Core Viewpoint - The article discusses the innovative design of the fourth-generation residential properties, focusing on balancing openness and privacy in living spaces, particularly addressing the issue of visual interference between neighbors [5][21]. Group 1: Design Innovations - The fourth-generation residential properties have gained market attention due to advantages such as high usable area and innovative sky gardens, but they also face challenges related to privacy due to visual interference from neighbors [5]. - The Chongqing Haicheng Yunhu Jun project employs a unique vertical space planning strategy to resolve the issue of visual interference between floors by offsetting the terraces of odd and even floors and incorporating solid walls above the terraces [7][20]. - The Chongqing Longfor Yuhujing project introduces a "floating courtyard system" that optimizes traditional end-hall layouts, ensuring privacy while maintaining natural light through strategic design [14][17]. Group 2: Privacy Solutions - The design of the Chongqing Haicheng Yunhu Jun includes a central placement of odd-numbered floor terraces, which are shielded from neighbors by the master bedroom, while even-numbered terraces are surrounded by garden vegetation, providing a natural visual barrier [10]. - The Longfor Yuhujing project features a layout that allows for two-sided lighting while avoiding visual interference, with solid walls strategically placed to create visual blind spots for upper neighbors [17]. - The innovative practices of both projects demonstrate that privacy issues in fourth-generation residential designs can be effectively addressed through optimized layouts, appealing to customers with high privacy requirements [20][21].

Core Viewpoint - The "High-Quality Housing Construction and Innovative Operation and Maintenance Service Exchange Conference" held in Changsha emphasizes the importance of high-quality housing as a key aspect of improving living standards and encourages industry collaboration to enhance housing quality [3][8]. Group 1: Event Overview - The conference took place from August 19 to 21, 2025, organized by the China Real Estate Association and the Hunan Provincial Real Estate Association, with Longfor Group Changsha Company as the host [1]. - The event attracted over a hundred industry elites from various companies, including Longfor, Yuexiu, Hunan Construction Investment, and China Railway Construction, to discuss the future of "good housing" construction and operation [3]. Group 2: Key Projects Highlighted - Longfor's projects, Changsha Longfor·Guancui and Longfor·Yunhe Song, were selected as benchmark models for the industry, praised for their advanced planning, excellent products, and quality presentation [3]. - The Changsha Longfor·Guancui project features a "walking-style sky street POD living space," integrating commercial areas, urban parks, and refined living, with unit sizes ranging from approximately 106 to 175 square meters [6]. - The Longfor·Yunhe Song project, part of the seventh "Yunhe Song" series, showcases an aesthetic facade with glass curtain walls and metal aluminum panels, offering units sized between approximately 143 to 193 square meters [9]. Group 3: Industry Impact - The successful hosting of this exchange event highlights Changsha's achievements in the high-quality housing sector and sets a new standard for housing quality improvement in the Hunan region through the demonstration effect of Longfor's benchmark projects [8].

Core Viewpoint - Longfor has maintained a stable market presence through strong product competitiveness and high customer satisfaction in property services, which has led to a solid reputation in the real estate sector [1][10]. Land Acquisition - Longfor's recent land acquisition in Chengdu is noteworthy due to the reasonable floor price of 14,200 RMB per square meter, especially in the context of rising land prices in the main urban area [1][4]. - The acquired land spans approximately 15 acres and is located within the core area of Jinjiang District, which is characterized by significant transportation and resource advantages [3][6]. Market Positioning - The land's price is competitive compared to other recent acquisitions in the area, where average floor prices are around 20,000 RMB per square meter, indicating a potential for value extraction [5][6]. - Longfor's strategy focuses on maintaining project value and product quality, which is expected to result in a more favorable pricing strategy for future developments [6][10]. Financial Performance - Longfor's commercial operations in Chengdu have shown robust growth, with total commercial revenue exceeding 5.23 billion RMB in the first half of 2025, marking a 21.5% year-on-year increase [8]. - The company has successfully transitioned to a more stable operational model, reducing debt levels and enhancing cash flow, which supports its ongoing projects and future land acquisitions [9][10]. Strategic Outlook - The recent land acquisition reflects Longfor's preference for projects that balance current and future value, emphasizing the importance of cash flow generation and operational safety in its business strategy [10].

