Core Viewpoint - The financial reports of listed real estate companies for the first half of 2025 reflect a new industry landscape, indicating a shift from "scale competition" to "steady operation" as the industry remains in a deep adjustment phase [1] Group 1: Revenue Performance - Only two companies, Poly Developments and Vanke, entered the "billion revenue club" with revenues of 116.9 billion and 105.3 billion respectively [4] - Half of the listed companies experienced revenue declines, with Shimao Group and Sunac China seeing declines close to 50% [1][11] - The average revenue growth rate for the 20 companies was only 7.72%, indicating weak growth overall [2][4] Group 2: Revenue Breakdown - The first tier includes only Poly and Vanke, while the second tier consists of seven companies with revenues between 50 billion and 100 billion, including China Resources Land and Greenland Holdings [5] - The third tier includes 11 companies with revenues below 50 billion, featuring regional leaders and companies that have faced debt crises, such as Sunac China and Shimao Group [6] Group 3: Divergence in Growth - Significant divergence in revenue growth is evident, with China Resources Land achieving nearly 20% growth while Poly and Vanke saw declines of 16.08% and 26.20% respectively [7] - Some mid-sized companies, like Binhai Group and Yuexiu Property, achieved growth rates exceeding 30%, with Binhai Group's growth at 87.8% and Shoukai's at 105.19% [8][10] Group 4: Challenges and Transformation - State-owned and central enterprises demonstrated stronger risk resistance, with stable revenues and lower declines compared to private companies [12][13] - Private companies, except for a few like Longfor Group and Binhai Group, continue to face significant pressures, with many experiencing revenue declines over 25% [14] - Companies are increasingly focusing on "second growth curves" through asset-light transformations and non-development businesses to drive revenue [14][16] Group 5: Future Outlook - The industry is entering a new development phase characterized by declining scale and slower speed, necessitating improved financial management and debt structure optimization [16] - The financial performance of these companies serves as a report card on their comprehensive risk resistance and future development potential, indicating a reshaped industry landscape [17]

Group 1 - Hong Kong property stocks experienced a strong rebound in the afternoon on September 12, with notable gains in several companies [2] - China Overseas Land & Investment surged over 17%, while Sunac China increased by more than 10% [2] - Other companies such as Country Garden and Shimao Group also saw their stock prices rise [2]

Group 1 - The Hong Kong property stocks showed a general upward trend on September 10, with several companies experiencing significant gains [1] - China Overseas Land & Investment (03377.HK) increased by 12.5%, reaching HKD 0.153 [1] - Longfor Group (03380.HK) rose by 11.58%, trading at HKD 1.06 [1] - Shimao Group (00813.HK) saw an increase of 8.97%, priced at HKD 0.425 [1] - Sunac China (01918.HK) gained 4.22%, with a price of HKD 1.73 [1]

Core Viewpoint - The real estate stocks in China have shown a significant upward trend, driven by policy adjustments and improved market sentiment, particularly in major cities like Beijing, Shanghai, and Shenzhen [1] Group 1: Stock Performance - Major real estate companies such as China Oceanwide Holdings (03377) saw a stock increase of 12.5%, trading at 0.153 HKD; Longfor Group (03380) rose by 11.58% to 1.06 HKD; Shimao Group (00813) increased by 8.97% to 0.425 HKD; and Sunac China (01918) gained 4.22% to 1.73 HKD [1] Group 2: Market Trends - Since Q2 of this year, the new housing market has experienced a decline in both volume and price, increasing the pressure for stabilization throughout the year [1] - Starting in August, cities like Beijing, Shanghai, and Shenzhen have implemented "city-specific policies," which are expected to boost short-term transaction volumes and enhance confidence in the long-term recovery of the industry [1] Group 3: Policy Implications - There remains significant policy space for further measures, including urban renewal initiatives and policies for the acquisition of existing housing stock [1] - The expectation of interest rate cuts by the Federal Reserve has opened up monetary easing opportunities for China [1] Group 4: Risk Assessment - The reduction in industry risk evaluation is identified as a key factor driving the recovery of real estate stocks, with the potential for policy announcements or expectations to temporarily increase market momentum [1] - The previous decline in real estate stock prices was attributed to the negative impact on the numerator exceeding that on the denominator; however, the industry is now entering a new bottoming phase where the denominator's influence is expected to surpass that of the numerator, leading to potential stock price recovery [1]

Group 1 - The majority of domestic property stocks have risen, with notable increases such as 12.5% for China Oceanwide Holdings (03377) to HKD 0.153, 11.58% for Longfor Group (03380) to HKD 1.06, and 8.97% for Shimao Group (00813) to HKD 0.425 [1] - According to Dongfang Securities, the trend of weakening volume and price in the new housing market since Q2 this year has intensified the pressure for stabilization throughout the year, with policies implemented in cities like Beijing, Shanghai, and Shenzhen since August expected to boost short-term transaction volumes and enhance confidence in the long-term recovery of the industry [1] - The report highlights that there is still significant policy space available, including urban renewal initiatives and policies for the acquisition of existing homes, alongside an increased expectation of interest rate cuts by the Federal Reserve, which opens up monetary easing opportunities for China [1] Group 2 - The reduction in industry risk assessment is identified as the main driver for the recovery of real estate stocks, with the potential for policy announcements or expectations to temporarily elevate the slope of recovery [1] - The previous decline in real estate stock prices was attributed to the impact of the numerator exceeding that of the denominator; however, the industry is now entering a new bottoming phase where the reduction in risk assessment is leading to a situation where the denominator's impact surpasses that of the numerator, suggesting a potential rebound in stock prices [1]

