Core Viewpoint - The real estate market in China is experiencing a significant downturn, with the top 100 real estate companies reporting a total sales revenue of 20,730.1 billion yuan from January to July 2025, reflecting a year-on-year decline of 13.3% [1] Group 1: Sales Performance - In July 2025, the sales revenue of the top 100 real estate companies also saw a decline, with a year-on-year drop of 18.2% [1] - The average sales revenue for the top 10 real estate companies in the first seven months was 1,010.3 billion yuan, down 13.6% year-on-year [2] - Among the top 20 real estate companies, only seven firms, including Jianfa Real Estate and Yuexiu Property, reported an increase in sales, while the rest experienced varying degrees of decline [2][3] Group 2: Company Rankings and Changes - Companies like Jindi Group and New Town Holdings saw their sales drop by over 50%, causing them to fall out of the top 20 rankings [3] - Poly Developments, China Overseas Property, and China Resources Land experienced sales declines between 10% and 20%, aligning with industry trends [4] - The top 20 real estate companies saw a reshuffling in rankings, with nine companies improving their positions, while six companies, including Vanke and Longfor Group, saw their rankings decline [4] Group 3: Future Market Outlook - The Central Political Bureau's recent meeting emphasized maintaining policy continuity and stability, suggesting that more supportive measures may be introduced to stabilize the market [5] - The new housing market is expected to continue experiencing low transaction volumes in August, with significant differentiation between cities and projects [5]

商报讯(记者周坚洪)7月29日，杭州成功出让了3宗涉宅地块，分别位于西湖三墩、临平星桥和拱墅华 丰，一共揽金50.346亿元。 从结果来看，板块之间的冷热分化仍旧在持续。虽然华丰地块刷出了28.13%的高溢价，但是星桥和三 墩地块都是低价成交，延续了此前郊区地块无人竞争的情况。 与此同时，分化从板块之间开始蔓延到了板块内部。就算是同一个板块，由于地段、配套、条件的差 异，地块热度也大有不同。 华丰短时间内地价出现回涨 这次华丰推出的杭政储出[2025]94号地块，位于整个板块的中心区域，就在华丰路与华中路交界处的西 侧，距离地铁3号线华丰路站仅300米，步行可达。到东面的拱墅吾悦广场约900米，到北面的西子丁兰 广场约1公里，到丁桥天街约1.7公里，都非常方便。 94号地块占地面积51304平方米，容积率1.9，地上可建面积97478平方米。整宗地块地形方正，体量庞 大，容积率低，西面又有河道，非常适合打造大型改善型小区，因此吸引了不少房企的关注。 该地块起拍楼面价15318元/平方米，整个出价过程持续了90分钟，最终经过43轮报价，由伟星以191317 万元的总价竞得，折合楼面价19626元/平方米，溢价率 ...

Group 1: Real Estate Market Overview - The second-hand housing market in Shenzhen recorded 1,436 transactions in the 27th week of 2025, representing a month-on-month increase of 4.2% [1] - The total number of available second-hand housing units in Shenzhen reached 75,169, an increase of 1,311 units from the previous week [1] - The new housing market in Shenzhen saw a significant decline in transaction volume during the same period [1] Group 2: Company Sales Performance - Ronshine China reported a total contract sales amount of approximately 251 million yuan in June, with a contract area of about 27,600 square meters and an average contract price of 9,066 yuan per square meter [2] - Agile Group disclosed a total pre-sale amount of approximately 930 million yuan in June, corresponding to a building area of 101,000 square meters and an average price of 9,187 yuan per square meter [3] - Greentown China achieved sales of 14.2 billion yuan in June from self-invested projects, with 2,845 units sold at an average price of 34,700 yuan per square meter [4] - Poly Real Estate reported a contract sales amount of approximately 4.8 billion yuan in June, with a sales area of 165,000 square meters and an average contract price of 29,200 yuan per square meter [5]

保利置业集团(00119.HK)：6月，公司实现合同销售金额约人民币48亿元，合同销售面积约16.5万平方 米，合同销售均价约人民币29,157元/平方米。 ...

