[Foreign Language]
And friends from the press, good evening. Welcome to attend the 2024 interim results announcement of Vanke. We have online live streaming. Feel free to enter the meeting room through our mini program or through our official website. Now, please allow me to introduce the management today. We h-ave the Chairman of the Board, Mr. Yu Liang. The president, Zhu Jiusheng. Co-president and chief partner of the Development Operation Headquarter, Zhang Hai. Co-president and chief partner of Property Services Business Group, Zhu Baoquan. Executive Vice President and Finance Principal, Han Huihua. Executive Vice President and Chief Operating Officer, Liu Xiao. I am Company Secretary, Zhu Xu. First of all, please allow me to report the 2024 interim results. Now, please turn to slide three. As a starter, I'd like to report the overall work plan.
The industry is transforming supply and demand dynamics, and shifting from traditional to new development models. The company is encountering challenges unique to this stage and must address risks, guarantee quality housing delivery, and transition from the long-standing high leverage, high liabilities, and high turnover rate model. The company is tasked with developing diverse capabilities within this new framework, and we have developed a package of solutions to mitigate potential risks so that we might adapt to this new dynamics in industry. We have developed a five-year plan with the three specific goals. The first one is an overall reduction to total liabilities, restored financial stability, and attained industry leading levels in debt volume and structure. Second, clearly defined three core businesses: comprehensive residential development, property services, and rental housing.
Streamlined and divested non-core financial investments, asset transaction, and existing project revitalization, fully completing strategic and operational restructuring. Achieve strategic and capability focus and excelling in and strengthening core businesses and establish industry benchmark in products and services. And thirdly, to finalize the transformation of the financing model from a financing model based on centralized borrowing and repayment, to primarily relying on a project and asset-based credit, effectively leveraging tools such as a real estate coordinated financing whitelist and operational loans. At present, this plan is making positive progress. Most of non-core business investment are in a process of negotiation. As of the end of July, the company's interest-bearing debt has dropped by CNY 17.2 billion compared with the beginning of this year. We have also achieved a CNY 20.4 billion of rates.
It is important to note that the comprehensive package is not simply making subtractions. It also include development strategies, specifically actively promoting innovation in comprehensive residential product modules and enhanced competitiveness in our development business, ensuring investment fulfillment levels, achieving quality growth in asset management scale and operational services, such as long-term rental apartments and property services with industry-leading competitiveness. We believe that with the comprehensive package plan, after Vanke overcomes the temporary difficulties of the next two years, the groups of business investments and capabilities will be more focused and set the group on a path of high quality development. Now, we'll come to the key initiatives and achievements in 2024 H1, as well as the overall achievement under these two initiatives. Now, we will turn to slide six.
Ensuring high quality housing delivery in 2024 H1, the company has completed 169 projects in 262 batches, delivering 74,000 housing units, of which 60,000 were residential properties. We have three measures. First, we co-build the homeland for the homeowners. We have also improved the visualization for the construction site. We have organized over 988 owner participation events across 257 projects, and over 20,000 homeowners visited the site. We have also enhanced the housing delivery process. 78 projects achieved a simultaneous handover of properties and ownership certificates in H1. In addition, we have also completed 48 significant projects aimed at enhancing community business with a light delivery, without causing any troubles for the homeowners.
Thirdly, we have also enhanced the community amenities, offering customers a comfort and security. Among the 48 projects, we have completed and organized a variety of cultural and sports events, weekend events, so as to attract more residents. The total occupancy has increased by 13,964 and up by 16%. The second key work is ensuring repayment of debt. There are four specific initiatives. The first one is to proactively enhance sales and cash collection. We had CNY 127.33 billion in sales, and we have also achieved close to CNY 130 billion cash collection, maintaining a 100% collection rate.
In the meantime, we have also accelerated the turnover of our inventory, giving full play to the coordination between our development and the property service. We have achieved the sales revenue goal of CNY 24 billion for ready-built residential properties, and also 32 billion CNY for near ready-built residential properties. We have also made a regular live streaming sales and customer retention strategies with the 221 official accounts, hosting 49,000 live streaming sessions and attracting 149,000 customers for purchase intention registration. In addition, we have also many good cases using live streaming and other channels to increase the customer acquisition and also to achieve a better sales result. Now we turn to page nine, about the second initiative, maximizing utilization of existing resources.
For our development business, we have a diversified approach to revitalize challenges. Since 2023, we have a 45.5 billion total production capacity, and the cash recovery has achieved 8.1 billion, while the optimized resources amounted to 14 billion. The company leveraged government support policies for revitalizing existing resources through strategies such as converting commercial properties to residential use and resource exchanges. In the meantime, we have also leveraged the sale to rental strategy and encompassing more than 5,500 rooms in total. As you can see from the slide on the right hand, the project in Shenyang, the Yingyue project, has made use of this strategy with a better investment conditions.
We have also adopted a new layout, which is aligned with the culture of the city. This project has been completed in April 2024, and in July, we had achieved CNY 250 billion sales and realizing 100% of the projected investment. Now we turn to slide 10. The third initiative is vigorously advancing bulk transactions and REITs issuances, achieving contract sales of CNY 20.4 billion. In February, we had CNY 20.4 billion. In February, we had achieved a 50% equity of Qibao Vanke Plaza and transferred CNY 2.38 billion, while in May, we had completed transaction for Shenzhen Bay Super Headquarters, and the payment amounts to CNY 2.235 billion.
While in June, SCPG has successfully acquired a 48% stake in Nanxiang INCITY Mega, amounting to a transaction of CNY 1.32 billion. In addition, we had also the pre-REIT fund and the REITs issuances making progress. SCPG has completed the issuance of commercial infrastructure REIT at CNY 3.26 billion and annualized a distribution rate of 5.44%. In addition, the guaranteed rental housing REITs have been submitted for approval. We also had two pre-REIT funds with a combined total of twelve point two billion, while the CCB Housing Vanke Rental Fund has also acquired a Vanke Guangzhou Sanyuanli Phase Two apartment project, the transaction valued at CNY 840 million.
In August, CITIC Vanke Consumer Infrastructure Pre-REIT Fund was launched, and this fund is set to acquire a Shenzhen Longgang Vanke Plaza, while SCPG will continue to manage the property. Now we turn to page 11. The third measure or third initiative is to continuously transform the financing model and ensure smooth financing channels. In the first half, new financing and refinancing amounts to CNY 61.2 billion, while the comprehensive cost has been reduced, reaching 3.66%, while the onshore financing cost has made a record low at 3.6%. We have also ongoing evolution of our financing models. The total value of realized operating property loans reached CNY 21.9 billion, with CNY 15 billion representing new additions to the balance sheet.
Following the principle of our reporting all eligible projects, 175 projects were submitted for the Whitelist program. In addition, the average maturity of the weighted debt has been prolonged to 5.3 years, while the share of offshore liabilities decreased to 16.7%. Now we turn to slide, the next slide. Now, I have presented the four initiatives, and in the first half, all of our public debt applications have been met and are paid on schedule. The interest-bearing debt has fell by CNY 17.2 billion.
As you can tell from this slide on the right-hand side, from January to July, the public debt payment total 17.7, while the offshore debt totaled at CNY 10.4 billion, while the onshore corporate bonds and medium notes totaled at CNY 7.3 billion. Okay, now we turn to slide 13, regarding the results overview of the first half. In page 14, the operating revenue in the first half was CNY 142.78 billion. The operating revenue of a property development was CNY 111.68 billion, while non-real estate operating revenue was CNY 31.1 billion. Net profit attributable to shareholders is - CNY 9.85 billion.
Net profit attributable to shareholders, excluding non-recurring gains and losses, was - CNY 7.61 billion, and this is actually somewhat worse than the previous report because it's not fully aligned with our initial calculations, but with more detailed calculation, the actual gains and losses exceeds our initial calculations. Okay, regarding the cash and liabilities, the monetary capital amounts to CNY 92.4 billion. The net gearing ratio stands at 62%. We also registered a CNY 4.2 billion operating cash flow in Q2, while the total housing deliveries declined by 30% year-on-year, resulting in a corresponding decrease in total construction payments and leading to some alleviation of our operational payment pressures. Now, we turn to the next slide for the reasons of financial losses. There are four reasons.
