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 本公告乃根據上市規則第13.18條之規定而作出。 本公告乃由越秀地產股份有限公司（「本公司」）董事會根據香港聯合交易所有限公司證券上市 規則（「上市規則」）第13.18條之披露規定而作出。 於二○二五年七月十四日，泓景有限公司（「泓景」）（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 1,450,000,000港元（或等值之人民幣）之定期貸款融資，貸款期由首次提款日期起計3年。泓景 為本公司全資附屬公司，其於融資協議項下責任由本公司擔保。 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， ...

Group 1: Market Performance - The iBoxx China USD bond investment-grade index rose by 0.12% while the speculative-grade index increased by 0.48% last week [2] - The investment-grade yield remained stable compared to the previous week, while the speculative-grade yield rose by 0.03% [2] - The offshore bond issuance scale decreased in the primary market, while the secondary market saw slight increases in both investment-grade and high-yield bond indices [3] Group 2: Macroeconomic Indicators - In June, the Consumer Price Index (CPI) rose by 0.1% year-on-year, reversing the previous month's decline, while the core CPI increased by 0.7% [3] - The Producer Price Index (PPI) fell by 3.6% year-on-year, with a month-on-month decrease of 0.4% [3] - As of June 2025, China's foreign exchange reserves reached $33,174 billion, an increase of $322 billion from May [3] Group 3: Corporate News - Kaisa Group has completed 76% of the cash repayments for its Jin Heng Wealth products, providing new solutions for outstanding amounts [25] - Longfor Group announced that the restructuring plan for its 21 domestic bonds and asset-backed securities has been approved by bondholders [25] - Times China Holdings reported that over 85.67% of its plan creditors have agreed to the proposed restructuring plan [25] Group 4: Regulatory Developments - The Ministry of Finance issued a notice to guide insurance funds for long-term stable investments, adjusting the assessment method for net asset return rates [2] - The Hong Kong Securities and Futures Commission announced measures to optimize and expand the Bond Connect program, enhancing Hong Kong's competitiveness as an offshore RMB business center [2] Group 5: Debt Issuance - Last week, 18 companies issued 21 offshore bonds totaling approximately $3.3 billion, with city investment bonds accounting for about $1.6 billion [8] - Changjiang Industrial issued over HKD 2 billion in medium-term notes, with competitive interest rates [8] - Tianchang Agricultural Development issued $90 million in bonds with a coupon rate of 6.45%, achieving a subscription rate of over four times [9]

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 债券代码：188439 债券简称：21 穗建 02 广州市城市建设开发有限公司 余達峯 公司秘書 香港，二○二五年七月十四日 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 2021 年面向专业投资者公开发行公司债券（第一期）（品种二） 2025 年付息公告 本公司全体董事或具有同等职责的人员保证本公告内容不 存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真 实性、准确性和完整性承担相应的法律责任。 重要内容提示： 广州市城市建设开发有限公司 2021 年面向专业投资者公开 发行公司债券 ...

