每经AI快讯，12月9日，港股内房股下挫，中国金茂跌超8%，中梁控股、绿城中国、越秀地产跟跌。 ...

智通财经APP获悉，克而瑞地产研究发布的月报显示，2025年11月，30家重点上市房企实现销售全口径金额1623.6亿元。累计业绩来看，30家重点上市房 企实现销售全口径金额19811.3亿元。从单企业表现来看，2025年11月30家重点上市房企中有7家单月业绩环比增长，包括华润置地、龙光集团、中海地 产、融创中国、滨江集团、远洋集团和新城控股，其中华润置地的单月业绩环比增幅最大。整体来看，30家重点上市房企前11月累计全口径销售金额有中 国金茂和绿地控股实现了增长。 | | | | 企业简称 | 2025年11月 | 車月环比 | 2025年1-11月 | | | --- | --- | --- | --- | --- | | | 車月金额 | | 累计金额 | 月均销售金额 | | 保利发展 | 179.5 | -15.0% | 2408. 0 | 218.9 | | 中海地产 | 221. 4 | 18. 6% | 2113.0 | 192. 1 | | 未润置所 | 230. 0 | 51. 3% | 1926. 0 | 175. 1 | | 招商蛇口 | 144.5 | -6. 0% | 1705. ...

前几天，中国金茂发布了一则公告，具体内容是与建设银行牵头的七家国有大行签署了银团贷款合同， 上述银团拟为公司提供不超过99亿元的中长期贷款额度。 为了获取这笔接近百9亿的贷款，金茂为此付出的代价是抵押了金茂大厦部分资产，包括31-50层、88层 和地下车库。其中，31-50层是办公区域，88层则是顶层观景台。 值得一提的是，公告中提及此次抵押资产的评估价为47.6亿，而实际获得抵押贷款是评估值的2.08倍， 足见上海核心资产在如今市场上具备极强的溢价能力。 此外，金茂本次抵押目的并不是为了增加融资，而是为了"置换债务"。 公告显示，此次获取的贷款资金主要用于置换2023年及2024年发行了三笔绿色资产支持专项计划。 来源：乐财聚 上海陆家嘴三件套之一的金茂大厦，目前已经被其主人中国金茂抵押了一部分出去。 资料显示，2023年3月，金茂发行首期产品"金茂鑫悦2023-1"，规模为30亿元。4月"金茂绿色2023-1"成 功发行，规模35.01亿元。2024年2月，"金茂绿色2024-3"成功发行，规模34.99亿元。 三笔绿债相加正好为100亿，本次获取的99亿融资几乎可以覆盖绿债的本金。 通过这次债务置换，对 ...

根据规划部门的公示信息，为响应2024年江苏省住建厅、省自然资源厅和省消防救援总队关于加强高层建筑规划建设管控， 严格控制250米以上建筑建设的要求，及建设单位业态优化，拟对金茂广场二期原规划许可的内容进行变更。记者注意到，变 更内容包括：1、总平面图塔楼层数由地上66层（塔冠高度306米）变更为地上51层（塔冠高度249米），主要功能由商业、办 公、65年酒店式公寓、酒店变更为办公、65年酒店式公寓，取消直升机停机坪。裙房由地上3层，变更为地上6层，建筑高度 不变；主要功能由商业、酒店、停车楼及其它辅助设施变更为商业、停车楼及其它辅助设施。2、立面塔楼也做出相应调整。 市场人士告诉记者，金茂广场二期原规划建设超300米的超高层综合体，包括豪华公寓、办公、酒店等，曾计划引入万豪集团 旗下的奢牌酒店，建筑面积约26万平方米。根据2024年江苏省出台的高层建筑"限高令"，自今年1月1日起，城区常住人口300 万以上的城市不得新建500米以上建筑，严格限制新建250米以上的建筑。该人士表示，"限高令"的出台不仅是为了避免城市 盲目"攀高"，同时也是因应当下房地产市场走势，并结合企业的实际需求，促进楼市健康发展的重要 ...

