Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6]. Core Insights - The report emphasizes that the current policy environment is being driven by fundamental pressures, suggesting that the policy response may exceed the levels seen in 2008 and 2014 [4]. - Real estate is identified as an early-cycle indicator, serving as a barometer for economic trends, making it a strategic investment focus [4]. - The competitive landscape within the industry is improving, with leading state-owned enterprises and select mixed-ownership and private firms expected to benefit more in the future [4]. - The report continues to support investment in first-tier cities and two-thirds of second-tier cities, indicating that this combination has historically performed better during sales rebounds [4]. - Supply-side policies, including land storage and management of idle land, are highlighted as critical areas to monitor, with first and second-tier cities likely to benefit more from these changes [4]. Summary by Sections New Housing Market - In the week, new housing transaction area in 30 cities was 1.59 million square meters, showing a week-on-week increase of 17.4% but a year-on-year decrease of 34.6% [2]. - The new housing transaction area for first-tier cities was 432,000 square meters, up 12.6% week-on-week but down 42.5% year-on-year [2]. - Second-tier cities recorded a transaction area of 881,000 square meters, up 24.7% week-on-week and down 23.4% year-on-year [2]. - Third-tier cities had a transaction area of 276,000 square meters, up 4.9% week-on-week but down 47.7% year-on-year [2]. Second-Hand Housing Market - The total transaction area for second-hand housing in 14 sample cities was 2.003 million square meters, reflecting a week-on-week growth of 4.7% but a year-on-year decline of 17.0% [2]. - First-tier cities accounted for 856,000 square meters in second-hand transactions, up 8.7% week-on-week [2]. - Second-tier cities had a transaction area of 873,000 square meters, up 1.4% week-on-week [2]. - Third-tier cities recorded 273,000 square meters, up 3.7% week-on-week [2]. Credit Bonds - In the week of November 10-16, four credit bonds were issued by real estate companies, a decrease of eight from the previous week, with a total issuance of 3.62 billion yuan, down 6.63 billion yuan [3]. - The total repayment amount was 10.829 billion yuan, an increase of 4.359 billion yuan, resulting in a net financing amount of -7.209 billion yuan, down 10.989 billion yuan [3]. Market Performance - The report notes that the Shenwan Real Estate Index had a cumulative change of 2.7%, outperforming the CSI 300 Index by 3.78 percentage points, ranking 7th among 31 Shenwan primary industries [14]. - A total of 84 stocks in the real estate sector rose, while 30 stocks fell, with the top five gainers being Qianjing Garden, China Wuyi, Huaxia Happiness, Guancheng Datong, and Rongsheng Development, with gains of 61.0%, 30.0%, 26.3%, 21.6%, and 18.2% respectively [14].

作者 | 第一财经 孙梦凡 一封"举报信"的出现，暴露出两家头部房企的合作"嫌隙"。 近日，一封由北京兴鼎房地产开发有限公司发给广州国资委的"举报信"，在业内流传。围绕北京璞樾项目，央企中建智地作为 大股东，称操盘方越秀未遵循定价规则，对部分房源"暗中调价"，并影响了隔壁项目的销售。 第一财经从接近双方企业人士处了解到，上述"举报信"的存在属实，目前项目各方股东正就该事件进行积极协商，争取妥善解 决营销相关的问题。 作为由中建智地持股97%的子公司，北京兴鼎房地产开发有限公司向广州国资委发去一封"举报信"，称越秀未按统一定价规则， 通过重新制定表价、调整折扣体系等方式，实际成交价与既定价逻辑产生偏差。 一家深耕北京的地产央企，为何与广州国资房企出现定价纠纷？ 时间回到今年4月，"中建智地+金茂+越秀+朝阳城开"联合体，以126亿元拿下黄杉木店组合地块。随后项目被分为两部分开发， 南地块（紫京宸园）由中建智地负责营销、北地块（璞樾）由越秀负责营销和物业。 从股权上看，两个项目实属"同宗同源"，且均是中建智地占比最高。在璞樾项目，中建智地、金茂、越秀、朝阳城开分别持股 48.4%、33.1%、17%、1.5%。在 ...

