Group 1 - The real estate market in January 2026 showed a total sales amount of 190.5 billion yuan for the top 100 real estate companies, reflecting an 18.9% year-on-year decline, which aligns with market expectations given the high base from the previous year [1] - Leading companies such as Poly Developments, China Overseas Land & Investment, and China Resources Land ranked first in sales, achieving sales of 15.6 billion yuan, 14.47 billion yuan, and 11.65 billion yuan respectively, indicating strong market competitiveness among state-owned enterprises and quality developers during the market adjustment period [1] - The number of companies with sales exceeding 10 billion yuan increased, with three companies surpassing 10 billion yuan and ten companies exceeding 5 billion yuan in sales, indicating a positive change in the sales structure of the industry [1] Group 2 - The sales quality of real estate companies is improving, with leading firms focusing on high-end and upgraded products, as evidenced by average transaction prices exceeding 20,000 yuan per square meter for top companies, and specific firms like Binjiang Group achieving over 50,000 yuan per square meter in targeted markets [2] - The concept of "good housing" is gaining traction, leading to increased consumer focus on living quality and long-term value, which will drive companies to invest more in product design, construction quality, and delivery assurance, making product strength a key factor in sales performance [2] - In January 2026, the top 100 real estate companies had a total land acquisition amount of 57.99 billion yuan, reflecting a more rational land acquisition strategy focused on project safety margins and investment quality [2] Group 3 - Market expectations are gradually recovering due to ongoing policy support, but there is a need for coordinated efforts from both demand and supply sides to effectively reverse market expectations [3] - As the Spring Festival approaches, real estate companies are expected to increase marketing efforts, and the introduction of quality projects may sustain a certain level of activity in core city real estate markets [3]

导 读 1、土地成交规模处于季节性低位 2、百强门槛均较同期下滑 3、投资TOP100拿地金额同比降幅近五成 4、供地"窗口期"开启后土拍热度有望回升 | | 金地集团 | | | --- | --- | --- | | 12 | 保利发展 | 22.7 | | 14 | 龙湖集团 | 20. 4 | | 15 | 青铁置业 | 20. 3 20 | | 16 | 和润达开发建设 | 18.9 | | 17 | 四川城更 | 18.5 | | 18 22 11 | 浙江博策 | 17.520 | | 19 | 如东新天顺 | 16.9 | | 19 | 扬州城建 | 16.9 | | 219 | 滨海城更 | 16 3 | | 22 | 汇龙地产 | 15.4 | | 23 | 宜兴经开投资 | 15.3 | | -74 | 湖南大雷投资 | 15 7 | | 25 | 阜宁城建 | 14.7 | | 26 | 元垄地产 | 14.6 | | -27 | 锦诚汇龙房地产 | 14.1 | | 28 | 金洲房地产 | 13.2 | | 29 | 如东荣能实业 | 12.8 | | CF30 | 信阳国信发展 ...

Core Viewpoint - The second-hand housing market in core cities has shown signs of recovery, with the top 100 real estate companies achieving a sales turnover of 165.45 billion yuan in January 2026, indicating a positive trend in the market [1][16][17]. Group 1: Sales Performance - The top 100 real estate companies achieved a sales turnover of 165.45 billion yuan in January 2026, which is a significant performance indicator for the industry [16][17]. - Among the top 100 companies, 32 reported year-on-year growth in sales, with 10 companies experiencing growth rates exceeding 100% [26][27]. - Notably, companies like Junyi Holdings and Bontai Group saw substantial increases in sales, attributed to strategic investments made since 2021 [28][29]. Group 2: Market Trends - The new housing market is experiencing a slowdown, while the second-hand housing market is showing signs of recovery, with a 16% month-on-month increase in transaction volume for second-hand homes in key cities [31][32]. - The central government has introduced various supportive policies aimed at revitalizing the real estate market, including financial support measures and tax incentives, which are expected to stimulate demand, particularly in the second-hand housing sector [33]. Group 3: Company Rankings - In January 2026, the top companies by sales included Poly Development (15.6 billion yuan), China Overseas Property (14.48 billion yuan), and China Resources Land (11.65 billion yuan) [8]. - Seven new companies entered the top 100 list, with CITIC City Development making a notable entry into the top 30 [23][24]. Group 4: Policy Impact - The government has focused on urban renewal and financing optimization, which are expected to enhance the market's stability and encourage investment in real estate [33]. - The central bank's monetary policy adjustments, including a reduction in the re-lending rate and changes to down payment requirements for commercial properties, are designed to alleviate financial pressures on real estate companies [33].

