Core Viewpoint - China Jinmao announced the sale of 100% equity in Sanya Tourism Industry to Sanya Luanmao for a total consideration of RMB 2.2646 billion, involving the Ritz-Carlton Hotel in Sanya [1] Group 1: Transaction Details - The transaction was formalized through a property transaction contract signed on December 23, 2025 [1] - Sanya Luanmao acquired the equity through a public bidding process [1] - The total transfer price for the transaction is RMB 2.2646 billion [1] Group 2: Asset Information - Sanya Tourism Industry solely holds the Ritz-Carlton Hotel in Sanya, which is a five-star hotel [1] - The Ritz-Carlton Hotel opened in 2008 and features 446 guest rooms [1]

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。 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） （股票代號：00817） 須予披露的交易 出售三亞旅業100%股權 茲提述本公司日期為2025年11月21日的公告，內容有關本公司全資附屬公司上 海金茂基於資產證券化之目的，擬透過公開掛牌轉讓的方式出售其所持三亞旅 業100%股權之交易。董事會謹此宣佈，於2025年12月23日，上海金茂與三亞 巒茂（作為受讓方，透過公開掛牌程序摘牌）簽訂產權交易合同，據此，三亞巒 茂同意收購而上海金茂同意出售三亞旅業100%股權，最終轉讓總對價為人民幣 2,264.6百萬元。 上市規則的涵義 由於本次交易的最高適用百分比率超過5%但低於25%，因此根據上市規則第14 章，本次交易構成本公司的一項須予披露交易，須遵守申報及公告的規定。 出售三亞旅業100%股權 根據產權交易合同，三亞巒茂同意 ...

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。 （股票代號：00817） 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） 人力資源服務框架協議下的持續關連交易的補充公告 茲提述中國金茂控股集團有限公司（「本公司」）日期為2025年12月18日的公告 （「該公告」），內容有關人力資源服務框架協議項下擬進行的持續關連交易。 除文義另有所指外，本公告所用詞彙與該公告所界定者具有相同涵義。本公司謹 此提供有關中化方勝最終實益擁有人身份的進一步資料。 2 承董事會命 中國金茂控股集團有限公司 主席 陶天海 香港，2025年12月23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。 中化方勝是一家專業人力資源管理服務公司，(i)由本公 ...

2025 年 12 月 22 日 行业研究 1-11 月百城宅地成交建面同比-15%，成交楼面均价同比+9% ——土地市场月度跟踪报告（2025 年 11 月） 要点 2025 年 1-11 月，百城宅地成交建面同比-15%，成交楼面均价同比+9%。 2025 年 1-11 月，百城成交住宅类用地建面为 2.21 亿平，累计同比-15.1%；成 交楼面均价为 6,295 元/平方米，累计同比+9.4%。分能级城市来看，1-11 月， 一线城市：供应住宅类用地建面为 1,041 万平，累计同比-29.6%；成交建面 778 万平，累计同比-28.7%；成交楼面均价为 39,283 元/平方米，累计同比+29.5%。 二线城市：供应住宅类用地建面为 1.37 亿平，累计同比-1.8%；成交建面 9,273 万平，累计同比+4.4%；成交楼面均价为 6,986 元/平方米，累计同比+4.2%。 三线城市：供应住宅类用地建面为 2.01 亿平，累计同比-23.6%；成交建面 1.21 亿平，累计同比-24.9%；成交楼面均价为 3,635 元/平方米，累计同比+2.0%。 2025 年 1-11 月，新增土储价值排名 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The report emphasizes that there is significant potential for high-quality development in China's real estate sector, driven by both rigid and improvement housing demands. The urbanization rate for permanent residents is projected to reach 67% by 2024, while the registered population urbanization rate is below 50%, indicating ongoing housing demand [11][12] - A new model for real estate development is being proposed, focusing on controlling supply, revitalizing existing stock, and encouraging the transformation of real estate companies. This includes reforms in development, financing, and sales systems to facilitate a smooth transition from old to new models [12][4] - The report highlights that the real estate sector serves as an early economic indicator, suggesting that investing in real estate stocks is akin to investing in economic trends. The focus remains on first-tier and select second-tier cities, which are expected to perform better in terms of sales [4][12] Summary by Sections Central Economic Work Conference Insights - The central government outlines the need for high-quality development in real estate, addressing both rigid and improvement demands. The report notes that many urban residents are still unsatisfied with their housing conditions, indicating a strong potential for improvement demand [11][12] Market Review - The report notes that the Shenwan Real Estate Index decreased by 0.4% this week, underperforming the CSI 300 Index by 0.13 percentage points, ranking 24th among 31 Shenwan primary industries. A total of 71 stocks rose, while 40 fell [13][4] New and Second-Hand Housing Transactions - In the latest week, 30 cities recorded new housing transaction areas of 208.7 million square meters, a 19.9% increase month-on-month but a 42.7% decrease year-on-year. First-tier cities accounted for 54.1 million square meters, with a month-on-month increase of 14.3% and a year-on-year decrease of 36.9% [24][26] - For second-hand housing, 14 sample cities saw a total transaction area of 200.4 million square meters, a 2.0% increase month-on-month but a 24.8% decrease year-on-year [30] Investment Recommendations - The report suggests focusing on real estate-related stocks due to the anticipated policy support and the improving competitive landscape. Key stocks to watch include major developers and companies involved in property management and brokerage services [4][12]

