Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][31]. Core Insights - The real estate market is showing signs of recovery with a week-on-week increase in both new and second-hand property transactions, indicating a potential stabilization in the market [4][31]. - The report emphasizes the need for continued policy support to enhance market conditions, particularly in light of the ongoing inventory reduction trends [4][31]. Industry Data Summary New Housing Transactions - In the week of June 21-27, 2025, 34 key cities recorded a total new housing transaction volume of 3.792 million square meters, representing a week-on-week increase of 51.1% [5][8]. - Year-on-year, new housing transactions in June decreased by 13%, with first and second-tier cities seeing a decline of 11% and third and fourth-tier cities experiencing a 26% drop [8][9]. Second-Hand Housing Transactions - For the same week, second-hand housing transactions in 13 cities remained stable with a slight increase of 0.5%, while the cumulative transaction volume for June showed a year-on-year decrease of 5% [13][22]. Inventory and Supply - In the week of June 21-27, 2025, 15 cities launched 1.82 million square meters of new housing, with a sales-to-launch ratio of 0.85, indicating ongoing inventory management challenges [22][31]. - The total available housing inventory in these cities was 89.79 million square meters, reflecting a week-on-week increase of 0.3% [22][31]. Policy and News Tracking - The report highlights key policy developments aimed at stabilizing the real estate market, including measures to support first-time homebuyers and families with multiple children [31][34]. - Recent statements from government officials indicate a commitment to expanding domestic demand and enhancing consumer confidence in the real estate sector [31][34].

Core Viewpoint - The real estate market in Guangzhou is undergoing a transformation, with consumers increasingly demanding diverse living quality and more rational evaluation standards for projects [1] Group 1: Market Trends - The market has seen high inventory turnover periods, particularly in the Nansha district, which reached a peak of 34 months in early 2023 [1] - Since September 2024, Nansha has lifted purchase restrictions, leading to increased market activity through various promotional events [1] - The inventory turnover cycle for new residential properties in Nansha has decreased to 20 months, down 40% from peak levels [7] Group 2: Project Highlights - The Binhai Huacheng project has achieved over 30 sales in May and June 2024, with an attractive price point of approximately 1.6 million yuan for a three-bedroom unit [4] - The Tianyue Yunqi project targets a market segment with unit prices ranging from 1.8 to 2.6 million yuan, appealing to professionals from nearby educational institutions and high-tech enterprises [7] Group 3: Expert Insights - Experts predict that by mid-2025, the Nansha real estate market will see improved transaction activity and inventory reduction due to favorable policies [8] - Key factors driving this market recovery include steady urban development, high-quality housing, and mature community services [8] - The shift towards selling completed properties rather than off-plan units has alleviated buyer concerns regarding investment risks [8]

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） 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○二五年六月二十七日 於本公告刊發日期，董事會成員包括： 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 债券代码：185965 债券简称：22 穗建 07 广州市城市建设开发有限公司 关于"22穗建07"公司债券赎回结果及2025年提前摘 牌公告 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 2022 年面向专业投资者公开发行公司债券(第 四期)(品种一) ...

Group 1 - The core point of the article is that the Yuexiu Yun Cui project is set to launch soon, with significant interest from potential buyers, indicating a strong demand in the real estate market [1][2]. - The project has received over 300 expressions of interest, with 105 units available in the first phase, resulting in a competition of approximately three buyers per unit [2]. - The land for the Yuexiu Yun Cui project was acquired by Yuexiu Property for 1.415 billion RMB, with a floor price of 33,623.6 RMB per square meter, following a competitive bidding process involving multiple major developers [3][5]. Group 2 - The land is classified as Class II residential land, covering an area of 21,010 square meters, with a planned gross floor area of 42,088 square meters and a plot ratio of 2.5 [5]. - The project is located near the previously successful Yuexiu Yun Yue phase one, which has seen a high sales rate of over 90% [7]. - The new project will offer units with areas of approximately 88㎡, 107㎡, and 117㎡, with an expected usage rate of around 120% [8][10]. Group 3 - The anticipated market price for the units is between 58,000 to 65,000 RMB per square meter, with the possibility of surprises at launch [10]. - The project is situated in the Tonghe area, at the intersection of Tianhe and Baiyun districts, close to the under-construction Metro Line 18 and various lifestyle amenities, indicating a mature residential environment [10]. - The development is managed by Guangzhou Hexiu Real Estate Development Co., Ltd., established in May 2025, with a registered capital of 731.5 million RMB [10].

