Core Viewpoint - The financing activities of listed real estate companies have significantly increased since 2026, indicating a positive shift in the industry financing environment, driven by supportive financial policies aimed at ensuring project delivery and mitigating default risks [1][4]. Group 1: Financing Activities - New City Development completed a placement of 198 million shares at HKD 2.39 per share, raising approximately HKD 469 million for future development, debt repayment, and general operational funds [2]. - China Enterprises announced a bond issuance with a base size of CNY 1 billion and a maximum of CNY 2.2 billion, aimed at repaying maturing debt, with an interest rate range of 2.30% to 3.20% [2]. - Yuexiu Property issued bonds worth CNY 700 million with a coupon rate of 2.18%, achieving a subscription multiple of 1.67 times [2]. Group 2: Characteristics of Financing - Current financing activities are characterized by participation from state-owned enterprises and private firms with stable cash flows, often supported by major shareholders [3]. - The primary purpose of financing is to reinvest in ongoing projects and ensure debt repayment, aligning with the current risk prevention policies [3]. Group 3: Improvement in Financing Environment - The financing environment for real estate companies is gradually improving, with reports indicating that projects on the "white list" can extend loan terms up to five years [4]. - The first equity issuance of the year was announced by Huafa Group, aiming to raise up to CNY 3 billion for various projects, which is expected to enhance the company's financial structure and reduce debt risks [4]. Group 4: Market Data and Trends - In 2025, the total bond financing for real estate companies reached CNY 596.72 billion, a year-on-year increase of 5.6%, with a notable drop in average bond financing costs to 2.69% [5][6]. - In January 2026, domestic debt financing for 50 typical real estate companies was CNY 19.38 billion, a month-on-month increase of 62.4% [6].

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - The 2026 real estate market is expected to experience a "front low and back high" trend, with two significant turning points anticipated throughout the year [2] - The overall sales volume and price are projected to face pressure in Q1, with potential policy adjustments by the end of Q1 to stabilize the market in Q2 [3][24] - The report emphasizes the need for policy measures to support demand and stabilize investment, particularly focusing on the financial pressures faced by developers [8][19] Sales Forecast - The report forecasts a total sales area of 810 million square meters in 2026, representing a year-on-year decrease of 8% - The average sales price is expected to be 9,144 yuan per square meter, down 4% year-on-year - The total sales amount is projected to be 7.4 trillion yuan, reflecting a 12% decline compared to the previous year [3][22][21] Development Investment - Real estate development investment is anticipated to reach 6.9 trillion yuan in 2026, a decrease of 16% year-on-year, although the rate of decline is expected to narrow compared to 2025 [4][21] - The report indicates that the decline in new construction area is expected to be 18% year-on-year, with a total of 480 million square meters [4][21] Completion Forecast - The report predicts that the completion area will be 490 million square meters in 2026, down 19% year-on-year, continuing the trend of cyclical contraction [5][21] Market Dynamics - The report highlights that the main contradiction in the real estate market has shifted from "shrinking transaction volume" to "continuing price declines," particularly affecting the second-hand housing market [9] - It suggests that the market's recovery will depend on effective policy measures and the stabilization of developer financing [8][19] Investment Recommendations - The report recommends focusing on three main lines for investment: 1. Developers with stable fundamentals and high market share in first and second-tier cities 2. Smaller developers showing significant breakthroughs in sales and land acquisition 3. Commercial real estate companies exploring new operational models in the new consumption era [9][21]

Investment Rating - The report rates the real estate sector as "Outperform" [6] Core Insights - The real estate market is experiencing significant year-on-year growth due to a low base from the previous year, particularly during the Spring Festival period, but there is a month-on-month decline in transactions [1][6] - The Shanghai pilot program for purchasing second-hand homes for rental housing is expected to positively influence market expectations and confidence if implemented effectively [2][6] - The new housing transaction area has shifted from positive to negative month-on-month, with a narrowing year-on-year growth rate [6][17] - The inventory of new homes is decreasing both month-on-month and year-on-year, while the de-stocking cycle has decreased month-on-month but increased year-on-year [6][46] Summary by Sections New Housing Market Tracking - In the week of January 31 to February 6, 2026, new housing transaction volume in 40 cities was 17,000 units, a month-on-month decrease of 4.3% and a year-on-year increase of 225.1% [18][19] - The new housing transaction area was 163.1 million square meters, with a month-on-month decline of 9.6% and a year-on-year increase of 203.0% [18][27] - The transaction volume and area for first, second, and third/fourth-tier cities showed varying month-on-month and year-on-year growth rates [20][21][22] Second-Hand Housing Market Tracking - The transaction area for second-hand homes in 18 cities was 174.1 million square meters, with a month-on-month decline of 4.7% and a year-on-year increase of 349.7% [6][19] - The month-on-month decline in transaction volume for second-hand homes is more pronounced in first-tier cities compared to second and third/fourth-tier cities [6][19] Inventory and De-stocking Cycle - The inventory of new homes in 12 cities was 11,235 million square meters, with a month-on-month decrease of 0.7% and a year-on-year decrease of 6.4% [46][47] - The de-stocking cycle for new homes is 17.4 months, showing a month-on-month decrease but a year-on-year increase [46][47] Land Market Tracking - The total area of land transactions across 100 cities was 1,188.4 million square meters, with a month-on-month increase of 74.1% and a year-on-year increase of 582.1% [6][14] - The average land price per square meter decreased month-on-month and year-on-year, indicating a cooling in land prices [6][14] Investment Recommendations - The report suggests focusing on companies with stable fundamentals in core cities, those that have made significant breakthroughs in sales and land acquisition, and commercial real estate companies exploring new consumption scenarios [7][6]

