Group 1 - The core viewpoint of the report indicates that the real estate market is returning to a downward trend, with sales expected to decline without new policies, projecting a decrease in sales revenue by 5.8% and sales area by 3.6% for 2025 [2][3][90] - The report highlights that the current inventory supply-demand relationship has not improved significantly, with an estimated 14% of excess idle land potentially being absorbed if all recovery plans are implemented [3][82] - The report emphasizes the importance of policy measures aimed at stabilizing the market, particularly focusing on inventory reduction strategies such as land recovery and urban village renovations [10][12][13] Group 2 - The investment strategy suggests that companies with strong land acquisition capabilities, high-quality land reserves, and strong product offerings are likely to stand out during the market bottoming process, recommending firms like China Jinmao, China Resources Land, and Greentown China [4][8] - The report anticipates a continued decline in real estate investment, projecting a decrease of 9.3% for 2025, driven by both construction and land acquisition costs [91] - The report notes that the new housing regulations aim to improve the quality of residential buildings, which is expected to positively impact demand for high-quality housing in the long term [17][70] Group 3 - The report indicates that the sales performance of new homes in first-tier cities has shown some resilience, with cumulative transaction areas in major cities like Beijing and Shanghai experiencing slight increases [22][34] - The report outlines that the overall housing market is under pressure, with new home prices showing a year-on-year decline of 0.9% in the first five months of 2025, while second-hand home prices have decreased by 6.3% [45][53] - The land market is experiencing a divergence, with land prices in high-tier cities increasing significantly, while lower-tier cities are seeing a decline in land transaction volumes [57][58]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [5] Core Insights - The report indicates that the real estate market is still in a destocking trend, with new housing market conditions remaining challenging despite some policy support aimed at stabilizing expectations and promoting recovery [4][32] - The report highlights the importance of strong product capability and inventory management in identifying quality real estate companies for investment [5] Summary by Sections Industry Data - New housing transaction volume in 34 key cities decreased by 0.3% week-on-week, with first and second-tier cities seeing a 2% increase while third and fourth-tier cities experienced a 38% decline [6] - In July, the cumulative transaction volume for new homes in 34 cities dropped by 25% year-on-year, with first and second-tier cities also down by 25% [9][10] - The inventory of new homes in 15 cities decreased by 1% week-on-week, with a current available area of 88.85 million square meters [23] Policy and News Tracking - The Ministry of Housing and Urban-Rural Development emphasized the need for multi-faceted approaches to stabilize expectations and promote recovery in the real estate market [32][33] - Local policies include the expansion of housing provident fund loans in Nanjing and new policies in Hainan and Guangzhou to facilitate housing loans [32][33] Company Dynamics - Vanke has applied for a loan of up to 6.249 billion yuan from Shenzhen Metro Group, marking the sixth loan transaction this year [5] - Poly Developments reported sales of 29 billion yuan, down 31% year-on-year, while China Overseas Development reported 29.7 billion yuan, down 36% [5] - The report recommends focusing on quality real estate companies with strong product capabilities and inventory management, including companies like China Overseas Development and Poly Developments [5]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [1] Core Insights - The report highlights that the Ministry of Housing and Urban-Rural Development is committed to stabilizing the real estate market, with new policies being introduced in Hainan and Guangdong to facilitate the conversion of commercial loans to provident fund loans [9][16] - The report notes a decline in both new and second-hand housing transactions, with first-hand housing transactions down by 40.8% year-on-year and second-hand housing transactions down by 13.7% year-on-year [7][36] - The report emphasizes the importance of financially stable leading real estate companies, suggesting that investors focus on firms like Yuexiu Property, China Merchants Shekou, Poly Developments, and others that can effectively respond to market fluctuations [9] Summary by Sections 1. Weekly Market Review - The real estate index increased by 0.29%, while the CSI 300 index rose by 1.54%, indicating underperformance of the real estate sector compared to the broader market [6][14] 2. Industry Fundamentals - In the week of June 27 to July 3, a total of 39,921 first-hand homes were sold across 38 key cities, reflecting a year-on-year decrease of 40.8% and a month-on-month increase of 3.1% [7][22] - The total area sold was 4.553 million square meters, with a year-on-year decrease of 33.3% and a month-on-month increase of 21% [7][22] - For second-hand homes, 18,203 units were sold, down 13.7% year-on-year and 10.9% month-on-month, with a total area of 178.6 million square meters sold [36][47] 3. Company Announcements - Poly Developments reported a signed area of 152.33 million square meters in June 2025, a decrease of 26.20% year-on-year, with a total signed amount of 290.11 billion yuan, down 30.95% [20][21] - China Merchants Shekou and Yuexiu Property also reported declines in their sales figures for June 2025, with year-on-year decreases of approximately 29.4% and 39.7% respectively [20][21]

