
|
1,291 |
|
|
|
(2,725 |
) |
Cash and cash equivalents and restricted cash at end of period |
|
$ |
51,402 |
|
|
$ |
45,421 |
|
|
$ |
51,402 |
|
|
$ |
45,421 |
|
SUPPLEMENTARY INFORMATION ON CASH FLOWS |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
38,489 |
|
|
$ |
40,369 |
|
|
$ |
38,489 |
|
|
$ |
40,369 |
|
Restricted cash |
|
$ |
12,913 |
|
|
$ |
5,052 |
|
|
$ |
12,913 |
|
|
$ |
5,052 |
|
11
NAM TAI PROPERTY INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIODS ENDED June 30, 2026 AND 2025
(In Thousands of US dollars)
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
||||
|
|
(’000) |
|
|
(’000) |
|
|
(’000) |
|
|
(’000) |
|
||||
Operations income within: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
- PRC, excluding Hong Kong: |
|
$ |
4,948 |
|
|
$ |
14,168 |
|
|
$ |
11,815 |
|
|
$ |
21,958 |
|
Net income (loss) within: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
- PRC, excluding Hong Kong: |
|
$ |
(1,917 |
) |
|
$ |
15,239 |
|
|
$ |
(6,461 |
) |
|
$ |
11,815 |
|
- Hong Kong: |
|
|
(1,004 |
) |
|
|
(1,547 |
) |
|
|
(2,784 |
) |
|
|
(3,347 |
) |
Total net income (loss) |
|
$ |
(2,921 |
) |
|
$ |
13,692 |
|
|
$ |
(9,245 |
) |
|
$ |
8,468 |
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
Long-lived assets by geographical area: |
|
|
|
|
|
|
||
- Real estate properties under development in PRC, excluding Hong Kong |
|
$ |
241,226 |
|
|
$ |
220,729 |
|
- Property, plant and equipment in PRC, excluding Hong Kong |
|
$ |
7,231 |
|
|
$ |
7,073 |
|
- Hong Kong |
|
$ |
84 |
|
|
$ |
84 |
|
- Real estate properties held for lease in PRC, excluding Hong Kong |
|
$ |
130,414 |
|
|
$ |
128,638 |
|
Total long-lived assets |
|
$ |
378,955 |
|
|
$ |
356,524 |
|
12