Core Viewpoint - China Overseas Development (00688.HK) announced that the Huaxia China Overseas Commercial Asset Closed-End Infrastructure Securities Investment Fund (REIT) will be listed on the Shenzhen Stock Exchange starting October 31, 2025, with the trading code 180607.SZ [1] Group 1: Company Performance - As of October 31, 2025, China Overseas Development closed at HKD 13.03, down 1.59%, with a trading volume of 22.56 million shares and a turnover of HKD 296 million [1] - The market capitalization of China Overseas Development is HKD 144.91 billion, ranking 3rd in the Real Estate Development II industry [2] - Key financial metrics include: - Return on Equity (ROE): 3.63%, compared to the industry average of -19.07% [2] - Revenue: HKD 181.44 billion, against the industry average of HKD 17.70 billion [2] - Net Profit Margin: 11.45%, while the industry average is -142.2% [2] - Gross Profit Margin: 17.38%, compared to the industry average of 12.84% [2] - Debt Ratio: 53.66%, lower than the industry average of 67.54% [2] Group 2: Analyst Ratings - The majority of investment banks have a "Buy" rating for China Overseas Development, with 11 banks issuing buy ratings in the last 90 days [1] - The average target price over the last 90 days is HKD 18.95 [1] - Notable ratings include: - Guolian Minsheng Securities: Buy [1] - Caitong Securities: Hold [1] - First Capital: Buy with a target price of HKD 19.35 [1] - Huachuang Securities: Recommend with a target price of HKD 20.00 [1] - Other banks have also issued buy or hold ratings with various target prices [1]

Core Viewpoint - China Overseas Development (00688) announced that the Huaxia China Overseas Commercial Asset Closed-End Infrastructure Securities Investment Fund (REIT) will be listed on the Shenzhen Stock Exchange starting October 31, 2025, with the trading code 180607.SZ [1] Group 1: Fund Details - The REIT will issue a total of 300 million fund shares, with a final offering price of RMB 5.281 per share [1] - Based on the final offering price, the total amount raised from the listing is approximately RMB 1.5843 billion [1] - China Overseas Huan Yu Commercial, a wholly-owned subsidiary of the company, has subscribed for 60 million shares, accounting for 20% of the total issued fund shares [1] Group 2: Strategic Implications - The establishment and spin-off listing of the REIT provide the company with an alternative method for equity financing, diversifying its financing methods and platforms [1] - This move allows the company to activate its infrastructure assets, mitigating the adverse effects of long recovery periods and low asset turnover rates associated with infrastructure investments [1] - The initiative enhances the company's rolling investment capability and sustainable operations, benefiting its long-term performance [1]

Core Viewpoint - China Overseas Development (00688) announced the listing of the Huaxia China Overseas Commercial Asset Closed-End Infrastructure Securities Investment Fund (REIT) on the Shenzhen Stock Exchange starting October 31, 2025, with a trading code of 180607.SZ [1] Group 1: Fund Details - The REIT will issue a total of 300 million shares, with a final offering price of RMB 5.281 per share [1] - Based on the final offering price, the total amount raised from the listing is approximately RMB 1.5843 billion [1] - China Overseas Huan Yu Commercial, a wholly-owned subsidiary of the company, has subscribed for 60 million shares, accounting for 20% of the total issued fund shares [1] Group 2: Strategic Implications - The establishment and spin-off listing of the REIT provide the company with an alternative method for equity financing, diversifying its financing methods and platforms [1] - This initiative allows the company to activate its infrastructure assets, mitigating the adverse effects of long recovery periods and low asset turnover rates associated with infrastructure investments [1] - The move enhances the company's rolling investment capability and sustainable operations, benefiting its long-term performance [1]

