Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][5]. Core Insights - The report highlights that the broad housing demand in China has bottomed out, but the price and volume have not entered a positive cycle as expected. The real estate industry faces challenges from weakened household balance sheets and policy constraints requiring high-quality development without overall leverage [4][5][6]. - The "Good House" policy is seen as a potential breakthrough strategy that could lead to a fivefold positive resonance in core cities, gradually achieving a recovery driven by structural improvements [4][5][6]. Summary by Sections 1. Industry Status: Challenges in Real Estate Fundamentals and Policy Constraints - Broad housing demand is estimated to have bottomed out, with total transactions stabilizing around 1.4 billion square meters [15][22]. - New home sales have decreased from 1.57 billion square meters in 2021 to an estimated 0.81 billion square meters in 2024, a cumulative decline of 48%, while second-hand home sales have increased by 64% during the same period [15][22]. - The key issue in the real estate sector is not demand but purchasing power, with a trend of consumption downgrade evident in the market [22][31]. 2. Breakthrough Strategy: "Good House" Policy Leading to Fivefold Positive Resonance - The "Good House" policy aims to create new products and markets, enhancing the price system under conditions of supply scarcity and relatively abundant demand [4][6]. - The report identifies five positive resonances: policy strength of "Good House," urban renewal, housing consumption upgrade, wealth reallocation under capital controls, and stock market strength [4][6]. - Potential benefits include expected further reductions in mortgage rates and loosening of purchase restrictions, which could drive improvements in core cities [4][6]. 3. Core Cities: Hong Kong Has Reversed, Shanghai and Other Core Cities Nearing Bottom - Hong Kong's real estate market has experienced a turnaround due to four positive factors, including talent policies and stock market gains [4][6]. - Other core cities like Shanghai, Beijing, and Shenzhen are also showing signs of improvement, with Shanghai expected to be the next city to see a bottoming out [4][6]. 4. Investment Analysis Opinion: "Good House" as a Breakthrough Strategy - The report emphasizes that the "Good House" policy could lead to a structural recovery in the real estate market, benefiting quality real estate companies positioned in core cities [4][5][6]. - Recommended companies include those with strong product capabilities and undervalued recovery potential, as well as second-hand housing intermediaries and property management firms [4][5].

Core Viewpoint - China Jinmao Holdings Group Co., Ltd. reported its unaudited sales data for August 2025, indicating a strong performance in contract sales and total sales volume for the year to date [1] Group 1: August Sales Performance - In August 2025, China Jinmao achieved a contracted sales amount of RMB 9.077 billion, with a contracted sales area of approximately 410,700 square meters [1] Group 2: Year-to-Date Sales Performance - From January to August 2025, the total contracted sales amount reached RMB 70.884 billion, including various projects such as Changsha Meixi Lake International New City and Nanjing Qinglongshan International Ecological New City [1] - The cumulative contracted sales area for the same period was approximately 3.1811 million square meters [1]

2025年1—8月，中国金茂累计取得签约销售金额共计人民币708.84亿元，其中包含长沙梅溪湖国际新城 项目、南京青龙山国际生态新城项目、宁波生命科学城项目、嘉兴上海之窗智慧科学城项目、郑州二七 区马寨新城项目、温州鳌江国际新城项目、金华金茂未来科学城项目及上海横沔城市运营项目的成交销 售金额，累计签约销售建筑面积318.11万平方米。 于2025年8月31日，集团已录得已认购（未签约）物业销售金额共计人民币7.76亿元。 央广网北京9月10日消息（记者门庭婷）9月9日，中国金茂发布2025年8月未经审核销售数据。 2025年8月，中国金茂及其附属公司取得签约销售金额人民币90.77亿元，签约销售建筑面积41.07万平方 米。 ...

【1】深圳首次面向轮候册以外符合条件家庭配售安居型商品房 9月9日，深圳市住房和建设局和南山区政府分别发布帆湾海寓(大鹏新区)和山樾湾花园(南山区)安居型 商品房剩余房源配售通告，首次面向轮候册以外符合条件家庭配售，以扩大保障范围并回应住房需求。 配售规则规定，在面向在册轮候家庭进行两次公开配售后，如有剩余房源，将另行面向更广泛符合条件 家庭配售。此前项目配售中均有部分房源剩余。 【2】中国金茂8月销售额90.77亿元 9月9日，中国金茂披露8月销售简报。简报显示，8月中国金茂及其附属公司签约销售金额为90.77亿 元，签约销售建筑面积约41.07万平方米。 【3】龙湖集团8月合同销售额33.9亿元 9月9日，龙湖集团披露8月未经审核经营简报。简报显示，8月龙湖集团连同其附属公司总合同销售金额 33.9亿元，合同销售面积31万平方米。 【4】旭辉控股8月合同销售额9.6亿元 9月9日，旭辉控股披露8月未经审核经营简报。简报显示，8月旭辉控股合同销售金额约为9.6亿元，合 同销售面积约为7.84万平方米，合同销售均价约为1.21万元/平方米。公司股东权益应占合同销售金额约 为4.8亿元。 【5】雅居乐8月预售金 ...

