Core Insights - The report discusses the implementation of the "Tax Law Principle" and its implications for service industries such as internet and finance, indicating that current tax arrangements are unlikely to change significantly in the short term [2][3][12] - The real estate sector is experiencing a favorable shift in financing policies, with REITs and private placements opening new equity financing channels to alleviate financial pressures on real estate companies [3][13] Tax Law Implementation - The State Council approved the "Implementation Regulations of the Value-Added Tax Law of the People's Republic of China" on December 19, 2025, and subsequent announcements have clarified tax details, suggesting stability in tax arrangements for service industries [2][3][12] - The definition of "basic services" in telecommunications is evolving, with mobile data and internet broadband still classified as "value-added services" subject to a 6% VAT rate, while traditional voice services are recognized as "basic services" with a 9% VAT rate [2][3][12] Real Estate Sector Analysis - The financing environment for the real estate industry is improving, with a shift from debt financing to equity financing, including the introduction of REITs and private placements [3][13] - Recent regulatory changes, such as the gradual retreat from the "three red lines" policy, indicate a more supportive financing environment for real estate companies [13] - The report maintains a "positive" rating for the real estate sector, highlighting the potential for recovery in the industry as financing policies become more favorable [3][13] Investment Recommendations - The report recommends several quality real estate companies for investment, including China Jinmao, Poly Developments, and China Resources Land, among others, due to their potential for recovery and attractive valuations [13] - The report emphasizes the importance of monitoring the evolving financing landscape and the impact of government policies on the real estate market [3][13]

| 截至月份: | 2026年1月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 越秀地產股份有限公司 (在香港註冊成立的有限公司) | | | | 呈交日期: | 2026年2月3日 | | | | I. 法定/註冊股本變動 不適用 | | | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 00123 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 4,025,392,913 0 4,025,392,913 增加 / 減少 (-) 0 0 本月底結存 4,025,392,913 0 4,025,392,913 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我們在此 ...

Core Viewpoint - The top 100 real estate companies in China are experiencing a significant reshuffling in their rankings as of January 2026, with a notable decline in overall sales figures compared to the previous year [2][3]. Group 1: Sales Performance - In January 2026, the total sales of the top 100 real estate companies reached 190.52 billion yuan, representing an 18.9% year-on-year decline [2]. - Only three companies achieved sales exceeding 10 billion yuan in January, a decrease of two compared to the same period last year [2]. - The number of companies with sales over 5 billion yuan increased to ten, up by two from the previous year [2]. Group 2: Ranking Changes - The top 10 rankings saw significant changes, with Poly Developments, China Overseas, and China Resources remaining in the top four, while Vanke dropped from fifth to ninth place [3]. - China Travel Investment emerged as a major dark horse, jumping from outside the top 40 to fifth place [3]. - China Jinmao rose from thirteenth to seventh, indicating intensified competition within the top tier [3]. Group 3: Performance of Private Enterprises - Among the 32 companies that experienced year-on-year growth in January, six private enterprises had growth rates exceeding 100% [3]. - Bangtai Group and China Construction Yipin entered the top 20 in sales, benefiting from strategic investments during market lows [3]. Group 4: New Entrants and Market Dynamics - Seven new companies entered the top 100 list in January, with four being small to medium-sized private enterprises [4]. - State-owned enterprises continue to dominate land acquisition, with companies like Yuexiu Property and China Resources maintaining strong investment levels [4]. Group 5: Policy and Market Outlook - The policy environment is shifting towards stabilizing expectations, with measures such as extended tax rebates and loan extensions being implemented [4]. - The market is expected to see a gradual release of demand in March, driven by promotional activities from real estate companies before the Spring Festival [5].

Group 1 - The U.S. President Trump is set to announce the nominee for the Federal Reserve Chair, concluding a months-long selection process that has generated global speculation about the central bank's future direction [13][14] - The final candidates for the position include Kevin Hassett, Christopher Waller, Kevin Walsh, and Rick Rieder, with the selection process led by Treasury Secretary Mnuchin [14] - Trump indicated that the nominee would not be surprising and is well-known in the financial community, suggesting that many believe this person should have been nominated years ago [14] Group 2 - China’s international balance of payments for December 2025 showed a total trade in goods and services of 52,808 billion yuan, with exports of 26,647 billion yuan and imports of 18,114 billion yuan, resulting in a surplus of 8,533 billion yuan [22] - The service trade for December 2025 recorded exports of 3,541 billion yuan and imports of 4,507 billion yuan, leading to a deficit of 966 billion yuan [22] - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 4,775 billion yuan at a rate of 1.40%, with a net injection of 3,525 billion yuan on the same day [22] Group 3 - Huazhong City (01668.HK) announced progress in discussions with overseas creditors regarding a proposed debt restructuring plan, which, if approved by the Hong Kong court, would allow for the permanent suspension of a liquidation order [15] - CIFI Holdings Group (00884.HK) plans to sell a 50% stake in Luoyang Zhuofa for 105 million yuan, aligning with its strategic development goals and providing immediate cash flow [15] - Ruian Real Estate (00272.HK) accepted and registered a total of 295 million USD in bonds as part of a buyback offer, with an outstanding principal of 105 million USD as of January 29, 2026 [15]

