Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The monitored enterprises acquired a total of 30 land parcels with a total transaction amount of 14.5 billion yuan [4] - Brand real estate companies completed 4 financing transactions, totaling 8.44 billion yuan [4] Land Acquisition - In Shanghai, Yuexiu Property secured a residential land parcel in Pudong New District for 4.57 billion yuan, with a floor price of 38,035 yuan/m² [8] - In Huzhou, a residential land parcel was acquired by Deqing County Transportation Engineering Construction Co. for 323 million yuan, with a floor price of 5,954 yuan/m² [9] - In Dalian, a joint venture between Poly and JinDi acquired a site for 736 million yuan, with a floor price of 7,454 yuan/m² [10] - In Wenzhou, Zhongnan Industry secured a residential land parcel for 403 million yuan, with a floor price of 12,582 yuan/m² [11] Investment Financing - Xinjing New Town Development Group successfully issued 440 million yuan in medium-term notes with a 5-year term at an interest rate of 2.7% [12][13] - Lianfa Group issued 250 million yuan in green medium-term notes with a 3+3 year term at an interest rate of 2.6% [15] - Xinda Real Estate received approval for a company bond issuance of 5.75 billion yuan [16] - Shanghai Construction Group successfully issued 2 billion yuan in medium-term notes with a 5+N year term at an interest rate of 2.9% [17] Corporate Dynamics - China Overseas Development signed a strategic cooperation agreement with Sun Hung Kai Properties to deepen collaboration in project construction and other areas [18]

土地市场呈现"先扬后抑"态势，整体成交规模与2024年持平。上半年核心区域优质地块高溢价成交，17宗地块溢价率超20%，北外滩、徐汇衡复等板块诞生 高价地王；下半年市场回归理性，底价成交成为常态，国央企主导拿地，民企择机抄底。区域供应分化明显，杨浦区成交宗数最多，徐汇区凭借东安新村地 王项目成为出让金最高区域，浦东、青浦、宝山将成为2026年主力供货区域。 商品住宅市场供求两端持续收缩，创5年来新低，供求比降至0.94，库存去化成效显现。成交均价结构性上扬至8.06万元/㎡，核心源于中心城区豪宅入市。 成交结构上，90-110㎡刚需户型和300-700万元总价段为市场主力，高改产品成交量虽有增长，但客户消耗明显。区域表现中，黄浦、静安、徐汇等中心城 区保持热度，郊区市场相对低迷。二手房市场以价换量趋势显著，全年成交25.38万套，刚需小户型和低总价产品主导市场，年末成交回暖但部分次新标杆 项目价格下滑。 房企格局方面，中海、金茂等国央企占据主导，华润、保利、招商位列销售金额前三，房企合作联盟趋于稳定。整体来看，2025年上海楼市政策宽松托底、 产品品质升级、市场分化加剧，核心区域与优质产品保持竞争力，未来市场 ...

Group 1 - The core viewpoint of the news highlights a positive trend in the Hong Kong real estate sector, with most property stocks experiencing gains, indicating a recovery in the market [1] - The Minister of Housing and Urban-Rural Development, Ni Hong, emphasized three key areas for urban renewal this year: the renovation of old urban communities, the promotion of complete community construction, and the transformation of small public spaces in cities [1] - The government aims to stabilize the real estate market by implementing targeted policies and supporting reasonable financing needs of property companies, as well as addressing the housing demands of residents [1] Group 2 - In the secondary housing market, major cities are showing signs of recovery, with first-tier and strong second-tier cities experiencing increased activity [1] - Data from monitoring agencies indicate that the transaction volume in Beijing, Shanghai, and Shenzhen is improving, with Shanghai's second-hand housing listings decreasing for nine consecutive months, leading to a more balanced supply-demand relationship [1]

Group 1 - The core viewpoint of the news highlights a positive trend in the Hong Kong real estate stocks, with several companies experiencing significant gains, indicating a recovery in the market [1] - The Minister of Housing and Urban-Rural Development, Ni Hong, emphasized three key areas for urban renewal this year: the renovation of old urban communities, the promotion of complete community construction, and the transformation of small public spaces [1] - The government aims to stabilize the real estate market by implementing targeted policies and supporting reasonable financing needs of real estate companies, as well as addressing the housing demands of residents [1] Group 2 - In the secondary housing market, major cities like Beijing, Shanghai, and Shenzhen are showing signs of recovery, with a notable decrease in the number of listings in Shanghai for nine consecutive months, leading to a more balanced supply-demand relationship [1] - Specific stock performance includes China Jinmao rising by 4.4%, Greentown China by 4%, Zhongliang Holdings by over 3%, and New City Development by 1.8%, among others, indicating a general upward trend in the sector [2]

