Investment Rating - The report maintains a "Positive" rating for the real estate sector [2][3][34] Core Viewpoints - The investment side remains weak, with a year-on-year decline of 12.9% in investment from January to August 2025, and a more significant drop of 19.5% in August alone [1][20] - The sales side is also experiencing a downturn, with a cumulative sales area decrease of 4.7% year-on-year from January to August 2025, and a sharper decline of 10.6% in August [21][34] - Funding sources are showing a narrowing decline, with total funding sources down 8.0% year-on-year from January to August 2025, but domestic loans have turned positive [35] Investment Analysis Summary Investment Side - From January to August 2025, total real estate development investment reached 603.09 billion yuan, down 12.9% year-on-year, with August alone seeing a 19.5% decline [3][20] - New construction area decreased by 19.5% year-on-year, while the completion area fell by 17.0% [20][21] - The report predicts a continued weak investment environment, with forecasts of a 11.0% decline in investment, 15.1% in new construction, and 20.0% in completions for 2025 [20] Sales Side - Cumulative sales area from January to August 2025 was 570 million square meters, down 4.7% year-on-year, with a 10.6% drop in August [21][34] - The total sales amount for the same period was 5.5 trillion yuan, reflecting a 7.3% decrease year-on-year, with August sales amounting to 544.9 billion yuan, down 14.0% [21][34] - The average selling price of commercial housing decreased by 2.6% year-on-year, with a slight increase in August compared to July [33][34] Funding Side - Total funding sources for real estate development enterprises amounted to 6.4 trillion yuan from January to August 2025, down 8.0% year-on-year [35] - Domestic loans showed a year-on-year increase of 0.2%, with August seeing a 1.1% rise [35] - The report indicates that while funding remains slightly tight, it is expected to improve gradually due to recent policy relaxations [35]

Core Viewpoint - The recent policy adjustments in Shenzhen's housing market are expected to provide significant support for the local real estate sector, leading to potential price stabilization and increased transaction volumes [1] Group 1: Market Reaction - Chinese property stocks experienced a notable increase, with major companies such as China Overseas Land & Investment (03377) rising by 13.07% to HKD 0.173, Country Garden (02007) up 4.84% to HKD 0.65, China Jinmao (00817) increasing by 3.27% to HKD 1.58, and Sunac China (01918) gaining 2.91% to HKD 1.77 [1] Group 2: Policy Changes - On September 5, Shenzhen implemented new housing policies that significantly relaxed restrictions on home purchases and adjusted housing credit policies, with a particular focus on non-core areas [1] - CITIC Securities noted that the new policies in Shenzhen are more aggressive compared to the recent measures introduced in Beijing and Shanghai, suggesting a stronger potential impact on the market [1] Group 3: Market Outlook - According to Open Source Securities, the overall real estate market in China has been moving towards stabilization this year, with expectations of slight fluctuations in housing prices during this process [1] - The combination of more proactive fiscal policies and moderately loose monetary policies is anticipated to accelerate the improvement of existing housing supply and demand relationships, further aiding the stabilization process [1]

Core Viewpoint - The recent policy adjustments in Shenzhen's housing market are expected to provide significant support for the local real estate sector, leading to potential price stabilization and increased market activity [1] Group 1: Market Performance - Chinese property stocks saw notable gains, with major companies like China Oceanwide Holdings (up 13.07%), Country Garden (up 4.84%), China Jinmao (up 3.27%), and Sunac China (up 2.91%) experiencing significant increases in their stock prices [1] - The new housing policy in Shenzhen is more aggressive in relaxing purchase restrictions compared to recent policies in Beijing and Shanghai, indicating a stronger potential impact on market dynamics [1] Group 2: Policy Implications - The adjustments to housing purchase and credit policies in Shenzhen include a significant relaxation of restrictions in non-core areas and the removal of differentiated mortgage rates for first and second homes [1] - Analysts from CITIC Securities suggest that the new policy is likely to support both transaction volume and pricing in the Shenzhen housing market, drawing parallels to the positive market responses observed in Beijing and Shanghai following their policy changes [1] Group 3: Market Outlook - According to Open Source Securities, the overall direction of China's real estate market is moving towards stabilization, with expectations of slight price fluctuations amid ongoing policy support [1] - The combination of proactive fiscal policies and moderately loose monetary policies is anticipated to accelerate the progress of existing housing supply and demand improvements, further aiding the stabilization process [1]

Group 1 - The core viewpoint of the article highlights a significant rise in Hong Kong real estate stocks, with Oceanwide Holdings leading the surge with an increase of over 15% [1] - According to CITIC Securities research, the overall performance of the real estate development industry is expected to remain under pressure in the first half of 2025, with total revenue declining by 15% [1] - The report indicates that the losses for real estate companies have expanded to 27 billion yuan due to increased impairment provisions and rising expense ratios, although the decline in gross profit margins has shown signs of improvement [1] Group 2 - The top 100 real estate companies experienced a 14% year-on-year decline in sales over the first eight months, but this decline is 16 percentage points narrower than the total decline for the previous year [1] - The land market has shown early signs of recovery, with the top 100 real estate companies collectively acquiring land worth 723.5 billion yuan, representing a year-on-year increase of 31% [1] - Major real estate firms are actively replenishing their core city inventories, indicating that sales volumes are nearing a bottom [1]

