上海沁茂佳销售情况良好、销售回款充裕，董事认为，由上海沁茂佳向其股东提供贷款，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。上海沁茂佳所提供予西安葆茂及沁睿佳上海(或其各自指定的实体)的贷款，金额将与 该方所持上海沁茂佳的股权比例对等，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西安葆茂及沁睿佳上海，本公司的财务资本部将与上海沁茂佳一同 根据其财务状况厘定所提供的贷款的金额及期限，其后，上海沁茂佳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。 智通财经APP讯，中国金茂(00817)发布公告，于2025年11月28日，本公司间接非全资附属公司上海沁茂 佳与其股东西安葆茂及沁睿佳上海订立框架协议，上海沁茂佳同意按照西安葆茂及沁睿佳上海所持股权 比例，并根据相同的条款与条件向西安葆茂及沁睿佳上海(或其各自指定的实体)提供贷款。 预期于框架协议有效期内，上海沁茂佳向沁睿佳上海所提供贷款的每日最高结存余额(包括应计利息)将 为人民币10.32亿元。 ...

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。 公告 須予披露的交易 提供貸款 提供貸款 董事會謹此宣佈，於2025年11月28日，本公司間接非全資附屬公司上海沁茂佳 與其股東西安葆茂及沁睿佳上海訂立框架協議，據此，上海沁茂佳同意按照西 安葆茂及沁睿佳上海所持股權比例，並根據相同的條款與條件向西安葆茂及沁 睿佳上海（或其各自指定的實體）提供貸款。 上市規則的涵義 西安葆茂為本公司的全資附屬公司。上海沁茂佳由西安葆茂及沁睿佳上海分別 持有90%及10%的股權，為本公司的間接非全資附屬公司。雖然沁睿佳上海為 上海沁茂佳的主要股東，但由於上海沁茂佳構成上市規則第14A.09條下本公司 的非重大附屬公司，因而沁睿佳上海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沁茂佳向沁睿佳上海所提供貸款之每日最高結存餘額（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 ...

Group 1 - China Jinmao plans to sell 100% equity of its subsidiary holding the Ritz-Carlton Hotel in Sanya for a base price of 2.265 billion RMB as part of asset securitization efforts [1] - Huafa Group's subsidiary acquired 51% equity of Shenzhen Ronghua Land from Sunac Cultural Tourism, with a conditional buyback option for Sunac by November 2025 [1] Group 2 - Tongcheng Travel reported Q3 2025 revenue of 5.509 billion RMB, a year-on-year increase of 10.4%, with transportation revenue growing by 9% and accommodation revenue by 14.7% [2] Group 3 - Joy City Property announced the withdrawal of its listing status on the Hong Kong Stock Exchange effective November 27, 2025, following a buyback of shares from minority shareholders [3] Group 4 - Atour Group achieved Q3 2025 revenue of 2.628 billion RMB, reflecting a 38.4% year-on-year growth, with adjusted net profit increasing by 27% and adjusted EBITDA by 28.7% [4] Group 5 - The Ministry of Culture and Tourism supports seasonal tourism products and services, promoting activities that enhance cultural and tourism consumption, including rural tourism initiatives and night-time consumption events [5]