中国金茂把上海金茂大厦部分楼层给抵押了。 11月26日，中国金茂（集团）有限公司发布有关提供重大资产抵押的公告。 根据公告内容，中国金茂（集团）有限公司于2025年7月与建行上海浦东分行等贷款人签署了《中国金 茂(集团)有限公司金茂大厦经营性物业项目银团贷款合同》，获得全体贷款人提供总计金额不超99亿元 中长期贷款额度，贷款期限截至2039年6月14日。不过此次公告并未明确银团贷的融资利率。 公告强调，该抵押预计不会对公司生产经营、财务状况及偿债能力产生重大不利影响。 值得一提的是，这并非中国金茂首次通过抵押核心资产置换债务。 今年3月，金茂就曾以北京凯晨世贸中心为抵押物获取86.89亿元贷款，用于偿还对应的绿色资产支持专 项计划剩余本金。 2022年，上海金茂投资管理集团有限公司作为原始权益人以凯晨世贸中心为标的物业发行"中信证券-金 茂凯晨2022年绿色资产支持专项计划（碳中和）"（简称"凯晨CMBS"），规模87.08亿元。 上海金茂投资子公司北京兴茂凯晨企业管理有限公司持有凯晨世贸中心，并以标的物业办理不动产抵 押，为凯晨CMBS基础资产标的债权提供增信措施。 建行上海浦东分行作为代理行，与发行人中国 ...

截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國金茂控股集團有限公司 呈交日期: 2025年12月2日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 減少庫存股份: 0 普通股 (AA2) 本月內因行使期權所得資金總額： HKD 0 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00817 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | | 已發行股份總數 | | | 上月底結存 | | | 13,512,466,348 | | | 0 | | 13,512,466,348 | | 增加 / 減少 (-) | | | 0 ...

Core Insights - The North Bund in Shanghai is emerging as a competitive battlefield for high-end real estate, with significant interest from major state-owned enterprises and developers [1][2][3] - The market is characterized by a surge in new high-end projects, with several developers launching properties priced above 100,000 yuan per square meter [9][10][14] - The competitive landscape is intensifying, with developers racing to secure market share amid changing market conditions and consumer sentiment [2][16][20] Market Dynamics - The North Bund is positioned as the next growth area in Shanghai's high-end real estate market, following the Bund and Lujiazui [1][8] - Major state-owned enterprises like China Resources and China Jinmao are actively participating in the market, with recent launches and sales indicating strong demand [1][2][10] - The competitive environment is marked by a high volume of new listings, with over 1,000 units from various projects entering the market simultaneously [9][14] Pricing Trends - Recent land auctions have resulted in record-breaking prices, with the latest land parcel in Hongkou District sold for 89.64 billion yuan, reflecting a 38.20% premium [3][4] - The average selling prices of new projects are on the rise, with some properties reaching prices as high as 20,000 yuan per square meter [2][5][14] - Developers are facing pressure to adjust pricing strategies due to market fluctuations and consumer purchasing power [16][19] Sales Performance - Initial sales figures for new projects have shown mixed results, with some properties experiencing high demand while others struggle to meet sales targets [10][19] - For instance, Jinmao's project saw a rapid sell-out of its initial offering, while subsequent phases faced challenges in achieving similar sales rates [11][19] - The overall market sentiment has shifted, leading to concerns about potential price wars as developers compete for a limited pool of high-net-worth buyers [20] Future Outlook - The North Bund's development is closely tied to Shanghai's broader urban planning initiatives, with expectations for continued growth and investment in the area [7][8] - Developers are strategizing to enhance their market positioning, with some considering collaborative approaches to navigate the current market challenges [20] - The success of high-end projects in the North Bund will depend on their ability to attract buyers amidst increasing competition from other districts in Shanghai [20]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [5]. Core Viewpoints - The real estate market in China is expected to continue bottoming out, with core cities likely to stabilize sooner. Two major opportunities are highlighted: the elevation of housing policies and the strong performance of quality commercial enterprises during a monetary easing cycle, which may lead to a revaluation of consumer-oriented commercial real estate assets [5]. Industry Data Summary - **New Housing Transactions**: In the week of November 22-28, 2025, 34 key cities saw a total new housing transaction of 2.52 million square meters, a decrease of 1.7% week-on-week. Year-on-year, new housing transactions in November dropped by 35% [6][9]. - **Second-Hand Housing Transactions**: In the same week, 13 cities recorded a total of 1.16 million square meters in second-hand housing transactions, an increase of 4.2% week-on-week. Year-to-date, second-hand housing transactions have increased by 0.7% [14]. - **Inventory Levels**: As of November 28, 2025, the total available residential area in 15 cities was 89.846 million square meters, with a week-on-week increase of 0.4%. The average months of inventory depletion was 23.3 months, a slight decrease [25]. Policy and News Tracking - **REITs Development**: The National Development and Reform Commission is promoting the expansion of public REITs to include hotels and commercial offices. The China Securities Regulatory Commission has initiated a pilot for commercial real estate REITs [34][36]. - **Local Housing Policies**: Qingdao has introduced housing subsidies for talent, offering up to 300,000 yuan for doctoral graduates. Fuzhou plans to provide subsidies for families with multiple children, while Beijing's "14th Five-Year Plan" emphasizes improving the housing supply system [34][35]. - **Land Market Activity**: In Shanghai, nine land parcels were sold for a total of 17.33 billion yuan, while Wuhan's land sales totaled approximately 3.97 billion yuan [34][39]. Company Dynamics - **New City Holdings**: Successfully issued private REITs with a scale of 616 million yuan, backed by the Wuyue Plaza asset [5]. - **Vanke**: Engaged in discussions regarding the extension of a bond due on December 15, 2025, with a remaining balance of 2 billion yuan [5][41]. - **China Jinmao**: Announced plans to sell 100% equity in Jinmao (Sanya) Tourism Co., Ltd. for 2.27 billion yuan [5][43].