Core Insights - The real estate market in China is witnessing a significant increase in land acquisition by top developers, particularly in first and second-tier cities, with a year-on-year increase of over 30% in land acquisition amounts for the top 100 developers [3][10]. Group 1: Land Acquisition Trends - In the first half of the year, the total land acquisition amount for the top 100 developers reached 506.55 billion yuan, marking a 33.3% increase compared to the previous year [3]. - Ten developers exceeded 10 billion yuan in land acquisition, with Poly Developments leading at 41.4 billion yuan, followed by China Overseas and Greentown China at 39.3 billion yuan and 38.5 billion yuan, respectively [4][5]. - Central state-owned enterprises remain the dominant players in land acquisition, accounting for 58% of the total land acquisition amount in 22 cities, while the share of local state-owned enterprises has decreased [6][8]. Group 2: Market Dynamics - The land market is showing a clear trend of "controlling quantity and improving quality," with a significant increase in land transfer amounts in first and second-tier cities, which grew by 47.3% and 36.5%, respectively [11][12]. - The top 20 cities accounted for approximately 66% of the total land transfer amount nationwide, a notable increase from 51% in the previous year [12]. - The average premium rate for land transactions has exceeded 10%, indicating strong competition for high-quality land [11]. Group 3: Developer Strategies - Developers are increasingly focusing on the safety and profitability of projects, with core areas in cities like Beijing, Shanghai, and Hangzhou expected to see high premium transactions due to their scarcity [17]. - The return of private developers to the land market suggests a gradual recovery of confidence in the real estate market, with many actively seeking to replenish their land reserves [8][6]. - In major cities like Hangzhou and Shanghai, land auctions have seen record-breaking prices and premium rates, reflecting the high demand for residential land [15][16].

上半年，拿地排名TOP100房企在土拍市场共耗资5065.5亿元，同比增长33.3%，自2022年以来出现罕见的正增长。 但金额的同比增长，是靠各城上架了大量城市核心区优质地块换来的。如果以住宅用地成交面积计算，中指研究院统计的300城住宅用地成交面积仍在继 续缩量。 同时，房企也在进一步向重点一二线城市聚焦，尤其是北上广深、杭州、成都等几个热门城市。 未来，楼市的基本盘在头部20-30个城市。上半年，TOP20城市出让金在全国的占比已经超过65%，其它所有城市之和才占到1/3。 对于房企，楼市"战场"空间变小了，在这些城市的土地市场上正面交锋、硬碰硬不可避免。 一方面，头部房企之间的竞争加剧，是频频推高优质地块的溢价率高企的主要原因，后果是：企业做项目的成本越来越高； 另一方面，"资金+操盘"实力稍弱，会很快被挤出第一梯队。能让房企跑赢的已经不是某一年的爆发力，而是持续的资金续航和产品升级能力。 值得注意的是，TOP100房企权益拿地金额的中位数只有约20亿元，TOP1的权益拿地金额，已经达到了第30位的14.8倍。现在及未来，还有能力在多个城 市群全面深耕的房企也就20家左右，在全国热门城市多点开花已经和 ...

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - New home transaction area increased on a month-on-month basis but decreased year-on-year, with a significant drop in the year-on-year rate of decline [1] - The inventory of new homes and the de-stocking cycle both decreased on a month-on-month and year-on-year basis [1] - The land market saw both volume and price increases, with a notable rise in the premium rate [1] - Domestic bond issuance by real estate companies decreased significantly, indicating tighter financing conditions [1] - The absolute return of the real estate sector increased, while the relative return compared to the CSI 300 also improved [1] Summary by Sections 1. Key City New Home Market, Second-hand Home Market, and Inventory Tracking - New home transaction area for 40 cities was 3.366 million square meters, up 37.0% month-on-month but down 25.7% year-on-year [1][18] - Second-hand home transaction area decreased by 2.7% month-on-month but saw a smaller year-on-year decline of 0.9% [1][18] - New home inventory area for 12 cities was 87.42 million square meters, down 0.3% month-on-month and down 16.3% year-on-year [1][45] 2. Land Market Tracking - Total land transaction area for 100 cities was 15.761 million square meters, up 47.9% month-on-month and up 25.6% year-on-year [1][14] - Total land transaction price reached 57.35 billion yuan, up 186.7% month-on-month and up 155.3% year-on-year [1][14] - The average floor price of land was 3,639 yuan per square meter, up 93.9% month-on-month and up 103.2% year-on-year [1][14] 3. Industry Policy Review - The report highlights ongoing government efforts to stabilize the real estate market through various supportive measures [1][6] 4. Sector Performance Review - The absolute return of the real estate sector was 3.1%, an increase of 4.8 percentage points from the previous week [1][15] - The sector's price-to-earnings ratio (PE) was 23.85X, up 0.68X from the previous week [1][15] 5. Company Announcements - The report includes a summary of key company announcements within the real estate sector for the week [1][15] 6. Bond Issuance Situation - The total bond issuance in the real estate sector was 4.79 billion yuan, down 43.0% month-on-month and down 37.1% year-on-year [1][15]