Core Viewpoint - China Jinmao has announced a significant asset disposal plan, intending to sell its 100% stake in Jinmao (Sanya) Tourism Co., Ltd. for a base price of RMB 2.265 billion, focusing on asset securitization rather than simple asset liquidation [1] Group 1: Asset Details - Jinmao (Sanya) Tourism Co., Ltd. primarily holds the Ritz-Carlton Hotel in Sanya, which is a five-star hotel with 446 luxury rooms and villas [2] - The hotel has a strong market presence in Sanya's high-end hotel sector, with stable operational performance [3] - In 2024, the hotel is projected to achieve approximately RMB 310 million in revenue and RMB 57.93 million in net profit, with total assets amounting to RMB 3.324 billion as of August 31, 2025 [3] Group 2: Performance Metrics - The hotel's average occupancy rate for the first half of 2025 is 80.5%, up from 69.3% in the same period of 2024, with a RevPAR of RMB 1,654, reflecting a year-on-year increase of 3.25% [3] - The average room rate decreased by 11.16% year-on-year to RMB 2,054 [3] - The hotel ranks first among all hotels under China Jinmao in terms of average room rate and RevPAR [4] Group 3: Market Context - The hotel industry is currently undergoing a dual transformation of supply-demand structure adjustment and upgrading consumer demand, with a national average hotel vacancy rate of 38.2% in Q1 2025 [6] - Major cities experienced an average hotel occupancy rate of only 58% during the National Day holiday in 2025 [6] Group 4: Strategic Shift - China Jinmao is transitioning from heavy asset ownership to a lighter asset operation model, focusing on asset securitization as a core strategy [7] - The company has previously sold the Hilton Hotel in Sanya for RMB 1.849 billion, indicating a shift towards professional capital operations [7] - The hotel business currently accounts for only 3% of the company's overall revenue, reflecting a 12% year-on-year decline [8]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [3][4] Core Viewpoints - The report emphasizes the importance of stabilizing housing prices for facilitating economic circulation, with expectations for further policy support. High-quality residential properties are anticipated to experience a development wave due to policy guidance and changes in supply-demand structure. Additionally, the sentiment in the Hong Kong private residential market is gradually recovering, suggesting a new round of value reassessment for Hong Kong developers [4][45]. Market Performance - The Shanghai Composite Index fell by 3.9%, the Shenzhen Component Index by 5.1%, the ChiNext Index by 6.2%, and the CSI 300 Index by 3.8%. The real estate sector (Shenwan) declined by 5.8%. Notable stock performances included ST Zhongdi (+18.8%) and Shijie Lianhang (+12.5%), while Rongsheng Development (-16.9%) and Xinhua Lian (-15.2%) saw significant declines [4][7]. Data Tracking New Housing Transactions - In the week of November 15-21, 185,000 square meters of new homes were sold across 42 key cities, a 6.5% increase from the previous week but a 40.1% decrease year-on-year. For November (up to the 21st), total new home sales reached 514,000 square meters, a 4.6% increase month-on-month but a 41.7% decrease year-on-year [12][16]. Second-Hand Housing Transactions - In the same week, 200,000 square meters of second-hand homes were sold across 21 key cities, a 1.2% decrease from the previous week and a 14.3% decrease year-on-year. For November (up to the 21st), total second-hand home sales reached 594,000 square meters, a 41.6% increase month-on-month but a 20.2% decrease year-on-year [28][33]. Industry News - The Ministry of Housing and Urban-Rural Development held a national meeting to promote urban renewal, emphasizing its role in high-quality urban development. The Ministry also highlighted the need for systematic advancement of the "Four Goods" construction: good houses, good communities, good neighborhoods, and good cities. Additionally, the Ministry of Finance allocated 56.6 billion yuan for urban housing security projects for 2026 to improve livelihoods and stabilize the economy [45][46]. Company Announcements - China Merchants Shekou issued 5.04 billion yuan in corporate bonds, while China Resources Land successfully issued two notes totaling 3 billion USD and 4.3 billion yuan. China Jinmao's subsidiary plans to sell its 100% stake in Jinmao (Sanya) Tourism for asset securitization purposes [48][49].

