TDH Holdings is a commercial real estate company that leases and subleases office space in Beijing, China. TDH acquires long-term leasehold interests in commercial office properties, then subleases individual units to SME tenants under net lease agreements, where tenants pay monthly rent and bear operating costs like property taxes and maintenance. TDH makes money on the spread between its lease costs and the sublease rent it charges tenants. Revenue is driven by occupancy, rental rates, and portfolio size. As of December 31, 2025, TDH held leasehold interests in 42 commercial properties totaling roughly 57,000 net rentable square feet, concentrated in the Chaoyang District of Beijing across buildings including Full Tower, Wanda Plaza, and Fortune Financial Center. Lease expirations on the Beijing portfolio range from 2026 to 2031. TDH also owns one vacant property in Missouri, which generates no revenue. The company acquires tenants primarily through word-of-mouth and digital marketing on platforms like Douyin and WeChat. TDH employs roughly 12 full-time employees, all based in China. The company is incorporated in the British Virgin Islands and listed on Nasdaq. TDH has undergone several business model shifts, having started as a pet food manufacturer in 2002, pivoted to restaurant operations around 2021, and exited restaurants in 2024 to focus on its current Beijing office subleasing business.