Core Viewpoint - The Hong Kong real estate market is experiencing a positive shift due to reasonable property prices, declining mortgage rates, and rising rental income, leading to optimistic price expectations [1]. Group 1: Market Dynamics - Mainland buyers are significantly contributing to the market, with reports of properties being purchased for around 2.5 million HKD, yielding rental returns exceeding 4% [2]. - New property projects are seeing overwhelming demand, with some projects receiving over 1,200 applications for just 63 units, indicating a subscription rate of 18 times [2]. - The number of mainland buyers entering the market has increased for two consecutive quarters, with a nearly 7% rise in transactions from Q2 to Q3 this year [3]. Group 2: Policy and Economic Factors - The reduction of property taxes and lower mortgage rates due to U.S. Federal Reserve rate cuts are stimulating demand in the Hong Kong real estate market [4]. - The total property registration volume in Hong Kong has surpassed 70,000 for the first time since 2021, with a year-to-date registration amount reaching 536.83 billion HKD, exceeding last year's total [4]. - The influx of capital into Hong Kong, particularly in the IPO market, is driving demand for real estate as international financial institutions expand their presence [5]. Group 3: Future Outlook - Analysts predict that the current upward trend in the Hong Kong real estate market could last for six years, from 2025 to 2031, as the market is expected to recover from its low point [6]. - Major financial institutions, including Morgan Stanley and Citigroup, anticipate a recovery in the Hong Kong property market post-2025, entering a new upward cycle [6].

新世界预计将发行9,490万美元的新永续证券。 ...

Core Viewpoint - The groundbreaking ceremony for the Yuen Long South residential project, a collaboration between China Resources Land and New World Development, marks a significant step in the development of the Northern Metropolis in Hong Kong [1][4]. Group 1: Project Development - The Yuen Long South residential project is located in the "high-end professional services and logistics hub" area of the Northern Metropolis plan, adjacent to a well-developed central area, indicating substantial development potential [3]. - The total floor area of the project is approximately 720,000 square feet, with phased development planned. The first plot has completed land premium procedures, allowing for nearly 280,000 square feet of buildable area, expected to be sold in the fiscal year 2027, providing around 700 residential units [3]. - The two plots combined will offer approximately 1,800 residential units to meet market demand for quality housing [3]. Group 2: Strategic Collaboration - Since 2022, China Resources Land has actively researched participation in the Northern Metropolis construction, organizing the "Runxin Construction·Building the Future" youth professional design competition to gather innovative ideas for the Northern Metropolis planning [3]. - In December 2023, a cooperation agreement was signed with New World Development to jointly develop the Yuen Long South project, demonstrating a commitment to collaborative efforts in the region [3]. - Future initiatives include hosting the "Spring Bamboo Lecture" in June 2024 to deepen research on industrial development in the Northern Metropolis and signing a general letter of intent for corporate participation in November 2024 [3].