格隆汇1月30日丨越秀地产(00123.HK)公告，内容有关广州海颐苑(公司的间接非全资附属公司)(作为承 租人)与广州造纸(作为出租人)就租赁广州造纸租赁物业以提供养老服务而订立广州造纸物业租赁协议， 自2019年12月9日起为期12年。 董事会宣布，鉴于订立2026年新租赁协议，于2026年1月30日，广州海颐苑(作为承租人)与广州造纸(作 为出租人)已就提前终止广州造纸物业租赁协议订立终止协议，自2026年1月29日起生效。 董事会进一步宣布，为争取以更优惠条款签订广州造纸租赁物业之更长期租约，于2026年1月30日，广 州海颐苑(作为承租人)与广州造纸(作为出租人)根据新条款及条件就租赁广州造纸租赁物业订立2026年 新租赁协议，自2026年1月30日起为期20年。 ...

關連交易 (1)提前終止廣州造紙物業租賃協議 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 的 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的任何損失承擔任何責任。 及 (2)二○二六年新租賃協議 茲 提 述 本 公 司 日 期 為 二 ○ 一 九 年 十 二 月 九 日 的 公 告 ， 內 容 有 關 廣 州 海 頤 苑（ 本 公司 的間 接非全 資附 屬公 司 ）（ 作為承 租人 ）與廣 州造紙（ 作為 出租 人 ）就租 賃廣 州造紙租賃物業以提供養老服務而訂立廣州造紙物業租賃協議，自二○一九年 十二月九日起為期12年。 （股份代號：00123） （在香港註冊成立的有限公司） 提前終止廣州造紙物業租賃協議 董事會欣然宣佈，鑒於訂立二○二六年新租賃協議，於二○二六年一月三十日 （ 交易時段後 ），廣州海頤苑（ 作為承租人 ）與廣州造紙（ 作為出租人 ）已就提前終 止廣州造紙物業租賃協議訂立終止協議，自二○二六年一月二十九日起生效。 二○二六年新租賃協議 ...

智通财经APP获悉，1月30日，中指研究院发布2026年1月全国房地产企业拿地TOP100排行榜。2026年1月，TOP100企业拿地总额579.9亿元，同比下降 52.1%。房企开年拿地同比降幅较高，一方面是上年同期基数较高，2025年1月TOP100企业拿地总额同比增长四成多；另一方面，开年房地产市场仍存在 不确定性，企业上年积极补仓的背景下拿地热度有所减弱，这也延续了上年四季度拿地热度走低态势。从拿地企业来看，央国企仍然是主力，拿地金额前 十企业中多为地方国企，越秀地产、国贸地产、华润置地等大中型央国企拿地金额位居前列。 图：2023年-2026年1月TOP100房企累计拿地总额及同比 数据来源：中指数据CREIS 数据范围：包含招拍挂权益土地及收并购土地 从新增货值来看，华润置地、石家庄城发投集团位列前二。2026年1月，华润置地以106亿元新增货值位列第一，石家庄城发投集团新增货值规模为62亿 元，位列第二。TOP10企业2026年1月新增货值总额530亿元，占TOP100企业的25.7%，新增货值门槛为10亿元。 数据来源：中指研究院综合整理 重点城市群房企拿地 从各城市群拿地金额来看，长三角位居 ...

Core Viewpoint - The year 2025 marks a transition in the real estate market towards high-quality development after a deep adjustment, driven by the concept of "good housing" becoming a core driver for industry transformation and upgrade [1][10]. Policy Direction - The concept of "good housing" was first included in the Government Work Report in March 2025, emphasizing the need for safe, comfortable, green, and smart housing to meet the high-quality living needs of the public [3]. - The implementation of the national standard "Residential Project Specification" starting May 1, 2025, sets new requirements for residential projects, including increased ceiling heights and improved sound insulation standards [3]. - Beijing's housing development plan for 2025 aims to establish "good housing" as a foundation for building quality communities and neighborhoods [4]. Product Iteration - The market has seen a surge of new projects embodying the "good housing" concept, with significant advancements in product design, construction techniques, and community amenities [5]. - New projects are adopting higher ceiling heights of 3.0 to 3.15 meters, enhancing spatial experience and light quality [5]. - Community amenities have become more sophisticated, with features like swimming pools, gyms, and children's play areas becoming standard in improvement projects [5]. Functional and Ecological Design - The trend of dual or triple balcony designs in new projects emphasizes both functionality and ecological value, allowing for plant cultivation and enhancing living quality [6]. - Smart home systems have transitioned from optional to standard configurations, integrating security, environmental monitoring, and energy management [6]. - Transparency in project delivery has increased, with many projects showcasing real-life demonstration areas and construction techniques during the sales phase [6]. Corporate Exploration - Leading real estate companies are translating the abstract concept of "good housing" into tangible projects through systematic innovation across various dimensions [7]. - Projects like Longfor's "Guan Cui" have set benchmarks with innovative designs, including unique balcony features and seamless public space connectivity [7]. - China Overseas Land's "Li Jin Fu" project focuses on high-quality living solutions based on extensive resident surveys, integrating smart safety systems and air quality management [8][9]. Industry Trends - The construction of "good housing" has evolved beyond mere product competition to become a comprehensive capability contest among real estate companies [9]. - The "4×4 good product concept" introduced by Yuexiu Real Estate emphasizes quality, warmth, intelligence, and growth, reflecting a dynamic approach to product standards [9]. - The overall market in Beijing is gradually finding a new direction, with the "good housing" concept influencing all aspects of land supply, planning, design, and community services [10].

