ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd (000029) Fair Value & Analysis

Real Estate · CN · Market cap 23.2B CNY (≈ $3.5B) · ISIN CNE0000009X5

What is ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd really worth?

SS ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd 000029 · SHE

Price¥22.16

Fair Value¥4.60

Upside−79.2%

Quality62/100

A solid business, but trading 382% above our fair value of ¥4.60.

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Risks

!Weak Growth (revenue 5y −1.8 %/yr)

!Thin margins · 1.9% net margin

!Low debt · negative free cash flow

!Trails peers (4/12)

!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

For context

·0.16% dividend yield

Evidence: Medium Range ¥3.31 – ¥5.88

Fair value as of: Sep 3, 2026

From 9 valuation models · updated yesterday

Share price +0.5% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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 3, 2026.

How to read this chart

60‑month range ¥6.56 – ¥33.53 · fair‑value band ¥3.31 – ¥5.88 · the ¥22.16 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 3, 2026.

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Analysis

ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd (000029) currently trades at ¥22.16, while our model-based Fair Value estimate is ¥4.60, implying the stock looks roughly 381.7% 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 ¥22.16 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 3, 2026

Our scenario range runs from ¥3.31 (bear case) to ¥5.88 (bull case); at ¥22.16, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 35% below its 52-week high and 25% 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 −79%, 000029 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

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.

Model Bear ⓘ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 ¥2.27 76

DDM Multi-Stage ¥0.0400 ¥0.0600 ¥0.0800 67

EV/EBITDA ¥4.86 ¥6.40 ¥7.94 67

All 9 models by family

Dividend Discount

Gordon GGM ¥0.0400 ¥0.0800 ¥0.1300 66

DDM Multi-Stage ¥0.0400 ¥0.0600 ¥0.0800 67

Multiples

P/S Multiple ¥1.43 ¥1.91 ¥2.38 58

P/B Multiple ¥1.43 ¥1.91 ¥2.38 55

EV/EBIT ¥5.68 ¥7.49 ¥9.30 66

EV/EBITDA ¥4.86 ¥6.40 ¥7.94 67

EV/Revenue ¥3.24 ¥4.53 ¥5.81 54

Asset-Based

NCAV (Graham) ¥2.03 ¥2.71 ¥4.05 54

Economic Profit

Residual Income best evidence ¥2.90 ¥2.77 ¥2.27 76

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 ratio 19.1 TTM

EPS (TTM) ¥0.0200

Dividend yield 0.2% payout 175%

Net margin 6.8% FY2025

Return on equity 0.7% TTM

Return on assets (EBIT) 0.6% avg 5y

More key figures

Profitability

Operating margin −10.9% TTM

Growth

Revenue (TTM) 1.2B CNY TTM

Revenue growth (YoY) −79.6% 3y avg +32.5%

EPS growth (YoY) +719%

Balance sheet & cash flow

Free cash flow −96.4M CNY FY2025

Net cash 285M CNY FY2025

Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 62/100

Of which business quality 58 · Market factors (momentum, volatility) 35

Profitability 26

Margins and returns on capital today

Quality Growth 100

Are margins and returns improving?

Cashflow 0

Earnings quality: real cash, not paper profit

Fin. Strength 81

Balance sheet, leverage, solvency risk

Investment 100

Disciplined investing over empire-building

Low Volatility 44

Calm price path (market factor)

Momentum 37

Price trend over the last 3–12 months (market factor)

52W Momentum 22

Distance to the 52-week high (market factor)

Net Issuance 82

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% (−19.2 + 0.2)

Revenue +2.8%/yr

FY21 1.3B CNY

FY22 634M CNY

FY23 531M CNY

FY24 407M CNY

FY25 1.5B CNY

Net income −18.0%/yr

FY21 221M CNY

FY22 154M CNY

FY23 −251M CNY

FY24 −177M CNY

FY25 100.0M CNY

000029 screens 382% overvalued. Compare with Corem Property Group →

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ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd · Fair Value
¥4.60 −382%Fair Value
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<a href="https://www.fairvalue-calculator.com/stock/000029" target="_blank" rel="nofollow noopener" style="display:inline-flex;align-items:center;gap:12px;box-sizing:border-box;font-family:system-ui,-apple-system,Segoe UI,Roboto,sans-serif;text-decoration:none;background:#0f1814;color:#eaf2ed;border:1px solid #2a3a30;border-radius:12px;padding:12px 16px;max-width:360px"><span style="line-height:1.35"><span style="font-size:12px;color:#9fb0a8">ShenZhen Special Economic Zone Real Estate &amp; Properties Group Co Ltd · Fair Value</span><br><b style="font-size:20px">¥4.60</b> <span style="color:#e0816f;font-weight:700;font-size:14px">−382%</span></span><span style="font-size:11px;color:#7BB290;font-weight:700;margin-left:auto;text-align:right;line-height:1.3">Fair&nbsp;Value<br>Calculator&nbsp;→</span></a>

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 · 131 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.

Quality Score 61 · Top 25%

Fair Value upside −79% · Bottom 25%

Return on equity (TTM) 1% · Below median

Return on assets 3% · Top 25%

Net margin (TTM) 2% · Below median

Operating margin (TTM) −11% · Bottom 25%

Revenue growth −80% · Bottom 25%

Dividend yield (TTM) 0.2% · Bottom 25%

Debt / equity 0.02× · Lower than 75% of peers

Valuation Multiples vs Real Estate - Diversified median · lower = cheaper

P/B 0.96× · Pricier than median

P/S (TTM) 2.85× · Pricier than median

EV/EBITDA 13.4× · Cheaper than median

Strength profile in five axes (Snowflake)

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 stock

Sector peers

VALUE0 · sector 50

FUTURE0 · sector 29

PAST3 · sector 19

HEALTH99 · sector 77

DIVIDEND3 · sector 60

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 3, 2026).

Stock	Price	Fair Value	vs Fair Value
Corem Property Group CORED	kr 229.00	kr 121.82	−47%
Swiss Prime Site AG SPSN	CHF 124.60	CHF 44.83	−64%
Central Pattana Public Company CPN	66.00 THB	71.37 THB	+8%
Prestige Estates Projects Limited PRESTIGE	₹1,586	₹645.21	−59%
The Phoenix Mills Limited PHOENIXLTD	₹1,905	₹701.74	−63%
Umm Al Qura for Development and Construction Company 4325	17.19 SAR	11.60 SAR	−33%
Fastighets AB BALDB	kr 54.08	kr 70.70	+31%
Hainan Airport Infrastructure Co 600515	¥2.79	¥0.3300	−88%
Parque Arauco S.A PARAUCO	3,954 CLP	2,740 CLP	−31%
Singapore Land Group U06	3.41 SGD	3.23 SGD	−5%

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Frequently asked questions

Is ShenZhen Special Economic Zone Real Estate & Properties Group Co Ltd (000029) overvalued or undervalued?

As of Sep 3, 2026, our model estimates a fair value of ¥4.60 versus a price of ¥22.16, about −79% 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 3, 2026), built from audited fundamentals. The current price: ¥22.16.

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 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 3, 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 0.16% relative to its recent price (as of Sep 3, 2026).

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