（在香港註冊成立的有限公司） （股份代號：00123） 公 告 本公告乃根據上市規則第13.18條之規定而作出。 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。 於二○二五年十二月三十日，本公司（作為借款人）與一家銀行（「貸款人」）訂立一份融資協議 （「融資協議」），據此，貸款人在融資協議的條款及條件之規限下提供 220,000,000港元之定期 貸款融資，貸款期由首次提款日期起計364天。 融資協議規定，倘本公司之控股股東越秀企業（集團）有限公司（「越秀企業」）於本公司已發行 之具投票權股份中持有少於30%之直接或間接權益，或倘越秀企業不再是本公司單一最大實 益股東的地位，或倘越秀企業不再對本公司行使有效之管理控制權，即構成違約事件。若發生 有關違約事件，則貸款人可宣佈融資協議項下所有債項已立即到期應付。截至本公告日期，越 秀企業實益擁有本公司已發行股份合共約44%。 承董事會命 越秀地產股份有限公司 余達峯 執行董事： 林昭遠（董事長）、朱輝松、 ...

租赁物业：广州越秀实体向集团出租或将出租的越秀金融大厦若干空间及单位，包括办公室单位、直升 机停机坪、LED广告屏及停车场。 格隆汇12月29日丨越秀地产(00123.HK)宣布，于2025年12月29日，公司(作为承租人)与广州越秀(作为出 租人)订立租赁框架协议，据此，集团可能向广州越秀实体租赁租赁物业，惟受租赁框架协议条款及年 度上限规限。 ...

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 或任何部分內容所產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （股份代號：00123） （在香港註冊成立的有限公司） 持續關連交易 租賃框架協議 租賃框架協議 董事會欣然宣佈，於二〇二五年十二月二十九日，本公司（ 作為承租人 ）與廣州 越秀（ 作為出租人 ）訂立租賃框架協議，據此，本集團可能向廣州越秀實體租賃 租賃物業，惟受租賃框架協議條款及年度上限規限。 上市規則涵義 租賃框架協議 董事會欣然宣佈，於二〇二五年十二月二十九日，本公司（ 作為承租人 ）與廣州越 秀（ 作為出租人 ）訂立租賃框架協議，據此，本集團可能向廣州越秀實體租賃租賃 物業，惟受租賃框架協議條款及年度上限規限。 本集團於日常業務過程中一直租賃位於越秀金融大廈的若干租賃物業。於二〇二 五年十月完成收購事項後，有關租賃物業的租賃安排構成本公司的關連交易。據 此，遵照上市規則項下的規定訂立租賃框架協議以規管及促進租賃交易的續訂。 租賃框 ...

Core Viewpoint - The article highlights the successful early delivery of the high-end residential project Yuexiu·Zhonghuan Tianyue in Hefei, showcasing the company's commitment to quality and customer satisfaction through its operational capabilities and comprehensive community amenities [1][19]. Group 1: Project Delivery and Customer Experience - The project was delivered several months ahead of schedule to approximately 300 homeowners, providing a sense of security and satisfaction with the high-quality living environment [1][19]. - The delivery event featured a well-organized setup with floral decorations and warm lighting, enhancing the homeowners' experience as they completed the necessary procedures efficiently [2][11]. - Homeowners expressed their joy and satisfaction with the early delivery and the quality of the homes, highlighting the meticulous attention to detail during the handover process [11][19]. Group 2: Quality Assurance and Operational Strategy - The project's success in early delivery is attributed to a three-tiered system of design, strict process control, and delivery assurance, ensuring high standards throughout the project lifecycle [22][23]. - The "delivery and operation" concept allows homeowners to enjoy a high-end living experience immediately upon moving in, with amenities designed to cater to various lifestyle needs [25][30]. - The project includes a luxurious clubhouse and five themed community spaces that cater to different age groups and activities, enhancing the overall living experience for residents [28][30].