据了解，金茂（三亚）旅业有限公司主要持有金茂三亚亚龙湾丽思卡尔顿酒店。该酒店为一家五星级酒店，于2008年开业，拥有446间客房及套房，其中设 有51间行政客房与套房，专属450平方米行政酒廊以及33栋私密别墅。 该酒店也是丽思卡尔顿品牌在中国较早布局的度假奢华酒店之一。 北京产权交易所官网显示，截至今年8月31日，金茂（三亚）旅业有限公司的营业收入约2.36亿元，净利润3777.99万元。 产权转让行为经过转让方股东会决议，决议文件为"关于同意发行三亚丽思卡尔顿酒店类REITs的批复"。 智通财经记者 | 王婷婷 继三亚希尔顿酒店之后，中国金茂（00817.HK）又将三亚丽思卡尔顿酒店摆上货架。 11月24日，智通财经从北京产权交易所官网查询发现，金茂（三亚）旅业有限公司100%股权正在挂牌转让，挂牌底价约22.65亿元，转让方为上海金茂投资 管理集团有限公司，出售目的为资产证券化。 知情人士告诉智通财经，"本次产权转让实际并非对酒店进行出售，而是对三亚丽思卡尔顿酒店进行类REITs资产证券化，主要基于公司整体战略安排，旨在 进一步优化资产负债结构、持续压降有息负债规模，并非出于现金流层面的考虑。" | 智 ...

Investment Rating - The report maintains an "Outperform" rating for the real estate industry [6] Core Insights - The real estate market is experiencing significant downward pressure on both volume and price, necessitating new policy measures to boost confidence [16][20] - Short-term policies such as mortgage interest subsidies and personal income tax deductions are expected to be implemented to alleviate the current market downturn [39] - The report highlights a potential for structural recovery in the housing market, particularly in first-tier cities, if purchasing restrictions are fully lifted [39] Summary by Sections 1. Market Overview - The real estate market is facing increased downward pressure, with sales volume and prices declining significantly. In October 2025, cumulative sales area decreased by 6.8% year-on-year, and sales value dropped by 9.6% [16] - The report notes that the sales area for new homes in 45 cities totaled 2.72 million square meters, with first-tier cities experiencing a year-on-year decline of 43.19% [5] 2. Policy Directions - The report anticipates policy measures focusing on loosening purchase restrictions, providing mortgage interest subsidies, and implementing personal income tax deductions to stimulate demand [28][31] - There is a growing expectation for the central government to engage in large-scale market-oriented housing stockpiling to stabilize the market [37] 3. Stock Market and Credit Bonds - The A-share real estate sector underperformed the market, with a decline of 5.83%, while the Hong Kong real estate sector outperformed with a decline of 4.94% [41][53] - As of November 21, 2025, the cumulative issuance of real estate credit bonds reached 3,815.39 billion, with a net financing amount of -421.33 billion [41] 4. REITs Market - The REITs index experienced a decline of 1.12% this week, with transaction volumes decreasing by 8.80% [3][12] 5. Land Market - The report indicates a significant increase in land supply and transaction area across major cities, with a 92.79% increase in supply and a 24.37% increase in transaction area [4] 6. Investment Recommendations - The report suggests focusing on three areas within the real estate sector: commercial real estate (e.g., New Town Holdings, China Resources), property management (e.g., Greentown Service), and real estate brokerage (e.g., Beike, Wo Ai Wo Jia) [40]

Core Viewpoint - China Jinmao announced the intention to sell 100% equity of its subsidiary, Jinmao (Sanya) Tourism Co., Ltd., for asset securitization purposes, with a listing price of 2.265 billion yuan [1] Group 1: Sale Announcement - The sale is aimed at asset securitization, with the target company primarily holding the Ritz-Carlton Hotel in Sanya, a five-star hotel that opened in 2008 and has 446 rooms and suites [1] - The company has not yet determined the buyer or the proposed sale price through the public bidding process [1] - This is not the first time China Jinmao has sold hotel assets in Sanya, as it previously sold the Hilton Hotel in Sanya [1] Group 2: Financial Performance - As of August 31, 2025, Jinmao (Sanya) Tourism Co., Ltd. reported an operating income of approximately 236 million yuan and a net profit of 37.78 million yuan [1] - In the first half of 2025, China Jinmao achieved an operating income of 25.113 billion yuan, a year-on-year increase of 14.28%, and a net profit attributable to shareholders of 1.09 billion yuan, up 7.93% [3] - The company reported a negative net cash flow from operating activities of 8.122 billion yuan for the same period, compared to a negative 3.683 billion yuan in the previous year [3] Group 3: Sales and Projects - In October 2025, the company and its subsidiaries achieved a signed sales amount of 11.997 billion yuan, a year-on-year increase of 3.45%, with a signed sales area of 331,500 square meters [3] - For the first ten months of 2025, the cumulative signed sales amount reached 92.682 billion yuan, a year-on-year increase of 23.57%, with a cumulative signed sales area of 4.006 million square meters [3] - As of October 31, 2025, the company had a subscribed (not yet signed) property sales amount of 1.503 billion yuan [3]

