Core Viewpoint - China Overseas Development (00688.HK) reported a year-on-year increase of 7.2% in contract property sales amounting to approximately RMB 20.173 billion for September 2025, despite a 3.7% decrease in sales area [1] Group 1: Sales Performance - For the period from January to September 2025, the cumulative contract property sales amounted to approximately RMB 170.504 billion, reflecting a year-on-year decline of 14.3% [1] - The corresponding cumulative sales area for the same period was approximately 7,582,400 square meters, showing a slight year-on-year decrease of 0.6% [1] - As of September 30, 2025, the company recorded recognized property sales of approximately RMB 3.119 billion, expected to convert into contract property sales in the coming months [1] Group 2: Land Acquisition - In September 2025, the company acquired four new land parcels in Shanghai, Qingdao, and Shenyang, with a total equity construction area of approximately 554,410.45 square meters and an equity land price of approximately RMB 21.627 billion [1] - From January to September 2025, the cumulative new land acquisition amounted to an equity construction area of approximately 3,633,709.14 square meters and a cumulative equity land price of approximately RMB 76.634 billion [1] - Additionally, in September 2025, China Overseas Hongyang Group acquired two land parcels in Tangshan, Hebei Province, with an equity construction area of approximately 182,942.00 square meters and an equity land price of approximately RMB 909 million [1]

Core Viewpoint - China Overseas Development (00688) reported a year-on-year increase in contract property sales amounting to approximately RMB 201.73 billion for September 2025, while the corresponding sales area decreased by 3.7% to about 914,000 square meters [1] Group 1: Sales Performance - For the period from January to September 2025, the cumulative contract property sales amounted to approximately RMB 1,705.04 billion, reflecting a year-on-year decline of 14.3%, while the cumulative sales area was about 7,582,400 square meters, down by 0.6% [1] - As of September 30, 2025, the company achieved recognized property sales of approximately RMB 31.19 billion, which is expected to convert into contract property sales in the coming months [1] Group 2: Land Acquisition - In September 2025, the company, along with its subsidiaries, acquired four new land parcels in Shanghai, Qingdao, and Shenyang, with an equity gross floor area of approximately 554,400 square meters and an equity land cost of about RMB 216.27 billion [1] - From January to September 2025, the cumulative equity gross floor area of newly acquired land by the group was approximately 3,633,700 square meters, with a cumulative equity land cost of about RMB 766.34 billion [1] - In September 2025, China Overseas Hongyang, along with its subsidiaries, acquired two land parcels in Tangshan, Hebei Province, with an equity gross floor area of approximately 182,900 square meters and an equity land cost of about RMB 90.9 million [1]

Core Viewpoint - China Overseas Development reported a year-on-year increase of 7.2% in contract property sales amounting to approximately RMB 20.173 billion for September 2025, despite a 3.7% decrease in sales area [1] Group 1: Sales Performance - For the period from January to September 2025, the cumulative contract property sales amounted to approximately RMB 170.504 billion, reflecting a year-on-year decline of 14.3% [1] - The corresponding cumulative sales area for the same period was approximately 7.5824 million square meters, showing a slight year-on-year decrease of 0.6% [1] - As of September 30, 2025, the company achieved recognized property sales of approximately RMB 3.119 billion, expected to convert into contract property sales in the coming months [1] Group 2: Land Acquisition - In September 2025, the company acquired four new land parcels in Shanghai, Qingdao, and Shenyang, with an equity gross floor area of approximately 554,400 square meters and an equity land cost of approximately RMB 21.627 billion [1] - From January to September 2025, the cumulative equity gross floor area of newly acquired land was approximately 3.6337 million square meters, with a cumulative equity land cost of approximately RMB 76.634 billion [1] - Additionally, in September 2025, China Overseas Hongyang acquired two land parcels in Tangshan, Hebei Province, with an equity gross floor area of approximately 182,900 square meters and an equity land cost of approximately RMB 909 million [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） 截至二零二五年九月三十日止九個月 物業銷售和新增土地更新 二零二五年九月，本公司（連同其附屬公司（統稱「本集團」））新增土地涵蓋上海、 青島和瀋陽四幅地塊（包括將透過已簽約股權交易所獲得的土地），權益建築面積約 554,410.45 平方米，權益地價約人民幣 21,626.86 百萬元。二零二五年一月至九月，本集 團新增土地累計權益建築面積約 3,633,709.14 平方米，累計權益地價約人民幣 76,633.83 百萬元。 中國海外發展有限公司（「本公司」）欣然宣佈本公司連同其附屬公司、合營公司及聯 營公司（統稱「中國海外系列公司」）截至二零二五年九月三十日止九個月的若干經營 數據（「物業銷售和新增土地更新」）。本公告亦可於本公司網站（www.coli.com.hk） 閱覽。 一、物業銷售更新 於二零二五年九月，中國海外系列公司的合約物業銷售金額約 ...

