Group 1 - Wanda Commercial Management seeks to extend the maturity of a $400 million bond from February 2026 to February 2028, maintaining the original interest rate of 11% and payment arrangements, while also lowering the minimum total share capital requirement in Hong Kong [1] - The bondholders' meeting is scheduled for January 5, 2026, and Wanda is preparing funds for the repayment of another $700 million bond due in early 2026, indicating a structured approach to debt management [1] Group 2 - Shenzhen's land auction resulted in the sale of two residential plots for a total of 3.952 billion yuan, with the Nanshan plot sold for 3.186 billion yuan at a floor price of 77,400 yuan per square meter, reflecting a 42.49% premium [2] - The auction results show a clear differentiation in market demand, with high premiums for core assets while non-core areas exhibit cautious bidding behavior [2] Group 3 - China Communications Construction Company reported a loss of 1.8191 billion yuan during the transitional period of asset transfer to its controlling shareholder, which will bear the loss as per the agreement [3] - This arrangement highlights the resource synergy advantages of state-owned enterprises, alleviating financial pressure on the listed company and ensuring smooth asset restructuring [3] Group 4 - Greenland Holdings disclosed an increase of 1,595 lawsuits involving a total of 6.163 billion yuan, with the majority being construction and real estate disputes [4] - The surge in litigation reflects the operational pressures faced by the company amid industry adjustments, potentially impacting cash flow and operational efficiency [4] Group 5 - Lujiazui Group announced the cancellation of its supervisory board, revising its articles of association in compliance with the new Company Law of the People's Republic of China [5] - This change is aimed at optimizing governance structure and enhancing efficiency, aligning with the reform trends in A-share companies by shifting supervisory functions to the board's audit committee [5]

12月8日，龙湖摘得深圳市光明区A627-0268宗地，进一步拓展在粤港澳大湾区版图。 南方+记者 周中雨 该地块位于光明核心区域公明中心区，距离6号线红花山站约300米，距离13号线新庄站约900米。其所属板块整体居住氛围较好，地块周边教育资源丰富， 涵盖公明中学、公明中英文学校、光明高级中学、光明区第二中学、深圳理工大学明珠校区等各级学校。地块周边还有红花山体育中心、光明区少年儿童图 书馆、公明广场、红花山公园、楼村湿地公园等众多市政休闲配套。大仟里购物中心、光明人民医院西院区等商业、医疗配套亦离地块较近。 据了解，自2014年正式进入粤港澳大湾区以来，龙湖在大湾区已经成功开发包括深圳御湖境、广州天奕、佛山江与城、珠海天澜等36个项目。 据悉，龙湖此次摘得的地块总用地面积20523.78㎡，建筑面积63623㎡，容积率3.1。 ...

Core Insights - The Shenzhen land auction on December 8 resulted in two residential plots being sold, with the Deep Bay plot attracting significant attention due to its strategic location and high bidding activity [1][3] - China Overseas Land & Investment won the Deep Bay plot for 3.186 billion yuan, translating to a floor price of approximately 77,400 yuan per square meter, with a premium rate of 42.49% [1] - Longfor Group acquired the Guangming District plot at a base price of 766 million yuan, with a floor price of about 12,000 yuan per square meter, indicating a lower cost compared to other recent transactions in the area [1][3] Summary by Category Deep Bay Plot - The Deep Bay plot covers an area of 11,833.61 square meters and was previously designated for commercial use before being converted to residential use in April [1][3] - The plot's starting price was set at 2.236 billion yuan, and it attracted six major developers, including China Overseas and China Resources Land, due to its prime location [1][3] - The area has limited residential resources, with only a few remaining units available in the nearby China Overseas Deep Bay project, priced at approximately 133,000 yuan per square meter [3] Guangming District Plot - The Guangming District plot spans 20,523.78 square meters with a planned construction area of 63,623 square meters, including residential, commercial, and educational facilities [3] - The project must commence within one year and be completed within four years, with requirements for community amenities and noise pollution control [3] - The surrounding second-hand housing market shows an average listing price of about 41,000 yuan per square meter, while new developments are priced around 37,000 yuan per square meter [3] Market Analysis - The high premium for the Deep Bay plot reflects the confidence of leading real estate companies in acquiring core assets in major cities [3] - The price difference for the Guangming plot compared to a similar plot sold in June, which had a floor price of 18,380 yuan per square meter, highlights Longfor Group's cost advantage in this acquisition [3]

