Group 1 - The company China Overseas Development (00688) announced the issuance of its first tranche of medium-term notes for 2024, with two different bond types [1] - The first bond type, referred to as "24 China Overseas MTN001A," has an interest rate of 2.8% and will mature on January 24, 2026, with interest payments adjusted for public holidays [1] - The second bond type, known as "24 China Overseas MTN001B," carries a higher interest rate of 3.05% and will also mature on January 24, 2026, with similar provisions for interest payments [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」）於二零二四年一月十八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2024年度第一期中期票據的公告。 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）、上海清算所（https://www.shclearing.com.cn）及中國貨幣網 （https://www.chinamoney.com.cn）的網站上載了《中海企業發展集團有限公司2024年度 第一期中期票據（品種一）2026年付息公告》及《中海企業發展集團有限公司2024年度 第一期中期票據（品種二）2026年付息公告》。 為遵守上市規則第13.10B條，該等 ...

Core Insights - The report highlights a continuous improvement in the real estate sector, driven by favorable policies and a strengthening of the second-hand housing market [1] - The overall industry rating remains at "Buy," consistent with previous assessments [2] Group 1: Policy Developments - Central government policies are increasingly supportive, with the Ministry of Finance announcing an extension of the tax exemption policy for second-hand housing transactions until the end of 2027 [5][14] - The People's Bank of China has introduced measures including a 0.25 percentage point reduction in various structural monetary policy tool rates and a decrease in the minimum down payment for commercial properties from 50% to 30% [5][15] - The publication of multiple articles in "Qiushi" magazine indicates a heightened focus on real estate and urban development, suggesting a strong policy commitment [5][17] Group 2: Market Performance - The second-hand housing market has shown significant improvement, with a 40.3% year-on-year increase in transactions for the first 15 days of January, despite a 10% decline compared to the previous week [5][23] - New housing transactions remain low, with a 29.7% year-on-year decrease in sales volume, although there was a 9.9% week-on-week increase [5][23][26] - The average transaction price for second-hand homes in 33 cities increased by 0.6% week-on-week, indicating a stabilization in prices [5][25] Group 3: Land Market Dynamics - The total land transfer revenue remains low, with a 25.2% week-on-week decline and a 54.3% year-on-year decrease, reflecting weak market conditions [5][24] - There are localized instances of structural premiums in third and fourth-tier cities, suggesting potential opportunities despite overall market weakness [5][24] Group 4: Company Valuations and Financial Analysis - Key companies in the real estate sector, such as Vanke A and China Overseas Development, maintain a "Buy" rating with reasonable valuations projected for 2025 and 2026 [6] - The report includes detailed financial metrics for various companies, indicating expected earnings per share (EPS) and price-to-earnings (PE) ratios, which suggest potential for growth in the sector [6][30]

栋察独家 2026年沈阳楼盘地图独家发布 2026年栋察楼市全新版楼盘地图发布，地图不但包含目前沈阳在售楼盘、待售楼盘、已出让待开发住宅地块、地铁走向，全新的楼盘地图更新了楼盘最新 报价、部分中小学学校位置、地铁最新变化等信息，更加直观的展示楼盘及周边配套信息。 《栋察镜界》第二期 沈阳那些特色地铁站 栋察楼市全新的栏目《栋察镜界》与您见面啦，第二期带您走进沈阳地下脉络，打卡七座特色地铁站，解锁轨交里的城市风情与人文记忆 土地篇 北陵农场三期地块成功挂牌出让 1月15日下午，沈阳土地市场迎来2026"开年首拍"，皇姑首府新区北陵农场三期地块被沈阳市皇姑区首府科创城市建设置业有限公司以5010元/建筑平方米 的价格摘得，成交总价17399.3367万元。新地块的顺利成交，为首府新区，乃至沈阳2026年的发展，赢得了一个响亮的开局。 2025年12月30日，随着D176地块的成交，沈阳土地市场收官。据统计，去年沈阳共成交19宗宅地，总面积约93万平方米，成交总金额约62亿元。 政策篇 中海又上新，璟园"甩出"王炸！ 中海又一新品官宣，再次点燃沈阳楼市。全新项目中海·璟园正式亮相，这也是继中海·瑞文熙和后，中海在2 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights a significant reduction in the minimum down payment ratio for commercial property loans to 30%, aimed at stimulating the commercial real estate market and facilitating inventory reduction [5][6] - The current inventory of commercial properties is high, with 141 million square meters of commercial space available for sale as of November 2025, including 52 million square meters of office space [6] - The report anticipates further policy easing to support the commercial real estate sector, as the current measures may have limited impact due to existing disadvantages in loan terms compared to residential mortgages [7][8] Summary by Sections Market Trends - The report indicates a downward trend in the commercial real estate market, with rising vacancy rates and declining rental prices [7] Policy Changes - The People's Bank of China has introduced measures to lower the down payment ratio for commercial property loans, which is expected to ease initial funding pressures for buyers [5][8] Investment Recommendations - Recommended stocks include: 1. Companies benefiting from both residential and commercial real estate recovery: China Resources Land, New World Development, Longfor Group [8] 2. Firms with strong credit profiles and good understanding of customer demand: Greentown China, China Merchants Shekou, China Overseas Land & Investment [8] 3. High-quality property management companies under the "Good House, Good Service" policy: China Resources Mixc Lifestyle, Greentown Service, Poly Property [8]

