Core Viewpoint - The recent restructuring actions taken by major state-owned real estate companies in China, including China Overseas Land & Investment, reflect a broader trend of streamlining operations to enhance efficiency and focus on core business areas amid industry challenges [1][2][3][17]. Group 1: Organizational Restructuring - China Overseas Land & Investment has eliminated four regional companies, shifting from a three-tier structure ("headquarters-regional-city") to a two-tier structure ("headquarters-city") [1][4]. - Other companies such as China State Construction Engineering Corporation, Poly Developments, and China Resources Land have also made similar moves to reduce regional layers and consolidate functions, indicating a trend towards "streamlining and focusing" [2][8]. - The elimination of regional companies is seen as a response to the inefficiencies created by additional management layers, which do not align with the current need for cost reduction and efficiency improvement [7][10]. Group 2: Performance Pressures - China Overseas Land & Investment reported a significant decline in sales performance, with a total contracted property sales amount of 251.23 billion yuan in 2025, a year-on-year decrease of 19.1% [9]. - The company also experienced a drop in revenue and net profit, with 2024 revenues at 185.15 billion yuan, down 8.6%, and a net profit of 15.64 billion yuan, down 38.9% [9]. - Similarly, Huafa Group announced its first loss since going public, projecting a net profit loss of between 9 billion to 7 billion yuan for 2025, reflecting a year-on-year decline of over 1000% [11]. Group 3: Strategic Focus and Integration - Companies are not only cutting regional structures but are also integrating business functions to strengthen core competencies. For instance, Poly Developments is restructuring its headquarters into ten functional departments to support its strategic transformation into a "real estate ecological platform" [12][13]. - China State Construction Engineering Corporation's subsidiary, China State Construction Eight Bureau, is reorganizing its operations into three major business segments to concentrate on real estate and enhance competitiveness [15][16]. - The overarching goal of these adjustments is to reduce costs, improve efficiency, and better position companies to navigate the ongoing industry adjustments [17][18].

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - The report highlights three major trends expected in 2026: 1) The real estate adjustment is likely nearing its end, with current price adjustments being relatively sufficient compared to global averages; 2) There are structural opportunities for "good houses" as the market enters a phase of differentiation, with a focus on high-quality residential developments; 3) The recovery of the Hong Kong property market is anticipated to continue, driven by multiple favorable factors [4][6][48]. Market Performance - The Shanghai Composite Index fell by 1.3%, while the real estate sector (Shenwan) remained unchanged at 0.0%. Notable stock performances included Jingtou Development (+23.7%) and Rong'an Real Estate (+13.7%) [6][9]. Data Tracking New Housing Transactions - In the week of January 31 to February 6, 2026, new housing transactions in 42 key cities totaled 1.48 million square meters, a slight decrease of 0.1% from the previous week but a year-on-year increase of 118.5% [15][21]. - For February up to the week of February 6, new housing transactions reached 1.27 million square meters, reflecting a 39.9% increase month-on-month and a 171.3% increase year-on-year [21]. Second-Hand Housing Transactions - In the same week, second-hand housing transactions in 21 key cities totaled 2.12 million square meters, down 3.0% from the previous week but up 212.5% year-on-year [33][37]. - For February up to the week of February 6, second-hand housing transactions reached 1.92 million square meters, marking a 71.2% increase month-on-month and a 327.8% increase year-on-year [37]. Industry News - The report notes that the central government has prohibited the sale of rural collective operating construction land for residential purposes, and 29 provinces will implement a second round of land extension trials [48]. - The first batch of commercial real estate REITs is set to raise 31.475 billion yuan, covering asset types such as shopping centers and office buildings [48]. - Shanghai has initiated the acquisition of second-hand housing for affordable rental housing projects, with specific districts as pilot areas [48][50]. Company Announcements - In January 2026, major companies reported sales figures: Yuexiu Real Estate at 4.2 billion yuan (down 36.4% year-on-year), Greentown China at 9.7 billion yuan (down 14.2%), and China Overseas Development at 14.48 billion yuan (up 20.4%) [51][52].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The report highlights the significance of Shanghai's new policy to acquire second-hand housing for affordable rental housing, indicating a strong signal in a declining market. The policy aims to link demand for affordable housing with improvement needs, potentially activating the market by directing purchasing power to higher-priced new and second-hand homes [11][12] - The report emphasizes that the real estate sector serves as an early economic indicator, suggesting that investing in real estate is akin to investing in economic trends. The competitive landscape is expected to improve, benefiting leading state-owned enterprises and quality developers [4] - The report suggests focusing on first-tier cities and select second- and third-tier cities, as this combination has shown better performance during market rebounds [4] Summary by Sections 1. Shanghai's Housing Acquisition Policy - Shanghai has initiated a program to acquire second-hand housing for affordable rental purposes, with pilot areas including Pudong, Jing'an, and Xuhui, each having distinct acquisition criteria and models [11] - The policy aims to match housing types with talent needs, focusing on low-priced, small-sized properties to stimulate market activity [12] 2. Market Review - The report notes that the real estate index has shown minimal change, outperforming the CSI 300 index by 1.34 percentage points. A total of 73 stocks in the real estate sector increased in value, while 40 stocks decreased [15] - The top-performing stocks included Jinglan Technology and Qianjing Garden, with significant weekly gains [21] 3. New and Second-Hand Housing Transactions - In the week leading up to February 6, new housing transactions in 30 cities totaled 131.2 million square meters, a 5.2% decrease from the previous week but a 138.2% increase year-on-year. First-tier cities saw a 4.0% increase week-on-week [26] - Second-hand housing transactions in 15 sample cities totaled 204.5 million square meters, reflecting a 3.5% decrease week-on-week but a 717.5% increase year-on-year [35]

债券发行金额10.00亿元，发行期限5年，本计息期债项利率3.22%，利息兑付日2026年2月23日。 中国海外发展(00688)发布公告，为保证中海企业发展集团有限公司2022年度第二期绿色中期票据(债券 简称:22中海企业MTN002(绿色)，债券代码:102280323.IB)付息工作的顺利进行，现将有关事宜公告如 下。 ...

