承董事會命 越秀地產股份有限公司 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。 余達峯 公司秘書 香港，二○二五年五月八日 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：185774 债券简称：22 穗建 02 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(第一期)(品种二) 2025 年付息公告 1 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 ...

Core Viewpoint - The Guangzhou land market is showing signs of recovery, with increased activity from private enterprises and notable price premiums on land sales, indicating a positive trend in the real estate sector [1][2][4]. Land Market Activity - On May 6, a land parcel in Panyu was sold for approximately 307 million yuan, with a premium rate of 19.5%, marking the first land acquisition by a private company in Guangzhou this year [1][3]. - In April, three land parcels were sold to Yuexiu Property, with premium rates of 21.46%, 15.61%, and 18.23% respectively, reflecting strong competition among developers [3][4]. Real Estate Sales Performance - From May 1 to May 5, the number of visits to major residential projects in Guangzhou reached 31,466, a 181.8% increase compared to the pre-holiday average, with 2,093 units sold, a 244.7% increase [1][5]. - Year-on-year comparisons show a 30% increase in visits and a 73% increase in sales during the "May Day" holiday period [6]. Developer Strategies and Market Conditions - Developers are actively launching marketing campaigns and offering discounts to attract buyers, resulting in significant sales during the holiday [6][7]. - The introduction of new residential projects, particularly those developed under new regulations, is enhancing competitiveness against older properties [7]. Policy Impact - Recent monetary policy changes, including a reduction in interest rates and housing fund loan rates, are expected to further stabilize and boost the real estate market in Guangzhou [7].

Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [5] Core Viewpoints - The cumulative sales amount of the top 100 real estate companies from January to April 2025 decreased by 7.8% year-on-year, with a sales area decline of 19.9% [2][34] - The report highlights that the real estate market is stabilizing but requires further consolidation, with various policies introduced in 2024 aimed at revitalizing the market [3][67] - The report suggests that the real estate market will see regional and city-level differentiation, with some high-capacity cities gradually stabilizing [3][67] Summary by Sections Sales Performance - In April 2025, the top 10 real estate companies had a total sales amount of 141.1 billion yuan, down 15.0% year-on-year, with a sales area decrease of 20.6% [1][8] - For the first four months of 2025, the top 100 companies reported a total sales amount of 1,093.5 billion yuan, with a year-on-year decline of 7.8% [2][34] - The sales concentration of the top 10, 20, 50, and 100 companies decreased year-on-year, indicating a more competitive market [2][49] Key Companies - Among the 20 mainstream real estate companies, 6 reported positive year-on-year sales growth in April 2025, with notable performances from Huafa Group (+74%) and Jianfa Real Estate (+53%) [3][54] - For the first four months of 2025, 7 companies showed positive cumulative sales growth, with Huafa Group (+49%) and Yuexiu Property (+37%) leading [3][62] Investment Recommendations - The report recommends focusing on companies with comprehensive development capabilities and those actively participating in urban renewal projects, such as China Overseas Development and China Merchants Shekou [4][67] - It also suggests looking into commercial REITs with strong operational brands and abundant existing commercial real estate resources, such as China Resources Land and Longfor Group [4][67]

Core Viewpoint - The Guangzhou real estate market is showing signs of recovery as private enterprises re-enter the land auction market, with a notable increase in land prices and transaction volumes [1][3]. Group 1: Land Auction Details - On May 6, a private company, Guangzhou Panyu Real Estate Development Co., won a land auction in Panyu District for a total price of 307 million yuan, translating to a floor price of 19,894 yuan per square meter, with a premium rate of 19.48% [1]. - The auctioned land is classified as Class II residential land, covering an area of 7,051.6 square meters, with a buildable area of 15,416.49 square meters [2]. Group 2: Market Trends - The recent auction reflects a significant increase in land prices, with a similar plot sold by Greentown in December for approximately 508 million yuan, showing a price increase of about 3,000 yuan per square meter over five months [3]. - The Guangzhou land auction market has become active again in 2023, with state-owned enterprise Yuexiu Real Estate acquiring three residential plots for a total of 2.545 billion yuan, with premium rates ranging from 15.61% to 21.46% [3]. Group 3: Sales Performance - During the recent "May Day" holiday period, the number of visits to major residential projects in Guangzhou reached 31,466, a 181.8% increase compared to the pre-holiday average [3]. - The number of residential units sold during the same period was 2,093, reflecting a 244.7% increase from the pre-holiday average, with a total area of 79,900 square meters signed, marking a 4.6% increase year-on-year [3].

