Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [12] Core Insights - The land market in 2025 is characterized by a reduction in total volume but an increase in quality, indicating a shift from scale expansion to structured improvement. The focus is on precise investment and management to drive profits [6][22] - The average net profit margin for key companies in land acquisition is expected to stabilize between 5% and 10% in 2025, with companies like Jianfa, China Resources, and China Overseas potentially showing better performance [3][8] - The investment strategies of real estate companies have shifted from a broad "net-casting" approach to a more defensive focus on safety and efficiency, with a significant portion of land investment concentrated in six core cities [6][30] Summary by Sections Land Market Overview - The land market shows a narrowing decline in transaction volume, with a significant drop in the area and value of residential land transactions across 300 cities, down 13% and 10% year-on-year respectively. However, the decline is less severe than in previous years [23][24] - The average transaction premium rate for land reached over 15% in March, reflecting a temporary surge in market activity before returning to a more rational state [6][23] Methodology for Land Quality Assessment - A new evaluation tool for land quality has been developed, utilizing an entropy method to score 60 major cities and categorize them into four tiers based on location and planning attributes. This helps in assessing land quality and investment potential [7][40][41] Key Company Analysis - Key companies have shown improved granularity and prudence in investment decisions compared to previous upcycles. The report highlights that about 70-80% of land payments are focused on the six core cities, indicating a strategic shift towards safer investments [8][30] - Companies like China Resources, Jinmao, and Jianfa are expected to have stronger profitability from their acquired land, while others like Binjiang and Greentown have smaller land acquisition volumes but higher certainty in profit realization [8][9] Investment Recommendations - The report suggests focusing on value-oriented companies with strong balance sheets and excellent product delivery capabilities, such as China Resources and Jianfa, as well as companies like Greentown and Jinmao that are improving through refined management practices [9]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, indicating optimism for quality real estate companies and commercial properties [2][34]. Core Insights - The report highlights a recovery in new home sales, with a 69% week-on-week increase in 34 key cities, although year-on-year sales are down 32.1% [2][3]. - The government is focusing on stabilizing the real estate market, increasing residents' property income, and effectively utilizing monetary policy tools such as interest rate cuts [2][26]. - The report suggests that the industry is nearing a bottom after significant adjustments, with a more favorable policy environment emerging [2][34]. Industry Data Summary New Home Sales - New home sales in 34 key cities reached 1.813 million square meters, a 69% increase week-on-week, with first and second-tier cities seeing a 78.2% rise [2][3]. - Year-on-year sales for March show a decline of 32.1%, with first and second-tier cities down 29.7% and third-tier cities down 55.9% [4][6]. Inventory and Supply - In the last week, 15 cities launched 340,000 square meters of new homes, with a sales-to-launch ratio of 2.14, indicating strong demand relative to supply [20][21]. - The total available residential area in these cities is 88.055 million square meters, showing a slight decrease of 0.44% week-on-week [20]. Policy and News Tracking - The government is implementing measures to stabilize the real estate market, including policies to control inventory and improve supply [26][29]. - The People's Bank of China is expected to use various monetary policy tools flexibly to support economic growth and stabilize asset prices [26][29]. Company Dynamics - New City Holdings has received approval for its commercial real estate REITs, indicating a move towards diversifying funding sources [34]. - Several real estate companies reported significant declines in sales for February, with China Overseas Development at 8.46 billion yuan (-35.9%) and CIFI Holdings at 5.3 billion yuan (-67.1%) [34].

