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」）於二零二一年十一月二十二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）2021年面向專業投資者公開發行公 司債券（第四期）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2021年面向專業投資者公開 發行公司債券（第四期）（品種二）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，二零二五年十一月二十一日 於本公告 ...

Core Viewpoint - Beijing has set a new record for land prices with the recent acquisition of a plot in Dongcheng District by Beijing Urban Construction Group for 2.028 billion yuan, marking a 4% premium and a floor price of 81,100 yuan per square meter, surpassing the previous record of 102,300 yuan per square meter set by the China Overseas Land project [3][4]. Group 1: Land Acquisition Details - The plot consists of four smaller parcels, with a total area of 2.27 hectares and a planned above-ground construction area of 25,000 square meters, resulting in a low floor area ratio of only 1.1 [5]. - The residential floor price reached 103,600 yuan per square meter, indicating significant interest in high-end residential developments despite a challenging market [3][9]. - The bidding process involved intense competition, with China Overseas Land ultimately withdrawing after nearly 40 rounds of bidding [3][4]. Group 2: Land Characteristics and Development Potential - The site is strategically located near the Temple of Heaven, enhancing its desirability due to its historical significance and urban location [3][9]. - The 0202 parcel is particularly noteworthy as it is planned for traditional courtyard houses, which are rare in the area, and must adhere to strict architectural guidelines to maintain the historical character of the neighborhood [9][13]. - The overall development plan includes a mix of residential and non-residential properties, with specific restrictions on sales, indicating a focus on maintaining the integrity of the community [14][16]. Group 3: Market Implications - The successful acquisition and planned development of the site reflect ongoing demand for luxury residential properties in Beijing, despite broader market challenges [3][4]. - The pricing dynamics suggest that high-end developments can still command premium prices, with potential sales prices for the courtyard houses projected at around 15 million yuan per square meter, leading to total prices of approximately 375 million yuan for entire units [17]. - The unique characteristics of the land, including its historical context and the planned architectural style, may attract affluent buyers looking for exclusive properties in Beijing [9][13].

Core Viewpoint - The Hong Kong real estate sector experienced a rebound on November 20, with several major companies seeing significant stock price increases, driven by expectations of supportive government policies aimed at stabilizing the real estate market [2][4]. Group 1: Market Performance - Major real estate stocks such as Sunac China (01918.HK) rose by 6.02%, Vanke (02202.HK) by 3.69%, and Country Garden (02007.HK) by 3.09% [2][3]. - Other companies like China Overseas Grand Oceans Group (00081.HK) and Yuexiu Property (00123.HK) also joined the upward trend, indicating a broader market recovery [2]. Group 2: Policy Catalysts - The recent rally in the real estate market is attributed to rising expectations of new supportive policies from the Chinese government to counteract the sluggish market and prevent further financial instability [4][5]. - The Ministry of Housing and Urban-Rural Development is reportedly considering measures such as interest subsidies for new personal housing loans and increasing tax deductions for mortgage borrowers [5]. Group 3: Market Data and Trends - Current real estate data shows a continued decline, with a reported 18.8% year-on-year drop in national commercial housing sales area for October 2025, and a 24.3% decrease in sales value [6]. - The market is under pressure, with expectations for policy support growing as the sales figures continue to decline [6][7]. Group 4: Future Outlook - Analysts suggest that the combination of policy expectations, consumer recovery, and improvements in the Hong Kong market will catalyze the real estate sector's performance leading up to the end of the year [9]. - The upcoming "Hong Kong 100 Strong" list is anticipated to feature major real estate companies, reflecting their importance in the market [10].

