Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4]. Core Insights - The overall housing demand in China has reached a bottom, but the recovery of residents' balance sheets may take around two years, leading to a continued downward trend in volume and price [4]. - The report anticipates that policies aimed at stabilizing the market will be introduced, with core cities expected to lead the recovery due to healthier supply-demand dynamics [4]. - The "Good House" policy is expected to create new development tracks, enhancing the market in core cities with lower penetration rates [4]. Industry Data Summary New Housing Transaction Volume - In the week of August 2-8, 2025, new housing transactions in 34 cities totaled 1.758 million square meters, a decrease of 24.3% week-on-week [5]. - Year-on-year, new housing transactions in August (up to August 8) fell by 14.2% compared to July [5][8]. - The transaction-to-launch ratio for new housing was 1.1 times, indicating a slight increase in inventory absorption [22]. Second-Hand Housing Transaction Volume - In the week of August 2-8, 2025, second-hand housing transactions in 13 cities totaled 1.021 million square meters, down 5.2% week-on-week [14]. - Year-to-date, second-hand housing transactions have increased by 5.1% compared to the previous year [14]. Inventory and Market Dynamics - As of August 8, 2025, the total available residential area in 15 cities was 89.04 million square meters, with a slight decrease of 0.1% [22]. - The average months of inventory absorption increased to 20.7 months, indicating a slower pace of sales [22]. Policy and News Tracking - The China Real Estate Association has issued a notice to enhance connections with small and medium-sized real estate companies to support their healthy development [32]. - Fitch Ratings has revised its forecast for new home sales in 2025, reducing the expected decline from 15% to 7% [32]. - Beijing has relaxed purchase restrictions outside the Fifth Ring Road and introduced supportive policies for first-time homebuyers [32][33]. Company Dynamics - Several real estate companies reported their sales for July, with notable declines: - China Overseas Land & Investment reported a monthly sales figure of 11.9 billion yuan, down 11% year-on-year [4]. - Greentown China announced a projected 90% decline in net profit for the first half of 2025 compared to the same period in 2024 [4]. - Huafa Group's convertible bond application has been approved by the regulatory authority [4].

Group 1 - The core point of the article is that Longfor Group announced its total contract sales amounting to RMB 410.1 billion and a contract sales area of 3.082 million square meters by the end of July 2025 [1] - In July alone, the company achieved total contract sales of RMB 60 billion and a contract sales area of 468,000 square meters [1] - The contract sales amount attributable to the company's shareholders in July was RMB 40.1 billion, with a corresponding area of 340,000 square meters [1]

Core Insights - Longfor Group achieved a total contract sales amount of RMB 41.01 billion in the first seven months of 2025, with a contract sales area of 3.082 million square meters [1] - In July alone, the company recorded a total contract sales amount of RMB 6 billion and a contract sales area of 468,000 square meters [1] Summary by Category Sales Performance - Total contract sales amount for the first seven months reached RMB 41.01 billion [1] - Total contract sales area for the same period was 3.082 million square meters [1] - July's contract sales amount was RMB 6 billion, with a sales area of 468,000 square meters [1]

Core Insights - Longfor Group (00960.HK) announced a total contract sales amount of RMB 410.1 billion and a contract sales area of 3.082 million square meters by the end of July 2025 [1] - In July alone, the company achieved total contract sales of RMB 60.0 billion and a contract sales area of 468,000 square meters [1] - The contract sales amount attributable to shareholders in July was RMB 40.1 billion, with a corresponding area of 340,000 square meters [1] Financial Performance - As of the end of July 2025, the company reported operating revenue of approximately RMB 154.5 billion (tax-inclusive amount of approximately RMB 164.7 billion) [1] - The operating revenue was approximately RMB 81.9 billion (tax-inclusive amount of approximately RMB 87.6 billion), while service revenue was approximately RMB 72.6 billion (tax-inclusive amount of approximately RMB 77.1 billion) [1]

Group 1 - The company reported a total contract sales amount of RMB 410.1 billion and a contract sales area of 3.082 million square meters as of the end of July 2025 [1] - In July alone, the company achieved a total contract sales amount of RMB 60.0 billion and a contract sales area of 468,000 square meters [1] - The contract sales amount attributable to shareholders in July was RMB 40.1 billion, with an area of 340,000 square meters [1] Group 2 - As of the end of July 2025, the company generated operating revenue of approximately RMB 154.5 billion (tax-inclusive amount approximately RMB 164.7 billion) [1] - The operating revenue was approximately RMB 81.9 billion (tax-inclusive amount approximately RMB 87.6 billion), while service revenue was approximately RMB 72.6 billion (tax-inclusive amount approximately RMB 77.1 billion) [1]