Core Viewpoint - China Overseas Development (00688.HK) announced the listing of the Huaxia China Overseas Commercial Asset Closed-End Infrastructure Securities Investment Fund (REIT) on the Shenzhen Stock Exchange starting October 31, 2025, with a trading code of 180607.SZ [1] Summary by Relevant Sections - **REIT Fund Details** - The REIT will issue 300 million shares at a final offering price of RMB 5.281 per share, aiming for total proceeds of approximately RMB 1.5843 billion [1] - China Overseas Huan Yu Commercial, a wholly-owned subsidiary of the company, has subscribed for 60 million shares, representing 20% of the total issued fund shares [1] - **Strategic Implications** - The establishment and spin-off listing of the REIT provide the company with an alternative method for equity financing, diversifying its financing methods and platforms [1] - This move allows the company to activate its infrastructure assets, mitigating the adverse effects of long recovery periods and low asset turnover rates associated with infrastructure investments [1] - It enhances the company's rolling investment capacity and sustainable operations, benefiting its long-term performance [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，概不對因本公告全部或任何部分內容而産生或因倚賴該等內容而引致 的任何損失承擔任何責任。 本公告只可作參考用途，並不構成邀請或在香港或其他地區收購、購買或認購本公司及其附屬公司任何 證券的要約。 （於香港註冊成立之有限公司） （股份代號：688） 自願公告 公開募集基礎設施證券投資基金 在深圳證券交易所上市 茲提述中國海外發展有限公司（「本公司」）日期為二零二五年六月二十五日 的公告（「該公告」），內容有關建議分拆及公募基金在深圳證券交易所單獨 上市。除另有指明者外，本公告所用詞彙與該公告所界定者具有相同涵義。 董事會欣然宣佈，華夏中海商業資產封閉式基礎設施證券投資基金（「REIT」， 即該公告所指公募基金）自二零二五年十月三十一日起於深圳證券交易所上市， 交易代碼為 180607.SZ。 REIT募集基金份額為 3億份，最終發售價格為人民幣 5.281 元╱份（「最終發售 價格」）。根據最終發售價格，建議上市所得款項總額約為人民幣 15.843 億元。 中海環宇商業（為本公司間接全資附屬公 ...

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。 （於香港註冊成立之有限公司） （股份代號：688） 與中國建築國際集團有限公司 重續有關建築工程的持續關連交易 茲提述本公司日期為二零二二年十月二十五日的公告，內容有關（其中包 括）本公司及中國建築國際訂立的現有總承建協議。 現有總承建協議將於二零二五年十二月三十一日屆滿。董事預期，本集團將 繼續不時邀請中國建築國際集團作為建築承建商參與本集團在中國內地、香 港及澳門的建築工程的競爭投標。就此，於二零二五年十月三十一日，本公 司與中國建築國際訂立新總承建協議，期限自二零二六年一月一日起至二零 二八年十二月三十一日止（包括首尾兩日），為期三年，惟須遵守年度上 限。 上市規則的涵義 於本公告日期，中建集團為中海集團的最終控股公司，而中海集團分別擁有 本公司及中國建築國際已發行股本約 56.10%及 61.81%，成為本公司及中國建 築國際各自的控股股東。因此，中國建築國際集團成員公司為本公司的關連 人士。根 ...

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。 （於香港註冊成立之有限公司） （股份代號：688） 與中建財務有限公司 重續有關金融服務的持續關連交易 新金融服務總協議 茲提述本公司日期為二零二二年十月三十一日的公告，內容有關（其中包括） 本公司及中建財務訂立的現有金融服務總協議。 現有金融服務總協議將於二零二五年十月三十一日屆滿。董事預期，中建財務 將按非獨家基準向本集團提供及╱或繼續提供存款服務、貸款服務、保理服務 及其他金融服務。就此，於二零二五年十月三十一日，本公司與中建財務訂立 新金融服務總協議，期限自二零二五年十一月一日起至二零二八年十月三十一 日止（包括首尾兩日），為期三年，惟須遵守上限及遵循中建財務向本集團提 供的每月日均貸款金額（包括應計利息）應不少於本集團將存放於中建財務的 每月日均存款結餘（包括應計利息）的條款。 上市規則的涵義 於本公告日期，中建集團為中建財務及本公司的最終控股公司。中建財務為中 建股份的非全資附屬公司，而中建 ...