Group 1 - The core viewpoint of the report indicates that the stabilization of the residential balance sheet suggests a potential bottoming out in the real estate market, but the speed of improvement will determine the duration of this bottoming process [3][4] - The report highlights that since 2021, China's housing prices have cumulatively declined by 37%, which is longer than the average decline of 34% over 6.1 years in 42 countries, indicating that while the price drop is significant, the adjustment period in China is still relatively short [22][7] - The report identifies five major opportunities in the industry, including the stabilization of the residential asset-liability ratio, a decrease in the housing price-to-income ratio, improving rental yields, a bullish stock market potentially boosting wealth effects, and a deep clearing of supply-side issues [3][4] Group 2 - The industry outlook predicts a structural bottoming out, with opportunities arising for quality housing and commercial real estate, driven by policies focusing on demand recovery and high-quality development [3][4] - The report anticipates that the core cities will stabilize sooner due to healthier supply-demand relationships, with a forecast for sales volume and price declines to narrow in 2025-2026 [3][4] - The report maintains a "positive" rating for the real estate sector, recommending specific companies in the quality housing and commercial real estate segments, as well as undervalued firms and property management companies [3][4]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6]. Core Insights - The report emphasizes that the current policy environment is being driven by fundamental pressures, suggesting that the policy response may exceed the levels seen in 2008 and 2014 [4]. - Real estate is identified as an early-cycle indicator, serving as a barometer for economic trends, making it a strategic investment focus [4]. - The competitive landscape within the industry is improving, with leading state-owned enterprises and select mixed-ownership and private firms expected to benefit more in the future [4]. - The report continues to support investment in first-tier cities and two-thirds of second-tier cities, indicating that this combination has historically performed better during sales rebounds [4]. - Supply-side policies, including land storage and management of idle land, are highlighted as critical areas to monitor, with first and second-tier cities likely to benefit more from these changes [4]. Summary by Sections New Housing Market - In the week, new housing transaction area in 30 cities was 1.59 million square meters, showing a week-on-week increase of 17.4% but a year-on-year decrease of 34.6% [2]. - The new housing transaction area for first-tier cities was 432,000 square meters, up 12.6% week-on-week but down 42.5% year-on-year [2]. - Second-tier cities recorded a transaction area of 881,000 square meters, up 24.7% week-on-week and down 23.4% year-on-year [2]. - Third-tier cities had a transaction area of 276,000 square meters, up 4.9% week-on-week but down 47.7% year-on-year [2]. Second-Hand Housing Market - The total transaction area for second-hand housing in 14 sample cities was 2.003 million square meters, reflecting a week-on-week growth of 4.7% but a year-on-year decline of 17.0% [2]. - First-tier cities accounted for 856,000 square meters in second-hand transactions, up 8.7% week-on-week [2]. - Second-tier cities had a transaction area of 873,000 square meters, up 1.4% week-on-week [2]. - Third-tier cities recorded 273,000 square meters, up 3.7% week-on-week [2]. Credit Bonds - In the week of November 10-16, four credit bonds were issued by real estate companies, a decrease of eight from the previous week, with a total issuance of 3.62 billion yuan, down 6.63 billion yuan [3]. - The total repayment amount was 10.829 billion yuan, an increase of 4.359 billion yuan, resulting in a net financing amount of -7.209 billion yuan, down 10.989 billion yuan [3]. Market Performance - The report notes that the Shenwan Real Estate Index had a cumulative change of 2.7%, outperforming the CSI 300 Index by 3.78 percentage points, ranking 7th among 31 Shenwan primary industries [14]. - A total of 84 stocks in the real estate sector rose, while 30 stocks fell, with the top five gainers being Qianjing Garden, China Wuyi, Huaxia Happiness, Guancheng Datong, and Rongsheng Development, with gains of 61.0%, 30.0%, 26.3%, 21.6%, and 18.2% respectively [14].

