截至月份: 2025年9月30日 狀態: 新提交 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: Kerry Properties Limited 嘉里建設有限公司（於百慕達註冊成立之有限公司） 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00683 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 1 ...

另外，报告指，目前上海嘉里金陵华庭一期及二期的销售收入超过190亿元人民币，并有望于2026年前 实现净负债率低于30%的去杠杆化目标，相对于今年上半年底的38.4%。 美银证券发布研报称，嘉里建设(00683)最近完成将长沙湾嘉里鸿基货仓重建项目改建为商住项目，该 行估计毛利率将超过20%。该行指，由于嘉里的股息率持续高于行业平均的6.5%，重申"买入"评级。目 标价由23.2港元上调至24.7港元。 ...

Group 1 - Bank of America Securities reports that Kerry Properties (00683) has recently completed the redevelopment of the Changsha Bay Kerry Hongji warehouse project into a commercial and residential project, estimating a gross profit margin exceeding 20% [1] - The company maintains a dividend yield that continues to exceed the industry average of 6.5%, reiterating a "Buy" rating [1] - The target price has been raised from HKD 23.2 to HKD 24.7 [1] Group 2 - The report indicates that the sales revenue from the first and second phases of Kerry Jinling Huating in Shanghai has exceeded RMB 19 billion [1] - The company is expected to achieve a deleveraging target with a net debt ratio below 30% by 2026, compared to 38.4% at the end of the first half of this year [1]

Core Viewpoint - Bank of America Securities reports that Kerry Properties has recently completed the redevelopment of the Cheung Sha Wan Kerry Hong Kee warehouse into a mixed-use project, estimating a gross margin exceeding 20% [1] Group 1: Financial Performance - The sales revenue from the first and second phases of Shanghai Kerry Jinling Huating has surpassed 19 billion yuan, with expectations to achieve a net debt ratio below 30% by 2026, down from 38.4% at the end of the first half of this year [1] Group 2: Investment Rating - The company maintains a dividend yield consistently above the industry average of 6.5%, reaffirming a "Buy" rating and raising the target price from 23.2 HKD to 24.7 HKD [1]

编者按： 凤凰网房产上海2025特别策划"何为好房"系列，以访谈、实探、测评等多元形式，多维度解构当代人居价值标准。本期聚焦顶级豪宅市场，对话嘉里建设金 陵华庭主室内设计师、中国香港知名建筑师及室内设计师廖宜康（Philip Liao）。这位深耕全球顶豪设计30余年的资深从业者，曾操刀纽约、伦敦、香港等 国际一线城市标志性豪宅，此次将解密全球顶豪价值标准与设计趋势，并以上海嘉里建设金陵华庭为样本，解析高端领域"好房子"的核心定义。 △左：金陵华庭主创设计师廖宜康 右：凤凰网房产副总裁付璇 在顶级豪宅市场，买家的需求既随着时代变迁而演进，又保持着一些永恒不变的核心准则。近日，凤凰网房产副总裁付璇独家对话廖宜康，这位亲历全球顶 豪迭代的设计师，不仅揭示了顶级买家的置业逻辑，更深度分享了上海嘉里建设金陵华庭的独特价值。 全球顶豪买家：核心诉求的"变与不变" 谈及全球顶豪买家的置业诉求变化，廖宜康认为"变中有不变"。地段始终是第一位的核心要求。"全球一线城市的核心地段，永远是顶豪买家的首选。"无论 是纽约上东区（UpperEastSide）、伦敦SW1区域，还是上海、香港、东京等城市的核心板块，"老钱"与新贵们对"城 ...

Core Insights - The high-end residential market in Shanghai remains robust during the "Golden September" period, with multiple projects achieving sold-out status on their opening days [1][2] - Notable projects include Jinling Huating, which achieved sales of 9.843 billion yuan, and Zhongjian·Jiu Shang Lang Chen, with sales of 3.298 billion yuan [1][2] - The overall sales performance of high-end residential projects indicates strong demand and a positive market response [8] Project Performance - Jinling Huating's second phase attracted 227 effective clients with a subscription rate of approximately 189%, offering 120 units at an average price of 205,000 yuan per square meter [2][3] - The project saw a price increase of over 8% from its first phase, with total sales from both phases reaching 19.077 billion yuan [2] - Zhongjian·Jiu Shang Lang Chen's first phase sold 140 units at an average price of 146,800 yuan per square meter, with a subscription rate of 159% [2][3] Market Trends - The Shanghai new housing market has seen 20 projects launched in September, with five achieving "daylight" sales, indicating strong buyer interest [3][4] - High-quality products are crucial for the success of these high-end residential projects, as they cater to the needs of affluent buyers [3][8] - Upcoming projects, including those from Poly Development and Jianfa Real Estate, are expected to continue this trend, with several high-priced units set to enter the market [4][6][7] Developer Strategies - Developers are employing aggressive pricing strategies to attract buyers, as seen with Jianfa Real Estate's promotional discounts [7] - The rapid development and market entry of projects like Dahuazhi's Jing'an Nianhua demonstrate a strategic focus on capitalizing on favorable market conditions [6][8] - The performance of high-end projects is expected to boost market confidence and encourage further investment in core urban areas [8]