Core Viewpoint - The recent performance of the Zhonghai Yundizhu project in Shanghai's Yangpu District indicates a significant decline in sales momentum, with only 4 units sold from the latest batch despite previous high demand and multiple successful launches [1][2][3]. Group 1: Sales Performance - The latest batch of Zhonghai Yundizhu recorded only 4 signed contracts, a stark contrast to previous high subscription rates exceeding 200% in earlier launches [1][3]. - The project has seen a gradual decline in subscription rates, dropping to approximately 60% for the sixth batch, compared to rates of 210%, 224%, and 246% in earlier months [3]. - The overall market in Yangpu has been characterized by a high supply of similar products, leading to increased competition and lower sales performance for Zhonghai Yundizhu [5][6]. Group 2: Market Conditions - The Yangpu District has experienced a surge in new housing supply, with multiple high-end projects competing in the same price range, which has intensified market competition [6][7]. - Recent land auctions have seen significant price increases, with Zhonghai acquiring land at high floor prices, indicating a bullish outlook on the area despite current sales challenges [5][7]. - The overall high-end residential market in Shanghai is facing increased pressure, with developers adjusting expectations and employing distribution channels to manage sales [7]. Group 3: Project Characteristics - Zhonghai Yundizhu is located in a mature area with good amenities, but its public transport accessibility is seen as a disadvantage compared to competing projects [2][3]. - The project has adopted a "small batch, multiple times" sales strategy, which initially maintained high subscription rates but has recently faltered [3]. - The competitive landscape includes several strong contenders, such as Poly Real Estate's projects, which offer advantages in terms of construction quality and pricing [6][7].

"区域内同类型产品太多了，要是一起开，可能早就卖光了。"近日，熟悉上海市杨浦区新房市场的中介小王告诉《每日经济 新闻》记者（以下简称每经记者）。 开盘一个多月，区域内红盘中海云邸玖章最新批次的网签成绩是4套。 该项目2025年内多次认购率超200%，险些触发积分，但第六批次自去年12月5日加推以来，平均每10组认筹客户中，只有不 到1组网签。 去化率走低 中海云邸玖章（备案名分别为"悦阳云筑""波阳云筑""浩阳云筑"）是中海地产高端系列的"玖"系产品，此前上海顺昌玖里、领 邸玖章均创下了傲人战绩，其中徐汇滨江板块的领邸玖章五开五罄，官宣单盘销售额达到282亿元。 而云邸玖章所在的杨浦滨江板块近年来热度颇高，保利发展、中铁置业、中建壹品等央国企纷纷落子，创造了不少开盘售罄 的亮眼成绩，2025年上半年也多次刷新区域单价地王纪录。 近期，每经记者实地走访发现，整个项目所在的位置配套较为成熟，其中南区更靠近滨江沿岸，与前期大热盘缦云上海相 邻；北区紧邻杨浦区中心医院，楼下即上海电力大学杨浦校区、上海市建设初级中学等。 不过，每经记者从置业顾问口中得知，此次加推的是单独一栋住宅楼，与北区其余楼栋隔了一条平凉路。 另一 ...