Core Viewpoint - The number of billion-dollar real estate companies in China is sharply declining, with only a few remaining amidst a cooling new housing market [1][2]. Group 1: Sales Performance of Real Estate Companies - In the first half of 2025, only three companies—Poly Developments, Greentown China, and China Overseas—achieved sales exceeding 100 billion yuan, with sales figures of 133.61 billion yuan, 122.11 billion yuan, and 114.12 billion yuan respectively [1]. - The overall sales performance indicates that by the end of 2025, it is estimated that only seven companies may reach the billion-dollar sales mark [2]. Group 2: New Housing Market Trends - The new housing market is experiencing a downturn, with a 2.9% year-on-year decrease in the sales area of newly built commercial housing from January to May 2025, and a 3.8% decline in sales revenue [3]. - The sales of pre-sold properties fell by 10.0%, while the sales of existing homes increased by 13.2% during the same period, indicating a preference for existing homes over new constructions [3]. Group 3: Market Segmentation and Pricing - The demand for homes in the 90-120 square meter range remains dominant, but there is an increasing interest in larger units (120-140 square meters and 180-220 square meters), reflecting a shift towards both first-time buyers and those seeking improved living conditions [6]. - In major cities, such as Shanghai, high-end projects are seeing strong demand, with some properties selling out quickly, while peripheral areas face significant challenges with low buyer interest [5]. Group 4: Land Market Dynamics - The residential land market is showing signs of recovery, with a nearly 30% year-on-year increase in land transfer fees across 300 cities, and an average premium rate of 10.2% [7]. - Core cities like Beijing, Shanghai, and Hangzhou are experiencing high demand for quality land parcels, with significant premium rates achieved during land auctions [8][9].

Group 1 - The issuer, 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 bond issuance and listing on the Shanghai Stock Exchange [1] - As of March 31, 2025, the issuer's unaudited financial data includes cash and cash equivalents of 33.694 billion yuan, accounts receivable of 0.586 billion yuan, and inventory of 191.838 billion yuan [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。 – 1 – 發行人其他資料 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。 （在香港註冊成立的有限公司） （股份代號：00123） 自 願 性 公 告： 附屬公司向中國證券監督管理委員會及 上海證券交易所申請註冊在中國面向專業投資者 公開發行公司債券並在上海證券交易所上市 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○二五年五月二十日的公告（「該公告」），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 （「中國證監會」）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」）。除另有界定者外，本 ...

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 公司秘書 香港，二○二五年七月四日 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 （在香港註冊成立的有限公司） （股份代號：00123） 海外監管公告 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 债券代码：240622 债券简称：24 穗建 01 债券代码：240623 债券简称：24 穗建 02 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（第一期） 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 20 ...