Firstly, the settlement scale and the GP margin of real estate development project decreased significantly. The settlement revenue was CNY 111.68 billion, decreased by 34.6%, while the GP margin of the development business was 6.8%, a decrease of 13.5%. Why? It's because most of the settled project correspond to 2022 and 2023 projects, and also the existing properties sold in the first half of 2024. But these projects, the land acquisition was before 2022, so the cost is really high. And also there has been a downturn in the market during the sales phase, resulted in sales and GP margin losses, significantly reducing the total settlement gross profit.
The second reason for the loss is the bulk transaction. Asset disposals and equity transactions resulted in losses. Like I said earlier, the company is adamant about prioritizing cash flow and is diligently working through bulk transactions, asset disposal, and equity transactions to bolster its funds. To expedite the transaction and swiftly transform it into cash flow, we have surrendered part of the prices of these projects, resulting in some losses. Then thirdly, some non-core financial investment experienced losses. For example, GLP is a leading player in the logistics industry with a high-quality asset. However, the company measures investment property using the cost method.
Therefore, it is necessary to adjust the GLP's financial statements to the cost method in accordance with the company's accounting policies, eliminating the impact of a fair value changes and also calculating depreciation and amortization based on the property costs at the time of the company's initial investment, which has led to the loss of CNY 1 billion. Fourthly, impairment provision. In light of the market conditions, a significant decrease in settlement gross profit and losses occurring in multiple projects during a bulk transaction and other processes. Following the principle of prudence, we made CNY 2.1 billion provisions for impairment, including non-consolidated projects for the interim period. Additionally, there has been CNY 2.1 billion provisions for certain receivables.
[Foreign Language]
Now, let's go to slide 16. I'd like to share with you the factors contributing to the disparities between the net profit attributable to the equity holders and the profit or losses attributable to the minority interests, and you'll probably notice in H1 of this year, equity net profit was CNY 9.85 billion, but for the minority interest holder, it was CNY 1.33 billion. People may doubt on the disparity, but I have to say, in every collaborative endeavor, the listed company and its partner maintain equal voting rights. The profit and losses attributable to the minority interest of the share of the profit or losses experienced by the partner within the project company. The equity net profit of the listed company encompasses the profit and losses at a project company level.
It also includes the deduction for expenses at the listed company level, adjustment for charges, investment, profit and losses, and consideration for assets, transaction, profit and losses. That's the reason, in H1 of this year, there are three expenses and losses being deducted. The first one, that is the listed company sold wholly owned assets and equity stakes in order to recover the cash. So some transactions resulted in the losses. It's only affected the profits of the company rather than impacting the profit and the losses attributable to the minority shareholders on project level. Second reason, at a group level, financial expenses along with management expenses at platform level and the depreciation and amortization of operating business assets under the cost method will also impact the profit.
The company also experienced losses from the non-core financial investment, but which will not impact the profits of the profit-sharing partners. Please go to Slide 17. After talking about our overall work strategies, key achievements in H1 of this year, we will also share with you enhanced business capacities for high quality growth. Please go to slide 18. In business overview, you can see development business still maintain the top-tier position in the market. The total development business sales was CNY 127.33 billion, collection rate more than 100%. Property management business revenue, CNY 70.63 billion, improving by 9.5%. Rental housing business revenue, CNY 1.73 billion, up by 5.3%. Occupancy rate, 95.2%, the same as commercial business.
The revenue was CNY 4.59 billion, grew by 6.7%. SCPG occupancy rate, 94.2%. Let me walk you through the projects one by one regarding the development business, rental housing, commercial operations, and property development, and logistics and warehousing. Now let's talk about development business. Please go to slide 19. We show you the evolving integrated community product line with accelerated mature product adoption. In H1 of this year, we have Shi Series, the upgrader, the Yinxiang Series upgrader, and the Qi Series. The first-time home buyer and upgrader projects being allowed in many cities. For example, for Shi Series, it only takes 130 days from land acquisition to opening. The signed contracts accounted for 8,356 units, with a total sum of CNY 38.08 billion.
For Jin Series, it was targeting young generation, age 25- 35. Now the projects is already available in Changsha, Wuhan, and Yinchuan. Generally speaking, it takes 140 days from land acquisition to opening, and total contracted is 2,792 units, with a total value of CNY 5.2 billion. While for Yinxiang Series, it was targeting the elite population. Now the project is already being available in three cities with five projects. The initial one is Hangzhou SKP. It only takes 145 days from land acquisition to opening. Total contracts, 2,304 units, with CNY 17.3 billion total sum. Let's also talk about how we leverage the technologies for residential projects, including modules and enhancements, like the exercise community buildings, and landing boxes.
We also have the interior full furnishing modules, including the embedded furnishings, building appliance, and green plants, which has already been available in four cities. This is actually the slide showing you the internal and external bulk modules and internal module furnishing modules. External module is Beijing Donglu Feiniaoji. You can see, it's been serving as a central hub and open to residents in and outside the community, with more than ten services being provided. In the down part, that is Shanghai Langshi Co-Life. We are utilizing the raised platform to build a communal living room and foster additional social spaces, where at the same time, for interior full furnishing modules can allow people to have the ready-to-move-in experience. Let me go to slide 21. For development business, we deeply engage in urban renewal, cultivating city-scale placemaking capacities.
Shanghai Columbia Circle Phase Two was being available in H1 of 2024. It was actually covering facilities like education, culture, commercial space, and office space. It actually have the original historical feature, where at the same time, have the high-density urban factors, with many brands being introduced. Now please go to slide 22. Let me also talk about how the investment business is being performed. In H1 of this year, newly acquired land totaled CNY 1.02 billion. From 2022 to now, there are 82 investment projects, 52 has already been proactively built. It takes 5.7 months from average sales period, accounted for total sales of CNY 174.6 billion. Average pre-tax gross GP margin was 80%, and proactive investment projects realization rate was 87%. Please go to slide 23. Let's see how we're going to build our future-oriented capacity.
First of all, we continue to launch a cutting-edge product. Shanghai NEXUS makes the inaugural projects for future city idea units. In 2024, in H1, we have four major city-level public amenities ready for residents before moving in. For example, Spring Bazaar, new exhibition halls, Gulang Sports Center, and Taoranhui neighborhood. It also have the PV storage, DC flexible system, energy and carbon management, and on-site organic waste treatment is being used on-site. We are also promoting future city idea unit. For example, in Guangzhou, the Guangzhou Organic leverage high capacity and density of the central urban area continue to upgrade the idea urban unit, where Bentley Shanghai Phase IV, Wuhan, Chengjian, Vanke, Yunbo Jiang’an, as well as the Chengdu Urban, Xanadu, are all on the exploration and experimentation. Now, please go to 24. That is how we do the ready building project sales.
By having very good, ready building project, including the front-end project design, lean energy management, and also enhanced efficiency refinement. Last year, we have Hainan Jinsilu affordable housing, which could be built within 12.3 months, with 40.5 months for Hainan Evergreen Park affordable housing. In H1 of this year, we have a Hainan Sanya Bay project. The total GFA was more than around 9 million, with 255 days being available. And by the end of this year, the sales certificate would be available. So generally speaking, it takes 30.8 months from land acquisition for sales. Now, please go to slide 25. For the future-oriented capacity, we also would like to further improve the customer experience through life cycle service quality. We committed to stick to the customer lifecycle.