Group 1 - The core point of the article is that Guangzhou Urban Construction Development Co., Ltd. has issued corporate bonds with a total scale of up to 700 million yuan, divided into two varieties [1] - The first variety of bonds, with a term of 3+2 years, was canceled, while the second variety, with a term of 5+2 years, was issued at a scale of 700 million yuan [1] - The coupon rate for the second variety of bonds is set at 2.18%, and the subscription multiple was 1.67 times [1]

Core Viewpoint - Guangzhou Urban Construction Development Co., Ltd. has announced the issuance of corporate bonds aimed at professional investors, with a total issuance scale not exceeding 700 million yuan [1] Group 1: Bond Issuance Details - The bond issuance consists of two types: Type One with a term of 3+2 years and Type Two with a term of 5+2 years [1] - The issuance work for this bond has concluded on February 10, 2026, with Type One being canceled and Type Two successfully issued at a scale of 700 million yuan [1] - The coupon rate for Type Two bonds is set at 2.18%, with a subscription multiple of 1.67 times [1]

（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 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。 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 2026 年面向专业投资者公开发行公司债券 （第一期）发行结果公告 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。 经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获准向专业投资者公开发行面值不超过人民币 96.00 亿元公司债券。 根据《广州市城市建设开发有限公司 2026 年面向专业投资者公开发行公司 债券（第一期）发行公告》，广州市城市建设开发有限公司 2026 年面向专业投资 者公开发行公司债券（第一期）（以下简称"本期债券"）发行规模不 ...

Investment Rating - The report maintains a "Buy" rating for the real estate sector, indicating a positive outlook for investment opportunities in this area [4]. Core Insights - The "old-for-new" policy is being reintroduced in Shanghai, which is expected to effectively stabilize housing prices and stimulate market activity [10][26]. - The policy focuses on acquiring second-hand homes to address inventory issues and enhance market liquidity, with specific criteria for eligible properties [10][26]. - The anticipated financial impact includes a potential market transaction increase of approximately 1,080 billion yuan, representing a 9% boost to total market transactions and a 24% increase in new home sales [3][10]. Summary by Sections 1. Background of the "Old-for-New" Policy - The central government has emphasized the need for policies that control inventory and improve supply, with the "old-for-new" initiative aligning closely with these goals [10][11]. 2. Historical Experience of "Old-for-New" - The "old-for-new" model is categorized into acquisition and assistance types, with the acquisition model being more effective in driving sales [16][21]. - The acquisition model has been implemented in over 20 cities, with a total of 14,520 units identified for trial [16][21]. 3. Shanghai's "Old-for-New" Policy - The policy aims to stabilize housing prices by focusing on second-hand homes, with specific requirements for properties built before 2000 and under 400 million yuan [3][10]. - The estimated funding requirement for the acquisition of 27,000 units is approximately 54 billion yuan, leveraging a 1:2 replacement ratio to maximize market impact [3][10]. 4. Feasibility of the Latest "Old-for-New" Policy - Shanghai is positioned as a key city for the implementation of this policy due to its strong government credibility and market stability [3][10]. - The second-hand housing market in Shanghai has shown signs of stabilization, with a reduction in the average transaction cycle to 22.2 months and a 2% month-on-month price rebound [3][10]. 5. Investment Recommendations - The report suggests that the current environment, characterized by improving transaction volumes and prices in the second-hand market, presents significant investment opportunities [3][10].

