Core Viewpoint - Yuexiu Property (00123) announced the issuance of its first phase corporate bonds for 2025, with a total issuance scale not exceeding RMB 1.4 billion [1] Group 1: Bond Issuance Details - The first phase corporate bonds will consist of two types: (i) a five-year fixed-rate corporate bond (Type 1 Bond) with an option for the issuer to adjust the interest rate at the end of the third year, and (ii) a ten-year fixed-rate corporate bond (Type 2 Bond) [1] - The issuer has the right to redeem all outstanding Type 1 Bonds at the end of the third year, and bondholders have the right to sell back all or part of the Type 1 Bonds to the issuer at that time [1] - The bond issuance will include an inter-type allocation option, allowing for flexible allocation between the two types of bonds based on subscription conditions, with no limit on the allocation ratio [1] Group 2: Use of Proceeds - The proceeds from the bond issuance, after deducting issuance costs, will be used to repay maturing or callable corporate bonds [1]

格隆汇8月13日丨越秀地产(00123.HK)公告，第一期公司债券的发行规模为不超过人民币14亿元。 ...

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。 自願性公告 附屬公司於中國公開發行擔保公司債券 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、二○二五年七月四日及二○二五年七月二十九 日的公告（「該等公告」），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」）額度並在上交所上市。除非文義另有所指，本公告所用詞彙與該等公告中所界定的詞彙 具有相同涵義。 董事會欣然宣佈，第一期公司債券（「二○二五年第一期公司債券」）的發行規模為不超過人民 幣1,400,000,000元。二○二五年第一期公司債券將分為兩個品種：(i)五年期固定票面利率的 公司債券（「品種一債券」），而發行人可選擇於第三年末調整票面利率。此 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - Since September 2024, the central government's clear requirement has been to "stabilize the real estate market and the stock market" to boost social expectations and facilitate domestic demand circulation. The emphasis on building quality housing and high-quality residential projects is expected to lead to a development wave in this sector [5][51] - The report suggests focusing on real estate companies with strong land acquisition capabilities and product strength in core cities, as well as second-hand housing intermediaries and property management companies [5] Market Performance - The Shanghai Composite Index rose by 2.1%, the Shenzhen Component Index by 1.2%, the ChiNext Index by 0.5%, and the CSI 300 Index by 1.2%. The real estate sector (Shenwan) increased by 2.2% during the week [5][8] - The top five stocks in terms of growth were: Heimu Dan (+18.1%), *ST Rong Control (+16.7%), Yatong Co. (+14.9%), Huali Family (+13.5%), and Shangshi Development (+12.9%). The bottom five were: Zhujiang Co. (-6.8%), Haitai Development (-3.5%), *ST Jinke (-2.1%), Jintou Chengkai (-1.7%), and Hainan Airport (-1.0%) [5][8] Data Tracking New Housing Transactions - In the week of August 2-8, 2025, 42 key cities saw a total new housing transaction of 1.41 million square meters, a decrease of 31.2% week-on-week and a decrease of 19.2% year-on-year. The cumulative new housing transaction for August (up to the week of August 8) was 1.64 million square meters, down 11.2% month-on-month and down 22.3% year-on-year [5][15][22] - In the same week, first-tier cities accounted for 330,000 square meters, second-tier cities for 825,000 square meters, and third and fourth-tier cities for 259,000 square meters [15] Second-Hand Housing Transactions - In the week of August 2-8, 2025, 21 key cities recorded a total second-hand housing transaction of 1.72 million square meters, a decrease of 7.8% week-on-week and a decrease of 4.4% year-on-year. The cumulative second-hand housing transaction for August (up to the week of August 8) was 2.02 million square meters, down 5.8% month-on-month and down 3.2% year-on-year [5][33][37] Industry News - Beijing has canceled the purchase limit for properties outside the Fifth Ring Road and optimized the housing provident fund policy in four aspects: first home recognition, second home quota, accumulation speed, and down payment usage. Shanghai is promoting high-quality urban development through discussions on the "14th Five-Year Plan" [47] - The Jiangsu provincial government held a special meeting to promote consumption, focusing on stabilizing the real estate market and enhancing the supply of quality housing [47] - New regulations in Hunan Province limit the height of high-rise residential buildings to 26 floors and set a maximum floor area ratio of 3.1. Chengdu has introduced guidelines for quality housing design, while Suzhou has implemented new regulations for the self-renewal of private housing [47]

