房企9月销售企稳回升，改善型房源成为主要拉动力。据北京商报记者不完全统计，截至10月15日，在 已披露9月销售数据的24家房企中，保利发展、中国海外发展（以下简称"中海"）、绿城中国等15家房 企销售额环比上升，占比达62.5%。此轮回暖与房企此前调整拿地策略密切相关，叠加"好房子"产品的 入市，共同推高了改善型房源的市场占比。业内人士指出，差异化的定价策略亦是关键：小户型靠"以 价换量"吸引客群，改善型房源凭借产品力实现溢价，从而驱动销售额增长。 不同量级企业呈差异化复苏 据北京商报记者不完全统计，在已披露9月销售数据的24家房企中，头部企业凭借规模优势稳健发展， 部分中等房企则依托项目运营实现销售额大幅增长，行业复苏态势显著。 从销售规模来看，保利发展、中海9月销售额均突破200亿元，分别为205.31亿元和201.73亿元，稳居第 一梯队；华润置地、招商蛇口、绿城中国紧随其后，销售额分别为176亿元、166.98亿元和128亿元。 保利发展、中海、绿城中国、中国金茂等企业凭借充足的土地储备和成熟的运营能力，实现销售额连续 3个月环比增长。以中海为例，其在售项目包括中海·丽金府、中海万吉玖序等9个，涵盖高 ...

智通财经APP讯，中国海外发展(00688)公布，公司的一家全资附属公司中海企业发展集团有限公司将在 中国发行2025年度第三期中期票据。中期票据共设两个品种发行，品种一初始发行规模为人民币10亿 元，发行期限为3年期﹔品种二初始发行规模为人民币20亿元，发行期限为5年期。两个品种均附有品种 间回拨选择权，回拨比例不受限制，两个品种的最终发行规模合计不超过人民币30亿元，并于全国银行 间债券市场上市。 ...

中国海外发展(00688)公布，公司的一家全资附属公司中海企业发展集团有限公司将在中国发行2025年 度第三期中期票据。中期票据共设两个品种发行，品种一初始发行规模为人民币10亿元，发行期限为3 年期﹔品种二初始发行规模为人民币20亿元，发行期限为5年期。两个品种均附有品种间回拨选择权， 回拨比例不受限制，两个品种的最终发行规模合计不超过人民币30亿元，并于全国银行间债券市场上 市。 ...

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」）的一家全資附屬公司中海企業發展集團有限公司 將在中國發行2025年度第三期中期票據（「中期票據」）。中期票據共設兩個品種發行， 品種一初始發行規模為人民幣10億元，發行期限為3年期﹔品種二初始發行規模為人民 幣20億元，發行期限為5年期。兩個品種均附有品種間回撥選擇權，回撥比例不受限制， 兩個品種的最終發行規模合計不超過人民幣30億元，並於全國銀行間債券市場上市。以 下有關中期票據發行的檔已經上載於北京金融資產交易所(https://www.cfae.cn)及上海清 算所(https://www.shclearing.com)的網站，僅供參考： 1. 中海企業發展集團有限公司2022年度審計報告（詳 ...

政策"暖风"与房地产市场传统销售旺季相遇，北京楼市"金九银十"热度回升。 北京市住建委数据显示，10月1日至10月8日，北京市新建商品住宅网签418套，日均网签量较去年"十 一"假期增长53%；二手住宅网签148套，日均网签量较去年"十一"假期增长93%。 "好房子"政策显效 "此前楼市新政的效果在9月逐步体现，部分楼盘到访量有所好转，部分小区二手房带看量也有所增 加。"中指研究院指数研究部总经理曹晶晶表示，"银十"开局恰逢国庆中秋"双节"假期，9月底开发商推 盘节奏已有所加快，叠加国庆中秋假期期间房企促销力度加大，推出特价房源、赠送车位、家装补贴以 及"保价"等一系列营销活动，核心城市或优质项目热度较节前有所回温。 新房市场热度攀升 品质楼盘表现亮眼 国庆中秋假期期间，多个新盘项目到访量与签约量均呈现普遍性增长，部分热门项目假期日均到访客户 量突破百组。多家房企在国庆中秋"双节"期间收获颇丰，头部企业的销售业绩尤为突出。 根据部分房企发布的热销海报，保利北京区域采取"7盘联动"策略，凭借多项目协同发力，在假期内实 现8.3亿元销售额，其中保利朝观天珺、嘉华天珺等项目均贡献了可观业绩，销售额分别为1.8亿元和 ...

