Core Insights - China Overseas Land & Investment Limited (COLI) reported its unaudited operational data for January to July 2025, indicating a decline in contract property sales in July compared to the previous year [1] Sales Performance - In July, the contract property sales amounted to approximately RMB 11.85 billion, representing a year-on-year decrease of 10.2% [1] - The corresponding sales area for July was about 660,200 square meters, showing a year-on-year increase of 20.8% [1] - For the period from January to July, the total contract property sales reached approximately RMB 132 billion, reflecting a year-on-year decline of 18.3% [1] - The cumulative sales area for the same period was around 5,780,000 square meters, which is a decrease of 3.4% year-on-year [1] Property Acquisition - As of July 31, 2025, COLI recorded recognized property sales of approximately RMB 7.21 billion [1] - In July, the company acquired five land parcels in Shenzhen, Jinan, and Shanghai, with a total equity gross floor area of approximately 511,547.77 square meters [1] - The total equity land premium for these acquisitions was about RMB 1.49 billion [1] - Cumulatively, the land acquired by the group has a total gross floor area of approximately 3,079,298.69 square meters, with total payable equity land premiums amounting to around RMB 5.50 billion [1]

【中国海外发展7月合约物业销售金额约118.5亿元 同比下降10.2%】智通财经8月6日电，中国海外发展 7月合约物业销售金额约118.50亿元，同比下降10.2%；相应的销售面积约为660,200平方米，同比上升 20.8%。1-7月，中国海外系列公司累计合约物业销售金额约人民币1,320.00亿元；而相应的累计销售面 积约5,780,000平方米，分别按年下跌18.3%及3.4%。 转自：智通财经 ...

Summary of Key Points Core Viewpoint - China Overseas Development (00688.HK) reported a decline in contract property sales amounting to approximately RMB 118.50 billion for July 2025, a year-on-year decrease of 10.2%, while the corresponding sales area increased by 20.8% to about 660,200 square meters [1]. Sales Performance - For the period from January to July 2025, the cumulative contract property sales amounted to approximately RMB 1,320.00 billion, reflecting a year-on-year decline of 18.3%, with the cumulative sales area at about 5.78 million square meters, down 3.4% [1]. Property Sales Recognition - As of July 31, 2025, the company recorded recognized property sales of approximately RMB 72.10 billion, which is expected to convert into contract property sales in the following months [1]. Land Acquisition - In July 2025, the group acquired five land parcels in Shenzhen, Jinan, and Shanghai, with an equity building area of approximately 511,547.77 square meters, and the corresponding land premium amounting to about RMB 14.90 billion [1]. - From January to July 2025, the total land acquired by the group had an attributable floor area of approximately 3,079,298.69 square meters, with a cumulative land premium payable of about RMB 55.01 billion [1]. Additional Land Acquisition - In July 2025, China Overseas Hongyang Group acquired a land parcel in Baotou City, Inner Mongolia, with an equity building area of approximately 156,904.00 square meters, and the land premium for this acquisition was about RMB 2.91 billion [1]. Analyst Rating Update - UBS has raised the target price for China Overseas Development to HKD 15, maintaining a "Neutral" rating [2].

Core Insights - China Overseas Development (00688) reported a contract property sales amount of approximately RMB 11.85 billion in July 2025, representing a year-on-year decline of 10.2% while the corresponding sales area increased by 20.8% to approximately 660,200 square meters [1] - From January to July 2025, the cumulative contract property sales amount reached approximately RMB 132 billion, with a year-on-year decrease of 18.3%, and the cumulative sales area was about 5.78 million square meters, down 3.4% year-on-year [1] - As of July 31, 2025, the company achieved recognized property sales of approximately RMB 7.21 billion, expected to convert into contract property sales in the coming months [1] Land Acquisition - In July 2025, the group acquired five land parcels in Shenzhen, Jinan, and Shanghai, with an equity construction area of approximately 511,500 square meters, and the corresponding land premium was about RMB 14.90 billion [1] - From January to July 2025, the total land area acquired by the group was approximately 3.08 million square meters, with a cumulative payable land premium of about RMB 55.01 billion [1] - In July 2025, China Overseas Hongyang Group acquired a land parcel in Baotou City, Inner Mongolia, with an equity construction area of approximately 156,900 square meters, and the land premium for this acquisition was about RMB 291 million [1]

