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） 公 告 截至二○二五年六月三十日未經審計銷售資料及 六月份土地收購資料 於本公告刊發日期，董事會成員包括： – 1 – 本月土地收購 二○二五年六月，本公司的附屬公司通過合作方式取得北京市一幅地塊約28.64%的實際權 益。該地塊位於北京市昌平區，規劃總可建築面積合共約 128,800平方米，規劃用途為居住用 地。代表本公司實際權益的土地價款約為人民幣6.86億元。 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，務 須小心謹慎，避免不恰當地依賴該等資料。如有任何疑問，投資者應尋求專業人士或財務顧問 的專業意見。 承董事會命 越秀地產股份有限公司 余達 ...

Core Insights - The real estate market in China is witnessing a significant increase in land acquisition by top developers, particularly in first and second-tier cities, with a year-on-year increase of over 30% in land acquisition amounts for the top 100 developers [3][10]. Group 1: Land Acquisition Trends - In the first half of the year, the total land acquisition amount for the top 100 developers reached 506.55 billion yuan, marking a 33.3% increase compared to the previous year [3]. - Ten developers exceeded 10 billion yuan in land acquisition, with Poly Developments leading at 41.4 billion yuan, followed by China Overseas and Greentown China at 39.3 billion yuan and 38.5 billion yuan, respectively [4][5]. - Central state-owned enterprises remain the dominant players in land acquisition, accounting for 58% of the total land acquisition amount in 22 cities, while the share of local state-owned enterprises has decreased [6][8]. Group 2: Market Dynamics - The land market is showing a clear trend of "controlling quantity and improving quality," with a significant increase in land transfer amounts in first and second-tier cities, which grew by 47.3% and 36.5%, respectively [11][12]. - The top 20 cities accounted for approximately 66% of the total land transfer amount nationwide, a notable increase from 51% in the previous year [12]. - The average premium rate for land transactions has exceeded 10%, indicating strong competition for high-quality land [11]. Group 3: Developer Strategies - Developers are increasingly focusing on the safety and profitability of projects, with core areas in cities like Beijing, Shanghai, and Hangzhou expected to see high premium transactions due to their scarcity [17]. - The return of private developers to the land market suggests a gradual recovery of confidence in the real estate market, with many actively seeking to replenish their land reserves [8][6]. - In major cities like Hangzhou and Shanghai, land auctions have seen record-breaking prices and premium rates, reflecting the high demand for residential land [15][16].

Core Viewpoint - The article highlights the successful delivery of the TOD project "Xingman Yunzhu" by Yuexiu Property in Hangzhou, showcasing its commitment to high-quality urban development and community living [1][19]. Group 1: Project Overview - Yuexiu Property has a 42-year history in TOD development, emphasizing its core competitiveness through the "Four Good Enterprises" standard and numerous industry awards [1]. - The "Xingman Yunzhu" project is positioned as the first TOD complex in East China, integrating successful elements from Guangzhou's TOD experience [1][3]. - The project has achieved remarkable sales, with over 1,200 units sold, indicating strong market recognition and demand for quality living spaces [3]. Group 2: Community and Living Experience - The project features a comprehensive living environment with amenities such as a neighborhood center, sports activity center, and educational facilities, including a 30-class primary school managed by a local education brand [13]. - The design incorporates natural elements and modern aesthetics, enhancing the living experience with features like a 600-meter aerial jogging track and a 2.4 km walking path [7][11]. - The community's landscape design, with a low plot ratio of approximately 1.15, redefines urban living standards, creating a serene and visually appealing environment [11]. Group 3: Customer Satisfaction and Service - The delivery process emphasizes transparency and customer care, ensuring a smooth transition from signing to moving in, which fosters a sense of trust and warmth among residents [15][19]. - Positive feedback from homeowners highlights the project's quality and the effective service provided by Yuexiu Property, reinforcing the brand's reputation [17]. - The successful delivery of "Xingman Yunzhu" is seen as a significant achievement for Yuexiu Property, marking a new benchmark for urban living in Hangzhou [19].