Core Insights - In 2025, the total area of residential land transactions in 100 cities decreased by 14.2% year-on-year, while the average transaction price per square meter increased by 3.4% [4] - The top three companies in terms of newly added land reserve value in 2025 were China Overseas Land & Investment (CNY 99.1 billion), China Resources Land (CNY 79.1 billion), and Poly Developments (CNY 78.7 billion) [5] - The core 30 cities accounted for 43% of the total area of residential land transactions in 100 cities and 72% of the total transaction value [7] Summary by Sections Residential Land Transactions - In 2025, the total area of residential land transactions in 100 cities was 320 million square meters, with a year-on-year decrease of 14.2%. The average transaction price was CNY 5,605 per square meter, reflecting a year-on-year increase of 3.4% [4] - For first-tier cities, the supply of residential land was 10.77 million square meters, down 31.2% year-on-year, with a transaction area of 9.66 million square meters, down 29.3% year-on-year, and an average price of CNY 35,203 per square meter, up 18.6% year-on-year [4] - In second-tier cities, the supply was 149 million square meters, down 4.5% year-on-year, with a transaction area of 125 million square meters, down 1.0% year-on-year, and an average price of CNY 6,420 per square meter, up 3.2% year-on-year [4] - In third-tier cities, the supply was 215 million square meters, down 24.9% year-on-year, with a transaction area of 185 million square meters, down 20.5% year-on-year, and an average price of CNY 3,509 per square meter, down 1.6% year-on-year [4] New Land Reserves - The companies with the largest newly added land reserves in terms of value in 2025 were China Overseas Land & Investment (CNY 99.1 billion), China Resources Land (CNY 79.1 billion), and Poly Developments (CNY 78.7 billion) [5] - The companies with the largest newly added land reserves in terms of area were China Overseas Land & Investment (5.11 million square meters), Poly Developments (4.56 million square meters), and China Merchants Shekou (3.32 million square meters) [5] Core 30 Cities Performance - In December 2025, the core 30 cities saw 558 land transactions, with a total area of 39.32 million square meters, down 16.4% year-on-year, and a total transaction value of CNY 231.8 billion, down 32.5% year-on-year [6] - For the entire year of 2025, the core 30 cities had 1,970 land transactions, with a total area of 137 million square meters, down 8.7% year-on-year, and a total transaction value of CNY 1.29 trillion, down 2.8% year-on-year [6] - The average transaction price in the core 30 cities was CNY 9,404 per square meter, reflecting a year-on-year increase of 6.4% [6] - The overall premium rate for land transactions in the core 30 cities was 8.1%, up 2.9 percentage points year-on-year [6]

Core Viewpoint - China Overseas Development (00688) announced the issuance of corporate bonds by China Overseas Enterprise Development Group Co., Ltd., which will be listed on the Shenzhen Stock Exchange starting January 22, 2026, and will be available for trading among institutional investors [1] Group 1 - The bonds consist of two varieties: the first bond (security code: 524623, abbreviated as 26 Zhonghai 01) and the second bond (security code: 524624, abbreviated as 26 Zhonghai 02) [1] - The bonds meet the listing conditions set by the Shenzhen Stock Exchange [1] - Trading methods for the bonds include matched transactions, click transactions, inquiry transactions, competitive bidding, and negotiated transactions [1]

Core Viewpoint - China Overseas Development (00688) announced the issuance of corporate bonds by China Overseas Enterprise Development Group Co., Ltd. for professional investors, which will be listed on the Shenzhen Stock Exchange starting January 22, 2026 [1] Group 1 - The bonds consist of two varieties: the first with the security code 524623 and abbreviated as 26 Zhonghai 01, and the second with the security code 524624 and abbreviated as 26 Zhonghai 02 [1] - The bonds meet the listing conditions of the Shenzhen Stock Exchange and will be traded among institutional investors [1] - Trading methods for these bonds include matching transactions, click transactions, inquiry transactions, competitive bidding transactions, and negotiated transactions [1]

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」）於二零二六年一月九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）2026年面向專業投資者公開發行公司債券 （第一期）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2026年面向專業投資者公開 發行公司債券（第一期）在深圳證券交易所上市的公告》。 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 香港，二零二六年一月二十一日 於本公告日期，顏建國先生（主席）、張智超先生（行政總裁）及郭光輝 ...

Group 1 - The core viewpoint of the report indicates that China Overseas Development (00688) is expected to see a decline of 18.1% in core net profit for 2025, primarily due to a decrease in property development gross margin and impairment pressures [1] - The company's attributable land investment amount has increased by 33% year-on-year, surpassing management's target, and is significantly concentrated in first-tier core cities [1] - The profit forecasts for China Overseas Development for 2025 to 2027 have been revised downwards by 14.6%, 23.7%, and 27.4% respectively, and the target price based on net asset value has been reduced by 9.2% to HKD 15.14, while maintaining a "Buy" rating [1]

Core Viewpoint - The report from Dahua Jixian indicates that China Overseas Development (00688) is expected to see a decline of 18.1% in core net profit for 2025, primarily due to a decrease in gross margin from property development and impairment pressures [1] Group 1: Financial Performance - The company's attributable land investment amount has increased by 33% year-on-year, surpassing management's targets and focusing significantly on first-tier core cities [1] - Profit forecasts for China Overseas Development for the years 2025 to 2027 have been revised downwards by 14.6%, 23.7%, and 27.4% respectively [1] Group 2: Valuation Adjustments - Due to an expanded discount on net asset value, the target price based on net asset value has been reduced by 9.2% to HKD 15.14, while maintaining a "Buy" rating [1]