Core Insights - The report from Guandian Index indicates a significant decline in residential rental prices in major cities, with the average rental price dropping to 29.78 yuan per square meter per month in October 2025, reflecting a month-on-month decline of 4.39% and a year-on-year decline of 8.91% [1][4] - The rental market is expected to remain under pressure in the short term due to seasonal effects, while medium to long-term prospects may improve as the supply of affordable rental housing stabilizes and demand in core cities continues to grow [1][4] Rental Market Performance - In October 2025, the rental price in 50 key cities fell to 29.78 yuan per square meter per month, with 86% of cities experiencing month-on-month declines and 90% seeing year-on-year drops [4][8] - The rental market is characterized by a dual impact of traditional seasonal downturns and supply-demand structural adjustments, leading to ongoing downward pressure on rental prices [4][8] Policy and Regulation - New regulations introduced in Shanghai aim to standardize the management of affordable rental housing projects, establishing a comprehensive management system to ensure compliance from project selection to operation [2][3] - The focus of recent policies has been on guiding market supply, enhancing management standards, and ensuring the protection of tenant rights [1][2] Company Dynamics - Leading rental companies are experiencing growth in scale, with a shift towards diversified expansion strategies. For instance, companies like Bole and Vanke are increasing their operational capacities while adapting to market changes [8][9] - The rental market is seeing a trend towards refined operations rather than mere scale expansion, with companies focusing on efficiency and profitability [9] REITs and Capital Market - The performance of publicly listed rental housing REITs shows resilience, with total revenue of 195 million yuan and net profit of approximately 56.6 million yuan in Q3 2025, indicating a growth of 8.33% and 5.64% respectively [16][18] - The average occupancy rate of these REITs stands at 95.97%, supported by stable demand in core urban areas [18][20] - The capital market for housing rentals is evolving, with various financial instruments being utilized to enhance funding efficiency, reflecting a shift towards a dual-driven model of policy and capital [22][23]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 本公司於股東週年大會當日的已發行股份總數為 2,516,633,171 股，即賦予持有人權利出席股東 週年大會並可於會上對所有決議案投贊成或反對票的股份總數。本公司概無股份賦予持有人權 利出席股東週年大會，但根據香港聯合交易所有限公司證券上市規則(「上市規則」)第 13.40 條所載須於股東週年大會上放棄表決贊成決議案，亦無任何本公司股東須根據上市規則規定於 股東週年大會上放棄表決權。 股東週年大會投票表決結果 New World Development Company Limited (新世界發展有限公司) (「本公司」)董事會(「董事會」) 欣然宣佈，於2025年11月20日舉行的本公司股東週年大會(「股東週年大會」)上，載於2025年 9月29日股東週年大會通告(「股東週年大會通告」)內所有提呈的決議案均已獲本公司股東透過 投票表決方式通過。本公司股份過戶登記處，卓佳證券登記有限公司，於股東週年大 ...

Core Viewpoint - The article discusses the financial struggles of Hong Kong entertainment company Emperor Group, which is facing a debt crisis of HKD 16.6 billion, prompting its artists to engage in unusual promotional activities to help repay debts [1][2]. Group 1: Debt Crisis and Market Trends - Emperor Group's debt crisis is a reflection of broader challenges faced by Hong Kong real estate companies, which have been reducing their operations in mainland China [1][2]. - The article highlights a significant trend of Hong Kong real estate firms, such as Hongkong Land, downsizing their workforce and operations in mainland China, marking a shift from their previously robust presence [1][2]. Group 2: Historical Performance of Hong Kong Real Estate Firms - Hong Kong real estate companies were once known for their aggressive land acquisitions, setting records for land prices, such as Hongkong Land's acquisition of a site in Shanghai for approximately HKD 31.05 billion in 2020 [4]. - The sales performance of projects developed by Hong Kong firms has been strong, with examples like New World Development's Guangzhou project achieving a record average price of CNY 21,800 per square meter [5][6]. Group 3: Strategic Adjustments and Future Directions - Many Hong Kong real estate firms are now actively adjusting their strategies, with some opting for joint developments to leverage local expertise and resources [20]. - The shift towards a "light asset" model is emerging as a new opportunity for Hong Kong firms, allowing them to maximize their brand and operational capabilities while minimizing capital investment [23][24]. - Companies like Swire Properties and New World Development are exploring light asset collaborations to enhance their operational efficiency and financial stability [24][27]. Group 4: Market Dynamics and Competitive Landscape - The article notes that the competitive landscape in the mainland real estate market has intensified, prompting Hong Kong firms to adapt by improving their development speed and project management [16][19]. - The ongoing adjustments by Hong Kong real estate firms reflect a broader trend of market recalibration, where firms that embrace change are finding new opportunities amidst challenges [28].

Core Viewpoint - New World Development Company announced that its subsidiary's securities exchange offer has received preliminary tender results, with the debt reduction plan expected to cut over $1 billion in debt [1] Group 1: Securities Exchange Offer - The exchange offer involves existing perpetual securities and medium-term notes, with a net reduction of approximately $1.02 billion in perpetual securities and about $29.9 million in priority notes after early settlement [2] - The early payment date is set for November 20, 2025, with a second early tender date planned for November 25 and a second early payment date for December 1 [3] Group 2: Financial Strategy - The company has raised the issuance cap for new perpetual securities from $1.6 billion to $1.79 billion, while maintaining the combined issuance cap for perpetual securities and notes at $1.9 billion [4] - This initiative aims to lower the debt ratio, optimize the debt maturity structure, and enhance the flexibility and liquidity of the balance sheet [5]

