Investment Rating - The report maintains an "Buy" rating for the real estate industry, consistent with the previous rating [2]. Core Insights - The real estate market is showing signs of recovery, with a notable increase in second-hand home subscriptions and a strengthening of transaction confidence [7][15]. - The average daily subscription for second-hand homes in 79 cities reached 3,404 units from January 1 to January 22, 2026, representing a year-on-year increase of 33.1% compared to the same period in 2025 [16][27]. - The report highlights that the market is experiencing a self-driven recovery without significant large-scale stimulus policies being implemented [16]. Summary by Sections 1. Second-Hand Homes: Significant Growth in Subscriptions and Record High Conversion Rates - Overall transactions show a recovery in lower-tier cities, although this has not yet fully translated into net signing [15]. - In key cities, second-hand home subscriptions in first-tier cities like Guangzhou are relatively stable, while many lower-tier cities are experiencing growth [31]. - The conversion rate of visits to transactions has reached a new high, with a 5.6% conversion rate in 70 cities, up from the previous quarter [35]. 2. New Homes: Low Net Signing Levels Across All Tiers - The average daily net signing for new homes in 45 cities was 250,000 square meters, a year-on-year decrease of 42.1% [29]. - All tiers of cities are experiencing varying degrees of decline in new home net signing, with first-tier cities seeing the most significant drops [29]. 3. Price Trends and Market Dynamics - As of January 22, 2026, the average price of second-hand homes in 33 cities has decreased by 17.9% year-on-year compared to 2025 [41]. - The report indicates that the price adjustments in lower-tier cities are more pronounced, aligning closer to residents' psychological expectations, which has led to increased subscriptions [42]. - The report notes a decline in the number of second-hand listings, particularly in key cities, due to factors such as the removal of ineffective listings by agents and homeowners withdrawing listings amid falling prices [41].

Group 1 - The core viewpoint of the news highlights a positive trend in the Hong Kong real estate sector, with most property stocks experiencing gains, indicating a recovery in the market [1] - The Minister of Housing and Urban-Rural Development, Ni Hong, emphasized three key areas for urban renewal this year: the renovation of old urban communities, the promotion of complete community construction, and the transformation of small public spaces in cities [1] - The government aims to stabilize the real estate market by implementing targeted policies and supporting reasonable financing needs of property companies, as well as addressing the housing demands of residents [1] Group 2 - In the secondary housing market, major cities are showing signs of recovery, with first-tier and strong second-tier cities experiencing increased activity [1] - Data from monitoring agencies indicate that the transaction volume in Beijing, Shanghai, and Shenzhen is improving, with Shanghai's second-hand housing listings decreasing for nine consecutive months, leading to a more balanced supply-demand relationship [1]

Group 1 - The core viewpoint of the news highlights a positive trend in the Hong Kong real estate stocks, with several companies experiencing significant gains, indicating a recovery in the market [1] - The Minister of Housing and Urban-Rural Development, Ni Hong, emphasized three key areas for urban renewal this year: the renovation of old urban communities, the promotion of complete community construction, and the transformation of small public spaces [1] - The government aims to stabilize the real estate market by implementing targeted policies and supporting reasonable financing needs of real estate companies, as well as addressing the housing demands of residents [1] Group 2 - In the secondary housing market, major cities like Beijing, Shanghai, and Shenzhen are showing signs of recovery, with a notable decrease in the number of listings in Shanghai for nine consecutive months, leading to a more balanced supply-demand relationship [1] - Specific stock performance includes China Jinmao rising by 4.4%, Greentown China by 4%, Zhongliang Holdings by over 3%, and New City Development by 1.8%, among others, indicating a general upward trend in the sector [2]