For community and social activities, we allow the people to feel the atmosphere of the community. During construction process, we implement Witnessing Home Growth initiative, collaborating with homeowners to build their communities together. At the same time, we also have immediate property registration and also the Sweet Classrooms to allow people to truly understand how the complex greeneries and enjoy the happiness of the family bonding. Sweet Classrooms is our pioneering community nature awareness brand. We have one hundred and fifty-five activities being conducted in summer of 2024, including parent-child experience and the DIY activities, allow people to explore the nature while spending the summer. Vanke Botanical Garden is our key brand strategy. In August of 2024, Vanke Shanghai region, working with more than 10 botanical gardens across the city to allow the people to identify the plants and enjoy the nature.
Please go to slide 26. On 26, I show you our construction management service. We have diversified projects on large scale, demonstrating leading service capacity, serving the government agencies, state-owned corporations, financial high-tech companies, including the schools of fourth quality, industrial office, urban renewal, medical facilities, and residential projects. Revenue is CNY 3.8 billion, achieved in H1 of this year, with management of 85 projects, GFA 40.73 million sq m. And for example, like Shenshan High School, it won the national level awards. But at the same time, like, Shenzhen Dalang Culture and Arts Center, South China Normal University, Shanwei Campus, and the Shenzhen Futian Middle School, all win the provincial and the municipal level awards. Please go to slide 27. Allow me to share with you the performance of rental housing business.
First of all, you can see we have improved operational efficiency for rental housing in H1 of this year. For the housing, interim rental housing business, including non-consolidated projects, made a revenue of CNY 1.73 billion, grew by 5.3%. Front-end NOI, CNY 490 million, while YOY grows 80.8%. Our GOP achieved 90%, the leading one in the industry. I can see the percentage of self-operated channel rose to 85%, where the operating cost per room being decreased by 30.3% on YOY basis. You can see the occupancy rate of the Port Apartment reached 97%. Four projects have full occupied upon opening, while working with corporate client be the cornerstone of stable customer base.
We served 5,300 enterprises, and the corporate tenants accounted for 22% of our total customer base, improved by 0.45 percentage points. We're leveraging the school opening time and academic year to promote the offerings to the students. You can see that contributing to a remarkable 93% of the annual increase in student signings. Now, let's go for slide 28. Besides talking about efficiency, let's talk about scale. The management scale and the opening scale was 224,000 rooms and 183,000 rooms. At the same time, you can see that in Beijing, Shanghai, and Hangzhou, around 1,200 rooms being acquired, 80.6% were acquired in Tier One cities. Net increase of 3,300 operational rooms in H1 of 2024.
We also leverage our mature operational expertise to revitalize clients' existing assets. For example, in Shenzhen, Pingshan Village, by working with state-owned enterprises, unified leasing and a joint operation, we acquired 6,000 rooms. We helped Beijing Xiaomi dormitory and managing 2,658 rooms, while at the same time, in Changzhou, Jinan, Tianjin, Chengdu, we are also working with the local government for such partnerships. Now, please go to slide 29. Let's talk about the service quality. First of all, we continue to establish our product line. We have already built community reputations in large-scale projects.
For example, in Xiamen Haiwan community, it has around 400 rooms, and its average room rent was 5,500 yuan per month, 100% rental occupancy, where at the same time, we have a customized product to make sure we take care of the diversified need. You can see those are two pictures, Xiamen Haiwan community and Guangzhou Sanyuanli apartment. Besides that, we also continue to provide a continued improvement for service quality, like Fresh Move, eight essential repels initiatives to improve the customer satisfaction. And we also provide more than 900 community events, providing the service with human touch. Jointly speaking, we served 800,000 people, customer satisfaction 95%.
For Port Apartment, we have around 1.23 million followers on WeChat public account, and around 4.61 million number of the registered users online. Now, let me talk about Onewo with its performance highlights. Within the reporting period, its operating revenue was growing up, close to reaching CNY 17.63 billion, making 9.5% YoY growth. Revenue from a community space living consumption reached CNY 10.15 billion, grew by 57.6% of the total, making 11.5% YOY basis. Commercial enterprises and urban space generate the revenue of CNY 6.08 billion, accounted for 34.5% of the total, making 7% increase.
[Foreign Language]
The main measures being adopted is to deepen the Onewo Town strategy. We have already developed over 6 21 Onewo Towns, and we have also completed renovation of 1,337 residential projects, and the cumulative transformation of Onewo Towns reached two hundred. In addition, we have also a total of 3,100 and 25 units of Pineapple No. 1 property convenience service machines being deployed, achieving 100% of coverage. And also the Black Cat unattended self-service machines provide access solutions to 2,747 projects, while the Pigeon task intelligent scheduling platform is piloting in 39 cities with 3,597 operatives involved.
And also the Lingxi intelligent hardware et cetera now features an AI intercom door opening system. In addition, now we have improved over 35.8%. Now, we turn to page 37 for Onewo how to create a benchmark for old community renovation and partnering with communities to enhance asset value. Here, a case study in the Nanjing Binjiang. The delivery year was 2008, while the takeover time was May 16th, 2017. Because of the developer at that time has become insolvent, so there was a lot of left behind issues, and three property service companies failed to tackle that issue. But our Onewo team has coordinated and communicated with the owner committee and also the local authority.
We have completed the renovation so that we improved the property service fee collection and also improved the customer satisfaction rate. And also, the car park unit price has also been greatly improved. And that project has helped Onewo to expand more projects in Nanjing, and we have also obtained the Zhongnan project. Now, we turn to the next slide. How we provide a comprehensive range of services by serving high-quality customers and exploring customer needs. The case study here is iFlytek. Onewo coordinated resources and conducted thorough research on iFlytek, and explore services in facility and equipment management, enterprise remote services, and construction and renovation. The cumulative contract value surpassed a CNY 1 20 million. Now, we turn to page 33 regarding the commercial businesses in the first half.
Firstly, the revenue growth achieved a very steady growth. We've achieved CNY 4.59 billion of operating revenue, up by 6.7%, while the operating revenue of commercial projects managed by SCPG raised to CNY 2.71 billion, and overall occupancy rate of 94.4%. In addition, we have a wide range of managed property types, including INCITY Mega, Vanke Plaza, and INCITY/ INREACH. Okay. As well as some of the antique tourist attractions. Now, we have 170 projects in 55 cities with a very big GFA. A total of 197 projects in operation across 55 cities, and total GFA is 11.06 million sq m.
In addition, we also have established a strong cooperation with 12,000 brands. With our extensive network of professional partnerships, for example, with YAGEL and MINISO, we have also enhanced our cooperation across the entire system, resulting in the signing of 13 new strategic and significant partnership brands. We continue to enhance and promote the domestic brands. Now, we turn to page 34, regarding how commercial businesses ensure smooth launch of new projects, while enhancing performance of existing properties. In the first half, three commercial projects, Shanghai Xuhui Vanke Mall, Shanghai Pufa Sanlin Inreach, along with Hefei Shushan Inlane, were inaugurated as planned, spanning a total GFA of 177,000 sq m. These projects have met all performance expectations.
For example, the SCPG Center and Urumqi Vanke Mall, these are the high-quality existing projects on the right-hand side. Now, we turn to the next slide regarding logistics and warehousing. First of all, the revenue continues to grow. Including non-consolidated projects, the operating revenue was CNY 1.94 billion, a flat year-on-year growth, while cold chain logistics operating revenue was CNY 880 million, up by 8.4%. Six new parks opened with a leasable area of 517,000 sq m, including four cold chain parks with a leasable area of 431,900 sq m. In addition, we have continued leadership in the cold chain logistics business.
The cold chain logistic business now spans 24 major cities, serving over 2,200 clients and experienced a 9.7% growth. The cold chain logistic business boasts a total leasable area of 1.946 million sq m, ranking number one. The high standard warehouse has consistently sustained an occupancy rate of 85% throughout the stabilization period, alongside a cold chain utilization rate of 74%. So the industry leading scale of operations has covered 47 cities, a total of 164 projects in operation. Now, let's turn to the next slide about enhanced operational services to boost the customer retention by leveraging our warehouse distribution logistics to driving cost savings and efficiency for clients and improve their customer loyalty.
