Core Viewpoint - China Overseas Development reported a slight decline in property sales for the year ending December 31, 2025, with a total sales amount of approximately RMB 398.32 billion, reflecting a year-on-year decrease of 1.0% [1] Property Sales Summary - For the year 2025, the cumulative contract property sales amounted to approximately RMB 2,512.31 billion, representing a year-on-year decline of 19.1% [1] - The total sales area for the same period was approximately 10.56 million square meters, down 8.1% year-on-year [1] - As of December 31, 2025, the company recorded recognized property sales of approximately RMB 28.28 billion, expected to convert into contract property sales in the coming months [1] Land Acquisition Summary - In December 2025, the company acquired three land parcels in Changsha, Shenzhen, and Beijing, with a total equity building area of approximately 212,900 square meters and an equity land price of about RMB 4.406 billion [1] - For the entire year of 2025, the cumulative equity building area of newly acquired land was approximately 4.4455 million square meters, with a total equity land price of around RMB 92.423 billion [1]

Core Viewpoint - China Overseas Development (00688) reported a significant decline in cumulative contract property sales for 2025, indicating challenges in the real estate market [1] Group 1: Sales Performance - In December 2025, the contract property sales amount for China Overseas series companies was approximately RMB 39.83 billion, representing a year-on-year decrease of 1.0% [1] - The corresponding sales area for December 2025 was about 1.3324 million square meters, showing a year-on-year increase of 2.4% [1] - For the entire year of 2025, the cumulative contract property sales amounted to approximately RMB 251.23 billion, reflecting a year-on-year decline of 19.1% [1] - The cumulative sales area for 2025 was around 10.5608 million square meters, which is an 8.1% decrease compared to the previous year [1] Group 2: Future Expectations - As of December 31, 2025, China Overseas series companies recorded recognized property sales of approximately RMB 2.83 billion, which is expected to convert into contract property sales in the following months [1]

Core Viewpoint - China Overseas Development (00688) reported a slight year-on-year decline in contract property sales amounting to approximately RMB 39.832 billion in December 2025, while the corresponding sales area increased by 2.4% to about 1.3324 million square meters [1] Group 1 - For the full year of 2025, the cumulative contract property sales reached approximately RMB 251.231 billion, reflecting a year-on-year decrease of 19.1% [1] - The total sales area for the same period was approximately 10.5608 million square meters, which represents a year-on-year decline of 8.1% [1] - As of December 31, 2025, the company recorded recognized property sales of approximately RMB 2.828 billion, which is expected to convert into contract property sales in the following months [1]

智通财经APP讯，中国海外发展(00688)发布公告，中海企业发展集团有限公司发行的2022年度第一期中 期票据(品种二)将于2026年1月14日兑付利息。本期债券简称："22中海企业MTN001B"，发行总额：人 民币12亿元，本计息期债项利率为3.25%，本期应偿付利息金额3900万元。 ...

Core Viewpoint - China Overseas Development (00688.HK) reported a slight year-on-year decline in contract property sales for December 2025, indicating potential challenges in the real estate market [1] Group 1: Sales Performance - In December 2025, the contract property sales amount for China Overseas series companies was approximately RMB 39.832 billion, representing a year-on-year decrease of 1.0% [1] - The corresponding sales area for December 2025 was about 1.3324 million square meters, showing a year-on-year increase of 2.4% [1] Group 2: Cumulative Sales Data - From January to December 2025, the cumulative contract property sales amount reached approximately RMB 251.231 billion, reflecting a year-on-year decline of 19.1% [1] - The cumulative sales area for the same period was around 10.5608 million square meters, which is an 8.1% year-on-year decrease [1] Group 3: Future Sales Expectations - As of December 31, 2025, China Overseas series companies recorded recognized property sales of approximately RMB 2.828 billion, which is expected to convert into contract property sales in the following months [1]

（於香港註冊成立之有限公司） （股份代號：688） 截至二零二五年十二月三十一日止十二個月 物業銷售和新增土地更新 及 有關重續持續關連交易之進一步資料 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，概不對因本公告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。 中國海外發展有限公司（「本公司」）欣然宣佈本公司連同其附屬公司、合營公司及聯 營公司（統稱「中國海外系列公司」）截至二零二五年十二月三十一日止十二個月的若 干經營數據（「物業銷售和新增土地更新」）。本公告亦可於本公司網站（www.coli.com.hk） 閱覽。 一、物業銷售更新 於二零二五年十二月，中國海外系列公司的合約物業銷售金額約人民幣398.32億元，按 年下跌1.0%；而相應的銷售面積約為1,332,400平方米，按年上升2.4%。合約物業銷售金 額和相應的銷售面積的詳情如下列表1所示。 二零二五年一月至十二月，中國海外系列公司累計合約物業銷售金額約人民幣2,512.31 億元；而相應的累計銷售面積約10,560,800平方米，分別按年下跌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，並明確表示概不會就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的 任何損失承擔任何責任。 本海外監管公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市 規則」）第13.10B條刊發。 中國海外發展有限公司（「本公司」）於二零二二年一月十日及其後刊發了關於中海企 業發展集團有限公司（本公司全資附屬公司）發行2022年度第一期中期票據的公告。 根據有關規定，中海企業發展集團有限公司已經於 上海清算所 （https://www.shclearing.com）及中國貨幣網（http://www.chinamoney.com.cn）網站上載 了《關於中海企業發展集團有限公司2022年度第一期中期票據（品種二）付息安排公告》。 為遵守上市規則第13.10B條，該等上載資料亦刊登於聯交所「披露易」中文版網站 （https://www.hkexnews.hk）。 承董事局命 中國海外發展有限公司 主席兼執行董事 （於香港註冊成立之有限公司） （股份代號：688） 海外監管公告 托管在银行间市场 ...