债券发行金额10.00亿元，发行期限5年，本计息期债项利率3.22%，利息兑付日2026年2月23日。 智通财经APP讯，中国海外发展(00688)发布公告，为保证中海企业发展集团有限公司2022年度第二期绿 色中期票据(债券简称:22中海企业MTN002(绿色)，债券代码:102280323.IB)付息工作的顺利进行，现将 有关事宜公告如下。 ...

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。 （於香港註冊成立之有限公司） （股份代號：688） 海外監管公告 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」）於二零二二年二月十七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年度第二期綠色中期票據的公 告。 根據有關規定， 中海企業發展集團有限公司 已經於 北京金融資產交易所 （https://www.cfae.cn）、上海清算所（https://www.shclearing.com）及中國貨幣網 （http://www.chinamoney.com.cn）的網站上載了《關於中海企業發展集團有限公司2022 年度第二期綠色中期票據付息安排公告》。 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 ...

Market Overview - The Hong Kong stock market opened under pressure, with the Hang Seng Index down 1.97%, the National Enterprises Index down 1.88%, and the Hang Seng Tech Index down 2.42% [1][3] - Major stocks such as Baidu Group, Zijin Mining, AIA, and JD Health experienced declines of 4.33%, 4.14%, 4.02%, and 3.96% respectively [1][3] - Only a few blue-chip stocks, including Mengniu Dairy, Midea Group, and New Oriental, recorded slight gains [1][3] Company Specifics - China Overseas Development reported a 20.4% year-on-year increase in contract property sales amounting to approximately RMB 144.78 billion in January, while the sales area decreased by 12.9% to about 516,600 square meters [1][3] - The company anticipates that approximately RMB 111.46 billion in recognized property sales will convert into contract property sales in the coming months [1][3] - Meituan plans to acquire all issued shares of Dingdong, a leading fresh e-commerce company in mainland China, for an initial cost of USD 717 million, which is subject to adjustments [1][3] - NIO reported a positive earnings forecast, expecting adjusted operating profit (non-GAAP) between RMB 700 million (approximately USD 100 million) and RMB 1.2 billion (approximately USD 172 million) for Q4 2025, marking its first quarter of adjusted operating profit [2][4] - In contrast, NIO recorded an adjusted operating loss of RMB 5.5436 billion in Q4 2024 [2][4]

Group 1 - The land parcel in Ngau Tau Kok has received at least 9 bids, indicating strong interest from various developers including Sun Hung Kai Properties, China Overseas Land & Investment, and K Wah International [1] - The area is well-equipped with amenities and has seen limited supply in recent years, suggesting a high demand for residential projects [1] - The land parcel is valued between HKD 11.4 billion to HKD 18 billion, with a price per square foot ranging from HKD 4,000 to HKD 5,930 [1] Group 2 - The Town Planning Board has revised the zoning of the land from "Government, Institution or Community" to "Residential (Group A) 4," allowing for residential development [2] - The proposed project includes a 30-story residential building with 420 units, accommodating approximately 1,092 residents, and is expected to be completed by 2031/2032 [2] - The site has a total area of approximately 33,713 square feet, with a maximum residential floor area of 252,851 square feet [1][2]

Core Viewpoint - China Overseas Development reported a significant increase in contract property sales for the period ending January 2026, indicating a positive trend in the company's sales performance despite a decline in sales area [1] Group 1: Property Sales Performance - As of January 2026, China Overseas achieved a contract property sales amount of approximately RMB 14.478 billion, representing a year-on-year increase of 20.4% [1] - The corresponding sales area was approximately 516,600 square meters, showing a year-on-year decrease of 12.9% [1] Group 2: Future Sales Expectations - As of January 31, 2026, the company recorded recognized property sales of approximately RMB 11.146 billion, which is expected to convert into contract property sales in the coming months [1]

Major Events - Genting New Year (01952) subsidiary signed an agreement with Macao to commercialize MT1013 in Greater China and other Asian markets [1] - Junshi Biosciences (02696) entered into a licensing agreement with Eisai for Hansizhuang® to treat tumor indications [1] - Meituan-W (03690) plans to acquire all issued shares of Dingdong Fresh Holding Limited [1] - China Power (02380) subsidiary Xinyuan Zhichu signed a procurement contract for BESS with Tori [1] - Aimee Vaccine (06660) successfully passed the registration site inspection for its globally self-researched serum-free rabies vaccine [1] Operating Performance - NIO-SW (09866) issued a profit warning, expecting adjusted operating profit of 700 million to 1.2 billion yuan in Q4 2025, turning from loss to profit year-on-year [1] - Saint Bella (02508) issued a profit warning, expecting adjusted net profit of no less than 120 million yuan for 2025, a year-on-year increase of no less than 183% [1] - Geek+ (02590) achieved orders of 4.137 billion yuan in 2025, a year-on-year growth of approximately 31.7% [1] - China Overseas Development (00688) achieved contract property sales of approximately 14.478 billion yuan in January, a year-on-year increase of 20.4% [1] - Swire Properties (01972) reported a rental rate of 96% for Swire Plaza in Q4, with rents down by 13% [1] - Greentown China (03900) reported total contract sales of approximately 9.7 billion yuan in January, a year-on-year decrease of 14.16% [1]