Investment Rating - The report maintains a "Recommendation" rating for the real estate sector, specifically highlighting the promotion of "good housing" construction in Fujian [2]. Core Insights - The report indicates a seasonal decline in new and second-hand housing transactions, with new housing transaction area in 20 cities decreasing by 9% week-on-week but increasing by 147% year-on-year. The total transaction area for new housing was 170 million square meters [22][21]. - The second-hand housing market showed a similar trend, with a 7% week-on-week decrease but a 174% year-on-year increase in transaction area, totaling 199 million square meters [27][24]. - The report emphasizes the importance of addressing three key issues in the real estate market: declining new housing demand, unresolved inventory, and the negative impact of land finance on the economy [6]. Industry Data - The real estate sector consists of 107 listed companies with a total market capitalization of approximately 1,270.7 billion yuan and a circulating market capitalization of about 1,217.1 billion yuan [2]. - The sector's performance in the past month shows an absolute increase of 2.3%, a 6-month increase of 7.4%, and a 12-month increase of 12.8% [3]. Policy Developments - Fujian province has introduced measures to stabilize the real estate market, focusing on promoting housing consumption and inventory reduction, including optimizing shared ownership policies and encouraging the purchase of existing homes [15][18]. - Gansu province has adjusted its housing provident fund loan policies, increasing the maximum loan amounts for single and married contributors [15][18]. Sales Performance - In the first week of February, the average daily transaction area for new housing in 20 cities was 24.3 million square meters, with a cumulative transaction area of 838 million square meters year-to-date, reflecting a 28% year-on-year decrease [22][21]. - The report notes that the average transaction area for second-hand housing in 11 cities was 28.5 million square meters, with a cumulative area of 1,067 million square meters year-to-date, indicating a 23% year-on-year increase [27][24]. Investment Strategy - The report suggests focusing on three areas to find alpha in the real estate sector: precision in land acquisition for developers, stable income assets such as leading shopping centers, and leading real estate agencies that enhance transaction efficiency [6].

Investment Rating - The report maintains a "Recommendation" rating for the real estate sector, specifically highlighting the promotion of "good housing" construction in Fujian [2]. Core Insights - The report indicates a seasonal decline in new and second-hand housing transactions, with new housing transaction volume in 20 cities decreasing by 9% week-on-week but increasing by 147% year-on-year. Second-hand housing transactions in 11 cities also saw a week-on-week decrease of 7% but a year-on-year increase of 174% [6][21][27]. - The report emphasizes the importance of addressing three key issues in the real estate market: the decline in new housing demand, unresolved inventory issues, and the negative impact of land finance on the economy [6]. Summary by Sections Industry Basic Data - The real estate sector comprises 107 listed companies with a total market capitalization of 1,270.717 billion yuan and a circulating market capitalization of 1,217.136 billion yuan [2]. Sales Performance - In the sixth week, the average daily transaction area for new housing in 20 cities was 24.3 million square meters, with a total transaction area of 170 million square meters, reflecting a year-on-year increase of 147% [22][21]. - The average daily transaction area for second-hand housing in 11 cities was 28.5 million square meters, with a total transaction area of 199 million square meters, showing a year-on-year increase of 174% [27][30]. Policy News - Fujian Province has introduced measures to stabilize the real estate market, focusing on promoting housing consumption and inventory reduction, including optimizing shared ownership policies and encouraging the purchase of existing homes [15][18]. - Gansu Province has adjusted its housing provident fund loan policies, increasing the maximum loan amounts for single and married contributors [15][18]. Investment Strategy - The report suggests focusing on three areas to find alpha in the real estate sector: precision in land acquisition for developers, investment in leading shopping centers, and monitoring leading real estate agencies for efficiency improvements [6].

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - The report highlights three major trends expected in 2026: 1) The real estate adjustment is likely nearing its end, with current price adjustments being relatively sufficient compared to global averages; 2) There are structural opportunities for "good houses" as the market enters a phase of differentiation, with a focus on high-quality residential developments; 3) The recovery of the Hong Kong property market is anticipated to continue, driven by multiple favorable factors [4][6][48]. Market Performance - The Shanghai Composite Index fell by 1.3%, while the real estate sector (Shenwan) remained unchanged at 0.0%. Notable stock performances included Jingtou Development (+23.7%) and Rong'an Real Estate (+13.7%) [6][9]. Data Tracking New Housing Transactions - In the week of January 31 to February 6, 2026, new housing transactions in 42 key cities totaled 1.48 million square meters, a slight decrease of 0.1% from the previous week but a year-on-year increase of 118.5% [15][21]. - For February up to the week of February 6, new housing transactions reached 1.27 million square meters, reflecting a 39.9% increase month-on-month and a 171.3% increase year-on-year [21]. Second-Hand Housing Transactions - In the same week, second-hand housing transactions in 21 key cities totaled 2.12 million square meters, down 3.0% from the previous week but up 212.5% year-on-year [33][37]. - For February up to the week of February 6, second-hand housing transactions reached 1.92 million square meters, marking a 71.2% increase month-on-month and a 327.8% increase year-on-year [37]. Industry News - The report notes that the central government has prohibited the sale of rural collective operating construction land for residential purposes, and 29 provinces will implement a second round of land extension trials [48]. - The first batch of commercial real estate REITs is set to raise 31.475 billion yuan, covering asset types such as shopping centers and office buildings [48]. - Shanghai has initiated the acquisition of second-hand housing for affordable rental housing projects, with specific districts as pilot areas [48][50]. Company Announcements - In January 2026, major companies reported sales figures: Yuexiu Real Estate at 4.2 billion yuan (down 36.4% year-on-year), Greentown China at 9.7 billion yuan (down 14.2%), and China Overseas Development at 14.48 billion yuan (up 20.4%) [51][52].