Core Insights - The article highlights the emergence of high-quality housing in Foshan, positioning it as a "good housing city" comparable to first-tier cities, driven by new regulations and innovative product offerings [1][2][9]. Group 1: Housing Standards and Regulations - The Ministry of Housing and Urban-Rural Development has implemented the "Residential Project Standards," which define "good housing" as having characteristics of safety, comfort, green design, and intelligence [3]. - Specific hard indicators for new housing include a minimum ceiling height of 3 meters, elevators for buildings over four stories, and adequate sunlight for each unit [3][4]. Group 2: Market Trends and Innovations - Leading real estate companies are innovating their own "good housing standards," such as Poly Developments' "Three Good" ecosystem and China Merchants Shekou's seven good housing systems, contributing to a diverse market [5]. - Foshan's housing market is experiencing a shift from quantity to quality, providing buyers with unprecedented opportunities for home purchases [9]. Group 3: Product Innovations - New housing projects in Foshan are characterized by significant product innovations, enhancing spatial experience and usability [10][16]. - Examples include the Poly Tianzan landmark twin towers and unique designs like the U-shaped dual panoramic cabin in the Foshan sequence, which elevate the city's product offerings [11][13]. Group 4: Enhanced Living Experience - Developers are increasingly creating realistic demonstration areas before sales, enhancing the customer experience [22]. - Many luxury projects are adopting high-end hotel aesthetics in their demonstration areas, such as the hotel-style drop-off zones in the China Merchants Huaxi Phase II [25]. Group 5: Smart Home Integration - The integration of smart home technology is becoming standard in both ordinary and luxury housing projects, enhancing the living experience through interconnected systems [27][35]. - Projects are also incorporating advanced technology systems to bridge the gap between nature and urban living [35]. Group 6: Community and Lifestyle Enhancements - Developers are focusing on creating community-oriented living spaces, emphasizing emotional value during property handovers and fostering neighborly relationships through enhanced property services [44][49]. - The concept of housing is evolving from mere structures to living environments that cater to the emotional and social needs of residents [56].

Core Viewpoint - The real estate industry is experiencing a contraction, with a significant decrease in sales among top companies, indicating a shift in market dynamics and competitive landscape [1][2]. Group 1: Sales Performance - In the first half of 2025, the total sales of the top 100 real estate companies amounted to 18,364.1 billion yuan, a year-on-year decline of 11.8% [1]. - Only four companies surpassed the 100 billion yuan sales threshold, a reduction of two compared to the previous year, with Poly Developments leading at 145.2 billion yuan [2]. - Despite overall poor performance, June saw a month-on-month sales increase of 14.7% for the top 100 companies, with nearly 60% reporting growth [2][3]. Group 2: Land Acquisition Trends - The focus of real estate companies is shifting towards core cities, with land transaction volumes increasing by 18.4% year-on-year in the first half of 2025 [4]. - The top 100 companies' total land acquisition amounted to 506.55 billion yuan, reflecting a 33.3% increase year-on-year [5]. - The structure of land acquisition is improving, with a decrease in local state-owned enterprises' share and an increase in central state-owned and private enterprises' participation [5]. Group 3: Policy Support and Market Outlook - The real estate sector is expected to receive continued policy support, with anticipated positive fiscal and monetary measures to stabilize the industry [6]. - There is potential for further reductions in mortgage rates and easing of purchase restrictions in certain cities to support homebuyers [6].

Core Viewpoint - Yuexiu Capital has authorized its subsidiary Guangzhou Asset to increase its stake in Yuexiu Property through the Hong Kong Stock Connect, using up to 204 million yuan of its own funds, with the aim of deepening strategic cooperation and achieving stable investment returns [1] Group 1: Company Actions - In 2024, Yuexiu Capital previously authorized Guangzhou Asset to use up to 557 million yuan for increasing its stake in Yuexiu Property, resulting in the purchase of 78.38 million shares, accounting for 1.95% of the total shares, with a total expenditure of 352 million yuan [1] - The recent increase in stake is intended to further explore cooperation in real estate distress resolution, restructuring, and asset management, aligning with Guangzhou Asset's strategic direction [1] Group 2: Market Performance - Yuexiu Property achieved a contract sales amount of 114.5 billion yuan in 2024, ranking 8th in the industry, and reported a sales figure of 61.7 billion yuan in the first half of the year, making it one of the few companies in the TOP 100 to see a year-on-year increase [2] - The company focused on the Guangdong-Hong Kong-Macao Greater Bay Area and key cities in East, Central-West, and Northern China, spending 10.5 billion yuan on land acquisitions in the first half of the year, with 3.4 billion yuan concentrated in the Greater Bay Area, ranking second in the industry [2] Group 3: Competitive Landscape - Yuexiu Property demonstrated strong competition for scarce land in core areas, winning a land bid in Hangzhou with a premium rate of 58.23%, totaling 1.1 billion yuan, setting a record for the area with a floor price of 39,146 yuan per square meter [2] - Despite a 15% decline in stock price this year, the total market capitalization stands at 17.3 billion HKD, with positive signals from recent government meetings aimed at stabilizing the real estate market [3]

Group 1 - In the first half of 2025, China's top 100 real estate companies showed strong investment willingness, with total land acquisition amounting to 506.55 billion yuan, a year-on-year increase of 33.3% [1] - Poly Developments led the land acquisition with a new value of 89.9 billion yuan, followed by Greentown China at 83.1 billion yuan and China Jinmao at 74.9 billion yuan [1] - The land acquisition intensity of real estate companies is positively correlated with their sales performance, with the top four companies exceeding 100 billion yuan in sales [1] Group 2 - The land acquisition by the top 100 real estate companies is primarily concentrated in core cities such as Beijing, Hangzhou, Shanghai, and Chengdu, where premium land parcels are often sold at high premiums [2] - The average premium rate for residential land sales across 300 cities in China increased by over 20% year-on-year, with an average premium rate exceeding 10% [2] - In the first half of 2025, 47.8% of sales performance from 20 representative companies came from second-tier cities, a decrease of 6.8 percentage points year-on-year, while first-tier cities' contribution increased by 9 percentage points to 40% [2]

越秀资本：广州资产拟不超2.04亿元买入越秀地产港股股票 金十数据7月1日讯，越秀资本公布，公司于2025年7月1日召开第十届董事会第二十四次会议和第十届监 事会第二十次会议，审议通过《关于控股子公司广州资产增持越秀地产股份暨关联交易的议案》，同意 公司控股子公司广州资产管理有限公司使用不超过2.0422亿元的自有资金，通过港股通在二级市场买入 越秀地产股份有限公司港股股票。 ...

