Core Viewpoint - CIFI Holdings (00884.HK) reported significant contract sales figures for November 2025, indicating a stable performance in the real estate market [1] Group 1: November 2025 Performance - The company recorded contract sales amounting to approximately RMB 930 million and a sales area of about 82,700 square meters [1] - The average contract sales price was approximately RMB 11,500 per square meter [1] - The equity attributable to shareholders from contract sales was approximately RMB 560 million [1] Group 2: Cumulative Performance from January to November 2025 - The total contract sales for the period reached approximately RMB 15.1 billion, with a total sales area of about 1,443,700 square meters [1] - The average contract sales price for this period was approximately RMB 10,900 per square meter [1] - The equity attributable to shareholders from cumulative contract sales was approximately RMB 7.8 billion [1]

（於開曼群島註冊成立的有限公司） （股份代號：00884） （債務股份代號：05261、40464、40519、40681、40682） 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 或任何部分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。 CIFI Holdings (Group) Co. Ltd. 旭 輝 控 股（ 集 團 ）有 限 公 司 主席 林中 旭輝控股（ 集團 ）有限公司（「本公司」）董事會（「董事會」）公佈本公司及其附屬公司 （「本集團」）就二零二五年十一月的若干未經審核營運數據如下： 香港，二零二五年十二月九日 於 本 公 告 日 期 ， 董 事 會 成 員 包 括 執 行 董 事 林 中 先 生 、 林 偉 先 生 、 汝 海 林 先 生 、 楊 欣 先 生 及 葛 明 先 生 ； 以 及 獨 立 非 執 行 董 事 張 永 岳 先 生 、 陳 偉 成 先 生 及 林 采 宜 女士。 二零二五年十一月的未經審核營運數據 ...

Group 1 - The real estate sector in China is facing significant challenges, with major companies like China Overseas Grand Oceans Group and China Jinmao experiencing declines of 8.93% and 8.76% respectively [1] - Morgan Stanley indicates that the real estate sector remains a primary risk point, with ongoing declines in sales and investment, and the market has not achieved a "stop falling and stabilize" condition [1][2] - Vanke's application for domestic bond extension has severely impacted market sentiment, raising concerns about the tightening financing environment for private developers [1][2] Group 2 - Analysts are optimistic about Longfor Group, which is transitioning to a rental model and possesses a significant amount of unencumbered investment properties [1] - The recommendation for investors is to adopt a selective strategy in the Chinese credit market, favoring TMT companies with strong fundamentals and balance sheets, such as Alibaba and Weibo [1] - Despite narrowing spreads for state-owned enterprises, there is strong technical support for defensive stocks like China National Chemical Corporation [1]

Group 1 - The Hong Kong real estate stocks have seen a significant decline, with China Jinmao dropping nearly 9% and China Overseas Grand Oceans Group falling 8% [1] - Other notable declines include Zhongliang Holdings down over 5%, Greentown China down 4.77%, and several other companies like Longfor Group and Yuyuan Property down over 3% [1] - Morgan Stanley suggests a selective investment strategy, highlighting a clear risk differentiation in the Chinese credit market, with the TMT sector showing good quality while the real estate sector remains under severe pressure [1] Group 2 - The real estate market is not expected to stabilize until 2025, with ongoing declines in sales and investment [1] - Vanke's attempt to extend domestic bond maturities has led to significant drops in both offshore and onshore bond prices, raising concerns about the financing environment for private developers [1] - The effects of policy easing have been limited, and there remains substantial inventory pressure in the market [1]

核心内容 合约销售 30家重点上市房企有7家单月销售环比增长 1、合约销售：30家重点上市房企有7家单月销售环比增长 2、企业拿地：头部央国企核心城市补仓，整体投资保持谨慎 3、企业融资：单月总量环比回升，成本持续走低 4、组织动态：龙湖华发等多家房企精简层级，提升效能 ◎ 文 / CRIC研究中心 0 1 | 企业简称 | 2025年11月 | 車月环比 | 2025年1-11月 | | | --- | --- | --- | --- | --- | | | 車月金额 | | 累计金额 | 月均销售金额 | | 保利发展 | 179.5 | -15. 0% | 2408. 0 | 218.9 | | 中海地产 | 221. 4 | 18. 6% | 2113.0 | 192. 1 | | 未润量瓶 | 230. 0 | 51. 3% | 1926. 0 | 175. 1 | | 招商蛇口 | 144.5 | -6. 0% | 1705. 2 | 155.0 | | 绿城中国 | 125.0 | 0. 0% | 1329.0 | 120. 8 | | 万科地产 | 94.2 | -34. 4% | 1240. ...