Core Insights - The total land acquisition amount by the top 100 enterprises in the first three quarters reached 727.8 billion yuan, representing a year-on-year increase of 36.7%, with the growth rate expanding by 8.7 percentage points compared to the first eight months [1] Group 1: Land Acquisition Trends - In September, several real estate companies acquired large-scale land through acquisitions, leading to an increase in the year-on-year growth of land acquisition amounts [1] - Among the top 10 enterprises by land acquisition amount, 8 are state-owned enterprises [1] Group 2: New Value Addition - In terms of new value added, Greentown China, Poly Developments, and China Overseas Land & Investment ranked as the top three [1] - Greentown China topped the list with a new value of 117.5 billion yuan, followed by Poly Developments with 101 billion yuan, and China Overseas with 95.2 billion yuan [1] - The total new value added by the top 100 enterprises in the first three quarters amounted to 763.8 billion yuan, accounting for 42.5% of the total [1] Group 3: Key Players in Major Cities - State-owned enterprises and local state-owned assets remain the main players in land acquisition among the top 10 enterprises in key cities, while private enterprises are only supplementing land reserves in key areas [1]

Core Insights - Real estate companies are continuing to focus on "core city concentration and risk control" in their land acquisition strategies, with significant differentiation in investment pace among firms [1][6] - The top state-owned enterprises dominate core city land acquisitions due to their financial advantages, while mixed-ownership and private enterprises are adopting more cautious investment approaches [1][6] Land Acquisition Trends - In September 2025, the top 50 real estate companies added a total of 2.2564 million square meters of land, representing a month-on-month decrease of 54.03%. However, the cumulative land area acquired from January to August reached 36.2423 million square meters, showing a year-on-year increase of 7.19% [1][3] - Leading companies in land acquisition include China Overseas Land & Investment, China Merchants Shekou, and Poly Developments, with land reserves of 3.0937 million square meters, 2.7564 million square meters, and 2.6719 million square meters, respectively [3][4] Investment Amounts and New Value - The top five companies in terms of land investment amounts from January to August are China Resources Land, China Overseas Land & Investment, Greentown China, Poly Developments, and China Merchants Shekou, with respective investment amounts of 58.45 billion yuan, 55.01 billion yuan, 50.24 billion yuan, 47.87 billion yuan, and 40.46 billion yuan [3][4] - The companies with the highest new land value added during the same period are Poly Developments, China Overseas Land & Investment, and China Merchants Shekou, with new values of 89.45 billion yuan, 81.09 billion yuan, and 80.69 billion yuan, respectively [3][4] Recent Land Acquisitions - In August, China Resources Land acquired three plots in Shanghai, Shenzhen, and Guangzhou, with a total land area of 383,900 square meters and an acquisition amount of 26 billion yuan [3][5] - China Merchants Shekou secured four plots in Shanghai, Shenzhen, and Xi'an, totaling 437,100 square meters for 12.875 billion yuan, while Poly Developments acquired two plots in Sanya for 1.134 billion yuan [3][5] Market Dynamics - The current land acquisition landscape shows significant differentiation, with top state-owned enterprises frequently acquiring land in major cities, while mixed-ownership and private firms are focusing on risk aversion and financial safety [6] - The competition for high-quality land plots remains intense, and the divergence in investment strategies among companies is expected to deepen, leading to a more pronounced structural differentiation in market activity [6]

Core Insights - The report from Guandian Index indicates that the top 50 real estate companies added a total of 2.2564 million square meters of land in August, representing a month-on-month decrease of 54.03% [1] - However, the cumulative land area acquired by these companies from January to August reached 36.2423 million square meters, showing a year-on-year increase of 7.19% [1] Group 1: Land Acquisition Trends - Leading companies in land acquisition include China Overseas Land & Investment, China Merchants Shekou, and Poly Developments, with new land reserves of 3.0937 million square meters, 2.7564 million square meters, and 2.6719 million square meters respectively [3] - The companies with the highest land investment amounts from January to August are China Resources Land, China Overseas Land & Investment, and Greentown China, with equity land acquisition amounts of 58.45 billion yuan, 55.01 billion yuan, and 50.24 billion yuan respectively [3] - The companies with the most new land value added from January to August are Poly Developments, China Overseas Land & Investment, and China Merchants Shekou, with new land values of 89.45 billion yuan, 81.09 billion yuan, and 80.69 billion yuan respectively [3] Group 2: Strategic Focus and Market Dynamics - The land acquisition strategy remains focused on "core city concentration and risk control priority," with leading state-owned enterprises leveraging their financial and resource advantages to compete for quality core land [4][5] - Mixed-ownership and private enterprises are adopting a more cautious investment approach, emphasizing risk control and slowing down their land acquisition pace [4][5] - A notable transaction in August involved a joint bid by China Merchants and China Resources for a plot in Shenzhen, which was sold for 8.64 billion yuan, marking the highest total price for a land plot in Shenzhen this year [4] Group 3: Future Outlook - The current land acquisition landscape shows significant differentiation, with top state-owned enterprises actively acquiring land in major cities, while mixed-ownership and private firms are focusing on financial safety and precise layouts [5] - The competition for quality land is expected to remain intense under the "core city focus + risk control priority" framework, leading to a more pronounced structural differentiation in market activity [5]

