导 读 | | 2025年1-7月 ·中国房地产企业 | | | --- | --- | --- | | | 新增货值TOP100 | | | 排名 | 企业名称 | 新增土地货值 | | | | (亿元) | | 1 | 中海地产 | 1315.5 | | 2 | 绿城中国 | 1116.0 | | 3 | 保利发展 | 943. 0 | | ব | 中国金茂 | 793.5 | | 5 | 花海量斯 | 736.9 | | 6 | 建发房产 | 714.6 | | 7 | 招商蛇口 | 649.0 | | 8 | 滨江集团 | 580. 1 | | | 越秀地产 | 522. 0 | | 10 | 中建智地 | 257. 1 | | 11 | 保利置业 | 240. 1 | | 12 | 象屿地产 | 232. 2 | | 13 | 联发集团 | 221. 4 | | 14 | 国贸地产 | 184.6 | | 15 | 北建城生 | 177 7 | | 16 | 中国铁建 | 168. 0 | | --- | --- | --- | | 17 | 邦泰集团 | 145. 2 | | 18 | 中建玖合 ...

Core Viewpoint - The Chinese real estate market continues to operate at a low level, with significant declines in sales performance among the top 100 real estate companies in July, reflecting a seasonal downturn in supply and demand [1][2][11]. Group 1: Market Performance - In July, the transaction volume of new homes in 30 key cities was only 8.36 million square meters, with cumulative sales for the first seven months remaining flat compared to the previous year [1]. - The top 100 real estate companies achieved a monthly sales amount of 211.16 billion yuan, marking a return to historically low levels [2]. - Cumulative sales for the first seven months reached 1,863.84 billion yuan, representing a year-on-year decline of 12.5%, although this decline is 25 percentage points less than the same period last year [2]. Group 2: Company Performance - The number of companies achieving over 100 billion yuan in sales increased to four in the first seven months, although this is one less than the same period last year [1]. - The sales threshold for the top 100 companies decreased by 22.4% year-on-year to 3.19 billion yuan, down from 4.1 billion yuan last year [5]. - The cumulative sales for the top 10 companies fell by over 10%, with the top three companies reporting sales of 412.26 billion yuan, down 14.4% year-on-year [8]. Group 3: Future Outlook - It is anticipated that new home sales in August will continue to fluctuate at low levels, with a cumulative year-on-year decline expected to remain within 5% [11]. - The market is expected to see continued differentiation between cities and projects, with core first and second-tier cities facing supply constraints and potential short-term declines in transaction volume [11]. - Some second-tier cities, such as Tianjin, Wuhan, and Nanjing, may experience a temporary recovery, particularly with the introduction of new housing regulations and products [11].

作者：行情君 截至2024年年报，中国金茂营业总收入590.53亿元、净利润10.65亿元。 本文源自：金融界 8月1日，中国金茂(00817)盘中上涨5.59%，截至09:32，报1.51元/股，成交1715.12万元。 中国金茂是中国中化控股的平台企业，主要从事城市运营业务，在香港联交所主板上市。公司侧重于城 市运营商定位，通过推进"一核·三聚焦"业务战略升级，构建了以高品质开发为核心、聚焦精品持有和 高端服务业务、聚焦建筑科技创新业务的多维业务，同时推出了"金茂"系列高端产品。最新的经营数据 显示，公司连续多年入选《财富》中国500强，位列《福布斯》全球企业2000强，且在ESG方面收到了 广泛建认可。 ...

通过销售面积与销售额的对比，不难发现部分企业正在主动聚焦高端项目，带动整体单价上移。例如， 绿城中国前7个月销售面积629万平方米、金额1368亿元，平均单价超过2万元/平方米，中海地产、华润 置地有限公司的平均单价也在2万元至3万元/平方米之间。 "头部房企通过精准拿地，加速布局改善需求市场，有望形成较好的利润空间。"上海易居房地产研究院 副院长严跃进对《证券日报》记者表示："单价高的项目不仅代表市场认可，也反映出企业产品力和所 拿地块地段资源的优势。" 从各阵营表现来看，今年前7个月，有部分中小房企实现逆势突破。其中，TOP10房企销售额均值为 1010.3亿元，较上年下降13.6%；TOP11至TOP30区间房企销售额均值为256.3亿元，较上年下降15.2%； TOP31至TOP50区间房企销售额均值为125.2亿元，较上年下降7.8%，降幅最小；TOP51至TOP100区间 房企销售额均值为60.0亿元，同比下降13.5%。 7月31日，中指研究院发布的《2025年1—7月中国房地产企业销售业绩排行榜》显示，2025年前7个月， TOP100房企（以全口径销售额排名，下同）累计实现销售总额20730 ...

