Nam Tai Property NTPIF

Nam Tai Property Inc. is a British Virgin Islands-incorporated real estate developer and operator primarily focused on industrial and technology park projects in Mainland China's Greater Bay Area. The company develops, owns, and operates high-quality properties that integrate production, office, commercial, incubation, and service spaces. Its core business involves transforming former industrial sites into modern technology parks to support innovation-driven enterprises.

Nam Tai Property Inc. generates revenue primarily through leasing activities from its completed properties, including rental income from industrial and office spaces, dormitory facilities, and select commercial units. The company also derives income from the sale of residential units in its Nam Tai Longxi project and from strategic arrangements such as equity-for-rent agreements with high-potential tenants. Additionally, the company may receive proceeds from land use rights transfers or property disposals, such as the sale of its Wuxi facilities to the local government.

The company operates through the following segments: Nam Tai Inno Park, Nam Tai Technology Center, Nam Tai Inno Valley, and Nam Tai Longxi.

• Nam Tai Inno Park: This segment encompasses the company's first factory-to-industrial-park redevelopment project located in Guangming District, Shenzhen. The project features a total gross floor area of 331,701 square meters and includes five industrial R&D buildings, two industrial service centers, and three supporting dormitory buildings. It is designed to accommodate tenants primarily in the information technology and life sciences sectors, with the company implementing an equity-for-rent arrangement to align interests with high-potential tenant companies and diversify revenue beyond traditional leasing. The Nam Tai Inno Park trademark is a protected brand used across the company's marketing and operational materials.
• Nam Tai Technology Center: This segment represents the company's second factory-turned-industrial-park redevelopment project, located in Bao’an District, Shenzhen, with a site area of 22,364 square meters and a total gross floor area of 194,595 square meters. The development consists of three R&D office buildings and a combined dormitory and retail podium, currently under construction with an expected completion by June 2026 and acceptance inspection by July 30, 2026. The company has entered into a six-year master lease agreement with Shenzhen Anju Leyu Development & Construction Co., Ltd. for approximately 456 dormitory units across 24,000 square meters of facilities, while actively exploring alternative leasing arrangements with large-scale hotel groups and institutional operators to ensure continued utilization of the space. The project holds the Nam Tai Technology Center trademark as part of its branded portfolio of technology parks.
• Nam Tai Inno Valley: This segment involves a redevelopment project in Bao’an District, Shenzhen, with a site area of 26,313 square meters and an existing gross floor area of 41,927 square meters. The property currently consists of refurbished factory buildings originally constructed in 2005 and upgraded in 2018, leased to short-term tenants with an occupancy rate of 71% as of 2025. The company is evaluating the project’s highest and best use, which may involve regulatory approval for a change in entitlement or use to increase its floor area ratio and redevelopment potential. While no specific trademarks are separately branded for this project, it operates under the broader Nam Tai property development identity.
• Nam Tai Longxi: This segment is the company’s sole residential development project located in Machong Town, Dongguan City, featuring 59,147 square meters of saleable residential space, 4,180 square meters of saleable commercial space, and 455 saleable parking spaces. Construction began in 2020, presales commenced in August 2021, and the first batch of units was delivered in December 2022. As of December 31, 2025, the project recorded cumulative sales of 252 residential units, with the company implementing targeted actions to enhance sales velocity and clear remaining inventory. The Nam Tai Longxi name is a registered trademark used in all project-related communications, sales materials, and legal documentation for the residential and commercial offering.

Nam Tai Property Inc. operates in a highly competitive real estate development environment in the Pearl River Delta, particularly within Shenzhen’s Guangming and Bao’an Districts, where numerous industrial sites are being converted into technology parks. The company differentiates itself through its focus on integrating production, office, and lifestyle spaces within its parks, its strategic location in high-growth zones, and its active tenant engagement models such as equity-for-rent arrangements. While facing competition from other developers pursuing similar industrial-to-technology park conversions, Nam Tai Property Inc. leverages its early-mover advantage in projects like Nam Tai Inno Park and its ongoing efforts to enhance tenant retention and long-term value creation through specialized services and innovation-focused amenities.

The company serves a diverse customer base including technology enterprises, life sciences firms, industrial tenants, and short-term occupants across its leased properties, with specific tenants in sectors such as information technology, advanced manufacturing, and research and development. For its Nam Tai Longxi project, the customer base consists of individual homebuyers and small commercial operators seeking residential and retail units in Dongguan. The company also engages institutional partners such as Shenzhen Anju Leyu Development & Construction Co., Ltd. for master leasing arrangements and collaborates with government bodies like the Shenzhen Guangming District Bureau of Industry and Information Technology on initiatives such as the Nam Tai Artificial Intelligence Makerspace.