Core Insights - The competition in Shanghai's luxury housing market is intensifying, particularly in the Sichuan North Road area, highlighted by the launch of the Jinmao Puyuan project, which achieved a subscription rate of 169% on its first day [1][5][7] - Jinmao Puyuan's pricing strategy, with an average price of 166,000 yuan per square meter, sets a new benchmark for the area, putting pressure on competing projects like China Resources' Outlets Riverside [1][2][4] - The emergence of new high-end residential clusters in Shanghai, such as Sichuan North Road, is attracting younger demographics, despite these areas still being perceived as less prestigious compared to traditional luxury districts [3][7] Company Analysis - Jinmao's Puyuan project is positioned as a technology residential offering, with unit sizes ranging from 128 to 239 square meters and total prices between 18 million to 30 million yuan, appealing to younger buyers [4][6] - China Resources' Outlets Riverside, despite having a lower land acquisition cost, is lagging in market entry due to delays in obtaining pre-sale permits and complex planning requirements [5][6] - The competitive landscape is characterized by a blurring of lines between luxury and high-end improvement housing, as both Jinmao Puyuan and China Resources' projects are priced similarly but target different market segments [7] Market Dynamics - The Shanghai real estate market is experiencing heightened competition due to rising land costs and a scarcity of quality plots, leading to increased pressure on projects within the same area [7] - Analysts note that the ongoing urban renewal and development of new luxury areas will elevate the standards for residential products, necessitating higher quality offerings to meet market demands [7]

记者丨张敏 编辑丨张伟贤 在各项稳楼市政策的推动下，市场趋稳，房地产企业的销售业绩也出现止跌迹象。 近日，多家房企发布2025年前7月销售业绩。虽然多数房企的销售规模仍低于去年同期，但跌幅普遍收 窄。 根据中指研究院的统计，2025年1~7月，TOP100房企销售总额为2.07万亿元，同比下降13.3%。与去年 同期约四成的销售跌幅相比，收窄明显。 保利暂列"销冠"。今年前7月，保利发展实现签约面积804.53万平方米，同比减少26.81%；签约金额 1631.85亿元，同比减少17.85%。此外，绿城、中海、华润、招商均迈入千亿阵营。 从已经公布销售单价的房企来看，企业的销售均价普遍低于去年，体现出以价换量的策略。 分析人士指出，房企销售降幅收窄，侧面反映出楼市正出现筑底迹象。政策仍有加力空间，从而推动市 场进一步止跌回稳。 以价换量是主流 今年前7月，央国企继续占据销售榜前列。从已公布销售业绩的房企来看，除保利外，绿城以1368亿元 的销售业绩位居第二，中海、华润、招商的销售规模分别为1320亿元、1236亿元、1046亿元。 这也是前7月仅有的五家迈入千亿阵营的企业。中指研究院指出，与去年同期相比，千亿 ...

Investment Rating - The report maintains an "Outperform" rating for the real estate sector [6][8]. Core Views - The real estate fundamentals are weakening, but the reshuffling of property companies is nearing completion [4]. - New home sales have turned negative again, with a 4% year-on-year decline in sales area for new residential properties in the first half of 2025 [1][16]. - The proportion of existing home sales is increasing, with second-hand homes accounting for 46% of total residential transactions in 2024, up 16 percentage points from the lowest point in 2021 [2][92]. - The competition landscape is becoming clearer, with major state-owned enterprises dominating sales rankings [4]. Summary by Sections New Home Sales and Market Dynamics - In the first half of 2025, the total sales area of new homes was 4.6 billion square meters, down 4% year-on-year, while the sales area of new residential properties was 3.8 billion square meters, accounting for 84% of total sales [1][16]. - The average selling price of existing homes was 0.8 million yuan per square meter, while the average price for new homes was 1.1 million yuan per square meter [1][37]. Second-Hand Housing Market - The transaction volume of second-hand homes has been steadily increasing, with a 13% year-on-year growth in the first half of 2025 [2][112]. - The average ratio of second-hand to new home transactions in major cities has risen to 2.3, indicating a shift towards second-hand homes [2][112]. Land Transaction and Competition - The structure of land transactions is changing, with a 28% year-on-year increase in total transaction value for residential land in the first half of 2025, despite a 3% decline in transaction area [3][65]. - Major state-owned enterprises continue to lead in sales and land acquisition, with the top four companies maintaining their positions [4][4]. Investment Recommendations - Given the current weakening fundamentals in the real estate sector, the report suggests that while there may not be a strong upward trend in real estate stocks, recent policy changes in Beijing could signal the beginning of a new round of easing [5][5]. - Recommended stocks include China Jinmao, China Overseas Grand Oceans Group, Beike-W, and Wo Ai Wo Jia [5][8].

Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [6] Core Insights - In the first seven months of 2025, the transaction area of new residential properties in the core 30 cities decreased by 7% year-on-year, while the transaction area of second-hand residential properties in 15 cities increased by 10% [1][3] - The average transaction price of new residential properties in the core 30 cities increased by 3.5% year-on-year in the first seven months of 2025 [2] - The report anticipates that with the continued implementation of real estate policies, high-energy core cities will benefit from urban renewal, leading to structural optimization and gradual stabilization of the market [4][81] Summary by Sections New Housing Market - In July 2025, the transaction area of new residential properties in the core 30 cities was 919 million square meters, down 19.4% year-on-year and 24.7% month-on-month [1] - The average transaction price for new residential properties in July 2025 was 24,361 yuan per square meter, a slight increase of 0.1% year-on-year but a decrease of 5.0% month-on-month [2] - For the first seven months of 2025, the average transaction price was 24,898 yuan per square meter, reflecting a year-on-year increase of 3.5% [2] Second-Hand Housing Market - In July 2025, the transaction area of second-hand residential properties in the core 15 cities was 1,290 million square meters, down 5.8% year-on-year [3] - The average transaction price for second-hand residential properties in July 2025 was 22,924 yuan per square meter, down 5.3% year-on-year [72] - For the first seven months of 2025, the average transaction price was 24,091 yuan per square meter, showing a slight decrease of 0.3% year-on-year [4] Investment Recommendations - The report suggests focusing on three main lines for investment: 1. Stable leading companies with high product reputation and continuous sales ranking improvement, such as China Overseas Development and Poly Developments [4][82] 2. Companies with rich stock resources and strong operational brand competitiveness, like China Resources Land and Shanghai Lingang [4][82] 3. Long-term growth potential in the property service industry, recommending companies like China Merchants Shekou and Greentown Service [4][82]

格隆汇8月13日丨中国金茂(00817.HK)通知，将于2025年8月26日(星期二)举行董事会会议，藉以审议和 批准(其中包括)公司及其子公司截至2025年6月30日止六个月未经审计简明综合中期业绩及建议派发中 期股息(如有)。 ...

（股票代號：00817） 董事會會議通告 中國金茂控股集團有限公司（「本公司」）董事會（「董事會」）特此通知，將於二零 二五年八月二十六日（星期二）舉行董事會會議，藉以審議和批准（其中包括）本公 司及其子公司截至二零二五年六月三十日止六個月未經審計簡明綜合中期業績及 建議派發中期股息（如有）。 承董事會命 中國金茂控股集團有限公司 公司秘書 廖繼勤 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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 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） 香港，2025年8月13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 - China Jinmao reported its unaudited sales data for July 2025, indicating a strong performance in signed sales and total sales area [1] Group 1: Sales Performance - In July 2025, China Jinmao and its subsidiaries achieved a signed sales amount of RMB 8.46 billion, with a signed sales area of 376,600 square meters [1] - From January to July 2025, the cumulative signed sales amount reached RMB 61.81 billion, covering a total signed sales area of 2.77 million square meters [1] - The sales figures include significant projects such as Changsha Meixi Lake International New City and Nanjing Qinglongshan International Eco City [1] Group 2: Future Sales Potential - As of July 31, 2025, the group recorded a subscribed (but not yet signed) property sales amount of RMB 567 million [1]