Core Viewpoint - A "whistleblower letter" has revealed disputes between two leading real estate companies regarding their collaboration on the Beijing Puyue project, highlighting underlying tensions in the current new housing market [1][2][5] Group 1: Company Collaboration Issues - The whistleblower letter was sent by Beijing Xingding Real Estate Development Co., a subsidiary of China State Construction, to the Guangzhou State-owned Assets Supervision and Administration Commission, alleging that the partner company, Yuexiu, did not follow pricing rules and adjusted prices secretly [1][2] - The project involves a joint venture where China State Construction holds a 48.4% stake, while Yuexiu holds 17%, leading to potential conflicts in pricing and marketing strategies [3][4] - The two projects, Puyue and Zijing Chenyuan, have been marketed differently to avoid direct competition, but the pricing discrepancies have led to disputes [4][5] Group 2: Market Context and Competition - Both projects are located in a highly sought-after area, with Zijing Chenyuan achieving sales of 56.5 billion yuan and Puyue 45.65 billion yuan in October, making them top sellers in Beijing's new housing market [4][5] - The average transaction prices for Zijing Chenyuan and Puyue were approximately 9.85 million yuan and 9.96 million yuan per square meter, respectively, indicating a price gap of about 1,100 yuan per square meter [5][6] - The competitive landscape in the high-end real estate market is intensifying, with multiple luxury projects in the vicinity, increasing buyer options and complicating sales strategies [7][8] Group 3: Risks in Collaborative Development - The collaboration model between real estate companies has inherent risks, particularly in aligning interests when market conditions change, leading to potential conflicts over pricing and marketing [8][9] - The mismatch between operational control and ownership stakes can lead to disputes, as seen with Yuexiu's role as a smaller shareholder with operational authority [8][9] - The current market pressures may push companies to adopt aggressive strategies that could disrupt existing collaborative agreements [8][9] Group 4: Company Performance - China State Construction has been active in the Beijing market, ranking among the top three companies in terms of sales, with a reported sales figure of 166.1 billion yuan from January to October 2025 [9] - Yuexiu has also shown significant growth in the Beijing market, with a contract sales amount of 197.2 billion yuan in the first half of 2025, reflecting a year-on-year increase of 255.1% [9]

Core Viewpoint - A recent "whistleblower letter" has revealed disputes between two leading real estate companies, China State Construction and Guangzhou Yuexiu, regarding the pricing strategy for the Beijing Puyue project, indicating underlying tensions in their collaboration [2][4][10]. Group 1: Project Dispute - The whistleblower letter was sent by Beijing Xingding Real Estate Development Co., a subsidiary of China State Construction, to the Guangzhou State-owned Assets Supervision and Administration Commission, alleging that Yuexiu did not adhere to unified pricing rules and adjusted prices secretly, affecting sales of adjacent projects [4][7]. - The Puyue project is part of a larger collaboration where the two companies are developing adjacent plots, leading to competition and pricing discrepancies between the projects [5][6]. - As of mid-November, the average transaction price for Puyue was approximately 9.96 million yuan per square meter, while the adjacent project, Zijing Chen Garden, had an average price of about 9.85 million yuan per square meter, highlighting a price difference of around 1,100 yuan per square meter [7][10]. Group 2: Market Context - The real estate market in Beijing is currently experiencing intense competition, particularly in the luxury segment, with multiple high-end projects vying for buyer attention [10][11]. - The Puyue and Zijing Chen Garden projects are located in a prime area, with the latter being the only new residential land in the Chaoyang district in the past decade, making them highly sought after [10][11]. - Despite their prime locations, both projects face competition from other high-end developments in the area, which may affect their sales performance [10][11]. Group 3: Risks in Collaborative Development - The dispute underscores potential risks in collaborative real estate development, particularly when market conditions change, leading to disagreements over pricing and marketing strategies [11][12]. - The current model of joint development can lead to increased hidden liabilities and complex debt structures, which may become problematic in a declining market [11][12]. - There are inherent challenges in aligning the interests of different stakeholders, especially when one party holds operational control but has a minority stake [11][12].

