ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd (000029) fair value: what the stock is really worth
We calculate from audited financials what ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
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Real Estate · CN · Market cap 22.9B CNY (≈ $3.4B) · ISIN CNE0000009X5
At a glance
SSShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd000029 · SHE
Price¥22.67
Fair Value¥4.60
Upside−79.7%
Quality62/100
A solid business, but trading 393% above our fair value of ¥4.60.
As of Sep 5, 2026, the fair value of ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd is ¥4.60 per share against a price of ¥22.67, so the fair value sits 80% below the price. A model estimate from reported figures, not an analyst target.
!Weak Growth (revenue 5y −1.8 %/yr)
!Thin margins · 1.9% net margin
!Low debt · negative free cash flow
·0.15% dividend yield
!Trails peers (3/12)
!Narrow moat 21/100
!Evidence only medium, so the estimate is less certain
!Weak on past: 3 out of 100
!Weak on dividend: 3 out of 100
Evidence: MediumRange ¥3.31 to ¥5.88
Fair value as of: Sep 5, 2026
From 9 valuation models · updated 6 days ago
Share price −1.3% over the past month.
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69 individual criteria per stock, every one traceable See the method →
What matters now
The price sits above even our optimistic bull case (¥5.88). The favourable scenario is already priced in.
Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder.
As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.
How to read this chart
60‑month range ¥6.56 – ¥33.53 · fair‑value band ¥3.31 – ¥5.88 · the ¥22.67 price screens above the ¥4.60 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 3 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 5, 2026.
ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd (000029) currently trades at ¥22.67, while our model-based Fair Value estimate is ¥4.60, implying the stock looks roughly 392.9% overvalued today. The Quality Score stands at 62/100 (solid quality), in the Real Estate sector. Bull case: the Multiples group reads highest at a median of ¥4.53 per share, and 0 of the 9 models we run sit above the ¥22.67 price. Bear case: the Asset-Based group reads lowest at ¥2.71, and 9 of the 9 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd generated revenue of 1.2B CNY at a net margin of 1.9%. Revenue declined 79.6% year over year. It earns a return on equity of 0.7%. The balance sheet holds a net cash position of 285M CNY. Fundamentals as of Sep 5, 2026
Scenario range: ¥3.31 (bear) to ¥5.88 (bull), the price of ¥22.67 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 33% below its 52-week high and 28% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −33% fair-value upside, at −80%, 000029 screens richer than that median.
Fair Value models
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (¥0.0600 to ¥7.49). Read the values as a conservative anchor, not as a price target.
ModelBear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence
Highest evidence
Residual Income best evidence¥2.90¥2.77¥2.2776
DDM Multi-Stage¥0.0400¥0.0600¥0.080067
EV/EBITDA¥4.86¥6.40¥7.9467
All 9 models by family
Dividend Discount
Gordon GGM¥0.0400¥0.0800¥0.130066
DDM Multi-Stage¥0.0400¥0.0600¥0.080067
Multiples
P/S Multiple¥1.43¥1.91¥2.3858
P/B Multiple¥1.43¥1.91¥2.3855
EV/EBIT¥5.68¥7.49¥9.3066
EV/EBITDA¥4.86¥6.40¥7.9467
EV/Revenue¥3.24¥4.53¥5.8154
Asset-Based
NCAV (Graham)¥2.03¥2.71¥4.0554
Economic Profit
Residual Income best evidence¥2.90¥2.77¥2.2776
Widest divergence: Multiples (¥4.53) versus Dividend Discount (¥0.0600). Highest evidence: Residual Income (76).
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Key figures & financial health
P/S ratio19.1TTM
EPS (TTM)¥0.0200
Dividend yield0.2%payout 175%
Net margin6.8%FY2025
Return on equity0.7%TTM
Return on assets (EBIT)0.6%avg 5y
More key figures
Profitability
Operating margin−10.9%TTM
Growth
Revenue (TTM)1.2B CNYTTM
Revenue growth (YoY)−79.6%3y avg +32.5%
EPS growth (YoY)+719%
Balance sheet & cash flow
Free cash flow−96.4M CNYFY2025
Net cash285M CNYFY2025
Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality62/100
Of which business quality 58
· Market factors (momentum, volatility) 32
Profitability26
Margins and returns on capital today
Quality Growth100
Are margins and returns improving?
Cashflow0
Earnings quality: real cash, not paper profit
Fin. Strength81
Balance sheet, leverage, solvency risk
Investment100
Disciplined investing over empire-building
Low Volatility47
Calm price path (market factor)
Momentum30
Price trend over the last 3–12 months (market factor)
52W Momentum19
Distance to the 52-week high (market factor)
Net Issuance82
Buybacks instead of dilution
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. develops and sells residential real estate properties in the People's Republic of China and internationally.
