Investment Rating - The report maintains a "Positive" rating for the real estate industry, indicating optimism about future developments and recovery in the sector [2][3]. Core Insights - The real estate industry is currently experiencing a phase of inventory reduction, with investment contraction outpacing sales decline. The report anticipates that the "Good Housing" policy will create new pathways for recovery, particularly in core cities, and will lead to a shift in business models from finance-oriented to manufacturing-oriented [2][3][21]. Investment Sector Summary - **Investment Trends**: From January to September 2025, total real estate development investment reached 67,706 billion yuan, a year-on-year decrease of 13.9%. In September alone, investment fell by 21.3% compared to the previous month [3][20]. - **New Construction**: New construction area decreased by 18.9% year-on-year, with a slight improvement in the month-on-month comparison [20][21]. - **Completion Rates**: The completion of projects showed a positive trend in September, with a year-on-year increase of 1.5% [20][21]. Sales Sector Summary - **Sales Performance**: The total sales area for real estate from January to September 2025 was 6.6 billion square meters, down 5.5% year-on-year. In September, the sales area decreased by 10.5% compared to the same month last year [21][35]. - **Sales Revenue**: The total sales revenue was 6.3 trillion yuan, reflecting a year-on-year decline of 7.9%. The average selling price of properties decreased by 3% year-on-year [21][35][33]. Funding Sector Summary - **Funding Sources**: Total funding sources for real estate development amounted to 7.2 trillion yuan, down 8.4% year-on-year. In September, the decline in funding sources expanded to 11.5% [36][38]. - **Loan Trends**: Domestic loans saw a year-on-year decrease of 14.6% in September, indicating tightening financial conditions for the sector [36][38]. Recommendations - The report recommends several companies for investment, including: 1. "Good Housing" companies: Jianfa International, Binjiang Group, China Resources Land, Greentown China, China Jinmao, Jianfa Holdings [2]. 2. Companies with potential for commercial real estate revaluation: New Town Holdings, Yuexiu Property, China Merchants Shekou, Longfor Group, China Overseas Development, Poly Developments, Huafa Group [2]. 3. Second-hand housing intermediaries: Beike-W, with a focus on I Love My Home [2]. 4. Property management firms: Greentown Services, China Resources Vientiane, China Merchants Jiyu, Poly Property, China Overseas Property [2].

Core Viewpoint - The Shanghai land auction market in 2025 has seen the emergence of "land kings," with significant transactions and a cautious approach from developers amid changing market conditions [1][9]. Summary by Sections Auction Details - The eighth batch of land auctions in Shanghai included 6 plots with a total area of 191,600 square meters and a starting price of 18.495 billion yuan, attracting over 20 real estate companies [1]. - All 6 plots were sold, generating a total transaction amount of 19.877 billion yuan, with 3 plots sold at a premium and 3 at the starting price [1][9]. Key Transactions - The most notable transaction was the Xuhui Riverside plot, sold for 4.465 billion yuan with a floor price of approximately 148,500 yuan per square meter, setting a new record for the area [3][4]. - The Yangpu East Bund plot was sold to Poly Real Estate with a premium rate of 14.69%, highlighting competitive bidding among four participants [5][6]. Market Trends - Analysts noted a shift towards more conservative bidding strategies among developers, with premium rates significantly lower than in previous auctions [1][9]. - The overall market sentiment reflects a cautious approach as developers assess future market conditions and the potential for high-end residential sales [1][9]. Future Outlook - The upcoming ninth batch of land auctions is set to include 9 plots across various districts, indicating continued activity in the Shanghai land market [9]. - Experts anticipate that the rational performance observed in land auctions will gradually influence the new housing sales market [9].