2025年7月，该集团在深圳、济南和上海共收购了五幅地块，权益建筑面积约51.15万平方米。集团就相 关土地收购的权益土地出让金约人民币148.98亿元。2025年1月至7月，集团收购的土地累计应占楼面面 积约307.93万平方米，累计应付的权益土地出让金约人民币550.07亿元。 此外，2025年7月，中国海外宏洋集团在内蒙古自治区包头市收购了1幅地块，权益建筑面积约15.69万 平方米。中国海外宏洋集团就相关土地收购的权益土地出让金约人民币2.91亿元。 中国海外发展(00688)发布公告，于2025年7月，中国海外系列公司的合约物业销售金额约人民币118.50 亿元，按年下跌10.2%;而相应的销售面积约为66.02万平方米，按年上升20.8%。 2025年1月至7月，中国海外系列公司累计合约物业销售金额约人民币1320.00亿元;而相应的累计销售面 积约578万平方米，分别按年下跌18.3%及3.4%。 此外，截至2025年7月31日，中国海外系列公司取得已认购物业销售约人民币72.10亿元，预期将于往后 数月内转化为合约物业销售。 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4][5][59] Core Viewpoints - The report emphasizes the importance of implementing the spirit of the Central Urban Work Conference and conducting high-quality urban renewal [3][47] - The report highlights that since September 2024, the central government's clear requirement has been to stabilize the real estate and stock markets, which is crucial for boosting social expectations and facilitating domestic demand circulation [5][50] Market Performance - The Shanghai Composite Index fell by 0.9%, the Shenzhen Component Index by 1.6%, the ChiNext Index by 0.7%, and the CSI 300 Index by 1.8%, while the real estate sector (Shenwan) dropped by 3.4% [5][8] - In terms of individual stocks, the top five gainers were Zhujiang Co. (+13.5%), Dazhong Electronics (+10.3%), Zhangjiang Hi-Tech (+6.8%), ST Nanzhi (+6.1%), and Quzhou Development (+5.9%), while the top five losers included Hainan Airport (-8.4%), Jindi Group (-8.1%), Lujiazui (-7.9%), China Merchants Shekou (-7.7%), and Hainan Expressway (-7.7%) [5][8] Data Tracking New Housing Transactions - For the week of July 26 to August 1, 205,000 square meters of new homes were sold across 42 key cities, a 19.9% increase from the previous week, but a 20.8% decrease year-on-year [14][18] - In July, a total of 761,000 square meters of new homes were sold, representing a 31.8% decrease month-on-month and an 18.3% decrease year-on-year [18] Second-Hand Housing Transactions - For the week of July 26 to August 1, 185,000 square meters of second-hand homes were sold across 21 key cities, a 5.4% decrease from the previous week, but a 2.5% increase year-on-year [29][35] - In July, a total of 854,000 square meters of second-hand homes were sold, reflecting a 2.1% decrease month-on-month and a 3.9% decrease year-on-year [35] Industry News - The Central Political Bureau meeting emphasized the need for high-quality urban renewal and the implementation of policies to stabilize the real estate market [47][48] - The National Taxation Administration reported that since the implementation of the housing tax refund policy, 11.1 billion yuan has been refunded, alleviating the tax burden on residents [47][48] Company Announcements - Lujiazui achieved a revenue of 6.598 billion yuan in the first half of 2025, a year-on-year increase of 33.9%, while the net profit attributable to shareholders was 815 million yuan, a year-on-year decrease of 7.9% [50][51] - Dazhong City completed a targeted issuance of 2.426 billion yuan, increasing its total share capital to 4.286 billion shares [50][51]

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。 一、物業銷售更新 於二零二五年七月，中國海外系列公司的合約物業銷售金額約人民幣118.50億元，按年 下跌10.2%；而相應的銷售面積約為660,200平方米，按年上升20.8%。合約物業銷售金額 和相應的銷售面積的詳情如下列表1所示。 二零二五年一月至七月，中國海外系列公司累計合約物業銷售金額約人民幣1,320.00億 元；而相應的累計銷售面積約5,780,000平方米，分別按年下跌18.3%及3.4%。 此外，截至二零二五年七月三十一日，中國海外系列公司錄得已認購物業銷售約人民幣 72.10億元，預期將於往後數月內轉化為合約物業銷售。 1 | | 合約物業銷售 | 銷售面積 | | --- | --- | --- | | | （人民幣億元） | （萬平方米） | | 本公司及其附屬公司 | | | | 地區明細（附註一） | | | | 南部大區 | 12.09 | 5.19 | | 東部大區 | ...

