Group 1: Core Views - The real estate market is showing signs of stabilization, with policies aimed at maintaining a steady market expected to continue throughout the year [2][9] - The central government has set a tone for real estate policies to stabilize the market through urban renewal and the release of rigid and improvement demands [11][12] - The demand side is seeing policy adjustments to stimulate housing demand, including optimizing housing fund loan policies and increasing purchase subsidies [15][16] Group 2: Property Sector Insights - The property service sector is stabilizing, with a slowdown in management scale growth and stable property fee changes [3][6] - The financial performance of property services shows a prominent increase in revenue without a corresponding increase in profit, indicating a trend towards reliance on the parent company [3][6] Group 3: REITs and Investment Opportunities - The REITs sector is expanding rapidly, with a stable performance in consumer and affordable housing categories [4][6] - The issuance of special bonds for land acquisition is accelerating, with significant planned investments in idle land across various provinces [18][19] - The city village renovation policies are being implemented successfully, with several cities exploring or launching housing voucher policies for urban renewal [21][22] Group 4: Supply Side Developments - The standards for "good housing" are becoming clearer, with over 30 provinces and cities introducing new construction standards aimed at improving housing quality [23][24] - The Ministry of Housing and Urban-Rural Development has released guidelines focusing on the construction of high-quality residential projects [23][24] Group 5: Sales Trends - New home sales are expected to see a narrowing year-on-year decline, while the enthusiasm for second-hand homes is likely to persist [27][28] - The sales performance of top developers shows a concentration of sales among leading companies, with a slight year-on-year decrease in core city sales [32][34] - The market is experiencing significant polarization, with varying de-stocking effects across major cities [37][41] Group 6: Land Market Dynamics - The concentration of land sales in core cities is increasing, indicating a sustained interest from developers in acquiring land [45][46] - The land transaction volumes and prices in major cities like Beijing, Shanghai, and Guangzhou reflect a competitive land market [49][52]

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） 余達峯 公司秘書 香港，二○二五年六月九日 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 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 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 关于行使"22穗建07"公司债券发行人赎回选择权暨 放弃行使"22穗建07"公司债券发行人调整票面利率 选择权的公告 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。 广州市城市建设开发有限公司（以下简称"公司"）于 2022 ...

Core Insights - The overall performance of the real estate market in Henan in May was relatively flat, with some high-quality new projects in core areas achieving good sales, while older projects and those in lower-tier cities faced sales pressure [1][8] - In the first five months of 2025, the sales performance of real estate companies in Henan showed varying results, with Jianye Real Estate leading in sales revenue [1][2] Sales Performance - Jianye Real Estate achieved a sales revenue of 31.35 billion yuan and a sales area of 49.68 million m², ranking first [1][2] - Zhengshang Group and China Overseas Property followed with sales revenues of 18.79 billion yuan and 13.17 billion yuan, respectively [1][2] - The top 20 real estate companies in Henan collectively reflect a competitive landscape, with significant variations in sales performance among them [2][3] Land Market Overview - In the first five months of 2025, Henan province launched 1,014 land plots with a planned construction area of 4,840.9 million m², of which 216 were residential land plots [6] - The cities with the highest transaction volumes for residential land included Zhumadian, Xinxiang, and Zhengzhou, indicating active land market dynamics [6] Market Trends and Outlook - The national real estate market is showing signs of recovery, particularly in core cities, although significant disparities remain between different city tiers [8] - New product launches with innovative designs and high efficiency are performing well, but older products are experiencing increased market pressure [8] - The market is expected to maintain a loose policy stance in June, with new regulations gradually supporting new home sales [8]

