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」）於二零二四年十一月二十五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）2024年面向專業投資者公開發行公 司債券（第二期）的公告。 根據有關規定，中海企業發展集團有限公司已經於深圳證券交易所網站 （http://www.szse.cn）上載了《中海企業發展集團有限公司2024年面向專業投資者公開 發行公司債券（第二期）2025年付息公告》。 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 顏建國 香港，二零二五年十一月二十六日 於本公告日期，顏建 ...

【中国海外发展21.77亿元底价竞得杨浦滨江宅地】智通财经11月24日电，上海第九批集中出让的地块 11月24日进入限时竞价环节。其中，杨浦区N090602单元K8-03地块吸引两位竞买人参与竞拍，最终， 中国海外发展旗下的杭州中海宏鲲房地产有限公司以21.77亿元的底价竞得，成交楼板价6.88万元/平方 米。 转自：智通财经 ...

Core Insights - The Hong Kong stock market indices saw significant gains in the afternoon, with the Hang Seng Index rising over 2%, the Hang Seng Tech Index increasing by 2.7%, and the Hang Seng China Enterprises Index up by 1.8% [1] Company Performance - Kuaishou (快手-W) experienced a rise of 6.56% with a year-to-date increase of 66.79%, and a total market capitalization of 294.57 billion [2] - NetEase (网易-S) increased by 6.26%, with a year-to-date gain of 61.57%, and a market cap of 688.29 billion [2] - Alibaba (阿里巴巴-W) rose by 5.42%, showing a year-to-date increase of 93.41%, with a total market value of 2.97 trillion [2] - WuXi AppTec (药明康德) saw a 4.14% increase, with a year-to-date rise of 93.30%, and a market capitalization of 315.38 billion [2] - Baidu (百度集团-SW) increased by 4.10%, with a year-to-date gain of 35.07%, and a market cap of 307.19 billion [2] - Hansoh Pharmaceutical (翰森制药) rose by 4.03%, with a remarkable year-to-date increase of 134.85%, and a market capitalization of 240.51 billion [2] - Zhongsheng Holdings (中升控股) increased by 3.58%, but has a year-to-date decline of 12.81%, with a market cap of 27.41 billion [2] - China Overseas Development (中国海外发展) rose by 3.37%, with a year-to-date increase of 19.16%, and a market cap of 154.54 billion [2] - Longfor Group (龙湖集团) increased by 3.54%, with a year-to-date rise of 6.20%, and a market cap of 72.18 billion [2] - BYD (比亚迪股份) rose by 3.34%, with a year-to-date increase of 9.64%, and a market cap of 873.88 billion [2] - WuXi Biologics (药明生物) increased by 3.34%, with a year-to-date rise of 79.84%, and a market cap of 129.71 billion [2] - Midea Group (美的集团) rose by 2.92%, with a year-to-date increase of 26.14%, and a market cap of 690.12 billion [2] - Meituan (美团-W) increased by 2.88%, but has a year-to-date decline of 35.20%, with a market cap of 600.76 billion [2] - Alibaba Health (阿里健康) rose by 2.87%, with a year-to-date increase of 72.59%, and a market cap of 92.68 billion [2]

Investment Rating - The industry is rated as "Overweight" [5] Core Insights - In the first ten months of 2025, the total area of residential land transactions in 100 cities decreased by 9% year-on-year, while the average floor price increased by 15% [1][51] - The top three companies in terms of new land reserve value from January to October 2025 are China Overseas Land & Investment (119.9 billion), China Merchants Shekou (103.4 billion), and Greentown China (65.1 billion) [2][87] - The core 30 cities saw a cumulative year-on-year decrease of 3% in residential land transaction area, but a 22% increase in average price [2][3] Summary by Sections Land Supply and Demand - In the first ten months of 2025, the total land supply in 100 cities was 1.113 billion square meters, a year-on-year decrease of 12.7%, while the total land transaction area was 946 million square meters, down 7% [8] - The supply of residential land in 100 cities for the same period was 239 million square meters, a decrease of 19.1% year-on-year, with a transaction area of 184 million square meters, down 9.3% [18] Land Transaction Prices - The average floor price of residential land in 100 cities for the first ten months of 2025 was 6,597 yuan per square meter, reflecting a year-on-year increase of 14.9% [51][62] - In the core 30 cities, the average floor price for residential land transactions was 11,423 yuan per square meter, up 21.8% year-on-year [3][95] Top 50 Real Estate Companies' Land Acquisition - The top 50 real estate companies saw a 55% year-on-year increase in new land reserve value, totaling 908.4 billion yuan from January to October 2025 [78] - The top three companies by new land reserve area are China Overseas Land & Investment (4.15 million square meters), Poly Developments (3.51 million square meters), and China Merchants Shekou (3.07 million square meters) [2][87] Core 30 Cities Land Transaction Situation - In October 2025, the core 30 cities recorded 133 residential land transactions, with a total area of 855 million square meters, down 43% year-on-year [92] - The cumulative total land transaction price in the core 30 cities from January to October 2025 was 946.5 billion yuan, an increase of 17.8% year-on-year [95][102] Investment Recommendations - Focus on companies with strong brand reputation and sales performance in core cities, such as Poly Developments and China Merchants Shekou [4][118] - Consider companies with rich existing resources and operational brand competitiveness, like China Resources Land and Shanghai Lingang [4][118] - Look for long-term growth potential in property services, recommending companies like China Merchants Jinling and Greentown Services [4][118]