Core Viewpoint - The real estate market in China is experiencing a significant downturn, with the top 100 real estate companies reporting a total sales revenue of 20,730.1 billion yuan from January to July 2025, reflecting a year-on-year decline of 13.3% [1] Group 1: Sales Performance - In July 2025, the sales revenue of the top 100 real estate companies also saw a decline, with a year-on-year drop of 18.2% [1] - The average sales revenue for the top 10 real estate companies in the first seven months was 1,010.3 billion yuan, down 13.6% year-on-year [2] - Among the top 20 real estate companies, only seven firms, including Jianfa Real Estate and Yuexiu Property, reported an increase in sales, while the rest experienced varying degrees of decline [2][3] Group 2: Company Rankings and Changes - Companies like Jindi Group and New Town Holdings saw their sales drop by over 50%, causing them to fall out of the top 20 rankings [3] - Poly Developments, China Overseas Property, and China Resources Land experienced sales declines between 10% and 20%, aligning with industry trends [4] - The top 20 real estate companies saw a reshuffling in rankings, with nine companies improving their positions, while six companies, including Vanke and Longfor Group, saw their rankings decline [4] Group 3: Future Market Outlook - The Central Political Bureau's recent meeting emphasized maintaining policy continuity and stability, suggesting that more supportive measures may be introduced to stabilize the market [5] - The new housing market is expected to continue experiencing low transaction volumes in August, with significant differentiation between cities and projects [5]

Core Insights - The total sales of the top 100 real estate companies in China for the first seven months of 2025 reached 20,730.1 billion yuan, representing a year-on-year decline of 13.3%, with the decline rate widening by 1.5 percentage points compared to the first half of the year [1] - In July alone, the sales of the top 100 real estate companies fell by 18.2% year-on-year, although companies like Jianfa, China Jinmao, and Binhai Group showed relatively strong sales performance [1] - The equity sales amount for the top 100 companies was 14,522.5 billion yuan, with an equity sales area of 7,451.8 million square meters [1] Sales Performance by Company Tier - The average sales amount for the top 10 companies was 1,010.3 billion yuan, down 13.6% year-on-year; for companies ranked 11-30, the average was 256.3 billion yuan, down 15.2%; for 31-50, it was 125.2 billion yuan, down 7.8%; and for 51-100, it was 60.0 billion yuan, down 13.5% [7] - A total of 62 listed real estate companies in Shanghai and Shenzhen released performance forecasts for the first half of 2025, with 39 companies expected to report losses or continued losses [11] Reasons for Poor Performance - The main reasons for the poor performance of listed real estate companies include a significant decline in the scale of project settlements, low gross profit margins due to sales strategies, project costs, and market conditions [11] - Increased asset impairment provisions due to heightened business risks, and some large asset transactions and equity transactions being priced below book value also contributed to the losses [11] Policy Environment - The Central Political Bureau meeting on July 30 acknowledged the achievements of the macro economy this year and emphasized the need for continuous and stable macro policies, with expectations for more policy support to stabilize the real estate market [14] - The focus on urban renewal as a key driver for high-quality urban development is expected to lead to the acceleration of supporting policies in the real estate sector [14] Market Trends - The transaction volume in key cities showed signs of weakness in July, with the second-hand housing market continuing to adopt a "price for volume" strategy [14] - The real estate market is still undergoing fluctuations and adjustments, with a continuation of city-specific trends, indicating structural opportunities in "good cities + good houses" [14]

预期于框架协议有效期内，上海宝杨向上海宝冶及上海杨行所提供贷款的每日最高结存余额(包括应计 利息)将分别为人民币6.26亿元及人民币17.50亿元。 中国金茂(00817)发布公告，于2025年7月31日，公司间接非全资附属公司上海宝杨与其股东苏州腾茂、 上海宝冶及上海杨行订立框架协议，据此，上海宝杨同意按照苏州腾茂、上海宝冶及上海杨行所持股权 比例，并根据相同的条款与条件向苏州腾茂、上海宝冶及上海杨行(或其各自指定的实体)提供贷款。 为确保贷款的条款及条件同样适用于苏州腾茂、上海宝冶及上海杨行，本公司的财务资本部将与上海宝 杨一同根据其财务状况厘定所提供的贷款的金额及期限，其后，上海宝杨与各方将订立的具体贷款协议 将呈交至本公司的审计法务部，以确保该等协议将根据框架协议订立。 上海宝杨销售情况良好、销售回款充裕，董事认为，由上海宝杨向其股东提供贷款，可减少其现金结余 的闲置状况，充分发挥资金优势，合理配置资源，提高资金使用率，满足本集团于其他开发项目的发展 及财政需要。上海宝杨所提供予苏州腾茂、上海宝冶及上海杨行(或其各自指定的实体)的贷款，金额将 与该方所持上海宝杨的股权比例对等，且其他贷款交易条款及条件 ...