Core Insights - The event "Good House · New Nansha" highlighted the evolving market logic in the real estate sector, emphasizing the increasing diversification of consumer demands for living quality and a more rational evaluation of projects [2][4][5] - The gathering of industry leaders and experts aimed to explore the characteristics, advantages, and development prospects of high-quality housing in Nansha under the backdrop of Bay Area development opportunities [2][4] Group 1: Event Overview - The event was organized by the Guangzhou Real Estate Industry Association and featured over 30 guests, including industry leaders, experts, and media representatives [2][4] - Participants conducted site visits to key projects such as Yuexiu · Binhai Huacheng and Yuexiu · Tianyue Yunqi, gaining insights into project planning, product design, and community development [4][5] Group 2: Market Dynamics - The real estate market in Nansha is experiencing a significant transformation, with a net population increase of 110,000 from April 2024 to May 2025, bringing the total population to 1.3 million, which supports high-quality market development [9][10] - The market is characterized by a shift towards high-quality, high-value products, with a focus on mature supporting facilities and services for residents [10][11] Group 3: Industry Collaboration - The collaboration between Yuexiu Real Estate and HeFu HuiHuang Group has garnered attention for its successful outcomes, showcasing innovative operational thinking that integrates living and operational aspects into projects [15][17] - The event facilitated a platform for deep dialogue among government, enterprises, and media, enhancing understanding of the "good house" concept and promoting a consensus on building a high-quality living circle in Nansha [7][20] Group 4: Future Outlook - Experts noted that Nansha's strategic position as a national-level new area and free trade pilot zone, combined with ongoing policy benefits, provides a solid foundation for the real estate market [19][20] - The market is expected to see continued positive trends, driven by strong industrial integration, population aggregation, and accelerated infrastructure development [20][23]

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） 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○二五年六月二十五日 於本公告刊發日期，董事會成員包括： 執行董事： 林昭遠（董事長）、朱輝松、江國雄、賀玉平、陳靜及劉艷 关于"22 穗建 03"公司债券转售实施结果公告 本公司董事会及全体董事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个别及连带责任。 重要内容提示： 一、本期债券回售登记情况 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：185772 债券简称：22 穗建 03 广州市城市建设开发有限公司 1、债券代码：185772 2、债券简称：22 穗建 03 3、回售登记期：2025 年 4 ...

Core Viewpoint - The article discusses the launch of the public voting phase for the "Top Ten Works" in the 2025 semi-annual evaluation of Chinese real estate products, emphasizing the importance of product quality in the housing market [2][9]. Group 1: Voting Process - The public voting for the top ten projects will take place from June 17 to June 23, with a two-day expert review occurring on June 17-18 [2][10]. - Each participant can vote once per WeChat ID, selecting up to ten projects in each category, with the final vote count being the cumulative total of valid votes [8]. Group 2: Evaluation Framework - The evaluation process includes expert reviews, public voting, and assessment models, culminating in the announcement of the "Top Ten High-end/Luxury/Quality Works" and the "China Good House Comprehensive Award/Individual Award" at the end of June [10]. - The "Product Power 100" evaluation has been conducted by CRIC for eight consecutive years since 2018, focusing on enhancing residential product quality and addressing living challenges [7]. Group 3: Featured Projects - The article highlights various projects that have made it to the shortlist, including: - Guangzhou Poly Tianyi, a modern residential project by Poly Development [11][13]. - Fuzhou Poly Tianzan, a luxury waterfront property [14]. - Beijing Heyue Wangyun, showcasing modern Eastern garden aesthetics [16][17]. - Xi'an Boyue Wanjing, featuring a limited number of luxury courtyard homes [19]. - Shanghai Chaoming Dongfang, a community project celebrating Green Town China's 30th anniversary [21]. - Wuhan Changjiang Tianji, a large flat community with river views [23]. - Chongqing Changjia Waitan, an innovative residential project in a core area [25]. - Hangzhou Hangxu Mansion, a modern residential development [27].

