Core Insights - The real estate market in September showed signs of stabilization and recovery, driven primarily by the demand for improved housing options [1][9] - A total of 24 real estate companies reported sales data, with 15 companies, accounting for 62.5%, experiencing a month-on-month increase in sales [1] - Differentiated pricing strategies have played a crucial role, with smaller units attracting buyers through competitive pricing, while improved housing options achieved premium pricing [1][9] Sales Performance - Among the 24 companies, Poly Developments and China Overseas Development led with sales exceeding 200 billion yuan in September, at 205.31 billion yuan and 201.73 billion yuan respectively [3] - Other notable companies include China Resources Land and China Merchants Shekou, with sales of 176 billion yuan and 166.98 billion yuan [3] - The sales growth for Poly Developments and China Overseas has been consistent, with both companies reporting month-on-month increases for three consecutive months [3] Market Dynamics - Different tiers of companies are experiencing varied recovery rates, with top-tier firms benefiting from scale advantages and mid-tier firms leveraging popular projects to boost sales [3][4] - Companies like R&F Properties saw a significant month-on-month increase of 132.31% in September due to a low sales base in August [4] - The overall market recovery is supported by strong land acquisition strategies focused on first- and second-tier cities, with a reported 13% year-on-year increase in land sales revenue across 300 cities [5] Land Acquisition Trends - Real estate companies are increasingly concentrating their land acquisitions in core cities, with top 20 cities accounting for 61% of the total land sales revenue [5] - China Resources Land acquired 18 new projects in the first half of 2025, with a total investment of 32.28 billion yuan, primarily in first- and second-tier cities [5] - The supply of quality land has increased, providing more options for developers, as seen in Beijing's recent addition of 22 new real estate projects [6] Product Quality and Market Appeal - The introduction of high-quality housing standards has enhanced market attractiveness, with improved housing options meeting the needs of buyers [7] - Recent policy adjustments in major cities have further stimulated demand, allowing for greater flexibility in purchasing [7] - The sales of improved housing options have surged, with a notable increase in the proportion of larger units sold in major cities [8][9]

Core Insights - The report from CICC indicates that the second-hand housing market in September shows a mixed performance, with transaction volume declining month-on-month but increasing year-on-year, suggesting ongoing market weakness [1][2]. Transaction Volume and Price Trends - In September, the transaction volume index for second-hand residential properties in 80 cities decreased by 10% month-on-month but increased by 19% year-on-year (Q3 +19%, Q2 +17%) [1]. - The registered transaction area in 15 cities rose by 6% month-on-month and grew by 9% year-on-year (Q3 +3%, Q2 +11%) [1]. - The price index for homogeneous second-hand residential properties fell by 1.7% month-on-month (Q3 average -1.7%, Q2 average -1.4%) [1]. - The negotiation space for transactions increased by 25 basis points to 8.91% [1]. Listing Trends - The number of second-hand residential listings in 130 cities increased by 0.4% month-on-month, continuing a slight upward trend [2]. - The price index for homogeneous listings in key cities decreased by 1.5% month-on-month (Q3 average -1.3%, Q2 average -1.2%) [2]. - The average adjustment for listed properties was -5.24%, indicating a conservative price expectation among sellers [2]. Rental Market Insights - The rental index for homogeneous listings decreased by 0.8% month-on-month (August -0.5%) [3]. - The average rental period remained stable at 2.12 months [3]. - The rental-to-sale ratio increased by 2 basis points to 2.33% due to declining listing prices [3]. Investment Recommendations - The company suggests focusing on investment opportunities in the real estate and property management sectors, particularly in companies with solid fundamentals and profit quality such as China Resources Land, Jianfa International, and others [4]. - It also recommends considering undervalued stocks like Greentown China and New Town Holdings, given potential liquidity improvements [4]. - The report highlights the importance of identifying stocks with strong growth prospects or attractive dividend yields across various sectors [4].

消息面上，保利置业公告披露，已知悉最近公司股份价格及成交量上升，其就相关情况下对有关公司信 息进行查询后，确认并没有知悉导致价格及成交量波动的任何原因，或任何必须公布以避免本公司证券 出现虚假市场的资料。同时，建议股东及潜在投资者不要依赖有关的市场传言。 保利置业集团(00119)上周五放量飙升19%，今日早盘跌超9%，截至发稿，跌8.67%，报1.79港元，成交 额4918.69万港元。 据悉，此前市场有传闻称，保利发展成为保利集团一级子公司，或为与保利置业整合前奏。保利发展相 关人士向媒体表示，公司股权进行调整，主要是响应对法人层级压减相关要求，其他架构、管理安排等 没有变化，保利发展一直是保利集团的主要子公司，并由集团直接管理。 ...

消息面上，保利置业公告披露，已知悉最近公司股份价格及成交量上升，其就相关情况下对有关公司信 息进行查询后，确认并没有知悉导致价格及成交量波动的任何原因，或任何必须公布以避免本公司证券 出现虚假市场的资料。同时，建议股东及潜在投资者不要依赖有关的市场传言。 据悉，此前市场有传闻称，保利发展（600048）成为保利集团一级子公司，或为与保利置业整合前奏。 保利发展相关人士向媒体表示，公司股权进行调整，主要是响应对法人层级压减相关要求，其他架构、 管理安排等没有变化，保利发展一直是保利集团的主要子公司，并由集团直接管理。 保利置业集团(00119)上周五放量飙升19%，今日早盘跌超9%，截至发稿，跌8.67%，报1.79港元，成交 额4918.69万港元。 ...

