Core Viewpoint - Shui On Development, a wholly-owned subsidiary of the company, has announced a tender offer for its outstanding $400 million 5.50% senior notes due in 2026, with a maximum acceptance amount limit that will not exceed the new issuance amount [1] Group 1 - The company is concurrently issuing new notes targeted at institutional investors outside the United States [1] - The new notes are expected to be issued by Shui On Development and guaranteed by the company [1] - The completion of the concurrent issuance of new notes is contingent upon market conditions and investor interest [1] Group 2 - Any new notes sold under the concurrent issuance are anticipated to be sold at an issue price equal to or less than 100% of the principal amount of the new notes [1] - The new notes have received in-principle approval for listing on the New Exchange [1] - The New Exchange does not assume any responsibility for the accuracy of any statements made in this announcement [1]

Group 1 - The company, Shui On Development, a wholly-owned subsidiary of 瑞安房地产, announced a tender offer for its outstanding $400 million 5.50% senior notes due in 2026, with a maximum acceptance amount limit [1] - Shui On Development is concurrently issuing new notes targeted at institutional investors outside the United States, with the expectation that the new notes will be issued and guaranteed by the company [1] - The completion of the new note issuance is contingent upon market conditions and investor interest, with any new notes expected to be sold at an issue price equal to or less than 100% of the principal amount of the new notes [1] Group 2 - The new notes have received in-principle approval for listing on the New Exchange, although the New Exchange does not assume any responsibility for the accuracy of statements made in this announcement [1] - The new notes are approved for inclusion in the official listing of the New Exchange, and their listing does not serve as an indicator of the value of the company, Shui On Development, or the new notes [1] - There will be no application for the new notes to be listed in Hong Kong [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 * （於開曼群島註冊成立之有限責任公司） （股份代號：272） (1) 就未償付 400,000,000 美 元 5.50% 於二零二六年到期之優先票據提出購買要約 及 (2) 將由本公司擔保之建議票據發行 聯席交易經理 (1) 於收購要約備忘錄日期。 – 2 – (2) 購買價不包括應計利息。有關應計利息將根據票據之條款及條件釐定。除支付購買價外，亦需 ...

Core Viewpoint - Ruian Real Estate (00272) announced the acquisition of land use rights in Minhang District, Shanghai, for a total consideration of RMB 664.3 million (approximately HKD 739 million), which is expected to enhance the company's land reserves and market share in the Shanghai residential market [1] Group 1: Acquisition Details - The acquisition involves a land parcel associated with the Zhaojialou project, which is part of an urban renewal initiative [1] - The location is strategically positioned near major transportation routes, including the Shanghai Shenjiahu Expressway and the Shanghai North-South Elevated Road, providing convenient access to downtown Shanghai [1] Group 2: Strategic Implications - The company believes that this acquisition will serve as a strategic supplement to its land reserves, thereby increasing its market share and influence in the Shanghai residential market [1] - The project is expected to preserve the unique historical and cultural aspects of the Pujiang Town in Minhang District and is anticipated to become a new landmark in Shanghai [1] - The acquisition is projected to generate significant property sales revenue and strengthen the company's financial position, reinforcing its leading status in the urban renewal sector in Shanghai [1]

Core Viewpoint - Ruian Real Estate (00272) has announced the acquisition of land use rights in Minhang District, Shanghai, for a total consideration of RMB 664.3 million (approximately HKD 739 million), which is expected to enhance the company's land reserves and market share in the Shanghai residential market [1]. Group 1 - The acquisition involves a land use rights transfer contract signed by the company's indirect non-wholly owned subsidiary, Shanghai Zhaolou, on January 16, 2026 [1]. - The acquired land is part of the Zhaojialou project, which is positioned as a redevelopment initiative, and is conveniently located near major transportation routes, including the Shanghai Shenjiahu Expressway and the Shanghai North-South Elevated Road [1]. - The project aims to preserve the unique historical and cultural aspects of Pujiang Town in Minhang District and is anticipated to become a new landmark in Shanghai [1]. Group 2 - The company believes that this acquisition will strategically supplement its land reserves, thereby increasing its market share and influence in the Shanghai residential market [1]. - The acquisition is expected to solidify the company's leading position in the urban renewal sector in Shanghai and is projected to generate significant property sales revenue, enhancing the company's financial standing [1].

