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。 （於香港註冊成立之有限公司） 於二零二五年十一月，中國海外系列公司的合約物業銷售金額約人民幣222.35億元，按 年下跌26.0%；而相應的銷售面積約為774,400平方米，按年下跌29.8%。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。 二零二五年一月至十一月，中國海外系列公司累計合約物業銷售金額約人民幣2,113.99 億元；而相應的累計銷售面積約9,228,400平方米，分別按年下跌21.8%及9.4%。 此外，截至二零二五年十一月三十日，中國海外系列公司錄得已認購物業銷售約人民幣 50.68億元，預期將於往後數月內轉化為合約物業銷售。 1 | | 合約物業銷售 | 銷售面積 | | --- | --- | --- | | | （人民幣億元） | （萬平方米） | | 本公司及其附屬公司 | | | | 地區明細（附註一） | | | | 南部大區 | 111.19 | 22.54 | ...

新京报讯 据"北京通州发布"微信公众号消息，日前，通州区老城平房棚户区改造项目一期九棵树南地 块FZX-0302-6017二类居住用地成功出让。 经中海地产与北京城建的竞价角逐，最终由中海地产旗下北京海铧房地产开发有限公司，以124800万元 竞得该地块，副中心将再添一高品质住宅。 项目位置示意图。图/"北京通州发布"微信公众号 生活配套方面，该地块向北直线600米范围内，便是毗邻九棵树地铁站的阳光新生活广场、通州领展广 场等成熟商业体，可满足购物、休闲、消费等多元需求。南侧推窗即见通州云景公园，是面向居民的天 然生态休闲空间。西侧900米以内，聚集了通州第一实验小学、东直门医院通州院区等教育与医疗资 源。 根据规划，该地块的用地规模为2.47万平方米，规划地上建筑面积5.44万平方米，控制高度45米（局部 60米），容积率2.2，将营建低密度宜居社区。 在建筑设计方面，项目"多规合一"公示明确要求，临九棵树中路一侧建筑立面需提升城市景观视觉效 果，鼓励采用围合式院落布局，营造舒适的内部庭院空间。 该地块地处城市副中心0302街区核心的九棵树板块，位于五到六环之间。地块四至明确：东至九棵树中 路，南至规划FZ ...

Core Viewpoint - The high-end residential market is showing independent performance amidst a sluggish overall market, with significant sales recorded for new projects in Shenzhen and Guangzhou [1] Group 1: Sales Performance - Shenzhen Bay Zhuanxi, developed by China Resources Land and China Overseas Land, achieved a single-day sales record of approximately 13 billion yuan, setting a new benchmark for new home sales in 2023 [1] - Guangzhou's Poly Yuexi Bay also reported over 10 billion yuan in sales during its first opening, marking it as the first "billion opening" project nationwide this year [1] Group 2: Market Trends - Despite the strong sales of high-end residential properties, the overall market in Guangzhou and Shenzhen is stabilizing but has not fully recovered [1] - The current market shows a trend of "price for volume," indicating that while transaction numbers are stable, price performance is under pressure [1] Group 3: Future Outlook - High-end residential properties are viewed as a form of asset allocation, allowing them to maintain a relatively independent market performance [1] - If the strong sales of high-end properties can stimulate the land market and boost developers' enthusiasm for land acquisition, it may enhance buyer confidence and contribute to overall market stabilization [1]

Core Viewpoint - The high-end residential market is showing independent performance amidst a sluggish overall market, with significant sales recorded for new projects in Shenzhen and Guangzhou, indicating a potential shift in market sentiment and demand for premium properties [1][3][4]. Group 1: High-End Residential Sales - Shenzhen Bay Luanxi achieved a sales record of approximately 13 billion yuan on its opening day, setting a new benchmark for new home sales in China this year [1][3]. - Poly Yueshi Bay in Guangzhou also reported over 10 billion yuan in sales on its opening day, marking it as the first "100 billion opening" project of the year nationwide [1][4]. - The sales performance of these projects exceeded market expectations, suggesting a strong demand for high-end properties despite a generally subdued market [1][3]. Group 2: Market Dynamics - The overall real estate market in Guangzhou and Shenzhen has been characterized by a cautious sentiment, with some projects resorting to price reductions to stimulate sales [1][5]. - Recent data indicates a slight recovery in transaction volumes, with new home sales in Shenzhen increasing by 8.1% month-on-month in November, while Guangzhou's second-hand home transactions rose by 22.89% [5][6]. - The high-end residential segment is attracting high-net-worth individuals, which may help to improve market conditions if the supply of premium properties continues to grow [1][5][6]. Group 3: Future Outlook - Upcoming high-end projects in Shenzhen and Guangzhou are expected to further stimulate market activity and improve buyer sentiment [6][7]. - The sales of high-end residential properties are seen as a potential driver for the overall market, as they may encourage land acquisition by developers and boost buyer confidence [7]. - The performance of high-end properties could lead to a more stable market environment if it successfully triggers demand for surrounding second-hand properties [7].