Core Viewpoint - The real estate sector has experienced a significant surge in both A-shares and Hong Kong stocks, indicating a potential shift in market dynamics and investor sentiment [1][5][9]. Group 1: Real Estate Sector Performance - A-shares real estate ETF rose nearly 3%, while Hong Kong's property stocks surged over 6%, with notable increases in companies like Sunac China and Hongyang Real Estate, both rising over 20% [1][5]. - Specific stock performances included China Aoyuan up 27.4%, Sunac China up 23.3%, and Hongyang Real Estate up 22.58% [5][6]. - The overall performance of the real estate sector suggests a clean clearing of chips, with low valuations attracting investor interest [9]. Group 2: Market Dynamics and Signals - The rise in real estate stocks coincides with a notable increase in the liquor sector, indicating structural volatility in the market as these sectors are seen as lagging behind in previous downturns [1][9]. - The recent surge in commodities, including gold and copper, reflects heightened inflation expectations, which could impact sectors like AI negatively [2][9]. - The performance of 30-year treasury futures has been unexpectedly strong, suggesting a complex market narrative that does not align with traditional economic theories regarding inflation and bond prices [3][9]. Group 3: Policy and Regulatory Environment - Reports indicate that several real estate companies are no longer required to report "three red lines" metrics monthly, suggesting a more lenient regulatory environment [7]. - Analysts believe that recent policy adjustments, such as the reduction of the value-added tax on second-hand homes and the lowering of commercial property loan down payments, may support a stabilization in the real estate market [7].

Group 1 - The core viewpoint of the article highlights the strong performance of Hong Kong real estate stocks, with notable increases in share prices for several companies [1] Group 2 - Sunac China experienced a rise of over 20% in its stock price [1] - Kaisa Group and China Aoyuan both saw their stock prices increase by more than 15% [1] - Other companies such as R&F Properties, Vanke Enterprises, and Yuexiu Property also reported significant gains [1]

Core Insights - The report emphasizes the shift in the housing rental market from incremental growth to a focus on existing stock and quality development, driven by government policies aimed at stabilizing the real estate market and enhancing housing quality [2][4]. Policy Developments - Central and local governments are focusing on policy guidance, financial and tax measures, revitalizing existing stock, and ensuring rights protection to promote the housing rental market [2][3]. - Key policies include encouraging the acquisition of existing commercial housing for use as affordable housing and implementing tax incentives for public rental housing [3][4]. Market Dynamics - The housing rental market is transitioning towards a model that prioritizes quality and professional management, with government initiatives aimed at increasing supply and optimizing the housing structure [2][5]. - The report notes a significant increase in the number of rental projects, with sample enterprises recording over 115,000 units opened, indicating a trend towards differentiation and specialization in the market [7][12]. Company Performance - Leading rental companies are adopting a light-asset model, focusing on management and operational efficiency, which has led to stable profitability for some firms, such as Lingyu, which reported a compound growth rate of 214% [9][13]. - Major players like Vanke and Longfor have opened over 10,000 units each, solidifying their positions in the market [7][12]. Regional Focus - The report highlights that cities like Shanghai and Shenzhen are intensifying their efforts in affordable housing construction, with Shanghai's "15th Five-Year Plan" emphasizing a dual approach of rental and purchase to meet diverse housing needs [5][6]. - New projects are being launched in key urban areas, particularly in the Yangtze River Delta, which accounts for 50% of new openings, reflecting a strategic focus on high-demand regions [16][17].