Core Points - The China Securities Hong Kong 300 Real Estate Index (H300 Real Estate) has shown significant growth, with a 1.92% increase over the past month, 10.68% over the past three months, and 17.07% year-to-date [1] Group 1: Index Performance - The H300 Real Estate Index is currently at 1044.32 points [1] - The index is designed to reflect the overall performance of different industries in the Hong Kong market, based on the China Securities industry classification standards [1] Group 2: Index Composition - The top ten weighted stocks in the H300 Real Estate Index are: - Sun Hung Kai Properties (14.53%) - Beike-W (12.67%) - Link REIT (12.16%) - China Resources Land (11.15%) - Cheung Kong Property (8.22%) - China Overseas Land & Investment (6.34%) - Wharf Real Estate Investment (4.86%) - Henderson Land Development (4.35%) - Longfor Group (2.99%) - China Resources Mixc Lifestyle (2.79%) [1] - The index is fully composed of stocks listed on the Hong Kong Stock Exchange [1] Group 3: Sector Breakdown - The sector composition of the H300 Real Estate Index includes: - Real Estate Development: 57.95% - Real Estate Services: 21.50% - Real Estate Investment Trusts (REITs): 13.05% - Real Estate Management: 7.50% [2] Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the underlying index [2]

Core Insights - The land market has continued to heat up since 2025, with central and state-owned enterprises leading the way, while private enterprises are making efforts in specific regions [1][2] Group 1: Land Acquisition Trends - In the first seven months of this year, the top 100 real estate companies' total land acquisition amounted to 578.3 billion yuan, a year-on-year increase of 34.3% [2] - Central and state-owned enterprises dominate land acquisition, with the top ten companies primarily being state-owned, while some private companies like Binhai Group have also made significant investments [2] - The top three companies by new value added are Greentown China with 111.6 billion yuan, China Overseas Property with 93.5 billion yuan, and Poly Developments with 90.7 billion yuan [2] Group 2: Focus on Core Cities - Leading companies are intensifying their land acquisition efforts in core cities, with state-owned enterprises being the main players, while private enterprises are focusing on specific regions [3] - Notable private enterprises include Binhai Group, which ranks first in land acquisition in Hangzhou, and Dahuazhong Group, which is increasing its presence in Shanghai [3] Group 3: Market Dynamics and Future Outlook - The investment sentiment among real estate companies has improved, with the land acquisition-to-sales ratio for the top 100 companies maintaining at 0.3, an increase from the end of 2024 [4] - Competitive bidding for premium land in core cities remains intense, with significant price increases observed, such as a land parcel in Nanjing sold at a 32.74% premium [4] - Experts suggest that while high-value land will continue to attract interest, companies must be cautious to avoid overpaying, which could hinder future project development [5]

Core Insights - The real estate market in Beijing is facing intense competition, with both land acquisition and new home sales under pressure [1] - China Overseas Land & Investment (中海地产) has maintained its position as a sales leader in Beijing, securing multiple high-value land parcels [1][8] - The performance of different projects varies significantly, with some achieving strong sales while others struggle with inventory turnover [3][10] Group 1: Company Performance - China Overseas Land & Investment has achieved a sales revenue of 112 billion yuan in the first half of the year, ranking second in the market, just behind China State Construction [10] - The project "万吉玖序" contributed approximately 35 billion yuan to the sales figures, indicating its strong market performance [10] - The company has been actively acquiring land, including a 153 billion yuan purchase in Chaoyang, which reflects its strategy to strengthen its presence in core urban areas [9] Group 2: Market Dynamics - The introduction of new projects in the Chaoyang area, such as "万吉玖序," has intensified competition among high-end residential offerings [2][4] - The overall market is experiencing a divide, with luxury and well-located affordable housing performing better than other segments [3] - Upcoming projects like "黄杉木店" are expected to challenge existing offerings, particularly "万吉玖序," due to overlapping target demographics [5][6] Group 3: Project Specifics - "万吉玖序" has a total of 370 units, with a current average transaction price of 11.5 million yuan per square meter and a sales rate of 48% [3] - The project "时光之境" has seen slower sales, with only 15% of its 432 units sold at an average price of 7.7 million yuan per square meter [6] - "中海朝阳ONE" has also faced challenges, achieving only a 10% sales rate since its launch, indicating potential issues with market acceptance [6]