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） 二○二五年股東週年大會投票結果 越秀地產股份有限公司（「本公司」）董事會欣然公佈，在本公司於二○二五年六月二十日舉行 之二○二五年股東週年大會（「股東週年大會」）上，日期為二○二五年四月三十日之股東週年 大會通告（「股東週年大會通告」）內所載之所有提呈決議案均獲本公司股東以投票表決方式正 式通過。有關於股東週年大會上提呈之決議案之全文及資料，請參閱股東週年大會通告及本公 司日期為二○二五年四月三十日之通函（「股東週年大會通函」）。股東週年大會之點票由本公 司之股份過戶登記處卓佳證券登記有限公司負責監票。 股東週年大會之投票結果如下： | | 普通決議案 | 投票數目(%) | | | --- | --- | --- | --- | | | | 贊成* | 反對* | | 1. | 省覽及採納截至二○二四年十二月三十一日止年度之 | 2,705,55 ...

Group 1 - Morgan Stanley has lowered the target price for Yuexiu Property (00123.HK) by 7%, from HKD 6.27 to HKD 5.8, while maintaining an "Overweight" rating [1] - The change in profit forecast for Yuexiu Property reflects better-than-expected property sales and a slower-than-expected recovery in gross margin [1] - The recent sale of 65% equity in the Beijing Haidian Gongde Temple project has also influenced the target price adjustment [1] Group 2 - Morgan Stanley has increased the contract sales forecast for Yuexiu Property for 2025 by 4% to RMB 131 billion [1] - However, the gross margin forecasts for 2026 and 2027 have been lowered to 12.7% and 15.6%, respectively, with 2024 estimated at 10.5% [1] - Core profit forecasts for 2025 have been adjusted upward by 0.4%, while forecasts for 2026 and 2027 have been reduced by 2.9% and 10.2% respectively [1]

Group 1 - Chen Qiang has been appointed as the new head of Yuexiu Group, bringing extensive experience in the real estate sector, which raises expectations for Yuexiu Real Estate [1][2] - Yuexiu Group aims to become one of the world's top 500 companies by setting ambitious targets for asset scale, revenue, and profit during the 14th Five-Year Plan [1][2] - Yuexiu Real Estate is currently facing a development bottleneck, with stagnation in both scale expansion and profit growth [1][2] Group 2 - Under Chen Qiang's leadership, the focus will be on developing a new growth blueprint for Yuexiu Real Estate, which is crucial for the company's breakthrough [2] - Chen Qiang has a strong background in urban development, having been involved in significant projects like the Guangzhou New Central Axis and Guangzhou Tower [3][4] - In 2024, Yuexiu Group reported an asset scale of 1,138.5 billion yuan, a 7% increase year-on-year, with revenue of 135.6 billion yuan, up 3% [7][8] Group 3 - Yuexiu Real Estate contributed over 60% to Yuexiu Group's revenue, achieving approximately 86.4 billion yuan in revenue in 2024, a 7.7% increase year-on-year [7][8] - Despite being the most important business segment, Yuexiu Real Estate's profit performance is concerning, with core net profit dropping by 54.4% to 1.59 billion yuan in 2024 [7][8] - In the first five months of 2025, Yuexiu Real Estate's contract sales amounted to approximately 50.7 billion yuan, a 26.5% increase year-on-year, although May's sales saw a decline of about 4.9% [8]