Core Viewpoint - The recent meeting of the State Council Financial Committee signals a commitment to stabilize expectations in the real estate market, with financial regulators emphasizing support for affordable rental housing and addressing the financing needs of housing consumers and real estate companies [1][7]. Group 1: Financial Support for Real Estate Companies - Financial institutions are enhancing support for reasonable financing needs of real estate companies, with increased mortgage lending and signs of declining mortgage rates and shortened loan approval times [1][4]. - Shanghai Jinmao and China Railway Construction Real Estate Group have announced the issuance of real estate industry merger-themed bonds, with Shanghai Jinmao's issuance not exceeding 1.5 billion yuan, primarily to alleviate liquidity pressure [2]. - Banks such as Ping An Bank and Industrial Bank have initiated the issuance of real estate merger-themed bonds, with funds mainly allocated for project acquisitions, indicating a broader trend of financial support for real estate mergers and acquisitions [3]. Group 2: Mortgage Lending Trends - Mortgage lending has accelerated, with banks shortening loan approval times and reducing interest rates. The average mortgage rate for first-time homebuyers in 103 key cities fell to 5.34%, marking the largest monthly decline since 2019 [4][5]. - In cities like Suzhou, mortgage rates have dropped to as low as 4.6%, with major banks offering competitive rates [4][5]. - The average loan approval time in March was 34 days, a reduction of 4 days from the previous month, with nearly half of the cities reporting approval times of less than one month [6]. Group 3: Support for Affordable Housing - The State Council Financial Committee has emphasized the need for financial institutions to enhance support for affordable housing and rental housing, with banks like China Merchants Bank and Ping An Bank committing to increase mortgage loan issuance [7]. - Financial institutions are expected to continue to meet the reasonable financing needs of real estate companies and consumers, with a focus on supporting quality projects and affordable housing developments [7].

来源：环球网 【环球网综合报道】8月11日，中国金茂控股集团有限公司发布了2025年7月未经审核销售数据。 公告显示，中国金茂7月份签约销售金额为84.6亿元，签约销售建筑面积为37.66万平方米。1-7月，中国 金茂累计签约销售金额为618.07亿元，累计签约销售建筑面积为277.05万平方米。截至7月31日，中国金 茂已认购（未签约）物业销售金额为5.67亿元。 图源：中国金茂公告 ...

Investment Rating - The report maintains a "Recommended" rating for the industry, suggesting a potential increase of over 15% relative to the benchmark index within the next 12 months [9]. Core Insights - In July 2025, the land supply in 23 key cities in China saw a significant decrease in planned construction area, with a month-on-month decline of 62.9%, totaling 343.9 million square meters [1]. - The total land transaction amount reached 888.88 billion yuan, reflecting a 41% decrease compared to the previous month [1]. - The land transaction premium rate in July 2025 rose to 12.41%, indicating a notable recovery since the beginning of the year [3]. - China Resources Land led the land acquisition with 15 plots, totaling 906.69 billion yuan [3]. Summary by Sections Land Supply and Transactions - In July 2025, 106 residential land plots were launched, with 113 plots successfully transacted, amounting to a total planned construction area of 653.68 million square meters [1]. - The land transaction premium rate has shown a significant increase, indicating a recovery in market confidence [3]. Company Land Acquisition - The report highlights the land acquisition activities of major companies, with China Resources Land acquiring the most plots, followed by Greentown China and China Merchants Shekou [4]. - The average land price per square meter for China Resources Land was 20,422 yuan, while Greentown China had an average of 25,031 yuan per square meter [4]. Investment Recommendations - The report suggests focusing on China Jinmao, which has shown significant land acquisition activity and improvements in corporate governance [4].