Major Events - JiuTai Rural Commercial Bank (06122) plans to sell 78.51% stake in HuanShan HuiMin Village Bank for 40.4 million yuan [1] - Vanke Enterprises (02202) intends to receive a loan of up to 3 billion yuan from its major shareholder, Shenzhen Metro Group [1] - China Gas Holdings (08246) signed a memorandum of understanding with the Lao Ministry of Industry and Commerce to explore cooperation in developing fuel and natural gas supply networks in Laos [1] - Miniso Group (09896) is conducting a preliminary assessment on the potential spin-off listing of its trendy toy business operated under the "TOP TOY" brand [1] - Baiyunshan Pharmaceutical (00874) subsidiary received approval from the National Medical Products Administration for the drug registration certificate of Tadalafil tablets (2.5mg, 5mg) [1] - Huaxing Capital Holdings (01911) portfolio company Circle successfully listed on the New York Stock Exchange, marking the first IPO milestone in the global stablecoin sector [1] - China National Nuclear Corporation (01763) plans to initiate its first irradiation station cooperation project in Peru [1] Operating Performance - Yuexiu Property (00123) reported a cumulative contract sales amount of approximately 50.7 billion yuan in the first five months, an increase of about 26.5% year-on-year [1] - China Overseas Land & Investment (00688) recorded a cumulative property sales amount of approximately 90.4 billion yuan in the first five months, a decrease of 11.1% year-on-year [1] - Shimao Group (00813) reported a cumulative contract sales total of 11.2 billion yuan in the first five months, a decrease of 18.71% year-on-year [1] - Zhongliang Holdings (02772) achieved a cumulative contract sales amount of approximately 5.37 billion yuan in the first five months, a decrease of 33.38% year-on-year [1] - GAC Group (02238) experienced a year-on-year decline in May's automobile production by 8.16% and a sales drop of 24.80% [1] - Poly Property Group (00119) achieved a contract sales amount of approximately 21.8 billion yuan in the first five months, an increase of 3.81% year-on-year [1] - New天绿色能源 (00956) completed a power generation volume of approximately 7.29 million megawatt-hours in the first five months, an increase of 10.86% year-on-year [1]

Primary Market - A total of 23 offshore bonds were issued this week (June 2 - June 6, 2025), including 8 offshore RMB bonds, 9 USD bonds, 4 HKD bonds, 1 SGD bond, and 1 EUR bond, with issuance scales of 14.2717 billion RMB, 2.7447 billion USD, 81.587 billion HKD, 800 million SGD, and 1 billion EUR respectively [2] - The largest single issuance in the offshore RMB bond market was 2 billion RMB by State Grid Corporation, while the highest coupon rate was 6.9% issued by Weifang Ocean Investment Group [2] - In the USD bond market, the largest single issuance was 400 million USD by Shanghai Pudong Development Bank's London branch, with the highest coupon rate at 6.4% from Guangxi Chongzuo Urban Construction Investment Development Group [2] Secondary Market - Most yields on Chinese USD bonds fell this week, with the Markit iBoxx Chinese USD bond composite index remaining flat at 242.35, while the investment-grade USD bond index rose by 0.04% to 235.23 [3] - The high-yield USD bond index decreased by 0.26% to 236.3, with the real estate USD bond index down 0.58% to 178.81 [3] - The largest weekly gain in offshore Chinese bonds was seen in the USD bond issued by Zhengrong Real Estate, which surged by 242.33% to 1.03 [3] Credit Ratings - Several credit ratings were adjusted this week, including the withdrawal of long-term credit ratings for Tai'an Taishan Holdings and Sheyang State-owned Assets Investment Group due to commercial reasons [10] - Standard & Poor's confirmed the long-term issuer credit rating of Geely Holding Group and Geely Automobile at "BBB-", changing the outlook from "stable" to "negative" [10] Domestic News - In May 2025, real estate companies raised a total of 28.88 billion RMB in bond financing, a year-on-year increase of 23.5%, with an average financing rate of 2.35%, down 0.43 percentage points year-on-year [12] - The Ministry of Finance issued 12.5 billion RMB of government bonds in Hong Kong, with a subscription rate of 3.96 times [13] - The Hong Kong government successfully priced approximately 27 billion HKD of green and infrastructure bonds, marking the longest maturity for HKD bonds issued by the government [14] Overseas News - Eurozone inflation in May fell to 1.9%, below the European Central Bank's target, leading to a decline in Eurozone bond yields [15] - The U.S. Treasury conducted a record $10 billion bond repurchase, viewed as a "mini QE" to enhance liquidity in older bonds [16] Offshore Debt Alerts - Longguang updated its restructuring plan for 21 domestic debts totaling over 21.9 billion RMB, aiming to secure cash for repayment [17] - Ping An Insurance plans to issue 11.765 billion HKD of zero-coupon convertible bonds due in 2030 [18] - CIFI Holdings' offshore debt restructuring plan received overwhelming support from creditors [20] - Shimao Group reported a contract sales amount of approximately 2.135 billion RMB in May 2025 [21]

世茂集团5月合约销售额21.4亿元人民币，1-5月累计合约销售额112.0亿元人民币。 ...

