Core Viewpoint - The sales performance of major real estate companies in China for the first five months of 2025 shows a significant decline compared to the same period in 2024, indicating a challenging market environment for the industry [1][4]. Group 1: Sales Performance - Only Poly Developments achieved over 100 billion yuan in sales, totaling 116.1 billion yuan, a decrease of approximately 15.2 billion yuan year-on-year [1]. - China Overseas ranked second with sales of 90.4 billion yuan, down 11.3 billion yuan from the previous year [1]. - China Resources Land, despite moving up one rank, reported sales of 86.9 billion yuan, a decline of 5.8 billion yuan year-on-year [1]. Group 2: Market Trends - The threshold for entering the top 10 sales list increased to 43.3 billion yuan, with Huafa Group becoming the new entry, reflecting a year-on-year increase of approximately 7.4 billion yuan [3]. - Companies like Yuexiu and Jianfa saw sales growth, while major players like China Vanke experienced a significant drop of over 44 billion yuan [3][4]. - The overall sales of the top 20 companies showed a mixed trend, with some companies like China State Construction and Greenland reporting growth, while others like Jinmao and Longfor faced declines [6][8]. Group 3: Market Dynamics - The real estate market is characterized by insufficient incremental demand, leading to intense competition among the top 100 companies [9]. - Recent price reductions by leading companies, such as China Overseas, indicate a response to market pressures despite the overarching goal of stabilizing the market [10]. - Policy changes, including interest rate cuts and reduced down payment ratios, aim to support the market, but the overall recovery remains sluggish [11].

没有限价，不设7090限制，不设初始无偿移交、自持住房，前侧宗地调规，市场深度调整，深圳西部热土上的网红盘，还能再热吗？ 加紧入市 保利在广州已建了一个保利瑧誉后，在深圳又复刻了一个高端誉系项目——保利瑧誉府。 不过相比广州荔湾的保利瑧誉，深圳的保利瑧誉府的完成进度要慢得多。 据项目实地考察，才出地面三四层，且在紧锣密鼓地施工中。 据了解，保利瑧誉府预计7月入市，展厅已经开放。 虽然价格还未确定，但市场吹风9万+/平，带精装交付。 （来源:互联网平台） 项目的体量不大，占地面积不到1万平方米，但规划了2栋住宅，容积率达到了6.22。 | 主要经济技术指标表 | | | | | --- | --- | --- | --- | | 一、项目概况 | | | | | 项目名称 環誉府 | | 用地单位 | 深圳市保金房地产开发有限公司 | | 宗地号 A001-0219 | | 用地位置 | 宝安中心区 | | 二、主要经济技术指标 | | | | | 建设用地面积(m2) | 9997.8 | 总建筑面积(m2) | 80530 | | 道路用地面积 | S | 计容积率建筑面积(m2) | 62274. 15 ...

