Investment Rating - The industry is rated as "Overweight" [6] Core Insights - In Q1 2025, the land auction heat in key cities continues to rise, with the average transaction price of residential land in the core 30 cities increasing by 24% year-on-year [4][93] - The total area of residential land transactions in the core 30 cities reached 2,134 million square meters in Q1 2025, a year-on-year increase of 16.1%, with a total transaction value of 279.1 billion yuan, up 44.1% year-on-year [93][100] - The overall premium rate for land transactions in the core 30 cities was 18.7% in Q1 2025, an increase of 11.3 percentage points year-on-year [93][95] Summary by Sections 1. Supply and Demand of Land/Residential Land in 100 Cities - In Q1 2025, the total area of land transactions in 100 cities decreased by 14.8% year-on-year, while the area of residential land transactions increased by 0.1% year-on-year [11][20] - The total supply of residential land in 100 cities was 43.72 million square meters, with a year-on-year decrease of 18.4% [20] 2. Transaction Prices of Land/Residential Land - The average transaction price of residential land in 100 cities was 7,373 yuan per square meter in Q1 2025, reflecting a year-on-year increase of 15.1% [54] - The average transaction price of residential land in the core 30 cities was 13,080 yuan per square meter in Q1 2025, up 24.1% year-on-year [95] 3. Land Acquisition by Top 50 Real Estate Companies - The top 50 real estate companies added land reserves valued at 281.1 billion yuan in Q1 2025, a year-on-year increase of 47.7% [2][79] - The top three companies in terms of land reserve value were China Resources Land (32.9 billion yuan), China Overseas Land (29.8 billion yuan), and Greentown China (28.7 billion yuan) [2][86] 4. Transaction Situation of Residential Land in Core 30 Cities - In March 2025, the total area of residential land transactions in the core 30 cities was 888 million square meters, with a total transaction value of 112.6 billion yuan, reflecting a year-on-year increase of 30.7% [93][94] - The overall premium rate for land transactions in March 2025 was 23%, an increase of 15.7 percentage points year-on-year [93][94] 5. Investment Recommendations - The report suggests focusing on leading real estate companies with strong comprehensive development capabilities and those actively participating in urban renewal and village renovation projects [4][105] - It also recommends attention to commercial public REITs with rich existing commercial real estate resources and strong brand competitiveness [4][105]

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 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○二五年四月二十三日 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：185772 债券简称：22 穗建 03 广州市城市建设开发有限公司关于放弃行使 "22穗建03"公司债券赎回选择权的公告 6、债券期限：5 年期，附第 3 年末发行人赎回选择权、发行人调整票面利率 选择权和投资者回售选择权。 本公司董事会及全体董事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个别及连带责任。 重要提示： 《广州市城市建设 ...

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。 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○二五年四月二十二日 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：185772 债券简称：22 穗建 03 广州市城市建设开发有限公司 关于"22 穗建 03"公司债券回售实施公告 本公司董事会及全体董事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个别及连带责任。 重要提示： 1、根据《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（第二期）募集说明书》中设定的投资者回售选择权 ...

越秀地產股份有限公司董事（「董事」）會（「董事會」）成員載列如下。 執行董事 林昭遠 （董事長） 朱輝松 （副董事長、總經理） 江國雄 （聯席總經理） 賀玉平 陳靜 劉艷 非執行董事 （在香港註冊成立的有限公司） （股份代號：00123） 董事名單與其角色和職能 董事會設立四個委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 | | | 董事會委員會 | | | | --- | --- | --- | --- | --- | | | | | | 可持續發展 | | 董事 | 審核委員會 | 薪酬委員會 | 提名委員會 | 委員會 | | 林昭遠 | | M | C | C | | 朱輝松 | | | | M | | 江國雄 | | | | M | | 賀玉平 | | | M | | | 余立發 | C | C | M | M | | 李家麟 | M | M | M | M | | 劉漢銓 | M | M | M | M | | 張建生 | M | M | M | M | 附註： C 有關委員會的主席 M 有關委員會的成員 香港，二○二五年四月十七日 張貽兵 蘇俊杰 獨立非執行董事 余立發 李家麟 劉漢 ...

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分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。 承董事會命 （在香港註冊成立的有限公司） （股份代號：00123） 環境、社會及管治委員會變更 越秀地產股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會議決將「環境、社會及 管治委員會」更名為「可持續發展委員會」（「委員會」）。董事會亦議決相應修訂委員會的職權範 圍，以納入與可持續發展相關的職責。委員會名稱的變更及經修訂的職權範圍將於二○二五年 四月十七日生效。 董事會謹此宣佈，為進一步推動公司戰略與可持續發展深度融合，引領企業實現長遠穩健發 展，並積極促進本公司在可持續發展更加全面、廣泛和有深度的影響力，董事會已作出決議， 將環境、社會及管治委員會更名為可持續發展委員會，並相應調整委員會的職權範圍。 委員會的組成保持不變，包括三名執行董事，即林昭遠先生（委員會主席）、朱輝松先生及 江國雄先生；和四名獨立非執行董事，即余立發先生、李家麟先生、劉漢銓先生及張建生先 生。 越秀地產股份有限公司 ...