Core Viewpoint - The establishment of SKP in Guangzhou fills the gap in high-end luxury retail in South China and supports the city's goal of becoming an international consumption center [2][11]. Group 1: Project Overview - The land for the SKP store was acquired by Yuexiu Group for a record price of 23.6 billion yuan, marking the highest transaction for a single plot in Guangzhou since 2010 [3][4]. - The site, known as the "last treasure of Zhujiang New Town," covers approximately 194,500 square meters with a total construction area of 567,000 square meters, strategically located at the intersection of three major CBDs [3][4]. - The project is expected to contribute approximately 34.6 billion yuan to GDP annually, generate 4.5 billion yuan in new tax revenue, and create 60,000 jobs once operational [5]. Group 2: Strategic Partnership - The collaboration between Yuexiu Group and Beijing Hualian (SKP) involves a joint model where Yuexiu handles development and long-term holding, while SKP manages high-standard operations [4]. - This partnership has been in the works since August 2022, with both parties focusing on the project and conducting preliminary planning [4]. Group 3: Market Context - Guangzhou, with a GDP of 14.58 trillion yuan in 2025, is one of China's wealthiest provinces, yet it has lacked high-end commercial offerings compared to its economic capacity [11]. - The introduction of SKP will position Guangzhou as a key player in the luxury retail market, alongside existing high-end shopping centers like Taikoo Hui and K11 [11][12]. - The city aims to leverage its unique advantages as an international trade center and transportation hub to attract high-end consumers from the Greater Bay Area [11][12]. Group 4: SKP's Market Position - SKP is recognized as a leading platform in China's luxury retail sector, consistently ranking at the top in sales among department stores, with 2025 sales exceeding 24 billion yuan [8][10]. - The brand has established a reputation for rapid product turnover and a high concentration of luxury brands, making it a benchmark in high-end retail [8][9]. - SKP's expansion into Guangzhou marks its second entry into a first-tier city in China, following its success in Beijing [10][11].

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 截至二○二六年二月二十八日未經審計銷售資料 余達峯 二○二六年二月，本公司實現合同銷售（連同合營企業及聯營公司項目的合同銷售）金額約為 人民幣29.05億元，同比下降約53.3%，實現合同銷售面積約為10.69萬平方米，同比下降約 7.6%。 二○二六年一月至二月，本公司累計合同銷售（連同合營企業及聯營公司項目的合同銷售） （「累計合同銷售」）金額約為人民幣71.06億元，同比下降約44.6%，累計合同銷售面積約為 24.71萬平方米，同比下降約29.1%。 二○二六年二月，本公司沒有新增土地儲備。 – 1 – 上述資料是未經審計及根據本公司內部資料匯總編製而成，鑒於收集和核對該等資料過程中存 在各種不確定性，該等資料與未來本公司每年或每半年刊發的經審計或未經審計的財務報表中 披露的數據可能存在差異，因此上述資料僅作為供投資者參考。投資者交 ...

Core Viewpoint - The land market in key cities has shown significant improvement following the premium sale of the Guangzhou racetrack site, with a notable increase in transaction volume and average premium rates, indicating a resurgence in market activity post-Spring Festival [1][3]. Supply - The total land supply for the week was 2.83 million square meters, a 156% increase compared to the same period last year. The average plot ratio for residential land was 2.05 [2]. - The most notable land offering was in Shanghai's Changning District, with a planned area of 76,000 square meters and a starting price of 5.56 billion yuan, translating to a starting floor price of 73,000 yuan per square meter. This site is strategically located near established commercial and educational resources [2]. Transaction - The total land transaction area reached 1.59 million square meters, a 13% increase year-on-year, with a transaction value of 25.6 billion yuan, marking a 233% increase from the previous year. The average premium rate was 23.4%, the highest in nearly a year, driven by the high premium sale of the Guangzhou racetrack site [3]. - The Guangzhou racetrack site attracted significant attention, with eight developers participating in the bidding process. The site was ultimately won by Yuexiu for 23.6 billion yuan, making it the second-highest total price in Guangzhou's land auction history, with a premium rate of 26.7% and a nominal floor price of 42,000 yuan per square meter [3][4]. Advantages of Key Sites - The Guangzhou racetrack site is considered a prime undeveloped area in the Zhujiang New Town East District, with mature transportation links and proximity to high-end commercial centers. Future developments include educational facilities and improved transportation infrastructure, enhancing the area's appeal [4].

