Core Insights - Guangzhou Tianhe has sold two prime land parcels, which are strategically located near the planned Metro Line 19 and approximately 1 kilometer from the existing Metro Line 21 [1][3]. Group 1: Location and Connectivity - The land parcels are well-connected by major roads such as Keyun Road, Daguan Road, and Guangyuan Expressway, allowing for quick access to the Financial City in 5 minutes and Zhujiang New Town in 15 minutes [5]. - Future road constructions, including Tiankun Third Road and Tangde Road, will further enhance the accessibility of the land parcels [5]. Group 2: Development Potential - The land is situated in the Guangtang area of the Tianhe district, which has seen land acquisition agreements for approximately 1,043 acres completed earlier this year [8]. - The Tianhe Zhigu Guangtang area is planned for diverse uses including research, commercial, and medical facilities, along with ecological amenities like the Chebi Wetland Park, aiming to create a model for integrated urban development [8][10]. Group 3: Market Context - The Tianhe Zhigu area has become a hotspot in the land market, with recent transactions of residential land parcels in the nearby World Grand View area, which is about 3 kilometers away [10]. - Recent sales in the World Grand View area included two residential plots with floor prices of 47,317 CNY/m² and 30,519 CNY/m², indicating strong market interest [10].

Core Viewpoint - Yuexiu Property continues to strengthen its investment in its home base, Guangzhou, by acquiring a land parcel in Panyu District for a total price of 1.194 billion yuan, marking its first acquisition in the area since 2022 [1][6]. Group 1: Land Acquisition Details - The acquired land parcel in Dashi covers an area of 38,800 square meters with a planned construction area of 77,400 square meters and a plot ratio of 2.6 [1]. - The starting price for the land was 1.104 billion yuan, with a starting floor price of 14,300 yuan per square meter. The final transaction price was 15,400 yuan per square meter, reflecting a premium rate of 8.15% [1][4]. - This acquisition follows a period of inactivity for Yuexiu Property in Panyu, where it previously exited two land parcels for approximately 5 billion yuan in land tickets [1][6]. Group 2: Market Context and Trends - The Dashi area is characterized by a scarcity of land supply, making this acquisition particularly attractive. The area has seen a significant increase in residential transactions, with 1,279 units sold in the first nine months of the year, doubling from the previous year [4]. - The surrounding area has recorded a total of 2,656 residential transactions in the past 13 months, with an average transaction price of 47,000 yuan per square meter for new homes and 21,300 yuan per square meter for second-hand homes, indicating strong demand [4][5]. - The acquisition aligns with Yuexiu Property's strategy to deepen its investment in Guangzhou, particularly in the Panyu District, where it aims to create a comprehensive product system in collaboration with existing projects [4][5]. Group 3: Financial Performance and Strategic Implications - In the first half of the year, Yuexiu Property reported a revenue of 47.574 billion yuan, a year-on-year increase of 34.6%, but its net profit attributable to shareholders decreased by 25.2% to 1.370 billion yuan [7][8]. - The company has maintained a gross profit margin of over 10%, despite market challenges, and is positioned to compete for prime land parcels, such as the upcoming auction for the "absolute rare" site in Zhujiang New Town [8]. - The current land market in Guangzhou is showing signs of recovery, with increased participation from both state-owned and private enterprises, suggesting a more competitive landscape moving forward [8].

Core Insights - The Guangzhou land market shows signs of stabilization, with increased activity from local enterprises like Yuexiu Property, which recently acquired a land parcel in Panyu District for 1.194 billion yuan, marking a significant investment in the area [2][4]. Group 1: Company Activities - Yuexiu Property successfully acquired a land parcel in Panyu District with a total area of 38,800 square meters and a planned construction area of 77,400 square meters, achieving a floor price of 15,400 yuan per square meter, reflecting an 8.15% premium [2][4]. - This acquisition is Yuexiu Property's first in Panyu this year, following a hiatus since 2022, during which the company had previously exited two land parcels in the area, generating approximately 5 billion yuan in land tickets [4][6]. - The company has been active in Guangzhou, securing seven land parcels this year, indicating a strategic commitment to the local market [4][7]. Group 2: Market Trends - The Panyu District, particularly the Dashi area, has seen a doubling in residential transactions compared to the previous year, with 1,279 units sold in the first nine months of the year, marking the highest level in four years [4][5]. - The average transaction price for new residential properties in the Dashi area is 47,000 yuan per square meter, while the average for second-hand homes is 21,300 yuan per square meter, indicating strong demand and potential for further development [5]. - The land market in Guangzhou is experiencing a shift, with both state-owned and private enterprises actively participating, suggesting a return to a more competitive and balanced market environment [8].

