Core Viewpoint - The recent land auction in Hefei saw three residential plots successfully sold, with the most notable being the Shuxihu GX202504 plot, which was unexpectedly acquired by Jinmao at a lower-than-expected price of 1,526 million CNY per mu, indicating cautious bidding behavior among developers [1][2][10]. Summary by Category Land Auction Results - The Shuxihu GX202504 plot was sold to Jinmao for 1,526 million CNY per mu, resulting in a floor price of 17,607.69 CNY per square meter, which is below market expectations of over 20,000 CNY per square meter [2][4]. - The JK202502 plot in the Economic Development Zone was acquired by China Resources for 1,282 million CNY per mu, with a floor price of 10,683 CNY per square meter [6]. - The GX202503 plot in the High-tech Zone was won by Hefei High-tech City Development Group at a base price of 948 million CNY per mu, translating to a floor price of 7,900 CNY per square meter [8]. Developer Participation and Market Sentiment - The bidding process for the Shuxihu plot was cautious, concluding in just over twenty rounds, reflecting a lack of strong confidence among developers despite the plot's desirability [2][10]. - Overall, developers' willingness to acquire land remains weak, as evidenced by the conservative bidding even for prime plots like Shuxihu [10]. Upcoming Auctions - The next round of land auctions is scheduled for June 28, with 18 residential plots initially planned, but seven plots were withdrawn due to a lack of bidders [12]. - The most anticipated plot in the upcoming auction is the Yaogongmiao 07 plot, with six developers, including Greentown and China Merchants, expressing interest [12][13].

Core Viewpoint - Despite a deep adjustment in the real estate market, the enthusiasm for land auctions in hot cities continues to persist, with significant competition among major developers for prime land parcels [1][2][3]. Group 1: Land Auction Highlights - On June 26, a residential and commercial land parcel in Chengdu was sold for a total price of 572 million yuan, with a floor price of 19,200 yuan per square meter and a premium rate of 19.25% [1]. - In Tianjin, three residential plots were sold on June 25, with a total price of 259 million yuan and a premium of 16.93% for one of the plots [1]. - The land auction in Shanghai on June 19-20 saw five out of six plots sold at a premium, totaling 21.257 billion yuan, with the most notable plot in Yangpu District fetching a record floor price of 95,530 yuan per square meter and a premium rate of 30.79% [3][6]. Group 2: Market Trends and Developer Behavior - Developers are increasingly focusing on hot cities and areas with guaranteed liquidity, as evidenced by the high average premium rates exceeding 15% in cities like Shanghai, Hangzhou, and Chengdu during the first five months of the year [2][22]. - The trend of high premium land sales is accompanied by instances of land being sold at base prices in various cities, indicating a divergence in market conditions [1][21]. - Major developers such as Poly Developments and China Overseas Land & Investment are actively participating in land auctions, with Poly leading in land acquisition value at 41.32 billion yuan in the first five months of the year [15][14]. Group 3: Land Market Dynamics - The land market is experiencing a significant divide, with core city plots attracting high premiums while non-core areas see declining interest from developers [22][23]. - The average premium rates in core cities reflect a strong demand for quality land, while areas with less favorable attributes are struggling to attract bids, often resulting in base price sales [22][23]. - Developers are adjusting their strategies to focus on high-quality, high-turnover projects in first and second-tier cities, while reducing investments in lower-tier cities to manage risks effectively [20][21].

孫哲 （於開曼群島註冊成立的有限公司） （股份代號：1109） 董事名單與其角色和職能 華潤置地有限公司董事（「董事」）會（「董事會」）成員載列如下： | 執行董事 | | | 非執行董事 | | --- | --- | --- | --- | | 李欣 （ 主席 | ） | | 黃挺 | | 徐榮 （ 總裁 | ） | | 魏成林 | | 張大為 （ | 副主席 | ） | 王宇航 | | 郭世清 | | | | | 陳偉 | | | | 獨立非執行董事 鐘偉 陳帆 梁國權 秦虹 董事會設立六個委員會。下表提供各董事會成員在該等委員會中所擔任的職位資 料： | | | | 委 員 會 | | | | --- | --- | --- | --- | --- | --- | | 董 事 | 審 核 委 員 會 薪 酬 委 員 會 | 提 名 委 員 會 | 企 業 管 治 | 執 行 委 員 會 | 可 持 續 發 展 | | | | | 委 員 會 | | 委 員 會 | | 李 欣 | | C | M | C | C | | 徐 榮 | | | | M | M | | 張 大 為 | | | | M | | ...