Group 1: Regulatory Changes - Beijing's housing authority has proposed a notification to regulate individuals renting out 10 or more housing units, requiring them to register as market entities and file with housing management departments [1] Group 2: Real Estate Transactions - China State Construction Engineering Corporation acquired a land parcel in Beijing's Yanqing District for a base price of 560 million yuan, covering an area of approximately 22,300 square meters with a planned construction area of about 36,100 square meters [2] - Yuexiu Property reported a contract sales amount of approximately 10.8 billion yuan in June, representing a year-on-year decline of about 29.4%, with a sales area of approximately 293,000 square meters, down about 39.7% year-on-year [3] - Poly Developments disclosed a contract signing amount of 29.011 billion yuan in June, with a signed area of 1.5233 million square meters, reflecting a year-on-year decrease of 30.95% [5] Group 3: Financing Activities - Vanke A announced an application for a loan of up to 6.249 billion yuan from its largest shareholder, Shenzhen Metro Group, to repay bond principal and interest, with a loan term of no more than three years [4]

Group 1 - The total sales amount of the top 100 real estate companies in the first half of 2025 was 1,836.41 billion yuan, a year-on-year decrease of 11.8%, with the decline rate expanding by 1 percentage point compared to the first five months of the year [1] - In June alone, the sales amount of the top 100 real estate companies decreased by 18.5% year-on-year, with the decline rate increasing by 1.2 percentage points compared to May [1] - The top three companies by total sales were Poly Developments, Greentown China, and China Overseas Property, with sales amounts of 145.2 billion yuan, 122.1 billion yuan, and 120.14 billion yuan respectively [1][2] Group 2 - The contribution rate of sales from first-tier cities increased significantly, with 40.0% of sales coming from these cities, a year-on-year increase of 9.0 percentage points [3] - The top three cities contributing to sales in the first half of 2025 were Shanghai, Beijing, and Guangzhou, with contribution rates of 16.9%, 10.6%, and 9.0% respectively [4] - Shanghai's sales contribution rate increased by 4.5 percentage points compared to the same period in 2024, marking the largest increase among the top 10 cities [4] Group 3 - The total land acquisition amount for the top 100 companies in the first half of 2025 was 506.55 billion yuan, a year-on-year increase of 33.3% [5] - The top three companies by new land value added were Poly Developments, Greentown China, and China Jinmao, with new land values of 89.9 billion yuan, 83.1 billion yuan, and 74.9 billion yuan respectively [5] - The average premium rate for land sales in 300 cities exceeded 10%, showing a significant increase compared to the same period last year [6] Group 4 - The main players in land acquisition were state-owned enterprises, with eight out of the top ten land acquirers being state-owned [5][7] - Core cities such as Beijing, Shanghai, and Chengdu saw intense competition for quality land, while many third and fourth-tier cities continued to see land sold at base prices [6] - The Yangtze River Delta region led the four major city clusters in land acquisition, with the top ten companies in this region acquiring land worth 147 billion yuan [6]

Company News - Xpeng Motors (09868.HK) launched the world's first L3-level AI car, the Xpeng G7, with a starting price of 195,800 yuan [1] - Automotive dealer Anlijie announced a distribution agreement with Geely Automobile (00175.HK) to introduce Geely's new energy vehicles to the Italian market [1] - Alibaba (09988.HK) announced the pricing of a zero-coupon exchangeable bond issuance amounting to 12.023 billion HKD [1] - Sunac China (01918.HK) reported a contract sales amount of 23.55 billion yuan for the first half of the year, a year-on-year decline of 10.39% [1] - Agricultural Bank of China (01288.HK) stated it will follow the latest trends in global stablecoins and cryptocurrencies, but currently has no plans to develop stablecoins [1] - China Merchants Bank (03968.HK) has been approved to establish China Merchants Financial Asset Investment Co., with a registered capital of 15 billion yuan [1] - The National Integrated Circuit Industry Investment Fund Co., Ltd. reduced its stake in SMIC (00981.HK) from 5.01% to 4.97% as of July 2, with an average share price of 43.8988 HKD [1] - Yuexiu Property (00123.HK) reported a cumulative contract sales amount of approximately 61.5 billion yuan for the first half of the year, a year-on-year increase of about 11% [1] - Longyuan Power (00916.HK) completed a total power generation of approximately 39.6525 million MWh in the first half of the year, a year-on-year decrease of 1.07% [1]