VX Logistics capitalizes on its extensive warehouse network to centralize a diverse range of full category. Now, there has been a plan to establish over 300 joint distribution routes in Central China and also Jiangsu, Anhui region. We've also been upholding industry-leading professional standards and ensuring food safety. The Ningbo Beilun Cold Chain Park achieved an outstanding score of 99.1 in Yum China's 2024 annual food safety audit, ranking number one. In addition, we've been expanding client base, securing top-tier customers across multiple industries, strengthening industry connections. We've also signed a strategic alliances with SF Express. We have also secured major clients and expanded market share. We have also signed contracts with a leading industry client, with Starbucks, Tim Hortons, and Algebraist Coffee, providing integrated supply chain services, including warehousing, distribution, and in-warehouse operations.
Now, we turn to page 37 regarding our ESG performance. During this reporting period, the company's ESG performance has repeatedly gained external recognition, with multiple ESG index ratings and awards ranking number one in the industry. For instance, the Shenzhen Stock Exchange, CNI ESG AA, and also CCXGF ESG AA, and also MSCI, BBB. We have also received the top one recognition. Our main measures include focusing on the green buildings, and for many years, 11 years in a row, we have received a very good building and certifications. As of June 30 this year, Vanke's cumulative building area, meeting green building standards, reached 331 million sq m. We have also reached 230 million sq m of industrialized building area, while at the same time, we've been implementing green leasing practices.
100% of individual rental contracts for long-term apartments now include green initiative clauses, and the paperless contract signing has been implemented. So that's the presentation about the first half's results. Now, we move to H2 work priorities. Please turn to slide 39. In the future, the company will continue to firmly implement the comprehensive plan, focusing on three main objectives: ensuring housing delivery, ensuring repayment, and transitioning to high-quality development. We would spare no efforts to ensure high quality housing, a total of 188,000 units throughout 2024, and also actively resolve debt and transform for high-quality development, focusing on our core business, maintaining our three primary businesses, the property service, community development, and also rental housing.
While for the development business, we would boost the sales and ensuring housing delivery, and also we would drive the sales and cash collection, focusing on operations and also cash flow security, enhance our strength in product development. While for the commercial business, we need to make sure that all of them could be opened smoothly. In addition, we need to drive solutions for challenging projects and improve operations, and safeguards the NOI levels of important financing and transaction projects. For we also need to guarantee quality and market expansion in property services, leveraging the advantage of the brand, centered around the Onewo strategy to actively expand market. For the rental housing business, we'll continue to enhance efficiency and add value in several ways, boosting more operational efficiency and also to build our multi-channel exit strategies.
Additionally, to strengthen capabilities across the entire industry chain. While for the logistics and warehousing, we will strengthen services and enhancing capabilities, focusing on the cold chain and core cities, improve our warehouse network layout, develop a standardized product services, and refining integrated supply chain solution capabilities to increase customer retention. We would also improve the asset transactions and REIT issuances to manage and to achieve a healthy cash flow from operating assets while ensuring the recovery of the funds. Now, we turn to slide 40. To tackle current operational challenges and adapt to this industry's new landscape, the company will implement stricter measures to streamline operations and boost the cost efficiency.
Firstly, revamping organizational structure and streamlining for efficiency with a holistic strategy to concentrate on developing top-tier talent and capabilities, while customizing organizational structures and also improve the efficiency of a decision-making and enhancing the efficiency and quality of our of our total operation efficiency, and also to intensify the assessment and rotation of management personnel and inject a new vitality into the organization. Secondly, we also need to target a 15% year-on-year decrease in the management expenses. We need to conduct comprehensive workforce review and also to define organizational restructuring goals to drive efficiency improvements, and also to control expenditures by thoroughly reviewing expense categories. In the first half, t here has been a CNY 9.8 billion loss, which is quite considerable.
Business performance, it involves the customer, the investors and shareholders of trust, and we will spare no efforts to overcome difficulties, drive the company to resolve risks, and to streamline operations as quickly as possible, and return to a healthy development trajectory, thereby regaining the trust of our shareholder through concrete actions. Thank you. That's all. Now, we open the floor for Q&A. I would also like to ask the company secretary to receive questions. Before the results announcement meeting, we have collected some questions.
[Foreign Language]
If you need to raise a question, please press star one. Thank you. If you need to raise a question, please press star one. Thank you. Now, there are eight people waiting and queuing for the question. Each individual could only raise up to two questions. The first question is from Guo Zhen from Guangfa Securities.
[Foreign Language]
Thank you for this opportunity. My question is about the company's cash flow in the industry. Against some industry headwinds, the market is somewhat concerned about the cash flow. Judging by the interim financial statement, now the company is facing a tremendous cash pressure. So my question is about the second half and next year. What about the cash flow and the financing situation? Will they be able to guarantee the repayment of our liabilities? So this is a question about the financial soundness. Thank you.
[Foreign Language]
Thank you, Mr. Guo, for your question. So the question is about the cash flow security and also about the second half and next year's cash flow and the financing situation, whether this will be enough to pay back our liabilities. Okay, we'll have Madam Han Huihua to respond to this question.
[Foreign Language]
Okay. Thank you, Mr. Guo, for raising this very pressing question. So, the company has been prioritizing the housing delivery. We have completed delivery of 74,000 units and also over CNY 15.8 billion of repayment of debt.
We stepped up our efforts of doing so, even if operationally speaking, we face some periodical adjustment. But for sure, we're gonna continue with our best efforts by delivering the project on time and making sure we also repay all the liabilities. Specifically speaking, from the operational perspective for this year, we optimize the business and continue to be strategically committed. In Q2 of this year, our operational cash flow already been a positive number. First of all, from the stream of the revenue perspective, we continue to promote sales.
In H1 of this year, our sales ranking top tier in the market, ranking top one or top two in 28 cities in China. Starting from Q2 on, the sales per month also maintain above CNY 20 billion. Cash collection rate is also the leading one in the industry. Our cash collection, especially for the contracted sales, is 100%. Secondly, as has been showed in the presentation, we also continue to revitalize the resources through the book transaction. The total cash collected are more than CNY 10 billion. Thirdly, we continue to withdraw from the non-core business and investment, which actually made progress in each one of this year with collections being made. The rest part of the business are continue in a structured manner. So for this year, actually, the collection is already more than CNY 137 billion.
Regarding the project delivery, as the peak of the delivery is already gone, in H1 of this year, the total delivery has been down by 30%. In H2 of this year, the 40% decrease. Construction expenses also going down. With less development business, less expenses will be needed. So starting from Q2 of this year, our operating cash flow is already a positive number. So saying in Q2 of this year, the operating cash flow, I mean, the gaps continue to be narrowed. We have every confidence we're going to have a positive net operating cash flow in Q3 and Q4. Regarding financing, we have got access to the financing channels, with financing model continue to be promoted. In H1 of this year, with support from financial institutions and the government agencies, our refinances also be streamlined.
From January to June, we have already made a refinancing of around CNY 61.2 billion, with average financing cost of 3.66%, a historical low point. Where at the same time, we continue to improve our operational loans. With the government support, the operational loans being stood at CNY 21.9 billion, excluding SCPG. Within the balance sheet, the total operational loans stood at CNY 50 billion, and we also report all the items within the whitelist. And we also mentioned in May of this year, the China Merchants Bank also lead the syndicated loans with more than CNY 20 billion being made.
By the end of June and the beginning of July, we also have the fixed asset packaging financing package valued CNY 6.5 billion by China Construction Bank, and other syndicated loans are still in progress. So by the end of July, we have already made the total refinancing of around CNY 67 billion. And in our statement, the interest-bearing liabilities, along with our supply chain refinancing, also declined. Actually declined by CNY 70.2 billion compared with the beginning of this year. Look into H2. For H2, we still have 100,000 units of the house need to be delivered. 40% decrease compared with last year.