Core Insights - The national housing and urban construction work conference emphasized the need to stabilize the real estate market, focusing on city-specific policies to control supply, reduce inventory, and improve quality [1][2] - Guangzhou's real estate market is expected to stabilize and recover, with a consensus among industry experts on the importance of quality housing and urban renewal for high-quality development [1][3] Policy Direction - In 2026, Guangzhou will focus on "stabilizing the market" by controlling supply, reducing inventory, and improving housing quality [2] - The city aims to balance supply and demand, promote the construction of quality housing, and accelerate the pace of inventory reduction through the acquisition of existing properties for affordable housing [2] - The national meeting highlighted the need to address inventory issues, with the average inventory cycle in 100 cities reaching a historical high of 27.4 months in November [2] Urban Renewal and Quality Development - The policy shift from merely stabilizing the market to enhancing quality development emphasizes urban renewal as a key driver of economic growth [5] - Guangzhou has launched an investment plan exceeding 800 billion yuan for urban renewal, integrating stock updates with functional repairs and industry cultivation [5][6] Industry Consensus - A clear consensus is forming among industry representatives that stabilizing expectations is crucial, with product quality, urban renewal, and long-term operational capabilities being key variables for the industry's future [7][9] - Companies believe that Guangzhou's innovative policies in areas like purchase restrictions, financial support, and urban renewal provide a conducive environment for market recovery [7] - The market is entering a phase of "refined development," where competition will focus on product quality and comprehensive operational capabilities rather than mere scale expansion [9]

Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - The Guangzhou real estate market showed signs of recovery in November 2025, with new residential sales area reaching 544,000 m², a month-on-month increase of 34.4% [3] - The total sales amount for the top 20 real estate companies in Guangzhou from January to November 2025 was 180.49 billion yuan, with a threshold value of 2.23 billion yuan [11] - Poly Developments topped both the sales amount and equity sales amount rankings, achieving 50.1 billion yuan and 43.15 billion yuan respectively [11] - The report highlights the strong performance of high-end residential projects, particularly Poly Yuexi Bay, which achieved a remarkable opening sales figure of 10.6 billion yuan [23] Sales Performance Summary - The top 20 real estate companies in Guangzhou for sales amount are as follows: 1. Poly Developments: 50.1 billion yuan 2. Yuexiu Property: 31.08 billion yuan 3. Zhuji Real Estate: 12.02 billion yuan 4. China Resources Land: 10.62 billion yuan 5. China Overseas Land: 9.96 billion yuan [8][12] - The top 20 companies by sales area are: 1. Poly Developments: 986,000 m² 2. Yuexiu Property: 810,000 m² 3. Zhuji Real Estate: 326,000 m² 4. China Resources Land: 305,000 m² 5. China Overseas Land: 275,000 m² [15][17] Project Sales Performance - The top projects by sales amount include: 1. Poly Yuexi Bay: 10.84 billion yuan 2. Poly Tianyao: 5.67 billion yuan 3. Poly Tianyi: 5.59 billion yuan [18][22] - The top projects by sales area include: 1. Wanbo Yufu: 82,000 m² 2. Asian Games City: 81,000 m² 3. Vanke Huangpu New City: 75,000 m² [18][22]

(作者｜周琦 编辑｜张广凯) 又一高端牛奶低下头颅。 据南都报道，谢添地新规格产品已跌入三元区间，曾经比金典、特仑苏贵一截的标价，如今在同一货架 上反倒成了"低价担当"。 2021年，广州越秀集团掏出30亿元现金+债转股方案，把曾市值蒸发90%、黯然退市的辉山乳业收编， 成立"越秀辉山"。 将"2025年营收破百亿、择机上市"，作为复兴计划，而谢添地是越秀辉山为上市故事准备的第一颗"高 端棋子"。 但在需求疲软、库存高企、竞品围剿的夹击下，越秀选择战略后撤，谢添地也不得不低头。 2024年11月，谢添地以高举高打的姿态登场。 黑土娟姗纯牛乳250ml单盒定价12.8元，黑土A2β酪蛋白纯牛乳定价7.8元，蛋白质含量高达4.3g/100ml， 比市面上绝大多数UHT奶高出20%以上。 越秀乳业宣称，该产品使用"最顶级奶源"，辉山自营的"黑金奶源带"娟姗牛群，及A2基因筛查奶牛。 为快速让谢添地打响知名度，越秀直接直接锁定湖南卫视头部综艺，《声生不息·港乐季2》《声生不息· 大湾区季》两档节目。 有媒体报道，节目总冠名费用据业内估算在8000万元级别。 因其在节目中独特的亮相方式，让"不是所有奶都叫特仑苏，但每个 ...

