Core Viewpoint - The real estate industry is transitioning from a phase of "guaranteeing delivery" to a new stage focused on high-quality delivery and long-term operational strategies by 2025, driven by evolving market demands and living concepts [1]. Group 1: Industry Trends - The Ministry of Housing and Urban-Rural Development's "Good House" policy is deepening, shifting from housing security to quality enhancement, which encourages the industry to return to the essence of products and services [1]. - The 2025 delivery capability assessment will evaluate hundreds of typical projects across multiple dimensions, including overall indicators, indoor space, public areas, architectural facades, landscape, community facilities, and service systems [1]. Group 2: Assessment Process - The assessment will categorize projects into three tiers: high-end, light luxury, and quality, with a final selection of ten award-winning projects in each category determined through public voting [1]. - The evaluation process will be conducted by the Product Power 100 Working Group, which has been focusing on the changes in industry product power since 2018 [10]. Group 3: Award Nominees - The list of nominees for the 2025 top delivery capability projects includes various high-end, light luxury, and quality projects from different cities and developers, showcasing a diverse range of offerings [2][5][7].

Investment Rating - The report maintains a "Recommended" rating for the real estate sector [2] Core Insights - The real estate index fell by 4.1% in the 10th week of 2026, ranking 26th among 31 sectors [9] - New home transactions decreased by 36% year-on-year, while second-hand home transactions decreased by 31% year-on-year [22][26] - The report highlights three main issues in the real estate market: declining new home demand, unresolved inventory, and the negative impact of land finance on the economy [34] Summary by Sections Industry Basic Data - Total number of stocks: 107 - Total market value: 1,211.976 billion - Circulating market value: 1,161.243 billion [2] Sales Performance - In the 10th week, new home sales in 20 cities totaled 1.21 million square meters, with a daily average of 172,000 square meters, reflecting a 10% decrease week-on-week and a 36% decrease year-on-year [22] - Second-hand home sales in 11 cities reached 1.69 million square meters, with a daily average of 241,000 square meters, showing a 37% increase week-on-week but a 31% decrease year-on-year [26] Policy News - Local policies include financial incentives for first-time homebuyers in Nanchong and adjustments to housing loan policies in Taiyuan and Hangzhou to stimulate housing consumption [16][19] Company Dynamics - Poly Developments acquired a residential land plot in Hangzhou for 3.224 billion, with a floor price of 44,985 yuan per square meter and a premium rate of 51.08% [20] - China Overseas Development reported a 35.9% year-on-year decline in property sales for February, totaling approximately 8.464 billion [21] - Yuexiu Group's February sales amounted to approximately 2.905 billion, down 53.3% year-on-year [21] Investment Strategy - The report suggests focusing on three areas to find alpha in the real estate sector: precision in land acquisition for developers, stable assets like leading shopping centers, and leading real estate agencies to enhance transaction efficiency [34]

Investment Rating - The report maintains a "Recommendation" rating for the real estate sector [2] Core Views - The real estate sector experienced a decline of 4.1% in the 10th week, ranking 26th among 31 industry sectors [9] - New home transaction volume is expected to face downward pressure due to a decline in demand, unresolved inventory issues, and the negative impact of land finance on the economy [34] Industry Overview - **Basic Data**: The sector comprises 107 listed companies with a total market capitalization of approximately 1,211.98 billion and a circulating market value of about 1,161.24 billion [2] - **Sales Performance**: In the 10th week, new home sales in 20 cities decreased by 10% month-on-month and 36% year-on-year, with total sales area of 1.21 million square meters [22][24] - **Second-hand Home Market**: In the same week, second-hand home sales in 11 cities increased by 37% month-on-month but decreased by 31% year-on-year, totaling 1.69 million square meters [26][30] Policy Developments - Local policies include measures in Nanchong to support newlyweds with housing loans and adjustments in Taiyuan's housing fund loan policies to extend loan terms [16][19] - In Hangzhou, a notification was issued to promote high-quality development in the real estate sector, offering subsidies for new home purchases [19] Company Dynamics - **Poly Developments**: Acquired a residential land parcel in Hangzhou for 3.224 billion, with a floor price of 44,985 yuan per square meter and a premium rate of 51.08% [20][21] - **China Overseas Development**: Reported a 35.9% year-on-year decline in property sales for February, totaling approximately 8.464 billion [21] - **Yuexiu Group**: Reported a 53.3% year-on-year decline in sales for February, with total sales of approximately 2.905 billion [21] Investment Strategy - The report suggests focusing on three areas to find alpha in the real estate market: 1. Precision in land acquisition for development companies, recommending firms like Greentown China and China Overseas Hongyang [34] 2. Stable income assets, particularly leading shopping centers, with a recommendation for Swire Properties [34] 3. Real estate intermediaries with strong management systems, recommending Beike-W for its efficiency and market share [34]

格隆汇3月10日丨中国海外发展(00688.HK)公告，将于2026年3月31日(星期二)举行董事局会议，藉以(其 中包括)审议及批准公司及其附属公司截至二零二五12月31日止全业绩及其发布，以及考虑派发末期股 息(如有)建议。 ...