Core Insights - The report maintains a bullish outlook on the real estate market, highlighting the significant debut of commercial real estate REITs, with the first batch of applications exceeding 32.1 billion RMB, accounting for 14% of the existing C-REITs market [5] - The cancellation of the "three red lines" policy marks a pivotal shift, indicating a return to orderly market development and improved financing channels for real estate companies [16][20] - The report notes a strong year-on-year increase in transaction volumes for both new and second-hand homes, with new home transactions in 50 cities up 3.3% week-on-week and 37.2% year-on-year [5][9] Group 1: Central Policies - The cancellation of the "three red lines" policy allows for a more market-oriented development of the real estate sector, which had previously constrained financing for weaker firms [16] - The central government is actively managing expectations and stabilizing the policy environment to facilitate a turning point in the real estate cycle [16] Group 2: Transaction Performance - New home transactions saw a week-on-week increase of 3.3% and a year-on-year increase of 37.2%, reflecting a recovery from last year's low base due to the Spring Festival [5][9] - Second-hand home transactions also showed significant growth, with a year-on-year increase of 154.9%, driven by a favorable comparison to last year's figures [9] Group 3: Market Dynamics - The report indicates that the new home supply has improved, with a week-on-week increase of 34.5%, which is unusual before the Spring Festival, suggesting increased developer confidence [5] - The second-hand market remains robust, with a year-on-year increase in visits and transactions, indicating sustained demand [5] Group 4: Land Market Performance - The land market showed weaker performance, with total land sales in 300 cities amounting to 12.7 billion RMB, down 20% week-on-week and 69% year-on-year [5] - The report highlights a supply of 7.93 million square meters, with a land absorption rate of 51%, indicating a dual weakness in supply and demand [5] Group 5: Company Performance and Recommendations - The report suggests that companies with strong investment fundamentals and low valuations, such as China Jinmao and China Overseas, are leading the sector [5] - The property management sector also performed well, with a 2.6% increase, outperforming the Hang Seng Index [5] Group 6: C-REITs Overview - The C-REITs composite return index rose by 0.36%, with 41 out of 78 REITs showing gains, particularly in the renewable energy and highway sectors [5]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Insights - The report emphasizes the importance of monitoring the year-on-year performance of new and second-hand housing transactions aligned with the Spring Festival holiday, suggesting that the data may show significant changes in the coming weeks [11] - The real estate sector is viewed as an early economic indicator, making it a crucial area for investment as it reflects broader economic trends [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies expected to benefit more in the future [4] - The report suggests focusing on first-tier and select second- and third-tier cities for investment opportunities, as this combination has historically performed better during market rebounds [4] Summary by Sections New Housing Transactions - In the latest week, new housing transaction area in 30 cities was 136.9 million square meters, a month-on-month increase of 16.3% but a year-on-year decrease of 32.3% [23] - First-tier cities accounted for 40.3 million square meters, with a month-on-month increase of 6.7% and a year-on-year decrease of 20.0% [23] - Second-tier cities saw 64.9 million square meters, with a month-on-month increase of 24.4% and a year-on-year decrease of 29.8% [23] - Third-tier cities recorded 31.7 million square meters, with a month-on-month increase of 14.1% and a year-on-year decrease of 46.6% [23] Second-Hand Housing Transactions - The total area of second-hand housing transactions in 15 sample cities was 211.9 million square meters, a month-on-month decrease of 0.9% but a year-on-year increase of 15.0% [33] - First-tier cities contributed 93.8 million square meters, with a month-on-month decrease of 0.6% [33] - Second-tier cities had 82.6 million square meters, with a month-on-month decrease of 1.8% [33] - Third-tier cities recorded 35.5 million square meters, with a month-on-month increase of 0.2% [33] Credit Bonds - In the week from January 26 to February 1, eight credit bonds from real estate companies were issued, totaling 4.96 billion yuan, a decrease of 4.73 billion yuan from the previous week [3] - The total repayment amount was 8.93 billion yuan, a decrease of 7.49 billion yuan, resulting in a net financing amount of -3.97 billion yuan, which is an increase of 2.76 billion yuan from the previous week [3]

