Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3]. Core Insights - The real estate market is experiencing significant pressure with new home sales declining sharply due to high base effects from the previous year. The report highlights a 45% week-on-week drop in new home transactions across 34 key cities [3][4]. - Policy initiatives are being implemented to support the industry, including measures for digital transformation and localized policies to stimulate housing demand [3][29]. - The report identifies potential investment opportunities in the "Good House" policy and the revaluation of commercial real estate, suggesting a shift in business models for real estate companies [3]. Summary by Sections Industry Data - New home sales in 34 key cities totaled 158.6 million square meters, reflecting a 45% decrease week-on-week and a 47% year-on-year decline for November [3][4]. - The inventory of unsold residential properties in 15 cities increased slightly by 0.2%, with a current available area of 89.5 million square meters [3][20]. Policy and News Tracking - The National Development and Reform Commission has launched a digital transformation action plan aimed at promoting smart city initiatives and property digitalization [3][29]. - Localized policies include Fuzhou linking real estate company credit ratings to pre-sale fund supervision, and Suzhou offering tax rebates for home purchases [3][29]. Company Announcements - Major real estate companies reported significant declines in sales for October 2025, with Poly Developments at 211.2 billion yuan (-50.1%) and China Overseas Development at 186.6 billion yuan (-55.1%) [3][36]. - Financing activities include China Merchants Shekou providing an 800 million yuan loan guarantee for its subsidiary, and a reduction in bond interest rates by Joy City [3][36].

Core Insights - Longfor Group released its unaudited operational data for October 2025, indicating a total contract sales amount of RMB 55.75 billion for the first ten months of the year [1] - In October alone, the company achieved total contract sales of RMB 5 billion, with a contract sales area of 446,000 square meters [1] - The contract sales amount attributable to shareholders for October was RMB 3.54 billion, with a corresponding sales area of 326,000 square meters [1] Summary by Category Total Contract Sales - Cumulative total contract sales from January to October reached RMB 55.75 billion, covering an area of 4.389 million square meters [1] Monthly Performance - For October, the total contract sales amounted to RMB 5 billion, with a sales area of 446,000 square meters [1] - The contract sales attributable to shareholders for October were RMB 3.54 billion, with a sales area of 326,000 square meters [1]

Core Insights - In October 2025, the top 100 real estate companies achieved a sales turnover of 253 billion yuan, a month-on-month increase of 0.1% but a year-on-year decrease of 41.9%. Cumulatively, the sales turnover from January to October 2025 reached 25,766.6 billion yuan, reflecting a year-on-year decline of 16%, with the decline rate widening by 4.2 percentage points compared to the first nine months of the year [2][3]. Group 1: Contract Sales - The top 100 real estate companies achieved a sales turnover of 253 billion yuan in October [3]. - The sales threshold for each tier of companies has further decreased compared to the same period last year, with the top 10 companies' sales threshold dropping by 9.4% to 67.89 billion yuan [6]. Group 2: Land Acquisition - In October, the investment amount for land acquisition decreased by nearly 30% compared to the average monthly amount in the first three quarters, with over half of the companies not acquiring any land [10][12]. - The average land price in October fell to 19,809 yuan per square meter, a significant decrease of 54% month-on-month [12]. Group 3: Financing - In October 2025, the total financing amount for 65 typical real estate companies was 34.907 billion yuan, a month-on-month decrease of 9.6% but a year-on-year increase of 4.8% [17]. - The financing cost for newly issued bonds by 65 typical real estate companies averaged 2.92%, a slight decrease from the previous year [19][21]. Group 4: Organizational Dynamics - In October 2025, there was a significant turnover in key positions within the real estate industry, including changes in leadership at major companies such as Vanke and Kincor [23][24]. - Vanke's chairman position changed hands from Xin Jie to Huang Liping, reflecting a strategic continuity amid risk management [24]. - Kincor completed a board restructuring, forming a new management team aimed at stabilizing operations and facilitating strategic transformation [25].