Important News - The high-level economic and trade talks between China and the United States have made substantial progress, reaching important consensus [2] Company News - Ningde Times (810699.HK) will begin its IPO on May 12, with a maximum offer price of 263.00 HKD [3] - Li Auto (02015.HK) has achieved cumulative deliveries of over 300,000 units for the Li L7 [3] - Longfor Group (00960.HK) reported a contract sales amount of 5.13 billion RMB in April, with a cumulative contract sales amount of 22.08 billion RMB from January to April [3] - Rongchang Biopharmaceutical (09995.HK) received approval from the National Medical Products Administration for the injection of Vedicimab for treating HER2-positive late-stage breast cancer with liver metastasis in China [4] - GAC Group (02238.HK) reported April vehicle sales of 116,400 units, a year-on-year decrease of 12.66% [5] - China Overseas Development (00688.HK) achieved a cumulative contract property sales amount of 66.583 billion RMB from January to April [5] - China Jinmao (00817.HK) reported a signed sales amount of 7.001 billion RMB in April [5] - Shimao Group (00813.HK) had a cumulative contract sales total of 9.07 billion RMB in the first four months [5] - China Overseas Hongyang Group (00081.HK) realized a contract sales amount of 2.624 billion RMB in April, a year-on-year decline of 18.1% [5] - Q Technology (01478.HK) sold 31.783 million mobile camera modules in April, a month-on-month increase of 7.9% [5] - Stone Pharmaceutical Group (01093.HK) received approval for clinical trials in the U.S. for SYH2046 tablets [5]

世茂集团4月合约销售额20.0亿元人民币，1-4月累计合约销售额90.7亿元人民币。 ...

Group 1 - The real estate sector in both Hong Kong and A-shares experienced a significant rally on May 7, with notable stock price increases for companies such as Jin Hui Holdings (up 21.9%) and Zhongliang Holdings (up 7.06%) [1] - The People's Bank of China announced a 0.5 percentage point reserve requirement ratio cut, expected to inject approximately 1 trillion yuan into the market, along with a 0.1 percentage point reduction in policy interest rates [2] - The reduction in personal housing provident fund loan rates by 0.25 percentage points is projected to save residents over 20 billion yuan annually in interest, supporting rigid housing demand and stabilizing the real estate market [2] Group 2 - Following the "May Day" holiday, there was a surge in property subscriptions in various cities, with Shenzhen seeing a 23.89% year-on-year increase in new housing subscriptions during the holiday [3] - The introduction of high-quality projects in major cities like Beijing, Shanghai, and Hangzhou is expected to stimulate demand for improved housing and facilitate market recovery in May [3] - Major financial institutions are increasingly optimistic about the Chinese real estate market, with reports indicating a favorable policy environment and potential recovery in core cities [3]

Core Viewpoint - The Hong Kong property stocks are experiencing a strong upward trend, with significant gains observed in various companies within the sector [1] Company Performance - Jin Hui Holdings (09993.HK) has surged over 30% [1] - Ronshine China (03301.HK) has increased nearly 7% [1] - Zhongliang Holdings (02772.HK) has risen nearly 6% [1] - Shimao Group (00813.HK), Greentown China (03900.HK), and Sunac China (01918.HK) have all gained over 4% [1] - Fuli Properties (02777.HK) and Country Garden (02007.HK) have both seen increases of over 3% [1]

Group 1 - Hong Kong property stocks experienced a significant rise at the beginning of trading, with major companies like Ronshine China (03301.HK) and Jin Hui Holdings (09993.HK) both increasing by over 13% [1] - Shimao Group (00813.HK) saw an increase of over 9%, while Sunac China (01918.HK) rose by more than 6% [1] - Other companies such as Zhongliang Holdings (02772.HK) and New World Development Holdings (01030.HK) also recorded gains exceeding 5% [1]

