Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][5]. Core Insights - The report highlights that the broad housing demand in China has bottomed out, but the price and volume have not entered a positive cycle as expected. The real estate industry faces challenges from weakened household balance sheets and policy constraints requiring high-quality development without overall leverage [4][5][6]. - The "Good House" policy is seen as a potential breakthrough strategy that could lead to a fivefold positive resonance in core cities, gradually achieving a recovery driven by structural improvements [4][5][6]. Summary by Sections 1. Industry Status: Challenges in Real Estate Fundamentals and Policy Constraints - Broad housing demand is estimated to have bottomed out, with total transactions stabilizing around 1.4 billion square meters [15][22]. - New home sales have decreased from 1.57 billion square meters in 2021 to an estimated 0.81 billion square meters in 2024, a cumulative decline of 48%, while second-hand home sales have increased by 64% during the same period [15][22]. - The key issue in the real estate sector is not demand but purchasing power, with a trend of consumption downgrade evident in the market [22][31]. 2. Breakthrough Strategy: "Good House" Policy Leading to Fivefold Positive Resonance - The "Good House" policy aims to create new products and markets, enhancing the price system under conditions of supply scarcity and relatively abundant demand [4][6]. - The report identifies five positive resonances: policy strength of "Good House," urban renewal, housing consumption upgrade, wealth reallocation under capital controls, and stock market strength [4][6]. - Potential benefits include expected further reductions in mortgage rates and loosening of purchase restrictions, which could drive improvements in core cities [4][6]. 3. Core Cities: Hong Kong Has Reversed, Shanghai and Other Core Cities Nearing Bottom - Hong Kong's real estate market has experienced a turnaround due to four positive factors, including talent policies and stock market gains [4][6]. - Other core cities like Shanghai, Beijing, and Shenzhen are also showing signs of improvement, with Shanghai expected to be the next city to see a bottoming out [4][6]. 4. Investment Analysis Opinion: "Good House" as a Breakthrough Strategy - The report emphasizes that the "Good House" policy could lead to a structural recovery in the real estate market, benefiting quality real estate companies positioned in core cities [4][5][6]. - Recommended companies include those with strong product capabilities and undervalued recovery potential, as well as second-hand housing intermediaries and property management firms [4][5].

Core Viewpoint - Yuexiu Property (00123) announced that Guangzhou Urban Construction Development Co., Ltd. has received approval from the China Securities Regulatory Commission to issue corporate bonds with a face value of up to RMB 96 billion [1] Group 1: Bond Issuance Details - The bond issuance scale for the second phase is set at no more than RMB 15 billion, including RMB 15 billion [1] - The bonds are divided into two varieties: the first with a term of 3+2 years and the second with a term of 5+2 years [1] Group 2: Interest Rate Inquiry and Finalization - On September 10, 2025, the issuer and the lead underwriter conducted an interest rate inquiry for the bonds, with the first variety's rate range being 1.50%-2.50% and the second variety's rate range being 1.70%-2.70% [1] - After careful negotiation and assessment, the first variety was canceled, and the final interest rate for the second variety was set at 2.16% [1] Group 3: Issuance Schedule - The bonds will be issued to professional investors offline from September 11 to September 12, 2025, at the determined interest rate [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。 （在香港註冊成立的有限公司） （股份代號：00123） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 越秀地產股份有限公司 余達峯 公司秘書 香港，二○二五年九月十日 於本公告刊發日期，董事會成員包括： 執行董事： 林昭遠（董事長）、朱輝松、江國雄、賀玉平、陳靜及劉艷 非執行董事： 張貽兵及蘇俊杰 獨立非執行董事： 余立發、李家麟、劉漢銓及張建生 广州市城市建设开发有限公司2025年面向专业投资者 公开发行公司债券（第二期）票面利率公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没 有虚假记载、误导性陈述或者重大遗漏。 广州市城市建设开发有限公司（以下简称"发行人"）向专业投资者发行面值 不超过人民币 96.00 亿元公司债券已获得中国证券监督管理委员会"证监许可 〔2025〕1504 号"文同意注册。 广州市城市建设开发有限公司 202 ...

本期债券分为 2 个品种，品种一(即 24 穗建 03，241516)票面利率(计息年利率)为 2.15%，每手本期债券 面值为 1,000 元，派发利息为 21.50 元(含税);品种二(即24穗建04，241517)票面利率(计息年利率)为 2.78%，每手本期债券面值为 1,000 元，派发利息为 27.80 元(含税)。 智通财经APP讯，越秀地产(00123)公布，广州市城市建设开发有限公司 2024 年面向专业投资者公开发 行公司债券(第二期)将于 2025 年 9 月 18 日开始支付自 2024 年 9 月 18 日至 2025 年 9 月 17 日期间的利 息。 ...

本期债券分为2个品种，品种一(即24穗建03，241516)票面利率(计息年利率)为2.15%，每手本期债券面 值为1,000元，派发利息为21.50元(含税);品种二(即24穗建04，241517)票面利率(计息年利率)为2.78%， 每手本期债券面值为1,000元，派发利息为27.80元(含税)。 越秀地产(00123)公布，广州市城市建设开发有限公司2024年面向专业投资者公开发行公司债券(第二期) 将于2025年9月18日开始支付自2024年9月18日至2025年9月17日期间的利息。 ...