Core Viewpoint - The article discusses the sale of the Ritz-Carlton hotel in Sanya by China Jinmao, highlighting a strategic shift towards asset securitization and a light asset strategy in the hospitality sector [5][6][8]. Group 1: Sale of Ritz-Carlton Hotel - China Jinmao announced the intention to sell its 100% stake in Jinmao (Sanya) Tourism Co., Ltd., which owns the Ritz-Carlton hotel, with a base price of 2.265 billion yuan [6]. - The hotel generated approximately 236 million yuan in revenue and 37.78 million yuan in net profit as of August 31, 2025, leading to a static P/E ratio of about 60 times based on the sale price [8]. - This sale is part of a broader trend where developers are moving away from owning luxury assets to focusing on cash-generating projects or light asset operations [8][17]. Group 2: Background of China Jinmao - China Jinmao's main business includes property development, commercial leasing, retail operations, and hotel management, reporting a revenue of 25.113 billion yuan in the first half of 2025, a 14.28% increase year-on-year [15]. - The hotel segment accounted for only 3% of total revenue, with a 12% decline in hotel operating income compared to the previous year [15]. - The company aims to optimize its balance sheet and reduce liabilities through asset securitization rather than merely addressing cash flow pressures [17]. Group 3: Market Trends in Hotel Asset Sales - The hotel industry is experiencing active asset transactions due to various factors, including the financial pressures faced by real estate companies and the operational challenges of high-end hotels [20]. - Recent sales include the Hilton hotel in Sanya, sold for 1.849 billion yuan, and other high-end hotels, indicating a trend of divesting non-core assets [17][20]. - The article notes that the market is witnessing a shift where capital is increasingly being allocated to high-quality hotel assets, reflecting a broader reconfiguration of asset ownership in the hospitality sector [20][23].

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） （股票代號：00817） 公告 持續關連交易 續訂資金池合作安排 茲提述本公司日期為2021年10月28日及2023年3月17日的有關原資金池合作安 排的公告，本公司在此項安排下參與由中化香港（集團）、銀行及其他方根據資 金池協議設立的資金池。作為原資金池合作安排的一部分，本公司與中化香港 （集團）訂立原合作協議及兩份補充協議，據此，中化香港（集團）為本公司存放 在資金池中存款的安全提供額外保障。原資金池合作安排的期限將於2025年12 月31日屆滿。 董事會宣佈，於2025年12月19日，本公司、中化香港（集團）及中化香港資本訂 立新資金池合作協議，據此，本公司將繼續在資金池存放存款，並由中化香港 （集團）及中化香港資本為該等存款安全提供額外保障。 上市規則的涵義 中化香港 ...

每经AI快讯，内房股普涨。截至发稿，保利置业集团(00119.HK)涨6.49%，报1.97港元；中国金茂 (00817.HK)涨3.31%，报1.25港元；新城发展(01030.HK)涨2.44%，报2.1港元；中国奥园(03883.HK)涨 2.38%，报0.086港元。 ...

内房股今日普涨，截至发稿，保利置业集团（00119）上涨9.19%，报2.02港元；中国金茂（00817）上 涨3.31%，报1.25港元；新城发展（01030）上涨2.93%，报2.11港元；中国奥园（03883）上涨1.19%， 报0.085港元。 来源：新浪港股 ...

内房股今日普涨，截至发稿，保利置业集团(00119)涨6.49%，报1.97港元；中国金茂(00817)涨3.31%， 报1.25港元；新城发展(01030)涨2.44%，报2.1港元；中国奥园(03883)涨2.38%，报0.086港元。 财通证券（601108）发布研报称，短期看，基本面进一步下行带来的政策宽松预期有望推动板块估值修 复，长期需关注房企在新模式下的发展机遇。建议短期关注政策宽松带来的估值修复机会，中长期聚焦 具备核心城市资源和不动产运营能力的龙头企业。 ...