Group 1 - The actual controller and chairman of Yaguang Technology, Li Yuexian, has been placed under detention by the Xiah County Supervisory Committee, and the company is currently unaware of the progress and conclusion of this matter [1] - Yaguang Technology maintains a robust governance structure and internal control mechanisms, with daily operations managed by the senior management team, and all other board members and senior executives are performing their duties normally [1] - The company will continue to monitor the situation and will make appropriate arrangements while fulfilling its information disclosure obligations as required by laws and regulations [1] Group 2 - On June 27, Yaguang Technology announced that its controlling shareholder, Hunan Sunbird Holdings Co., Ltd., has changed its name to Hunan Haifei Holdings Co., Ltd., with the registration completed [2] - Li Yuexian holds nearly 80% of the shares in Sunbird Holdings, which, along with Li and other parties, owns 199 million shares of Yaguang Technology, accounting for 19.45% of the total share capital [2] - A significant portion of the shares held by Sunbird Holdings and Li Yuexian has been pledged, with 183 million shares pledged, representing 92.22% of their holdings and 17.94% of the total share capital [2] Group 3 - On June 23, Yaguang Technology announced a delay in the election of its board of directors and supervisory board, which are set to expire on June 23, 2025, to ensure continuity and stability in the company's operations [3] - The delay is in response to new regulations and the ongoing preparations for the election of the new board and supervisory board [3]

Core Insights - The top three real estate companies in Shenzhen for the first seven months of 2025 are Hongrongyuan, China Merchants Shekou, and Shenye Group, with sales of 14.26 billion, 8.92 billion, and 5.90 billion yuan respectively [5][6] - The sales thresholds for the top 5, top 10, and top 20 companies are 5.81 billion, 4.31 billion, and 2.77 billion yuan respectively, indicating a competitive market [5][6] Market Performance - New home transactions have decreased, with approximately 2,660 new residential units sold in July 2025, down 18% from the previous month and 22% year-on-year [6][8] - The second-hand housing market has shown signs of recovery, with 4,656 transactions in July, remaining stable compared to the previous month [6][8] Inventory and Sales Cycle - As of the end of July, the inventory of new residential units in Shenzhen was 27,902, an increase of 2,241 units from June, resulting in an average sales cycle of approximately 8.4 months [8][10] Project Performance - There is significant differentiation among projects, with high-quality and competitively priced developments continuing to sell well. Notable projects include Zhongjian Pengchen Yunzhu, Jiayu Jiuxi, and Zhongzhou Yingxi [10][12] Land Market Activity - The land market is highly competitive, with a new record for land price set by China Merchants Shekou at 2.155 billion yuan for a residential plot in the Qianhai area, reflecting strong confidence in Shenzhen's core real estate market [12][13]

Group 1 - The North Fourth Village project is strategically located outside the Fifth Ring Road, approximately 1.4 kilometers from the Changping Line Life Science Park station, benefiting from recent policy relaxations on home purchases [2][3] - The project is developed by Yuexiu, in collaboration with notable shareholders including Beike and Beijing Urban Construction, aiming to target the affordable housing market with a low total price strategy [2][3] - The project consists of 772 residential units with a total construction area of approximately 78,600 square meters, with average unit sizes around 102 square meters, and is expected to sell at around 55,000 yuan per square meter [4][3] Group 2 - The project features a mix of 15 residential buildings ranging from 9 to 18 floors, with various unit types including 82, 88, 96, 112, and 120 square meters [4][10] - The layout includes community amenities such as a neighborhood center, small commercial spaces, and outdoor activity areas, although there are concerns about noise due to proximity to the Jingzang Expressway [10][11] - The current real estate market in Changping is under pressure, with an expected supply exceeding 10,000 units this year, which may impact sales performance [15][16] Group 3 - Yuexiu has other ongoing projects in Changping, including Xingyue, Xingyao Future, and Wutong Xingchen, indicating a strong presence in the local market [19][20] - The Xingyue project, launched under Yuexiu's management, achieved rapid sales with 468 units sold on the opening day, generating over 2.66 billion yuan in revenue [20] - The collaboration with Future Science City on the Xingyao Future project highlights Yuexiu's strategy of partnerships to enhance market competitiveness [22][24]

