新京报贝壳财经讯(记者段文平)因北京朝阳区黄杉木店项目定价争议引发的央国企中建智地与越秀地产 的"大战"，终以多方和解画上句号。11月16日深夜，中建智地、中国金茂、越秀地产三大房企联合发布 公告称，各股东方经过坦诚协商、充分共创、达成共识，将秉持专业、阳光、公开、透明的原则，推进 项目开发经营各项工作，向社会及客户提供更好的产品和服务。 据悉，涉事项目为今年4月28日三大房企联合竞得的北京市朝阳区黄杉木店及孙河组团地块，总成交额 高达126亿元，是北京土拍市场今年以来的重点标杆项目。其中，黄杉木店宅地进一步划分为南北两个 地块，南地块由中建智地主导操盘，项目推广名定为"紫京宸园"；北地块则由越秀地产负责操盘，中国 金茂负责产品，推广名为"璞樾"。 据了解，三方股东一致承诺，将坚决摒弃内部分歧，以朝青板块长远价值为核心，通过统一规划衔接、 协同营销节奏、规范定价机制，避免无序竞争，共同维护区域房地产市场的健康生态。之前争议中最为 关注的操盘权焦点，共识中解决方案为南北双地块将由三家联合操盘营销。针对广大购房人最为关切的 交付品质、服务保障等问题，股东方将建立常态化沟通机制，公开项目进展、透明化管理流程，从工程 ...

Core Viewpoint - The dispute regarding the Huangshanmu store has been resolved with a handshake agreement between Zhongjian Zhidi and Yuexiu, with a joint statement from the three stakeholders expected to be released before the November 17 deadline [1][3] Group 1: Joint Statement and Resolution - A joint statement from the three stakeholders is being drafted and will be released before November 17 [1] - The North Block (Puyue) and South Block (Zijing Chenyuan) will be jointly managed by Zhongjian Zhidi, Jinmao, and Yuexiu [1] Group 2: Allegations and Complaints - Beijing Xingding Real Estate Development Co., Ltd. filed a complaint against Yuexiu Real Estate for not adhering to the agreed pricing standards for the two land parcels, resulting in over 300 million yuan in losses [3] - The complaint also stated that the price adjustments led to a loss of competitive advantage for some units in the South Block, affecting over 2.2 billion yuan in contract signings [3] Group 3: Actions Taken - Zhongjian Zhidi has halted all approvals, contracts, seals, and financial work related to the North Block [3] - Zhongjian Zhidi warned that if Yuexiu does not transfer the management rights by the deadline, it will launch a comprehensive attack on all of Yuexiu's projects in Beijing [3]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][3]. Core Insights - The real estate market is expected to continue bottoming out, with core cities stabilizing sooner. Two major opportunities are highlighted: the rise of favorable policies for housing and the potential for commercial real estate assets to be revalued during a monetary easing cycle [2][3]. Industry Data - New home sales in 34 key cities totaled 201 million square meters last week, up 11.9% week-on-week, with first and second-tier cities increasing by 12.6% and third and fourth-tier cities by 3.2% [4][5]. - Year-on-year, new home sales in November are down 39%, with first and second-tier cities down 37.8% and third and fourth-tier cities down 49.2% [5][7]. - The inventory of unsold residential properties in 15 cities was 89.538 million square meters, with a slight increase of 0.03% week-on-week [22][23]. Policy and News Tracking - The State Council supports the issuance of REITs for private investment projects and the central bank aims to improve the foundational financial system for real estate [31][32]. - Local policies include the promotion of purchasing existing homes for affordable housing in Hangzhou and the launch of online applications for housing provident fund loans in Zhengzhou [31][34]. Company Dynamics - Several real estate companies reported their sales data for October 2025. China Jinmao achieved sales of 12 billion yuan, up 3%, while other companies like New Town Holdings and CIFI Holdings saw significant declines [38][39]. - China Resources Land announced a placement of 49.5 million shares, raising approximately 2.06 billion HKD, maintaining a 70.1% stake post-placement [38][39]. Sector Performance Review - The SW Real Estate Index rose by 2.7%, outperforming the CSI 300 Index, which fell by 1.08%, ranking 7th among 31 sectors [43][47]. - Notable stock performances included China Wuyi and Huaxia Happiness, which saw significant gains, while companies like Asia Pacific Real Estate and Shenzhen Real Estate A experienced declines [47].