And, in the open debt market, we only have CNY 4.3 billion need to be repaid, and now it is only CNY 2 billion, which will be mature in July-September of this year. The capital arrangement has already been made. By anchoring our operational target, continue with sales and book transactions, re-rationalization of the resources, we're going to make sure we have operating cash flow be positive. From the financing perspective, we continue to get access to the financing channel and continue to stabilize our loans on the bank side, and getting syndicated loans, operational loans, and then to have additional increase on the cash flow. I do believe with our own efforts, support from all walks of the society and policy support, we have every confidence to stabilize our operation, and we hope we can do better in the near future. Thank you.
[Foreign Language]
Thank you.
[Foreign Language]
Thanks for Mr. Guo from Guangfa Securities. Thanks for Madam Han. Coming next, let's welcome our next audience to raise a question, please. Coming next, let's welcome Huang Wanyin from Daily Economic News to raise a question.
[Foreign Language]
Ladies and gentlemen, thank you. I come from Daily Economic News. From interim result, it seems your development business are facing big pressure as the market sales have been quite gloomy. So for the company, what would be the future opportunities for the development business? And in face of the challenges you have now, are there any measures in place for the company? Thank you.
[Foreign Language]
Thanks for Huang Wanyin from Daily Economic News. You really want to know, as, the development business is, sluggish, what would be the future opportunity and measures we may have for that? Now, let's welcome Zhang Hai to respond to the question.
[Foreign Language]
Sure. Okay.
Let me just be brave on the observations we made on the market. We found out in the property market, demand and supply is being reshuffled. Many affordable housing and tenant housing are actually providing the accommodation solutions for the rigid consumers in the market. We're catering the customers' needs. I mean, the upgraded project started to be a major one in the market. That is what we can observe from the supply and demand relationship. Secondly, from the customer perspective, potential buyers, they are more rational and they are more segmented. From our development practice, if you provide affordable price with ready build projects, that are the two factors many of the consumers may consider first. Even if in some non-core cities, high quality yet affordable product are still going to have a very good sales.
So I do believe in the near future, we are indeed going to shift towards those areas with the true demand for the upgrading demand or the upgraded product. So you can say that starting from last year to this year, I can surely say the new housing market has been shrinking a lot, where at the same time, its business operations threshold continue to be elevated. But as the housing ministry has already mentioned, keeping an eye on China's urbanization development process and keeping an eye on the expectations and the demand from the consumer, the property market still has ample room for further growth. So coming next, let me share my insights from providing high-quality product to seek for high-quality growth with four measures in place. First of all, for Vanke, we will be truly customer-centric, providing a community with vibrant, life service.
As I have already mentioned, the customers are further segmented or even stratified. I think this is actually the trend in the market that everyone noticed. We continue to analyze and research on the targeted consumer, making sure our product is not only the space, but also the content and the service being provided by Vanke. So for this year, we indeed provide a residential, space, operations, and, service. For example, like Landing Box, as an example. Landing Box is indeed an office place or landing space for residents in the community, making sure that the customer like it, with affordable and comfortable space to design every parts of the space and the service. Let me give you an example. We keep an eye on the occupancy of those landing space.
In the past, we do have a lot of long table, but now we change those long table into a single seat, and we also provide the standalone office, an enclosed space for people to handle his own business or having small scale meetings. We really want people to enjoy the utilization of the space. We also organize event in those landing space, making sure we receive positive feedback from the consumers. My second point, or something we clearly notice from the market, we have to indeed consider the structural adjustment on cost and investment is being made. We really would like to further improve the quality to price ratio and performance to price ratio. Indeed, we continue to make sure we have good investment realization and restructure the cost and expenses, making sure before, during, and after investment, everything's been within control.
For example, when we do project nowadays, no matter it's a new project or a revitalization of the existing project, we will always make sure the target audience and positioning of the project is being prioritized. Because you know that what has been done in the early days really impact about 80% of the investment realization. Early stage diagnosis, making sure whether you have a qualified project's been launched to the market. We also keep an eye on some new changes. For example, we do have the operational expenses for the living space in community and investment in the low carbon, in the environmental project, technology. Those are the two separate items that is being made for this year. There are other some changes. For example, like reducing cost, improve the efficiency.
It's easy to be said rather than to be done, but we do have a lot of measures and actions being taken. For example, our procurement staff, they have to go to the production space, getting the first-hand information, rather than sitting in the office and listening to the news from the distributor. And secondly, we also made a pilot trial. For the residential projects, if the sales price is lower than 50,000 RMB, we don't trust any decoration companies for interior furnishing. We do the furnishing by ourselves, our in-house team. I find out those self-made interior furnishing unit are actually perform well improved. And thirdly, we also continue to have the full life cycle and the multidimensional cash flow calculation, or should I emphasize, is a more actuarial calculation.
We believe in the past, we really want to keep an eye on the available cash flow, keeping an eye on the cash flow from multiple dimensions, especially we'd like to consider those variables impact the cash flow. For example, price fluctuations, prolong the time of delivery. Then you can see the cash flow statement going to start from one table to a set of the tables. From the new project practice, Madam Zhu already mentioned, our new project indeed has good investment performance. The set of the cash flow statement gonna to make the project more accurate and more flexible for investment. According to the new project schedule, and the promotions and the sales also going to be scheduled on the building level. A parking slot, property management, also going to be calculated based upon the actual contracted price and the rental income.
Where at the same time, in the existing market, we also continue to improve the operational efficiency of the office buildings and the commercial buildings. If NOI could be improved by CNY 1, then they're going to increase CNY 10 for the financing amount. This is also the priorities we have. Fourthly, let me talk about what we're going to happen in the near future. We are going to build the Ideal City Unit. Our inaugural projects being in Shanghai, named Shanghai NEXUS, and it actually has been leveraging vitality, low carbon, and intelligent functions. This project is already being launched, with positive feedbacks being collected. Where for this project, right before the residential part is being available, we have already making sure there's a straight cross, named Xingxing Street.
Art exhibitions and whole market space and also the neighborhoods, the four boxes has been placed in, providing interactive social atmosphere. It's already been available before the residents move in. After the project's been put into operation, the result is pretty good. It's good for organizing culture and leisure sport events. We organized the youth, forums and also inauguration ceremony for zero carbon building demonstration projects between China and Switzerland. In the sports exhibition, we also organized the basketball competitions for students from two universities in Shanghai. Since that sports center has been put into operation, 120 sessions of the basketball games being staged there. Both the art exhibition or the sports center, they are all zero carbon buildings.
We do have the dashboard in showcasing the carbon emission data and energy consumption, making sure low carbon has been truly be a part of our daily life, so there are actually four measures in place. Some of them has already been put in operation.
[Foreign Language]
So far, the development business is still in this difficult process of adjustment. The tackling of these difficulties, it will take more patience and take more time to get this through. Me and my colleagues, we've been sparing no efforts to do things right, one thing at a time, and learn from the past lessons and correct past mistakes, and to uncover new demand and new needs from the customers. We need to remain patient in this adjustment period, facing such challenging externalities, and we remain confident about Vanke's future. Thank you. Thank you for your question, and also for Mr. Zhang's response. Now, I'll have the company secretary to receive the next question.
[Foreign Language]
The next question is from CITIC Securities, Chen Jinwei.
[Foreign Language]
Hello, management. I am from CITIC. I am Chen Jinwei.
I have a question: Starting from Q2, the central and local government has formulated preferential policies to support the property sector. But judging by the statistic in the past two months, the transaction numbers have been improved marginally, but still it seems to will take some time to have a better recovery. So what's the company's comments on the future trend for transaction?
[Foreign Language]
Okay, thank you for the question from CITIC. So this question is about the industry policy and how the companies would view the future trend.
[Foreign Language]
Thank you for the question regarding the market trend. I would respond to this question. In the mid to long term, the potential housing demand has already passed this dividing line. I think that's a consensus. We might have underestimated the scale of residential demand.