Full company description
Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. develops and sells residential real estate properties in the People's Republic of China and internationally. It also engages in the property leasing and management; sale of commercial housing units; retail and trade of commodities; hotel business; engineering construction; equipment installation and maintenance; construction; and interior decoration and other activities. The company was founded in 1980 and is headquartered in Shenzhen, the People's Republic of China. Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. is a subsidiary of Shenzhen Investment Holdings Co., Ltd.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd reported revenue of 1.5B CNY in FY2025 versus 1.3B CNY in FY2021, a compound +2.8%/yr. Reported net income was 100.0M CNY in FY2025, compounding −18.0%/yr from FY2021.
Growth Quality 20/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
1.5B CNY
Latest YoY
+262.8%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+32.5%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−1.8%
Avg. revenue growth/yr (34Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.8%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−19.0%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−19.2%
Dividend yield0.2%
Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y −19.2% vs 10Y −10.4%, flattening
Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.23.0% (2020) → 19.9% (2025) · falling
Worst earnings drop215% (2024) (loss year, drop beyond 100%) · in CNY
⚠ Revenue per share shrinking 13.0%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/000029
Peer Group
Real Estate - Diversified · 132 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation
Quality Score61 · Top 25%
Fair Value upside−79% · Bottom 25%
Profitability
Return on equity (TTM)1% · Below median
Return on assets3% · Top 25%
Net margin (TTM)2% · Below median
Operating margin (TTM)−11% · Bottom 25%
Growth and dividend
Revenue growth−80% · Bottom 25%
Dividend yield (TTM)0.2% · Bottom 25%
Balance sheet
Debt / equity0.02× · Lowest 25%
Valuation Multiples vs Real Estate - Diversified median · lower = cheaper
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
This stockSector peers
VALUE0· sector 55
FUTURE0· sector 29
PAST3· sector 18
HEALTH99· sector 76
DIVIDEND3· sector 59
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Real Estate - Diversified stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).
Is ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd (000029) overvalued or undervalued?
As of Sep 5, 2026, our model estimates a fair value of ¥4.60 versus a price of ¥22.67, about −80% upside (overvalued).
What is the fair value of 000029?
Our model-based fair value for ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd is ¥4.60 (as of Sep 5, 2026), built from audited fundamentals. The current price: ¥22.67.
What is the quality score of 000029?
ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd has a Quality Score of 62/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd (000029)?
Our model-based price target is the fair value of ¥4.60 (as of Sep 5, 2026) from 9 valuation models. Cautious scenario ¥3.31, optimistic scenario ¥5.88. It is a calculation from audited fundamentals, not an analyst target.
What is the ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd stock forecast for 2026?
Our models put fair value at ¥4.60, about −80% upside versus a price of ¥22.67 (overvalued). Cautious scenario ¥3.31, optimistic scenario ¥5.88. The calculation is refreshed regularly with new filings.
What is the revenue of ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd (000029)?
ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd reported trailing-twelve-month revenue of about 1.2B CNY (latest available figure, as of Sep 5, 2026).
What is the net profit margin of 000029?
The net profit margin of ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd is about 1.9%, meaning it keeps roughly 1.9% of revenue as net income. Based on the latest reported figures.
Does ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd pay a dividend?
ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd currently shows a dividend yield of about 0.15% relative to its recent price (as of Sep 5, 2026).
What is the intrinsic value of ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd (000029)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd it is ¥4.60 per share (as of Sep 5, 2026), against a price of ¥22.67. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd stock overvalued or undervalued in 2026?
As of Sep 5, 2026, 000029 trades above its calculated fair value: price ¥22.67, fair value ¥4.60, a gap of about −80% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 000029?
No. The price is what the market pays today (¥22.67); the fair value is what the company's own numbers justify (¥4.60). For ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd the two are ¥18.07 per share apart. That gap is exactly why we show both numbers side by side.
How much is ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd worth?
The market values ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd at about 22.9B CNY (market capitalisation, as of Sep 5, 2026). Per share that is ¥22.67; our models calculate a fair value of ¥4.60 per share.
What do the bullish and bearish scenarios say about 000029?
Our models span a range for ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd: cautious scenario ¥3.31, base ¥4.60, optimistic ¥5.88 per share (as of Sep 5, 2026, price ¥22.67). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd (000029)?
Balance-sheet figures for ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd (as of Sep 5, 2026): return on equity 0.7%, debt of 0.02 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is 000029 from its 52-week high?
ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd trades at ¥22.67, about 33% below its 52-week high of ¥33.95 and 28% above the low of ¥17.68 (as of Sep 5, 2026). Distance from the high says nothing about value: that is what the fair value of ¥4.60 is for.
Which stocks are comparable to ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd?
From the same area (Real Estate) we also value Corem Property Group, Swiss Prime Site AG, Central Pattana Public Company, Prestige Estates Projects Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd stock attractive at the current price?
The data as of Sep 5, 2026: price ¥22.67, calculated fair value ¥4.60 (−80%), Quality Score 62/100, from 9 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 000029 calculated?
We run ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd through 9 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥4.60, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 32.6 % above its aggregate fair value. ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on <a href="/is-it-worth-investing-now/">is it worth investing now</a>.
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