根据收购要约，本公司预计向合资格持有人支付的总代价将为2.97亿美元(包括票据应计利息)。收购要 约的结算日期预计为2026年1月19日，本公司将于该日根据收购要约的条款，支付所有有效提交及接纳 购买票据的总购买价及应计利息。 由于根据收购要约有效提交供购买的票据本金总额相等于最终接纳金额，故不会对根据收购要约有效提 交的票据应用比例因数。 此外，Shui On Development于2026年1月26日发行同时发行新票据项下本金总额为3亿美元的新票据。 智通财经APP讯，瑞安房地产(00272)发布公告，本公司公布于2026年1月19日开始的收购要约的最终结 果。本公司公布，截至届满期限，已决定接纳已根据收购要约有效提交的本金总额为2.95亿美元的票 据，占未偿付票据本金总额总计的73.80%。 ...

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佈之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本公佈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。 本公佈僅供參考之用而並不構成收購、購買或認購本公佈所述證券之邀請或要約。本公佈並非亦不 擬作為於美國出售本公司證券之要約或購買本公司證券要約之游說。本公佈所述證券概無及將不會 根據美國證券法或美國任何州之證券法登記，除根據美國證券法獲豁免或不受美國證券法所規限之 交易外，概不可在美國境內發售或出售。本公佈及其中所載資料不可直接或間接在或向美國發佈。 本公佈所述證券並無亦不會在美國公開發售。 Shui On Land Limited 瑞安房地產有限公司* （於開曼群島註冊成立之有限責任公司） （股份代號：272） 收購要約之最終結果 聯席交易經理 本公佈由本公司根據上市規則第13.09(2)(a)條及香港法例第571章證券及期貨條 例第XIVA部刊發。 收購要約於二零二六年一月二十七日倫敦時間下午四時正屆滿。本公司已決定接納 已根據收購要約有效提交的本金總額為295,218,000美元之票據，佔未償付票據 ...

Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [2] Core Insights - New home sales in December showed a month-on-month increase of 33.6%, with a year-on-year decline of 32.1%, indicating a narrowing of the decline compared to previous months [5] - The second-hand home sales saw a year-on-year decline of 30.7% in December, with a month-on-month increase of 12.7%, reflecting a worsening trend in the second-hand market [5] - The overall inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with an average de-stocking period of 17.8 months [5] Summary by Sections New Home Sales - December new home sales area increased by 33.6% month-on-month, but decreased by 32.1% year-on-year, with the decline narrowing by 6.6 percentage points [5] - For the entire year of 2025, new home sales decreased by 14%, with a year-on-year decline of 13.7% across 40 cities [5] - First-tier cities experienced a year-on-year decline of 15.8%, while second-tier and third-fourth tier cities saw declines of 12.6% and 13.6% respectively [5] Second-Hand Home Sales - December saw a year-on-year decline in second-hand home sales of 30.7%, with a month-on-month increase of 12.7% [5] - The overall second-hand home sales for 2025 decreased by 4%, with first-tier cities still showing positive growth [5] Inventory and De-stocking - The inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with a de-stocking period of 17.8 months [5] - Major cities like Shanghai and Hangzhou have de-stocking periods within 12 months [5] Land Market - The land market in December showed a month-on-month increase of 126.7%, but a year-on-year decline of 8.9% [5] - The average land price was 1392 RMB per square meter, with a year-on-year decrease of 10.3% [5] Real Estate Companies - The top 100 real estate companies saw a year-on-year sales decline of 20% in 2025, with December sales showing a narrowing decline of 26.7% [5] - The land acquisition amount for December decreased by 58.1% year-on-year, while the total acquisition amount for 2025 increased by 2.6% [5] Financing - The financing scale for the real estate industry decreased in December, but showed a year-on-year increase for the entire year [5] - The total issuance of domestic and foreign bonds and ABS in 2025 was 596.7 billion RMB, a 6% increase year-on-year [5] Policy - The central government emphasized stabilizing the real estate market and reducing the value-added tax on personal home sales to 3% [5] - Local policies have been adjusted to optimize purchase restrictions and loan policies in cities like Beijing [5] Sector Performance - The real estate sector underperformed compared to the Shanghai and Shenzhen 300 index in December, with an absolute return of -4.0% [5] Investment Recommendations - The report suggests focusing on companies with stable fundamentals in core cities, smaller firms showing significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [5]

瑞安房地产(00272)发布公告，董事会欣然宣布，于2026年1月26日，购买协议项下的所有先决条件已获 达成，且票据(将由Shui On Development发行于2029年到期的3亿美元9.75%优先票据)发行亦已完成。 ...

智通财经APP讯，瑞安房地产(00272)发布公告，董事会欣然宣布，于2026年1月26日，购买协议项下的 所有先决条件已获达成，且票据(将由Shui On Development发行于2029年到期的3亿美元9.75%优先票据) 发行亦已完成。 ...