Core Viewpoint - Ruian Real Estate (00272.HK) announced the acquisition of land use rights for a plot in Minhang District, Shanghai, for a consideration of RMB 664 million, which is expected to enhance the company's land reserves and market share in the Shanghai residential market [1] Group 1: Acquisition Details - The land plot is located in Pujiang Town, Minhang District, Shanghai, bordered by Jiajing Road to the east, Green Land (near Lao Yaojia River) to the south, Ruijia Road to the west, and Green Land (near Shendu Highway) to the north [1] - The plot is anticipated to be developed for residential purposes and is part of the Zhaojialou project, which is a redevelopment initiative [1] Group 2: Strategic Importance - The acquisition is viewed as a strategic supplement to the company's land reserves, expected to increase its market share and influence in the Shanghai residential market [1] - The project aims to preserve the unique historical culture of Pujiang Town and is expected to become a new landmark in Shanghai [1] Group 3: Financial Implications - The company anticipates that the acquisition will lead to significant property sales revenue and strengthen its financial position [1] - The project is expected to consolidate the company's leading position in the urban renewal sector in Shanghai [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的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 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） 須予披露交易 收購位於中國上海市閔行區的土地使用權 收購土地使用權 董事會欣然宣佈，於二零二六年一月十六日，本公司之間接非全資附屬公司上 海召樓透過掛牌出讓，就收購位於中國上海市閔行區的該地塊之土地使用權與 該機構訂立土地使用權出讓合同，對價為人民幣664,330,000元（相當於約港幣 739,130,000元）。 上市規則之涵義 由於上市規則第14.07條項下有關該交易之最高適用百分比率超過5%但少於 25%，該交易構成本公司之須予披露交易，並須遵守上市規則第14章項下申報及 公佈之規定，惟獲豁免遵守通函及股東批准之規定。 收購土地使用權 董事會欣然宣佈，於二零二六年一月十六日，本公司之間接非全資附屬公司上海召 樓透過掛牌出讓，就收購位於中國上海市閔行區的該地塊之土地使用權與該 ...

Core Insights - The real estate industry is currently facing significant challenges, with a decline in GDP contribution from the real estate and construction sectors, dropping from 15% in 2019 to 12% in the first three quarters of 2025 [7] - The shift in housing demand from "having a house" to "having a good house" indicates a structural change in the market, with a projected annual housing demand of over 860 million square meters until 2035, primarily driven by improvement needs [7] - The report emphasizes the need for policy adjustments to address the ongoing market downturn, with potential policy directions including administrative, public fund, fiscal, urban renewal, and stock activation measures [7][9] Macro Perspective - The economy is undergoing a transformation, with a noticeable decline in the contribution of the real estate sector to GDP [7] - The population peaked in 2021 and has been declining, affecting housing demand dynamics, particularly among potential first-time buyers [7] - Employment and income expectations remain weak, impacting consumer willingness to purchase homes [7] Mid-Macro Perspective - Market transaction volumes and prices are continuously declining, with new home transactions in 100 cities down 15% year-on-year from January to November 2025 [7] - The frequency and effectiveness of local policy interventions have decreased, leading to rising inventory levels and prolonged de-stocking periods [7] - Real estate companies are experiencing significant financial strain, with funding levels dropping from 20.1 trillion yuan in 2021 to 10.8 trillion yuan in 2024 [7] Micro Perspective - Home prices in first-tier cities have seen significant declines, with second-hand home prices dropping over 35% from their peak [7] - The expectation of falling home prices is growing among residents, with 23.5% anticipating further declines as of Q3 2025 [7] - The market is witnessing a shift towards improvement-type housing, with larger units (over 120 square meters) gaining market share [7] Policy Space - Future policy adjustments are expected to focus on loosening purchase restrictions in major cities and enhancing public fund policies [9] - Fiscal measures may include subsidies for home loans and adjustments to tax policies related to property transactions [9] - Urban renewal initiatives are anticipated to expand, particularly in transforming urban villages [9] Opportunities in the Real Estate Sector - The commercial real estate sector is poised for growth by adapting to new consumer demands and creating innovative shopping experiences [9] - Residential developers focusing on core cities and high-demand housing types are likely to benefit from market shifts [9] - The report highlights the potential for real estate investment trusts (REITs) to expand, particularly in commercial properties, as the market matures [9] Investment Recommendations - The report suggests focusing on companies with strong fundamentals in core cities, such as China Resources Land and China Merchants Shekou [9] - Smaller, agile firms that have made significant sales and land acquisition strides since 2024 are also recommended for consideration [9] - Companies innovating in the commercial real estate space, such as China Resources Vientiane Life and Swire Properties, are highlighted as potential investment opportunities [9]