楼市持续深度调整，房企合作开发模式暴露出潜在风险。 一封"举报信"的出现，暴露出两家头部房企的合作"嫌隙"。 近日，一封由北京兴鼎房地产开发有限公司发给广州国资委的"举报信"，在业内流传。围绕北京璞樾项 目，央企中建智地作为大股东，称操盘方越秀未遵循定价规则，对部分房源"暗中调价"，并影响了隔壁 项目的销售。 第一财经从接近双方企业人士处了解到，上述"举报信"的存在属实，目前项目各方股东正就该事件进行 积极协商，争取妥善解决营销相关的问题。 在当前的新房市场，楼盘降价或房企打"价格战"，实际上较为常见，在豪宅扎堆的北京也是如此。但该 事件的特殊之处，是项目合作方之间产生了纠纷。当楼市持续调整，房企合作开发的模式正暴露出隐 患。 京城豪宅"联姻"插曲 一家深耕北京的地产央企，为何与广州国资房企出现定价纠纷？ 时间回到今年4月，"中建智地+金茂+越秀+朝阳城开"联合体，以126亿元拿下黄杉木店组合地块。随后 项目被分为两部分开发，南地块（紫京宸园）由中建智地负责营销、北地块（璞樾）由越秀负责营销和 物业。 从股权上看，两个项目实属"同宗同源"，且均是中建智地占比最高。在璞樾项目，中建智地、金茂、越 秀、朝阳城开分 ...

步入2025年四季度，广州高端住宅市场呈现百花齐放的现象，为广州楼市注入强心剂。 11月14日，金茂与越秀联手打造的市中心稀缺湖畔墅区——璞樾·墅首度亮相，心湖会所及实体样板间 对外开放，主力户型为建面约210-550㎡新规四代墅。 在"限墅令"持续收紧的当下，越秀观樾凭借约1.1容积率的纯墅地块，在天河核心区打造湖岸独立墅 区，其稀缺性不言而喻。 产品上，不同于大平层产品，璞樾·墅，以新规四代墅的垂直空间，创造有天有地的生活，一层一世 界，让每个家庭成员都拥有专属的生活场域。家庭欢聚的社交场所、专属的主卧谧境、安放热爱的精神 角落、乃至藏品的展示殿堂……每一层都是一个独立的世界，功能分明，互不干扰。此外，项目以金茂 八衡科技系统赋能生活，破解广州夏热冬湿气候难题，显著提升居住舒适度；追求室内气候平衡状态， 打造标杆人居品质住宅。 据介绍，璞樾·墅还将引进越秀商管提供物业服务，将其丰富的商业地产资产运营管理经验与成熟的五 星级酒店服务经验运用至璞樾·墅社区服务中。启用双国际认证服务团队（TIBA国际管家学院与金钥匙 国际联盟），定制臻越ONE庄园式管家服务体系。 采写：南都·湾财社记者王艳玲 作为天河市区近十 ...

Core Viewpoint - The Chinese real estate industry is transitioning from a high-turnover "golden era" to a focus on quality and service, redefining the concept of "delivery" as a measure of a real estate company's comprehensive strength and brand promise [1] Group 1: New Delivery Concept - Yuexiu Property's "Good House, New Delivery" system in the Beijing market exemplifies this industry shift, emphasizing the transition from merely delivering houses to delivering a lifestyle [1][2] - The "New Delivery" concept is being practically implemented through the Yuexiu Xingyue project, marking a significant entry for Yuexiu Property in Beijing [2] Group 2: New Quality - The delivery of Yuexiu Xingyue transcends simple physical handover, focusing on meticulous details such as wall flatness, window sealing, and electrical points, showcasing a proactive problem-solving approach [8] - The design of the community entrance and interior spaces emphasizes comfort and emotional value, creating a true haven for residents [8] Group 3: New Community Spaces - Yuexiu Xingyue aims to create emotionally resonant living spaces with features like "Water Rhythm Homecoming" and "Sakura Avenue," fostering daily interactions and community vitality [12] - The company plans to organize various community activities to enhance social engagement and create a vibrant living environment [12] Group 4: New Ecosystem - The project is strategically located in the core area of Zhuxinzhuang, benefiting from proximity to major transportation lines and high-quality resources, forming a "walkable" lifestyle circle [13][14] - Yuexiu Property's vision as a "land gene decoder" reflects its commitment to efficiently integrating urban resources and contributing to city development [14] Group 5: Market Performance - Yuexiu Property has achieved significant sales success in Beijing, ranking first in total sales amount among real estate companies in the first half of 2025 [19] - The company has successfully launched multiple high-demand projects, demonstrating its ability to translate blueprints into tangible living experiences [19][20] Group 6: Strategic Positioning - The company's approach is rooted in a forward-looking judgment of industry trends, redefining "delivery" as the starting point for deepening relationships with customers [29] - Yuexiu Property's delivery practices in Beijing illustrate a shift in the real estate competition from "product strength" to "lifestyle strength," indicating a future focus on the depth of living content and sustainable operations [29]