Summary of Beijing Real Estate Market Conference Call Industry Overview - The conference call discusses the Beijing real estate market, highlighting significant changes in transaction volumes, prices, and government policies aimed at stabilizing the market [1][5][18]. Key Points and Arguments Market Performance - In July, Beijing's real estate market saw a transaction volume of 34.35 million square meters, a month-on-month decrease of 32.1% and a year-on-year decrease of 12.13% [5]. - The average transaction price in July was 63,859 yuan per square meter, reflecting a month-on-month decline of 0.52% [5]. - The first seven months of the year showed a higher supply-demand ratio compared to the same period last year, with notable growth in Haidian District, where transaction volume increased by 317% [6][7]. Inventory and Market Dynamics - The current inventory in Beijing is substantial, with a narrow inventory digestion cycle of 45.2 months and a broad cycle of 49.8 months, particularly high in Fengtai District [8]. - The second-hand housing market is stabilizing, with transactions expected to remain between 14,000 to 16,000 units in Q2 2025, but July saw a drop to 12,700 units, a year-on-year decrease of 18.24% [10]. Government Policies - Recent policy changes include relaxed purchase restrictions for non-residents outside the Fifth Ring Road, allowing them to buy two properties instead of one [2]. - The government is closely monitoring market changes and has introduced measures to stabilize the market, with future adjustments likely focusing on areas within the Fifth Ring Road and financial policies [18][19]. Market Reactions - The market's response to new policies has been muted, with increased visitor numbers but no significant rise in transactions [4]. - The high-end improvement projects have performed well, while the mid-range market faces intense competition [11]. Land Market Trends - The land market has seen a decrease in supply but an increase in transaction prices, influenced by high-priced residential land sales [16]. - Developers are cautious in land acquisition, with a notable focus on strategic locations like Haidian and Tongzhou [16][17]. Company Performance - Leading companies in the new housing market include Yuexiu with a transaction volume of 19.7 billion yuan, followed by China Resources at 15.7 billion yuan [13]. - Companies like China Overseas and China Merchants are facing significant inventory pressures, necessitating price reductions to stimulate sales [27]. Future Outlook - The market is expected to continue facing challenges due to insufficient purchasing power and ongoing price declines in the second-hand housing sector [20][21]. - The government aims to maintain market stability through gradual adjustments rather than sweeping reforms [18][19]. Additional Important Insights - The new housing market has seen improvements in product quality, with a focus on better design and amenities, which has attracted buyers despite the overall market challenges [25]. - The competitive landscape is shifting, with some projects experiencing significant price drops while others maintain stability due to their strategic locations and pricing [14][24].

Investment Rating - The report maintains a "Recommended" rating for the industry, suggesting a potential increase of over 15% relative to the benchmark index within the next 12 months [9]. Core Insights - In July 2025, the land supply in 23 key cities in China saw a significant decrease in planned construction area, with a month-on-month decline of 62.9%, totaling 343.9 million square meters [1]. - The total land transaction amount reached 888.88 billion yuan, reflecting a 41% decrease compared to the previous month [1]. - The land transaction premium rate in July 2025 rose to 12.41%, indicating a notable recovery since the beginning of the year [3]. - China Resources Land led the land acquisition with 15 plots, totaling 906.69 billion yuan [3]. Summary by Sections Land Supply and Transactions - In July 2025, 106 residential land plots were launched, with 113 plots successfully transacted, amounting to a total planned construction area of 653.68 million square meters [1]. - The land transaction premium rate has shown a significant increase, indicating a recovery in market confidence [3]. Company Land Acquisition - The report highlights the land acquisition activities of major companies, with China Resources Land acquiring the most plots, followed by Greentown China and China Merchants Shekou [4]. - The average land price per square meter for China Resources Land was 20,422 yuan, while Greentown China had an average of 25,031 yuan per square meter [4]. Investment Recommendations - The report suggests focusing on China Jinmao, which has shown significant land acquisition activity and improvements in corporate governance [4].

Group 1 - The core viewpoint of the article indicates a significant decline in total sales in July 2025, with a drop of 38.1% from June, resulting in a total of 229.4 billion RMB [1] - The sales figures for 20 major listed developers tracked by the company showed a 40.2% month-on-month decrease in July, attributed to seasonal factors, with average sales price and sales area decreasing by 21.4% and 21.8% respectively [1] - The Central Political Bureau meeting emphasized maintaining policy continuity and stability, suggesting that there is still room for more policy support, particularly in areas such as urban village and dilapidated housing renovation, "good housing" construction, optimizing land supply, and strengthening financial support [1] Group 2 - According to the National Bureau of Statistics, the new commodity residential price index for 70 large and medium-sized cities fell by 3.7% year-on-year and 0.3% month-on-month in June, while the second-hand commodity residential price index decreased by 6.1% year-on-year and 0.6% month-on-month [1] - The company anticipates that demand in the secondary market will continue to improve and outperform the primary market [1] - The company maintains a positive long-term outlook on China Resources Land (01109) and Yuexiu Property (00123), both rated as "buy," due to their strong sales performance and execution capabilities in recent years [1]