Investment Rating - The industry is rated as "Overweight" [5] Core Insights - In the first ten months of 2025, the total area of residential land transactions in 100 cities decreased by 9% year-on-year, while the average floor price increased by 15% [1][51] - The top three companies in terms of new land reserve value from January to October 2025 are China Overseas Land & Investment (119.9 billion), China Merchants Shekou (103.4 billion), and Greentown China (65.1 billion) [2][87] - The core 30 cities saw a cumulative year-on-year decrease of 3% in residential land transaction area, but a 22% increase in average price [2][3] Summary by Sections Land Supply and Demand - In the first ten months of 2025, the total land supply in 100 cities was 1.113 billion square meters, a year-on-year decrease of 12.7%, while the total land transaction area was 946 million square meters, down 7% [8] - The supply of residential land in 100 cities for the same period was 239 million square meters, a decrease of 19.1% year-on-year, with a transaction area of 184 million square meters, down 9.3% [18] Land Transaction Prices - The average floor price of residential land in 100 cities for the first ten months of 2025 was 6,597 yuan per square meter, reflecting a year-on-year increase of 14.9% [51][62] - In the core 30 cities, the average floor price for residential land transactions was 11,423 yuan per square meter, up 21.8% year-on-year [3][95] Top 50 Real Estate Companies' Land Acquisition - The top 50 real estate companies saw a 55% year-on-year increase in new land reserve value, totaling 908.4 billion yuan from January to October 2025 [78] - The top three companies by new land reserve area are China Overseas Land & Investment (4.15 million square meters), Poly Developments (3.51 million square meters), and China Merchants Shekou (3.07 million square meters) [2][87] Core 30 Cities Land Transaction Situation - In October 2025, the core 30 cities recorded 133 residential land transactions, with a total area of 855 million square meters, down 43% year-on-year [92] - The cumulative total land transaction price in the core 30 cities from January to October 2025 was 946.5 billion yuan, an increase of 17.8% year-on-year [95][102] Investment Recommendations - Focus on companies with strong brand reputation and sales performance in core cities, such as Poly Developments and China Merchants Shekou [4][118] - Consider companies with rich existing resources and operational brand competitiveness, like China Resources Land and Shanghai Lingang [4][118] - Look for long-term growth potential in property services, recommending companies like China Merchants Jinling and Greentown Services [4][118]

Core Viewpoint - China Jinmao announced the sale of its 100% stake in Jinmao (Sanya) Tourism Co., Ltd. for asset securitization, with a listing price of 2.265 billion yuan [1][3] Group 1: Sale Details - The sale is being conducted through the Beijing Property Exchange, with a listing price set at 2.265 billion yuan [1][3] - The target company primarily holds the Ritz-Carlton Hotel in Sanya, which opened in 2008 and features 446 guest rooms and suites, including 51 executive rooms and suites, a 450-square-meter executive lounge, and 33 private villas [1] - As of November 21, 2023, China Jinmao has not yet determined the buyer for the 100% stake or entered into any binding agreements [1] Group 2: Financial Performance - As of August 31, 2025, Jinmao (Sanya) Tourism Co., Ltd. is projected to have an operating income of approximately 236 million yuan and a net profit of 37.7799 million yuan [1] Group 3: Strategic Context - China Jinmao is accelerating its pace of hotel asset divestiture, having previously sold the Hilton Hotel in Sanya last year [1]