Core Insights - The eighth batch of land auctions in Shanghai for 2025 concluded on October 20, with a total of 6 plots offered, resulting in a total transaction amount of 19.877 billion yuan, with 3 plots sold at a premium and 3 at the base price [1] - The premium rates for the sold plots were all below 20%, indicating a rational return in the current real estate market amid deep adjustments [1][2] - Major developers such as China Overseas, Poly Developments, and China Merchants Shekou participated in the auction, reflecting the strong demand for scarce land in core cities [1][2] Auction Performance - The total land area offered was 408,700 square meters, with residential land accounting for approximately 305,100 square meters, and the final transaction price was 7.47% higher than the starting price [2] - Notable highlights included record-breaking prices for residential plots in Xuhui, Jing'an, and Yangpu districts, with the highest floor price reaching 148,500 yuan per square meter [3] - The highest premium rate was recorded at 14.69% for the Yangpu plot, indicating a strategic approach by developers to replenish land reserves and leverage resource advantages [2][3] Market Dynamics - There is a clear "cold-hot" differentiation in the auction results, with core urban areas experiencing fierce competition while peripheral areas saw plots sold at base prices [4] - The participation of over 20 companies, primarily state-owned enterprises and local investment platforms, indicates a cautious approach to non-core area investments [4][5] - The return of the Binjiang Group to the Shanghai land market after ten years highlights an increase in private enterprise participation, reflecting a shift in market sentiment [6][7] Policy Impact - The recent "good housing" policy has optimized land sale indicators, removing the requirement for a proportion of small units, aligning with the current market demand for improved housing [6][7] - The cancellation of the minimum ratio for small units marks a significant policy breakthrough, allowing market supply and demand to dictate product sizes [7][8] - The trend towards product upgrades is evident, with developers focusing on high-end residential offerings and innovative designs to meet the evolving market demands [9][10]

Core Viewpoint - The Hong Kong stock market experienced a strong rally, with the Hang Seng Index closing up by 2.42%, driven primarily by gains in technology and oil sectors [1][3]. Group 1: Market Performance - The Hang Seng Technology Index opened significantly higher and saw a peak increase of 3.9% during the day, ultimately closing up by 3% [3]. - Notable performers in the technology sector included NetEase, which surged by 5.18%, and Alibaba, which rose by 4.86%. Over ten stocks, including JD Health, SMIC, Baidu, NIO, and Tencent, recorded gains exceeding 3% [3]. - The oil sector also showed strong performance, with the index closing up by 2.54%. China Petroleum led the gains with a rise of 5.05%, followed by China National Offshore Oil Corporation (CNOOC) at 2.31%, and Sinopec at 1.49% [3]. Group 2: Weak Sectors - The real estate and banking sectors underperformed, with the real estate index closing up by only 0.62% and the banking index by 1.04%. Both sectors experienced a rebound after initial declines but could not maintain momentum [3]. - Specific companies in the real estate sector, such as Longfor Group and Jianfa International Group, saw declines of 1.63% and 1.61%, respectively. In the banking sector, Chongqing Rural Commercial Bank fell by 1.51% [3].

10月20日晚间，越秀地产在港交所公告，于2025年10月20日，透过联合体，通过公开挂牌方式以人民币 7,737,150,000元成功竞得上海市静安区C070102单元32-04地块及32-08地块地下空间地块。由公司实际 拥有95%权益的附属公司上海樾恒将会与合作方共同成立项目公司以开发上海市静安区地块，上海樾恒 于上海市静安区地块实际应占利益为20%。 ...

Core Viewpoint - The company, Yuexiu Property (00123.HK), successfully acquired land in Shanghai's Jing'an District for RMB 7.737 billion through a consortium, indicating a strategic investment in a prime urban area [1][2]. Group 1: Acquisition Details - The consortium, in which the company holds a 95% stake through its subsidiary Shanghai Yueheng, won the bid for the Jing'an District land, which includes two underground space plots [2]. - The total area of the acquired land is approximately 26,108 square meters, with a total buildable area of about 153,943 square meters, including residential, commercial, and cultural facilities [2][3]. Group 2: Development Plans - The project company will develop residential properties for sale, while commercial and cultural facilities will be transferred to the government after approval [3]. - The land is strategically located within the inner ring of Jing'an District, benefiting from proximity to the Suzhou River and a well-developed transportation network, including access to multiple metro lines [3]. Group 3: Surrounding Amenities - The area boasts comprehensive amenities, including educational institutions, healthcare facilities, and commercial hubs, enhancing the attractiveness of the investment [3]. - Notable nearby landmarks include Nanjing Road pedestrian street and People's Square, with significant educational and medical resources within a 2-kilometer radius [3].