Yours faithfully, Lam Yee Mei, Katherine Company Secretary (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） （Stock Code 股份代號：813） 10 September 2025 Dear Non-registered Shareholder(s), New Arrangements for Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"), Shimao Group Holdings Limited (the "Company") will disseminate its future corporate communications ...

簡介 登記股東之名稱及地址 SHIMAO GROUP HOLDINGS LIMITED 世茂集團控股有限公司 （於開曼群島註冊成立 之有限公司） （ 股份代號 : 813） （於開曼群島註冊成立之有限公司） （股份代號：813） 各位登記股東： 發佈公司通訊之新安排 根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 2.07A 條以及世茂集團控股有限公 司（「本公司」）的組織章程細則，本公司將以電子方式向股東 2 發佈其日後的公司通訊（「公司通 訊 1」），並僅應股東要求向其寄發印刷本形式的公司通訊。 就此而言，以下安排將於 2025 年 9 月 10 日生效。 安排 1. 可供採取行動的公司通訊 3 本公司將通過電郵以電子通訊方式向股東個別地發送可供採取行動的公司通訊。如果本公司沒 有獲取股東的電郵地址或其提供的電郵地址無效 4 ，本公司將以印刷本形式向其發送可供採取行 動的公司通訊，連同一份索取股東有效電郵地址的回條，以便將來以電子通訊方式發送可供採 取行動的 公司通訊 ，直至 股東向本公司的香港股份 過戶及 登記分處 卓佳證券登記有限公司 （「股份過戶登記分處」）提供一個可用及有效的電郵地址（詳 ...

Core Viewpoint - Shimao Group's stock price surged over 27% during trading, attributed to the extension of a HKD 10 billion loan due to unsuccessful sale to private credit investors [1] Group 1: Stock Performance - Shimao Group's stock rose by 24.59%, reaching HKD 0.38, with a trading volume of HKD 108 million [1] Group 2: Loan and Restructuring Details - The HKD 10 billion loan secured by the Beacon Peak development was extended by UOB Bank after failing to sell to private credit investors, originally due on September 30 [1] - On July 21, Shimao Group announced that all restructuring conditions had been met, with the restructuring effective from that date [1] - The restructuring will lead to the cancellation of approximately USD 11.5 billion in existing offshore debt, alleviating the company's overall debt burden and improving financial conditions [1] - In June, Shimao Group indicated ongoing negotiations with domestic lenders and creditors regarding loan extensions or restructuring [1]

Core Viewpoint - Shimao Group's stock price surged over 27%, closing up 24.59% at HKD 0.38, with a trading volume of HKD 108 million, following news of a loan extension by UOB Bank due to unsuccessful sale to private credit investors [1][1][1] Group 1: Financial Developments - A HKD 10 billion loan secured by the Beacon Peak development was extended by UOB Bank after failing to sell to private credit investors, originally due on September 30 [1][1][1] - On July 21, Shimao Group announced that all restructuring conditions had been met, with the restructuring effective from that date [1][1][1] - The restructuring plan will lead to the cancellation of approximately USD 11.5 billion in existing offshore debt, alleviating the company's overall debt burden and improving its financial condition [1][1][1] Group 2: Company Strategy - Shimao Group has been actively negotiating with domestic lenders and creditors regarding loan extensions or restructuring since June [1][1][1]

Market Performance - The Hang Seng Index rose by 0.80%, surpassing 26,000 points, marking a nearly four-year high [1] - The Hang Seng Tech Index increased by 1.03%, also reaching a new stage high [1] - The National Enterprises Index climbed by 0.90%, crossing the 9,200 points threshold [1] Stock Highlights - Country Garden's stock surged by 27.45%, leading the gains among property stocks [2] - Shimao Group's shares rose by 19.67%, reflecting strong performance in the real estate sector [2] - Other notable gainers include Ronshine China (+9.38%) and Agile Group (+8.51%) [2] Sector Performance - Major technology and financial stocks showed active performance, with JD.com and Alibaba both rising approximately 3% [3] - Gold stocks experienced significant gains, with companies like Zhaojin Mining and Lingbao Gold reaching historical highs [3] - Real estate stocks surged due to policy optimizations in major cities, contributing to the strong performance of companies like Country Garden and Shimao Group [3] Weak Performers - Rare earth concept stocks declined, alongside weakness in Apple-related stocks, entertainment, dining, and biopharmaceutical sectors [3] - Notable declines included Tongda Group, which fell nearly 9%, and other companies like Yum China and Haidilao, which also experienced losses [3]