Core Insights - The land market in Hangzhou, Changsha, and Guangzhou remains active, with core areas experiencing high competition and premium bidding, while peripheral regions show more rational transactions [1][2][3] - The recovery of confidence in the land market is attributed to ongoing "stabilizing the real estate market" policies and improved financing conditions, which have boosted developers' investment confidence [1][4] Group 1: Land Auction Results - In Hangzhou, two residential land parcels were auctioned, with the Binhai District parcel sold for 1.728 billion yuan, achieving a floor price of 25,108 yuan per square meter and a premium rate of 19.33% [2] - Changsha auctioned three residential plots, with the most notable being the Kaifu District plot sold for 1.474 billion yuan at a floor price of 8,497 yuan per square meter and a premium rate of 18% [2] - In Guangzhou, a residential land parcel in Panyu District was sold for 1.194 billion yuan, with a premium rate of 8.15% after 18 rounds of bidding [2][3] Group 2: Market Trends and Developer Sentiment - The land market shows a differentiated pattern, with core areas attracting multiple bids and certain premiums, indicating a rebound in investment confidence among brand developers [3][5] - Recent land market activity is not limited to the mentioned cities; other cities with strong industrial bases and improving land supply-demand structures are also witnessing increased participation from developers [3] Group 3: Policy Impact - The recovery in land market confidence is closely linked to the implementation of over 470 real estate-related policies across approximately 200 provinces and cities, with more than 120 policies introduced in the third quarter alone [4] - Specific measures include expanded housing provident fund withdrawal options, targeted purchase subsidies, and financial innovations aimed at stabilizing the market [4] - Notable policy changes include Guangzhou's complete removal of purchase, sale, and price restrictions, and Changsha's encouragement of "old-for-new" housing exchanges and enhanced support for housing provident funds [4]

Core Viewpoint - Yuexiu Property announced the successful acquisition of a land parcel in Guangzhou for RMB 1.194 billion, intended for residential development and sale [1] Group 1 - The company acquired the land parcel located in the Panyu District of Guangzhou, specifically on the north side of the Nanda Guxian Road [1] - The acquisition was made through Guangzhou Xinyue Real Estate Development Co., a subsidiary in which the company holds a 95.475% stake [1] - The residential properties to be built on this land are planned for sale [1]

Group 1 - Company successfully acquired a land parcel in Panyu District, Guangzhou for RMB 1.194 billion through its subsidiary, Guangzhou Xinyue Real Estate Development Co., Ltd. [1] - The land parcel covers an area of approximately 29,777 square meters with a total construction area of about 114,771 square meters, designated for residential use [1] - The development will include road and green space areas, which will be handed over to the local government upon completion [1] Group 2 - The acquisition is expected to enhance the company's premium land reserves and strengthen its strategic position in Guangzhou [2]

Core Viewpoint - The company successfully acquired a residential land parcel in Panyu District, Guangzhou, for RMB 1.194 billion, enhancing its land reserves and strategic position in the region [1][2]. Group 1: Acquisition Details - The company, through its subsidiary Guangzhou Xinyue Real Estate Development Co., Ltd., won the bid for the land parcel located in Panyu District on October 28, 2025 [1]. - The land parcel covers an area of approximately 29,777 square meters, with a total construction area of about 114,771 square meters, including a planned residential area of approximately 77,419 square meters [1]. - The acquisition cost for the land was RMB 1.194 billion [1]. Group 2: Land Use and Development - The land is designated for residential use, with plans to sell the residential properties developed on it [1]. - The development must include road construction of at least 6,459.6 square meters and green space of at least 2,591.81 square meters, which will be handed over to the local government upon completion [1]. Group 3: Location and Accessibility - The land is situated in a densely populated area with a vibrant living atmosphere, located near major transportation links [1]. - It is approximately 700 meters from the nearest metro stations, providing quick access to key areas such as Zhujiang New Town and Guangzhou South Station [1]. - The site is about a 30-minute drive from the Guangzhou International Financial Center and a 25-minute drive from Pazhou [1].

