He Ping, son of late military officer He Biao (zh), and the son-in-law of the former Chinese leader, late Deng Xiaoping, is the former chairman of the company. He Ping was also the chairman of the parent company China Poly Group, which had military background in the past.
the corporate entity of Poly Property was established in 1973, originally a shipping company called Continental Mariner Investment Company Limited (Chinese: 新海康航業投資有限公司, abb. CMIC). In 1993, China Poly Group Corporation acquired 55% stake in the company and converted its business from shipping to conglomerate, as a reverse IPO. In 2005, CMIC was renamed to Poly (Hong Kong) Investments Limited. In 2012 the company renamed again as Poly Property Group Co., Ltd..
Poly Property entered Hong Kong property market in 2014 by purchasing a land lease "New Kowloon Inland Lot No.6527" in an area formerly belongs to Kai Tak Airport, for HK$3.923 billion. The site was developed into Vibe Centro.
As of 31 December 2016[update], Poly (Hong Kong) Holdings and its subsidiaries, owned 40.39% shares (BVI companies Congratulations Co., Ltd., Source Holdings and Ting Shing Holdings respectively). Poly (Hong Kong) Holdings itself is a subsidiary of state-owned China Poly Group; China Poly Group owned an additional 6.93% shares of Poly Property, via mainland China incorporated "Poly Southern Group Co., Ltd." (Chinese: 保利南方集团有限公司).:126 As Poly Property was incorporated outside mainland China, but controlled by Chinese Central Government indirectly, the company was considered as a red chip.