Core Points - Longfor Group announced that by the end of October 2025, the total contract sales amount is expected to reach RMB 55.75 billion, with a contract sales area of 4.389 million square meters [1] - In October, the company achieved total contract sales of RMB 5 billion, with a contract sales area of 446,000 square meters [1] - The contract sales amount attributable to the company's shareholders in October was RMB 3.54 billion, with an area of 326,000 square meters [1]

Core Viewpoint - Longfor Group announced a total contract sales amount of RMB 55.75 billion and a contract sales area of 4.389 million square meters by the end of October 2025 [1] Group 1: Sales Performance - In October, the total contract sales amount reached RMB 5 billion, with a contract sales area of 446,000 square meters [1] - The contract sales amount attributable to the company's shareholders in October was RMB 3.54 billion, with an area of 326,000 square meters [1]

Core Viewpoint - Longfor Group announced a total contract sales amount of RMB 55.75 billion and a contract sales area of 4.389 million square meters by the end of October 2025 [1] Group 1: Sales Performance - In October, the total contract sales amount reached RMB 5 billion, with a contract sales area of 446,000 square meters [1] - The contract sales amount attributable to the company's shareholders in October was RMB 3.54 billion, with a corresponding sales area of 326,000 square meters [1]

Core Insights - Longfor Group announced a total contract sales amount of RMB 55.75 billion by the end of October 2025, with a total sales area of 4.389 million square meters [1] - In October alone, the company achieved a total contract sales amount of RMB 5 billion and a sales area of 446,000 square meters [1] - The contract sales amount attributable to shareholders was RMB 3.54 billion, with a corresponding sales area of 326,000 square meters [1]

Core Insights - Longfor Group (00960.HK) reported a total contract sales amount of RMB 55.75 billion and a contract sales area of 4.389 million square meters by the end of October 2025 [1] - In October alone, the company achieved total contract sales of RMB 5 billion and a contract sales area of 446,000 square meters [1] - The contract sales amount attributable to shareholders in October was RMB 3.54 billion, with a corresponding area of 326,000 square meters [1] Financial Performance - By the end of October 2025, the company achieved operating revenue of approximately RMB 22.16 billion (tax-inclusive amount approximately RMB 23.62 billion) [1] - The operating revenue was approximately RMB 11.74 billion (tax-inclusive amount approximately RMB 12.57 billion) [1] - Service revenue amounted to approximately RMB 10.42 billion (tax-inclusive amount approximately RMB 11.05 billion) [1]

Core Viewpoint - Longfor Group (00960) reported a total contract sales amount of RMB 55.75 billion for the first ten months of 2025, indicating a strong performance in the real estate market [1] Group 1: Sales Performance - The total contract sales amount reached RMB 55.75 billion, with a contract sales area of 4.389 million square meters by the end of October 2025 [1] - In October alone, the company achieved a total contract sales amount of RMB 5.0 billion, with a contract sales area of 446,000 square meters [1] - The contract sales amount attributable to the company's shareholders in October was RMB 3.54 billion, with an area of 326,000 square meters [1]

（股份代號：960） 二零二五年十月未經審核營運數據 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份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。 LONGFOR GROUP HOLDINGS LIMITED 龍湖集團控股有限公司 （於開曼群島註冊成立之有限責任公司） 龍湖集團控股有限公司 主 席 陳序平 龍 湖 集 團 控 股 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）董 事 會（「董事會」）公 佈，截 止 二零二五年十月末，本集團累計實現總合同銷售金額人民幣557.5億元，合同銷售面積438.9萬平方 米，十月單月實現總合同銷售金額人民幣50.0億元，合同銷售面積44.6萬平方米；十月單月實現歸 屬本公司股東權益的合同銷售金額人民幣35.4億元，歸屬本公司股東權益的合同銷售面積32.6萬 平方米。 香港，二零二五年十一月七日 二零二五年十月單月總合同銷售金額分區域統計結果如下： 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 ...