Core Viewpoint - China Overseas Development (00688) reported a significant increase in contract property sales amounting to approximately RMB 14.478 billion in January 2026, reflecting a year-on-year growth of 20.4% [1] Group 1: Sales Performance - The contract property sales amount for China Overseas series companies reached approximately RMB 14.478 billion, marking a year-on-year increase of 20.4% [1] - The corresponding sales area was approximately 516,600 square meters, which represents a year-on-year decline of 12.9% [1] Group 2: Recognized Sales - As of January 31, 2026, the recognized property sales for China Overseas series companies amounted to approximately RMB 11.146 billion [1] - It is anticipated that the recognized sales will convert into contract property sales in the coming months [1]

Core Viewpoint - China Overseas Development (00688.HK) reported a year-on-year increase of 20.4% in contract property sales amounting to approximately RMB 14.478 billion for January 2026, despite a 12.9% year-on-year decrease in sales area to about 516,600 square meters [1] Group 1: Sales Performance - The contract property sales for January 2026 reached approximately RMB 14.478 billion, reflecting a 20.4% increase compared to the previous year [1] - The corresponding sales area for the same period was approximately 516,600 square meters, which represents a 12.9% decrease year-on-year [1] - As of January 31, 2026, the company recorded recognized property sales of about RMB 11.146 billion, which is expected to convert into contract property sales in the coming months [1] Group 2: Land Acquisition - In January 2026, the company and/or its subsidiaries did not acquire any new land parcels [1] - China Overseas Hongyang Group added a new land parcel in Taizhou, Jiangsu Province, with a gross floor area of approximately 86,700 square meters and a land price of about RMB 287 million [1]

（於香港註冊成立之有限公司） 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。 一、物業銷售更新 （股份代號：688） 截至二零二六年一月三十一日止一個月 物業銷售和新增土地更新 於二零二六年一月，中國海外系列公司的合約物業銷售金額約人民幣144.78億元，按年 上升20.4%；而相應的銷售面積約為516,600平方米，按年下跌12.9%。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。 此外，截至二零二六年一月三十一日，中國海外系列公司錄得已認購物業銷售約人民幣 111.46億元，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 | 30.70 | 5.80 | | 東部大區 | 10.46 | 4.85 | | 中西部大區 | 7.12 ...

Group 1: Sales Performance of Real Estate Companies - In January 2026, the top three real estate companies in Shenzhen by sales were China Overseas Land & Investment with 22.2 billion yuan, China Resources Land with 16.0 billion yuan, and Excellence Group with 9.6 billion yuan [2][5][18] - The sales threshold for the top 5 companies reached 6.1 billion yuan, while the top 10 and top 20 thresholds were 3.2 billion yuan and 1.2 billion yuan, respectively [5][18] Group 2: Policy Dynamics - Shenzhen introduced a management method for allocated affordable housing, effective from March 1, 2026, which prohibits any conversion of allocated affordable housing into commercial housing [5][19] - The application conditions for allocated affordable housing include having Shenzhen household registration, no self-owned housing in Shenzhen, and at least five years of social insurance contributions [6][23] Group 3: Market Performance - In January 2026, the number of new residential units signed in Shenzhen was 2,579, a decrease of 10.7% month-on-month and 49.3% year-on-year, attributed to a slowdown in new project launches [9][24] - The second-hand residential transactions saw an increase, with 5,281 units transferred, marking a year-on-year growth of 15.96% and a month-on-month increase of 6.88% [11][26] - As of the end of January, the inventory of new residential units in Shenzhen was 29,950, a decrease of 380 units from the previous month, due to a reduction in new launches and some inventory being converted to sales [13][28] Group 4: Market Outlook - The Shenzhen real estate market continued to show signs of recovery in January, with strong sales performance from quality projects indicating a gradual increase in market confidence [15][30] - The market is expected to maintain a "steady progress with quality first" trend as the traditional peak season for property transactions approaches after the Spring Festival [30]

来源：新浪港股 内房股午后普遍上涨，截至发稿，龙光集团（03380）上涨6.67%，报1.44港元；华润置地（01109）上 涨5.41%，报31.94港元；越秀地产（00123）上涨4.90%，报4.71港元；中国海外宏洋集团（00081）上 涨3.60%，报2.59港元；中国海外发展（00688）上涨4.72%，报14.65港元。 ...

