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） 中國海外發展有限公司 主席兼執行董事 顏建國 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」）於二零二五年八月二十日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2025年度第二期中期票據的公告。 根據有關規定，中海企業發展集團有限公司已經於 北京金融資產交易所 (https://www.cfae.cn)及上海清算所(https://www.shclearing.com.cn)的網站上載了《中海企 業發展集團有限公司2025年度第二期中期票據（品種一）發行情況公告》及《中海企業 發展集團有限公司2025年度第二期中期票據（品種三）發行情況公告》。 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. ...

Core Insights - State-owned enterprise China Overseas Land & Investment Limited's subsidiary, Huizhou Haisheng Real Estate Development Co., Ltd., acquired a land parcel in the Jinshan Lake area for a base price of 622 million yuan, translating to approximately 4,906 yuan per square meter of floor area [1][3] Group 1: Land Acquisition Details - The land parcel covers an area of approximately 57,600 square meters with a plot ratio of 2.2, allowing for a maximum buildable area of about 126,800 square meters, with commercial space limited to 5% [3] - The land is designated for urban residential use and has clear property rights, with compensation for relocation already in place, ensuring no legal or economic disputes [3][5] - The total investment for development must be no less than 1.1 billion yuan, and the project is supported for immediate commencement upon fulfilling necessary pre-construction approvals [3][5] Group 2: Development Requirements - The design requirements stipulate that buildings along the waterfront should not exceed 54 meters in height, with specific guidelines to maintain the openness and public accessibility of waterfront views [3][5] - The first floor of buildings can be designated as parking space without counting towards the buildable area, and the roof of the parking area can serve as a shared green platform for the community [5] - The land is located within the school district of Huizhou No. 1 Middle School affiliated with Jinshan Lake School, enhancing its attractiveness due to nearby educational resources [5]

Core Insights - The article discusses the revival of two notable luxury residential projects in Shanghai, highlighting the contrasting fates of融创外滩壹号院 and八埭头滨江园, with the former experiencing a resurgence in sales while the latter remains stalled [1][12]. Group 1: Market Dynamics - The bad asset construction business is rapidly growing, with new contract areas increasing at an annual rate of approximately 20%, contrasting with the declining new construction area in the real estate sector [3][5]. - The scale of the construction industry for bad assets is expected to reach trillions, with a penetration rate of around 10%, indicating significant growth potential compared to developed countries [5][7]. Group 2: Company Strategies - Many real estate companies are entering the bad asset construction market as a second growth curve, with companies like绿城管理 leading the way, achieving a market share exceeding 20% [7][15]. - Companies such as旭辉 and融创 are actively pursuing bad asset projects, with旭辉 announcing a comprehensive entry into the real estate construction business [12][14]. Group 3: Financial Involvement - In the first half of the year, asset management companies (AMCs) invested at least 131.6 billion yuan in revitalizing real estate bad assets [8]. - The collaboration between AMCs and construction companies allows real estate firms to engage in the market with minimal capital investment, thus accessing substantial opportunities [11][20]. Group 4: Project Revitalization - The revival of projects like八埭头滨江园 involves significant financial input and strategic partnerships, with expectations of enhancing product quality and community planning [19][20]. - The article emphasizes the importance of project conditions, intervention timing, and the reputation of the construction company in determining the success of revitalized projects [23][24].

行业点评 本周 A 股地产、港股物业均上涨，港股地产下跌。本周（8.16-8.22）本周申万 A 股房地产板块涨跌幅为+0.5%， 在各板块中位列第 31；恒生港股房地产板块涨跌幅为-0.6%，在各板块中位列第 9。本周恒生物业服务及管理指数涨 跌幅为+1.1%，恒生中国企业指数涨跌幅为+0.5%，沪深 300 指数涨跌幅为+4.2%；物业指数对恒生中国企业指数和沪 深 300 的相对收益分别为+0.7%和-3.1%。 土地市场溢价率有所回落。本周（8.16-8.22）全国 300 城宅地成交建面 553 万㎡，单周环比-14%，单周同比-52%， 平均溢价率 5%。2025 年初至今，全国 300 城累计宅地成交建面 23666 万㎡，累计同比-5.4%；年初至今，绿城中国、 中海地产、保利发展、建发房产、滨江集团的权益拿地金额位居行业前五。 本周(8.16-8.22)47 个城市商品房销售 285 万方，成交量环比+8%，同比-11%，整体维持季节性低位；7 月新房售 价环比-0.3%，环比跌幅持平，同比-3.4%，同比降幅持续收窄；结合量价，景气度下行趋缓。本周分能级来看：一线 城市周环比+5%，周同比 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [3][5]. Core Viewpoints - The report emphasizes that the current policy environment is being driven by fundamental pressures, suggesting that the policy response may exceed the levels seen in 2008 and 2014, and is still evolving [3]. - Real estate is identified as an early-cycle indicator, serving as a barometer for economic trends, making it a strategic investment focus [3]. - The competitive landscape within the industry is improving, with leading state-owned enterprises and select mixed-ownership and private firms performing well in land acquisition and sales [3]. - The report continues to favor investment in first-tier cities and two-thirds of second-tier cities, as this combination has shown better performance during sales rebounds [3]. - Supply-side policies, including land storage and management of idle land, are highlighted as critical areas to monitor, with first and second-tier cities expected to benefit more from these changes [3]. Summary by Sections Real Estate Development - The 5-year LPR remains stable at 3.5% as of August, with the 1-year LPR at 3.0% [10]. - The real estate index saw a cumulative change of 0.5%, lagging behind the CSI 300 index by 3.68 percentage points, ranking last among 31 sectors [13]. - New home sales in 30 cities totaled 1.57 million square meters, a 16.7% increase month-on-month but a 16.1% decrease year-on-year [20]. - Year-to-date, new home sales in the same 30 cities are down 2.1% year-on-year, with first-tier cities showing a 2.4% increase [25]. Secondary Housing - Secondary home sales in 14 sample cities reached 1.915 million square meters, reflecting a 6.4% month-on-month increase and a 9.5% year-on-year increase [30]. - Cumulative secondary home sales for the year are 6.8677 million square meters, up 16.7% year-on-year [30]. Credit Bonds - In the week of August 18-24, 18 credit bonds were issued by real estate companies, totaling 15.282 billion yuan, an increase of 6.921 billion yuan from the previous week [39]. - The net financing amount was 3.378 billion yuan, reflecting a significant increase [39].