Core Insights - The 2025 Chinese land market is characterized by a "bottoming rebound in investment and structural focus," with cautious recovery in market sentiment but increasing differentiation among regions and entities [3][12][23] - The overall land acquisition value reached 11,027 billion yuan, with a year-on-year increase of 3%, while the total area acquired decreased by 5% [3][6] - Core cities have become the main battleground for real estate companies, with significant differences in land acquisition strategies among different types of entities [3][12] Market Overview - The land market in 2025 shows a clear trend of "investment bottoming out and regional focus," with a total land acquisition value of 22,614 billion yuan, reflecting a cautious recovery after deep adjustments [3][6] - Core cities like Beijing, Hangzhou, and Shanghai lead in land transaction values, while third and fourth-tier cities experience increased auction failures and a normalization of base price transactions [3][6] Land Transaction Rankings - The top cities for residential land transaction values in 2025 include Beijing (1,427.4 billion yuan), Hangzhou (1,420.8 billion yuan), and Shanghai (1,407.2 billion yuan) [5][6] - The top 20 cities contributed nearly 60% of the national residential land transaction value, indicating a significant increase in regional concentration [6] Top 10 Real Estate Companies - The top 10 real estate companies accounted for 54.6% of the total new land value, with China Overseas Land leading at 990.7 billion yuan [8][9] - The concentration of land acquisition among top companies continues to rise, with state-owned enterprises dominating the market [8][9] Differentiated Strategies - State-owned enterprises dominate the market, accounting for over 70% of land acquisition value, while private enterprises show signs of cautious recovery, focusing on local markets and low-premium land [12][16] - City investment platforms have seen a decline in their role, with their land acquisition value dropping to 15% of the total, indicating a shift from "market rescue" to "supportive roles" [17][23] Price and Volume Divergence - The land market exhibits a "price-volume divergence," with high-premium land concentrated in core cities and low-premium transactions prevalent in third and fourth-tier cities [10][19] - The average premium rate for land transactions across 300 cities reached 5.3%, with significant variations between high-premium and low-premium land [18][19] Future Trends - The land market is expected to continue its trend of increasing concentration and regional differentiation, with state-owned enterprises leading in core city acquisitions [24][25] - The competitive landscape is shaped by the dual drivers of funding strength and strategic positioning, with state-owned enterprises focusing on high-value land in core cities while private enterprises adopt more cautious strategies [22][23]

Investment Rating - The report maintains a recommendation for the real estate sector, indicating a cautious outlook due to ongoing challenges in the market [2] Core Insights - The real estate index increased by 0.6% in the ninth week of 2026, ranking 24th among 31 primary industry sectors [9][11] - New home sales in 20 monitored cities decreased by 44% year-on-year, while second-hand home sales in 11 cities also saw a significant decline of 48% year-on-year [21][26] - The report highlights various local government policies aimed at stimulating the real estate market, including adjustments to housing purchase restrictions and increased loan limits for first-time buyers [14][18] Summary by Sections Industry Basic Data - The real estate sector comprises 107 listed companies with a total market capitalization of approximately 1,243.4 billion yuan and a circulating market value of about 1,191.5 billion yuan [2] Policy News - Shanghai has implemented new policies to relax housing purchase restrictions for non-local residents, including reduced social insurance or tax payment requirements [14][17] - In Huai'an, measures include subsidies for new home purchases and support for families with multiple children [16][19] Sales Performance - In the ninth week, the average daily transaction area for new homes in 20 cities was 19.1 million square meters, with total sales reaching 134 million square meters, reflecting a 1013% increase week-on-week but a 44% decrease year-on-year [21][23] - For second-hand homes, the average daily transaction area was 17.7 million square meters, with total sales of 124 million square meters, showing an 8547% increase week-on-week but a 48% decrease year-on-year [26][27] Investment Strategy - The report suggests focusing on three areas to find alpha in the real estate market: precision in land acquisition for developers, investment in leading shopping centers, and monitoring leading real estate agencies for efficiency improvements [6][21]