步入2025年四季度，广州高端住宅市场呈现百花齐放的现象，为广州楼市注入强心剂。 11月14日，金茂与越秀联手打造的市中心稀缺湖畔墅区——璞樾·墅首度亮相，心湖会所及实体样板间 对外开放，主力户型为建面约210-550㎡新规四代墅。 在"限墅令"持续收紧的当下，越秀观樾凭借约1.1容积率的纯墅地块，在天河核心区打造湖岸独立墅 区，其稀缺性不言而喻。 产品上，不同于大平层产品，璞樾·墅，以新规四代墅的垂直空间，创造有天有地的生活，一层一世 界，让每个家庭成员都拥有专属的生活场域。家庭欢聚的社交场所、专属的主卧谧境、安放热爱的精神 角落、乃至藏品的展示殿堂……每一层都是一个独立的世界，功能分明，互不干扰。此外，项目以金茂 八衡科技系统赋能生活，破解广州夏热冬湿气候难题，显著提升居住舒适度；追求室内气候平衡状态， 打造标杆人居品质住宅。 据介绍，璞樾·墅还将引进越秀商管提供物业服务，将其丰富的商业地产资产运营管理经验与成熟的五 星级酒店服务经验运用至璞樾·墅社区服务中。启用双国际认证服务团队（TIBA国际管家学院与金钥匙 国际联盟），定制臻越ONE庄园式管家服务体系。 采写：南都·湾财社记者王艳玲 作为天河市区近十 ...

Core Insights - The launch of "Puyue Villa" by China Jinmao and Yuexiu Properties marks a significant collaboration between two major state-owned enterprises, introducing high-quality residential offerings in Guangzhou's Tianhe District [1][2][4] Group 1: Project Overview - "Puyue Villa" features new-generation villas with areas ranging from approximately 210 to 550 square meters, alongside the unveiling of the Xinhu Clubhouse and physical model units [1] - The project is located in a rare low-density lakeside villa area with a floor area ratio of about 1.1, leveraging the mature development of the World Grand View area by Yuexiu Properties over the past two years [1][4] Group 2: Investment and Development - In March 2025, Jinmao acquired a key land parcel in Tianhe District for 1.077 billion yuan, which is part of the World Grand View Phase IV project [2] - Since August 2023, Yuexiu Properties has invested approximately 14.3 billion yuan in acquiring multiple land parcels in the World Grand View area, establishing an ecological layout of "two lakes and one valley" [2] Group 3: Design and Amenities - The villas are designed with distinct vertical spaces, including social areas for family gatherings, spacious master bedrooms, and exhibition spaces for family collections [4] - The project combines the strengths of Jinmao's "Pu" series and Yuexiu's "Yue" series, enhancing product quality and incorporating Jinmao's Eight Balance Technology System to improve living experiences [4] Group 4: Property Management - The project will utilize Yuexiu's commercial asset management experience and five-star hotel service standards to enhance community services at "Puyue Villa" [4]

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating a cautious optimism despite current challenges [2][3]. Core Insights - The investment side of the real estate sector continues to weaken, with significant declines in new construction and completion rates. For the period from January to October 2025, total real estate investment decreased by 14.7% year-on-year, with new construction down by 19.8% and completions down by 16.9% [1][20]. - The sales side shows a broader decline in sales volume and price. From January to October 2025, the sales area decreased by 6.8% year-on-year, with a more pronounced drop of 18.8% in October alone. The sales amount also fell by 9.6% year-on-year, with a 24.3% decline in October [2][33]. - Funding sources for real estate development are tightening, with total funding down by 9.7% year-on-year. In October, funding sources saw a significant drop of 21.9% compared to the previous month [35]. Investment Analysis - The report suggests that the real estate sector is still in a bottoming phase, with core cities expected to stabilize sooner. Two major opportunities are highlighted: the potential shift of real estate companies towards manufacturing and the favorable conditions for quality commercial enterprises during a monetary easing cycle [2][3]. - Adjustments to the 2025 forecasts include a projected investment decline of 14.2% (previously 11.0%), new construction down by 18.0% (previously 15.1%), and completions down by 17.7% (previously 20.0%) [20][34].

