北京商报讯（记者 王寅浩 李晗）8月11日，旭辉控股披露7月未经审核经营简报。简报显示，7月旭辉控 股合同销售金额约为10.4亿元，合同销售面积约为9.13万平方米，合同销售均价约为1.28万元/平方米。 公司股东权益应占合同销售金额约为6亿元。 ...

1-7月，集团取得累计合同销售(连合营企业及联营公司的合同销售)金额约人民币112.0亿元及合同销售 面积约108.06万平方米，合同销售均价约人民币10,800元╱平方米，及公司股东权益应占合同销售金额 约人民币58.7亿元。 旭辉控股集团(00884)公布，于2025年7月，该集团取得合同销售(连合营企业及联营公司的合同销售)金 额约人民币10.4亿元及合同销售面积约9.13万平方米，合同销售均价约人民币12,800元╱平方米，及公 司股东权益应占合同销售金额约人民币6.0亿元。 ...

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 承董事會命 旭輝控股（集團）有限公司 主席 林中 香港，二零二五年八月十一日 （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、40316、40464、40519、40681、40682） 二零二五年七月的未經審核營運數據 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」）就二零二五年七月的若干未經審核營運數據如下： 上述數據未經審核，乃根據本集團初步內部資料編製，鑒於收集該等銷售資料過 程中存在各種不確定因素，該等數據與本公司按年度或半年度刊發的經審核或未 經審核綜合財務報表中披露的數字可能存在差異。因此，上述數據僅供投資者參 考。投資者買賣本公 ...

Core Insights - The real estate industry is undergoing a transformation period, leading to significant personnel adjustments as companies adapt to a new competitive landscape [1][2][3] - From January to July 2025, over 50 executive changes occurred within real estate companies, with a notable focus on the marketing sector due to its direct impact on performance and market responsiveness [1][2][3] - Companies are increasingly hiring versatile talents who possess both product design and marketing experience to enhance the synergy between product development and marketing efforts [1][7][8] Executive Changes - Major real estate firms, including Poly Developments, China Overseas Land & Investment, and China Merchants Shekou, have experienced significant executive turnover, particularly in city management roles [2][3] - China Overseas has entered a phase of frequent executive changes, with multiple city managers being reassigned in June 2025 [2][3] - In the first half of 2025, 31 out of 65 monitored real estate companies executed 47 executive changes, with a notable increase in adjustments during the second quarter [3][4] Marketing Sector Focus - The "Chief Marketing Officer" position has seen increased turnover due to performance pressures and strategic shifts, with companies like China Jinmao and China Overseas consolidating marketing functions at headquarters [5][6] - China Overseas reported a significant decline in sales and profits, with its Northern region's sales halving from 911.2 billion to 559.4 billion yuan, prompting leadership changes [5][6] - The departure of key marketing executives often correlates with underperformance, as these roles are critical for driving revenue growth [6][7] Strategic Adjustments - Companies are streamlining their organizational structures and enhancing management capabilities to adapt to the evolving market landscape [4][7] - The integration of product and marketing functions is becoming a common practice among real estate firms to meet the rising demand for quality and differentiation in products [7][8] - The shift towards a focus on product quality is essential as the new home market transitions from a demand-driven phase to one centered on improvement needs [8]

Core Viewpoint - The restructuring of real estate companies has entered a critical phase, with an increasing focus on debt reduction and debt-to-equity swaps becoming mainstream, facilitating risk clearance in the industry [1][3]. Group 1: Debt Restructuring Trends - As of August 4, 2025, 60 distressed real estate companies have disclosed progress in debt restructuring or bankruptcy reorganization, with 42 companies reporting restructuring, and 16 completing all or part of their debt restructuring [5][19]. - Among the 16 companies that completed restructuring, 8 received approval for their plans in 2025, indicating a significant acceleration in the pace of debt restructuring [5][19]. - Four companies have initiated bankruptcy reorganization, while five H-share companies have been ordered to liquidate [6][19]. Group 2: Debt-to-Equity Swaps - Debt-to-equity swaps are becoming a standard feature in restructuring plans, with cash buybacks, debt extensions, and debt-to-equity swaps being the primary methods employed [9][19]. - Most companies are targeting a debt reduction ratio of around 70%, and the time taken for plan approvals has decreased [9][19]. Group 3: Characteristics of Restructuring Plans - Each company's restructuring plan has unique features, with the core objective being debt reduction [15][19]. - Notable examples include Longguang's successful restructuring of 22 billion yuan in domestic debt within 20 days, and Sunac's full debt-to-equity swap for its offshore debt, aiming for a win-win situation [15][19]. - Jinke's bankruptcy reorganization is nearing completion, with 2.6 billion yuan in investment funds fully received [15][19]. Group 4: Industry Risk Clearance - The progress in debt restructuring reflects the ongoing negotiation and balance between real estate companies and their creditors, with the goal of achieving a stable market [16][18]. - The central government has introduced measures to stabilize the real estate market, which is expected to support companies in returning to normal operations post-restructuring [18].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The top 20 construction management companies in China signed a total of 10,983 million square meters in new contracts in the first half of 2025, representing a year-on-year increase of 28% [7] - The top five companies accounted for nearly 50% of the new signed area, indicating a high concentration in the market [8] - The focus on second-tier cities has become a consensus among rapidly growing companies, with significant proportions of new contracts being signed in these areas [12] Summary by Sections Ranking of Construction Management Companies - The top five companies by newly signed construction area are: 1. Greentown Management: 1,989 million square meters 2. Xuhui Construction Management: 876 million square meters 3. Run Di Management: 865 million square meters 4. Longfor Longzhizao: 852 million square meters 5. Blue City Group: 826.2 million square meters [1] New Expansion Growth - Five companies exceeded 800 million square meters in new signed area, with Greentown Management leading the list [7] - The distribution of new signed areas among the top 20 companies shows a symmetrical pattern, with 11 companies in the 300-800 million square meter range [8] Brand Communication and Product Development - Leading companies are enhancing their brand communication through various media channels, focusing on product quality and market presence [15] - Greentown Management has launched two product lines, emphasizing high-end living and cultural identity [15][16] - Companies like Xuhui Construction Management are investing in marketing training to enhance their market strategies [17]

