Policy News - The national housing and urban-rural construction work conference emphasized the promotion of a "current housing sales system" by 2026 to fundamentally prevent delivery risks, while also enhancing the supervision of pre-sale funds to protect buyers' rights [1] - Beijing has relaxed housing purchase restrictions for non-local and multi-child families, reducing the social security or tax payment period for purchasing homes within the Fifth Ring from 3 years to 2 years, and from 2 years to 1 year for areas outside the Fifth Ring [2] - In Henan, multi-child families can increase their housing provident fund loan limit by 20%, and those with one existing home can be recognized as first-time buyers for a new purchase [4] Market News - The one-year and five-year Loan Prime Rates (LPR) remain unchanged at 3.0% and 3.5%, respectively [5] - From January to November 2025, 25,800 old urban residential communities were newly started for renovation, exceeding the annual target by 800 [6] Real Estate Transactions - Haikai won a land parcel in Haidian District, Beijing, for 8.456 billion yuan, with a floor price of approximately 69,600 yuan per square meter [7] - Beijing Construction and Urban Development consortium acquired a land parcel in Fengtai District for a base price of 2.472 billion yuan, with a floor price of about 42,000 yuan per square meter [8] - Wuhan's land market saw a significant surge, with 41 parcels sold over three days, totaling approximately 22.488 billion yuan [9] Company News - Sunac China announced the comprehensive restructuring of approximately 9.6 billion USD in existing debt, effective December 23, 2025 [11] - Oceanwide Group completed a debt restructuring involving 476 million USD in secured notes and 212 million USD in zero-coupon convertible bonds [12] - Seazen Group reported that 85.48% of its creditors supported its debt restructuring plan, with a court hearing scheduled for March 19, 2026 [14]

（於開曼群島註冊成立之有限公司） （股份代號： 813） 有關截至 2024 年 12 月 31 日止年度的年報 所載不發表意見之更新資料 茲提述 世 茂 集團控股有限公司（「本公司 」，連同其附屬公司統稱「本集 團」）日期為2025年9月26日的公告（「該公告」），內容有關年報所載不發 表意見之更新資料。除另有指明外，本公告所用的詞彙與該公告所界定者具 有相同涵義。 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。 本公司將適時根據上市規則就不發表意見的更新情況刊發公告。 代表董事會 世茂集團控股有限公司 主席及總裁 許世壇 香港，2025 年 12 月 24 日 於本公告日期，董事會包括三位執行董事許世壇先生（主席及總裁）、謝琨先 生及趙軍先生；兩位非執行董事許薇薇小姐及邵亮先生；以及三位獨立非執行 董事呂紅兵先生、林清錦先生及馮子華先生。 2 2. 除境外債務重組計劃外，本集團一直積極與其他境內貸款人和債權人就貸 款展期或重組進行協商。於本公告日 ...

Core Viewpoint - The future investment potential and space in China's real estate market remain significant despite current challenges [3][5]. Group 1: Market Performance - On December 19, A-shares saw collective gains with the Shanghai Composite Index rising by 0.36%, Shenzhen Component by 0.66%, and ChiNext by 0.49% [2][6]. - The total trading volume in the Shanghai and Shenzhen markets reached approximately 17,259.15 billion yuan, an increase of about 704.32 billion yuan compared to the previous trading day [2][6]. - In the real estate sector, stocks such as Guangyu Group, Sanxiang Impression, and Hualian Holdings hit the daily limit, while other companies like China Overseas Land & Investment and Shimao Group also showed significant gains [2][7]. Group 2: Real Estate Investment Data - From January to November, national real estate development investment totaled 78,591 billion yuan, reflecting a year-on-year decline of 15.9%, with the drop accelerating by 1.2 percentage points compared to the first ten months [3][7]. - The total sales area of commercial housing was 78,702 million square meters, down 7.8% year-on-year, with the decline expanding by 1 percentage point [3][7]. - The sales revenue of commercial housing reached 75,130 billion yuan, marking an 11.1% year-on-year decrease, with the decline widening by 1.5 percentage points [3][7]. Group 3: Industry Outlook - The spokesperson for the National Bureau of Statistics emphasized the need for continued investment to meet the public's needs in education, healthcare, housing, and basic public services, indicating a long-term positive outlook for investment in the sector [3][8]. - China Galaxy Securities noted that the real estate industry's sales are under pressure due to a high base from the previous year, and the overall industry is still in a bottoming phase, affecting investment confidence [3][8]. - The Central Economic Work Conference in December 2025 highlighted the importance of stabilizing the real estate market, suggesting that leading real estate companies with strong operational management and financial advantages may see an increase in market share [8].

