Cash-generation RecoveryThe firm returned to positive operating cash flow (~2.3B) and free cash flow (~2.2B) in 2025, improving its ability to service obligations and fund operations internally. If sustained, this reduces immediate liquidity pressure and supports gradual deleveraging and project completion.
Material Deleveraging TrendDebt has fallen materially from the 2022–2024 peak to ~53.3B in 2025, indicating progress on reducing gross leverage. This trend, if durable, lowers refinancing risk and interest burden, giving management more flexibility to shore up operations and prioritize high-return projects.
Diversified Real-estate ModelThe group operates development, investment and property-management businesses, providing multiple cash-flow streams. Recurring property-management and investment income can partially offset cyclical swings in new development, supporting steadier long-term revenue and customer relationships in core cities.