Core Viewpoint - Yuexiu Property (00123) successfully acquired the underground space of the Shanghai Jing'an District land for RMB 7.737 billion through a consortium, enhancing its land reserves and strategic position in Shanghai [1][3]. Group 1: Acquisition Details - The consortium, in which the company's subsidiary Shanghai Yueheng holds a 95% stake, won the bid for the Jing'an District land through a public listing [1]. - The total area of the Jing'an District land is approximately 26,108 square meters, with a total buildable area of about 153,943 square meters, including residential, commercial, and cultural facilities [2]. Group 2: Land Use and Development Plans - The land is designated for residential and cultural use, with residential buildable area of approximately 65,213 square meters and commercial area of about 5,200 square meters [2]. - The project company will develop residential properties for sale, while commercial and cultural facilities will be transferred to the government after approval [2]. Group 3: Location and Strategic Importance - The Jing'an District land is located within the inner ring of Jing'an, benefiting from the Suzhou River waterfront and proximity to major commercial and transportation hubs [3]. - The area is positioned as a world-class waterfront new economy headquarters cluster, focusing on finance, technology, professional services, and cultural industries [3]. - The board believes that acquiring the land at a reasonable cost will enhance the company's quality land reserves and strengthen its strategic position in Shanghai [3].

智通财经APP讯，越秀地产(00123)发布公告，于2025年10月20日，透过联合体，通过公开挂牌方式以人 民币77.37亿元成功竞得上海市静安区C070102单元32-04地块及32-08地块地下空间地块(统称"上海市静 安区地块")。 一个由本公司实际拥有95%权益的附属公司上海樾恒企业管理有限公司(上海樾恒)与平湖招陆置业有限 公司、南通瑞宏置业有限公司、苏州星盛荣企业管理有限公司及苏州星泰益置业有限公司，基于各自独 立利益、按一般商业条款所商议而组成联合体(联合体)，通过公开挂牌方式以人民币77.37亿元成功竞得 上海市静安区地块。上海樾恒将会与合作方共同成立项目公司以开发上海市静安区地块，上海樾恒于上 海市静安区地块实际应占利益为 20%，而据董事作出一切合理查询后所知、所悉及所信，该等合作方 为本公司的独立第三方。 上海市静安区地块位于静安区内环内，享有苏河湾一线河景资源。苏州河板块定位为世界级滨水新经济 总部聚集区，主要发展金融、科技、专业服务及文化创作产业。地块周边配套完善齐备优质，交通方 面，三轨交环绕，步行500米内可到达地铁10号线、12号线天潼路站及地铁8号线、12号线曲阜路站。商 ...

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○二五年十月二十日， 透過聯合體（定義見下文），通過公開掛牌方式以人民幣7,737,150,000元成功競得上海市靜安 區C070102單元32-04地塊及32-08地塊地下空間地塊（統稱「上海市靜安區地塊」）。 上海市靜安區地塊 一個由本公司實際擁有95%權益的附屬公司上海樾恒企業管理有限公司（「上海樾恒」）與平湖 招陸置業有限公司、南通瑞宏置業有限公司、蘇州星盛榮企業管理有限公司及蘇州星泰益置業 有限公司，基於各自獨立利益、按一般商業條款所商議而組成聯合體（「聯合體」），通過公開 掛牌方式以人民幣7,737,150,000元成功競得上海市靜安區地塊。上海樾恒將會與合作方共同 成立項目公司以開發上海市靜安區地塊，上海樾恒於上海市靜安區地塊實際應佔利益為 20%， ...

Core Insights - The recent land auction in Shanghai on October 20, 2025, saw significant interest, particularly in the Xuhui and Jing'an districts, with both areas achieving premium sales [1][3] - The total starting price for the six land parcels auctioned was approximately 18.495 billion yuan, indicating a competitive market environment [1][4] Group 1: Auction Results - The Jing'an district's C070102 unit 32-04 and 32-08 underground space was won by a consortium led by China Merchants Shekou for 7.73715 billion yuan, with a premium rate of about 9.03% after 52 bidding rounds [1][2] - China Overseas Land & Investment secured the Xuhui district WS5 unit 188N-I-21 land for 4.465 billion yuan, achieving a record floor price of approximately 148,503 yuan per square meter [3][4] - The Yangpu district N090602 unit D1-7 was acquired by Poly Real Estate for 2.6162 billion yuan, with a premium rate of approximately 14.69% after 43 rounds of bidding [3] Group 2: Market Trends - The auction highlighted a clear market differentiation, with city center parcels attracting premiums while suburban lands sold at base prices, indicating varying demand levels [4][5] - The overall premium rates were relatively low, with the highest being 14.69%, suggesting a more conservative approach from developers compared to earlier in the year [4][5] - State-owned and central enterprises continue to dominate the land acquisition landscape, reflecting their strong financial capabilities in a competitive market [4][5]