港股内房股拉升，其中，远洋集团大涨超15%领衔，融信中国涨超7%，中国金茂涨5.2%，碧桂园涨近 5%，龙光集团、雅居乐集团、旭辉控股集团涨近4%，富力地产、新城发展、越秀地产、万科企业涨幅 均在2.5%以上。 消息上，中信建投研报称，2025年上半年房地产开发行业整体业绩仍然承压，合计收入下降15%，房企 对存货计提减值增加和费用率上升导致上半年亏损扩大270亿元，但毛利率下降对业绩拖累明显改善， 部分优质房企毛利率与利润企稳回升。房企偿债能力分化，因业务规模收缩延续降杠杆趋势，但由于亏 损较多行业，整体偿债能力减弱；头部房企仍保持盈利状态，偿债能力稳定。 百强房企前8个月销售同比下降14%，降幅较去年全年收窄16个百分点；但土地市场率先回暖，前8个月 百强房企合计拿地金额达7235亿元，同比增长31%，房企积极补仓核心城市，销售规模渐近见底。(格 隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 03377 | 远洋集团 | 0.176 | 15.03% | | 03301 | 融信中国 | 0.220 | 7.32% | | 00081 ...

CCS3180 FSPH_NRH Non-registered holder's information (English Name and Address) 非登記持有人資料（英文姓名及地址） Request Form 申請表格 To: China Jinmao Holdings Group Limited (the ''Company'') 致: 中國金茂控股集團有限公司（「本公司」） (Stock Code: 00817) (股票代號：00817) c/o Computershare Hong Kong Investor Services Limited 經香港中央證券登記有限公司 17M Floor, Hopewell Centre 香港灣仔皇后大道東 183 號合和中心 17M 樓 Notes: 附註： 1. Please complete all your details clearly. 請 閣下清楚填妥所有資料。 2. This letter is addressed to non-registered holders (a "non-registered holder" means such ...

Change Request Form 變更申請表格 To: China Jinmao Holdings Group Limited (the ''Company'') 致: 中國金茂控股集團有限公司（「本公司」） (Stock Code: 00817) (股票代號：00817) c/o Computershare Hong Kong Investor Services Limited 經香港中央證券登記有限公司 17M Floor, Hopewell Centre 香港灣仔皇后大道東 183 號合和中心 17M 樓 183 Queen's Road East, Wanchai, Hong Kong Part A — I/We would like to receive printed version(s) of the Current Corporate Communication of the Company in the manner as indicated below: 甲 部 本人╱我們現在希望以下列方式收取 貴公司本次公司通訊文件： (Please mark ONLY ONE（X）of the ...

中 國 金 茂 控 股 集 團 有 限 公 司 (incorporated in Hong Kong with limited liability) （於香港註冊成立的有限公司） (Stock Code 股票代號 : 00817) NOTIFICATION LETTER 通知信函 China Jinmao Holdings Group Limited 各位非登記持有人(1)： 中國金茂控股集團有限公司（「本公司」）— 2025 年中期報告（「本次公司通訊文件」）之發佈通知 本公司的本次公司通訊文件的英文及中文版本已上載於本公司網站 (http://www.chinajinmao.cn) 及香港交易所披露易網站 (www.hkexnews.hk)， 歡迎瀏覽。 閣下可在本公司網站按顯示的有關標題瀏覽本次公司通訊文件，或在香港交易所披露易網站瀏覽有關文件。 如 閣下欲收取本次公司通訊文件之印刷本，請填妥在本函背面的申請表格（該表格亦可於上述網站下載），並使用隨附之郵寄標籤，通過本 公司的股份過戶登記處香港中央證券登記有限公司（「香港證券登記處」）寄回本公司（如在香港投寄，毋須貼上郵票；否則，請貼上適當的 郵票）。 ...

China Jinmao Holdings Group Limited 中 國 金 茂 控 股 集 團 有 限 公 司 (incorporated in Hong Kong with limited liability) （於香港註冊成立的有限公司） (Stock Code 股票代號 : 00817) NOTIFICATION LETTER 通知信函 Dear Shareholder, 12 September 2025 Further, notwithstanding any choice to the contrary previously conveyed to us, if you would at any time like to change your choice of language or means of receipt of future Corporate Communication of the Company, or would like to receive email notification of the publication of future Corporate Com ...

中國金茂控股集團有限公司 CHINA JINMAO HOLDINGS GROUP LIMITED ( 於香港註冊成立的有限公司 ) (Incorporated in Hong Kong with limited liability) 股票代號 Stock Code: 00817 中期報告 2025Interim Report 目錄 Contents | 財務摘要 | 封面內頁 Inside Cover | Financial Highlights | | --- | --- | --- | | 公司資料 | 1 | Corporate Information | | 主席致辭 | 3 | Chairman's Statement | | 管理層討論與分析 | 7 | Management Discussion and Analysis | | 獨立審閱報告 | 60 | Independent Review Report | | 中期簡明綜合財務資料 | 62 | Interim Condensed Consolidated Financial Information | | 中期簡明綜合財務資料附註 | 7 ...