Core Viewpoint - Yuexiu Property (00123) announced that Guangzhou Urban Construction Development Co., Ltd. has received approval from the China Securities Regulatory Commission to issue corporate bonds with a face value of up to RMB 96 billion [1] Group 1: Bond Issuance Details - The first phase of the corporate bond issuance is aimed at professional investors, with a total issuance scale of no more than RMB 14 billion [1] - The bonds are divided into two varieties: one with a term of 3+2 years and the other with a term of 10 years [1] Group 2: Interest Rate Information - As of August 15, 2025, the inquiry range for the interest rate of the first variety of bonds is between 1.50% and 2.50%, while the second variety's inquiry range is between 1.90% and 2.90% [1] - The final interest rate for the first variety of bonds is set at 1.95%, and for the second variety, it is set at 2.50% [1] Group 3: Issuance Schedule - The bonds will be issued to professional investors from August 18 to August 19, 2025, at the determined interest rates [1]

Core Viewpoint - Yuexiu Property (00123) announced that Guangzhou Urban Construction Development Co., Ltd. has received approval from the China Securities Regulatory Commission to issue corporate bonds with a face value of up to RMB 96 billion [1] Summary by Sections Bond Issuance - Guangzhou Urban Construction Development Co., Ltd. plans to publicly issue corporate bonds (Phase 1) with a total issuance scale of no more than RMB 14 billion [1] - The bonds will be divided into two varieties: one with a 3+2 year term and the other with a 10-year term [1] Interest Rate Inquiry - On August 15, 2025, the issuer and the lead underwriter conducted an interest rate inquiry for the bonds, with the first variety's rate range set between 1.50% and 2.50%, and the second variety's rate range set between 1.90% and 2.90% [1] - After thorough negotiation and assessment, the final interest rates were determined at 1.95% for the first variety and 2.50% for the second variety [1] Issuance Schedule - The bonds will be issued to professional investors from August 18 to August 19, 2025, at the specified interest rates [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。 於本公告刊發日期，董事會成員包括： （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 余達峯 公司秘書 香港，二○二五年八月十五日 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 广州市城市建设开发有限公司2025年面向专业投资者 公开发行公司债券（第一期）票面利率公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没 有虚假记载、误导性陈述或者重大遗漏。 广州市城市建设开发有限公司（以下简称"发行人"）向专业投资者发行面值 不超过人民币 96.00 亿元公司债券已获得中国证券监督管理委员会"证监许可 〔2025〕1504 号"文同意注册。 广州市城市建设开发有限公司 20 ...

Core Viewpoint - Yuexiu Property (00123.HK) announced that it will hold a board meeting on August 26, 2025, to review and approve the interim results for the six months ending June 30, 2025, and to consider the proposal for an interim dividend distribution, if any [1] Group 1 - The board meeting is scheduled for August 26, 2025 [1] - The meeting will focus on the interim results for the six months ending June 30, 2025 [1] - The proposal for an interim dividend distribution will also be reviewed [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，概不對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。 執行董事： 林昭遠（董事長）、朱輝松、江国雄、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 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○二五年八月十四日 於本公告刊發日期，董事會成員包括： （在香港註冊成立的有限公司） （股份代號：00123） 董事會召開日期 越秀地產股份有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將於二○二五年八月 二十六日（星期二）舉行董事會會議，籍以（其中包括）批准本公司及其附屬公司截至二○二五 年六月三十日止六個月中期業績，以及考慮派發中期股息。 ...

记者丨张敏 编辑丨张伟贤 在各项稳楼市政策的推动下，市场趋稳，房地产企业的销售业绩也出现止跌迹象。 近日，多家房企发布2025年前7月销售业绩。虽然多数房企的销售规模仍低于去年同期，但跌幅普遍收 窄。 根据中指研究院的统计，2025年1~7月，TOP100房企销售总额为2.07万亿元，同比下降13.3%。与去年 同期约四成的销售跌幅相比，收窄明显。 保利暂列"销冠"。今年前7月，保利发展实现签约面积804.53万平方米，同比减少26.81%；签约金额 1631.85亿元，同比减少17.85%。此外，绿城、中海、华润、招商均迈入千亿阵营。 从已经公布销售单价的房企来看，企业的销售均价普遍低于去年，体现出以价换量的策略。 分析人士指出，房企销售降幅收窄，侧面反映出楼市正出现筑底迹象。政策仍有加力空间，从而推动市 场进一步止跌回稳。 以价换量是主流 今年前7月，央国企继续占据销售榜前列。从已公布销售业绩的房企来看，除保利外，绿城以1368亿元 的销售业绩位居第二，中海、华润、招商的销售规模分别为1320亿元、1236亿元、1046亿元。 这也是前7月仅有的五家迈入千亿阵营的企业。中指研究院指出，与去年同期相比，千亿 ...