Group 1 - Shenzhen has launched multiple residential land plots as the year comes to a close, with significant transactions including China Overseas Land & Investment winning a plot for 3.186 billion yuan and Longfor Group acquiring another for 766 million yuan, totaling 3.952 billion yuan in revenue from these two plots [1][3] - The land plot T207-0068, won by China Overseas, has a floor price of approximately 77,360 yuan per square meter, with a premium rate of 42.49%. The bidding process involved six rounds of free pricing and 95 rounds of offline bidding [3] - The high premium for the T207-0068 plot indicates strong confidence from leading real estate companies in core urban assets, reflecting the resilience of the luxury housing market even during market adjustments [3][4] Group 2 - The newly released residential land in Shenzhen is primarily located in core areas with lower plot ratios, which allows for the development of higher-end products and potentially higher premiums for real estate companies [4] - The land auction market in Shenzhen is expected to exhibit characteristics of high heat in core areas, emerging differentiation, flexible policies, and controllable risks by 2025, despite facing inventory and funding pressures [4] - Recent trends show that land acquisition by the top 100 real estate companies reached 847.8 billion yuan in the first 11 months of the year, marking a 14.1% year-on-year increase, with state-owned enterprises dominating the market [6]

正值年末，深圳 推出多宗住宅用地。 12 月 8 日，位于深圳湾超级总部基地的 T207-0068 宗地 （ 简称 " 深超总宅地 " ） 成功出让，中海地产以总价 31.86 亿元竞得该地块。 同日 ，龙湖 集团 以 7.66 亿 元竞得光明区马田街道 A627-0268 宗地，两宗地块共收金 39.52 亿元。 土拍热度延续 近段时间以来，多个城市的土拍热度延续。就在12月8日，广州南沙区横沥岛尖三宗相邻地块集中出让，最终均由广州南投房地产开发有限公司以底价竞得，总成 交金额22.838亿元。 中指研究院的数据显示，今年前11个月TOP100企业拿地总额8478亿元，同比增长14.1%。拿地企业仍以央国企为主，拿地金额前十企业中有8家为央国企。而在11 月，民营房企拿地较为活跃，部分企业联合国企拿地，部分企业聚焦优势区域独立拿地深耕。 中指研究院高级分析师孟新增认为，多城供地延续"缩量提质"态势，土拍热度仅限重点城市优质地块，分化延续。市场展望政策层面，短期房地产政策预计将继续 聚焦推动市场止跌回稳，如清理住房消费不合理限制性措施、降低购房成本、加力实施城中村改造等，促进需求释放。中长期则将按照"十五五" ...

人民财讯12月8日电，12月8日，深圳有2宗宅地出让，总成交金额39.52亿元。其中，南山区深圳湾超级 总部基地地块经过95轮线下竞价，最终由中海以31.86亿元竞得，成交综合楼面价77360元/㎡，溢价率 42.49%；光明区马田街道由龙湖以7.66亿元底价竞得，成交综合楼面价12040元/㎡。 ...

12月8日，龙湖集团以76600万元底价摘得深圳光明区马田街道A627-0268地块，楼面价约12039元/㎡。 该地块土地面积20523.78㎡，建筑面积63623㎡，容积率3.1。其中，住宅56423㎡、商业1400㎡、9班幼 儿园3800㎡，以及托育机构600㎡、长者服务站750㎡、社区菜市场500㎡。地块位于光明区马田街道兴 发路与振明路交汇处东侧，周边有地铁6号线红花山站、光明体育馆和少年儿童图书馆。 ...