Core Viewpoint - The recent "May Day" holiday has seen a significant uptick in real estate transactions in Beijing, with developers reporting high visitor numbers and substantial sales figures, indicating a renewed interest in the housing market driven by new regulations and consumer expectations for quality housing [1][3][6]. Group 1: Sales Performance - Developers such as China Merchants Shekou and Poly Developments reported sales of 1.8 billion yuan and 705 million yuan respectively during the "May Day" period [1]. - The China State Construction Engineering Corporation's project achieved sales of 610 million yuan, with specific projects like Yuanqi selling 36 units [1]. - The Beijing Jinju Wangjing Yunshang project experienced overwhelming customer interest, with 18 sales staff struggling to manage the influx of clients [3]. Group 2: Market Trends - The introduction of the "Good House" national standard has shifted public focus from just usable area ratios to the quality of public spaces, emphasizing community living [1][11]. - The average sales price for new projects ranges from 11,000 to 13,000 yuan per square meter, reflecting a competitive pricing strategy among developers [3]. - Online property search activity increased by approximately 3.9% during the "May Day" holiday compared to the previous five days, indicating heightened consumer interest [6]. Group 3: Consumer Preferences - Buyers are increasingly inquiring about usable area ratios and overall living quality, reflecting a shift from merely acquiring housing to seeking better living experiences [11][13]. - The focus on community spaces and social interaction is becoming a critical factor in home buying decisions, with developers like Longfor Group emphasizing the importance of public areas in their projects [11][13]. - The expectation for higher quality housing is evident, as consumers are now more discerning about design and functionality, with a preference for projects that offer better living conditions [13].

Core Insights - The "May Day" holiday marks a crucial marketing period for the Guangzhou real estate market, particularly in the Haizhu District, which has become one of the most competitive areas for property sales in the city [1][2] - Haizhu District recorded an average transaction price of 7.6 million yuan for residential properties from January to April, ranking second in the city, while the new supply-demand ratio of 2.29 is significantly higher than other districts [1] - The district has a substantial inventory of 4,542 residential units with a depletion cycle of 14.7 months, indicating a competitive market ahead as more residential land parcels are expected to be supplied [1][2] Market Dynamics - New projects such as Greentown Fuxiangyuan and Yuexiu Jiangwan Chaoqi are set to launch in the first half of 2025, and developers are leveraging new regulations to expedite sales during the holiday [2][3] - The average price for new homes in Haizhu has seen a decrease, with some projects offering significant discounts to attract buyers, indicating a shift in market dynamics [2][5] - The introduction of new housing regulations on May 1 is expected to enhance the market's acceptance of compliant products, potentially increasing transaction volumes [7] Sales Strategies - Developers are adopting aggressive pricing strategies to boost sales, with some projects reducing prices significantly to stimulate demand during the holiday period [5][7] - The trend of "pre-holiday rush" sales has become common, with many new projects offering substantial discounts and incentives to encourage quick sales [3][5] - The overall market sentiment is optimistic, with an increase in buyer inquiries and a rise in transaction rates observed in the lead-up to the holiday [7]

Core Viewpoint - The real estate market is showing signs of stabilization, with top 100 real estate companies experiencing a slight decline in sales but maintaining a steady recovery trend [1][3]. Group 1: Sales Performance - In April, the top 100 real estate companies achieved a sales turnover of 284.68 billion yuan, with a cumulative sales turnover of 1,018.17 billion yuan from January to April, reflecting a year-on-year decrease of 6.7% [1]. - Poly Developments leads the sales rankings with a turnover of 80.61 billion yuan, followed by Greentown China and China Overseas Land & Investment with 71.02 billion yuan and 61.39 billion yuan respectively [1]. - The sales thresholds for different tiers of companies have shown differentiation, with the top 10, 30, and 50 companies experiencing increased sales thresholds, while the top 20 companies saw a year-on-year decrease of 8.9% to 11.26 billion yuan [1]. Group 2: Market Strategy - Real estate companies are shifting focus from merely achieving sales targets to enhancing high-quality development and improving contract collection rates [2]. - The implementation of "one city, one policy" marketing strategies allows companies to respond quickly to market changes and optimize regional land reserve structures [2]. - Investment strategies are now concentrated on high-capacity cities, prioritizing projects with high revenue certainty, leading to significant land acquisitions in core areas of first and strong second-tier cities [2]. Group 3: Market Outlook - The new housing supply in April remained stable compared to the previous month, but transaction volumes showed a slight decline, with expectations for May indicating a similar trend [3]. - The emphasis on constructing "good houses" has been reinforced by the government, with a significant portion of the housing stock being older, indicating a persistent demand for high-quality housing [3]. - The central government is expected to accelerate the implementation of supportive policies for the real estate market, which may lead to continued recovery in core city markets [4].