Major Events - CATL (03750) plans to issue an additional 34.8584 million shares [1] - MINIMAX-WP (00100) fully exercised its over-allotment option involving a total of 4.3796 million shares [1] - MIRXES-B (02629) established a strategic partnership with N Health, and its HELICORapid and FITRapid home testing kits received regulatory approval [1] - LFG Investment Holdings (03938) was acquired by Chen Shaoyang, who purchased approximately 61.43% of shares at a discount of about 59.46% through a cash offer, with resumption of trading on January 12 [1] - Xiansheng Pharmaceutical (02096) plans to spin off its H-shares for independent listing on the main board of the Hong Kong Stock Exchange [1] - OmniVision Technologies (00501) saw its public offering in Hong Kong oversubscribed by 9.28 times, with a share price of HKD 104.8 [1] - China Nonferrous Mining (01258) released its production guidance for 2026, expecting a total copper output of approximately 484,000 tons [1] - China Rare Earth Holdings (03788) reported a 53.1% increase in JORC ore reserves to 2.62 million ounces, with JORC gold resources rising to 5.54 million ounces [1] - Black Sesame Intelligence (02533) plans to issue a total of 30.1319 million subscription shares, raising approximately HKD 568 million [1] - Shanghai Pharmaceuticals (02607) received approval for the production of bromhexine oral solution [1] - Beijing Energy International (00686) signed an EPC contract for a 100 MW wind power project in Heilongjiang Province [1] - Standard Chartered Group (02888) plans to issue SGD 750 million fixed-rate reset perpetual subordinated convertible securities [1] Share Buybacks/Reductions - Geely Automobile (00175) repurchased 1.547 million shares for HKD 26.6229 million on January 9 [2] - Sunny Optical Technology (02382) repurchased 840,000 shares for HKD 53.9894 million on January 9 [2] - Xiaomi Group-W (01810) repurchased 4 million shares for HKD 151 million on January 9 [2] Operating Performance - China Jinmao (00817) achieved a cumulative contracted sales amount of RMB 113.5 billion for 2025, a year-on-year increase of 15.52% [2] - Jiumaojiu (09922) reported stable performance for its main brands in the fourth quarter [2] - CIFI Holdings Group (00884) recorded a cumulative contract sales amount of approximately RMB 16.1 billion for 2025 [2] - R&F Properties (02777) reported total sales revenue of approximately RMB 14.21 billion for 2025, a year-on-year increase of 26.54% [2] - Zhongliang Holdings (02772) reported a cumulative contract sales amount of approximately RMB 12.07 billion for 2025, a year-on-year decrease of 32.68% [2] - Shui On Land (00272) achieved a cumulative contract property sales amount of RMB 7.916 billion for 2025 [2] Additional Performance Metrics - Greenland Hong Kong (00337) reported contract sales of approximately RMB 7.214 billion for 2025, a year-on-year decrease of 21.66% [3] - Yuzhou Group (01628) achieved a cumulative sales amount of RMB 6.727 billion for 2025 [3] - New World Development (01030) reported contract sales of approximately RMB 1.354 billion in December [3] - China Shipbuilding Defense (00317) expects a year-on-year increase of 149.61% to 196.88% in net profit attributable to shareholders for 2025 [3] - Longyuan Power (00916) completed a cumulative power generation of 76.4694 million MWh for 2025, a year-on-year increase of 1.22% [3] - Sunny Optical Technology (02382) reported a December shipment of 95.592 million mobile phone lenses, a year-on-year decrease of 8.9% [3] - COFCO Joycome (01610) reported a December pig output of 567,000 heads, a month-on-month increase of 1.43% [3] - Dekang Agriculture (02419) sold 1.1097 million pigs in December, generating sales revenue of RMB 1.664 billion [3] - Hengding Industrial (01393) reported a coal output of 5.415 million tons for 2025, a year-on-year increase of 31% [3] - Orient Overseas International (00316) reported a 17.2% decrease in quarterly shipping revenue compared to the same period last year, with total cargo volume up 0.8% and carrying capacity up 4.5% [3]

Core Viewpoint - Ruian Real Estate (00272) reported a total contract property sales of RMB 7.916 billion for the fiscal year 2025, indicating a strong performance in both residential and commercial property sectors [1] Group 1: Total Sales Performance - The cumulative contract property sales for 2025 reached RMB 7.916 billion, comprising RMB 7.246 billion from residential properties and RMB 670 million from commercial properties [1] - The total sold building area amounted to 130,466 square meters, with an average selling price of RMB 60,700 per square meter [1] - A total of 4,003 parking spaces were sold during the fiscal year 2025 [1] Group 2: Second Half Performance - In the second half of 2025, the contract property sales totaled RMB 4.443 billion, including RMB 3.956 billion from residential properties and RMB 487 million from commercial properties [1] - The sold building area in the second half was 67,932 square meters, with an average selling price of RMB 65,400 per square meter [1] - Additionally, 2,929 parking spaces were sold in the second half of 2025 [1] Group 3: Future Sales Expectations - As of December 31, 2025, the group has secured a total subscription sales amount of RMB 639 million, which is expected to be converted into formal contract property sales in the upcoming months [1]