Core Insights - Longfor Group (00960) reported a total contract sales amount of RMB 410.1 billion and a contract sales area of 3.082 million square meters as of the end of July 2025 [1] - In July alone, the company achieved total contract sales of RMB 60.0 billion, with a contract sales area of 468,000 square meters [1] - The contract sales amount attributable to shareholders in July was RMB 40.1 billion, with an area of 340,000 square meters [1] Financial Performance - As of the end of July 2025, the company recorded operating revenue of approximately RMB 154.5 billion (tax-inclusive amount approximately RMB 164.7 billion) [1] - The operating revenue was approximately RMB 81.9 billion (tax-inclusive amount approximately RMB 87.6 billion), while service revenue was approximately RMB 72.6 billion (tax-inclusive amount approximately RMB 77.1 billion) [1]

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。 二零二五年七月未經審核營運數據 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 二零二五年七月末，本集團累計實現總合同銷售金額人民幣410.1億元，合同銷售面積308.2萬平方 米，七月單月實現總合同銷售金額人民幣60.0億元，合同銷售面積46.8萬平方米；七月單月實現歸 屬本公司股東權益的合同銷售金額人民幣40.1億元，歸屬本公司股東權益的合同銷售面積34.0萬 平方米。 二零二五年七月單月總合同銷售金額分區域統計結果如下： | 單位：億元人民幣 | 西 部 | 環渤海 | 長三角 | 華 中 | 華 南 | | --- | --- | --- | --- | --- | --- | | 合同銷售金額 | 15.8 | 14.4 | 19.8 | 4.2 | 5.8 | 截 止 二 零 二 五 年 七 月 末，本 ...

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]

Group 1 - Longfor Group has begun to repay its overseas syndicated loans ahead of schedule, completing the first payment of HKD 1.1 billion [1] - The overseas syndicated loan, totaling HKD 9.227 billion (approximately RMB 8.5 billion), was initiated on December 21, 2020, with a five-year term [1] - Longfor Group has successfully repaid over RMB 10 billion in domestic public bonds this year, including three bond repayments in July [1] Group 2 - The company has completed all domestic credit bond repayments due this year [2]

Core Viewpoint - Longfor Group is strategically managing its debt repayment and planning to acquire land for future development after navigating through the debt cycle [2][4][10]. Debt Management - Longfor has allocated approximately 950 million RMB to a bond repayment account for the upcoming maturity of "20 Longfor 06" on August 7, 2023 [2]. - The company has cumulatively repaid over 9 billion RMB in public bonds this year, bringing total debt repayments to over 10 billion RMB [2]. - After repaying "20 Longfor 06," all credit bonds due this year will be fully settled [2]. - Longfor plans to prepay a bond worth 2 billion RMB this month, originally due on November 30, 2025 [3][4]. Financial Safety - Longfor's CFO highlighted three key points regarding financial safety: 1. The company has effectively optimized its finances over the past two years, reducing interest-bearing liabilities by over 30 billion RMB [6]. 2. The repayment plan for debts maturing in 2025 is well-structured, with 7 billion RMB of domestic credit bonds already repaid [8]. 3. The company’s development loans are functioning normally, with a projected net increase of over 10 billion RMB in operational property loans this year [8]. Land Acquisition Strategy - Longfor plans to selectively acquire new land in the second half of the year while ensuring debt safety [10]. - The company has already reduced interest-bearing liabilities by over 30 billion RMB in the past two years, with a projected 9% decrease in interest-bearing liabilities by the end of 2024 [10]. - Longfor's contract sales for the first half of 2023 reached 35.01 billion RMB, with a total sales area of 2.614 million square meters [10][11]. Operational Performance - Despite a year-on-year decline in sales, Longfor's operational income reached a record high of approximately 14.15 billion RMB in the first half of 2023, showing significant growth [11]. - The company has maintained a selective land reserve strategy, acquiring land in high-potential cities such as Shanghai, Suzhou, and Chongqing [11].