Investment Rating - The report maintains a recommendation for the real estate sector, indicating a cautious outlook amidst ongoing market challenges [2] Core Insights - The real estate index increased by 0.6% in the 9th week, ranking 24th among 31 sectors [9] - New home sales in 20 monitored cities decreased by 44% year-on-year, while second-hand home sales in 11 cities decreased by 48% year-on-year [21][26] - The report highlights significant policy adjustments in Shanghai aimed at optimizing housing purchase regulations and increasing loan limits for homebuyers [14][18] Summary by Sections Industry Basic Data - The real estate sector comprises 107 listed companies with a total market capitalization of approximately 1,243.4 billion yuan and a circulating market value of about 1,191.5 billion yuan [2] Policy News - Shanghai's new policies include reducing the required social insurance or tax payment period for non-local residents to purchase homes and increasing the maximum loan limits for housing funds [14][18] - Other cities like Huai'an and Changchun have also introduced measures to support the real estate market, including purchase subsidies and adjustments to housing fund policies [16][19] Sales Performance - In the 9th week, the average daily transaction area for new homes in 20 cities was 19.1 million square meters, with a total transaction area of 134 million square meters, reflecting a significant increase in weekly performance but a year-on-year decline [21][23] - The report notes that first-tier cities experienced a sharp decline in transaction volumes, with Beijing, Shanghai, Guangzhou, and Shenzhen showing year-on-year decreases of 56%, 68%, 67%, and 85% respectively [23][29] Investment Strategy - The report suggests focusing on three areas for potential alpha generation: precision in land acquisition for developers, investment in leading shopping centers, and monitoring of real estate brokerage firms for efficiency improvements [6][21]

Core Viewpoint - The article discusses the current state of the Chinese real estate market, highlighting a decrease in land acquisition values and the competitive nature of land bidding in core cities, while indicating a potential recovery in land market activity in the coming months [16][28]. Group 1: Land Market Trends - The land market is experiencing a contraction in volume but is showing signs of warming up, with a total of 2,157 million square meters of commercial land transacted, reflecting a 19% month-on-month decrease and a 21% year-on-year decrease [18]. - The total transaction amount for the month reached 72.4 billion yuan, which is a 13% increase from the previous month but a 29% decrease compared to the same period last year [18]. - Notable land parcels, such as the Guangzhou Ma Chang Phase I plot, were sold at a premium, indicating a competitive bidding environment for prime locations [18]. Group 2: Changes in Acquisition Thresholds - The threshold for land acquisition among the top 100 companies has decreased, with the new land reserve value threshold set at 730 million yuan, a 20% year-on-year decline [23]. - The total price threshold for the top 100 companies is now 350 million yuan, down 10% year-on-year, while the building area threshold is 112,000 square meters, reflecting a 15% decrease [23][24]. - These reductions in thresholds suggest a narrowing of the decline in acquisition metrics, indicating a potential recovery in land acquisition activity as supply opens up in core cities [23]. Group 3: Land Acquisition Amounts - In the first two months of 2026, the total land acquisition value for the top 100 companies was 205.9 billion yuan, with a total price of 99.6 billion yuan and a building area of 1,906 million square meters, all showing significant year-on-year declines [26]. - The decline in land acquisition values and areas is attributed to the lack of government land supply and the impact of the Spring Festival [26]. - Despite the downturn, competition remains fierce for high-quality land in core cities, as evidenced by the competitive bidding for the Guangzhou Ma Chang plot, which was won by Yuexiu Property for 23.6 billion yuan, marking a 26.6% premium [26]. Group 4: Future Market Outlook - The land auction activities in Guangzhou post-holiday signal the opening of the land supply window in core cities, with expectations for a gradual recovery in market activity in the first half of the year [28]. - Core areas with high-quality and scarce land will continue to be the focus of competition among capable real estate companies, with state-owned enterprises likely to dominate land acquisitions [28]. - The long-term perspective suggests that urban renewal initiatives and economic planning will drive the availability of quality residential land, sustaining market activity and boosting confidence among enterprises and homebuyers [28].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年2月28日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 越秀地產股份有限公司 (在香港註冊成立的有限公司) | | | 呈交日期: | 2026年3月2日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 00123 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 4,025,392,913 0 4,025,392,913 增加 / 減少 (-) 0 0 本月底結存 4,025,392,913 0 4,025,392,913 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17. ...