地块周边还有红花山体育中心、光明区少年儿童图书馆、公明广场、红花山公园、楼村湿地公园等众多 市政休闲配套。大仟里购物中心、光明人民医院西院区等商业区、医疗配套亦离地块较近。 据了解，自2014年正式进入粤港澳大湾区以来，龙湖在大湾区已经开发包括深圳御湖境、广州天奕、佛 山江与城、珠海天澜等36个项目。 龙湖方面表示，深圳作为粤港澳大湾区重要城市，拥有深厚的发展潜力。龙湖始终聚焦深耕一、二线高 能级城市，将以更好的产品和更优质的服务，满足人民群众对美好居住生活的新期待。 采写：南都·湾财社记者王艳玲 龙湖持续深耕深圳市场，进一步拓展在大湾区的开发版图。 12月8日，龙湖以7.66亿元摘得深圳市光明区A627-0268宗地。该宗地块总用地面积为20523.78㎡，建筑 面积为63623㎡，容积率为3.1。 根据规划，未来需配置600㎡的社区儿童游戏场地和800㎡的社区体育活动场地，并配建不少于1030㎡的 24小时公共开放空间。 地块位于光明核心区域公明中心区，距离6号线红花山站约300米，距离13号线新庄站约900米。其所属 板块整体居住氛围较好，地块周边教育资源丰富，涵盖公明中学、公明中英文学校、光明高级中学 ...

12月8日，龙湖集团以76600万元底价摘得深圳光明区马田街道A627-0268地块，楼面价约12039元/㎡。 该地块土地面积20523.78㎡，建筑面积63623㎡，容积率3.1。其中，住宅56423㎡、商业1400㎡、9班幼 儿园3800㎡，以及托育机构600㎡、长者服务站750㎡、社区菜市场500㎡。地块位于光明区马田街道兴 发路与振明路交汇处东侧，周边有地铁6号线红花山站、光明体育馆和少年儿童图书馆。 楼面价约12039元/㎡ ...

Summary of Key Points from J.P. Morgan's China Credit 2026 Outlook Industry Overview - **China Credit Market**: The report emphasizes a selective approach to investing in China credits, highlighting a spectrum of risk from high-quality TMT (Technology, Media, and Telecommunications) companies to solid SOEs (State-Owned Enterprises) and struggling property firms [1][5][10]. Core Insights Economic Outlook - **2025 Growth**: The Chinese economy is projected to grow approximately 5% year-on-year in 2025, supported by strong exports and fiscal expansion despite high U.S. tariffs [5][10]. - **2026 Forecast**: A slowdown to 4.4% growth is anticipated in 2026 due to weaker exports and consumption, with real estate investment expected to contract by 10% [5][11]. China TMT Sector - **Top Picks**: J.P. Morgan recommends Alibaba '35s/'54s and Weibo '30s as top picks due to their solid balance sheets and improving fundamentals [1][5][66]. - **Investment Cycle**: TMT companies are in a heavy investment cycle focusing on AI and new initiatives like food delivery, with Alibaba aggressively expanding its market share [29][30]. - **Competitive Landscape**: Intense competition in food delivery is noted, particularly with Alibaba's expansion impacting Meituan's profitability [30][68]. China SOE Sector - **Defensive Exposure**: China National Chemical is recommended for defensive exposure, with strong demand expected to absorb any potential spread widening from U.S. sanctions [5][66]. - **Spread Compression**: SOE credits have seen significant spread compression, with the JACI China single-A Corporate Index tightening to a 10-year low [78][79]. China Property Sector - **Cautious Sentiment**: The property market remains fragile, with Vanke's bond extension raising concerns. Longfor is the only company rated as Overweight due to its solid balance sheet and transformation to a rental model [1][5][66]. - **Market Risks**: Investor sentiment is expected to remain weak, and banks may tighten funding to private developers [5][66]. Additional Important Insights - **Technical Support**: The report notes that technical factors are supportive of China credits, with limited supply expected to continue into 2026 [5][15]. - **Valuation Trends**: China credits have experienced strong compression, with the JACI China IG Corp Index tightening significantly over the past year [15][16]. - **Funding Strategies**: TMT companies are exploring alternative funding channels, including exchangeable bonds and CNH bonds, to leverage lower costs and increased demand [44][66]. Conclusion - **Investment Strategy**: The report advocates for a selective investment strategy in China credits, focusing on high-quality TMT names and defensive SOEs while remaining cautious in the property sector due to ongoing risks and market fragility [1][5][66].