（於香港註冊成立之有限公司） （股份代號：688） 董事局會議召開日期 主席兼執行董事 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之內容概不負責，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。 中國海外發展有限公司（「本公司」）董事局（「董事局」）公佈將於二零二六 年三月三十一日（星期二）舉行董事局會議，藉以（其中包括）審議及批准本公 司及其附屬公司截至二零二五年十二月三十一日止全年業績及其發佈，以及考慮 派發末期股息(如有)之建議。 承董事局命 中國海外發展有限公司 於本公告日期，顏建國先生（主席）、張智超先生 (行政總裁) 及郭光輝先生為本公司執行董 事﹔庄勇先生（副主席）及馬堯先生為本公司非執行董事﹔而李民斌先生、陳家強教授及陳清 霞博士為本公司獨立非執行董事。 顏建國 香港，二零二六年三月十日 ...

Market Performance - The real estate sector (CITIC) experienced a weekly change of +4.2%, while the CSI 300 and Wind All A indices fell by -1.1% and -2.3%, respectively, resulting in excess returns of -3.1% and -1.9%[45] - Among 29 CITIC industry sectors, real estate ranked 25th in performance[45] New Housing Market - In the week from February 28 to March 6, 2026, new housing sales in 36 cities totaled 1.32 million square meters, a month-on-month increase of +69.3% but a year-on-year decrease of -26.1%[9] - Cumulative new housing sales from March 1 to March 6, 2026, reached 1.009 million square meters, down -30.5% year-on-year[9] - Year-to-date new housing sales as of March 6, 2026, totaled 10.325 million square meters, a decline of -33.9% compared to the previous year[9] Second-Hand Housing Market - In the same week, second-hand housing sales in 15 cities amounted to 1.445 million square meters, reflecting a month-on-month increase of +79.9% but a year-on-year decrease of -17.2%[15] - Year-to-date second-hand housing sales reached 11.921 million square meters, down -3.9% year-on-year[15] Inventory and Absorption - Cumulative new housing inventory in 13 cities stood at 76.741 million square meters, with a month-on-month change of -0.1% and a year-on-year change of -3.0%[23] - The absorption period for new housing in these cities is 25.2 months, with a year-on-year increase of +9.0 months[23] Land Market - From March 2 to March 8, 2026, land transactions in 100 cities totaled 1.3881 million square meters, a month-on-month decrease of -37.0% but a year-on-year increase of +186.2%[38] - The average land price was 578 yuan per square meter, down -62.3% month-on-month and -67.3% year-on-year[38] Financing Situation - In the week from March 2 to March 8, 2026, real estate companies issued a total of 15 credit bonds, raising 13.79 billion yuan, a month-on-month increase of +2411.8% but a year-on-year decrease of -35.9%[39] - Year-to-date, real estate companies have issued 82 credit bonds totaling 70.78 billion yuan, down -22.7% year-on-year[39]

Core Insights - The report emphasizes the government's focus on stabilizing the real estate market, with a shift from risk prevention to supporting people's livelihoods, particularly for newly married and newborn families [5][16][17] - The "small spring" recovery trend in the real estate market continues, with significant increases in new and second-hand housing transactions across various cities [5][9] - The report indicates a notable improvement in new housing supply, although the overall supply levels have not yet returned to normal [5][9] Policy Overview - The central government has reiterated its commitment to stabilizing the real estate market, with a target economic growth rate adjusted to 4.5%-5% for 2026 and a budget deficit maintained at 4% [16][18] - The government aims to enhance fiscal efficiency by allocating 755 billion yuan for central budget investments and 800 billion yuan for long-term special bonds [16][18] - There is a clear intention to support the housing needs of new citizens and young families, with policies expected to strengthen throughout the year [17][19] Market Performance - New housing transactions in 50 cities increased by 183% week-on-week, with a year-on-year growth of 20.7% [5][9] - Second-hand housing transactions also saw a significant rise, with an increase of 189% week-on-week in 11 cities and a year-on-year growth of 13% [5][9] - The report notes that the transaction volume for second-hand homes has maintained a positive trend, with a cumulative year-on-year increase of 36.1% since the beginning of the "small spring" [5][9] Supply and Demand Dynamics - New housing launches improved significantly, with a week-on-week increase of 557%, although the supply remains below normal levels [5][9] - The report highlights a slight increase in second-hand housing listings, with a 0.2% week-on-week rise in 140 cities, indicating a slow recovery in the market [5][9] - The land supply has increased, but transaction performance has been poor, with a total land sale revenue of 6.95 billion yuan, down 73.2% week-on-week [5][9] Capital Market Insights - The real estate sector underperformed in the capital market, with a decline of 4.1% compared to the Shanghai and Shenzhen 300 index [5][9] - Major real estate companies experienced varying degrees of decline, with some companies like China Overseas Land and Investment showing smaller declines compared to others [5][9] - The report notes that the C-REITs sector continues to develop, with 14 applications currently under review, indicating a proactive approach to commercial real estate investment trusts [5][9]