Core Viewpoint - Poly Real Estate serves as an important platform for Poly Group's real estate business and capital markets, with Poly Group holding a total of 48.09% of the company's shares, providing strong financing support and quality asset injection for rapid development [1] Sales Performance - In 2024, the company achieved a sales amount of 54.2 billion yuan, a year-on-year increase of 1.1%, ranking 17th in the industry and entering the TOP20 for the first time, with 85% of sales coming from first- and second-tier cities [2] - The sales target for 2025 is set at 50 billion yuan [2] Land Acquisition - From 2010 to present, the company has established a presence in 31 cities, acquiring a total of 165 projects, with a land acquisition amount of 19.95 billion yuan in 2024, a decrease of 39.3% year-on-year [2] - The average land price increased to 20,700 yuan per square meter, up 14.7% year-on-year, with all acquired land in 2024 and early 2025 located in first- and second-tier cities [2] Land Reserves - By the end of 2024, the company had a total land reserve of 13.16 million square meters, with an equity ratio of 70% and an average land cost of 11,000 yuan per square meter [2] Property Management - Poly Property Management Group operates various types of properties, managing 288 projects with a total area of 52.74 million square meters, a year-on-year increase of 3.9% [3] - The property management segment generated revenue of 1.206 billion yuan in 2024, remaining flat year-on-year [3] Financial Performance - In 2024, total revenue was 40.21 billion yuan, a decrease of 1.9%, with a net profit attributable to shareholders of 180 million yuan, down 87.3% year-on-year [4] - The company’s gross profit margin fell to 16.4%, a decrease of 4 percentage points year-on-year [4] - By the end of 2024, the company had interest-bearing liabilities of 70.5 billion yuan, a decrease of 4.7% year-on-year, with a net debt ratio of 77.2% [4] Investment Outlook - The company is recognized for its strong shareholder backing, operational resilience, and strategic focus on high-quality projects in key markets, particularly in the Yangtze River Delta and Shanghai [5] - Future revenue projections for 2025-2027 are 39 billion, 40.4 billion, and 40.9 billion yuan, with net profits of 180 million, 190 million, and 200 million yuan respectively [5]

Investment Rating - The report assigns a "Buy" rating to the company, with a market price of HKD 1.47 and a sector rating of "Outperform" [2]. Core Insights - The company demonstrates resilience during the current deep adjustment cycle in the real estate industry, with significant improvements in its debt structure and a balanced approach to stability and growth [5]. - The company has achieved notable breakthroughs in sales and land acquisition, becoming one of the few firms to maintain positive sales growth in 2024, entering the industry’s top 20 for the first time [5][8]. - The management team has extensive experience in real estate, with a focus on strategic planning and operational management, which is expected to lead the company towards steady growth [5][8]. Summary by Sections Company Overview - Poly Real Estate Group is a significant platform for the real estate main business and capital market of Poly Group, with a strong backing from its parent company [8][25]. - The company has a robust shareholder structure, with Poly (Hong Kong) Holdings Limited holding 41.45% of the shares, and the ultimate controller being the State-owned Assets Supervision and Administration Commission [25][27]. Real Estate Development Business - Despite the industry's downturn, the company has maintained a good development momentum, achieving a sales amount of HKD 542 billion in 2024, a year-on-year increase of 1.1%, and ranking 17th in the industry [5][8]. - The company has focused on high-quality land acquisitions in first- and second-tier cities, with a total land reserve of 13.16 million square meters and an average land cost of HKD 11,000 per square meter [5][8]. - The company’s sales performance in key markets like Shanghai and Jinan has been strong, with a significant portion of sales coming from first- and second-tier cities [5][8]. Financial Analysis - The company’s revenue for 2024 is projected at RMB 40.21 billion, with a year-on-year decrease of 1.9%, while the net profit attributable to shareholders is expected to be RMB 182.87 million, down 87.3% [7][15]. - The debt structure has improved, with total interest-bearing liabilities at RMB 70.5 billion, a decrease of 4.7% year-on-year, and a net debt ratio of 77.2% [7][15]. - The company has a solid cash flow position, with cash and cash equivalents of RMB 34.5 billion, reflecting a year-on-year increase of 9.1% [7][15]. Diversified Business - The company has developed a diversified business model, including property management, investment properties, and hotel management, with a total managed area of 52.74 million square meters [20][21]. - The property management segment has seen steady growth, with 288 managed projects as of the end of 2024 [20][21]. - The hotel management division has established a presence in eight cities, operating nine hotels in collaboration with international hotel management groups [21].