现市场评估价41.91亿元。 12月3日，东莞市自然资源局发布《东莞市人民政府拟收回收购国有建设用地公示》，拟动用地方政府 专项债券资金，以39.81亿元总价收回保利、招商、旭辉联合体2021年竞得的黄江镇北岸社区、宝山社 区2021WR011地块，较当年1.89万元/平方米成交楼面价折价81%。该地块原计划投资76.9亿元，打造40 万平方米城市综合体，现市场评估价41.91亿元。 ...

Group 1: Domestic Market Developments - The People's Bank of China (PBOC) reported a net investment of 50 billion yuan in government bonds in November, with additional liquidity tools contributing to a total net injection of 1.904 billion yuan [2] - The issuance of local government bonds in China has surpassed 1 trillion yuan for the first time in history, indicating a significant increase in local government debt [3] - The sentiment in the bond market remains weak, with the yields on major government bonds rising, reflecting a lack of confidence among investors [10] Group 2: Corporate Bond Activity - Vanke's multiple bonds experienced significant declines, with some dropping over 81%, indicating distress in the corporate bond market [13] - Kaisa Group initiated a consent solicitation for six of its US dollar notes, seeking to convert interest payments into equity, highlighting the challenges faced by real estate companies [14] - CIFI Group announced the suspension of trading for seven of its corporate bonds starting December 3, as part of its debt restructuring efforts [14] Group 3: International Market Insights - The Eurozone's November CPI rose to 2.2%, reinforcing expectations that the European Central Bank will not lower interest rates in the near term [4] - The OECD predicts that the interest rate cuts by major global central banks will end by the end of 2026, with limited room for further easing [5] - The US Treasury yields showed a slight decline, with the 2-year yield down to 3.51%, indicating a cautious market outlook [19]

Core Viewpoint - CIFI Group announced the suspension of seven corporate bonds starting December 3, due to the approval of a debt restructuring plan by bondholders [1] Group 1: Bond Suspension - The suspended bonds include HPR CIFI 1, H20 CIFI 2, H20 CIFI 3, H21 CIFI 1, H21 CIFI 2, H21 CIFI 3, and H22 CIFI 1 [1] - The suspension is a result of the bondholders' meeting where the restructuring proposal was approved [1] Group 2: Debt Restructuring Plan - The company plans to initiate a bond buyback within three months following the approval of the restructuring plan [1] - CIFI Group commits to completing the payment of buyback funds within one month after the announcement of the buyback results [1] Group 3: Financial Stability and Market Confidence - This move is a critical step for CIFI Group in mitigating domestic debt risks [1] - The restructuring aims to balance the demands of different creditors, creating stable conditions for the company's "second entrepreneurship" and transition to a light asset model [1] - The successful execution of fund payments and the advancement of restructuring options will directly impact the recovery of the company's balance sheet and the rebuilding of market confidence [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 旭輝控股(集團)有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00884 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.1 HKD | | 5,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.1 HKD | | 5,000,000,0 ...

Key Points - As of November 27, 44 stocks reached their 52-week highs, with Anling International (01410), China Northern Agricultural (00039), and MOS HOUSE (01653) leading the increase rates at 46.07%, 28.68%, and 22.74% respectively [1] - The closing prices and peak prices for the top three stocks are as follows: Anling International closed at 0.570 with a peak of 0.650, China Northern Agricultural closed at 0.095 with a peak of 0.166, and MOS HOUSE closed at 4.520 with a peak of 5.020 [1] - Other notable stocks that reached new highs include Junyu Foundation (01757) with an increase rate of 18.09% and Jiufu Lai (08611) with 15.08% [1] 52-Week Low Summary - The 52-week low list includes Contemporary Real Estate (01107) with a closing price of 0.019 and a low of 0.018, representing a decrease of 14.29% [2] - Other stocks that reached new lows include Zhihua Holdings (01707) at 0.031 with a decrease of 8.82% and Vanke Enterprises (02202) at 3.580 with a decrease of 8.51% [2] - The lowest prices for some other stocks are as follows: Shimao Group (00813) at 0.234 with a low of 0.233, and Baolong Real Estate (01238) at 0.232 with a low of 0.230 [2]