Core Insights - The Guangzhou South Avenue Phase II land plot was publicly auctioned on October 9, with China Overseas Land & Investment winning the bid at a total price of 920 million yuan, reflecting a premium rate of 6.98% and a floor price of approximately 15,285 yuan/m² [1] - The land plot is strategically located near major roads and commercial areas, with a total area of 34,177.93 m², including residential, commercial, and service facilities [1] - The floor price of the Phase II plot is significantly lower than the Phase I plot sold three years ago, which was priced at 48,395 yuan/m², indicating a notable change in market conditions [1] Market Analysis - According to industry analyst Xiao Wenxiao from CRIC, the floor price of the Phase II plot aligns with the current market conditions in the Haizhu District, where the average transaction price for new residential properties has decreased from 87,601 yuan/m² in 2022 to 67,414 yuan/m² in the first three quarters of this year, a drop of nearly 20,000 yuan/m² [2] - In the first nine months of this year, Guangzhou has completed 22 residential land transactions, totaling a construction area of 1.1663 million m² and a total transaction value of approximately 21.2 billion yuan, indicating a significant increase in the number of land transactions compared to 15 transactions in the same period last year [2]

Group 1 - China Overseas Land & Investment (中海) acquired the Guangzhou Avenue South Phase II land parcel for 920 million yuan, with a nominal floor price of approximately 15,285 yuan per square meter and a premium rate of 7% [1] - The total land area is about 34,200 square meters, with a total construction area of approximately 60,000 square meters and a plot ratio of 2.9 [1] - This is the first land acquisition by China Overseas in the public market of Guangzhou for 2025 [1] Group 2 - The land parcel requires the construction of 33,079 square meters of commercial space, 2,700 square meters of service facilities, and a 9-class kindergarten, resulting in an effective residential floor price exceeding 40,000 yuan per square meter [3] - The location is strategically positioned near major roads and metro lines, making it a prime area within the Kecun business district [3] - The surrounding area has challenges, including urban villages and traffic congestion during peak hours [5] Group 3 - The land auction attracted attention due to the competition between China Overseas and Poly Real Estate, with only these two state-owned enterprises participating [5] - The previous land auction in 2022 saw Poly win against China Overseas, making this acquisition a significant comeback for China Overseas [5] - The starting price of the land appeared lower, but the high requirements for additional construction and low residential proportion will test the developers' comprehensive development capabilities and financial strength [5]

Core Insights - The real estate market shows signs of recovery in September, with the top 100 real estate companies achieving a sales amount of 252.8 billion yuan, a year-on-year increase of 0.4% and a month-on-month increase of 22.2% [1] - A total of 72 out of the top 100 companies reported month-on-month sales growth, with 45 companies experiencing growth rates exceeding 30% [1] - The cumulative sales for the top 100 companies from January to September reached 2,606.59 billion yuan, reflecting a year-on-year decline of 12.2%, but the rate of decline has narrowed compared to previous months [1] Company Performance - Poly Developments leads the industry with a sales figure of 201.7 billion yuan, followed by Greentown China and China Overseas Land & Investment with sales of 178.5 billion yuan and 170.5 billion yuan, respectively [2] - The top six companies also include China Resources Land, China Merchants Shekou, and Vanke, with sales figures of 154.4 billion yuan, 140.66 billion yuan, and 100.29 billion yuan [2] Land Acquisition Trends - The enthusiasm for land acquisition among real estate companies has increased, with the total land acquisition amount for the top 100 companies reaching 727.8 billion yuan from January to September, a year-on-year increase of 36.7% [2] - Leading companies in new land value include Greentown China, Poly Developments, and China Overseas Land & Investment, with new land values of 117.5 billion yuan, 101 billion yuan, and 95.2 billion yuan, respectively [2] Market Dynamics and Policy Impact - The recovery in sales is attributed to seasonal factors, relaxed purchase restrictions in core cities, and the introduction of new products by real estate companies [1][3] - Several core cities have continued to optimize demand-side policies, such as relaxing purchase restrictions in non-core areas and expanding the use of housing provident funds [3] - Despite improvements in core cities, many other cities still face a relatively flat market, indicating ongoing adjustment pressures [3]