Core Viewpoint - Yuexiu Property (00123) announced the public issuance of corporate bonds (Phase II) by Guangzhou Urban Construction Development Co., Ltd. in 2021, targeting professional investors, with interest payments starting on September 15, 2025 [1] Summary by Category Bond Details - The bonds are divided into two varieties: - Variety One (21穂建03, 188730) has a coupon rate of 2.10%, with a face value of 1,000 yuan, resulting in an interest payment of 21.00 yuan (including tax) [1] - Variety Two (21穂建04, 188731) has a coupon rate of 3.55%, with a face value of 1,000 yuan, resulting in an interest payment of 35.50 yuan (including tax) [1] Payment Schedule - Interest payments for the period from September 13, 2024, to September 12, 2025, will be made starting on September 15, 2025 [1]

Core Viewpoint - Yuexiu Property (00123) announced the issuance of corporate bonds by Guangzhou Urban Construction Development Co., Ltd. for professional investors, with interest payments starting on September 15, 2025, for the period from September 13, 2024, to September 12, 2025 [1] Summary by Category Bond Issuance Details - The bond issuance consists of two varieties: - Variety One (21 Suijian 03, 188730) has a coupon rate of 2.10%, with a face value of 1,000 yuan, resulting in an interest payment of 21.00 yuan (including tax) [1] - Variety Two (21 Suijian 04, 188731) has a coupon rate of 3.55%, with a face value of 1,000 yuan, resulting in an interest payment of 35.50 yuan (including tax) [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。 公司秘書 香港，二○二五年九月五日 於本公告刊發日期，董事會成員包括： 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 執行董事： 林昭遠（董事長）、朱輝松、江國雄、賀玉平、陳靜及劉艷 越秀地產股份有限公司 余達峯 （在香港註冊成立的有限公司） （股份代號：00123） 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：188731 债券简称：21 穂建 04 债券代码：188730 债券简称：21 穂建 03 广州市城市建设开发有限公司 2021 年面向专业投资者公开发行公司债券（第二期） 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 ...

Core Insights - The Guangzhou real estate market maintained stable performance in August 2025, influenced by traditional off-peak season factors and adverse weather conditions [3][4][6] - The sales index for popular properties showed a slight increase, with 15 projects achieving a sales index above 80%, up from 11 the previous month [4][6][10] Sales Performance - A total of 50 sampled properties recorded 28,192 sold units and 13,778 unsold units, resulting in an average sales rate of approximately 67.17%, consistent with the previous month [3][4][6] - 37 projects had a sales index exceeding 50%, accounting for 74% of the total sample, while 15 projects surpassed 80%, involving 10,044 sold units and 1,432 unsold units [4][5] Market Trends - The top-selling properties included 国贸云上 (95.93%), 龙湖御湖境 (95.67%), and 城投珠江天河壹品 (93.81%), with major developers like 保利, 越秀, and 龙湖 dominating the top ten [7][10][11] - The market saw a notable trend of new properties gaining popularity, with many new launches in 2025 achieving high sales rates, indicating a shift towards higher quality offerings [9][10][11] Regional Analysis - The majority of the sampled properties were concentrated in key districts such as 黄埔, 天河, and 海珠, with 黄埔 having the highest inventory of 8,365 units and an average sales index of 64.95% [8][10] - The new property launches in 2025 were primarily concentrated in 海珠, 黄埔, and 荔湾, reflecting a strategic focus on these areas for future developments [9][10] Future Outlook - The Guangzhou real estate market is expected to enter a more favorable sales period in September, aligning with the traditional "Golden September and Silver October" sales season, supported by various policy measures and marketing activities [11][12]

Core Viewpoint - The primary focus for real estate companies in 2025 is inventory reduction, with various firms emphasizing this task during their mid-year performance meetings [2][3][4]. Inventory Reduction Strategies - Greentown China completed an inventory reduction task of 19 billion yuan in the first half of 2025, with total inventory valued at approximately 270 billion yuan, of which about 140 billion yuan is from 2021 and earlier, accounting for roughly half [3][10]. - Major real estate companies like China State Construction and China Resources Land are implementing strategies such as "old projects, new approaches" to manage inventory effectively [3][4]. - CIFI Group emphasizes inventory management by categorizing stock and implementing targeted strategies for different types of inventory [4]. Financial Implications - The inventory burden from projects acquired at high costs between 2015 and 2019 is significant, with some companies facing substantial impairment provisions due to unsold properties [9][11]. - In the first half of 2025, major firms like Poly and Vanke reported inventory impairment provisions of 7.12 billion yuan and 5.11 billion yuan, respectively, contributing to overall financial uncertainty [10][11]. Market Conditions - The real estate market is experiencing significant uncertainty, with many companies struggling to offload high-cost inventory without incurring losses [11]. - The inventory structure shows that high-quality inventory is limited, with a larger portion consisting of properties in less desirable locations or with lower sales rates [10]. Company-Specific Actions - Longfor Group has reduced its inventory by over 8 billion yuan and revitalized 11 projects, supporting cash flow through various asset management strategies [5]. - Yuexiu Property focuses on maintaining prices while reducing inventory, utilizing market analysis to adjust marketing strategies effectively [5].