苏州腾茂、上海宝冶及上海杨行分别持有上海寳杨26%、19.5%及54.5%的股权。根据框架协议并经各方 协商一致时，上海寳杨应向苏州腾茂、上海宝冶及上海杨行(或其各自指定的实体)提供贷款。上海寳杨 向苏州腾茂、上海宝冶及上海杨行所提供贷款的金额应原则上与届时该方所持上海寳杨的股权比例对 等，且其他贷款交易的条款与条件亦应相同。各方应根据框架协议所载条款及条件另行签署具体贷款协 议。 格隆汇7月31日丨中国金茂(00817.HK)宣布，于2025年7月31日，公司间接非全资附属公司上海寳杨与其 股东苏州腾茂、上海宝冶及上海杨行订立框架协议，据此，上海寳杨同意按照苏州腾茂、上海宝冶及上 海杨行所持股权比例，并根据相同的条款与条件向苏州腾茂、上海宝冶及上海杨行(或其各自指定的实 体)提供贷款。 框架协议的有效期为三年，自2025年7月31日起生效。另行签署的贷款协议的贷款期限不得超过框架协 议的有效期。预期于框架协议有效期内，上海寳杨向上海宝冶及上海杨行所提供贷款的每日最高结存余 额(包括应计利息)将分别为人民币6.26亿元及人民币17.50亿元。 上海寳杨销售情况良好、销售回款充裕，董事认为，由上海寳杨向其股东提 ...

智通财经APP讯，中国金茂(00817)发布公告，于2025年7月31日，公司间接非全资附属公司上海宝杨与 其股东苏州腾茂、上海宝冶及上海杨行订立框架协议，据此，上海宝杨同意按照苏州腾茂、上海宝冶及 上海杨行所持股权比例，并根据相同的条款与条件向苏州腾茂、上海宝冶及上海杨行(或其各自指定的 实体)提供贷款。 预期于框架协议有效期内，上海宝杨向上海宝冶及上海杨行所提供贷款的每日最高结存余额(包括应计 利息)将分别为人民币6.26亿元及人民币17.50亿元。 上海宝杨销售情况良好、销售回款充裕，董事认为，由上海宝杨向其股东提供贷款，可减少其现金结余 的闲置状况，充分发挥资金优势，合理配置资源，提高资金使用率，满足本集团于其他开发项目的发展 及财政需要。上海宝杨所提供予苏州腾茂、上海宝冶及上海杨行(或其各自指定的实体)的贷款，金额将 与该方所持上海宝杨的股权比例对等，且其他贷款交易条款及条件亦相同。 为确保贷款的条款及条件同样适用于苏州腾茂、上海宝冶及上海杨行，本公司的财务资本部将与上海宝 杨一同根据其财务状况厘定所提供的贷款的金额及期限，其后，上海宝杨与各方将订立的具体贷款协议 将呈交至本公司的审计法务部，以确保 ...

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，概不對任何就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責任。 China Jinmao Holdings Group Limited 中國金茂控股集團有限公 司 （於香港註冊成立的有限公司） 蘇州騰茂為本公司的全資附屬公司。上海寳楊由蘇州騰茂、上海寶冶及上海楊 行分別持有26%、19.5%及54.5%的股權，為本公司的間接非全資附屬公司。雖 然上海寶冶及上海楊行均為上海寳楊的主要股東，但由於上海寳楊構成上市規 則第14A.09條下本公司的非重大附屬公司，因而上海寶冶及上海楊行並非本公 司的關連人士。因此，本次交易並不構成本公司在上市規則第14A章下的關連 交易。 由於框架協議下上海寳楊向上海寶冶及上海楊行所提供貸款之合計每日最高結 存餘額（包括應計利息）的一個或多個適用百分比率高於5%但低於25%，因此， 根據上市規則第14章，本次交易構成本公司的一項須予披露的交易，須遵守申 報及公告的規定。 1 背景 （股票代號：00817） 公告 須予披露的交易 提供貸款 ...