Investment Rating - The report does not explicitly provide an investment rating for the real estate industry in Qingdao for the period of January to October 2025 [3][4]. Core Insights - The total sales amount in the Qingdao residential market for January to October 2025 is approximately 694.7 billion yuan, with a transaction area of about 4.897 million square meters, which is weaker than the same period last year [3]. - The top 20 real estate companies in Qingdao achieved a combined sales amount of 434.01 billion yuan and a total sales area of 249.11 million square meters [4]. - Junyi Holdings leads the sales performance with 49.81 billion yuan in sales and 24.10 million square meters sold, followed by Hisense Real Estate with 47.43 billion yuan [4]. - The top residential projects in Qingdao for the same period generated a total sales amount of 113.8 billion yuan, with the highest sales project being Yin Feng·Jiu Xi Cheng at 21.3 billion yuan [5][6]. Summary by Sections Sales Performance of Top 20 Real Estate Companies - Junyi Holdings ranked first in sales amount and area, followed by Hisense Real Estate and China Jinmao [4]. - The sales performance of the top companies indicates a competitive market, with significant contributions from major players [4]. Sales Performance of Top Residential Projects - The top 10 residential projects accounted for a total sales amount of 113.8 billion yuan, with the threshold value for the top 10 projects being 8.6 billion yuan [5]. - Yin Feng·Jiu Xi Cheng leads in sales amount, while Rongsheng·Jinxiu Waitan leads in sales area [6][7]. Sales Performance in Chengyang District - The highest sales project in Chengyang District is Yin Feng·Yu Xi, with a sales amount of 4.91 billion yuan [8]. - The report highlights the performance of various projects in the central area of Chengyang, indicating a diverse market [8]. Market Trends - The report notes a significant decline in both supply and sales in October, with a total supply of 56,900 square meters and a transaction area of 397,400 square meters [11]. - The average price of residential properties in Qingdao for October is reported at 13,605 yuan per square meter, reflecting market conditions [11].

Investment Rating - The report indicates a cautious investment rating for the real estate industry in Xi'an, reflecting ongoing market adjustments and a need for sustained policy support to stabilize prices and expectations [3][12][25]. Core Insights - The Xi'an real estate market is experiencing a significant contraction, with the top 10 real estate companies achieving total sales of 64.87 billion yuan from January to October 2025, a decrease of 32.59 billion yuan or approximately 33.4% year-on-year [12]. - The market is in a "stop decline and stabilize" phase, with recent policies aimed at promoting recovery, although the momentum for recovery is weakening [3][4]. - The supply of new homes is expected to improve in the fourth quarter, supported by land parcels acquired in core cities earlier in the year, but market differentiation will continue [3][25]. Summary by Sections Sales Performance - The top 10 real estate companies in Xi'an for January to October 2025 are ranked by sales revenue, with Poly Development leading at 10.62 billion yuan, followed closely by China Railway Construction Real Estate at 10.44 billion yuan [5][6]. - The sales area for these companies shows a similar trend, with Poly Development also leading in sales area at 642,000 m² [5][6]. Market Trends - The second-hand housing market has shown positive growth, with transaction volumes increasing year-on-year, while the new housing market has seen slight recovery due to the introduction of quality projects [4][12]. - The average price of new residential properties in Xi'an increased by 0.56% month-on-month and 2.82% year-on-year as of October 2025, indicating a slight upward trend in pricing [18]. Land Market - The land market in Xi'an has seen a reduction in the number of residential land transactions, with 96 plots released and 73 plots sold, reflecting a year-on-year decrease of 31.93% and 44.13% respectively [19]. - The average floor price for land has increased to 6,694 yuan/m², a year-on-year rise of 31.64%, indicating a tightening supply and increased competition for prime land [19][24]. Future Outlook - The report anticipates a continuation of moderate recovery and internal differentiation in the Xi'an real estate market, with new housing supply remaining active and quality projects driving market dynamics [25]. - Market confidence is expected to strengthen due to ongoing policy support and an increase in quality supply, leading to a gradual stabilization of the overall market by year-end [25].