Core Viewpoint - New City Development (01030) announced the conditional sale of its subsidiaries, New City Jin Feng Asset Management Co., Ltd. and New City Jin Feng Securities Co., Ltd., to Jin Feng Capital Holdings Limited for a total consideration of HKD 88.05 million, aimed at optimizing resources and streamlining the group's structure [1] Group 1: Transaction Details - SRCIM, a wholly-owned subsidiary of the company, has entered into two share transfer agreements with Jin Feng Capital Holdings Limited, agreeing to sell the entire issued share capital of target company A for HKD 25.23 million and target company B for HKD 62.82 million [1] - The sale is conditional, with both parties agreeing to the terms outlined in the share transfer agreements [1] Group 2: Strategic Rationale - The board believes that the sale will enable the group to optimize resources and streamline its structure, particularly as the target companies do not have significant business operations [1] - For the fiscal year ending December 31, 2024, the target companies are expected to incur overall losses, with only minimal profits projected for the year ending December 31, 2025 [1] - The proceeds from the sale will allow the group to allocate financial resources to its primary business operations as a property developer or other future business developments [1]

Core Viewpoint - New City Development (01030) announced the conditional sale of its subsidiaries, New City Jin Feng Asset Management Co., Ltd. and New City Jin Feng Securities Co., Ltd., to Jin Feng Capital Holdings Limited for a total consideration of HKD 88.05 million, aimed at optimizing resources and streamlining the group's structure [1] Group 1: Transaction Details - The sale involves two agreements: Agreement A for the sale of New City Jin Feng Asset Management Co., Ltd. for HKD 25.23 million and Agreement B for the sale of New City Jin Feng Securities Co., Ltd. for HKD 62.82 million [1] - The transactions are conditional, with SRCIM (the company's wholly-owned subsidiary) agreeing to sell and the buyer agreeing to purchase the entire issued share capital of both target companies [1] Group 2: Strategic Rationale - The board believes that the sale will allow the group to optimize resources and streamline its structure, particularly as the target companies do not have significant business operations [1] - The target companies reported an overall loss for the year ending December 31, 2024, and are expected to generate only minimal profit for the year ending December 31, 2025 [1] - The proceeds from the sale will enable the group to allocate financial resources to its primary business operations as a property developer or other future business developments [1]

Core Viewpoint - New City Development (01030.HK) announced the conditional sale of its subsidiaries, New City Jin Feng Asset Management and New City Jin Feng Securities, for a total consideration of HKD 88.05 million, aimed at optimizing resources and streamlining the group's structure [1]. Group 1: Transaction Details - The sale involves two agreements: Agreement A for the sale of New City Jin Feng Asset Management at HKD 25.23 million and Agreement B for New City Jin Feng Securities at HKD 62.82 million [1]. - Upon completion of the sale, the target companies will no longer be subsidiaries of New City Development, and their financial performance, assets, and liabilities will not be consolidated into the group's financial statements [1]. Group 2: Strategic Rationale - The board believes that the sale will enable the group to optimize resources and streamline its structure, particularly as the target companies do not have significant business operations [1]. - For the fiscal year ending December 31, 2024, the target companies recorded an overall loss, and for the year ending December 31, 2025, they are expected to generate only minimal profits [1]. - The proceeds from the sale will allow the group to allocate financial resources to its primary business operations as a property developer or other future business developments [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。 SEAZEN GROUP LIMITED 新城發展控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 責 任 公 司） （股 份 代 號：1030） 有關出售子公司的 關連交易 出售事項 於2026年1月20日（交 易 時 段 後），SRCIM（本 公 司 的 全 資 子 公 司）與買方訂立股 份轉讓協議A及股份轉讓協議B，據 此，SRCIM有條件同意出售而買方有條 件同意購買目標公司A的全部已發行股本及目標公司B的 全 部 已 發 行 股 本， 代價分別為25,230,000港元及62,820,000港 元。 於 出 售 事 項 完 成 後，目 標 公 司 將 不 再 為 本 公 司 的 子 公 司，而 各 目 標 公 司 的 財 務 業 績、資 產 及 負 債 將 不 再 綜 合 計 入 本 集 團 的 財 務 報 表。 上市規則涵 ...