Core Insights - The real estate industry is experiencing a differentiated landscape in the first half of 2025 due to policy adjustments and changes in market demand, with some companies achieving stable growth through precise strategies and strong product capabilities [2] Group 1: Market Focus - Market demand is concentrating in high-quality areas, with leading real estate companies directing resources towards core cities, particularly first-tier and key second-tier cities, establishing a foundation based on core urban centers [3] - First-tier cities have significantly increased their contribution to sales for real estate companies, with over 50% of sales from companies like China Merchants Shekou, Yuexiu Property, and China Jinmao coming from cities like Beijing, Shanghai, Guangzhou, and Shenzhen [3] - Second-tier cities are becoming the main battleground for expansion, with companies like Longfor and Yuanhang focusing nearly 90% of new project areas in first and second-tier cities, balancing profit and scale [3] Group 2: Company Dynamics - The market is characterized by a leading role of state-owned enterprises (SOEs) and a gradual recovery of private enterprises, enhancing industry stability through collaborative efforts in sales and land acquisition [4] - In sales, SOEs like Poly Developments and China Overseas Land & Investment dominate due to their financial advantages and brand trust, while private companies like Binjiang Group and Jianfa Real Estate are achieving positive sales growth through differentiated strategies [4] - In land acquisition, the top 100 real estate companies saw a 33.3% year-on-year increase in total land acquisition, with SOEs occupying 8 out of the top 10 positions, showcasing their role as a stabilizing force in the land market [4] Group 3: Industry Concentration and Innovation - Among the top 10 real estate companies, four, including Jianfa Real Estate and Yuexiu Property, reported positive year-on-year sales, while the overall performance of companies ranked 11-30 and 51-100 declined, indicating increased industry concentration [5] - Leading companies are enhancing product strength and optimizing investment strategies to adapt to market trends, focusing on standardization and cultural integration in product development [5] - Investment strategies are becoming more flexible and diversified, with companies like Poly Developments and China Overseas Land & Investment prioritizing quality land in core cities and participating in urban renewal projects [5] Group 4: Future Outlook - Overall, high-quality real estate companies are focusing on three main directions to build competitive advantages, indicating a shift from "scale expansion" to "quality enhancement" in the industry [6]

Core Viewpoint - The Chinese real estate market is shifting towards a focus on high-quality housing, moving away from mere scale expansion, as evidenced by a 1.16% structural increase in new home prices across 100 cities in the first half of 2025 [2][3] Group 1: Company Performance - Yuexiu Property achieved a contract sales amount of 61.5 billion yuan, marking an 11% year-on-year growth and completing 50.04% of its annual sales target of 120.5 billion yuan [2][3] - The company's revenue reached 47.57 billion yuan, reflecting a 34.6% increase year-on-year, demonstrating consistent growth over seven years [2][3] - Yuexiu Property is the only local state-owned enterprise to receive an investment-grade rating from S&P, highlighting its strong market position [2] Group 2: Market Trends - The real estate market is showing signs of stabilization, with a 15.5 percentage point reduction in the year-on-year decline of national commercial housing sales area in the first half of 2025 compared to the same period in 2024 [3] - The overall sales price per square meter for Yuexiu Property increased by 48.1% year-on-year, reaching 35,100 yuan, indicating a successful focus on high-capacity cities [3] Group 3: Strategic Initiatives - Yuexiu Property has adopted a differentiated approach by controlling investment quality, with a 92% investment concentration in core cities and an average premium rate of only 9% [4] - The company has implemented a targeted land acquisition strategy, focusing on smaller plots in older urban areas to enhance efficiency and reduce risk [4] - The "Four Good" corporate strategy, emphasizing good products, services, support, and living conditions, has been a cornerstone of Yuexiu's competitive advantage since 2019 [6] Group 4: Product Development - Yuexiu Property has invested over 10,000 square meters in a research and development center to support its product quality initiatives [6] - The company has introduced a "4×4 good product concept" and a "4+X" product system, which includes 16 specific value propositions to meet the evolving needs of homebuyers [6] - Yuexiu's projects have received multiple industry awards, including recognition as one of the top ten high-end and quality works in the country [6] Group 5: Customer-Centric Approach - The company emphasizes understanding customer needs, particularly in the context of stable demand from first-time and upgrading homebuyers [7] - Projects like Yuexiu Guanyue have integrated environmental and community features, enhancing the living experience and addressing buyer concerns [5][8] - The management's commitment to quality and customer satisfaction is evident in the successful delivery of projects like the Pazhou South TOD, showcasing a focus on detail and quality [8][9]