Group 1 - In the first half of 2025, the real estate industry achieved bond financing of 254.19 billion yuan, a year-on-year decrease of 10.0%, but the decline was narrower compared to the same period last year [1] - Credit bonds became the main financing source, with an issuance scale of 152.66 billion yuan, accounting for 60.1% of the total financing [1] - The top ten companies accounted for 48.2% of credit bond financing, an increase of 4.1 percentage points from the previous year, indicating a concentration of funds towards leading firms [1] Group 2 - In the third quarter, Shenzhen plans to launch 33 commodity housing projects, with an expected supply of 1.3512 million square meters, totaling 12,351 units [2] - Residential supply will dominate, with 1.0799 million square meters and 10,673 units, which will help accelerate inventory turnover and alleviate financial pressure for related real estate companies [2] Group 3 - Yuexiu Property announced a financing agreement with a bank for a 1 billion yuan revolving loan, which will significantly enhance its liquidity for project development and potential land reserve expansion [3] - The financing is crucial for boosting industry confidence, encouraging more companies to seek financial support [3] Group 4 - Longfor Group has cumulatively repaid over 9 billion yuan in public debt this year, demonstrating its strong financial position and reinforcing market confidence in its debt repayment capabilities [4] - This repayment sets a positive benchmark for the industry, promoting recognition of quality private real estate companies and guiding funds towards stable enterprises [4] Group 5 - Huijing Holdings has applied for resumption of trading on July 14, having met all resumption guidelines set by the stock exchange, which will restore its access to capital markets [5] - This resumption is expected to enhance market confidence in distressed real estate companies and provide a model for asset disposal and corporate self-rescue [6]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][36]. Core Insights - The report highlights a significant decline in both new and second-hand housing transactions, with new home sales in 34 key cities dropping by 50.1% week-on-week [2][3]. - The report anticipates further policy support to stabilize the real estate market, with potential measures including mortgage rate cuts and increased supply of quality housing [2][36]. Industry Data Summary New Home Transactions - New home sales in 34 key cities totaled 1.983 million square meters, a week-on-week decrease of 50.1% [2][3]. - Year-on-year, new home sales in July decreased by 16.0%, with first and second-tier cities down by 15.4% and third and fourth-tier cities down by 23.4% [4][11]. Second-Hand Home Transactions - Second-hand home sales in 13 key cities reached 1.078 million square meters, a week-on-week decline of 6.6% [11]. - Year-to-date, second-hand home sales have increased by 8.8% compared to the previous year [11]. Inventory and Supply - In 15 cities, 880,000 square meters of new homes were launched, with a sales-to-launch ratio of 0.71, indicating ongoing inventory reduction [20][21]. - The average months of inventory for new homes is 19.6 months, reflecting a slight increase [20]. Policy and News Tracking - The National Development and Reform Commission is increasing investment in key areas of new urbanization, indicating a proactive approach to stimulate the housing market [30][31]. - Local governments are implementing targeted policies, such as restrictions on the registration of small property rights houses in Guangdong and new housing subsidy programs in Wuxi [30][31]. Company Dynamics - Several real estate companies are actively engaging in financing and capital market operations, with notable activities including Shenzhen Tianjian Group's issuance of medium-term notes worth 650 million yuan [36]. - Companies like Beike-W are also engaging in share buybacks, indicating confidence in their market position [36]. Sector Performance - The real estate sector outperformed the market, with the SW Real Estate Index rising by 6.12% compared to a 0.82% increase in the CSI 300 Index [2][36]. - The average price-to-earnings ratios for major A-share real estate companies for 2025 and 2026 are projected at 14.7 and 13.1 times, respectively [2].

Market Performance - In the first half of 2025, Guangzhou's new housing market reported 32,861 transactions, a year-on-year increase of 16.97%, with a total area of 3,644,019 square meters, up 17.31% year-on-year, indicating a strong upward trend in the market supported by effective policies [2] - The overall market remains robust, with over 21 new projects achieving a usage rate exceeding 100%, reflecting strong demand for quality housing [2][4] Consumer Preferences - High-quality and cost-effective housing products are favored by buyers, with developers employing cautious pricing and innovative promotional strategies to boost sales [2][3] - The demand for improved living experiences has surged, with buyers increasingly prioritizing the intrinsic qualities of homes, leading to a notable rise in sales of new projects [3] Sales and Pricing Trends - The total sales area of new homes in Guangzhou reached 3.67 million square meters in the first half of the year, marking a 17% increase year-on-year, while the average transaction price for new homes fell to 34,442 yuan per square meter, down 8.5% year-on-year, the lowest in four years [4][5] - The market is characterized by a "volume increase and price decrease" trend, with developers focusing on product upgrades and promotional activities to stimulate sales [6] Promotional Strategies - Developers are actively implementing promotional strategies, including price reductions and various incentives, to attract buyers, especially during key sales events [7] - The inventory level in Guangzhou decreased by 12% year-on-year, with a current inventory of 10.36 million square meters, indicating a 20-month sales cycle [6] Urban Development and Infrastructure - The acceleration of urban renewal and rail transit construction is revitalizing the real estate market, with significant sales increases in areas benefiting from new transit lines [8][9] - The Guangzhou government plans to invest heavily in urban renewal projects, which are expected to stimulate housing consumption and enhance market dynamics [8]

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） 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○二五年七月十一日 – 1 – 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 公 告 本公告乃根據上市規則第13.18條之規定而作出。 本公告乃由越秀地產股份有限公司（「本公司」）董事會根據香港聯合交易所有限公司證券上市 規則（「上市規則」）第13.18條之披露規定而作出。 於二○二五年七月十一日，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1,000,000,000人民幣（或 等值之港元）之循環貸款融資，貸款期為由融資協議日期起計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 ...