今日（8月22日），位于成都市锦江区狮子山街道的一宗宅地成功出让，面积约14.8亩，最终由龙湖以14200元/㎡的楼面价竞得，这是龙湖今年来首次在 成都公开拍卖拿地。 教育资源尤为密集，汇聚了四川师大附中外国语学校、成都锦江实验学校、大观小学、四川师大附中（高中部）、四川师大附属实验学校（小学部）、树 德中学（外国语校区）、锦江外国语小学、锦江区综合高级中学、成都大学附属中学及沙河堡小学等多所学校。 商业配套方面，地块周边3公里范围内涵盖凯德广场（魅力城店）、华宇广场、华熙LIVE·528、卓锦曼购中心、光环购物公园以及在建的成华和悦广场， 商圈成熟度高。 据克而瑞四川统计，2024年至今，成都东客站板块共出让4宗涉宅用地，成交楼面价介于19800-20700元/㎡；其中3宗地块已开发为绿城润百合、万景公园 道1號等项目，主要定位高端改善客群。 封面新闻记者 黄益辉 图据克而瑞四川 虽然近几年龙湖在成都土拍场的"出勤率"不高，但其在新房市场的"红盘率"却很高。 此前的御湖境、滨江云河颂、观萃、西宸御湖境，都是所在区域现象级畅销的楼盘。今年8月首次开盘的龙湖·泊萃，1小时热销超2.5亿。今年，龙湖的产 品在全国 ...

8月22日，龙湖底价摘得成都锦江区狮子山街道花果村7组地块，地块编号JJ06(070102):2025-034，楼面 价14200元/㎡，折合总价3.51亿元。该地块总用地面积9886.88㎡（合14.8303亩），规划建筑面积 24717.2㎡，容积率2.5。地块位于东中环内侧，北侧距离7号线大观站直线距离约400米，地块旁还有规 划中的地铁20号线，交通便捷，周边商圈繁荣，西侧攀成钢商圈，北侧东站商圈，南侧川师商圈。 龙湖2025年首次在成都土拍市场拿地。 ...

Core Viewpoint - The 2025 China International Service Trade Fair (CIFTIS) will focus on engineering consulting and construction services, with the theme "Technology Empowering 'Good Houses'" to showcase innovations in housing standards, design, smart construction, and green energy-efficient buildings [1] Group 1: Event Overview - The CIFTIS will take place from September 10 to 14 in Beijing, featuring a specialized exhibition on engineering consulting and construction services [1] - The exhibition will include 230 online exhibitors and 90 offline exhibitors, with 67 being Fortune 500 and industry-leading companies, accounting for 74% of the total [3] Group 2: Exhibition Highlights - The exhibition will present a quantifiable system for residential comfort, defining "good houses" through precise data on indoor microenvironments and space utilization [3] - A "good house" model room will be set up, allowing visitors to experience future living spaces and the industrial charm of constructing houses like cars [4] Group 3: Industry Collaboration - The event will showcase the collaborative efforts of various industry stakeholders, including design, consulting, and construction firms, as well as foreign enterprises [5] - The first national "Good House" design competition will be highlighted, demonstrating the practical outcomes of the "Good House" policy from pilot projects to large-scale implementation [6]

Investment Rating - The report does not explicitly state an investment rating for the real estate industry in 2024 Core Insights - The average revenue of the top 30 listed real estate companies in China is projected to decline by approximately 13.83% in 2024, totaling around RMB 2.77 trillion [9] - The average gross margin for these companies is expected to decrease to about 14.42%, down by 1.86% from the previous year [13] - The average net profit margin is projected to be around -10.81%, reflecting a significant decline of 12.45% compared to the previous year [16] - The average return on equity is expected to drop to approximately -20.75%, a decrease of 16.44% from 2023 [59] Summary by Sections 1. Revenue Overview - The total revenue for the top 30 listed real estate companies in 2024 is estimated at RMB 2.77 trillion, a decline of 13.83% year-on-year [9] - Financial Street leads the revenue growth with an increase of 51.74%, reaching RMB 190.75 billion [8] - 20 companies experienced revenue declines, with Midea Real Estate facing the largest drop at 94.94% [9] 2. Gross Margin Overview - The average gross margin for the top 30 companies is projected to be 14.42%, down 1.86% from the previous year [13] - Midea Real Estate shows the highest increase in gross margin at approximately 24.21% [14] - 23 companies reported a decline in gross margin, with Jinhui experiencing the largest drop of 30.80% [13] 3. Net Profit Overview - The average net profit for the top 30 companies is expected to be a loss of RMB 11.65 billion, a decline of 62.09 billion from a profit of RMB 50.44 billion in 2023 [23] - China Resources leads in net profit with RMB 336.78 billion, although this represents a 9.72% decrease from the previous year [24] - Over 70% of companies reported a decline in net profit, with Vanke transitioning from a profit of RMB 204.56 billion to a loss of approximately RMB 487.04 billion [23] 4. Inventory Overview - The total inventory for the top 30 companies is projected to be approximately RMB 60.85 billion, a decrease of 13.58% year-on-year [33] - Only one company, Ruian, reported an increase in inventory, with a growth of 16.03% [33] - Midea Real Estate experienced the largest inventory decline at 99.11% [33] 5. Liquidity Ratios - The average current ratio for the top 30 companies is expected to be 152.86%, a slight increase of 0.15% from the previous year [42] - 16 companies reported a decline in their current ratios, with Xinda showing the largest drop of 39.17% [42] 6. Cash Short-term Debt Ratio - The average cash short-term debt ratio is projected to be 1.52, a decrease of 0.11 from the previous year [54] - Ocean Group has the lowest cash short-term debt ratio at 0.01, while Binhai has the highest at 5.53 [54] 7. Return on Equity Overview - The average return on equity is expected to be -20.75%, a decline of 16.44% from 2023 [59] - Only two companies, Jinmao and New Town, are expected to report positive returns on equity [59]