Core Viewpoint - The Hong Kong Stock Exchange announced adjustments to stock option position limits for 36 companies, increasing limits for 26 companies and decreasing limits for 10 companies, effective April 1, 2026 [1]. Group 1: Companies with Increased Position Limits - New World Development (00017) will see its position limit increase from 50,000 to 150,000 contracts [2]. - MTR Corporation (00066) will have its limit raised from 50,000 to 100,000 contracts [2]. - Geely Automobile (00175) will also have its limit increased from 50,000 to 100,000 contracts [2]. - Other notable increases include BYD Electronic (285) from 100,000 to 200,000 contracts and China Biologic Products (1177) from 50,000 to 250,000 contracts [2]. Group 2: Companies with Decreased Position Limits - China Railway Group (601390) will see its limit reduced from 250,000 to 200,000 contracts [3]. - China Overseas Land & Investment (00688) will have its limit cut from 100,000 to 50,000 contracts [3]. - China Tower (00788) will experience a decrease from 200,000 to 100,000 contracts [3]. - Other significant reductions include China Minmetals (2319) from 250,000 to 150,000 contracts and Sunny Optical Technology (2382) from 100,000 to 50,000 contracts [3].

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」）於二零二六年一月九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）2026年面向專業投資者公開發行公司債券 （第一期）的公告。 根據有關規定，中海企業發展集團有限公司已經於深圳證券交易所網站 （http://www.szse.cn）上載了《中海企業發展集團有限公司2026年面向專業投資者公開 發行公司債券（第一期）發行結果公告》。 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.hkexnews.hk）。 承董事局命 中國海外發展有限公司 主席兼執行董事 顏建國 香港，二零二六年一月十四日 於本公告日期，顏建國先生（主席）、 ...

Market Performance - The Shanghai Composite Index rose by 3.8%, the Shenzhen Component Index increased by 4.4%, and the ChiNext Index went up by 3.9% this week [1] - The real estate sector (Shenwan) saw a rise of 5.1% [1] - The top five stocks by percentage increase were Chengjian Development (+34.5%), Yingxin Development (+22.0%), Shangshi Development (+20.8%), *ST Rongkong (+19.7%), and *ST Yangguang (+16.0%) [1] - The bottom five stocks by percentage decrease included Hainan Airport (-7.9%), Guangming Real Estate (-7.2%), Hezhan Energy (-5.5%), Shoukai Shares (-5.0%), and China Wuyi (-2.0%) [1] Real Estate Data Tracking - New homes: In the week of January 3-9, 42 key cities recorded a total transaction of 1.37 million square meters, a month-on-month decrease of 46.7% [1] - For January up to the week of January 9, new home transactions totaled 1.55 million square meters, down 30.1% month-on-month and 46.6% year-on-year [1] - Second-hand homes: In the week of January 3-9, 21 key cities saw a total transaction of 2.06 million square meters, a month-on-month increase of 25.4% [1] - For January up to the week of January 9, second-hand home transactions totaled 2.14 million square meters, down 16.1% month-on-month and 23.9% year-on-year [1] Industry News - The State Council, led by Premier Li Qiang, held a meeting to implement a package of fiscal and financial policies to boost domestic demand, including expanding the scope of public rental housing [2] - The central bank emphasized the continuation of a moderately loose monetary policy and the integration of incremental and stock policy effects [2] - Local policies include Shanghai's efforts to improve fair competition review mechanisms and Henan's support for local governments to issue special bonds for purchasing existing homes for affordable housing [2] - In Shenyang, the down payment for housing has been reduced to 15% until the end of 2026, while Chengdu extended its housing mutual assistance policy until the end of 2026 [2] Company Announcements - In December 2025, the sales figures for major real estate companies were as follows: Poly Development at 12.16 billion yuan (-18.9%), China Merchants Shekou at 25.84 billion yuan (-14.5%), and New Town Holdings at 1.35 billion yuan (-57.8%) [2] - China Overseas Development issued bonds with a 3-year term at an interest rate of 1.60%-2.60% and a 5-year term at 1.80%-2.80% [2] Personnel Changes - Vanke A's Yu Liang retired due to age, resigning from his positions as director and executive vice president [3] Investment Analysis - The real estate sector remains a crucial asset allocation and investment direction for Chinese households, with stable housing prices being significant for economic circulation [3] - The 20th Central Committee's emphasis on promoting high-quality development in real estate suggests potential policy support [3] - High-quality residential properties may see a development wave due to policy guidance and changes in supply-demand structure [3] - The Hong Kong private residential market sentiment is gradually recovering, indicating a potential revaluation for Hong Kong developers [3] - The sector is rated "positive," with recommended companies including China Resources Land, China Merchants Shekou, New Town Holdings, and others [3]