Core Viewpoint - The real estate market in China is experiencing mixed trends, with a decline in land transaction area but an increase in land price per square meter, indicating a potential shift in market dynamics and investment opportunities [3][4]. Group 1: Land Transaction Data - In the first five months of 2025, the total area of residential land transactions in 100 cities decreased by 3.4% year-on-year, while the average transaction price per square meter increased by 26.2% [3]. - For first-tier cities, the supply of residential land was 464 million square meters, up 5.3% year-on-year, but the transaction area fell by 12.6%, with an average price of 42,605 yuan per square meter, up 50.6% year-on-year [3]. - In second-tier cities, the supply of residential land was 4,105 million square meters, down 2.9%, while the transaction area increased by 7.1%, with an average price of 8,735 yuan per square meter, up 19.1% year-on-year [3]. - Third-tier cities saw a significant decline in supply, with a 27.8% drop in residential land area, and a 10.6% decrease in transaction area, while the average price rose by 14.1% to 3,233 yuan per square meter [3]. Group 2: Top 50 Real Estate Companies - The top 50 real estate companies in China reported a 42% year-on-year increase in the value of newly acquired land reserves, totaling 421.8 billion yuan, with Poly Developments leading at 41.3 billion yuan [4]. - The total area of newly acquired land reserves by these companies decreased by 1.2% year-on-year, amounting to 30.92 million square meters, with Greentown China acquiring the largest area at 1.85 million square meters [4]. Group 3: Market Trends in May 2025 - In May 2025, the overall premium rate for land transactions in 30 core cities was 9.2%, an increase of 7.1 percentage points year-on-year, with a total of 91 land parcels sold, reflecting a 89.6% increase year-on-year [5]. - The total area of land transactions in these cities reached 6.67 million square meters, up 64.3% year-on-year, with a total transaction value of 62.3 billion yuan, up 78.3% year-on-year [5]. - The average transaction price per square meter in May was 9,342 yuan, reflecting an 8.5% increase year-on-year [5]. Group 4: Specific Land Transactions - Notable land transactions in May included a plot in Wenzhou acquired by Zhongjie Real Estate at a price of 5,484 yuan per square meter with a premium rate of 72%, and a plot in Chengdu acquired at 7,250 yuan per square meter with a premium rate of 59.3% [6]. - The total number of land transactions in the 30 core cities from January to May was 491, with a cumulative area of 34.4 million square meters, up 15.6% year-on-year, and a total transaction value of 431.7 billion yuan, up 43.2% year-on-year [6].

Group 1 - The core viewpoint of the news is that Poly Real Estate Group Co., Ltd. has received an "AAA" rating for its bond issuance, reflecting strong support from its parent company, China Poly Group, and its extensive experience in real estate development [1] - China Chengxin International recognizes the robust comprehensive strength of Poly Group, which can provide various forms of support to the company [1] - The company has a rich experience in real estate development and a wide brand influence, which positively impacts its business development and credit level [1] Group 2 - The company was established in May 2001 and became a major real estate investment and operation entity for Poly Real Estate (Hong Kong) in mainland China after the acquisition by Poly Development Holdings Group in June 2018 [2] - In 2024, the company achieved a total operating revenue of 34.145 billion yuan [2]

Major Events - JiuTai Rural Commercial Bank (06122) plans to sell 78.51% stake in HuanShan HuiMin Village Bank for 40.4 million yuan [1] - Vanke Enterprises (02202) intends to receive a loan of up to 3 billion yuan from its major shareholder, Shenzhen Metro Group [1] - China Gas Holdings (08246) signed a memorandum of understanding with the Lao Ministry of Industry and Commerce to explore cooperation in developing fuel and natural gas supply networks in Laos [1] - Miniso Group (09896) is conducting a preliminary assessment on the potential spin-off listing of its trendy toy business operated under the "TOP TOY" brand [1] - Baiyunshan Pharmaceutical (00874) subsidiary received approval from the National Medical Products Administration for the drug registration certificate of Tadalafil tablets (2.5mg, 5mg) [1] - Huaxing Capital Holdings (01911) portfolio company Circle successfully listed on the New York Stock Exchange, marking the first IPO milestone in the global stablecoin sector [1] - China National Nuclear Corporation (01763) plans to initiate its first irradiation station cooperation project in Peru [1] Operating Performance - Yuexiu Property (00123) reported a cumulative contract sales amount of approximately 50.7 billion yuan in the first five months, an increase of about 26.5% year-on-year [1] - China Overseas Land & Investment (00688) recorded a cumulative property sales amount of approximately 90.4 billion yuan in the first five months, a decrease of 11.1% year-on-year [1] - Shimao Group (00813) reported a cumulative contract sales total of 11.2 billion yuan in the first five months, a decrease of 18.71% year-on-year [1] - Zhongliang Holdings (02772) achieved a cumulative contract sales amount of approximately 5.37 billion yuan in the first five months, a decrease of 33.38% year-on-year [1] - GAC Group (02238) experienced a year-on-year decline in May's automobile production by 8.16% and a sales drop of 24.80% [1] - Poly Property Group (00119) achieved a contract sales amount of approximately 21.8 billion yuan in the first five months, an increase of 3.81% year-on-year [1] - New天绿色能源 (00956) completed a power generation volume of approximately 7.29 million megawatt-hours in the first five months, an increase of 10.86% year-on-year [1]