Group 1 - Hong Kong property stocks experienced a significant surge in the afternoon session, with Longfor Group (03380.HK) rising over 50% [1] - Sunac China (01918.HK) saw an increase of more than 9%, indicating strong market interest [1] - Other stocks such as New World Development (01030.HK), Shimao Group (00813.HK), and Yuexiu Property (00123.HK) also followed the upward trend [1]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - The report emphasizes the importance of stabilizing the real estate market and the stock market, which has been a clear directive from the central government since September 2024. The focus on building high-quality housing is expected to drive a wave of development in this sector [4][47] - The report suggests that the real estate market is showing signs of recovery, with various local governments implementing policies to support housing demand and stabilize the market [47] Market Performance - The Shanghai Composite Index rose by 1.4%, the Shenzhen Component Index by 1.3%, the ChiNext Index by 1.5%, and the CSI 300 Index by 1.5%. The real estate sector (Shenwan) increased by 0.3% during the week [5][8] - In terms of individual stocks, *ST Nanzhi saw a significant increase of 14.6%, while ST Shenyuan experienced a decline of 6.9% [5][8] Data Tracking New Housing Transactions - In the week of June 28 to July 4, 42 key cities recorded a total new housing transaction of 3.08 million square meters, a decrease of 2.5% from the previous week. Year-to-date, the cumulative transaction volume has decreased by 2.7% year-on-year [14][18] - For July, as of the week of July 1 to July 4, new housing transactions in 42 key cities totaled 1.07 million square meters, an increase of 33.3% month-on-month but a decrease of 17.1% year-on-year [18] Second-Hand Housing Transactions - In the same week, 21 key cities recorded a total of 1.96 million square meters in second-hand housing transactions, a decrease of 9.1% from the previous week. Year-to-date, the cumulative transaction volume has increased by 20.5% year-on-year [30][34] - For July, as of the week of July 1 to July 4, second-hand housing transactions in 21 key cities totaled 1.21 million square meters, an increase of 51.2% month-on-month but a decrease of 13.3% year-on-year [34] Industry News - The Ministry of Housing and Urban-Rural Development emphasized the need for local governments to effectively utilize real estate regulation policies to promote a stable and healthy market. Various cities are implementing measures to support housing demand, including easing housing fund policies [47][48] - Specific measures include the extension of housing purchase subsidies in Wuhan until the end of 2025 and the relaxation of housing fund loan policies in cities like Nanjing and Guangzhou [47][48] Company Announcements - In June, major real estate companies reported significant declines in sales, with Yuexiu Real Estate at 10.8 billion yuan (down 29% year-on-year), Poly Developments at 29.01 billion yuan (down 31% year-on-year), and China Overseas Development at 29.71 billion yuan (down 36.3% year-on-year) [50][51] - Financing activities included Yuexiu Real Estate applying to issue bonds up to 9.6 billion yuan and Vanke A borrowing 6.249 billion yuan from its largest shareholder [50][51]

Core Insights - The article discusses the competitive land auction in Shenzhen, highlighting the successful bid by China Overseas Land & Investment Limited for a residential land parcel in Longhua District, which sold for 2.37 billion yuan, reflecting a floor price of 27,566 yuan per square meter [7] - Shenzhen is set to auction five quality residential land parcels over the next month, indicating a strategic approach to balance market demand for commercial housing and the need for affordable housing [7][9] Group 1: Upcoming Land Auctions - The T201-0232 land parcel in Qianhai Cooperation Zone will be auctioned on July 14, with a starting price of 1.158 billion yuan and a building area of 25,600 square meters [8] - The A815-0036 land parcel in Longhua District will be auctioned on July 30, with a starting price of 1.906 billion yuan and a building area of 67,950 square meters [8] - The A319-1225 land parcel in Bao'an District will be auctioned on August 4, with a starting price of 1.09 billion yuan and a building area of 59,665 square meters [8] - The A815-0037 land parcel in Longhua District will be auctioned on August 8, with a starting price of 1.554 billion yuan and a building area of 51,070 square meters [8] Group 2: Land Auction Conditions - The five residential land parcels have optimized auction conditions, allowing for ordinary commercial housing without requirements for affordable housing or specific unit types [9] - The auction process will follow a "highest bidder wins" principle, with services such as "land transfer upon certificate issuance" and "housing transfer upon certificate issuance" [9] - The parcels are characterized by favorable locations, good amenities, beautiful landscapes, low plot ratios, and reasonable prices, aligning with Shenzhen's standards for quality housing [9][10]