Core Viewpoint - The company successfully acquired a residential land parcel in Panyu District, Guangzhou, for RMB 1.194 billion, enhancing its land reserves and strategic position in the region [1][2]. Group 1: Acquisition Details - The company, through its subsidiary Guangzhou Xinyue, won the bid for the land parcel located in Panyu District, Guangzhou, on October 28, 2025 [1]. - The land parcel covers an area of approximately 29,777 square meters, with a total construction area of about 114,771 square meters, including a buildable area of approximately 77,419 square meters [1]. - The land is designated for residential use, with plans to sell the residential properties developed on it [1]. Group 2: Location and Strategic Importance - The land parcel is situated in a densely populated area with a vibrant living atmosphere, located west of the New Light Expressway and north of the South Dagan Line [2]. - It is approximately 700 meters from the nearest subway stations, providing quick access to key areas such as Zhujiang New Town and Guangzhou South Station [2]. - The acquisition is viewed as a strategic move to bolster the company's quality land reserves and strengthen its position in Guangzhou [2].

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。 （在香港註冊成立的有限公司） （股份代號：00123） 公 告 收購土地 越秀地產股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈，於二○二五年十月二十八 日，透過廣州新越房地產開發有限公司（本公司實際擁有95.475%權益的附屬公司）（「廣州新 越」），通過公開掛牌方式以人民幣1,194,000,000元成功競得廣州市番禺區大石街南大幹線北 側BA0602091地塊（「廣州市番禺區大石街地塊」）。 本公司透過廣州新越，通過公開掛牌方式以人民幣1,194,000,000元成功競得廣州市番禺區大 石街地塊。 廣州市番禺區大石街地塊佔地面積約29,777平方米，總可建築面積約114,771平方米，其中計 容建築面積約77,419平方米。廣州市番禺區大石街地塊擬為住宅用地。廣州市番禺區大石街 地塊所建住宅物業擬用於出售。 根據規劃限制條件，廣州市番禺區大石街地塊內配建道路用地建築面積不少於6,459.6 ...

Investment Rating - The report maintains an "Outperform" rating for the real estate industry [1] Core Insights - The report highlights structural opportunities in the third and fourth-tier housing markets despite challenges such as inventory overhang and weak demand [6][8] - It emphasizes that the market for "good houses" is stabilizing, with a willingness to pay for quality increasing among consumers in lower-tier cities [6][8] Summary by Sections Market Overview - The inventory clearance cycle in third and fourth-tier cities is relatively stable, with a longer average clearance period of 50.5 months compared to 35.1 months in first-tier cities [11] - Price adjustments in these cities are gradually shrinking, indicating a stabilization in housing prices [11] Land Acquisition Trends - Land acquisition competition is weaker in third and fourth-tier cities, with fewer new entrants due to the exit of distressed developers [14][30] - The land transaction premium in third-tier cities has decreased by 0.7 percentage points compared to the previous year, indicating a more favorable environment for project profitability [14][30] Consumer Preferences - There is a noticeable trend towards larger units in third and fourth-tier cities, driven by family-oriented living arrangements and lower price thresholds [21][16] - The acceptance of "good houses" is higher in these markets, with consumers willing to pay a premium for quality [21][16] Competitive Landscape - The number of developers active in third and fourth-tier cities has significantly decreased, leading to a more favorable competitive environment for established players [30][31] - Companies that have maintained a presence in these markets, such as China Overseas Development and Greentown China, are likely to benefit from improved project margins [35][41] Implications for Higher-Tier Markets - The report suggests that the trends observed in third and fourth-tier cities may also apply to first and second-tier markets, where a differentiation and quality improvement trend is expected to continue [80] - Core areas in first-tier cities are anticipated to stabilize and potentially see price recovery, particularly for high-quality properties [80]