As of April 1, A+H45 property stocks, excluding Nandu Property and 2 Tefa Services, have officially announced their 2020 results. (Unaudited performance of Xinyuan Service)

　　According to Wind data and company announcements, the average gross margin of 43 property stocks was 29.8%, and the net interest rate was 14.5%. Unlike the large gap in revenue scale, the average profit margin is almost equal to the median. Although Xingsheng Commercial, which has the highest gross margin, reached 56.3%, the gross margin level of most property companies is in the 20% to 35% range, and the net interest rate is also mostly in the 10% to 20% range.

　　It is worth noting that the accumulated revenue of investment was 8.6 billion yuan, and the net interest rate was as low as 4.73%; the revenue of poly property was 8.038 billion yuan, the net interest rate was as low as 8.66%, and CNOOC Property's revenue was 5.61 billion yuan, and the net interest rate was as low as 10.61%. The three property management companies, which have a background in central enterprises, rely on Dashu for their large revenue, but their profitability is worrisome. In particular, investment savings, had it not been for the backdoor restructuring of Huafa Property, its net interest rate would have been the bottom of the list. So the question is, does the property management industry have an advantage of scale? Or are central enterprises not motivated enough to pursue performance?