Chinese Developer Midea Real Estate’s Asset Pivot Pays Off

Chinese developer Midea Real Estate Holding Ltd.’s asset-operations business became its biggest profit contributor in the first half, driven by the delivery of industrial park facilities following the spinoff of its traditional property development arm. 

The developer arm of Chinese appliance giant Midea Group said Monday that revenue from asset operations more than doubled to 559 million yuan ($82.8 million) in the six months ended June. The segment generated 226 million yuan in operating profit, accounting for more than half of the company’s total, surpassing both property management and development services.