Core Insights - China Overseas Development (中海发展) has been recognized for its outstanding sustainable development performance, achieving a low-risk ESG rating of 13.9 from Sustainalytics, placing it in the top 3% of global companies assessed, an improvement from the previous year's top 10% [1] - The company focuses on a "Four Good Company" strategy, emphasizing good products, services, benefits, and citizenship, which supports its sustainable growth path [1][2] - The real estate market is stabilizing, with healthy financials and clear strategies giving companies like China Overseas Development a competitive edge [2] Financial Performance - As of the end of 2024, the company maintained a low net debt ratio of 38.7% and a cash-to-short-term debt ratio of 2.3, with a weighted financing cost of only 3.28%, indicating strong financial health [2] - In the first seven months of 2025, the company achieved contract property sales of 132 billion yuan and spent approximately 55 billion yuan on land acquisition, showcasing its effective investment strategy [3] Product Innovation - In April 2025, the company launched the Living OS system, the first intelligent living standard in the industry, which integrates technology and innovation to redefine housing experiences [4] - The Living OS system includes 16 product systems and 172 comprehensive demand responses, focusing on safety, comfort, and sustainability [4] Market Recognition - The company's products have gained significant market recognition, with projects like Shanghai Yun Di Jiu Zhang selling out immediately and high customer traffic at the Beijing Wan Ji Jiu Xu exhibition [5] ESG and Sustainability - China Overseas Development integrates corporate social responsibility and green low-carbon concepts into its strategy, receiving recognition for its efforts in sustainable practices [7] - The company has achieved numerous green building certifications, with over 673 certifications covering more than 1.1 million square meters, highlighting its leadership in the green building sector [7] Strategic Outlook - The company is positioned to navigate industry adjustments and transformations through financial discipline, product innovation, and a commitment to sustainability, demonstrating a holistic approach to development [8]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The real estate sector is at a historical low in holdings, combined with interest rate cuts, which enhances the attractiveness of investments in this sector [4] - The report highlights that the fund holdings in real estate stocks have reached a historical low, with a significant drop in market value from 14.1 billion to 3 billion, a decrease of 80% [19] - The report identifies several driving factors, including low fund holdings, global policy cycles, and high base pressure in Q4 2025, which necessitate further policy support [5] Summary by Sections 1. Real Estate Heavyweight Stock Analysis: Historical Low Holdings - The number of funds holding real estate stocks has reached a five-year low, with a decline from 372 funds in Q4 2020 to 194 funds in Q4 2023 [13] - The total market value of funds holding real estate stocks has decreased significantly, reaching a historical low of 3 billion by H1 2025 [19] - The report notes that the proportion of funds overweight in real estate stocks has remained around 55% over the past five years, indicating a stable but low allocation [23] 2. Impact of US Rate Cuts on Chinese Real Estate Stocks - The report discusses the correlation between US interest rate cuts and the valuation recovery of Chinese real estate stocks, suggesting that these cuts can alleviate pressure on the Chinese yuan and provide opportunities for local rate cuts [56] - It emphasizes that the US rate cuts can improve the financing environment for Chinese real estate companies, thereby enhancing their credit profiles and market valuations [58] - The report anticipates a 92.1% probability of a rate cut by the Federal Reserve in September 2025, which could further influence the Chinese real estate market positively [61]

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年度第二期中期票据，发行金额不超过人民币20亿元，并于全国银行间债券市场上市。中 期票据共设三个品种发行，品种一发行金额不超过人民币15亿元，发行期限为5年期﹔品种二发行金额 不超过人民币1亿元，发行期限为 10年期﹔品种三发行金额不超过人民币4亿元，发行期限为15年期， 三个品种均附有品种间回拨选择权。 ...

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 度第二期中期票据，发行金额不超过人民币20亿元，并于全国银行间债券市场上市。中期票据共设三个 品种发行，品种一发行金额不超过人民币15亿元，发行期限为5年期﹔品种二发行金额不超过人民币1亿 元，发行期限为10年期﹔品种三发行金额不超过人民币4亿元，发行期限为15年期，三个品种均附有品 种间回拨选择权。 ...

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年度第二期中期票據（「中期票據」），發行金額不超過人民幣20億 元，並於全國銀行間債券市場上市。中期票據共設三個品種發行，品種一發行金額不超 過人民幣15億元，發行期限為5年期﹔品種二發行金額不超過人民幣1億元，發行期限為 10年期﹔品種三發行金額不超過人民幣4億元，發行期限為15年期，三個品種均附有品 種間回撥選擇權。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202 ...