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 ...

Core Viewpoint - Morgan Stanley's research report indicates that Yuexiu Property's performance in the first half of the year exceeded expectations, leading to an upward revision of gross margin forecasts for 2025 to 2027 [1] Financial Performance - The gross margin forecasts for Yuexiu Property have been increased by 0.1, 0.4, and 0.7 percentage points for the years 2025, 2026, and 2027, respectively, now standing at 11.5%, 13.1%, and 16.2% [1] - Earnings estimates for the same years have been raised by 5.3%, 1.6%, and 4.4% [1] Target Price and Rating - Following the adjustments in forecasts, Morgan Stanley has slightly raised the target price for Yuexiu Property from HKD 5.8 to HKD 5.96, maintaining an "Overweight" rating [1]

Group 1 - The core viewpoint of the news is that Hong Kong property stocks, particularly Country Garden, saw significant gains following the inclusion in the Hong Kong Stock Connect, with Country Garden rising over 14% [1] - Other property stocks also experienced notable increases, including CIFI Holdings and China Overseas Land & Investment, which rose over 5%, and several others like Vanke and Longfor Group, which rose over 3% [1] - The surge in property stocks is attributed to a new housing policy introduced in Shenzhen on September 5, which relaxed housing purchase restrictions and adjusted housing credit policies [1] Group 2 - The new housing policy in Shenzhen allows for significant relaxation of purchase restrictions in non-core areas, which is more substantial compared to the new policies introduced in Beijing and Shanghai in August [1] - The policy change includes the removal of differentiated mortgage rates for first and second homes, which is expected to stimulate the housing market [1] - The report from CITIC Securities highlights that the new measures are likely to have a positive impact on the property market in Shenzhen [1]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6]. Core Insights - Shenzhen has followed Beijing and Shanghai in relaxing purchase restrictions, with a more significant impact expected compared to the latter cities [11]. - The overall performance of the real estate sector has lagged behind the broader market, with the Shenwan Real Estate Index down 1.5% this week, ranking 24th among 31 sectors [12]. - New home sales in 30 cities totaled 1.488 million square meters this week, reflecting a 17.9% decrease month-on-month and an 11.2% decrease year-on-year [23]. - The report emphasizes the importance of policy-driven changes in the real estate market, suggesting that the current policy environment is more robust than in previous cycles [4]. Summary by Sections Real Estate Development - Shenzhen's new policy has narrowed the scope of purchase restrictions, with only specific areas remaining under strict limits [11]. - The report anticipates that the marginal effects of Shenzhen's new policy will be more pronounced than those in Beijing and Shanghai [11]. Market Review - The Shenwan Real Estate Index has decreased by 1.5%, underperforming the CSI 300 Index by 0.67 percentage points [12]. - A total of 49 stocks in the real estate sector increased in value this week, while 62 stocks declined [12]. New Home and Second-Hand Home Transactions - New home sales in first-tier cities increased by 4.4% month-on-month, while second-tier cities saw a 23.3% decrease [23]. - Second-hand home transactions in 14 sample cities totaled 1.719 million square meters, with a year-on-year increase of 13.0% [34]. Credit Bonds - Eight credit bonds were issued by real estate companies this week, totaling 8.69 billion yuan, with a net financing amount of -1.24 billion yuan [42]. - The majority of bonds issued were rated AAA, indicating a strong credit quality among issuers [42]. Investment Recommendations - The report suggests focusing on real estate stocks due to the expected policy-driven recovery and the early-cycle nature of the real estate market [4]. - Recommended companies include major players in both A-shares and H-shares, as well as local state-owned enterprises and property management firms [4].

Core Viewpoint - The real estate industry in China is transitioning from a high-debt, high-leverage model to a new phase focused on "survival quality" and "new model exploration," indicating a shift from mere scale expansion to quality and service enhancement [1] Group 1: Market Consensus and Divergence - There is a consensus that the market has largely bottomed out, with limited room for further decline due to supportive policies like "guaranteeing delivery" and reduced down payments [2] - Divergence is evident among cities, with first-tier and strong second-tier cities showing resilient demand, while third and fourth-tier cities face high inventory and weak demand [2] - Financially stable state-owned and quality private enterprises are gaining market share, while heavily indebted firms struggle for survival, leading to increased industry consolidation [2] Group 2: Challenges and Solutions - The execution of supportive policies faces delays, with local fiscal pressures hindering timely implementation of incentives, and buyer confidence remains low, complicating inventory reduction efforts [3] - Inventory clearance is a significant challenge, especially in third and fourth-tier cities where the clearance cycle exceeds 24 months, necessitating innovative approaches from local governments [3] Group 3: Strategic Transformation - Real estate companies are restructuring strategies around reducing debt, ensuring cash flow, improving efficiency, and enhancing product quality, transitioning from developers to operators and service providers [4] - Companies like Longfor and China Jinmao are focusing on financial stability and optimizing land reserves in core cities to mitigate market risks [4] - Enhancing operational efficiency through asset divestment, light asset operations, and digital optimization is a priority for firms aiming to improve overall effectiveness [4] Group 4: Product Quality as a Competitive Focus - The industry is entering a phase where product quality becomes the ultimate competitive focus, with various companies establishing robust product systems to enhance living quality and sustainability [5] - The collaboration between policy and market dynamics is expected to strengthen, leading to a healthier and more sustainable real estate model that prioritizes quality over rapid growth [5]

Core Viewpoint - The article emphasizes the increasing importance of community operations in the real estate sector, highlighting how companies are leveraging community engagement to enhance brand value and customer experience [3][4][27]. Group 1: Community Engagement Trends - Real estate companies are intensifying their community operations, moving beyond traditional community engagement to create commercial value through resource collaboration [3][4]. - A market survey indicates that "community service experience" has risen to 47% in the decision-making factors for homebuyers in 2024, up from 18% in 2019, reflecting a shift in value assessment from location to quality of life [4]. - Community engagement has become a standard feature for many real estate companies, evolving into a critical component of residential products [4]. Group 2: Innovative Community Activities - Companies like Greentown China are launching themed community events, such as the "Dolphin Plan," which includes a comprehensive ecosystem for youth swimming talent development [6][9]. - China Merchants Shekou initiated the "Deck Life Festival," integrating community activities across over 30 cities, emphasizing a holistic approach to community engagement [7][20]. - China Electric Power Real Estate introduced the "Little Wave Camping Season Community Carnival," focusing on sports and outdoor activities to enhance community interaction [7][12]. Group 3: Community as a Value Driver - The article discusses how community initiatives are evolving to create unique emotional value and differentiation in a highly competitive market [11][19]. - Companies like China Resources Land are innovating by integrating pet-friendly spaces within residential areas, fostering community engagement through pet-related activities [19][21]. - The article highlights the emergence of community leaders who are driving the co-creation of community experiences, moving towards a model of shared governance and collaboration [18][27]. Group 4: Commercial Value Creation - Real estate companies are exploring new commercial opportunities through community engagement, aiming for sustainable development by building trust and effective communication with residents [19][20]. - The article notes that successful community initiatives can lead to significant brand value and customer loyalty, as seen in the case of China Railway Construction's diverse community events [26][27]. - The integration of community activities with commercial partnerships is becoming a key strategy for enhancing the overall value proposition of real estate offerings [20][27].