Core Viewpoint - The Guangzhou land market is expected to maintain stability in 2024, with a focus on controlling supply and managing existing inventory [1][9]. Group 1: Land Transactions - On December 21, Yuexiu Property acquired the Guangzhi land in Haizhu District for a base price of 1.436 billion yuan, with a floor price of 34,000 yuan per square meter [3]. - A total of 48 residential land parcels were sold in Guangzhou this year, generating over 50.6 billion yuan, which is a decrease compared to last year's sales [3][4]. - The land market in Guangzhou has shown a stable pattern this year, with state-owned enterprises dominating the acquisitions, while some private enterprises have also made selective investments [3][4][7]. Group 2: Market Trends - The Guangzhou land market experienced a "tail-end" trend in December, with 16 parcels sold in the last month, despite some being withdrawn from sale [4]. - The average transaction price for residential properties in Haizhu District has decreased from 87,600 yuan per square meter in 2022 to 67,400 yuan per square meter in 2023, reflecting a shift towards more affordable housing projects [5][6]. - The supply of residential land is expected to remain stable through 2026, with ongoing improvements in supply indicators likely to enhance investment enthusiasm among real estate companies [3][4]. Group 3: Developer Strategies - Major state-owned enterprises, including Poly, Yuexiu, and China Overseas, have been the primary players in the Guangzhou land market, acquiring over 35 parcels this year [7]. - Some private enterprises are engaging in land acquisition through resource swaps or minor increases in investment, indicating a cautious approach to land purchases [7][8]. - Developers are currently adopting a conservative stance due to high inventory levels, with over 92,000 units of unsold residential properties reported in Guangzhou [9].

Core Viewpoint - The 2025 National Top Ten Works selection process has commenced, with public voting starting from December 19 to December 25, 2023, following expert evaluations held on December 18-19, 2023 [1][3]. Group 1: Voting Process and Categories - The public voting phase allows participants to select their preferred high-end, light luxury, and quality residential products, with each individual allowed to vote once per category and select up to ten projects [12]. - The final results will be based on the cumulative valid votes from all participants, and the winners will be announced in early January 2026 [11]. Group 2: Evaluation and Selection - The evaluation process includes expert reviews, public voting, and assessment models, which will determine the final rankings for the "National Top Ten High-end/Light Luxury/Quality Works" and the "China Good House Comprehensive Award/Individual Awards" [11]. - The "Product Power 100" research initiative has been ongoing since 2018, focusing on enhancing product quality and addressing housing pain points in the real estate sector [11]. Group 3: Featured Projects - Various projects have been highlighted, including: - Nanning Bangtai·Lan Jing, a modern high-rise residential development by Bangtai Group [15]. - Shanghai Haishang Yuanshu, featuring modern oriental architecture by Guomao Real Estate and Songjiang Investment [17]. - Zhuhai Huafa Tianxi, a modern residential project by China Resources Land [19]. - Beijing Jingyue Chang'an, showcasing a modern aesthetic by Houtai Group and Jindi Group [26]. - These projects represent a diverse range of architectural styles and residential offerings, emphasizing quality and modern living [15][17][19][26].

Core Insights - The AH050335 land parcel in Haizhu District was successfully auctioned by Yuexiu Real Estate for a total price of 1.436 billion yuan, resulting in a floor price of 36,618 yuan per square meter after deducting the public service construction area [1][4]. Group 1: Land Details - The land is designated for R2 residential use, covering an area of 14,417.8 square meters, with a transferable area of 12,071.30 square meters and a floor area ratio of 3.5 [1]. - The total construction area permitted is 42,248.5 square meters, with a maximum building height of 100 meters [1]. Group 2: Auction and Pricing - The starting auction price was set at 1.43645 billion yuan, translating to a starting floor price of 34,000 yuan per square meter [1]. - After accounting for the public service construction area of 3,021 square meters, the effective starting floor price was adjusted to 36,618 yuan per square meter [4]. Group 3: Surrounding Infrastructure - The land is strategically located near major transportation routes, including the Guangzhou Ring Expressway and multiple metro lines (2, 10, 11, 25, and Guangfo Line) [4]. - Educational facilities in the vicinity include Haizhu Foreign Language Experimental School and the 41st Middle School, while recreational areas include Haizhu Sports Park and Yanzigang Sports Field [5]. Group 4: Nearby Real Estate Projects - Nearby new residential projects include Yuexiu Zhushi City Phase II, Poly Yanyu Tangyue, China Construction Tianyu, and Yuexiu Xiyue Jiangwan [7].