Group 1 - The core viewpoint of the articles highlights the trend of "differentiated land supply" in Shanghai's real estate market, reflecting an upgrade in the logic of land supply to meet urban development and market demand changes [1][2][4] - The recent auction of four residential land parcels in Shanghai totaled 9.709 billion yuan, with two parcels sold at the base price and two exceeding a premium rate of 20% [1][2] - The Yangpu parcel achieved a floor price of 80,200 yuan per square meter, setting a new high for the Dinghai area, while the Songjiang parcel was acquired at a floor price of 25,300 yuan per square meter with a premium rate of 20.42% [2][6] Group 2 - The emergence of new industrial areas is expected to attract high-end talent and create strong demand for high-quality housing, supported by the ongoing implementation of the "One River, One River" plan and the development of five new towns [2][5] - The "bundled land transfer" model used for the Hongkou Sichuan North Road parcel aims to integrate commercial and residential developments, promoting regional planning and sustainable development rather than solely focusing on economic benefits [4][5] - The performance of real estate companies in this land auction, primarily dominated by state-owned enterprises, reflects a strong confidence in the market, bolstered by positive data from new and second-hand housing transactions [5][6]

Core Viewpoint - The recent land auction in Shanghai showed a slight cooling compared to previous rounds, with a total of 4 plots sold for approximately 9.71 billion yuan, indicating a more cautious approach from developers [1][2][17]. Group 1: Auction Details - Four plots were auctioned in Shanghai on May 9, located in Hongkou, Yangpu, Songjiang, and Qingpu districts, with a starting total price of about 8.41 billion yuan [1][2]. - All four plots were successfully sold, generating a total revenue of 9.71 billion yuan [2]. - The Yangpu plot was acquired by Poly Real Estate with a premium rate of 26.3%, while the Songjiang plot was won by China Railway Construction with a premium rate of 20.4% [2][5][7]. Group 2: Developer Participation and Competition - The Yangpu plot attracted five developers, including China Overseas Land & Investment and Poly Real Estate, with intense competition leading to 72 rounds of bidding [8]. - The Songjiang plot also saw participation from multiple developers, ultimately secured by China Railway Construction [9]. - The plots in Hongkou and Qingpu had less competition, with the former being a commercial and cultural site and the latter located in a less desirable area [9]. Group 3: Market Analysis and Future Outlook - The premium rates for the recent land sales did not exceed 30%, indicating a more cautious stance from developers compared to previous auctions [2][17]. - Analysts remain optimistic about the Shanghai real estate market, citing the combination of central and suburban land supply as a positive factor for future stability [17].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, emphasizing the importance of stabilizing housing prices for both the real estate market and consumer confidence [4][27]. Core Insights - The report highlights a mixed performance in the real estate market, with new home sales in 34 key cities dropping by 29% week-on-week, while second-hand home sales showed a year-on-year increase of 12% [3][12]. - The report indicates that the government is implementing a series of monetary policy measures to support market stability, including a reduction in the Loan Prime Rate (LPR) and housing provident fund rates [4][27]. - The report suggests that the competitive landscape in the real estate sector is expected to improve, particularly for companies with strong product capabilities, as the market transitions to a new development model [4][27]. Summary by Sections Industry Data - New home sales in 34 cities totaled 181.9 million square meters last week, a decrease of 29.2% compared to the previous week [5]. - In May, new home sales in 34 cities increased by 9% year-on-year, with first and second-tier cities seeing a 10.6% increase [7][8]. - The inventory of new homes in 15 cities decreased by 0.3% week-on-week, with a current available area of 89.27 million square meters [22]. Policy and News Tracking - The People's Bank of China announced a series of monetary policy measures, including a 10 basis point reduction in the LPR and a 25 basis point reduction in housing provident fund rates [4][27]. - The report notes that the government is focusing on stabilizing the real estate market and promoting domestic demand in response to external trade tensions [4][27]. Company Announcements - In April, major real estate companies reported varied sales performance, with China Overseas Development achieving sales of 202 billion yuan, down 8% year-on-year, while China Jinmao saw a 7% increase [34]. - As of April 30, 2025, China Vanke and China Merchants Shekou have initiated share buybacks, indicating confidence in their long-term prospects [34].

