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。 ...

Core Viewpoint - The real estate market is stabilizing due to various policies aimed at supporting the housing market, leading to a noticeable reduction in the sales decline of real estate companies [1][4]. Group 1: Sales Performance - In the first seven months of 2025, the total sales of the top 100 real estate companies reached 2.07 trillion yuan, representing a year-on-year decline of 13.3%, a significant narrowing compared to a 40.1% decline in the same period last year [3][11]. - Poly Development ranked first in sales, achieving a signed area of 8.0453 million square meters and a sales amount of 163.185 billion yuan, down 26.81% and 17.85% year-on-year, respectively [3][5]. - Other companies like Greentown, China Overseas, China Resources, and China Merchants also entered the billion-yuan sales club, but all experienced varying degrees of sales decline compared to last year [5][10]. Group 2: Pricing Strategies - Many real estate companies adopted a "price for volume" strategy, resulting in average sales prices generally lower than last year, indicating a shift in sales tactics [4][11]. - For instance, Greentown's average sales price in July was 26,733 yuan per square meter, down from 29,755 yuan per square meter in July of the previous year [10][12]. - The trend of lowering prices is prevalent among listed real estate companies, with many reporting decreased sales prices compared to the previous year [10][12]. Group 3: Market Outlook - Analysts suggest that the narrowing sales decline reflects a bottoming out of the real estate market, with potential for further stabilization as policies continue to support the sector [4][11]. - Positive signals from policy changes, such as the recent easing of purchase restrictions in Beijing, may contribute to a recovery in the housing market, particularly in core cities [13]. - Despite the ongoing challenges, some companies like Jinmao reported sales growth, indicating that certain segments of the market may be more resilient [10][12].

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]

Core Viewpoint - The real estate market in Guangzhou is facing uncertainty, prompting state-owned enterprises like Zhu Shi Real Estate to implement "price protection" measures to stabilize the market and boost buyer confidence [1][2]. Group 1: Price Protection Measures - Zhu Shi Real Estate has announced a "price protection" initiative covering seven properties in Guangzhou, promising to compensate buyers for price differences until December 31, 2025, with a maximum compensation of 200,000 yuan in property management fees [1][2]. - The price protection applies only to specific properties and is not a direct refund of the price difference but rather compensation through other means [2]. - This strategy is a response to the declining activity in the Guangzhou real estate market, where buyer sentiment is cautious [1][4]. Group 2: Market Context - In July, Guangzhou's real estate market showed weak performance, with a 49% decrease in supply area and a 26% decrease in transaction area compared to the previous month [4]. - The average transaction price in July was 323,000 yuan per square meter, reflecting a 9% month-on-month decline and a 5% year-on-year decline [5]. - The sales performance of the top 30 real estate companies in Guangzhou dropped by 28% year-on-year and 47% month-on-month, totaling 10.539 billion yuan [5]. Group 3: Competitive Landscape - The "price protection" strategy is not unique to Zhu Shi Real Estate; other companies like Yuexiu Real Estate and Poly Developments have previously implemented similar measures to attract buyers [3][4]. - Analysts suggest that the introduction of price protection by leading brands can alleviate buyer concerns about falling prices and encourage purchasing decisions [3]. - The current market dynamics show intense competition between new and second-hand properties, with many developers opting to maintain stable pricing rather than engage in large-scale promotions [5].

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） ...

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]