Group 1 - China Overseas Land & Investment Limited (COLI) successfully acquired the 6017 plot in Tongzhou, Beijing, for 1.248 billion yuan, with a floor price of approximately 23,000 yuan per square meter, after a brief bidding process of only five minutes [3][4] - The acquisition is significant for COLI's strategic layout in Beijing, as it has two teams competing for land, with the Beijing team holding nearly 150 billion yuan in value [4][5] - The 6017 plot is relatively small, covering 2.47 hectares with a planned construction area of 54,400 square meters, and is located about 600 meters south of the Jiukeshu station on the subway line [3][14] Group 2 - The land price for the 6017 plot is considered low compared to nearby properties, with a price gap of 33,900 yuan per square meter when compared to similar developments in the area [16][17] - The actual plot's floor area ratio (FAR) is approximately 2.4, but there are restrictions that may affect the building's height and layout, as the construction line must retreat 20 meters from the road [20][21][22] - There is a competing residential plot (6016) nearby, which has a FAR of 2.4 and may influence the market dynamics for the 6017 plot [23]

Core Insights - High-end residential properties are showing independent market performance amidst a generally sluggish real estate market in Guangzhou and Shenzhen [4][9] - Recent launches, such as Shenzhen Bay Yunxi and Poly Yuexi Bay, have achieved record sales, indicating strong demand for premium properties [4][6] Group 1: Market Performance - Shenzhen Bay Yunxi achieved a sales record of approximately 13 billion yuan on its opening day, setting a new benchmark for new home sales in 2023 [1] - Poly Yuexi Bay in Guangzhou recorded over 10 billion yuan in sales on its opening day, marking it as the first "billion opening" project of the year [4][6] - The sales performance of these high-end projects exceeded market expectations, suggesting a potential shift in buyer sentiment [4][9] Group 2: Buyer Demographics - The high-end residential market is attracting high-net-worth individuals, including clients from emerging industries such as technology and renewable energy [7][9] - The demand for high-end properties is driven by the scarcity of prime locations and the desire for improved living environments [5][9] Group 3: Market Trends - Despite the strong performance of high-end properties, the overall real estate market in Guangzhou and Shenzhen remains cautious, with a trend of "price for volume" observed in some segments [8] - Recent data indicates a slight recovery in transaction volumes, with new home sales in Shenzhen increasing by 8.1% month-on-month in November [7][8] - The high-end market's resilience may help stabilize the broader real estate market by encouraging land acquisition and boosting buyer confidence [9]

Core Viewpoint - In 2025, the real estate land market is experiencing a structural differentiation as companies adopt a more cautious approach to land acquisition amid market uncertainties, with private enterprises focusing on advantageous regions and increasingly utilizing joint acquisition models [1][22]. Group 1: Land Acquisition Trends - From January to November, the top 100 real estate companies in China acquired land worth a total of 847.8 billion yuan, representing a year-on-year increase of 14.1%, although the growth rate has significantly slowed compared to the previous months [2][8]. - The top 10 companies accounted for 54.1% of the total land acquisition amount, while the top 20 companies accounted for 66.7%, indicating a stronger acquisition effort from leading firms [8][21]. - In November, the average premium rate for land transactions nationwide was 4.1%, reflecting a low level of market heat, with most land sold at base prices [21]. Group 2: Leading Companies in Land Acquisition - China Overseas Land & Investment, China Merchants Shekou, and Greentown China ranked as the top three companies in terms of new value added, with new values of 196.3 billion yuan, 183.3 billion yuan, and 129.3 billion yuan respectively [5][6]. - The rankings for new value added remained consistent from January to November, with the top three companies achieving significant increases through urban renewal projects in Shanghai [6][7]. Group 3: Joint Acquisition Models - The joint acquisition model has become more prevalent, particularly in first- and second-tier cities, allowing companies to share risks associated with market uncertainties and tight funding [13][15]. - Notable examples include a joint acquisition in Shanghai's Yangpu District for 4.3 billion yuan, showcasing the trend of collaboration between state-owned and private enterprises [13][14]. Group 4: Private Enterprises' Strategies - Despite a market dominated by state-owned enterprises, some financially stable private companies are actively acquiring land in core urban areas, shifting their strategy from nationwide expansion to focusing on specific advantageous regions [16][20]. - For instance, Maoyuan Real Estate won a high-profile bid in Beijing for 5.024 billion yuan, indicating a competitive stance among private firms [17][19]. Group 5: Market Outlook - The overall land market is characterized by caution and differentiation, with keywords such as prudence, focus, cooperation, and seizing structural opportunities becoming increasingly relevant [22].