Core Insights - The land transaction activity in key cities has significantly increased, with major real estate companies showing a positive trend in land acquisition and investment [1][2][3] Group 1: Land Acquisition Trends - In the first four months, the top 100 real estate companies' land acquisition amount reached 428.5 billion yuan, a year-on-year increase of 42% [2] - The total new value of land acquired by these companies was 830.9 billion yuan, reflecting a year-on-year growth of 23.6% [2] - The total construction area acquired was 39.15 million square meters, marking a 3.2% increase year-on-year [2] Group 2: Market Concentration - The top 10 real estate companies accounted for 69% of the total new value acquired by the top 100 companies, an increase of 7 percentage points compared to the end of 2024 [2] - The land acquisition to sales ratio for the top 100 companies remained stable at 0.3, which is an increase of 0.13 from the end of 2024 [2] - The market is showing signs of concentration, with leading companies and state-owned enterprises optimizing their land reserves, while smaller firms are reducing their investment due to liquidity pressures [3] Group 3: Regional Insights - The Yangtze River Delta region led the four major city clusters in land acquisition, with the top 10 companies acquiring 114.67 billion yuan worth of land [4] - In contrast, the Beijing-Tianjin-Hebei region ranked second with 69.8 billion yuan, while the Midwest region was third with 28.9 billion yuan [4] - Major state-owned and local enterprises dominate land acquisition in key cities, while private companies are focusing on specific areas to supplement their land reserves [4] Group 4: Market Outlook - The core cities are experiencing a recovery in market sentiment due to policy optimization and increased quality supply, although the national market has not fully stabilized [5] - Real estate companies are advised to seize the opportunity during the "stop falling and stabilize" policy window while being cautious in their investments [5]

Core Insights - The total land acquisition amount by the top 100 real estate companies in China reached 360.8 billion yuan from January to April 2025, marking a year-on-year increase of 26.6%, although the growth rate decreased by 4.0 percentage points compared to the previous month [1] - In April, 22 cities saw a more than 40% year-on-year increase in residential land transfer fees, indicating fierce competition among real estate companies for premium land parcels and reflecting the value of land in core areas [1] - Major cities such as Beijing, Hangzhou, Chengdu, Suzhou, Chongqing, and Nanjing auctioned high-premium land parcels, while the land market in many other cities continues to face short-term pressure [1] Group 1: Land Acquisition Data - The top three companies in terms of new land value from January to April 2025 are Greentown China with 64.2 billion yuan, China Jinmao with 59 billion yuan, and Poly Developments with 50.1 billion yuan [4] - The total new land value for the top 10 companies during this period was 456.16 billion yuan, accounting for 43.5% of the total for the top 100 companies, with a minimum threshold for new land value set at 3.5 billion yuan [4] - The Yangtze River Delta region led the four major city clusters with a land acquisition amount of 114.67 billion yuan, followed by the Beijing-Tianjin-Hebei region with 69.8 billion yuan, and the Central and Western regions with 28.9 billion yuan [4] Group 2: Company Rankings - The top 10 companies by total new value from January to April 2025 are as follows: Greentown China (64.2 billion yuan), China Jinmao (59 billion yuan), Poly Developments (50.1 billion yuan), China Merchants Shekou (47.1 billion yuan), and Shimao Group (45.6 billion yuan) [13] - The rankings for land acquisition amount and area for the top 100 companies show Greentown China leading in both metrics, with 31.3 billion yuan in land acquisition amount and 139 million square meters in area [7][8] - The data indicates a competitive landscape among real estate companies, with significant investments in land acquisition to secure future development opportunities [1][4]

4月30日，广州、南京均有土地出让。 其中，广州出让3宗白云区涉宅用地，总成交金额25.45亿元。这3宗地均由越秀竞得，溢价率分别为21.46%、15.61% 和18.23%。 南京有19宗宅地出让，其中2宗溢价成交，其余地块均底价成交，总成交金额106.34亿元。最受关注的建邺区地块经 过226轮竞价，最终由招商局地产以32.04亿元竞得，成交楼面价45053元/㎡，溢价率25.65%。 广州3宗地被越秀包揽 白云区嘉禾望岗AB2112050地块用地性质为二类居住用地兼容商业设施用地及交通场站用地，土地出让面积11533 ㎡，规划建筑规模34599㎡，容积率3.0，地块起始价为5.49亿元，起始楼面价为15855元/㎡。根据出让文件，竞得人 须配建嵌入式服务综合体、公交首末站等配套公服建筑面积合计4915㎡；按规划要求代建规划条件中要求设置的停 车场。该地块挂牌阶段已获4家竞买人报价，最终经过21竞价，由越秀以6.49亿元竞得，成交楼面价18745元/㎡，溢 价率18.23%。 南京19宗宅地超106亿元成交 4月30日，南京有19宗宅地出让，其中六合区3宗、江宁区2宗、浦口区4宗、建邺区1宗、溧水区9宗， ...