Major Events - JiuTai Rural Commercial Bank (06122) plans to sell 78.51% stake in HuanShan HuiMin Village Bank for 40.4 million yuan [1] - Vanke Enterprises (02202) intends to receive a loan of up to 3 billion yuan from its major shareholder, Shenzhen Metro Group [1] - China Gas Holdings (08246) signed a memorandum of understanding with the Lao Ministry of Industry and Commerce to explore cooperation in developing fuel and natural gas supply networks in Laos [1] - Miniso Group (09896) is conducting a preliminary assessment on the potential spin-off listing of its trendy toy business operated under the "TOP TOY" brand [1] - Baiyunshan Pharmaceutical (00874) subsidiary received approval from the National Medical Products Administration for the drug registration certificate of Tadalafil tablets (2.5mg, 5mg) [1] - Huaxing Capital Holdings (01911) portfolio company Circle successfully listed on the New York Stock Exchange, marking the first IPO milestone in the global stablecoin sector [1] - China National Nuclear Corporation (01763) plans to initiate its first irradiation station cooperation project in Peru [1] Operating Performance - Yuexiu Property (00123) reported a cumulative contract sales amount of approximately 50.7 billion yuan in the first five months, an increase of about 26.5% year-on-year [1] - China Overseas Land & Investment (00688) recorded a cumulative property sales amount of approximately 90.4 billion yuan in the first five months, a decrease of 11.1% year-on-year [1] - Shimao Group (00813) reported a cumulative contract sales total of 11.2 billion yuan in the first five months, a decrease of 18.71% year-on-year [1] - Zhongliang Holdings (02772) achieved a cumulative contract sales amount of approximately 5.37 billion yuan in the first five months, a decrease of 33.38% year-on-year [1] - GAC Group (02238) experienced a year-on-year decline in May's automobile production by 8.16% and a sales drop of 24.80% [1] - Poly Property Group (00119) achieved a contract sales amount of approximately 21.8 billion yuan in the first five months, an increase of 3.81% year-on-year [1] - New天绿色能源 (00956) completed a power generation volume of approximately 7.29 million megawatt-hours in the first five months, an increase of 10.86% year-on-year [1]

Core Viewpoint - The recent land auction in Beijing's Changping District attracted multiple companies, resulting in a total revenue of 13.06 billion yuan, with a consortium led by Yuexiu and Future Science City acquiring a key plot for 2.395 billion yuan [1][4]. Group 1: Land Auction Details - Four plots were auctioned in Beijing, specifically in Haidian, Shijingshan, and Changping districts, with a total revenue of 13.06 billion yuan [1]. - The acquired plot, located in the Changping District's Zhongguancun Life Science Park, has a total area of 30,700 square meters and a planned construction area of 79,900 square meters, with a starting price of 2.395 billion yuan [2]. - The consortium's floor price translates to 29,977 yuan per square meter [4]. Group 2: Strategic Importance of the Acquired Land - The land's value is enhanced by its proximity to the Changping Line subway station and the planned Life Valley Station of the 19th subway line, expected to be completed by 2027, which will improve transportation efficiency [3]. - The area is designated as a "technology park integrating basic research, achievement transformation, supporting services, and residential functions," indicating a focus on urban integration and talent attraction [3]. Group 3: Company Involvement and Future Plans - The consortium includes companies like Yuexiu, Beijing Urban Construction, Future Science City, and Beihome, with Yuexiu already having multiple projects in the Changping area [4]. - Beihome, a new venture under Beike, aims to provide data-driven residential development services and has established regional offices in major cities, indicating a strategic expansion in the real estate market [5].

Core Viewpoint - Fitch Ratings has upgraded the rating outlook of Yuexiu Property to stable and confirmed its investment-grade rating of "BBB-", marking the first upgrade of a property company's rating outlook this year [1] Group 1: Financial Performance - Yuexiu Property has demonstrated strong sales growth in 2023, with contract sales reaching 50.7 billion, a year-on-year increase of 26.5%, achieving 42.1% of its annual sales target by May [1] - The company ranked first in Beijing with sales of 19.13 billion from January to May, with two major projects topping the residential transaction amounts in the city [1] - In its home base of Guangzhou, several projects have dominated sales rankings in April and May [1] Group 2: Market Position and Strategy - Analysts highlight that Yuexiu's advantages in investment layout and product strength have laid a solid foundation for sustained sales growth, allowing it to maintain a leading market position in first- and second-tier cities [1] - Typically, property companies see sales peak in the second half of the year, but Yuexiu has already completed nearly half of its annual sales target in the first five months, providing favorable support for achieving performance targets in the latter half of the year [1] Group 3: Future Prospects - Yuexiu has successfully acquired multiple high-quality land parcels in core first- and second-tier cities this year, which will effectively support rapid sales turnover in the future [2] - From January to May, the company secured 10 premium land plots in key cities such as Guangzhou, Beijing, Shanghai, and Hangzhou, ensuring ample quality resources for future sales [2]