Core Insights - Shenzhen Bay Yunxi, developed by China Resources Land and China Overseas Property, officially opened on November 30, achieving a single-day sales record of approximately 13 billion yuan, setting a new benchmark for new home sales in China this year [1] Group 1: Sales Performance - The initial offering included 348 units with sizes ranging from approximately 209 to 1,149 square meters, with high demand leading to the rapid sale of larger units [1] - Units of 500 square meters, 700 square meters, and 1,149 square meters sold out quickly, with prices ranging from 250,000 to 280,000 yuan per square meter, totaling between 13 million and 33 million yuan [1] - The overall absorption rate for the remaining inventory is close to 70%, indicating strong market demand [1] Group 2: Market Trends - There is an accelerating trend of high-end residential properties entering the Shenzhen market, with upcoming projects including CITIC Xinyue Bay, Houhai China Merchants Xi, and GCC Lian Tai Super Total Bay [1]

Investment Rating - The report rates the investment in 华夏中海商业 REIT as positive, highlighting its strong operational resilience and stable growth potential [1]. Core Insights - 华夏中海商业 REIT is the first consumer REIT to adopt an acquisition and revitalization model, with underlying assets demonstrating robust operational performance [1]. - The project, 佛山映月湖环宇城, is strategically located in Guangdong Province, benefiting from significant population density and a lack of competing large commercial projects in the vicinity [1][2]. - The rental rate of the project has improved significantly, reaching approximately 97.92% as of March 31, 2025, with a compound annual growth rate of about 11% in sales from 2021 to 2024 [1][2]. Summary by Sections Fund Overview - 华夏中海商业 REIT was officially registered on September 22, 2025, with a total fund size of 300 million shares and an expected total fundraising of 1.5843 billion yuan [6][24]. - The fund is managed by 华夏基金管理有限公司, one of the largest fund management companies in China, with over 3 trillion yuan in assets under management [7][8]. Industry Situation - The consumer infrastructure sector, particularly shopping centers, is expected to benefit from government policies aimed at boosting consumption and investment during the "14th Five-Year Plan" period [26][27]. - The retail sector in China has shown resilience, with a total retail sales volume of 47.15 trillion yuan in 2023, reflecting a year-on-year growth of 7.22% [29]. Project Details - 佛山映月湖环宇城 has a total construction area of 153,478.85 square meters and is positioned as a key self-owned property under the management of 中海环宇商业发展 [36]. - The project has undergone significant operational upgrades since its acquisition in March 2020, leading to a substantial increase in occupancy rates and sales performance [36][38]. Financial Projections and Future Potential - The project plans to allocate 85% of net recovery funds towards investments in other infrastructure projects, indicating strong future growth potential [1][2]. - The management team has demonstrated a strong track record, with a compound annual growth rate of 22.3% in managed scale and 27.1% in operational revenue since 2020 [1][2].

Core Insights - The opening of Shenzhen Bay Yunxi on November 30 set a new record for new home sales in China, achieving approximately 13 billion yuan in sales on the first day, surpassing previous records for the year [1][9] - The project, developed by China Resources Land and China Overseas Land, features 348 units with sizes ranging from 209 to 1149 square meters, with a significant portion of larger units selling out quickly [1][3] Sales Performance - The project achieved a near 70% sales rate on the opening day, with larger units (500 sqm, 700 sqm, and 1149 sqm) selling out first at prices ranging from 25,000 to 28,000 yuan per square meter, totaling between 13 million to 33 million yuan [1][5] - The average selling price for the 348 units was approximately 16.88 million yuan per square meter, with some units priced as high as 35 million yuan [4][5] Market Context - The high-end residential market is experiencing a surge, with the sale of luxury properties being viewed as a stable investment amid broader market adjustments [7][8] - In 2025, the total sales of residential properties priced over 10 million yuan in major cities increased by 15.6% compared to the previous year, indicating a strong demand for high-end real estate [9][10] Future Outlook - The trend of high-end residential properties gaining traction is expected to continue, driven by limited supply and favorable urban resources [11] - Upcoming projects in Shenzhen, such as CITIC Xinyue Bay and other luxury developments, are anticipated to further stimulate the market [7][11]