Group 1 - The Hong Kong stock market saw a collective rise in property stocks, with Sunac China increasing by over 6%, Longfor Group and China Resources Land rising by over 5%, and Yuexiu Property increasing by over 4% [1] - Other notable increases include New City Development, China Overseas Development, Vanke, Greentown China, CIFI Holdings, and China Jinmao, all rising by over 3% [1] - The rise in property stocks is attributed to the substantial launch of a project in Shanghai aimed at acquiring second-hand housing for affordable rental housing, targeting new citizens, young people, university graduates, and various talent groups [1] Group 2 - Specific stock performance includes: - Sunac China (01918) up 6.14% to 1.210 with a market cap of 19.593 billion, down 7.63% year-to-date - Longfor Group (03380) up 5.93% to 1.430 with a market cap of 8.13 billion, down 20.11% year-to-date - China Resources Land (01109) up 5.21% to 31.880 with a market cap of 227.334 billion, up 17.21% year-to-date - Yuexiu Property (00123) up 4.68% to 4.700 with a market cap of 18.919 billion, up 18.69% year-to-date [2] - Other companies with notable performance include New City Development (up 3.92%), China Overseas Development (up 3.79%), and Vanke (up 3.37%) [2]

Group 1 - The Hong Kong stock market saw a collective rise in property stocks on February 4, with notable increases including Sunac China up over 6%, Longfor Group and China Resources Land up over 5%, and Yuexiu Property up over 4% [1] - The Shanghai government has initiated a program to acquire second-hand housing for the purpose of providing affordable rental housing, targeting new citizens, young people, university graduates, and various talent groups [1] - The signing event for this initiative included cooperation agreements between the Shanghai branch of China Construction Bank and public rental housing companies in three districts, providing financial support for the acquisition work [1] Group 2 - Sunac China (01918) increased by 6.14% to a price of 1.210 with a total market value of 195.93 billion, showing a year-to-date decline of 7.63% [2] - Longfor Group (03380) rose by 5.93% to 1.430 with a market cap of 81.3 billion, reflecting a year-to-date drop of 20.11% [2] - China Resources Land (01109) saw a 5.21% increase to 31.880, with a market value of 2273.34 billion and a year-to-date gain of 17.21% [2] - Yuexiu Property (00123) increased by 4.68% to 4.700, with a market cap of 189.19 billion and a year-to-date rise of 18.69% [2] - New City Development (01030) rose by 3.92% to 2.650, with a market value of 187.24 billion and a year-to-date increase of 29.27% [2] - China Overseas Development (00688) increased by 3.79% to 14.520, with a market cap of 1589.2 billion and a year-to-date rise of 18.53% [2] - Vanke Enterprise (02202) saw a 3.37% increase to 3.680, with a market value of 439.05 billion and a year-to-date gain of 12.20% [2] - Greentown China (03900) rose by 3.27% to 11.370, with a market cap of 288.75 billion and a year-to-date increase of 34.24% [2] - CIFI Holdings (00884) increased by 3.19% to 0.097, with a market value of 16.61 billion and a year-to-date decline of 39.75% [2] - China Jinmao (00817) rose by 3.55% to 1.750, with a market cap of 236.47 billion and a year-to-date increase of 44.63% [2]