Investment Rating - The report maintains an "Outperform" rating for the real estate sector, indicating a positive outlook despite ongoing challenges [5]. Core Insights - The real estate sector is experiencing a significant reduction in sales and profitability due to increased impairment pressures, although some leading firms are showing resilience [2][4]. - The overall investment landscape is shifting towards top-tier firms, which are capturing a larger share of new value and demonstrating stronger sales performance [2][4]. Summary by Sections 1. Performance Overview of Real Estate Development - Sales for the top 100 real estate companies reached CNY 2.5 trillion and 120 million square meters from January to September 2025, reflecting a year-on-year decline of 12.8% and 23.2% respectively. Leading firms like China Jinmao, Jianfa, and Yuexiu showed positive growth [2][14]. - New value added by the top 100 firms was CNY 1.8 trillion, a year-on-year increase of 33.2%, driven by the supply of premium land in core cities and increased investment enthusiasm from leading firms [2][19]. - Revenue for 11 sample firms fell to CNY 768.8 billion, down 11.3% year-on-year, while gross margin decreased slightly to 13.0%, with a much smaller decline compared to the previous year [2][26]. - The industry is facing significant impairment pressures, with total impairment provisions reaching CNY 278.1 billion in the first three quarters of 2025, up from CNY 174.2 billion in the same period last year [2][34]. 2. Changes in Real Estate Fund Holdings - As of Q3 2025, the real estate sector's heavy stock holdings accounted for 0.52% of total fund investments, with a total market value of CNY 19.72 billion, indicating a recovery in holdings [3][44]. - The number of real estate stocks held by funds decreased to 47, reflecting a decline in concentration among top holdings [3][55]. - The overall market for real estate stocks has remained stable, with policy easing contributing to a more favorable investment environment [3][45]. 3. Analysis of High-Performing Stocks - Four high-performing real estate companies were identified: New City Holdings, China Jinmao, Jianfa International Group, and Binjiang Group, all of which have significantly outperformed the market in 2025 [4][44]. - The stock prices of these firms have risen substantially, with increases of 22.9%, 45.8%, 34.5%, and 28.9% respectively, compared to the Shanghai and Shenzhen 300 index's increase of 16.3% [4][44]. - The investment logic for these quality firms has gained market recognition, indicating a consensus among investors regarding their undervaluation [4][44].

Core Viewpoint - The recent rise in Chinese property stocks is primarily driven by increasing policy expectations, with the potential for this outperformance to continue until the next government meeting in late November or December [1] Group 1: Industry Outlook - The fundamentals of the industry indicate a rising probability of new policy support [1] - The preferred stocks in the sector include China Resources Land, China Resources Mixc Lifestyle, and China Jinmao [1] - Longfor Group is considered to have the best risk-reward ratio amid the policy-driven rebound [1] Group 2: Hong Kong Real Estate Stocks - The upward trend in Hong Kong real estate stocks is attributed to increased confidence in the market recovery [1] - Despite a positive outlook on the market, valuations of residential stocks have fully reflected the expectations of a comprehensive recovery, with Sun Hung Kai Properties' adjusted stock price reaching historical highs while the secondary property price index remains 26% below its peak [1] - Currently, the risk-reward profile for rental property stocks is viewed as more favorable, with top picks being Swire Properties, Hang Lung Properties, Link REIT, and Wharf Real Estate Investment Company [1] - Among developers, the company favors Sino Land and Henderson Land [1]