Core Viewpoint - The real estate industry in China is experiencing a significant shift, with the top 10 large enterprises becoming the "stabilizers" of the market as mid-sized companies face collapse. The future may see a consolidation into 5 to 7 dominant players [1][2]. Group 1: Sales Performance - The top 10 real estate companies are undergoing a "dual differentiation" in sales performance, with the leading firms experiencing a decline while the mid-tier companies are showing growth. For instance, only 3 out of the top 10 achieved positive growth, with China Jinmao at 19%, Yuexiu at 11%, and Jianfa at 7% [3][4]. - The head companies are collectively facing negative growth, with Vanke reporting a decline of 46%, and other major players like China Overseas, Poly, and China Merchants also showing significant drops [4][5]. - The average sales growth rate for the top 100 companies has decreased by 11.8%, indicating that even leading firms are not immune to the downturn [5]. Group 2: Land Acquisition Trends - The year 2025 is characterized as a "land acquisition year" for the top 10 companies, driven by improved sales and better land offerings from local governments compared to 2024 [6][7]. - There is a clear distinction between aggressive "Tiger" companies, which are acquiring land at a rapid pace (e.g., Poly's land acquisition increased by 276% to 414 billion, China Overseas by 228% to 393 billion), and the more cautious "Wolf" companies, which are growing at a slower rate [10][12]. - The "Tiger" companies are defined by high acquisition volumes (over 400 billion) and significant growth rates (100% to 300%), while the "Wolf" companies are characterized by lower volumes (below 300 billion) and growth rates under 40% [9][12]. Group 3: Company Classification - The top 10 companies can be categorized into three main groups based on their sales and land acquisition strategies: aggressive, cautious, and balanced [17][34]. - The aggressive group includes companies like Jinmao, China Merchants, China Overseas, and Poly, which exhibit high land acquisition and low sales [23][26]. - The cautious group, represented by companies like Vanke, is focused on maintaining sales while limiting land acquisition, with Vanke experiencing a 45.8% drop in sales and a 95% decrease in land acquisition [27][29]. - The balanced group includes companies like China Resources, Greentown, and Jianfa, which maintain a moderate approach to both sales and land acquisition [34][36]. Group 4: Market Concentration - The concentration of the top 10 companies is increasing, with their land acquisition intensity averaging 0.4, significantly higher than the 0.26 average of the top 100 companies [41][42]. - The top 10 companies now account for 73% of the new value added in the market, indicating a shift towards larger, financially robust firms [41][42]. - The ongoing market downturn is likely to further consolidate the industry, with smaller firms facing increasing challenges to survive due to insufficient land acquisition [42].

Core Insights - The "Influence Index 2025 Boao Style Performance" event recognizes exemplary forces in various industries on the path to high-quality development [1] - The past year has seen significant trends in cross-industry integration, reshaping industrial structures and social life through resource sharing and complementary advantages [1] - Companies are actively exploring integration paths and embracing cross-border cooperation to innovate and create competitive new models and products [1] Industry Trends - The trend of cross-industry collaboration is breaking traditional barriers, leading to substantial potential through shared resources and innovative business models [1] - The development of diverse business formats is driven by innovation, expanding market boundaries to meet increasingly diverse consumer demands [1] - The vigorous growth of multi-faceted business formats not only provides new growth points for companies but also reshapes industry ecosystems towards higher quality and sustainability [1] Event Highlights - The "Influence Index 2025 Boao Style Performance" ceremony, hosted by the Viewpoint Agency, gathered industry elites to witness the limitless possibilities of integrated development [1] - Various awards were presented, including categories for influential commercial properties, logistics projects, and sustainable business initiatives [6][7][9][12][29]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][3]. Core Insights - The report indicates that the broad housing demand in China has likely bottomed out, although the volume and price have not yet entered a positive cycle. It anticipates that the overall real estate market will continue to stabilize, with further policies expected to be introduced to support this trend. Core cities are expected to lead the recovery as they approach the bottom of the market [3][34]. - The report highlights significant policy changes, including the implementation of new regulations in Beijing that have led to a 20% increase in new home visits in areas outside the Fifth Ring Road. Additionally, various provinces are focusing on stabilizing the housing market and urban renewal tasks [3][34]. Industry Data Summary New Home Transaction Volume - In the week of August 9-15, 2025, new home transactions in 34 cities totaled 1.613 million square meters, a decrease of 9% week-on-week. The transaction volume for first and second-tier cities fell by 7.9%, while third and fourth-tier cities saw a decline of 23.5% [3][4]. - Year-on-year, new home transactions in August (up to August 15) decreased by 19.1%, with first and second-tier cities down by 17.6% and third and fourth-tier cities down by 35.5% [3][7]. Second-Hand Home Transaction Volume - In the week of August 9-15, 2025, second-hand home transactions in 13 cities totaled 999,000 square meters, a decrease of 3.6% week-on-week. Cumulatively, transactions in August were down 3% year-on-year [3][13]. Inventory and Supply - In the week of August 9-15, 2025, 76,000 square meters of new homes were launched in 15 cities, with a transaction volume of 65,000 square meters, resulting in a transaction-to-launch ratio of 0.86. The total available residential area in these cities was 89.15 million square meters, reflecting a slight increase of 0.1% [3][24]. Policy and News Tracking - The report notes that the National Bureau of Statistics reported a 12% year-on-year decline in real estate development investment for the first seven months of 2025, totaling 535.8 billion yuan. Various provinces are implementing measures to stabilize the housing market and promote urban renewal [3][34]. - Specific policies include a reduction in the down payment ratio for housing loans in Suzhou to 15% and the introduction of new measures to support the conversion of commercial properties to residential use in Shanghai [3][34]. Company Dynamics - Several real estate companies reported their sales figures for the first seven months of 2025, with China Resources Land at 123.6 billion yuan (-11.8%) and China Jinmao at 61.8 billion yuan (+23.0%). Dragon Lake Group forecasted a 70% decline in core earnings [3][34]. - Financing activities included the issuance of bonds by various companies, such as a 1.5 billion yuan medium-term note by Dayuecheng Holdings and a total of 1.4 billion yuan in bonds by Yuexiu Property [3][34].