智通财经APP获悉，内房股早盘普涨，截至发稿，越秀地产(00123)涨4.01%，报4.67港元；中国海外宏 洋集团(00081)涨4%，报2.6港元；华润置地(01109)涨3.89%，报31.48港元；中国海外发展(00688)涨 3.5%，报14.48港元；龙光集团(03380)涨2.96%，报1.39港元。 另据报道，在刚过去的1月份，北京二手房网签量超过1.5万套，已连续三个月稳定在1.4万套以上；上海 二手房连续三个月成交超2.2万套；深圳二手房共计录得6802套，创近10个月新高；广州二手住宅网签 8881套，市场韧性同样较强。业内专家认为，房地产市场的"小阳春"行情正提前显现，二手房市场率先 回暖，核心韧性凸显，春节后挂牌量的变化，将成为观察供需关系的关键窗口。 消息面上，2月2日，中国建设银行支持上海市第一批收购二手住房用于保障性租赁住房项目签约活动举 办，以浦东新区、静安区、徐汇区为试点区，主要聚焦于业主有本区新房置换意愿的、房龄偏大的小户 型二手房源。中金认为，上海二手房挂牌量自2025年3季度已开始下降，带动其挂牌去化周期持续下 行；本次存量住房收储面向供给压力最为直接的二手房供给，也 ...

Core Insights - The real estate sector has shown a decline of 2.1% over the past week, ranking 17th among 29 sectors in the market, while the Shanghai and Shenzhen 300 index and the Wind All A index experienced changes of 0.1% and -1.6% respectively [5][38]. - New home sales in 36 cities reached 1.425 million square meters last week, reflecting a week-on-week increase of 14.2% and a year-on-year increase of 146.5%. However, cumulative sales from January 1 to January 30 totaled 5.398 million square meters, down 30.3% year-on-year [5][10]. - The second-hand housing market saw a total transaction area of 1.706 million square meters across 15 cities last week, with a slight week-on-week decrease of 0.7% but a significant year-on-year increase of 744.4%. Cumulative sales for the same period reached 6.739 million square meters, up 15.8% year-on-year [5][16]. Real Estate Market Conditions - The inventory of new homes in 13 cities stands at 7.7738 million square meters, showing a slight decrease of 0.2% week-on-week and a year-on-year decrease of 3.8%. The average de-stocking period is 23.0 months, which is stable compared to the previous week but has increased by 6.7 months year-on-year [5][24]. - In terms of land transactions, the total area sold in 100 cities from January 26 to February 1 was 1.7955 million square meters, marking a week-on-week increase of 49.2% and a year-on-year increase of 419.7%. The average land price was 979 yuan per square meter, down 28.0% week-on-week and down 74.4% year-on-year [5][32]. Investment Recommendations - For mainland developers, the report recommends companies such as Binjiang Group and China Merchants Shekou in A-shares, and China Overseas Development and Greentown China in Hong Kong stocks, highlighting that sales growth expectations post-market recovery will drive valuation improvements [5][9]. - Light asset operation companies are also recommended, as they are expected to maintain stable fundamentals during the downturn. Suggested companies include Greentown Service for property management and China Resources Mixc Lifestyle for commercial management [5][9]. - For Hong Kong developers, the report suggests focusing on companies like Sun Hung Kai Properties and Henderson Land Development, which are expected to benefit from a recovering residential sales market [5][9]. Financing Conditions - In the realm of domestic credit bonds, real estate companies issued a total of 8 bonds last week, amounting to 4.96 billion yuan, which is a decrease of 42.9% week-on-week but an increase of 346.3% year-on-year. The net financing amount was -3.97 billion yuan due to repayments totaling 8.93 billion yuan [5][36].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年1月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中國海外發展有限公司 | | | 呈交日期: | 2026年2月3日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 00688 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 10,944,883,535 0 10,944,883,535 增加 / 減少 (-) 0 0 本月底結存 10,944,883,535 0 10,944,883,535 足夠公眾持股量的確認(註4) (A). 股份期權（根據發行人的股份期權計劃） | 1. 股份分類 | | 普通股 | | 股份類別 | 不適用 | | 於香 ...