Core Viewpoint - The article highlights a positive shift in investor sentiment towards Chinese real estate stocks, driven by a commentary in the "Qiushi" magazine suggesting a potential change in government policy regarding the real estate market [1] Group 1: Market Performance - Chinese real estate stocks have shown an upward trend, with notable increases in share prices: Longfor Group (4.37%), R&F Properties (3.77%), Agile Group (3.57%), China Overseas Land & Investment (3.04%), China Resources Land (3.82%), China Jinmao (2.75%), and Sunac China (2.27%) [1] Group 2: Policy Insights - JPMorgan notes that the commentary in "Qiushi" magazine has raised investor hopes for a shift in policy, advocating for substantial measures rather than incremental ones, especially after a lack of significant policies last year [1] - The article suggests that the current discourse from officials regarding the real estate market may finally be changing, given the ongoing decline in housing prices and sales since the second half of last year [1] Group 3: Future Outlook - JPMorgan predicts that without substantial policy changes, the downward trend in the real estate sector will continue, forecasting a 7% decline in sales and a 5% drop in housing prices for the year [1] - However, the current market conditions, particularly the impact of weak housing prices on consumer spending, increase the likelihood of more robust policy support this year, indicating potential upside risks to JPMorgan's forecasts [1]

Core Insights - The article highlights the shift in the real estate market towards a "value choice model" for improvement-type housing in Beijing, particularly for properties priced between 60,000 to 100,000 yuan per square meter by 2025 [1][2] - The performance of various projects varies significantly, with 中建·运河玖院 achieving a high sales rate of 81.15%, while 中海朝阳ONE lagged with only 15.4% [1][4] Group 1: Market Overview - In 2025, 26 improvement-type housing projects are expected to enter the Beijing market, supplying over 13,000 units [1][2] - 中建·运河玖院 leads the market with a notable 81.15% sales rate, while 中海朝阳ONE has a significantly lower rate of 15.4% [2][4] Group 2: Project Performance - 中建·运河玖院's first phase sold 680 out of 838 units, achieving a sales rate of 81.15% by the end of 2025 [2] - The second phase of 中建·运河玖院 launched 552 units, with 242 units sold within a month, resulting in a 43.84% sales rate [3] Group 3: Design and Location Impact - The design and functionality of housing units are critical factors for buyers, with a focus on layout, space efficiency, and overall living experience [4][7] - 中海朝阳ONE's poor sales performance is attributed to design flaws, such as inadequate room dimensions compared to competitors [5][6] Group 4: Competitive Analysis - Other projects like 颐海澐颂 and 建发金茂观宸 also show strong sales rates above 70%, indicating a competitive market landscape [3][4] - The location and surrounding amenities significantly influence project sales, with 颐海澐颂 benefiting from its prime location and robust infrastructure [9][10] Group 5: Future Considerations - Developers are advised to focus on six core dimensions, including mature amenities and optimized design, to enhance property appeal and mitigate market risks [10]

Core Viewpoint - Morgan Stanley reports that second-hand housing prices in major mainland cities continued to decline month-on-month in December last year, but the rate of decline has slowed. The year-on-year sales decline has also moderated during the same period [1] Group 1: Housing Market Trends - The firm anticipates that housing policies may remain low-key in the coming months, while high levels of second-hand housing listings could suppress buyer sentiment, putting pressure on sales and prices [1] - Morgan Stanley maintains its view that as consumer confidence further weakens, the downward trend in the real estate market is expected to continue this year, albeit at a slower pace. The expected year-on-year decline in second-hand housing prices is projected to be in the high single digits, compared to a 13.7% decline in 2025 [1] - If the macro environment remains resilient, housing prices in first-tier and major second-tier cities may stabilize in the second half of 2027 [1] Group 2: Company Performance and Investment Opportunities - Despite a cautious outlook on the recovery of the real estate market, Morgan Stanley foresees a further divergence in stock performance between the overall industry and high-quality companies with reliable self-rescue capabilities this year [1] - The firm is optimistic about robust mall operators such as China Resources Land (01109) and New City Holdings (601155), believing they will benefit from the emphasis on consumption in the 14th Five-Year Plan and strong tailwinds from REITs policies [1] - Morgan Stanley also favors C&D International Group (01908) and China Overseas Development (00688), as their optimized land reserves will support profits and drive a return to positive earnings growth [1]