Overseas Chinese Town: No plan to divest real estate business

On June 29, OCT held its 2025 Annual General Meeting of Shareholders. By this time, Wu Bingqi had been with the company for 10 months, and this was his first time presiding over the OCT shareholders' meeting as the chairman.

It is reported that other management members attending this meeting included Vice President Guan Shan, Deputy Chief Accountant Liu Yu, Da Yunping, Board Secretary Hou Ruifang, and Wu Chun, the person in charge of the Strategy and Investment Management Department.

At the 2024 Annual General Meeting of Shareholders, OCT proposed to change from "passive" to "active". The core was to resist risks, prevent potential crises, ensure the company's survival first, and then seek new opportunities.

At this year's shareholders' meeting, Wu Bingqi said that it would take some time to gain space to think about the ways to revitalize the existing assets and the precise positioning of new products. The company should do its own things steadily. There might be short - term pressure, but he was confident of achieving relatively good results.

The Indispensable Real Estate

Looking back at the business situation in 2025, OCT achieved an operating income of 3.1381 billion yuan. Among them, the real estate business income was 984.8 million yuan, accounting for 31.39% of the total operating income, a decrease of 18.08 percentage points; the cultural and tourism business income was 2.1372 billion yuan, accounting for 68.10%, an increase of 17.92 percentage points.

According to the accounts of the participating investors, some on - site shareholders discussed with the management whether OCT could learn from CCCC Real Estate and spin off its real estate business at a cost of one yuan, and focus only on the cultural and tourism business in the future?

In response, Wu Chun, the person in charge of the Strategy Department, said that real estate and cultural tourism are the two major main businesses of OCT. In the future, the company will continue to give full play to the advantages of the dual - wheel drive of cultural tourism and characteristic real estate, empower each other, and inject impetus into the company's development. So far, the company has no undisclosed plans to spin off the real estate business.

Chairman Wu Bingqi added that as a company starting from cultural tourism, the real estate development business was once a good card for OCT, adding a lot of value to the company. Although the real estate development business is facing pressure now, the company will still adhere to the characteristic route of "cultural tourism + real estate".

Wu Bingqi said that the company's real estate and cultural tourism are inseparable. There are almost real estate projects near all the happy theme parks, and there is a positive interaction between the two, which is also the characteristic of OCT. He also pointed out that when the problems in the real estate business are properly handled, it will be a great help to the cultural and tourism business, and he directly stated that revitalizing the existing assets is a problem that must be faced.

At the performance press conference in early April this year, Wu Bingqi pointed out that in 2025, OCT focused on the main line of revitalizing the existing assets and optimizing the incremental ones, actively seized various policy opportunities, and took multiple measures to promote the revitalization of existing assets, which was regarded as a key task. Specifically, it included continuously tracking relevant policies such as special bonds and land acquisition and storage, actively communicating with local governments, and promoting eligible land to be included in the government's land acquisition and storage list.

According to incomplete statistics, since 2025, OCT has exited 12 land parcels and recovered nearly 309 million yuan in funds. In addition, by the end of 2025, it had completed the professional integration of 61 existing projects and grouped the scattered existing projects into various professional platforms according to their business attributes.

At this shareholders' meeting, some management members also pointed out that revitalizing the existing assets is one of the company's goals, and multiple measures should be taken to promote the de - stocking of the entire project and improve the overall operating performance.

For the projects on sale, measures such as iterating product floor plans, upgrading model rooms to enhance the presentation effect, enriching and improving the value and technical system of good houses including safety, comfort, greenness, and intelligence, and continuously enhancing the product's differentiated competitiveness will be taken.

At the same time, the company will focus on core cities, flexibly use the housing ticket mechanism to promote the transaction of existing housing units, and continue to communicate with the government to promote land acquisition and storage replacement to further optimize resource allocation.

The management member also pointed out that the company will take classified measures to promote the orderly disposal of inefficient assets and revealed that this work was previously the responsibility of subordinate companies, but now it is led by the group.

The Other Side of the Dual - Wheel Drive

As the other side of the "dual - wheel drive", the cultural and tourism business also attracted strong attention from the on - site shareholders.

At the meeting, Vice President Guan Shan introduced that Happy Valley, a popular brand under OCT, has proposed the positioning of being the main place for urban living. In terms of IP construction, it adopts a dual - track strategy. On the one hand, it systematically creates its own IPs; on the other hand, it cooperates with the public and excellent external IP holders to enrich the company's IP matrix.

Guan Shan believes that OCT's theme parks have the advantages of scenarios and passenger flow, providing a solid support and guarantee for the company to build a platform. There are fully conditions to cooperate with excellent domestic and foreign IPs to turn Happy Valley into the best offline semi - IP content interactive experience platform.

Last year, Happy Valley Company under OCT focused on the theme park business and introduced more than 10 IPs such as Super Wings, Honor of Kings, League of Legends, and Calabash Brothers.

Guan Shan said that through the efforts in the past two years, the influence of the company's IP activities on market communication has improved significantly. In the first five months of this year, the cultural and tourism enterprises under the company received a total of 30.83 million tourists, a slight increase compared with the same period last year.

In addition, some shareholders also asked the management about the current situation of Overseas Chinese Town East.

It is understood that Overseas Chinese Town East in Shenzhen opened in 2007. It is China's first national ecological tourism demonstration area, covering multiple formats such as mountain - sea ecology, theme parks, and hotel clusters. It is the childhood memory of many people and one of the signature parks of OCT's cultural and tourism business.

However, more than a decade is long enough to fade the memory. This "mountain - sea legend" is also facing the transformation dilemma. In April last year, the Daxia Valley scenic area of Overseas Chinese Town East announced its closure for renovation.

At this shareholders' meeting, the company's management introduced the renovation work of Overseas Chinese Town East to the shareholders. They pointed out that the original upgrading and renovation work was fully responsible for by the hotel company under OCT. Now, Happy Valley Company, a second - level company of the theme park, has also joined the renovation work, and a special team led by Chairman Wu Bingqi has been established. At present, the design - related work has basically been completed, and it is expected to enter the implementation stage in the second half of the year.

Besides the business, the debt situation of OCT also attracted attention. Some shareholders mentioned that at the end of 2025, OCT's total assets were about 28.0384 billion yuan, a year - on - year decrease of 13.51%; the total interest - bearing debt was 11.85 billion yuan, a year - on - year decrease of 9.13%, lower than the decrease rate of the asset scale.

In response, Deputy Chief Accountant Liu Yu admitted that in recent years, the reduction rate of the company's assets has indeed been slightly faster than that of the interest - bearing debt. This is related to the "sales - based investment" strategy adopted in the real estate business. To ensure sufficient cash flow, the company has reduced its investment in the construction of existing real estate projects, resulting in relatively large fluctuations in the asset scale.

Liu Yu pointed out that in the company's existing interest - bearing debt scale, the proportion of bank loans exceeds 80%, and the medium - and long - term loans account for nearly 70%. Generally speaking, the short - term debt repayment pressure is not great. At the same time, the company has also been continuously optimizing and adjusting the debt structure and scale in recent years to ensure that the overall debt risk is controllable.

This article is from the WeChat official account "Viewpoint", author: Viewpoint Real Estate New Media. It is published by 36Kr with authorization.