此次4宗地块的起拍总价约84亿元，有两宗地溢价成交，两宗地底价成交，土拍热度分化。参拍房企全 部为上海近年来土拍常客，比如保利发展、保利置业、招商蛇口、金茂、中海、华润、中铁建等，且全 为央国企。 5月9日，上海2025年四批次土拍顺利举行，4宗地块共揽金97.1亿元。 央国企补仓 当天上午，先是杨浦、松江地块相继卖出，共收金67亿元。其中，保利置业以42.4063亿元总价、溢价 率26.3%拿下杨浦地块，成交楼面价约为8.02万元/平方米。中铁建以24.7082亿元，溢价率20.42%拿下松 江新城地块，成交楼面价2.5288万元/平方米。 当天下午，保利发展、北外滩集团分别以底价8.4亿元、21.57亿元获取青浦、虹口地块。 大赢家是保利集团。根据两宗地所在板块在售新房均价估算，保利集团此次加码投资上海，至少可增加 超过75亿储备货值。 公开信息显示，杨浦地块位于内中环，紧邻12号线爱国路站，与滨江直线距离约500米。这宗地附近就 是中海在2024年11月拿的杨浦区N090602单元K8-05地块。另外，中海于2024年10月竞得的杨浦区定海 社区K2-04地块、杨浦区定海社区G2-5地块也在附近，三宗地 ...

Core Viewpoint - The recent land auction in Shanghai demonstrates sustained interest and competition in the real estate market, with significant premium rates indicating a positive outlook for land investment in the region [3][11][12]. Summary by Sections Land Auction Overview - On May 9, Shanghai auctioned 4 land parcels, with a total transaction amount of 9.709 billion yuan, where 2 parcels were sold at over 20% premium and 2 at base price [1][4][5]. Individual Land Parcels - The Yangpu District East Bund residential land was won by Poly Real Estate for 4.241 billion yuan, with a floor price of 80,199 yuan/m² and a premium rate of 26.3% after 72 bidding rounds [2][5]. - The Songjiang New City East District residential land was acquired by China Railway Construction for 2.471 billion yuan, with a floor price of 25,288 yuan/m² and a premium rate of 20.442% [2][6]. - The Hongkou District multi-purpose land was sold at base price to Beiwai Group for 2.157 billion yuan, with a comprehensive floor price of 67,131 yuan/m² [7][8]. - The Qingpu North land was also sold at base price to Poly Development for 841 million yuan, with a floor price of 15,500 yuan/m² [9]. Market Insights - Industry experts believe that the ongoing enthusiasm in Shanghai's land auctions will positively influence the housing market, supported by the introduction of quality projects and continuous policy optimization [3][11]. - The auction attracted 9 participating companies, including 6 state-owned enterprises, indicating strong interest in prime land [11]. - The competitive bidding for the Yangpu and Songjiang parcels highlights the demand for well-located land, particularly in core areas of Shanghai [11].