It's actually quite big, and it is still there. That's for the mid to long run. But in the short run, after three years of adjustment, the cost effectiveness of new property has been greatly improved, and also the policy, the level of support has been amplified for diversified housing supply. And that. All of these are accumulating energies for the restoration of the market and also pave the way for the bouncing back. So from a supply and demand perspective, firstly, the new products, the new property, the product strength and the service level have been greatly improved. As the supply and demand dynamics shift fundamentally, the core competitive factors have changed from competition over scale and transitioned to competition over products and services.
That means we need to provide a high-quality property and high-quality services to the customers, to the homeowners, and not only in terms of the physical properties, but also the how the consumers they would have experience all of these services during the entire life cycle of the property. For hardware, the iteration speed of a products is much faster. Every three to four months, there will be one iteration, while for the software, we need to provide a sentimental value to the customers, and it has become a very important proposition.
So the value of these software and the services, and also improving customer experience, they could be reflected in, for example, to cultivating a sense of belonging of the homeowners in this residential compound, so the owners could feel being cared and caressed. For example, in a PowerPoint slides, it has been touched upon. We have organized all sorts of a community-based events and also plant. We have also organized the volunteers of the local gardens, plant gardens, to teach the knowledge about the plants, so that the kids in the residential compound could also feel being cared and caressed, so that the sense of belongings to this community, to this residential compound, could be improved.
So in general, now we are going to compete over services and the quality of services, which is a good thing for the customers, comparable to the automotive market. While improving the products and the services, the cost effectiveness of our new properties have also been improved. After three years of adjustment, property price has fallen to a relatively reasonable level. The cost effectiveness of new products have also been greatly improved. For example, in the first half, in Hefei, we have a project called Fuzhou Yingcui. And that project, we have achieved a championship in terms of the sold GFA. On one hand, the product is very good itself. On the other hand, the price is very competitive.
So that's why, against the trending down in the industry, every time of the project opening, we have achieved a sold out status. In addition to cost effectiveness, for the policies, we have also received a great endorsement and support from the policies from the authority. The threshold for buying property and also the mortgage policies, all of these are catering to diversified demand of the market. Some of the policies that have been there for 20 years, like the 70/90 policy, and also the subsidy standards, all of them were being amended. And all of these policies and measures, they would become a huge boost to the restoration of the customers' confidence to the market sentiment.
Also, the disposable income of the residents are going up. All of these create the necessary conditions for the restoration of the market, while from a supply perspective, the supply of new property is inadequate. In the first half, nationwide, a new residential property construction area has dropped by 24% year on year, and that means in 2024, the national new property construction area will be around 500 million sq m. In history, that's equivalent to 2015's newly constructed areas, while in the international community, like Japan and the U.S., it's also considered as quite low compared with the other mature markets. Now the current supply is inadequate, and also as the supply-demand dynamics continue to improve, that would have paved the way for the restoration of the market.
So that's my understanding of the market trend. Thank you for the question.
[Foreign Language]
Okay. Thank the question from CITIC, and also thank Mr. Yu's response. Now, we'll open for the next question. The next question is from Securities Daily. Mr. Li, please.
[Foreign Language]
Hello, management. My question is about the rental housing. In this year's shareholder meeting, the company has proposed to regard the rental housing as one of the three primary businesses. So the rental housing prices have been adjusted recently, and how would that affect our business operation and the strategy? And also from the industry's perspective, now there has been more rental housing players. And what's the company's view over the market landscape? And what is the strength and advantage of our rental housing business?
[Foreign Language]
Okay, thank the question from Securities Daily. So your question is mostly about the rental housing business of the company. You wanna know more about the adjustment of the rent, how would that affect our rental housing business, and also our current operation, and also in this track, what is the current competition landscape, and also what is our competitive strength? Okay, we'll have Mr. Zhu to respond to the question.
[Foreign Language]
Okay, thank you for the question, and thank you for your care and support to Vanke's rental housing business. The rental housing business has a long cycle with relatively low ROI. It will take a longer time to achieve substantial ROI.
So in that journey, we might encounter challenges and difficulties, but we firmly believe in the potential of this business and regard it as one of the three core businesses of the group. Based on your question, I'd like to respond from a scale, performance, capabilities, and model from these angles to address your question. And also to introduce some of the achievement and progress that has been made for our rental housing business. Firstly, in terms of scale, the scale has reached 249 and over 138,000 already in operation, and compared with peers, we maintained our number one position.
And also this year, we have built partnerships with many state-owned enterprises and also with the governments, covering 155 projects and about 112,000 units, and also ranked atop in industry. Secondly, from the performance perspective, we've been staying adhering to the high quality development philosophy. In 2024, the ROI and also the net equity profit, we have achieved a double-digit growth, and it's the first year for us to achieve a profit in 2023 using the cost method, while in 2024, we continued to grow the operating profit and also the net profit attributable to shareholders, maintaining a double-digit growth. Just like you mentioned, the market landscape is indeed shifting, and that change can be reflected in two aspects.
The first one is the supply is going up. Second, the price is trending down. Even though we have encountered these two industry changes, the occupancy rate of our rental housing is above 95%, which is a healthy level. And in 2024, during our results announcement, we have also presented the many projects and many assets. We are still on this long journey of ramping up. So we're very happy to share the first five REITs projects. We have already met the requirements of relevant investors for these five REITs projects.
So that's about the performance, while for our own capabilities, we know after 10 years of exploration in terms of operational efficiency and also building proprietary channels and also customer service, customer insight and customer connection, all of these aspects are being greatly improved and also in a leadership position in industry. We've also been improving the digital bit capabilities for each stores. And also the GOP has reached 90%, which is a leading level in the industry. And also our own channels customer acquisition has increased to over 85%. Just like what Ms. Zhu has said, we also have over 5,000 to- B customers. On the other hand, we've been improving the more refined services to our tenants.
In the first half, we have organized all sorts of a community events, over 1,300 events. And also we have close to 60% of re-rental rate. We have also reached over 10,000 x of recommended rental service by our existing tenants. In cities like Jinan, Changchun, Tianjin, and Chengdu, among other cities, we've been conducting a strategic cooperation with the state-owned enterprises, so as to pave the way for the additional 20,000 rooms in the future. And also, we've been exploring and making breakthroughs of our business models. In terms of our business models, there are two emerging models. The first one is, o ne of our typical project of this model is in Shenzhen, Huanshui.
It used to be a factory space, but it's been renovated to be rentable, and that has been greatly endorsed by the government and also the owners, and that renovation model we have renovated over 7,000 rooms. The second model is shifting from selling to rent leasing, so the traditional commercial apartment. Against this high rental price, we'll be able to change our business model.
A typical example that we converted the model from to sell to rental, because at Hesongxuan, the project, we used to have 1,088 apartment. It was ready to be sell, but later, as the property housing price continued to go down, we decided to convert it into a rental housing project. And it's been divided into three phases for project launch. It always have a full occupancy upon opening, whereas for short run period of time, we'll also be able to copy this successful model, revitalized more than 5,500 rooms. In the new era, where the long-term rental housing going to be? I think we are more like a connector.
On one side, we are connecting the homeowner, helping the homeowner to continue to help them to know how to improve the efficiency of their assets and allocate in the right assets. We do have a value proposition, makes the homeowner happy. Where on the other side, we are also connecting the tenant and also our customers, providing safe living experience with human touch. This is indeed what we are trying to improve. So we are more like the connector between the homeowner, the tenant, and also the user. Where in the new landscape of the property market, we are also continue to innovate in investment, financing, constructions, management, and after-sales service, continue to improve our key competency and making sure we'll be able to better cater to the homeowner, the tenant, and other stakeholders. We believe this is a long journey, but we will always be committed.
Though there are challenges and opportunities, but, confidence and patience triumphs.
[Foreign Language]
Thank you very much.
[Foreign Language]
Thanks for the question, and thanks for Mr. Zhu. Now, let's welcome the next one to raise a question, please. Coming next up, let's welcome Zhang Quanguo from CITIC Securities to raise the next question.