Group 1 - The core viewpoint of the article highlights the contrasting performance of Yuexiu Property in 2024, achieving revenue growth but facing significant profit declines and unmet sales targets [1][2][3] - In 2024, Yuexiu Property reported revenue of 86.4 billion yuan, a year-on-year increase of 7.7%, while the contract sales amounted to 114.54 billion yuan, marking a 19.4% decline [2][11] - The company set a sales target of 147 billion yuan for 2024 but fell short by over 32 billion yuan, leading to a revised target of 120.5 billion yuan for 2025 [2][14] Group 2 - The decline in profit is notable, with net profit attributable to equity holders dropping by 67.3% to 1.04 billion yuan, the lowest level since 2015 [2][6][8] - Yuexiu Property's strategy focuses on key first- and second-tier cities, which are seen as more resilient in the current market environment [4][5] - The company has aggressively acquired land in competitive markets, becoming a "land king" in Guangzhou, with significant land purchases at high premium rates [6][10] Group 3 - The workforce has been reduced by over 4,000 employees in 2024, leading to a 17.2% decrease in administrative expenses [15] - Despite the profit decline, the company completed new financing of approximately 41.69 billion yuan in 2024, with total borrowings around 103.89 billion yuan [26][29] - Yuexiu Property aims to improve product quality and address past issues, as indicated by their new "good product" initiative [18][29]

Group 1 - Hong Kong property stocks are performing strongly, with Sunac China (01918.HK) rising over 10% [1] - R&F Properties (02777.HK) increased by more than 9% [1] - Other companies such as Shimao Group (00813.HK), Yuexiu Property (00123.HK), and Longfor Group (00960.HK) also experienced gains [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。 （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○二五年四月十六日 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：185771 债券简称：22 穗建 01 广州市城市建设开发有限公司关于放弃行使 "22穗建01"公司债券赎回选择权的公告 本公司董事会及全体董事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个别及连带责任。 重要提示： 《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券 （第一期）募集说明书》中设定了发行人赎回选择权条 ...

Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - In March 2025, the decline in new home sales and new construction area significantly narrowed, indicating a potential recovery in the real estate market [1][2] - The cumulative sales area of commercial housing from January to March 2025 showed a year-on-year growth rate of -3%, an improvement from -5.1% previously, while the cumulative sales amount decreased by -2.1% compared to -2.6% previously [1] - The cumulative new construction area from January to March 2025 had a year-on-year growth rate of -24.4%, improving from -29.6% previously, and the cumulative completion area showed a decline of -14.3%, also an improvement from -15.6% [2] - The funding for real estate development companies saw a year-on-year growth rate of -3.7% from January to March 2025, slightly worsening from -3.6% previously, with a notable decline in self-raised funds [3] Summary by Sections Sales Data - In March 2025, the sales area of new homes showed a year-on-year growth rate of -0.9%, improving from -5.1% previously, while the sales amount decreased by -1.6% compared to -2.6% previously [1] Development Investment - The cumulative development investment from January to March 2025 had a year-on-year growth rate of -9.9%, slightly worsening from -9.8% previously, with March showing a single-month decline of -10% [2] Funding Sources - The year-on-year growth rate of funding for real estate development companies in March 2025 was -3.9%, worsening from -3.6% previously, with self-raised funds declining by -11.7% [3] Investment Recommendations - Short-term focus on valuation recovery opportunities due to policy easing, and long-term focus on leading companies with core city resources and real estate operation capabilities, such as Poly Developments, China Resources Land, and others [3]

Investment Rating - The industry investment rating is maintained as "Positive" [7][51]. Core Viewpoints - The real estate market in Q2 is experiencing a downturn, with a focus on whether unexpected policies will be introduced to stabilize the market [2]. - In 2025, under the goal of "stopping the decline and stabilizing," it is expected that the relaxation of purchase restrictions in first-tier cities will increase, and urban village renovations will accelerate [3][51]. - The report highlights that the sales volume of new homes in 44 major cities is approximately 20,000 units, showing a 23% increase month-on-month (excluding the Spring Festival effect), which is higher than the 13% increase in 2024 but lower than the 24% increase in 2023 [51]. Summary by Sections Market Performance - In the 15th week, the real estate sector index outperformed both the CSI 300 index and the ChiNext index, with a relative return of 1.2% compared to the CSI 300 index [11]. - The CSI 300 index closed at 3750.52 with a weekly decline of 2.9%, while the real estate index (Shenwan) closed at 2190.21 with a weekly decline of 1.7% [11][15]. Sales Data - In the 15th week, new home sales in 44 major cities were 14,000 units, a decrease of 28.8% from the previous week, while second-hand home sales in 21 major cities increased by 15.3% to 21,000 units [16]. - Inventory in 18 major cities increased to 842,000 units, with a sales-to-inventory ratio of 23.7 months, indicating a slight increase in inventory pressure [23]. Policy Developments - Local policies include Guangzhou's "land acquisition and immediate construction" model, Fuzhou's new housing provident fund regulations, and Hainan's increase in maximum loan limits for new self-occupied housing [13][21]. - Nanjing has introduced a government subsidy program to promote housing consumption through "old-for-new" exchanges [21]. Company Recommendations - The report recommends buying shares of Poly Developments (600048) and China Merchants Shekou (001979), while suggesting to pay attention to China Resources Land (01109), Yuexiu Property (00123), and others [3][51]. - Additionally, it recommends investing in real estate intermediary platforms like Beike-W (02423) that will benefit from policy support and increased market activity [3][51].