Core Viewpoint - The ninth batch of land auctions in Shanghai for 2025 has launched 9 residential plots with a starting total price of approximately 16.9 billion yuan, reflecting a continued strategy to stabilize market expectations [1] Group 1: Auction Details - A total of 8 plots were successfully sold in the morning session, generating approximately 15.6 billion yuan in revenue [1] - The participating entities in this round of land auctions primarily include established real estate companies, local state-owned enterprises, and private enterprises [1] - The plots generally require the provision of 5% public rental housing or elderly care facilities, with a floor area ratio mostly capped at 2.5 [1] Group 2: Notable Transactions - China Overseas Land & Investment acquired the Yangpu Dongtan plot at the base price [1] - Dahua and Jinmao secured the Baoshan Gaojing and Miaohang plots, respectively [1] - The Pudong Chuansha plot underwent 82 rounds of bidding, ultimately being won by Shanghai Jiayun Real Estate's wholly-owned subsidiary for 2.47541 billion yuan, with a premium rate of 15.76% and a residential floor price of approximately 29,900 yuan per square meter [1] Group 3: Upcoming Auctions - An auction for the Qingpu Xujing Dahongqiao plot is scheduled for 14:00, with a starting floor price of 30,000 yuan per square meter [1]

楼面价6.88万元/㎡ 11月24日，据上海土地交易市场公告，上海举行第九批次土拍，9宗地块分布于杨浦区(2宗)、宝山区(2 宗)、嘉定区、奉贤区、青浦区(2宗)以及浦东新区，总出让面积433.9亩，总建筑面积55.26万㎡，总起价 169.11亿元。其中，中海以21.77亿元底价竞得杨浦区N090602单元K8-03地块，楼面价6.88万元/㎡，出 让面积13880.45㎡，建筑面积31647.42㎡，容积率2.28。 ...

Group 1 - The core viewpoint of the news highlights a collective rise in Hong Kong property stocks, driven by positive government policies and market sentiment [1] - Guangzhou is actively promoting the acquisition of existing residential properties for use as affordable housing, while multiple regions continue to implement relaxation policies [1] - The Ministry of Housing and Urban-Rural Development held a national urban renewal work promotion meeting, emphasizing the need for tailored, innovative approaches in planning, funding, operations, and governance [1] Group 2 - A research report from Shenwan Hongyuan expresses optimism about the new "good housing" sector and the revaluation of shopping center values, maintaining a "positive" rating [1] - The report suggests that while the real estate sector in China will continue to stabilize, core cities are expected to see a turnaround sooner [1] - Two major opportunities are identified: the elevation of "good housing" policies, which could shift real estate companies from finance to manufacturing, and the strong performance of quality commercial enterprises during a monetary easing cycle, leading to potential revaluation of consumer-oriented commercial real estate assets [1]

Investment Rating - The industry maintains an "Overweight" rating, with a focus on real estate-related stocks due to expected policy support and market recovery [5][7]. Core Insights - The report emphasizes the need for urban renewal, highlighting the government's commitment to improving living conditions and urban infrastructure, which is expected to support high-quality urban development [2][12]. - The real estate market is showing signs of pressure, with new home sales in 30 cities down 38.2% year-on-year, despite a 6.5% month-on-month increase [3][27]. - The report suggests that the competitive landscape in the real estate sector is improving, with leading state-owned enterprises and select private firms expected to benefit from favorable policies and market conditions [5]. Summary by Sections 1. Market Overview - The real estate index decreased by 5.8% this week, underperforming the CSI 300 index by 2.06 percentage points, ranking 20th among 31 sectors [2][16]. 2. New Home Sales - In the latest week, new home sales in 30 cities totaled 169.3 million square meters, with a year-on-year decline of 38.2% and a month-on-month increase of 6.5% [3][27]. - Year-to-date, new home sales in these cities have reached 85.89 million square meters, down 9.7% year-on-year [33]. 3. Second-Hand Home Sales - Second-hand home sales in 14 cities totaled 199.9 million square meters, down 12.6% year-on-year and slightly down 0.2% month-on-month [38][39]. - Cumulatively, second-hand home sales for the year have increased by 9.9% [38]. 4. Credit Bond Issuance - A total of 9 credit bonds were issued by real estate companies this week, amounting to 4.71 billion yuan, with a net financing amount of -1.79 billion yuan [4][48]. 5. Investment Recommendations - The report recommends focusing on companies with strong fundamentals and those benefiting from urban renewal policies, including both state-owned and select private enterprises [5].

据悉，本次债券简称"21中海08"，债券余额12亿元，票面利率3.38%。每10张"21中海08"面值人民币 1000元派发利息为人民币33.80元(含税)。 中国海外发展(00688)发布公告，中海企业发展集团有限公司2021年面向专业投资者公开发行公司债券 (第四期)(品种二)将于2025年11月25日支付自2024年11月25日至2025年11月24日期间的利息。 ...

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2021年面向专业投资者公 开发行公司债券(第四期)(品种二)将于2025年11月25日支付自2024年11月25日至2025年11月24日期间的 利息。 据悉，本次债券简称"21中海08"，债券余额12亿元，票面利率3.38%。每10张"21中海08"面值人民币 1000元派发利息为人民币33.80元(含税)。 ...