[Foreign Language]
Thank you very much. I'm Zhang Quanguo from CITIC Securities, and I have a question, a brief one. In H1 of this year, it seems that you have the SCPG C onsumption Infrastructure REITs, and you are also advancing that on all the fixed assets. Can management team share with us the latest updates? Thank you.
[Foreign Language]
Thank you. Thanks for Zhang Quanguo from CITIC Securities. You were asking about the real estate REITs, right? Well, talking about REITs, let me just ask you, Mr. Liu Xiao, to respond to the question.
[Foreign Language]
Thank you very much.
Thanks for Mr. Zhang. For the company, for REITs, especially the REITs we take it just like the mortgage to the property market. So I do believe REITs going to be a new model for new development paradigm. Because of that, starting from 2023, we have, on the corporate level, the three REITs being arranged parallelly, leveraging the provincial opportunities to contribute to the profit and the cash flow. We leverage REITs to continue to make sure we have a healthy operations of the operating assets, and also leveraging REITs to continue to improve the operationals of all kinds of the property assets. These are the values of the REITs to us. As Madam Zhu, in her presentation, has already mentioned, and we actually have, the CICC Consumer Infrastructure REITs.
Now, the funds has been raised for CNY 3.26 billion, and now it's actually in the follow-up subscription level, according to the principle. We're going to start the application in May of next year. The logistics, warehousing, and long-term rental housing REITs are all in progress. Logistics and warehousing REITs, which has been approved by the Reform and Development Commission in March of this year, and still waiting for the response from CICC and CSRC, and we're still waiting for the information to be heard. The logistics REITs is located in the Pearl River Delta and the Yangtze River Delta. In Pearl River Delta, the REITs infrastructure has been serving the cross-border e-commerce, where in the Yangtze River Delta, the infrastructure has been used to serve the high-end manufacturing.
I see that occupancy rate, 98%, all performed very well. For rental housing REITs, we are in the application stage. We also received some feedback. Our targeted assets are located in Beijing, Tianjin, Hangzhou, with good reputation and operational efficiency. Occupancy rate are more than 95%. Besides the three public REITs, on thirtieth of July of this year, we also did a private REITs. For example, our CCB Housing Vanke, Wuhan project, that has already been CCB's residential leasing funds project, and we call it a private REITs. So in other words, when we send the project to CCB Housing Fund, they have a full exit and still be managed by Port Apartment.
REITs continue to support Vanke to establish high-quality assets, making sure we have securitizations of the assets, improving operational efficiency of the assets, and helping to advance our investment. I specifically would like to mention, REITs means one more thing to the company. When we are trying to further leverage REITs, we are also connected with some leading investment institutions. For example, like Guoshou CICC, CITIC, Taikang, and CCB. They are not only investment in REITs, but also be strategic partners as we revitalize the assets for a healthy growth in the near future. Thank you.
[Foreign Language]
Thank you.
[Foreign Language]
Thanks for Mr. Zhang from CITIC Securities. Let's now welcome next question, please. Ladies and gentlemen, coming next, let's welcome Ji Siming from Pengpai News to raise the next question.
[Foreign Language]
Hello, management team. I noticed your development business, the GP margin has been declined compared with last year.
What's the reason? And, how should we keep a look at the profitability, whether there is any improvement in the near future? Thank you very much.
[Foreign Language]
Thanks for Ji Siming from Pengpai News. You've noticed our development business, GP margin, was going down. What's the reason? And when is this going to be improved in the near future, right? Let's welcome Madam Han to respond to the question.
[Foreign Language]
Okay. Thank you. Thanks for Madam Ji. Yes, indeed, in Madam Zhu's presentation, she has already clearly stated, in H1 of this year, majority of the resources for settlement are still the projects sold in 2022 and 2023, and some, ready-building and nearly building projects sold in H1 of 2024. So every decline in GP margin are due to multiple factors.
First of all, as the market is changing for the past two years, in certain region and certain district, we compromise the price in order to for a better sales. That, to some extent, hurt the profit. In H1 of this year, in our settlement, we have 146 projects show price decline in the past three years, which indeed impact the aggregate profits. In H1 of this year, in order to make sure that we continue to improve the sell-over rate of the ready, already building projects, commercial projects, and the parking lot, we leverage channel strategy, which hurt the profit again. Where on the other side, right before 2022, the land has been acquired with a high price. When they got into the settlement stage, it also going to pressure our current profit.
The projects being settled for this year, some of them are being acquired in 2021 , with ever-increasing land prices, where many of those projects and their positioning is not right for the industrial demand and happen to meet the downward cycle of the sales. So that's the reason the profit rate is being heavily impacted. From the sold but not booked resources, or even from the non-sold resources, those projects will be delivered in the next one to two years, which still going to impact our performance. It really takes time for us to digest those projects. We're talking about GP margin. I think there are two points I can share with you. For the existing resources, we'd like to improve efficiency, where for those under construction and unsold resources, we still would like to have a lean management. As Mr.
Zhang has already mentioned, the volume, price strategy and expenses efficiency ratio, we still need to improve our managerial granularity. Where for some projects still in the plot stage, we hope we will be able to well position the project and how it's going to be related to the asset value. When we do planning and, we design, we need to identify the possible opportunities from that plot and the project, generating the premise, improving efficiency of the project in order to further improve the profit rate. On the other side, for Vanke, we still would like to continue to move to like, keeping the realization rate of our existing new project, as well invest in the product and, operational efficiency. We indeed made a heavy investment, with good results being achieved.
Starting from 2022, some proactively invested projects only take 5.7 months from plot to project. It has been improved by 4.1 months. Also, the cash collection for the shareholders will be positive within 12 months. GP margin of the sales is around 80%, fulfilling our commitment in the investment stage. This is actually a very positive signal. By the end of this year, around 80% of those resources would be sold, and they will get into the settlement stage in the near future. This is indeed actually a booster to our future profit. In the long run, I do believe that by improving operational efficiency, it's going to serve as a cornerstone for our sustainable growth.
For the past two years or even in the near future, we're going to step up our efforts in this regard, making sure we're going to deliver a better scorecard to the market.
[Foreign Language]
Thank you very much.
[Foreign Language]
Thanks for Madam Ji from Pengpai News, and thanks for Madam Han. Let's welcome the next question, please. Coming next, let's welcome representatives from Haitong Securities.
[Foreign Language]
Thank you very much. I'm Tu Lilei from Haitong Securities. In H1 of this year, we're seeing revenue of Onewo grow by 10% and still performed very well among other peers in the industry. But as the property market is now shifting the paradigm from the incremental growth to quality operation, especially new project deliveries being declined, in the near future, there are going to be less new projects being delivered. The market is now facing hardships.
How you're going to comment on the future growth? And, I also would like to ask, what is your advantage compared with other peers, I mean, for Onewo? The question is to Mr. Zhu Baoquan.
[Foreign Language]
And thank you. You would ask about, future growth opportunity for Onewo and its advantage, right? And you ask, Mr. Zhu Baoquan to answer your question, right? So Mr. Zhu, please.
[Foreign Language]
Thank you. Thanks for Mr. Tu, for your question. Last week, at Onewo interim result announcement, I was sharing with you the business, where for today, what I'd like to share more is on the capacity. No matter for developers or because of the development business being facing the turning curve, the property management market are now in facing of the ever-shuffled landscape. So how the market is going to be? In the near future, the market is going to compete over the existing resources, where as a company in its business transformation, I think the most important thing is still capacity building. In our history, in the property service market, what we will talk about is building talent pipelines, delivering high-quality service, where for today, I think the property management company need to do more than that. I have a few example to share with you.
For example, we need to learn from the facility management capabilities. So the word facility management has been rarely touched upon in a property service. But after the acquisition of Cushman & Wakefield, we've been benchmarking the international practice, and after several years of integration, it's fair to say that we have maintained a leadership position in the facility management. In the first half, the two of the biggest facility management bids, the first one is the Huawei Qingpu project, and the second one is the Tencent super headquarters project. All of them are above 1 million sq m and one-time delivery, and these two bids, we have won both of these two bids with over CNY 500 million contractual amount. In addition, before facility management, there's another word, comprehensive. Comprehensive facility management.