9月9日，中国金茂披露8月销售简报。简报显示，8月中国金茂及其附属公司签约销售金额为90.77亿 元，签约销售建筑面积约41.07万平方米。 【3】龙湖集团8月合同销售额33.9亿元 【1】深圳首次面向轮候册以外符合条件家庭配售安居型商品房 9月9日，深圳市住房和建设局和南山区政府分别发布帆湾海寓（大鹏新区）和山樾湾花园（南山区）安 居型商品房剩余房源配售通告，首次面向轮候册以外符合条件家庭配售，以扩大保障范围并回应住房需 求。 配售规则规定，在面向在册轮候家庭进行两次公开配售后，如有剩余房源，将另行面向更广泛符合条件 家庭配售。此前项目配售中均有部分房源剩余。 【2】中国金茂8月销售额90.77亿元 9月9日，旭辉控股披露8月未经审核经营简报。简报显示，8月旭辉控股合同销售金额约为9.6亿元，合 同销售面积约为7.84万平方米，合同销售均价约为1.21万元/平方米。公司股东权益应占合同销售金额约 为4.8亿元。 【5】雅居乐8月预售金额合计5.8亿元 9月9日，雅居乐披露8月未经审核的经营简报。简报显示，8月雅居乐及其附属公司连同集团合营公司及 联营公司以及由集团管理并以"雅居乐"品牌销售的房地产项目预售金 ...

人民财讯9月9日电，中国金茂9月9日在港交所公告，2025年8月份，取得签约销售金额90.77亿元；截至 8月31日止8个月，累计取得签约销售金额共计708.84亿元。 ...

（文章来源：北京商报） 北京商报讯（记者王寅浩李晗）9月9日，中国金茂披露8月销售简报。简报显示，8月中国金茂及其附属 公司签约销售金额为90.77亿元，签约销售建筑面积约41.07万平方米。 ...

格隆汇9月9日丨中国金茂(00817.HK)公告，2025年8月份，公司及其附属公司("集团")取得签约销售金额 人民币90.77亿元，签约销售建筑面积410,651.92平方米。 此外，于2025年8月31日，集团已录得已认购(未签约)物业销售金额共计人民币7.76亿元。 截至2025年8月31日止8个月，集团累计取得签约销售金额共计人民币708.84亿元(其中包含(如有)长沙梅 溪湖国际新城项目、南京青龙山国际生态新城项目、宁波生命科学城项目、嘉兴上海窗智慧科学城项 目、郑州二七区马寨新城项目、温州鳌江国际新城项目、金华金茂未来科学城项目及上海横沔城市运营 项目的成交销售金额)，以及累计签约销售建筑面积3,181,144.06平方米。 ...

中国金茂(00817)发布公告，2025年8月份，集团取得签约销售金额人民币90.77亿元，签约销售建筑面积 41.07万平方米。截至2025年8月31日止8个月，集团累计取得签约销售金额共计人民币708.84亿元，同比 增加25.69%;(其中包含(如有)长沙梅溪湖国际新城项目、南京青龙山国际生态新城项目、宁波生命科学 城项目、嘉兴上海之窗智慧科学城项目、郑州二七区马寨新城项目、温州鰲江国际新城项目、金华金茂 未来科学城项目及上海横沔城市运营项目的成交销售金额)，以及累计签约销售建筑面积318.14万平方 米。 此外，于2025年8月31日，集团已取得已认购(未签约)物业销售金额共计人民币7.76亿元。 ...

Group 1 - The core point of the article is that China Jinmao (00817) reported a significant increase in contracted sales for the first eight months of 2025, with a total of RMB 708.84 billion, representing a year-on-year growth of 25.69% [1] - In August 2025, the group achieved a contracted sales amount of RMB 90.77 billion, with a total contracted sales area of 410,700 square meters [1] - As of August 31, 2025, the group has also recorded a total of RMB 7.76 billion in subscribed (but not yet signed) property sales [1] Group 2 - The cumulative contracted sales area for the group reached 3,181,400 square meters by the end of August 2025 [1] - The reported sales figures include contributions from various projects such as Changsha Meixi Lake International New City, Nanjing Qinglongshan International Ecological New City, and others [1]