Core Insights - The Anhui real estate market is experiencing significant differentiation, with Hefei leading in land sales and new home transactions, indicating a restructuring of the regional market [1][22] - State-owned and central enterprises dominate both land acquisition and sales rankings, reflecting a concentration of market resources towards leading companies [1][22] Group 1: Land Market Performance - In the first eight months of 2025, Anhui's land market attracted over 35 billion yuan, with Hefei alone accounting for approximately 171.83 billion yuan, representing 48.9% of the total [10][11] - Hefei's land transaction area reached 128.87 million square meters, significantly surpassing other cities in the province [10][11] - The land market shows stark differences in activity levels among cities, with Hefei, Chuzhou, and Bengbu leading, while many cities recorded minimal or no transactions [11][12] Group 2: Residential Sales Performance - In August 2025, Hefei's residential sales reached over 40 billion yuan, with the Baohe District leading at 16.07 billion yuan, followed by the Binhu and Economic Development Districts [2][3] - The average price in the high-end market, particularly in the Binhu District, reached 33,397 yuan per square meter, indicating strong demand for premium properties [2][3] - The top-selling residential projects predominantly located in popular districts reflect the ongoing high demand for quality housing [5][6] Group 3: Developer Performance - The top 20 real estate companies in Hefei accounted for approximately 40 billion yuan in sales, indicating a high concentration of sales among leading firms [9][22] - State-owned enterprises, including Hefei Rail Transit Group and China Merchants Shekou, dominate the sales rankings, highlighting their strong market presence [8][22] - The performance of local enterprises like Hefei Urban Investment and Anhui Qingtian demonstrates the competitive landscape within the region [8][22] Group 4: Market Trends and Future Outlook - The Anhui real estate market is shifting from quantity to quality, with an increasing focus on improving product offerings to meet the demands of the upgrading consumer base [22] - The market is expected to continue concentrating on core cities and regions, with a clear distinction between high-performing and underperforming areas [22] - The ongoing trend of state-owned enterprises leading the market suggests a stable yet competitive environment for future developments [22]

Core Viewpoint - The real estate market in 2025 is still undergoing deep adjustments, with many industry players feeling confused about the ongoing decline despite government efforts to stabilize the market [1] Market Trends - The real estate sector is experiencing "three changes and three constants": policy direction has shifted from deleveraging to risk prevention, demand has diversified, and competition has moved from scale expansion to quality comparison, while urbanization and the pursuit of a better life remain unchanged [4][5] - The market has shown signs of weakness again in April and May, indicating ongoing uncertainty in the industry [3] Investment Strategies - Major real estate companies are adopting cautious land acquisition strategies, focusing on first and second-tier cities to ensure certainty in investments [8] - Green City has actively acquired land with a total value exceeding 90 billion, with 88% in first and second-tier cities, but plans to slow down in the second half of the year [9] - Yuexiu emphasizes a strategy of selecting small plots for quick turnover and low risk, with 92% of investments concentrated in core areas [10] - Longhu has prioritized debt safety and project delivery over new investments, acquiring only four plots in key cities this year [10] Product Development - The emphasis on product quality has become crucial for navigating market cycles, with companies recognizing that strong product capabilities are essential [11] - The concept of "product equality" is emerging, where high-quality features previously exclusive to luxury projects are now becoming standard across various market segments [11][12] Profitability Trends - Many real estate companies are facing profit declines, with over 60% of listed firms expecting losses, primarily due to reduced sales and asset impairment losses [16][17] - Some companies, like China Overseas and China Resources Land, are still reporting strong profits due to strategic investments in core urban areas and effective cost management [18][19] - China Overseas reported a net profit of 9.53 billion, maintaining a high profit margin despite a slight year-on-year decline [20]

Core Viewpoint - The Hong Kong real estate stocks are generally declining, with major companies experiencing significant drops in their stock prices amid ongoing adjustments in the real estate market [1] Industry Summary - The real estate market in August continued its adjustment trend, with the sales amount of the top 100 real estate companies decreasing month-on-month. The decline in sales narrowed due to a low base from the previous year, but the cumulative year-on-year decline further expanded [1] - From January to August, the top 100 real estate companies achieved a total sales amount of 20,708.6 billion yuan, a year-on-year decrease of 13.1%, with the decline expanding by 0.5 percentage points compared to the previous month. The equity sales amount was 16,197 billion yuan, down 14.4% year-on-year, with a decline of 0.9 percentage points compared to the previous month [1] - In August, the top 100 real estate companies recorded a sales amount of 2,069.5 billion yuan, a year-on-year decrease of 17.6% and a month-on-month decrease of 2.0% [1] Company Summary - There is a clear differentiation among real estate companies, with leading firms showing strong performance. In August, 48% of the top 40 companies achieved positive month-on-month growth, and eight out of the top ten companies reported positive growth [1] - Notable companies with significant month-on-month growth include China Overseas Land & Investment, Greentown China, China Merchants Shekou, and Huafa Group [1] - In terms of monthly sales amount for August, Greentown China led with 19.5 billion yuan, followed by China Merchants Shekou, China Overseas Land & Investment, Poly Developments, and China Resources Land [1]