Core Insights - The Hong Kong real estate market is experiencing a resurgence after a four-year adjustment period, with significant sales activity and a return of foreign buyers [1][2][3] - Recent government policies, including tax reductions and mortgage rate adjustments, have stimulated demand and improved buyer confidence [5][6][7] - The rental market is also showing strong performance, with rising rental yields attracting investors [10][11] Market Performance - In October, over 1,700 new property transactions were recorded, marking the ninth consecutive month of sales exceeding 1,000 units, matching the longest streak since 2019 [1] - High-value transactions have surged, with at least 64 sales exceeding 50 million HKD in October alone, totaling over 6.8 billion HKD [1] - The new property market has seen a total of 15,900 transactions by the end of October, surpassing the total for the entire previous year [3] Buyer Behavior - There is a notable trend of large buyers purchasing entire floors or multiple units, indicating strong demand from professional buyers [2][3] - The influx of mainland buyers is significant, with projections suggesting over 12,000 transactions from this group for the year, setting a new record [3] Government Policies - The Hong Kong government has implemented measures to reduce property transaction taxes, significantly lowering costs for local and mainland buyers [5][7] - Recent policy changes have also included adjustments to mortgage limits and investment immigration policies, further stimulating the market [6] Rental Market Dynamics - The rental yield in Hong Kong has stabilized around 4%, making property investment more attractive compared to traditional savings [10][11] - The rental market is experiencing increased demand due to a rise in non-local students and skilled professionals, pushing rental prices higher [9][10] Future Outlook - Analysts from major financial institutions predict a continued recovery in the Hong Kong real estate market, with expectations of a sustained upward trend in property prices post-2025 [1][11] - The combination of suppressed demand being released, favorable mortgage conditions, and rising rents is expected to support the market's recovery [11]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購任何證券的邀請或要約，亦不構成就上述任何事項訂立協議的邀請，亦 不擬用作任何收購、購買或認購任何證券的要約邀請。 本公告不可直接或間接於美國境內發佈、刊發或分發（向符合美國 1933 年《證券法》第 144A 條定義的「合格機構投 資者」除外），亦不可於任何該等發布、公開或分發本公告屬違法的司法管轄區內發佈。 本公告不構成在美國或任何 該等要約、要約邀請或出售在根據國家或司法管轄區的證券法注冊或取得資格前屬違法的國家或司法管轄區內出售證 券之要約，或購買證券之要約邀請。本文所述證券並未且將不會根據美國 1933 年《證券法》（及其不時的修訂）進行 註冊，且除非根據美國證券法的註冊要求獲得豁免或交易不受註冊要求約束，不得在美國境內提供或出售。 最終提前投標結果、增加最高 PerpCo 上限及關於第二次提前投標日期以及第二次提前付款日期之經修訂 指示性時間表公告 由 及 ...

（於英屬維爾京群島註冊成立的有限責任公司） ("PerpCo") 及 本公告僅供參考，並不構成收購、購買或認購任何證券的邀請或要約，亦不構成就上述任何事項訂立協議的邀請，亦 不擬用作任何收購、購買或認購任何證券的要約邀請。 本公告不可直接或間接於美國境內發佈、刊發或分發（向符合美國 1933 年《證券法》第 144A 條定義的「合格機構投 資者」除外），亦不可於任何該等發布、公開或分發本公告屬違法的司法管轄區內發佈。 本公告不構成在美國或任何 該等要約、要約邀請或出售在根據國家或司法管轄區的證券法注冊或取得資格前屬違法的國家或司法管轄區內出售證 券之要約，或購買證券之要約邀請。本文所述證券並未且將不會根據美國 1933 年《證券法》（及其不時的修訂）進行 註冊，且除非根據美國證券法的註冊要求獲得豁免或交易不受註冊要求約束，不得在美國境內提供或出售。 初步提前投標結果及通過更改基礎交換對價延長提前交換對價公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任 ...