Investment Rating - The report maintains a "Positive" rating for the real estate sector, focusing on high-quality real estate companies and commercial real estate [3][4][21]. Core Insights - The investment side of the real estate sector remains weak, with a year-on-year decline of 17.2% in total real estate development investment for 2025, and a significant drop of 35.8% in December alone [4][21]. - The sales side shows a narrowing decline in sales area, with a year-on-year decrease of 8.7% for 2025, and a 15.6% drop in December [22][32]. - The funding side indicates a continued decline in funding sources, with a 13.4% year-on-year decrease in total funding for real estate development in 2025, and a sharp 26.7% drop in December [37]. Summary by Sections Investment Side - Total real estate development investment for 2025 reached 828.8 billion yuan, down 17.2% year-on-year, with December's investment declining by 35.8% [4][21]. - New construction area decreased by 20.4% year-on-year, with December showing a 19.4% decline [20][21]. - The report adjusts 2026 forecasts, predicting a 7.7% decline in new construction and a 9.1% drop in investment [21]. Sales Side - The total sales area for 2025 was 880 million square meters, down 8.7% year-on-year, with December's sales area declining by 15.6% [22][32]. - The total sales revenue for 2025 was 8.4 trillion yuan, reflecting a 12.6% year-on-year decrease, with December's sales revenue down 23.6% [24][32]. - The average selling price of commercial housing for 2025 was 9,527 yuan per square meter, down 4.3% year-on-year [31][32]. Funding Side - Total funding sources for real estate development in 2025 amounted to 9.3 trillion yuan, a decrease of 13.4% year-on-year, with December's funding sources down 26.7% [37]. - Domestic loans saw a year-on-year decline of 7.3%, with a significant drop of 45% in December [37]. - The report anticipates that funding sources will gradually improve due to ongoing policy relaxations [37].

Core Viewpoint - The establishment of the Yantai New City Development Venture Capital Fund aims to enhance capital support for industrial development and accelerate the construction of the Jiahua and Happiness New City project, with a total scale of 2 billion yuan and an initial scale of 1 billion yuan [1] Group 1 - The fund is led by Yantai Financial Group and is set up through a collaboration among provincial, municipal, and district levels, serving as a significant capital force for the industrial upgrade and project construction in Happiness New City [1] - The fund focuses on investment in key areas such as digital economy, green economy, and low-altitude economy, aligning with the construction needs of the "3+2+N" industrial system in Happiness New City [1] - The fund aims to enhance the core competitiveness of the modern industrial system and significantly improve green and low-carbon technological innovation capabilities [1] Group 2 - The Yantai Financial Group plans to continue leveraging the fund's effectiveness by constructing a matrix of hundred-billion-level funds, including sustainability and merger funds, to support high-quality development of the city's real economy [2] - The goal is to create a capital ecosystem that promotes collaboration among industry, investment, and financing, as well as cooperation between government, finance, and enterprises [2]

Core Viewpoint - The establishment of the Yantai New City Development Venture Capital Fund aims to enhance capital support for industrial development and accelerate the construction of the Jiahua·Happiness New City project [1][3]. Group 1: Fund Overview - The fund has a total scale of 2 billion RMB, with an initial phase of 1 billion RMB, of which 500 million RMB is specifically allocated for investments in the Jiahua·Happiness New City industrial projects [3]. - The fund is jointly initiated by Yantai Main City Holding Group Co., Ltd., Shandong Financial and Economic Venture Capital Co., Ltd., Shandong New Kinetic Energy Fund Management Co., Ltd., and Yantai Financial and Economic Innovation and Entrepreneurship Investment Co., Ltd. [3]. Group 2: Investment Focus - The fund will focus on supporting three main industries: digital economy, green economy, and service economy, as well as two characteristic industries: low-altitude economy and headquarters economy, along with various future industries [5]. - The investment scope will cover the entire lifecycle of enterprises, including startup, growth, and maturity stages, to meet the funding needs and development demands of quality enterprises at different stages [5].