For facility management per se, the GP margin is not so high. But if you can become a comprehensive facility management provider, there's only a handful of players that could do that. Let me give you some concrete examples. For example, iFlytek, the leader in the AI industry in China. We have not only won the bid for its global comprehensive facility management. At the same time, we have also won the bid for its remote cooperative services. And we have also won the bid for the renovation of their existing parks, and the contractual amount each year is over CNY 100 million. So for comprehensive facility management contracts, the level of mutual dependence would grow stronger and stronger.
In that sense, the enterprises will be more inclined to pay for those who can provide comprehensive facility management services. Also, as the buildings grow in age, many buildings are facing the issue of energy conservation. Energy consumption has become the largest expenditures for building operation. Over the years, combined with our own digital capabilities, we've been nurturing our additional capacity at energy conservation. In a financial report, it has been mentioned that we have won the bids for major commercial projects, and most of the time, we would offer additional value proposition of energy conservation services. So we can not only provide a commercial properties service, but also energy conservation renovations.
For example, in this super high-rise project in Shanghai, the actual operational outcome, we are able to save over 33% of energy consumptions for the building owners. So in terms of the data collection to energy monitoring, to the intelligent scheduling, we have formed a closed loop. And in the future, for major commercial buildings, energy conservation renovation is a critical capability. While in the residential market, now, regarding the competition over existing resources, another critical capability that we are developing is the renovation of old residential compounds. As time goes by, many residential compounds become old, and one of the most outstanding characteristics is its facilities, its amenities. For example, the facade, the floors, the doors, and also the underground car park floors.
While for the equipment, we would make use of the maintenance fund to fix the dilapidated equipment or replace the old equipment. But for facilities and amenities, we need to maintain them. Traditionally, it's not within the scope of property management companies. Back before, people are used to outsource this to third-party service providers. But now, as the competition over existing resources continue to grow, we need to build our capabilities for maintaining these facilities. As a property service provider, we have attempted to use a plethora of methods to repair and maintain the parking lot floor. But still, if it's not properly maintained, it will be easily damaged by cars. We have also made some attempts in Nanjing City, and after visiting on site, the result is very outstanding.
The things we have done to maintain the car park floor, that has attracted the attention from many owners' committees and also the local governments. We hope that that kind of capabilities could become an important source of customer satisfaction. By means of working for the benefit of the people and also to spare no efforts to create a more harmonious residential compound and local community, we might gain more word of mouth and gain our branding and reputation, so that we can further improve our customer satisfaction and become more competitive in the market in general. As we all know, over the years, Onewo Space-Tech, each year, we have invest a lot in digitalization.
So two weeks ago, in 10 days' time, we will be able to connect with Meituan's system to facilitate the communication between the riders and the security guards of our residential compound. And after 10 days, we have not seen any other competitor who could do the same. So the day-to-day digital infrastructure construction now it's really playing a more and more important role, and we hope to amplify that dividend. We hope to issue the digital property service report. Traditionally, when we attend the tendering, we would give our commitment and also provide our services, and also our services will be monitored by the owner committee. But in this process, it's not 100% reflected in the paperwork. There are just some random inspections to identify some partial problems.
But as we move things to the digital platform, we will be able to issue the service report, and they will be made available to the owners. All of the digital orders, there will be a record of its fulfillment, and all of these data will be kept within that report. And today, we are bold enough to make it available for all owners, so that owners could actually see each and every detail in fulfilling that order. So in this transparent service delivery approach, the owners could have a more transparency knowing what they are paying for. So that in the future, I think that practice or that approach could further improve the company's competitiveness in this existing market. And more importantly, it strengthens the bonds between the service provider and the owners.
The transactions are more transparent, and also, trust between these two parties could also be enhanced. That's all.
[Foreign Language]
Okay, thank you.
[Foreign Language]
Thank the question, and also Mr. Zhu's very elaborate response. Okay. It's already 8:40 P.M. Beijing time. We're going to receive the last question. The next question is from Shanghai Securities Daily . Mr. Zhang, please.
[Foreign Language]
Hello, management. My question is about the company's bulk transaction. We know that bulk transaction is conducive for the company to complete the cash flow targets and also fulfill our financial obligations. We have over 10 billion as such as transactions. So I'd like to know that this year, what will be our target, and what's the current status, and will there be any more specific measures in the second half?
[Foreign Language]
Okay, thank you for the question.
The question is about bulk transaction, the completion of the targets, and will there be any measures in the second half? Okay, we'll have Mr. Liu to respond.
[Foreign Language]
Okay, thank you, Mr. Zhang, for the question. It's as you said, bulk transaction is a very important component of our comprehensive plan. Last year, in 2023, the total amount is CNY 17.4 billion, while from January to July, we have completed CNY 80.7 billion. So we had commercial buildings as well as hotels, accommodations, and apartments. So we are confident that we'll be able to deliver our targets for bulk transaction. For last year and the next year, this year, we have made even a step further.
So, in addition to our greater resolve, we have also formed two competitive advantages. Firstly, the main battlefield for bulk transaction is now forming, it's coming into fruition. It ultimately depends on the sustainability of the strategy. I believe that is also aligned with the exit channels for the industry. And of course, REITs is another thing. The scale of our REITs is not big enough. While for the funds, in particular, pre-REIT funds, these are considered as strategic channels. Last year, we have jointly established a CCB, just like what Mr. Zhu has said. CCB has already incorporated many projects. The target is at RMB 10 billion. Well, this June, we had incorporated a Guangzhou's residential and a rental project with very good returns.
Also in logistics, we do have a GIC fund. This year, last month, actually, we have also jointly established a pre-REITs with GIC, also a CNY 10 billion scale. There were two projects signed in July, in Shenzhen and Beijing, with a CNY 4.2 billion transaction volume. The investors, the main investors are also quite outstanding. I believe that these funds would signify that we have completed to build this exit loop. So the main battlefield of this has formed, and it's going to be sustainable and futuristic. Secondly, we have also taken notice that the company...
We've established comprehensive and systematic connections and cooperations with four types of investors, including onshore and offshore institutional investors, and also include our local state-owned enterprises or those with a government background, and also the industry investors at different cities. There are new industries entering, and also, we have also taken notice of some of the individual investors because of our systematic cooperations with these four types of investors, so that we are able to seize opportunities. For example, in June, with Nanxiang/ Baiga, and GIC from Singapore, we have a completed transaction. It's fair to say that in the first half, the U.S. dollar fund investing in real estate in China is few and far between.
So that reflects how we could maintain this good connection with many overseas investors. And also, this has also reflects the kind of recognition by the overseas investors, including for our SCPG. In the coming four months, we will continue to follow our strategy and our trajectory. There are 19 projects under negotiation. In addition to commercial apartment, there are also a school property. In the coming four months, the focus of our bulk transaction will be to improve the operation. Only by continuously improving the operation, we'll be able to supply high quality asset, so that the bulk transaction could be more sustainable. And all of these, I will not only be able to support the bulk transactions themselves, just like what Mr.
Zhu has said, for every 100 million improvement of our operation, it will lead to one billion of operating property loans or some other alternative of financing models, so I believe the improvement of the operation will be the core for bulk transaction, and also bulk transaction will also become one of our strategies to improve the quality of our asset. Thank you.
[Foreign Language]
Thank you very much, and thanks for Mr. Zhang [Liang] from Shanghai Securities Daily, and thanks for the response from Liu Xiao. It's already 8:45 P.M., which is already beyond our scheduled wrap-up time. I do believe you may have more questions. Right before the webcasting started, we already collected many questions from the investors. Majority of those questions have been covered in the Q&A, but if you have any further question, welcome to raise your question to our IR hotline. That is, ir@vanke.com. Ladies and gentlemen, we regret for the performance loss. We are also going to be sincerely taking in all the questions from investors and friends from the media. Thank you for your continued support to Vanke. See you next time.