Investment Rating - The report maintains an "Outperform" rating for the real estate sector [6][8]. Core Views - The real estate fundamentals are weakening, but the reshuffling of property companies is nearing completion [4]. - New home sales have turned negative again, with a 4% year-on-year decline in sales area for new residential properties in the first half of 2025 [1][16]. - The proportion of existing home sales is increasing, with second-hand homes accounting for 46% of total residential transactions in 2024, up 16 percentage points from the lowest point in 2021 [2][92]. - The competition landscape is becoming clearer, with major state-owned enterprises dominating sales rankings [4]. Summary by Sections New Home Sales and Market Dynamics - In the first half of 2025, the total sales area of new homes was 4.6 billion square meters, down 4% year-on-year, while the sales area of new residential properties was 3.8 billion square meters, accounting for 84% of total sales [1][16]. - The average selling price of existing homes was 0.8 million yuan per square meter, while the average price for new homes was 1.1 million yuan per square meter [1][37]. Second-Hand Housing Market - The transaction volume of second-hand homes has been steadily increasing, with a 13% year-on-year growth in the first half of 2025 [2][112]. - The average ratio of second-hand to new home transactions in major cities has risen to 2.3, indicating a shift towards second-hand homes [2][112]. Land Transaction and Competition - The structure of land transactions is changing, with a 28% year-on-year increase in total transaction value for residential land in the first half of 2025, despite a 3% decline in transaction area [3][65]. - Major state-owned enterprises continue to lead in sales and land acquisition, with the top four companies maintaining their positions [4][4]. Investment Recommendations - Given the current weakening fundamentals in the real estate sector, the report suggests that while there may not be a strong upward trend in real estate stocks, recent policy changes in Beijing could signal the beginning of a new round of easing [5][5]. - Recommended stocks include China Jinmao, China Overseas Grand Oceans Group, Beike-W, and Wo Ai Wo Jia [5][8].

Group 1 - The core viewpoint of the article indicates that the real estate market in major cities is experiencing a traditional off-season in July, with a general decline in second-hand housing transaction volumes and a continuation of the "price for volume" phenomenon [1][60] - On the policy front, the central government is shifting its focus from large-scale expansion to improving existing stock, with key tasks outlined in the recent Central Urban Work Conference [1] - The State Council has introduced the "Housing Rental Regulations" to encourage the use of private housing for rental purposes and to support the revitalization of old properties for rental [1] Group 2 - In July, the average price of second-hand residential properties in 100 cities fell by 0.77% month-on-month and 7.32% year-on-year, while the top ten cities saw a month-on-month decline of 0.64% and a year-on-year decline of 5.10% [5] - Major cities like Wuhan and Nanjing experienced significant price drops, with Wuhan's month-on-month decline at 1.17% and year-on-year at 9.66% [5][36] - Beijing's second-hand housing transactions decreased by 15.6% month-on-month and 17.9% year-on-year, with prices down 0.61% month-on-month and 4.91% year-on-year [8][6] Group 3 - In Shanghai, second-hand housing transactions fell by 7.9% month-on-month and 6.7% year-on-year, with prices down 0.57% month-on-month and 4.41% year-on-year [13] - Guangzhou's second-hand housing prices decreased by 0.82% month-on-month and 5.52% year-on-year, with significant downward pressure on prices [20] - Shenzhen's second-hand housing market showed a slight increase in transaction volume, with 4,656 units sold, reflecting a 3.4% month-on-month growth [28] Group 4 - Chengdu's second-hand housing market remained active with 20,202 transactions in July, a 5.1% month-on-month increase, while prices fell by 0.20% month-on-month [43] - The overall sentiment in the real estate market is cautious, with high inventory levels leading to continued price pressures, despite some cities showing resilience [60][1] - The political bureau meeting on July 30 provided a positive outlook for the macroeconomic situation, which may help stabilize the market [60]

房地产市场形势不甚明朗，广州国企开始出招"稳楼市"。 近日，珠实地产宣布启动"保价"措施，覆盖广州区域7个在售楼盘，承诺"保价到年底，买贵补差价"。 具体保价措施是，承诺保价期限持续至2025年12月31日，买贵可申请差额补偿（最高20万元物管费）。 这是继越秀地产之后，广州又一家宣布"保价卖房"的国企。珠实地产在回应媒体时表示，此举是助力稳 市场、稳预期，也是响应广州市国资国企"拼经济"工作会议的指引，破解民生痛点，助力放心安家。 今年"小阳春"之后，广州楼市活跃度有所下降，市场存在观望情绪。 在全国房地产政策保持稳定的当下，如何提振购房者的信心是稳定楼市的关键因素之一。通过"保价卖 房"为购房者服下定心丸，是房企促进销售的招数。房地产市场仍在调整期，由当地国企带头承诺"保 价"，也彰显了国企的担当以及助力稳定楼市的决心。 今年6月，越秀地产广州区域再度发布相关的"保价卖房"措施。具体操作细则是，越秀地产位于天河和 海珠的越秀观樾、琶洲南TOD、琶洲樾华樾、越秀天河和樾府等4个楼盘，在6月25日至6月30日期间成 交的房源可"保价"到今年年底。在保价期间，如有材料证实"买贵"，客户将有机会获得差额补偿。 深 ...

2025年第一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：发行人有权赎回品种一债券的全部未偿份额;及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;(ii)十年期固定票面利率的 公司债券(品种二债券)。2025年第一期公司债券引入品种间回拨选择权，回拨比例不受限制，发行人和主承销商将根据发行申购情况，在总发行 规模内，协商一致决定是否行使品种间回拨选择权。 发行人将于簿记建档后厘定品种一债券及品种二债券的票面利率。发行2025年第一期公司债券的所得款项扣除发行费用后将用于偿还到期或行权 公司债券。 智通财经APP讯，越秀地产(00123)发布公告，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)拟发行第一期公司债券 (2025年第一期公司债券)，发行规模为不超过人民币14亿元。 （原标题：越秀地产(00123)附属拟发行不超14亿元公司债券） ...