Core Insights - The launch of "Puyue Villa" by China Jinmao and Yuexiu Properties marks a significant collaboration between two major state-owned enterprises, introducing high-quality residential offerings in Guangzhou's Tianhe District [1][2][4] Group 1: Project Overview - "Puyue Villa" features new-generation villas with areas ranging from approximately 210 to 550 square meters, alongside the unveiling of the Xinhu Clubhouse and physical model units [1] - The project is located in a rare low-density lakeside villa area with a floor area ratio of about 1.1, leveraging the mature development of the World Grand View area by Yuexiu Properties over the past two years [1][4] Group 2: Investment and Development - In March 2025, Jinmao acquired a key land parcel in Tianhe District for 1.077 billion yuan, which is part of the World Grand View Phase IV project [2] - Since August 2023, Yuexiu Properties has invested approximately 14.3 billion yuan in acquiring multiple land parcels in the World Grand View area, establishing an ecological layout of "two lakes and one valley" [2] Group 3: Design and Amenities - The villas are designed with distinct vertical spaces, including social areas for family gatherings, spacious master bedrooms, and exhibition spaces for family collections [4] - The project combines the strengths of Jinmao's "Pu" series and Yuexiu's "Yue" series, enhancing product quality and incorporating Jinmao's Eight Balance Technology System to improve living experiences [4] Group 4: Property Management - The project will utilize Yuexiu's commercial asset management experience and five-star hotel service standards to enhance community services at "Puyue Villa" [4]

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating a cautious optimism despite current challenges [2][3]. Core Insights - The investment side of the real estate sector continues to weaken, with significant declines in new construction and completion rates. For the period from January to October 2025, total real estate investment decreased by 14.7% year-on-year, with new construction down by 19.8% and completions down by 16.9% [1][20]. - The sales side shows a broader decline in sales volume and price. From January to October 2025, the sales area decreased by 6.8% year-on-year, with a more pronounced drop of 18.8% in October alone. The sales amount also fell by 9.6% year-on-year, with a 24.3% decline in October [2][33]. - Funding sources for real estate development are tightening, with total funding down by 9.7% year-on-year. In October, funding sources saw a significant drop of 21.9% compared to the previous month [35]. Investment Analysis - The report suggests that the real estate sector is still in a bottoming phase, with core cities expected to stabilize sooner. Two major opportunities are highlighted: the potential shift of real estate companies towards manufacturing and the favorable conditions for quality commercial enterprises during a monetary easing cycle [2][3]. - Adjustments to the 2025 forecasts include a projected investment decline of 14.2% (previously 11.0%), new construction down by 18.0% (previously 15.1%), and completions down by 17.7% (previously 20.0%) [20][34].

越秀地产落成琶洲双码头 启幕国际级滨水新生活 11月16日，琶洲首届滨水生活节正式启动，由越秀地产打造的琶洲南TOD码头与华樾码头正式建成并投 入使用，同步揭幕的还有琶洲水上俱乐部。双码头及配套设施的落成，标志着琶洲区域功能进一步升 级，从科创产业核心区向国际级滨水生活示范区迈进。 ...