越秀地产(00123.HK)：五月，本公司实现合同销售（连同合营及联营公司项目的合同销售）金额约为人 民币95.81亿元，同比下降约4.9%，实现合同销售面积约为24.46万平方米，同比下降约33.9%。 ...

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） 二○二五年五月，本公司實現合同銷售（連同合營及聯營公司項目的合同銷售）金額約為人民 幣95.81億元，同比下降約4.9%，實現合同銷售面積約為24.46萬平方米，同比下降約33.9%。 二○二五年一月至五月，本公司累計合同銷售（連同合營及聯營公司項目的合同銷售）（「累計 合同銷售」）金額約為人民幣507.00億元，同比上升約26.5%，累計合同銷售面積約為116.91 萬平方米，同比下降約16.1%。累計合同銷售金額約佔二○二五年合同銷售目標人民幣1,205 億元的42.1%。 二○二五年五月，本公司沒有新增土地儲備。 – 1 – 上述資料是未經審計及根據本公司內部資料匯總編製而成，鑒於收集和核對該等資料過程中存 在各種不確定性，該等資料與未來本公司每年或每半年刊發的經審計或未經審計的財務報表中 披露的數據可能存在差異，因此上述資料僅作為供投資者參考。投資者交易本公司證券時 ...

Core Viewpoint - The Guangzhou real estate market experienced a peak in transactions in May, with a record residential transaction area of 708,300 square meters, driven by government measures to lower mortgage rates and developers offering quality products and discounts [1] Group 1: Market Performance - The May transaction volume represents the highest monthly record for the year, indicating a recovery in market confidence [1] - The "May Day" and Dragon Boat Festival holidays contributed positively to the market performance, prompting developers to accelerate sales and promotions [1] Group 2: New Projects - Yuexiu East Mountain Cloud: A rare new project in Yuexiu District with a floor area ratio of 3.8, offering units of 99-139 square meters and featuring a six-story facility [3] - China State Construction's Baiyun Star: A high-end project in Baiyun District, emphasizing complete surrounding amenities and artistic integration in urban renewal [6] - Vanke's Eaves City: The first project in the Guangzhou South Station area with a new floor area ratio, enhancing local educational resources and ecological environment [9] - China Communications Construction's Huangpu Future City: A fourth-generation residential project featuring "sky courtyards" and a maximum usable area ratio of approximately 143% [11]

公开资料显示，两宗地块位于昌平区史各庄街道，东至生命园新贤街（福创路），南至生物医药街，西 至景创路，北至郝庄子南街，紧邻中关村生命科学园的核心区域。配套设置方面，地块临近地铁昌平线 生命科学园站，周边1.2公里有建筑面积达46万平方米、入驻品牌超过800家的北京超极合生汇商场，以 及万达广场、北大国际医院、北京一零一中学昌平实验学校等公共设施，交通便利、配套完善。 【1】海南：开展偿还异地住房公积金贷款约定提取业务 6月5日，海南省住房公积金管理局官网发布《海南省住房公积金管理局关于开展偿还异地住房公积金贷 款约定提取业务的通知（征求意见稿）》（以下简称《征求意见稿》）。 《征求意见稿》提出，缴存人家庭在外省有尚未结清的住房公积金贷款，且本年度已提取的住房公积金 总额尚未达到该笔贷款本年度还款总额度的，可向海南省住房公积金管理机构申请办理异地公积金贷款 约定提取业务。 【2】贝好家、越秀地产联合体23.95亿元竞得北京昌平两宗地块 6月5日，北京市昌平区中关村生命科学园三期及"北四村"棚户区改造和环境整治B地块项目CP01—0601 —0077、0078地块挂牌出让，总面积30729.07平方米，容积率≤2 ...