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） 公司秘書 香港，二○二五年九月十日 （股份代號：00123） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 越秀地產股份有限公司 余達峯 於本公告刊發日期，董事會成員包括： 執行董事： 林昭遠（董事長）、朱輝松、江國雄、賀玉平、陳靜及劉艷 非執行董事： 張貽兵及蘇俊杰 广州市城市建设开发有限公司 2024 年面向专业投资者公开 发行公司债券（第二期）（以下简称"本期债券"），将于 2025 年 9 月 18 日开始支付自 2024 年 9 月 18 日至 2025 年 9 月 17 日 期间的利息。为保证本次付息工作的顺利进行，现将有关事宜公 告如下： 一、本期债券的基本情况 獨立非執行董事： 余立發、李家麟、劉漢銓及張建生 债券代码：241516 债券简称：24 穗建 03 债券代码：241517 债券简称：24 穗 ...

Group 1 - The company, Yuexiu Property (00123.HK), announced that its indirect subsidiary, Guangzhou Urban Construction Development Co., Ltd., has applied to the China Securities Regulatory Commission and the Shanghai Stock Exchange for the registration of a public offering of corporate bonds totaling up to RMB 9.6 billion aimed at professional investors [1] - The first phase of the corporate bond issuance, amounting to RMB 1.4 billion, is scheduled to be completed by August 19, 2025 [1] Group 2 - The second phase of the corporate bond issuance will not exceed RMB 1.5 billion and will consist of two varieties: a five-year fixed-rate bond and a seven-year fixed-rate bond, both of which allow the issuer to adjust the interest rate at specified intervals [2] - The issuer has received a "AAA" credit rating from China Chengxin International Credit Rating Co., Ltd. for the second phase of the corporate bonds [2] - Proceeds from the second phase of the corporate bond issuance, after deducting issuance costs, will be used to repay maturing corporate bonds [2]

Core Viewpoint - Yuexiu Property (00123) announced the issuance of corporate bonds totaling up to RMB 9.6 billion, with the first phase of RMB 1.4 billion set to be completed by August 19, 2025 [1] Group 1 - The indirect subsidiary Guangzhou Urban Construction Development Co., Ltd., in which the company holds a 95% stake, is applying for registration with the China Securities Regulatory Commission and the Shanghai Stock Exchange for the bond issuance [1] - The second phase of corporate bonds (2025 Second Phase Bonds) will have a maximum issuance scale of RMB 1.5 billion, divided into two varieties: a five-year fixed-rate bond and a seven-year fixed-rate bond [2] - The five-year bond allows the issuer to adjust the interest rate at the end of the third year, while the seven-year bond allows for adjustment at the end of the fifth year [2] Group 2 - The issuer has the right to redeem all outstanding amounts of both bond varieties at the respective adjustment points, and bondholders have the right to sell back all or part of their bonds [2] - The 2025 Second Phase Bonds have been rated "AAA" by China Chengxin International Credit Rating Co., Ltd. [2]

智通财经APP讯，越秀地产(00123)发布公告，有关公司拥有95%权益的间接中国附属公司广州市城市建 设开发有限公司(发行人)向中国证券监督管理委员会及上海证券交易所申请注册在中国面向专业投资者 公开发行本金总额最高为人民币96亿元的公司债券额度并在上交所上市，并于2025年8月19日完成发行 本金总额为人民币14亿元的2025年第一期公司债券。 发行人及2025年第二期公司债券已获得信贷评级机构中诚信国际信用评级有限责任公司的"AAA"信用 评级。 第二期公司债券(2025年第二期公司债券)的发行规模为不超过人民币15亿元。2025年第二期公司债券将 分为两个品种：(i)五年期固定票面利率的公司债券(品种一债券)，而发行人可选择于第三年末调整票面 利率。此外，于第三年末：(a)发行人有权赎回品种一债券的全部未偿份额;及(b)品种一债券持有人有权 向发行人回售全部或部份品种一债券;及(ii)七年期固定票面利率的公司债券(品种二债券)，而发行人可 选择于第五年末调整票面利率。此外，于第五年末：(a)发行人有权赎回品种二债券的全部未偿份额;及 (b)品种二债券持有人有权向发行人回售全部或部份品种二债券。2025 ...

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。 本公告只可作參考用途，並不構成收購、購買或認購證券的邀請或要約，或就進行上述任何事宜訂立協議的邀 請，亦不得視作在香港或其他地區收購、購買或認購本公司及其附屬公司任何證券的要約。 自願性公告 附屬公司於中國公開發行擔保公司債券 本公告由越秀地產股份有限公司（「本公司」）自願作出。 茲提述本公司日期為二○二五年五月二十日、二○二五年七月四日、二○二五年七月二十九 日、二○二五年八月十三日、二○二五年八月十五日及二○二五年八月十九日的公告（統稱， 「該等公告」），內容有關本公司擁有95%權益的間接中國附屬公司廣州市城市建設開發有限公 司（「發行人」）向中國證券監督管理委員會及上海證券交易所（「上交所」）申請註冊在中國面向 專業投資者公開發行本金總額最高為人民幣9,600,000,000元的公司債券（「公司債券」）額度並 在上交所上市，並於二○二五年八月十九日完成發行本金總額為人民幣1,400,000,000 ...