Core Insights - The top 100 real estate companies in China spent a total of 506.55 billion yuan on land acquisition in the first half of the year, marking a year-on-year increase of 33.3%, a rare positive growth since 2022 [1] - The increase in spending is attributed to the release of numerous high-quality land parcels in core urban areas, although the total area of residential land transactions continues to decline [1] - The focus of real estate companies is shifting towards key first- and second-tier cities, particularly in hotspots like Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, and Chengdu [1] - The competitive landscape is tightening, with the top 20 cities accounting for over 65% of the total land transfer fees, leaving the remaining cities with only one-third of the market share [1] Group 1: Land Acquisition Trends - The median land acquisition amount for the top 100 companies is approximately 2 billion yuan, with the top company having an acquisition amount 14.8 times that of the 30th ranked company [2] - The top 10 companies by land acquisition amount in the first half of the year include Poly Developments, China Overseas, and Greentown [3][4] - Poly Developments led the land acquisition rankings with 41.4 billion yuan, followed closely by China Overseas with 39.3 billion yuan [5] Group 2: Regional Focus - Poly Developments has made significant investments in the four major metropolitan areas, particularly in the Yangtze River Delta and the Beijing-Tianjin-Hebei region, with land acquisition amounts in the first half of the year exceeding the total for the previous year [6] - China Jinmao has also accelerated its land acquisition, spending 26.1 billion yuan in the first half of the year, compared to 18.7 billion yuan for the entire previous year [8] Group 3: Competitive Dynamics - The competition among leading real estate companies is intensifying, leading to higher premium rates for quality land parcels, which in turn increases project costs [1] - Companies with weaker financial and operational capabilities risk being pushed out of the top tier, as sustained financial endurance and product upgrade capabilities become critical for success [1] Group 4: Company Performance - Jinmao's total new value added from land acquisition reached 74.9 billion yuan, indicating a strong recovery and potential for improved performance in the future [10][12] - Jianfa Real Estate has also shown aggressive land acquisition strategies, achieving a land acquisition intensity of 64.22% in the first half of the year, making it a significant player in the market [13][14] Group 5: Market Challenges - Companies that are currently acquiring less land may face financial constraints or are adjusting their strategies due to past investment mistakes, as seen with Huafa [15][17] - The overall land acquisition intensity among top companies remains high, with a notable shift towards focusing on first- and second-tier cities, potentially squeezing out second- and third-tier companies [20][26]

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - New home transaction area increased on a month-on-month basis but decreased year-on-year, with a significant drop in the year-on-year rate of decline [1] - The inventory of new homes and the de-stocking cycle both decreased on a month-on-month and year-on-year basis [1] - The land market saw both volume and price increases, with a notable rise in the premium rate [1] - Domestic bond issuance by real estate companies decreased significantly, indicating tighter financing conditions [1] - The absolute return of the real estate sector increased, while the relative return compared to the CSI 300 also improved [1] Summary by Sections 1. Key City New Home Market, Second-hand Home Market, and Inventory Tracking - New home transaction area for 40 cities was 3.366 million square meters, up 37.0% month-on-month but down 25.7% year-on-year [1][18] - Second-hand home transaction area decreased by 2.7% month-on-month but saw a smaller year-on-year decline of 0.9% [1][18] - New home inventory area for 12 cities was 87.42 million square meters, down 0.3% month-on-month and down 16.3% year-on-year [1][45] 2. Land Market Tracking - Total land transaction area for 100 cities was 15.761 million square meters, up 47.9% month-on-month and up 25.6% year-on-year [1][14] - Total land transaction price reached 57.35 billion yuan, up 186.7% month-on-month and up 155.3% year-on-year [1][14] - The average floor price of land was 3,639 yuan per square meter, up 93.9% month-on-month and up 103.2% year-on-year [1][14] 3. Industry Policy Review - The report highlights ongoing government efforts to stabilize the real estate market through various supportive measures [1][6] 4. Sector Performance Review - The absolute return of the real estate sector was 3.1%, an increase of 4.8 percentage points from the previous week [1][15] - The sector's price-to-earnings ratio (PE) was 23.85X, up 0.68X from the previous week [1][15] 5. Company Announcements - The report includes a summary of key company announcements within the real estate sector for the week [1][15] 6. Bond Issuance Situation - The total bond issuance in the real estate sector was 4.79 billion yuan, down 43.0% month-on-month and down 37.1% year-on-year [1][15]