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating a cautious optimism despite current challenges [2][3]. Core Insights - The investment side of the real estate sector continues to weaken, with significant declines in new construction and completion rates. For the period from January to October 2025, total real estate investment decreased by 14.7% year-on-year, with new construction down by 19.8% and completions down by 16.9% [1][20]. - The sales side shows a broader decline in sales volume and price. From January to October 2025, the sales area decreased by 6.8% year-on-year, with a more pronounced drop of 18.8% in October alone. The sales amount also fell by 9.6% year-on-year, with a 24.3% decline in October [2][33]. - Funding sources for real estate development are tightening, with total funding down by 9.7% year-on-year. In October, funding sources saw a significant drop of 21.9% compared to the previous month [35]. Investment Analysis - The report suggests that the real estate sector is still in a bottoming phase, with core cities expected to stabilize sooner. Two major opportunities are highlighted: the potential shift of real estate companies towards manufacturing and the favorable conditions for quality commercial enterprises during a monetary easing cycle [2][3]. - Adjustments to the 2025 forecasts include a projected investment decline of 14.2% (previously 11.0%), new construction down by 18.0% (previously 15.1%), and completions down by 17.7% (previously 20.0%) [20][34].

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [1] Core Insights - In October 2025, new home prices in 70 cities showed a month-on-month decline, while the year-on-year decline narrowed. First-tier cities maintained their price decline [6][10] - Second-hand home prices experienced both month-on-month and year-on-year declines, indicating a continued downward trend in the market [6][10] - The report highlights that the real estate market is moving towards stabilization due to various policies aimed at halting the decline, with expectations for further stabilization in the future [6][10] Summary by Sections New Home Prices - New home prices in first, second, and third-tier cities decreased by -0.3%, -0.4%, and -0.5% month-on-month respectively, with an overall decline of -0.5% across 70 cities, which is an increase in the decline rate by 0.1 percentage points compared to September [3][13] - Year-on-year, first, second, and third-tier cities saw declines of -0.8%, -2.0%, and -3.4% respectively, with the overall year-on-year decline for 70 cities narrowing by 0.1 percentage points to -2.6% [3][13] Second-Hand Home Prices - Second-hand home prices in 70 cities fell by -0.7% month-on-month, with the decline rate increasing by 0.1 percentage points. First, second, and third-tier cities saw declines of -0.9%, -0.6%, and -0.7% respectively [4][20] - Year-on-year, second-hand home prices across 70 cities decreased by -5.4%, with the decline rate expanding by 0.2 percentage points [4][20] Key City Performance - In a focus on 35 key cities, new home prices showed mixed results, with Shanghai leading with a month-on-month increase of +0.3% and a year-on-year increase of +5.7% [5][28] - Conversely, second-hand home prices in these cities uniformly declined, with Shanghai experiencing a year-on-year drop of -1.8% [5][28] Investment Recommendations - The report recommends focusing on strong credit real estate companies that can cater to improving customer demand, such as Greentown China, China Overseas Development, and others [6][10] - It also suggests companies benefiting from both residential and commercial real estate recovery, as well as high-quality property management firms under the "Good House, Good Service" policy [6][10]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the real estate industry [7] Core Insights - The real estate industry is experiencing a low-level adjustment with accelerated differentiation among companies, where the overall revenue of sample companies decreased by 12.5% year-on-year, and net profit attributable to shareholders dropped by 161.6% [4][8] - The sales decline is narrowing, with top companies like Jianfa Real Estate, China Jinmao, and Yuexiu Property achieving growth against the trend [4][9] - The land market is showing a trend of quality improvement and reduced volume, with core city premium land transactions supporting a year-on-year increase in transaction value [4][9] Summary by Sections 1. Financial Performance: Weakness Continues, Differentiation Among Companies - In the first three quarters of 2025, the overall revenue of 23 sample companies decreased by 12.5% year-on-year, with state-owned enterprises showing a growth of 6.1% while private and mixed-ownership companies faced declines of 17.1% and 27.8% respectively [16] - The net profit attributable to shareholders for these companies fell by 161.6%, with state-owned enterprises experiencing a decline of 1595.6% [16][22] - The overall gross margin for the sample companies was 13.0%, a decrease of 0.3 percentage points compared to the full year of 2024, while state-owned enterprises saw a