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]

Core Viewpoint - Yuexiu Property (00123) announced the issuance of green bonds amounting to RMB 1.735 billion, with a coupon rate of 3.40%, maturing in 2029 [1] Group 1: Green Bond Issuance - The issuer and guarantor have entered into a subscription agreement with joint lead managers for the green bonds [1] - The total amount of the proposed green bond issuance is RMB 1.735 billion, which will be used to refinance certain medium to long-term offshore debts due within one year [1] - The net proceeds from the green bond issuance will be allocated according to the external debt registration certificate dated July 11, 2025 [1] Group 2: Financial Details - The green bonds will be secured and are expected to be subscribed individually by the joint lead managers [1] - The issuance is set to take place on January 30, 2026, with the bonds having a maturity date in 2029 [1] - The gross proceeds will not account for the underwriting commissions and other expenses related to the issuance [1]

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 ...

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]

Group 1 - The land transaction scale is at a seasonal low, with a significant decrease in both supply and demand. As of January 25, the total area of land sold was 25.8 million square meters, down 90% month-on-month and 48% year-on-year. The transaction amount was 62.2 billion yuan, also down 90% month-on-month and 59% year-on-year [18][17]. - The threshold for the top 100 land reserve value has decreased, with the new land reserve threshold at 350 million yuan, down 35% year-on-year. The total price threshold for the top 100 is 160 million yuan, down 20% year-on-year, and the new construction area threshold is 74,000 square meters, down 17% year-on-year [20][19]. - The investment amount for the top 100 land-acquiring companies has seen a nearly 50% year-on-year decline, with the total new land reserve value, total price, and area for January amounting to 128 billion yuan, 57.9 billion yuan, and 1.422 million square meters respectively. The decline is primarily due to many cities not starting new supply for the year [22][21]. Group 2 - The "window period" for land supply is expected to open, leading to a potential rebound in land auction enthusiasm. Recent policy trends indicate that the central government will continue to implement moderately loose monetary policies, which may boost companies' willingness to acquire land. Additionally, the new year will see the implementation of land supply plans, which is expected to gradually increase market activity in the first half of 2026 [24][26].

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 ...