New Stock Activities - Companies currently in the IPO process include Botai Cheliang, Xipuni, and Zijin Gold International [1] - Chery Automobile is at the pricing stage, while Different Group is set for its listing date [1] Earnings Announcements - JBB Builders and Chuangneng Group are scheduled to announce their earnings [1] Shareholder Meetings - Companies holding shareholder meetings include Xinhua Wencuan, Jiajin Investment International, and Everbright Securities [1] - Other companies with scheduled meetings are Jiajin Investment International, Huangdafukong, Liangqing Holdings, Youran Muye, and Jinshi Holdings Group [1] Trading Suspension and Resumption - Changhong Jiahua is set to resume trading [1] Dividend Distribution - Companies with upcoming dividend-related dates include Tian Ge Interactive (ex-dividend date), KLN (dividend payment date), COSCO Shipping Holdings (ex-dividend date), Anta Sports (dividend payment date), and Yisheng Biotechnology (dividend payment date) [1] - Other companies with dividend-related dates include Tai Hing Group (ex-dividend date), Longji Group (dividend payment date), Zhou Li Fu (ex-dividend date), and Junjie Group Holdings (ex-dividend date) [1]

Core Insights - The luxury real estate market in Shanghai is experiencing a surge, with the recent launch of the second phase of the Kerry Jinling Huating project selling out all 120 units on the first day, achieving a total sales volume of approximately 9.843 billion yuan, surpassing the previous phase's sales record [1][10] - The average price for the second phase reached 20.5 million yuan per square meter, marking an increase of over 8% from the first phase's average price of 18.9 million yuan per square meter, and setting a new record for high-rise residential prices in Shanghai [1][9] - The project is strategically located in the Huangpu District, which has not seen new supply for 20 years, making it highly attractive to high-net-worth individuals seeking scarce real estate assets [3][9] Market Performance - The second phase of Kerry Jinling Huating achieved a subscription rate of 190%, indicating strong demand despite high cash thresholds for participation, which required personal deposits of 8.2 million yuan or corporate deposits of 20.5 million yuan [4][10] - The project has attracted significant interest from high-net-worth individuals, with a notable portion of buyers coming from Shanghai and surrounding regions, reflecting the ongoing trend of luxury asset acquisition among affluent buyers [11] Industry Trends - The luxury housing market in Shanghai has shown resilience, with over 1,000 transactions of properties priced at 30 million yuan and above recorded in the past two years, indicating a robust demand from high-net-worth individuals for premium real estate [10] - Recent policy changes, such as the "825" new regulations, have expanded the buyer pool for luxury properties, facilitating access for more affluent buyers to the core areas of Shanghai [10][11] - The Kerry Jinling Huating project is part of a larger trend where high-quality, scarce assets in prime locations continue to attract significant investment, reflecting a sustained confidence in the luxury real estate market [9][10]

Group 1 - The core point of the article highlights the successful launch of the second phase of Jinling Huating in Shanghai, which sold out with a total sales amount of 9.843 billion yuan, averaging over 82 million yuan per unit [2][7]. - The project attracted 227 effective customer groups during a four-and-a-half-day subscription period, resulting in a subscription rate of approximately 189% [2]. - The project did not trigger the point ranking selection rule due to the ratio of subscription groups to available units being less than 2.5:1, allowing for a quicker market entry [2]. Group 2 - The second phase of Jinling Huating includes 120 units with sizes ranging from approximately 360㎡ to 875㎡, with an average price of 205,000 yuan per square meter [2][4]. - The most expensive unit in this phase is a top-floor duplex with an area of 865㎡, priced over 282 million yuan, making it the highest recorded unit price in Shanghai [4]. - The project is part of Kerry Properties' largest investment project in mainland China, with a total expected investment of 40 billion yuan [7]. Group 3 - Kerry Properties reported a consolidated revenue of 99.54 billion HKD in the first half of the year, a 65% year-on-year increase, with property sales revenue rising by 176% to 64.22 billion HKD [7]. - The company’s net profit attributable to shareholders decreased by 22% to 612 million HKD, primarily due to a decline in rental and other income [7]. - The recent surge in Shanghai's real estate market saw 22 projects opening for subscription, with several achieving over 100% subscription rates, indicating a revitalized market [8][9].

Core Viewpoint - The recent launch of the Jinling Huating Phase II project in Shanghai achieved remarkable sales, with a total sales amount of 9.843 billion yuan, indicating strong demand in the real estate market despite economic challenges [1][9]. Group 1: Sales Performance - The Jinling Huating Phase II project sold out its 120 units within a short period, with an average total price exceeding 82 million yuan per unit [5][9]. - The project attracted 227 effective customer groups during a 4.5-day subscription period, resulting in a subscription rate of approximately 189% [2][9]. - The most expensive unit in the project, a top-floor duplex, has an area of 865 m² and a total price exceeding 282 million yuan, making it the highest-priced new home in Shanghai [6][9]. Group 2: Market Context - The overall real estate market in Shanghai has seen increased activity, with 22 projects opening for subscription in the past week, and several projects recording subscription rates above 100% [10][11]. - The market is characterized by a significant increase in supply, with a 454.98% week-on-week rise in new listings, primarily focused on mid-to-high-end products [10][11]. - Despite the positive sales performance, the chairman of Kerry Properties expressed caution regarding the short-term economic and real estate market challenges, emphasizing the need for vigilance [9].