中国金茂(00817)发布公告，非执行董事刘文先生获委任为公司战略及投资委员会委员，执行董事乔晓 洁女士不再担任战略及投资委员会委员，自本公告之日起生效。 ...

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） （股票代號：00817） 1、 負責檢討本公司的財務監控； 2、 負責與管理層討論並檢討本公司的風險管理、內部控制系統、合規管理 系統及違規經營追責系統的有效性，確保管理層已履行職責建立有效的 系統；督導內部審計制度的制定及實施，審核及督導落實年度內部審計 計劃和重點內部審計任務；負責督導項目複盤、投資項目後評價相關制 度的制定及實施；確保會計、財務、法律合規及追責職能方面的資源、 員工資歷及經驗足夠，以及員工所接受的培訓課程及有關預算充足； 3、 負責與管理層討論及檢討本公司貫徹執行所適用法律法規及規章的情 況，以確保相關內部控制制度和監控系統有效； 4、 負責檢討本公司股東大會決議案、董事會決議以及董事會授權的執行情 況； 5、 主動或應董事會的委派，與管理層就重要審計結論、內部監控調查結果 進行研究；檢查外部核數、內部審計、國資監管、專項督查檢查等發現 問題的整改落實情況； 6、 負責向董事會提出內部審計部門負責人的任免建議；確保內部與外聘核 數師的工作得到協調；保障內部審計 ...

Group 1 - The company announced the appointment of Mr. Liu Wen as a member of the Strategic and Investment Committee [1] - Ms. Qiao Xiaojie, an executive director, will no longer serve as a member of the Strategic and Investment Committee effective immediately [1]

智通财经APP讯，中国金茂(00817)发布公告，非执行董事刘文先生获委任为公司战略及投资委员会委 员，执行董事乔晓洁女士不再担任战略及投资委员会委员，自本公告之日起生效。 ...

（於香港註冊成立的有限公司） （股票代號：00817） China Jinmao Holdings Group Limited 中國金茂控股集團有限公 司 劉峰先生 孫文德先生 高世斌先生 鍾偉先生 董事名單與其角色和職能 中國金茂控股集團有限公司董事會（「董事會」）成員載列如下。 執行董事 陶天海先生 （主席） 張輝先生 （高級副總裁） 喬曉潔女士 （首席財務官） 非執行董事 崔焱先生 劉文先生 陳一江先生 王葳女士 獨立非執行董事 1 董事會設立5個委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 | | 委員會 | 審核 | 薪酬及提名 | 戰略及投資 | 獨立董事 | ESG | | --- | --- | --- | --- | --- | --- | --- | | 董事 | | 委員會 | 委員會 | 委員會 | 委員會 | 委員會 | | 陶天海 | | | | C | | C | | 張輝 | | | | M | | | | 崔焱 | | | M | M | | | | 劉文 | | M | | M | | | | 陳一江 | | M | | | | | | 王葳 | | | M | ...

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） （股票代號：00817） 公告 董事委員會組成變動 中國金茂控股集團有限公司（「本公司」）董事會（「董事會」）宣佈，非執行董事劉 文先生獲委任為本公司戰略及投資委員會委員，執行董事喬曉潔女士不再擔任戰 略及投資委員會委員，自本公告之日起生效。 承董事會命 中國金茂控股集團有限公司 主席 陶天海 香港，2025年8月15日 於本公告日期，本公司董事為執行董事陶天海先生（主席）、張輝先生及喬曉潔女 士；非執行董事崔焱先生、劉文先生、陳一江先生及王葳女士；以及獨立非執行 董事劉峰先生、孫文德先生、高世斌先生及鍾偉先生。 ...

Core Viewpoint - The article highlights the competitive landscape of the Shanghai real estate market, focusing on the launch of the Jinmao Puyuan project, which has set a new price benchmark in the Sichuan North Road area, with an average price of 166,000 yuan per square meter [1][4]. Group 1: Project Launch and Market Response - The Jinmao Puyuan project received its pre-sale license in early August, offering 99 units at an average price of 166,000 yuan per square meter, making it a focal point in the Shanghai real estate market [1]. - The project achieved a subscription rate of 151% on its first day and a final subscription rate of approximately 169% [3]. Group 2: Competitive Dynamics - The launch of Jinmao Puyuan has put pressure on a competing project, China Resources' Outer Bund Ruifu, which has not yet received its pre-sale license despite being acquired earlier at a higher price [4][9]. - Both Jinmao and China Resources have previously competed in the Baoshan South area, indicating a pattern of rivalry between these two state-owned enterprises [4][9]. Group 3: Market Trends and Insights - The Sichuan North Road area is emerging as a new high-end residential cluster, attracting attention from younger demographics, despite its distance from traditional luxury areas [7]. - The pricing strategies of both Jinmao Puyuan and China Resources' Outer Bund Ruifu are similar, with starting prices around 20 million yuan, blurring the lines between luxury and high-end residential offerings [12]. - The competitive environment in Shanghai's real estate market is intensifying, with rising land costs and a push for higher quality products, leading to a convergence of luxury and high-end residential categories [12].