Company Overview - The Group is one of the foremost property developers in China, with major businesses including property development, investment, and management [15]. - The Group's projects are located in 24 major cities, including Shanghai, Hong Kong, Shenzhen, Guangzhou, Suzhou, Ningbo, Jinan, and Wuhan [15]. - The Group maintains a high-quality investment property portfolio, including landmark properties such as Shanghai Poly Plaza and Beijing Poly Plaza [15]. - The Group's land reserves cover economically vibrant regions such as the Yangtze River Delta and Pearl River Delta [16]. - The Group's chairman is Wan Yuqing, and the managing director is Hu Zaixin [7]. - The Group has undergone changes in its board of directors, with several appointments and resignations in 2024 [10]. Corporate Vision and Values - The Group aims to safeguard the country and serve the people while striving for excellence in its operations [5]. - The Group's corporate vision is to become an inspiring and excellent enterprise [5]. - The Group emphasizes responsibility and development as its core values [5]. Financial Performance - The Group recorded a profit attributable to shareholders of RMB183 million, representing a year-on-year decrease of 87.3% due to market downturn and pressure on selling prices [25]. - Contracted sales for the year amounted to RMB54.2 billion, reflecting a year-on-year growth of 1%, ranking 17th in the industry, a jump of 10 places from the end of 2023 [28]. - The gross profit margin decreased by 4.0 percentage points to 16.4%, with a provision for impairment of properties under development and held for sale amounting to RMB708 million [25]. - The net operating cash inflow was RMB6.8 billion, leading to a net reduction of total borrowings by RMB3.4 billion or 4.7% [31]. - The net gearing ratio decreased by 16.2 percentage points year-on-year to 76.9%, while the cash-to-short-term debt ratio rose from 1.53 to 1.77 [31]. - For the year ended December 31, 2024, the Group recorded a revenue of RMB40,208 million, representing a decrease of 1.8% compared to RMB40,932 million in 2023 [96]. - Profit attributable to shareholders amounted to RMB183 million, a significant decrease of 87.3% from RMB1,445 million in 2023 [96]. - The Group's basic and diluted earnings per share were both RMB4.79 cents, reflecting a year-on-year decrease of 87.3% [96]. Sales and Market Activity - The annual sales of newly-built commercial housing in China amounted to approximately RMB9.7 trillion, representing a year-on-year decrease of 17.1% [24]. - The sales collection for the year was RMB54.8 billion, achieving a collection rate of 101% [28]. - The average selling price of contracted sales was RMB25,546 per square metre, with the average selling price in Mainland China remaining unchanged at RMB21,986 per square metre [104]. - In 2024, Poly Property Group achieved contracted sales of RMB 54,176 million, with the Yangtze River Delta contributing 41% of the total sales [106]. - The total area sold in 2024 was 2,121,000 square metres, with the Yangtze River Delta accounting for 31% of the area sold [106]. Project Development and Construction - The Group added six property development projects in major cities, aiming to enhance returns for shareholders amid sector consolidation [29]. - The Group completed approximately 4,553,000 square metres of construction during the year, with newly commenced construction of approximately 1,555,000 square metres [99]. - The Group had 55 projects under construction and planning, representing a total GFA of approximately 13,164,000 square metres [99]. - The total GFA of new land reserves acquired in 2024 is distributed across various cities, including Shanghai, Ningbo, Shenzhen, and Jinan [107]. - The company maintains that the cost of land for new acquisitions is considered reasonable [107]. Investment Properties - The Group's investment properties have a total gross floor area (GFA) of approximately 682,000 square meters and an asset value of approximately RMB 8,677 million [147]. - The average occupancy rate for investment properties in 2024 was 75% for Beijing Poly Plaza and 92% for Shenzhen Poly Cultural Plaza, indicating strong performance in these locations [150]. - The Group's major investment properties include hotels and commercial spaces located in first-tier cities, enhancing its portfolio in high-demand areas [147]. Property Management - In 2024, the property management companies recorded total revenue of RMB 1,206 million, managing 288 property projects with a GFA of approximately 52,738,000 square meters, representing a 3.9% increase from the previous year [152]. - The Group's property management services have been recognized as leading players in the industry, receiving numerous awards and accolades [151]. Regional Development Focus - As of December 31, 2024, Poly Property Group had 58 projects in the Yangtze River Delta Region, with a total GFA of 2,641,000 square meters, accounting for 20% of the Group's total land reserves [156]. - The total completed GFA by the end of 2024 is projected to be 7,910,000 square meters across various regions [133]. - The company is focusing on expanding its residential offerings in established areas, such as the Poly Brilliant Palace in the Development Zone [161]. - The company is actively developing Poly Center Manor in Qingpu District, which is part of a core area under strategic development [160]. Ongoing and Future Projects - The company is committed to maintaining a strong pipeline of residential and commercial properties to support future growth [183]. - The company continues to expand its project portfolio, with significant contributions from both established and new developments across key regions [135]. - The overall strategy includes a mix of delivered and for-sale projects, ensuring a balanced portfolio to meet market needs [184].