Financial Performance - In 2024, Shimao Group reported a revenue of RMB 59,975 million, a slight increase of 0.9% compared to RMB 59,464 million in 2023[5]. - The company experienced a gross loss of RMB 5,869 million in 2024, compared to a gross profit of RMB 5,848 million in 2023[5]. - The net loss attributable to equity holders was RMB 35,905 million in 2024, compared to a loss of RMB 21,030 million in 2023, indicating a significant increase in losses[5]. - For the fiscal year ending December 31, 2024, the company's total revenue reached RMB 59,975 million, a 0.9% increase from RMB 59,464 million in 2023[28]. - The company reported a total comprehensive loss of RMB 43.67 billion for the year ended December 31, 2024, compared to a total comprehensive loss of RMB 24.80 billion in 2023[200]. - Basic and diluted loss per share for the year was RMB 9.48, compared to RMB 5.55 in the previous year, indicating a significant increase in losses per share[200]. Sales and Contracted Sales - Contracted sales for 2024 reached RMB 34,002 million, with a total contracted sales area of 2.675 million square meters, resulting in an average selling price of RMB 12,710 per square meter[9]. - In 2024, the company achieved contract sales of RMB 34.002 billion, with a total sales area of 2.675 million square meters and an average selling price of RMB 12,710 per square meter[18]. - Property sales accounted for 79.9% of total revenue, amounting to RMB 47,911 million, with a sales area of 3,579,261 square meters[28][30]. Assets and Liabilities - Total assets decreased to RMB 436,429 million in 2024 from RMB 543,250 million in 2023, reflecting a decline of approximately 19.7%[5]. - Non-current assets decreased to RMB 87,417 million in 2024 from RMB 115,518 million in 2023, a decline of about 24.3%[5]. - The company reported a total liability of RMB 433,083 million in 2024, down from RMB 491,999 million in 2023, a reduction of approximately 11.9%[5]. - Total borrowings amounted to approximately RMB 252.051 billion as of December 31, 2024, down from RMB 263.963 billion on December 31, 2023, a reduction of about RMB 11.912 billion[46]. - The group's asset-liability ratio was approximately 57.8% as of December 31, 2024, compared to 48.6% on December 31, 2023[46]. Market Conditions - The real estate market in China is expected to continue adjusting, with a projected 10.6% decline in national real estate development investment in 2024[7]. - The government is expected to implement policies to stabilize the real estate market, which may positively impact the company's future performance[8]. Operational Performance - The property management segment reported annual revenue of RMB 7,895.5 million, with a gross profit of RMB 1,564.3 million and a core net profit attributable to equity holders of RMB 492.4 million[11]. - The hotel segment generated revenue of RMB 2,225 million, down approximately 3.1% from RMB 2,295 million in 2023[29][31]. - The commercial business maintained a stable performance, with a 6% year-on-year increase in foot traffic, although total sales decreased by 5%[13]. - The overall occupancy rate for commercial projects remained close to 90%, while office buildings experienced a decrease in occupancy to 70% due to macroeconomic factors[13]. - The company delivered projects across 49 cities, involving 73 projects and 136 batches in 2024, focusing on quality and timely delivery[17]. Debt and Restructuring - The company successfully restructured approximately USD 11.5 billion in debt, receiving support from 98.75% of participating creditors[10]. - The group is undergoing an overseas debt restructuring process, with a total of 2,079 creditors participating, representing a voting amount of approximately USD 11.5 billion[56]. - The group anticipates that the debt restructuring plan will be completed in the first half of 2025, which will alleviate overall debt scale and pressure[57]. - The company is actively negotiating the extension or restructuring of existing loans with domestic lenders, with the expectation of gradually completing related agreements[59]. Governance and Management - The company has adopted three share incentive plans to recognize and encourage contributions from selected employees, aiming to attract suitable talent for ongoing development[79]. - The company confirms the independence of all independent non-executive directors as per the Hong Kong Stock Exchange listing rules[76]. - The board consists of 8 members, including 3 executive directors, 2 non-executive directors, and 3 independent non-executive directors[117]. - The company has established internal policies to ensure independent viewpoints and opinions are available to the board, including the roles of various committees[116]. - The company has a dual-currency loan agreement for USD 290 million and HKD 2.6145 billion, also with a 48-month term, established on September 14, 2018[109]. Future Outlook - The company plans to focus on adjusting its operational structure and exploring new market opportunities in 2025[20][25]. - The planned delivery volume for 2025 will be less than half of that in 2024, significantly reducing delivery pressure and funding requirements[59]. - The company aims to enhance competitiveness through digital marketing innovation and the development of popular dining products in 2025[23].

【3】格力地产无偿划转至华发集团 近日，格力地产发布公告称，公司收到控股股东海投公司通知，珠海市国资委将海投公司整体无偿划转 至华发集团。 【1】南京：购房人可获新房合同金额1%政府补助 近日，南京市住房保障和房产局发布南京市2025年住房消费"以旧换新"政府补助活动须知。 据悉，3月31日至12月31日内购房人将获得新建商品住房合同金额1%的政府购房补助，且可叠加享受各 区其他购房补助政策。补助对象为2025年3月31日至12月31日期间购置住房的市民，首批政府补助资金 达1亿元，实行总量控制。 【2】信达地产2024年归母净利润亏损7.84亿元，同比下降255.12% 近日，信达地产发布2024年年度报告显示，2024年信达地产实现营业收入80.28亿元，同比下降29.7%； 归母净利润亏损7.84亿元，同比下降255.12%。 此外，2024年信达地产累计实现销售面积47.57万平方米，销售金额82.69亿元，回款金额82.09亿元。新 开工面积74.70万平方米，竣工面积267.23万平方米，新获取项目计容建筑面积144.63万平方米。 近日，世茂集团披露3月未经审核经营简报。简报显示，3月世茂集团及 ...