Core Insights - The total land acquisition amount by the top 100 real estate companies reached 847.8 billion yuan from January to November 2025, marking a year-on-year increase of 14.1%, although the growth rate has significantly narrowed compared to the previous months [1][4] - State-owned enterprises continue to dominate land acquisitions, with eight out of the top ten companies being state-owned [1][5] - Private real estate companies have shown increased activity in land acquisition, particularly in first and second-tier cities, often collaborating with state-owned enterprises [1][6] Group 1: Land Acquisition Trends - The land acquisition enthusiasm among companies has decreased as the year-end approaches, leading to more cautious and selective land purchases [1][5] - The top three companies in terms of new value added are China Overseas Land & Investment (1,963 billion yuan), China Merchants Shekou (1,833 billion yuan), and Greentown China (1,293 billion yuan) [4][17] - The total new value added by the top 10 companies reached 1,144.6 billion yuan, accounting for 47.1% of the top 100 companies [4][17] Group 2: Private Company Activity - In November, private real estate companies were notably active in land acquisitions, focusing on core areas in first and second-tier cities [5][6] - Notable acquisitions include Maoyuan Real Estate in Beijing for 5.024 billion yuan and Jiayun Real Estate in Shanghai for a total of 2.475 billion yuan [6][8] - Private companies are increasingly favoring joint ventures for land acquisition to mitigate market uncertainties and share financial burdens [5][6] Group 3: Regional Insights - The Yangtze River Delta region leads in land acquisition, with the top 10 companies acquiring 273.8 billion yuan, driven by sustained population inflow and housing demand [12][13] - The Beijing-Tianjin-Hebei region follows with 106 billion yuan in land acquisition, while the central and western regions lag behind with 60.2 billion yuan [12][13] - The focus on core urban areas remains strong, with private companies concentrating their efforts in regions where they have competitive advantages [6][12]

Core Viewpoint - China Jinmao (00817) has announced a framework agreement for a loan arrangement between its indirect non-wholly owned subsidiary Shanghai Qinmao Jia and its shareholders Xi'an Baomao and Qinrui Jia Shanghai, aimed at optimizing cash utilization and resource allocation [1] Group 1: Loan Agreement Details - Shanghai Qinmao Jia will provide loans to Xi'an Baomao and Qinrui Jia Shanghai based on their respective equity ownership proportions [1] - The maximum daily balance of loans provided by Shanghai Qinmao Jia, including accrued interest, is expected to reach RMB 1.032 billion [1] - The loan terms and conditions will be consistent with the equity ownership ratios of the shareholders involved [1] Group 2: Financial Strategy - The board believes that providing loans to shareholders will reduce idle cash reserves and enhance the utilization of funds [1] - The financial capital department will collaborate with Shanghai Qinmao Jia to determine the loan amounts and terms based on financial conditions [1] - Specific loan agreements will be submitted to the company's audit and legal department to ensure compliance with the framework agreement [1]