Core Viewpoint - The Hong Kong real estate stocks have generally risen, with notable increases in companies such as China Jinmao and Jianfa International Group, indicating a potential recovery in the market [1] Group 1: Market Performance - Hong Kong real estate stocks saw significant gains, with China Jinmao and Jianfa International Group rising over 4%, and Yuexiu Property increasing by 2.6% [1] - Other companies like Longfor Group, CIFI Holdings, Shimao Group, and R&F Properties also experienced gains exceeding 1% [1] Group 2: Market Outlook - Huatai Securities' research report suggests that the foundation for a medium to long-term stabilization in the real estate market is being established, although full recovery will take time [1] - The report outlines potential policy directions for the second half of the year, including stabilizing housing price expectations, effectively stimulating home-buying demand, optimizing land acquisition to reduce inventory, and focusing on funding sources for urban renewal [1] Group 3: Investment Recommendations - Huatai Securities favors the recovery pace in core cities, particularly first-tier cities, and continues to recommend developers with "good credit, good cities, and good products" [1] - The report also highlights the attractiveness of leading property management companies with stable dividends and performance, as well as local Hong Kong real estate stocks benefiting from asset revaluation [1]

呈交日期: 2025年8月1日 FF301 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 截至月份: 2025年7月31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) III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 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 | | | 20,000,000,000 | HKD | | 0.1 HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 20,00 ...

Group 1 - Alliance Electronics has had 4.67953 million yuan frozen in a special account for convertible bond fundraising, accounting for 1.59% of the net amount raised, with the frozen funds representing 5.62% of the account balance [1] - Rongqiao Group has overdue debts totaling approximately 4.0151 billion yuan, with additional commercial acceptance bills amounting to 20.6362 million yuan, and ongoing litigation and arbitration cases totaling 4.377 billion yuan [1] Group 2 - CIFI Holdings Group's restructuring plan for its company bonds has not yet been approved by investors, with the voting deadline extended to July 24, and 160 million yuan in scheduled payments missed [2] - As of the end of 2024, CIFI's interest-bearing debt is expected to decrease to 86.6 billion yuan, a reduction of over 30% from its peak [2] - CIFI's offshore debt restructuring has been completed, reducing debt by approximately 5.27 billion USD, which is 66% of the total offshore debt [2] Group 3 - Shandong Ruyi Technology Group has faced multiple enforcement actions for dishonesty, with 17 cases involving amounts up to 270 million yuan and several assets frozen for up to three years [4] - Guizhou Water City Economic Development Zone has been listed as a dishonest executor due to a debt of 114,400 yuan related to a sales contract dispute [5] - Guangzhou R&F Properties has recently been added to the list of dishonest executors for violating asset reporting regulations [5] - Ningxia Shengyan Industrial's subsidiary has been newly listed as a dishonest executor with a related amount of 1.3428 million yuan [6]

Core Viewpoint - The restructuring plan proposed by CIFI Group has not received approval from investors, leading to a deadlock in negotiations [1][4]. Group 1: Restructuring Progress - As of July 22, 2025, CIFI has not reached a new repayment arrangement with bondholders and has failed to secure sufficient funds for repayment by the original due date [2][17]. - The initial restructuring plan was announced on May 23, 2025, and was further optimized on July 8, 2025, but the bondholders of "20 CIFI 01" did not approve the plan [2][14]. - Out of seven bonds involved in the restructuring, four have had their plans approved by investors, while the "20 CIFI 01" bond has not [2][15]. Group 2: Investor Meetings and Voting - The first investor meeting convened by "20 CIFI 01" bondholders was declared invalid, prompting the organization of a second meeting [6][21]. - The second investor meeting, held from July 11 to July 15, 2025, resulted in the approval of six proposals, with 70 investors present, representing 50.46% of the outstanding bond balance [11][15]. - The voting rules for "20 CIFI 01" require a "double 50%" approval, meaning both 50% attendance and 50% agreement from attendees are necessary for passage [17][20]. Group 3: Investor Reactions and Disagreements - A significant number of investors, approximately 80, declared they would not participate in CIFI's investor meetings, indicating strong opposition to the proposed restructuring [8][21]. - There is a division among investors, with some accepting the revised restructuring plan while others, led by Chen Guangchuan, continue to oppose it [17][22]. - The legal opinion issued for the second investor meeting indicated that the proposals passed would not be binding on CIFI unless confirmed in writing by the issuer [19][23]. Group 4: Implications of Non-Approval - The failure to approve the restructuring plan for "20 CIFI 01" raises questions about whether it constitutes a substantive default, with differing views between the issuer and investors [19][20]. - CIFI believes that the existence of cross-default waivers in previous agreements means that a default on one bond will not affect the restructuring of others [22][23]. - The company has taken steps to move forward with the four bonds that have received approval, although specific plans for these bonds have not yet been clarified [23].