Core Viewpoint - Poly Real Estate's stock price surged by 19.51% on October 10, attributed to the announcement of a share transfer from Poly Southern to Poly Group, which increased Poly Group's stake in Poly Real Estate from 3.03% to 40.72% [2][3] Shareholding Adjustment - On October 9, Poly Development announced a share transfer agreement where Poly Southern transferred 4.512 billion shares (37.69% of total shares) to Poly Group, resulting in Poly Development becoming a direct subsidiary of Poly Group [3][5] - The shareholding structure shifted from a three-tier system to a two-tier direct management model, enhancing Poly Group's control over Poly Development [3][5] Market Reactions and Clarifications - The stock price increase led to speculation about a potential merger between Poly Development and Poly Real Estate, which was denied by Poly Real Estate in a clarification announcement [2][5] - Poly Development stated that the shareholding adjustment was primarily to comply with government requirements for reducing corporate layers, with no changes to management structure [5][6] Business Overlap and Historical Context - Poly Development and Poly Real Estate have defined territories to avoid competition, with agreements in place since 2012 to delineate operational areas [6][7] - Historical attempts to merge the two companies have faced challenges due to differences in their stock market listings and the complexities involved in such a merger [7] - For the first nine months of 2025, Poly Development reported a signed area of 10.1042 million square meters, a decrease of 25.13%, while Poly Real Estate achieved a contract sales area of approximately 1.295 million square meters, ranking 15th in sales among real estate companies [7]

Core Viewpoint - There are rumors regarding adjustments in the shareholding structure of Poly Developments, potentially related to the integration with Poly Real Estate. However, Poly representatives clarified that the adjustments are primarily in response to requirements for reducing the legal entity level, with no changes to other structures or management arrangements. Poly Developments remains a key subsidiary of Poly Group, managed directly by the group [1]. Group 1 - Poly Real Estate has acknowledged the recent increase in its share price and trading volume, confirming that it is unaware of any reasons for these fluctuations or any information that must be disclosed to prevent the company's securities from being subject to a false market [1].

Core Viewpoint - Poly Property Group (00119) has acknowledged the recent increase in its share price and trading volume, confirming that it is unaware of any reasons for these fluctuations or any information that must be disclosed to prevent a false market in its securities [1] Group 1 - The company has conducted reasonable inquiries regarding the recent market activity and found no known causes for the price and volume changes [1] - Poly Property Group advises shareholders and potential investors not to rely on market rumors related to the group [1] - The company emphasizes that information should be based on announcements published on the Hong Kong Stock Exchange's disclosure website [1]

Core Viewpoint - Poly Property Group (00119) has acknowledged the recent increase in its share price and trading volume, but has confirmed that it is unaware of any reasons for these fluctuations or any information that must be disclosed to prevent a false market in its securities [1] Summary by Categories - **Share Price and Trading Volume** - The company has noted a rise in its share price and trading volume recently [1] - **Company's Response** - After reasonable inquiries, the company has confirmed that it does not know of any reasons for the price and volume changes [1] - The company has stated that there is no information that must be disclosed under the Securities and Futures Ordinance to avoid creating a false market [1] - **Advice to Shareholders and Investors** - The company advises shareholders and potential investors not to rely on market rumors regarding the group [1] - It emphasizes that information should be based on announcements published on the Hong Kong Stock Exchange's website [1] - Shareholders and potential investors are urged to act with caution when trading the company's shares [1]

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，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致之任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：00119） 澄清公告 本公告乃保利置業集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）應 香港聯合交易所有限公司（「聯交所」）的要求根據聯交所證券上市規則第 13.10 （2）條作出。 本公司已知悉最近本公司的股份價格及成交量上升。本公司經作出在相關情況下有關 本公司的合理查詢後，確認並沒有知悉導致價格及成交量波動的任何原因，或任何必 須公布以避免本公司證券出現虛假市場的資料，又或根據《證券及期貨條例》第XIVA 部須予披露的任何內幕消息。 建議本公司股東及潛在投資者不要依賴有關本集團的市場傳言。有關本集團之信息應 以本公司在香港交易及結算所有限公司披露易網站（ https://www.hkexnews.hk ） 刊登的相關公告為準。本公司股東及潛在投資者於買賣本公司股份時務請審慎行事。 本公告乃承本公司之命而作出；本公司董事會各董事願就本公告的準確性共 ...

Core Viewpoint - Poly Real Estate Group (00119) has seen a stock increase of over 4%, currently at HKD 1.71, with a trading volume of HKD 25.1652 million. The market interprets the recent share transfer as a precursor to the integration of Poly Real Estate and Poly Property [1] Group 1: Company Developments - Poly Developments (600048) announced the transfer of 4.512 billion shares to Poly Group, which will eliminate the intermediate level of ownership, positioning both Poly Developments and Poly Property as primary subsidiaries of Poly Group [1] - This restructuring is viewed positively by the market, indicating a potential integration between Poly Developments and Poly Property [1] Group 2: Market Analysis - CICC has issued a report stating that Poly Property is a significant real estate development platform under Poly Group, demonstrating stable operational performance during the current downturn [1] - The firm has rated Poly Property as "outperforming the industry," highlighting its high valuation cost-effectiveness among central state-owned real estate companies [1] - The market anticipates improvements in operational performance and valuation recovery for the company, driven by policy support [1]