Group 1 - The majority of Chinese property stocks are experiencing declines, with notable drops in companies such as China Overseas Grand Oceans Group (down 4.85% to HKD 1.96), Agile Group (down 4.76% to HKD 0.3), Shimao Group (down 3.37% to HKD 0.201), and R&F Properties (down 2.94% to HKD 0.66) [1] - According to the National Bureau of Statistics, from January to November 2025, the sales area of new commercial housing in China decreased by 7.8% year-on-year, and the sales revenue fell by 11.1% year-on-year [1] - The real estate market is still in an adjustment phase, with continued declines in investment, new construction, and completion areas from January to November [1] Group 2 - Despite the current downturn, the real estate market in China is moving towards stabilization due to various policies aimed at halting the decline [1] - There may still be slight fluctuations in housing prices during the stabilization process, but there is optimism for further market stability driven by more proactive fiscal policies and moderately loose monetary policies [1] - Efforts such as stockpiling and urban village renovations are expected to accelerate, improving the existing housing supply-demand relationship and hastening the stabilization process [1]

Group 1 - The majority of Chinese property stocks have declined, with notable drops including China Overseas Grand Oceans Group down 4.85% to HKD 1.96, Yujule Group down 4.76% to HKD 0.3, Shimao Group down 3.37% to HKD 0.201, and R&F Properties down 2.94% to HKD 0.66 [1][1][1] - According to the National Bureau of Statistics, from January to November 2025, the sales area of new commercial housing nationwide decreased by 7.8% year-on-year, and sales revenue fell by 11.1% year-on-year [1][1][1] - Investment, new construction, and completion areas in the real estate sector continued to decline year-on-year during the same period, indicating that the overall real estate market remains in an adjustment phase [1][1][1] Group 2 - Open Source Securities noted that under various policies aimed at stabilizing the real estate market, the market is gradually moving towards stabilization since 2025, although prices may still experience slight fluctuations [1][1][1] - The expectation is that with more proactive fiscal policies and moderately loose monetary policies, the existing housing supply and demand relationship will improve, accelerating the stabilization process of the real estate market [1][1][1]

Core Viewpoint - The discussion around home loan interest subsidies has gained significant attention, with the potential for such policies to be implemented to alleviate the pressure on banks' net interest margins while benefiting fiscal budgets and homebuyers, creating a "triple win" scenario [1][8]. Group 1: Policy Implementation and Effects - Various cities, including Hangzhou, Nanjing, Changchun, Yuncheng, and Wuhan, have initiated home loan interest subsidy policies since late 2023, aimed at reducing home purchase costs through fiscal subsidies [2][3]. - The policies have shown initial positive effects, with new home transaction volumes in Nanjing and Wuhan increasing by 17.5% and 18.7% respectively following the implementation of these subsidies [6][8]. Group 2: Operational Models - There are primarily two operational models for the subsidies: one provides fixed interest subsidies based on the loan amount, while the other offers subsidies as a percentage of the loan interest [3][4]. - For example, in Nanjing, different subsidy rates are applied based on the size of the purchased property, with rates of 2%, 1.5%, and 1% for properties under 90 square meters, between 90-120 square meters, and over 120 square meters, respectively [3][6]. Group 3: Financial Implications - The subsidy period typically ranges from 1 to 3 years, with disbursement methods including one-time payments or annual/monthly distributions [4][6]. - The potential savings for homebuyers can be significant; for instance, a loan of 2 million yuan at a 3.1% interest rate could see monthly payments reduced by approximately 1,048 yuan with a 1% subsidy, leading to annual interest savings of about 12,600 yuan [9][10]. Group 4: Market Reactions and Future Outlook - The market has reacted positively to the discussions around these policies, with significant increases in stock prices for real estate companies following the news [11][12]. - Analysts predict that the subsidy policy may be rolled out gradually, initially targeting new first-home loans in major cities, with an estimated annual funding requirement of 30 billion to 45 billion yuan for new loans [10][12].