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） 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」）於二零二零年十二月八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）發行境內人民幣中期票據的公告。 根據有關規定， 中海企業發展集團有限公司 已經於上海清算所 （https://www.shclearing.com）、中國貨幣網（https://www.chinamoney.com.cn）及北京 金融資產交易所（https://www.cfae.cn）網站上載了《中海企業發展集團有限公司2025年 度三季度合併及母公司財務報表》。 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 ...

Core Viewpoint - The company reported a decline in revenue and operating profit for the third quarter of 2025, reflecting the impact of industry conditions and inventory destocking [1] Group 1: Financial Performance - For the first three quarters of 2025, the company achieved revenue of 103 billion yuan, a year-on-year decrease of 6.0%, and operating profit of 13.15 billion yuan, down 27.7% [1] - In the third quarter alone, revenue was 19.78 billion yuan, a decline of 12.7%, with operating profit dropping to 1.03 billion yuan, down 51.6% [1] - The company maintains a safe and stable financial structure, with net debt ratio and financing costs remaining in the lowest range of the industry [1] Group 2: Market Position - The company secured a sales amount of 170.5 billion yuan in the first three quarters of 2025, a decrease of 14%, maintaining its position as the second largest in the industry [1] - In the northern region, the company reported a sales amount of 59.1 billion yuan, an increase of 52%, accounting for 35% of total sales [1] - In Beijing, the company achieved a sales amount of 33.1 billion yuan, ranking first in the sales list for the first three quarters of 2025 [1] Group 3: Strategic Actions - The company acquired 27 land parcels in the first three quarters of 2025, with a total land price of 82.7 billion yuan, an increase of 40.7% year-on-year [1] - In the third quarter, the company actively replenished land, acquiring 9 parcels with a total land price of 60.5 billion yuan, including projects in Shanghai through equity transactions [1]

Investment Rating - The report maintains an "Outperform" rating for the real estate industry [1] Core Insights - The report highlights structural opportunities in the third and fourth-tier housing markets despite challenges such as inventory overhang and weak demand [6][8] - It emphasizes that the market for "good houses" is stabilizing, with a willingness to pay for quality increasing among consumers in lower-tier cities [6][8] Summary by Sections Market Overview - The inventory clearance cycle in third and fourth-tier cities is relatively stable, with a longer average clearance period of 50.5 months compared to 35.1 months in first-tier cities [11] - Price adjustments in these cities are gradually shrinking, indicating a stabilization in housing prices [11] Land Acquisition Trends - Land acquisition competition is weaker in third and fourth-tier cities, with fewer new entrants due to the exit of distressed developers [14][30] - The land transaction premium in third-tier cities has decreased by 0.7 percentage points compared to the previous year, indicating a more favorable environment for project profitability [14][30] Consumer Preferences - There is a noticeable trend towards larger units in third and fourth-tier cities, driven by family-oriented living arrangements and lower price thresholds [21][16] - The acceptance of "good houses" is higher in these markets, with consumers willing to pay a premium for quality [21][16] Competitive Landscape - The number of developers active in third and fourth-tier cities has significantly decreased, leading to a more favorable competitive environment for established players [30][31] - Companies that have maintained a presence in these markets, such as China Overseas Development and Greentown China, are likely to benefit from improved project margins [35][41] Implications for Higher-Tier Markets - The report suggests that the trends observed in third and fourth-tier cities may also apply to first and second-tier markets, where a differentiation and quality improvement trend is expected to continue [80] - Core areas in first-tier cities are anticipated to stabilize and potentially see price recovery, particularly for high-quality properties [80]