Core Viewpoint - Three leading state-owned real estate companies have announced financing plans with a total issuance of medium-term notes amounting to 8.5 billion yuan [1][3]. Group 1: Financing Plans - China Overseas Land & Investment plans to issue medium-term notes with a maximum amount of 3 billion yuan, consisting of two varieties: an initial issuance of 1 billion yuan for the first variety and 2 billion yuan for the second variety [3]. - China Resources Land has announced a maximum issuance scale of 2.5 billion yuan, with a base issuance of 2 billion yuan and a maturity period of 5 years [3]. - Poly Developments has stated a maximum issuance amount of 3 billion yuan, with the first variety capped at 500 million yuan and the second variety at 2.5 billion yuan, allowing for flexible allocation between the two varieties [3]. Group 2: Use of Proceeds - The proceeds from the issuances by China Resources Land and Poly Developments will be used to repay previous financing debts [3]. - China Overseas Land & Investment will allocate the funds for construction costs across 21 projects in cities including Beijing, Shenzhen, Shanghai, and Tianjin, with a 100% ownership stake in these projects [3]. - All three companies have committed that the funds raised will not be diverted for other uses, including land payments, acquisitions, or financing for third- and fourth-tier real estate projects [3][4]. Group 3: Regulatory Compliance - The companies have pledged that the raised funds will be strictly used for the purposes disclosed in the fundraising documents, with no diversion allowed [4]. - A dedicated fund supervision model will be implemented, utilizing entrusted payment methods along with corresponding fund supervision agreements [4]. Group 4: Industry Financing Trends - According to recent data from the China Index Academy, the total bond financing for real estate companies from January to August 2025 reached 380.89 billion yuan, showing a slight year-on-year increase of 0.8% [4]. - In August 2025, the total bond financing for the real estate sector was 55.31 billion yuan, reflecting a year-on-year decrease of 4.3% [4]. - The financing structure indicates that credit bond financing in the real estate sector amounted to 229.09 billion yuan, down 6.9% year-on-year, accounting for 60.1% of the total [4].

Core Insights - The real estate market in September showed signs of stabilization and recovery, driven primarily by the demand for improved housing options [1][9] - A total of 24 real estate companies reported sales data, with 15 companies, accounting for 62.5%, experiencing a month-on-month increase in sales [1] - Differentiated pricing strategies have played a crucial role, with smaller units attracting buyers through competitive pricing, while improved housing options achieved premium pricing [1][9] Sales Performance - Among the 24 companies, Poly Developments and China Overseas Development led with sales exceeding 200 billion yuan in September, at 205.31 billion yuan and 201.73 billion yuan respectively [3] - Other notable companies include China Resources Land and China Merchants Shekou, with sales of 176 billion yuan and 166.98 billion yuan [3] - The sales growth for Poly Developments and China Overseas has been consistent, with both companies reporting month-on-month increases for three consecutive months [3] Market Dynamics - Different tiers of companies are experiencing varied recovery rates, with top-tier firms benefiting from scale advantages and mid-tier firms leveraging popular projects to boost sales [3][4] - Companies like R&F Properties saw a significant month-on-month increase of 132.31% in September due to a low sales base in August [4] - The overall market recovery is supported by strong land acquisition strategies focused on first- and second-tier cities, with a reported 13% year-on-year increase in land sales revenue across 300 cities [5] Land Acquisition Trends - Real estate companies are increasingly concentrating their land acquisitions in core cities, with top 20 cities accounting for 61% of the total land sales revenue [5] - China Resources Land acquired 18 new projects in the first half of 2025, with a total investment of 32.28 billion yuan, primarily in first- and second-tier cities [5] - The supply of quality land has increased, providing more options for developers, as seen in Beijing's recent addition of 22 new real estate projects [6] Product Quality and Market Appeal - The introduction of high-quality housing standards has enhanced market attractiveness, with improved housing options meeting the needs of buyers [7] - Recent policy adjustments in major cities have further stimulated demand, allowing for greater flexibility in purchasing [7] - The sales of improved housing options have surged, with a notable increase in the proportion of larger units sold in major cities [8][9]