Core Viewpoint - The Chinese real estate stocks experienced a general increase, driven by the outcomes of the Central Economic Work Conference held on December 10-11, which outlined key tasks for the upcoming year, particularly focusing on stabilizing the real estate market and managing local government debt risks [1][2] Group 1: Real Estate Market Stability - The conference emphasized the need to stabilize the real estate market through targeted measures, including controlling new supply, reducing inventory, and improving supply quality [1][2] - Encouragement for the acquisition of existing residential properties for use as affordable housing was highlighted as a priority [1][2] Group 2: Debt Management - The meeting called for proactive measures to address local government debt risks, urging local authorities to actively manage and reduce debt without incurring new hidden debts [1][2] - It was noted that optimizing debt restructuring and replacement methods would be essential in mitigating operational debt risks associated with local government financing platforms [1][2]

Core Viewpoint - The Hong Kong real estate stocks experienced a significant rise following the Central Economic Work Conference, which emphasized stabilizing the real estate market and addressing key risks in the sector [1]. Group 1: Market Performance - Major real estate stocks such as Shimao Group, Ronshine China, and Vanke Enterprises saw increases of over 5%, while Sunac China rose by 4.5% [1]. - Other companies like Greentown China, Agile Group, Jin Hui Holdings, and Country Garden also reported gains exceeding 3% [1]. - The overall positive sentiment in the market is reflected in the performance of various real estate stocks listed in the table, with notable increases across the board [2]. Group 2: Policy Implications - The Central Economic Work Conference, held on December 10-11, outlined strategies to stabilize the real estate market, including city-specific policies to control supply and reduce inventory [1]. - The meeting also highlighted the importance of reforming the housing provident fund system and promoting the construction of quality housing [1]. - Measures to address local government debt risks were discussed, emphasizing proactive debt management and the prevention of new hidden debts [1].

责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 内房股早盘普涨，截至发稿，融信中国（03301）上涨5.92%，报0.161港元；雅居乐集团（03383）上涨 3.28%，报0.315港元；世茂集团（00813）上涨3.35%，报0.216港元；融创中国（01918）上涨2.27%， 报1.35港元；富力地产（02777）上涨1.52%，报0.67港元。 责任编辑：卢昱君 内房股早盘普涨，截至发稿，融信中国（03301）上涨5.92%，报0.161港元；雅居乐集团（03383）上涨 3.28%，报0.315港元；世茂集团（00813）上涨3.35%，报0.216港元；融创中国（01918）上涨2.27%， 报1.35港元；富力地产（02777）上涨1.52%，报0.67港元。 ...

（文章来源：每日经济新闻） 每经AI快讯，港股内房股早盘普涨，截至发稿，融信中国(03301.HK)涨5.92%，报0.161港元；世茂集团 (00813.HK)涨4.83%，报0.217港元；雅居乐集团(03383.HK)涨3.28%，报0.315港元；富力地产 (02777.HK)涨3.03%，报0.68港元；融创中国(01918.HK)涨2.27%，报1.35港元。 ...