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佈之內容概不負責，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佈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。 本公佈僅供參考之用而並不構成收購、購買或認購本公佈所述證券之邀請或要約。本公佈並非亦不 擬作為於美國出售本公司證券之要約或購買本公司證券要約之游說。本公佈所述證券概無及將不會 根據美國證券法或美國任何州之證券法登記，除根據美國證券法獲豁免或不受美國證券法所規限之 交易外，概不可在美國境內發售或出售。本公佈及其中所載資料不可直接或間接在或向美國發佈。 本公佈所述證券並無亦不會在美國公開發售。 Shui On Land Limited 瑞安房地產有限公司* （於開曼群島註冊成立之有限責任公司） （股份代號：272） 海外監管公佈、 票據發行完成及 根據上市規則第13.18條作出之披露 本海外監管公佈乃根據上市規則第13.09(2)(a)及13.18條及證券及期貨條例第 XIVA部刊發。 茲提述本公司於二零二六年一月十九日刊發之兩份公佈，內容有關由 Shui On Development提呈發售並由本公司擔保之 ...

Core Insights - The real estate market continues to face downward pressure, with all 70 cities experiencing a decline in second-hand housing prices for four consecutive months, indicating a "catch-up" phenomenon in first-tier cities [9][19] - The average year-on-year decline in new housing prices across 70 cities in 2025 was 3.8%, which is less than the 4.5% decline in 2024, marking three consecutive years of decline [4][12] - The average year-on-year decline in second-hand housing prices was 6.3% in 2025, also less than the 7.4% decline in 2024, indicating a persistent downward trend for four years [4][12] Real Estate Market Performance - In December 2025, new home prices in 70 major cities fell by 0.4% month-on-month, while second-hand home prices decreased by 0.7%, maintaining the same rate of decline as in November [4][12] - The total sales area in December was 93.99 million square meters, with a year-on-year decline of 15.6%, showing a slight improvement from the previous month's decline of 17.3% [12][13] - The total investment in real estate development in December was 419.7 billion yuan, with a year-on-year decline of 35.8%, marking the largest single-month decline since 2000 [16][19] Housing Price Trends - In first-tier cities, new home prices fell by 0.3% month-on-month in December, with Shanghai showing a slight increase of 0.2%, while Beijing, Shenzhen, and Guangzhou experienced varying declines [5][9] - The average year-on-year decline in new home prices in first-tier cities was 1.8% in 2025, a reduction of 1.4 percentage points compared to 2024 [5][9] - Second-hand home prices in first-tier cities fell by 0.9% month-on-month in December, with an average year-on-year decline of 4.2% [5][9] Investment Recommendations - The report suggests focusing on three main lines: stable companies with high sales and land reserve ratios in core cities, smaller companies that have made significant breakthroughs in sales and land acquisition since 2024, and commercial real estate companies exploring new consumption scenarios [10][20] - Companies such as China Resources Land, Binjiang Group, and China Merchants Shekou are highlighted for their strong market positions [10][20] - The report anticipates potential policy adjustments by the end of Q1 2026, which could help stabilize the market [9][19]

Core Viewpoint - Ruian Real Estate (00272) announced a purchase agreement with UBS and J.P. Morgan for the issuance of $300 million 9.75% notes maturing in 2029, with net proceeds of approximately $291 million intended for various financial obligations and refinancing [1] Group 1 - The company and its wholly-owned subsidiary, Shui On Development, will issue notes totaling $300 million [1] - The notes carry an interest rate of 9.75% and are set to mature in 2029 [1] - The net proceeds from the issuance are approximately $291 million, which will be used to pay for costs related to a concurrent purchase offer and potentially refinance existing debt [1]

Core Viewpoint - Ruian Real Estate (00272) announced a purchase agreement with UBS and J.P. Morgan for the issuance of $300 million 9.75% notes maturing in 2029 by its wholly-owned subsidiary, Shui On Development [1] Group 1 - The net proceeds from the note issuance are approximately $291 million [1] - The funds will be used to pay for costs related to a concurrent purchase offer and/or expenses, with any remaining balance intended for refinancing existing debt and general corporate purposes [1] - The company acts as a guarantor for the obligations of Shui On Development under the notes and agreements [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佈之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本公佈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。 本公佈僅供參考之用而並不構成收購、購買或認購本公佈所述證券之邀請或要約。本公佈並非亦不 擬作為於美國出售本公司證券之要約或購買本公司證券要約之游說。本公佈所述證券概無及將不會 根據美國證券法或美國任何州之證券法登記，除根據美國證券法獲豁免或不受美國證券法所規限之 交易外，概不可在美國境內發售或出售。本公佈及其中所載資料不可直接或間接在或向美國發佈。 本公佈所述證券並無亦不會在美國公開發售。 Shui On Land Limited 瑞安房地產有限公司 * 緒言 （於開曼群島註冊成立之有限責任公司） （股份代號：272） 將由本公司擔保之 Shui On Development 於二零二九年到期之300,000,000美 元9.75% 優先票據 本公佈由本公司根據上市規則第13.09(2)(a)條及證券及期貨條例第XIVA部刊發。 茲提述本公司日期為二零二六年一月十九日之公佈，內容有關（其中包括）Shui ...