（於開曼群島註冊成立的有限公司） （股份代號：1109） 非執行董事及可持續發展委員會成員之委任 華潤置地有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，王宇航先生 （「王先生」）自二零二五年六月二十五日起獲委任為本公司非執行董事及本公司可 持續發展委員會（「可持續發展委員會」）成員。 王宇航先生，現年五十二歲，現擔任華潤（ 集團 ）有限公司（「華潤集團」）業務單元 外 部 董 事 。 彼 現 為 華 潤 醫 藥 集 團 有 限 公 司（ 其 股 份 於 香 港 聯 合 交 易 所 有 限 公 司 （「聯交所」）上 市， 股份代 號： 3320 ）非執 行董事 。彼 於二零 一五 年一月 至二 零二 四年七月擔任華潤集團環境健康和安全部副總監及副總經理，並其後於二零二四 年八月至二零二五年五月擔任華潤化學材料科技股份有限公司副總經理。在加入 華潤集團前，王先生於一九九九年四月至二零零一年五月任北京市環保局輻射環 境研究中心電離室副主任，於二零零一年五月至二零零二年三月任北京博納百家 文化發展有限公司諮詢部經理，於二零零二年四月至二零零九年一月及二零一二 年八月至二零一五年一月期間先後擔任中國安 ...

Investment Rating - The report maintains a recommendation for the real estate sector, indicating that the sector has entered an investment range with a price-to-book (PB) ratio of approximately 1.0 times, reflecting concerns about the impact of current sales on business models [2][38]. Core Insights - The real estate market is experiencing a low-level oscillation in sales, with a year-on-year decline in new housing sales area of -3.3% in May, indicating continued pressure on sales due to weak inventory and new supply trends [14][15]. - The report highlights that the funding chain index for real estate has declined, remaining at historically low levels, but anticipates potential improvements in the financial situation of some companies as supply and demand policies gradually take effect [2][10]. - The report suggests that the decline in mortgage rates may help stabilize total demand for new and second-hand homes, with a focus on the new housing market showing earlier signs of marginal improvement compared to the second-hand market [38]. Summary by Sections Sales Data - In May, the adjusted year-on-year growth rate for sales area was -3.3%, with a total sales area of 35.3 million square meters, reflecting a continued low market heat [14][15]. - The cumulative sales amount from January to May was 3.4 trillion yuan, with a year-on-year decline of -3.8% [10][15]. Construction Data - The new construction area in May saw a year-on-year decline of -19.3%, indicating a tightening balance in new construction under the current market conditions [39][40]. - The report maintains that the completion rate will likely remain low until the second half of 2026, with a May completion area decline of -19.5% year-on-year [39][40]. Investment Trends - Real estate development investment in May showed a year-on-year decline of -12.0%, reflecting a synchronized drop in construction area and ongoing inventory reduction efforts by developers [2][39]. - The report emphasizes the importance of focusing on companies with stable cash flow generation capabilities and those that can navigate the current market challenges effectively [38].

Core Viewpoint - The article discusses the launch of the public voting phase for the "Top Ten Works" in the 2025 semi-annual evaluation of Chinese real estate products, emphasizing the importance of product quality in the housing market [2][9]. Group 1: Voting Process - The public voting for the top ten projects will take place from June 17 to June 23, with a two-day expert review occurring on June 17-18 [2][10]. - Each participant can vote once per WeChat ID, selecting up to ten projects in each category, with the final vote count being the cumulative total of valid votes [8]. Group 2: Evaluation Framework - The evaluation process includes expert reviews, public voting, and assessment models, culminating in the announcement of the "Top Ten High-end/Luxury/Quality Works" and the "China Good House Comprehensive Award/Individual Award" at the end of June [10]. - The "Product Power 100" evaluation has been conducted by CRIC for eight consecutive years since 2018, focusing on enhancing residential product quality and addressing living challenges [7]. Group 3: Featured Projects - The article highlights various projects that have made it to the shortlist, including: - Guangzhou Poly Tianyi, a modern residential project by Poly Development [11][13]. - Fuzhou Poly Tianzan, a luxury waterfront property [14]. - Beijing Heyue Wangyun, showcasing modern Eastern garden aesthetics [16][17]. - Xi'an Boyue Wanjing, featuring a limited number of luxury courtyard homes [19]. - Shanghai Chaoming Dongfang, a community project celebrating Green Town China's 30th anniversary [21]. - Wuhan Changjiang Tianji, a large flat community with river views [23]. - Chongqing Changjia Waitan, an innovative residential project in a core area [25]. - Hangzhou Hangxu Mansion, a modern residential development [27].