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [12] Core Insights - The land market in 2025 is characterized by a reduction in total volume but an increase in quality, indicating a shift from scale expansion to structured improvement. The focus is on precise investment and management to drive profits [6][22] - The average net profit margin for key companies in land acquisition is expected to stabilize between 5% and 10% in 2025, with companies like Jianfa, China Resources, and China Overseas potentially showing better performance [3][8] - The investment strategies of real estate companies have shifted from a broad "net-casting" approach to a more defensive focus on safety and efficiency, with a significant portion of land investment concentrated in six core cities [6][30] Summary by Sections Land Market Overview - The land market shows a narrowing decline in transaction volume, with a significant drop in the area and value of residential land transactions across 300 cities, down 13% and 10% year-on-year respectively. However, the decline is less severe than in previous years [23][24] - The average transaction premium rate for land reached over 15% in March, reflecting a temporary surge in market activity before returning to a more rational state [6][23] Methodology for Land Quality Assessment - A new evaluation tool for land quality has been developed, utilizing an entropy method to score 60 major cities and categorize them into four tiers based on location and planning attributes. This helps in assessing land quality and investment potential [7][40][41] Key Company Analysis - Key companies have shown improved granularity and prudence in investment decisions compared to previous upcycles. The report highlights that about 70-80% of land payments are focused on the six core cities, indicating a strategic shift towards safer investments [8][30] - Companies like China Resources, Jinmao, and Jianfa are expected to have stronger profitability from their acquired land, while others like Binjiang and Greentown have smaller land acquisition volumes but higher certainty in profit realization [8][9] Investment Recommendations - The report suggests focusing on value-oriented companies with strong balance sheets and excellent product delivery capabilities, such as China Resources and Jianfa, as well as companies like Greentown and Jinmao that are improving through refined management practices [9]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, indicating optimism for quality real estate companies and commercial properties [2][34]. Core Insights - The report highlights a recovery in new home sales, with a 69% week-on-week increase in 34 key cities, although year-on-year sales are down 32.1% [2][3]. - The government is focusing on stabilizing the real estate market, increasing residents' property income, and effectively utilizing monetary policy tools such as interest rate cuts [2][26]. - The report suggests that the industry is nearing a bottom after significant adjustments, with a more favorable policy environment emerging [2][34]. Industry Data Summary New Home Sales - New home sales in 34 key cities reached 1.813 million square meters, a 69% increase week-on-week, with first and second-tier cities seeing a 78.2% rise [2][3]. - Year-on-year sales for March show a decline of 32.1%, with first and second-tier cities down 29.7% and third-tier cities down 55.9% [4][6]. Inventory and Supply - In the last week, 15 cities launched 340,000 square meters of new homes, with a sales-to-launch ratio of 2.14, indicating strong demand relative to supply [20][21]. - The total available residential area in these cities is 88.055 million square meters, showing a slight decrease of 0.44% week-on-week [20]. Policy and News Tracking - The government is implementing measures to stabilize the real estate market, including policies to control inventory and improve supply [26][29]. - The People's Bank of China is expected to use various monetary policy tools flexibly to support economic growth and stabilize asset prices [26][29]. Company Dynamics - New City Holdings has received approval for its commercial real estate REITs, indicating a move towards diversifying funding sources [34]. - Several real estate companies reported significant declines in sales for February, with China Overseas Development at 8.46 billion yuan (-35.9%) and CIFI Holdings at 5.3 billion yuan (-67.1%) [34].

Group 1 - The core point of the article is that China Overseas Development reported a significant decline in property sales for February, with a total sales amount of approximately 8.464 billion yuan, representing a year-on-year decrease of 35.9% [1] - The sales area for the same period was about 358,700 square meters, which reflects a year-on-year decline of 45% [1]