Investment Rating - The report indicates a positive investment outlook for the real estate industry, with a total land acquisition amount of 605.6 billion yuan for the top 100 companies, reflecting a year-on-year growth of 28.0% [12][13]. Core Insights - The total land acquisition amount for key real estate companies increased by 28.0% year-on-year, with the growth rate narrowing by 6.3 percentage points compared to the previous month [6][12]. - High-value land parcels are primarily concentrated in Shenzhen and the Yangtze River Delta region, indicating a trend towards premium land acquisition in these areas [6][28]. - The top three companies in terms of new value added are Greentown China, Poly Developments, and China Overseas Land & Investment, with new values of 114.4 billion yuan, 99.6 billion yuan, and 92.3 billion yuan respectively [9][16]. Summary by Sections Land Acquisition - The top 100 real estate companies acquired a total of 605.6 billion yuan in land from January to August 2025, with a significant contribution from state-owned enterprises [12][13]. - The land acquisition amount for the top 10 companies accounted for 43.6% of the total new value added in the same period [16]. Market Trends - The report highlights that many previously unsold and stored land parcels are being re-offered through regulatory adjustments, which have gained market acceptance [17]. - The regulatory adjustments mainly involve lowering the plot ratio and commercial ratio, thereby increasing the attractiveness of the land parcels [17][19]. Regional Insights - The Yangtze River Delta region leads in land acquisition, with the top 10 companies acquiring 182.4 billion yuan, followed by the Beijing-Tianjin-Hebei region with 89.6 billion yuan [21]. - In major cities, state-owned and local government enterprises remain the primary players in land acquisition, with private enterprises supplementing in key areas [25].

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [3][4] Core Viewpoints - The report emphasizes the importance of stabilizing the real estate market and stock market as a means to boost social expectations and facilitate domestic demand circulation. The focus is on high-quality housing and urban renewal, with a potential wave of development for high-quality residential properties [4][45] - The report suggests that the central government's consistent messaging since September 2024 has been to stabilize the real estate market, especially in light of external economic pressures [4][45] Market Performance - The Shanghai Composite Index rose by 0.4%, while the Shenzhen Component Index fell by 1.3%, and the ChiNext Index dropped by 3.9%. The real estate sector (Shenwan) decreased by 0.8% during the week [4][7] - In terms of individual stocks, Hefei Urban Construction saw a significant increase of 18.1%, while Shenzhen Real Estate A experienced a decline of 12.0% [4][7] Data Tracking New Housing Transactions - In the week of October 4-10, 2025, 42 key cities recorded a total new housing transaction volume of 980,000 square meters, a decrease of 51.0% from the previous week and a year-on-year decline of 53.5% [11][17] - For the month up to October 10, 2025, new housing transactions in these cities totaled 1.22 million square meters, down 44.8% month-on-month and 39.5% year-on-year [17] Second-Hand Housing Transactions - During the same week, 21 key cities recorded a total of 860,000 square meters in second-hand housing transactions, a decrease of 26.6% from the previous week and a year-on-year decline of 48.4% [29][35] - For the month up to October 10, 2025, second-hand housing transactions totaled 930,000 square meters, down 64.5% month-on-month and 29.3% year-on-year [35] Industry News - The Ministry of Housing and Urban-Rural Development is focusing on urban renewal and governance, with plans to upgrade old houses into "good houses" [45] - New regulations in Shenzhen limit the height of residential buildings to manage safety risks, while Chengdu has increased the area limit for balconies and other auxiliary spaces [45][46] Company Announcements - In September 2025, China Overseas Development reported a sales figure of 20.17 billion yuan, a year-on-year increase of 7.2%, while Poly Developments reported 20.53 billion yuan, a decrease of 1.8% [48] - New City Holdings issued a total of 160 million USD in unsecured fixed-rate bonds with a 2-year term and an interest rate of 11.88% [48]

7 मिम है | F 产 · 前 · 行 · 的 · 力 · 量 国 · 地 · 发 现 日 2025年1-9月 北京典型房企销售金额排行榜 (全国径) | 排名 | 企业简称 | 销售金额(亿元) | | --- | --- | --- | | 1 | 中海地产 | 310.8 1 | | 2 | 越秀地产 | 212.5 | | 3 | 华润置地 | 205.3 | | 4 | 中建智地 | 163.4 | | 5 | 招商蛇口 | 150.6 | | 6 | 建发房产 | 134.9 | | 7 | 北京城建 | 119.8 | | 8 | 保利发展 | 106.6 | | 9 | 中国金茂 | 102.6 | | 10 | 绿城中国 | 92.7 | | 11 | 朝阳城开 | 84.9 | | 12 | 首开股份 | 82.7 | | 13 | 北京建工 | 78.3 | | =14 | 未来科学城 | 70.9 | | --- | --- | --- | | 15 | 海开控股 | 66.8 | | 16 | 中建壹品 | 61.2 | | 17 | 金隅股份 | 54.9 | | 18 | ...