recovery in gross margin [22][40] 2. Operational Performance: Sales Under Pressure, Land Market Quality Improvement - In the first three quarters of 2025, the cumulative sales amount of commercial housing nationwide decreased by 7.9% year-on-year, with a decline in sales area of 5.5% [9][43] - The top 100 real estate companies reported a cumulative sales amount of 24,948 billion, down 12.8% year-on-year, with the top 10 companies showing a decline of 11.7% [49][52] - The land market is characterized by a reduction in supply and an increase in transaction value, with the cumulative transaction amount reaching 13,304 billion, up 11.9% year-on-year [54][57] 3. Financing Environment: Marginal Improvement, State-Owned Enterprises at an Advantage - The bond issuance scale for real estate companies has stopped declining, with a year-on-year increase of 3.9% in the first three quarters of 2025 [10] - The average bond issuance interest rate has decreased from 5.5% in 2021 to 2.8% in the first half of 2025, indicating a recovery in market confidence [10][57] - The liquidity pressure remains, with significant differences in the financial health of various companies [10][57] 4. Investment Recommendations: Focus on Leading Companies in Core Areas - The report recommends focusing on leading companies that continue to acquire land in core areas of first-tier and strong second-tier cities, such as Greentown China, Jianfa International Group, and China Overseas Development [11][57] - Attention should also be given to companies with potential turnaround opportunities and those with core competitive advantages in the real estate intermediary sector [11]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [3][4] Core Viewpoints - The report emphasizes that real estate is a crucial asset allocation and investment direction for Chinese households, and stabilizing housing prices is significant for facilitating economic circulation. The policy environment is expected to strengthen further, promoting high-quality development in the real estate sector. There is an anticipated wave of development for high-quality residential properties due to policy guidance and changes in supply-demand structure [4][48]. Market Performance - The Shanghai Composite Index rose by 1.1%, while the real estate sector (Shenwan) declined by 0.2% during the week [4][7]. - In the new housing market, 154 million square meters were sold across 42 key cities from November 1 to November 7, representing a 38.7% decrease from the previous week and a 46.7% year-on-year decline [4][13]. - The second-hand housing market saw 191 million square meters sold in 21 key cities during the same period, reflecting a 7.6% decrease week-on-week and a 26.7% year-on-year decline [4][28]. Data Tracking - For new housing, the cumulative sales in November (up to the week of November 7) were 154 million square meters, showing a 195.2% increase month-on-month but a 46.7% decrease year-on-year [4][17]. - In the second-hand housing market, cumulative sales for November reached 191 million square meters, indicating an 895.9% increase month-on-month but a 26.7% decrease year-on-year [4][31]. Industry News - The National Development and Reform Commission and other departments issued a plan to promote the development of smart cities, aiming to establish over 50 fully digital transformation cities by the end of 2027 [4][45]. - Shenzhen is supporting the conversion of idle non-residential properties into affordable rental housing, while Hunan's Pingjiang County is implementing a comprehensive approach to selling existing homes [4][45]. Company Announcements - In October, major real estate companies reported significant declines in sales, with China Overseas Development at 186.6 billion (down 55.1% year-on-year) and Poly Development at 211.2 billion (down 50.1% year-on-year) [4][48].

Group 1 - Hong Kong real estate stocks experienced a general rise, with Longfor Group up 3.33%, China Resources Land up 3%, and Agile Group up 3.4% [1] - Other notable increases include R&F Properties, Jin Hui Holdings, Ronshine China, and Jianfa International Group, each rising approximately 2%, while Midea Real Estate, Longguang Group, New City Development, and China Overseas Macro Holdings rose over 1% [1] Group 2 - The China Index Academy recently released the October financing report, indicating that the total bond financing in the real estate sector for October 2025 reached 51.24 billion yuan, a year-on-year increase of 76.9% [1] - The issuance of credit bonds in October also saw a year-on-year increase, primarily from state-owned enterprises, with real estate credit bond financing amounting to 32.7 billion yuan, up 50.7% year-on-year, accounting for 63.8% of the total [1] Group 3 - CITIC Securities suggests that 2026 may be a critical year for real estate companies to enter a balance sheet repair phase, with some firms potentially reaching the bottom of a long-term profit cycle [1] - Companies that manage to recover first are likely those with well-positioned assets in good cities, operational investment properties, or financial assets with appreciation potential [1]