绿色票据将包括人民币17.35亿元的3.40厘有担保绿色票据，将由联席牵头经办人个别而非共同地认购， 或促使认购，并将于2029年到期。 建议绿色票据发行的所得款项总额(未经扣除联席牵头经办人将收取的包销佣金及就建议绿色票据发行 已产生或将产生的其他开支)将为人民币17.35亿元。发售绿色票据的所得款项净额拟根据日期为2025年 7月11日的企业借用外债审核登记证明(发改办外债2025[302]号)用于置换发行人、本公司及其附属公司 整体于一年内到期的若干中长期境外债务有关用途。 越秀地产(00123)发布公告，于2026年1月30日，发行人(作为发行人)、本公司(作为担保人)及联席牵头经 办人(作为联席牵头经办人)订立认购协议，据此，联席牵头经办人已个别而非共同地同意认购及支付， 或促使认购人认购及支付绿色票据，而发行人已同意于发行日期向联席牵头经办人或按联席牵头经办人 可能作出的指示发行绿色票据。 ...

建议绿色票据发行的所得款项总额(未经扣除联席牵头经办人将收取的包销佣金及就建议绿色票据发行 已产生或将产生的其他开支)将为人民币17.35亿元。发售绿色票据的所得款项净额拟根据日期为2025年 7月11日的企业借用外债审核登记证明(发改办外债2025[302] 号)用于置换发行人、本公司及其附属公司 整体于一年内到期的若干中长期境外债务有关用途。 智通财经APP讯，越秀地产(00123)发布公告，于2026年1月30日，发行人(作为发行人)、本公司(作为担 保人)及联席牵头经办人(作为联席牵头经办人)订立认购协议，据此，联席牵头经办人已个别而非共同地 同意认购及支付，或促使认购人认购及支付绿色票据，而发行人已同意于发行日期向联席牵头经办人或 按联席牵头经办人可能作出的指示发行绿色票据。 绿色票据将包括人民币17.35亿元的3.40厘有担保绿色票据，将由联席牵头经办人个别而非共同地认购， 或促使认购，并将于2029年到期。 ...

Core Viewpoint - Yuexiu Property (00123.HK) announced the issuance of green notes amounting to RMB 1.735 billion, maturing in 2029, with a coupon rate of 3.40% [1] Group 1: Issuance Details - The issuer, Joy Delight International Limited, a wholly-owned subsidiary of the company, has entered into a subscription agreement with joint lead managers for the issuance of green notes [1] - The total amount of proceeds from the proposed green notes issuance is RMB 1.735 billion, before deducting commissions and other expenses related to the issuance [1] - The net proceeds from the green notes issuance are intended to refinance certain medium to long-term offshore debts of the issuer, the company, and its subsidiaries that are due within one year [1] Group 2: Use of Proceeds - An amount equivalent to the net proceeds from the green notes issuance will be allocated specifically for financing and/or refinancing eligible green projects according to the company's sustainable financing framework [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。 本公告僅為提供信息之目的，並不構成收購、購買或認購證券的一項邀請或要約。 本公告並不構成或組成在美國境內購買或認購證券的任何要約或招攬的一部分。證券及證券擔保未曾及將不會根 據經修訂一九三三年美國證券法（「證券法」）或美國任何州或其他司法權區的證券法登記。證券及證券擔保乃根據 證券法S規例在美國境外提呈發售及出售，且不得在未有根據證券法登記或獲證券法豁免登記的情況下在美國境 內提呈發售或出售。將不會在美國境內或進行有關發售即屬限制或禁止的任何其他司法權區公開發售證券或證券 擔保。 （在香港註冊成立的有限公司） （股份代號：00123） 公 告 建議發行人民幣1,735,000,000元於二○二九年 到期之3.40厘有擔保綠色票據 本公告乃根據上市規則第13.18條刊發。 董事會謹此宣佈，於二○二六年一月三十日，發行人（作為發行人）、本公司（作為擔保人）及 聯席牽頭經辦人（作為聯席牽頭經辦人）訂立認購協議 ...