Core Viewpoint - Longfor Group (00960.HK) will hold a board meeting on August 29, 2025, to review and approve the interim results for the six months ending June 30, 2025, and to declare an interim dividend if applicable [1] Summary by Category - **Company Announcement** - Longfor Group is set to convene a board meeting on August 29, 2025 [1] - The meeting will focus on the approval of the interim results for the period ending June 30, 2025 [1] - The company may declare an interim dividend during this meeting, subject to approval [1]

董事會會議通告 龍湖集團控股有限公司（「本公司」）之董事會（「董事會」）謹此公佈，本公司董事會將於 二零二五年八月二十九日（星期五）舉行董事會會議，藉以（其中包括）批准本公司及其附 屬公司截至二零二五年六月三十日止六個月之中期業績並考慮派發中期股息（如有）。 承董事會命 龍湖集團控股有限公司 LONGFOR GROUP HOLDINGS LIMITED 龍湖集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：960） 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。 主席 陳序平 於本公告刊發日期，董事會包括九名成員：執行董事陳序平先生、趙軼先生、張旭忠先 生及沈鷹女士；非執行董事孫佳慧女士；獨立非執行董事 Frederick Peter Churchouse 先 生、陳志安先生、項兵先生及梁翔先生。 香港，二零二五年八月十九日 ...

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry in China, indicating an expected return that is stronger than the market benchmark index by over 5% [3]. Core Insights - The report highlights that the optimization of existing housing storage policies is expected to gradually assist in inventory reduction. The People's Bank of China announced a 300 billion yuan re-loan for affordable housing, which supports local state-owned enterprises in acquiring existing residential properties for allocation as affordable housing. The report notes that the slow progress in storage is primarily due to pricing discrepancies between developers and local governments, and the responsibility for compliance and profitability lies with local governments [1][5]. - The report suggests that there is room for policy optimization, such as removing price caps to encourage developers to sell inventory, extending re-loan terms, and lowering interest rates to improve project profitability. These cumulative effects are expected to gradually aid in inventory reduction and enhance the recovery slope of real estate stock prices [1][5]. - The report emphasizes that the recovery of the real estate industry and stock prices does not solely depend on the timing of policy announcements. The decline in risk-free interest rates and the reduction in industry risk assessments are the main drivers for the recovery of real estate stocks. The report indicates that the real estate sector is entering a new bottoming phase, with the influence of the denominator (risk-free rates) surpassing that of the numerator (industry challenges), leading to a potential rebound in stock prices [5]. Summary by Sections Policy Evaluation - The report discusses the marginal optimization of existing housing storage policies, which is expected to facilitate inventory reduction. The People's Bank of China has set up a 300 billion yuan re-loan to support local state-owned enterprises in acquiring existing residential properties for affordable housing [1]. - The report identifies that the slow progress in storage is due to the pricing discrepancies between developers and local governments, with local governments bearing the ultimate responsibility for compliance and profitability [1][5]. Investment Recommendations - The report recommends focusing on specific stocks, including China Merchants Shekou (001979, Buy), Poly Developments (600048, Buy), Beike-W (02423, Buy), Longfor Group (00960, Buy), and Gemdale Corporation (600383, Accumulate) [6].