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。 (股份代號 : 1109) 根據上市規則第 13.18 條作出的公告 本公告乃根據上市規則第 13.18 條作出，內容有關借款人作爲借款人、本公司及華潤 集團作為擔保人、项目公司、特定銀行及金融機構作為貸款人、特定銀行及金融機 構作為委託牽頭安排人及賬簿管理人、特定銀行及金融機構作為委託牽頭安排人、 融資代理行及擔保代理行簽署該融資協議（相應定義見下文）。該融資協議訂明（其 中包括）對華潤集團施加特定履行責任。 本公告乃由華潤置地有限公司 (「本公司」) 根據香港聯合交易所有限公司證券上市規則 ( 「上市規則」) 第13.18條作出。 定期貸款融資協議 於二零二五年六月二十日，冠騎有限公司（一家物業公司持有其全部發行股份100%的實 益權益的公司）作為借款人（「借款人」）、本公司及華潤(集團)有限公司 (「華潤集團」) 作為擔保人、Dragon Rider Development Limited（一家本 ...

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION 此 乃 要 件 請 即 處 理 股 息 貨 幣 選 擇 表 格 If you are in any doubt as to any aspect of this document or as to the action to be taken, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant 閣 下 如 對 本 文 件 任 何 內 容 或 應 採 取 之 行 動 有 任 何 疑 問，應 諮 詢 閣 下 之 股 票 經 紀 或 其 他 註 冊 證 券 交 易 商、銀 行 經 理、律 師、專 業 會 計 師 或 其 他 專 業 顧 問。 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公 ...

Core Viewpoint - The China Securities Index for Hong Kong Stock Connect Real Estate has shown a mixed performance, with a recent increase over the past month but a decline over the last three months, indicating volatility in the real estate sector [2]. Group 1: Index Performance - The China Securities Index for Hong Kong Stock Connect Real Estate reported a 3.41% increase over the past month, a 0.88% decrease over the last three months, and a 7.81% increase year-to-date [2]. - The index was established on November 14, 2014, with a base value of 3000.0 points [2]. Group 2: Index Composition - The index includes a maximum of 50 eligible Hong Kong-listed companies that meet the real estate theme criteria [2]. - The top ten weighted companies in the index are: Sun Hung Kai Properties (13.77%), Beike-W (13.5%), China Resources Land (10.84%), Cheung Kong Property (7.94%), China Overseas Land & Investment (6.58%), Wharf Holdings (4.42%), Henderson Land Development (4.42%), Sino Land (4.26%), Wharf Real Estate Investment (3.23%), and China Resources Mixc Lifestyle (2.97%) [2]. Group 3: Market and Sector Allocation - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a 100% allocation to the real estate sector [3][4]. - The index undergoes biannual adjustments every June and December, with provisions for temporary adjustments in special circumstances [4].

Core Viewpoint - Shanghai's commercial real estate market is experiencing an oversupply, leading to a significant number of shopping centers becoming underutilized or abandoned, despite the city's high commercial space per capita and ongoing new developments [4][10][12]. Group 1: Current State of Shanghai's Commercial Market - Shanghai has over 400 shopping centers, with a ratio of one large shopping center for every 80,000 people, compared to Tokyo's one for every 200,000 [3]. - The city is expected to open around 60 new commercial spaces this year, totaling over 3 million square meters, with Minhang leading in new openings [6]. - Despite the increase in commercial space, the retail sales growth in Shanghai was negative in the first quarter of this year, indicating a lack of consumer demand [7][9]. Group 2: Trends in Commercial Space Utilization - Many shopping centers are being abandoned or underperforming, with notable closures in prime locations such as Pacific Department Store and Isetan [11][12]. - The rate of commercial space turnover is increasing, particularly for large shopping centers, as evidenced by the decline in foot traffic and rising vacancy rates [15][16]. - The Aegean Shopping Center, which opened in 2017, now has a 90% vacancy rate in its outdoor commercial area, highlighting the rapid decline in consumer interest [23][35]. Group 3: Case Studies of Specific Shopping Centers - The Aegean Shopping Center's outdoor area has become nearly deserted, with many shops either closed or underperforming [25][35]. - The recent transformation of the Qipu Road wholesale market shows a stark contrast, where some shops are now renting for as low as 500 yuan per month, down from peak rents of 70,000 yuan [61][90]. - Successful transformations are occurring in some areas, such as the New Qipu and Shenghe Sheng, which have upgraded their offerings and attracted more customers [66][91]. Group 4: Broader Implications for the Real Estate Industry - The trend of selling off commercial assets is prevalent among real estate companies facing liquidity issues, with Wanda Group leading in asset sales [97][111]. - The shift from expansion to efficiency in the commercial real estate sector reflects a broader industry trend towards focusing on core assets and reducing debt [114][116]. - The commercial landscape is transitioning into a "stock era," where competition is based on existing assets rather than new developments, indicating a significant change in market dynamics [123][129].