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。 （股份代號：1109） 自願公告 完成出售附屬公司股份 茲提述華潤置地有限公司（「本公司」）日期為二零二五年十一月十三日有關以配售 形式出售配售股份之公告（「該公告」）。除另有指明者外，本公告所用詞彙與該公 告所界定者具有相同涵義。本公告乃本公司自願刊發，旨在提供有關配售進展之 最新資料。 完成配售 （於開曼群島註冊成立的有限公司） 承董事會命 華潤置地有限公司 主席 李欣 中國，二零二五年十一月十七日 於本公告日期，本公司執行董事為李欣先生、張大為先生、徐榮先生、郝忠明先 生、趙偉先生及陳偉先生；本公司非執行董事為黃挺先生、魏成林先生及王宇航 先生；以及本公司獨立非執行董事為鐘偉先生、孫哲先生、陳帆先生、梁國權先 生及秦虹女士。 董事會欣然宣佈，完成已於二零二五年十一月十七日落實。配售代理已成功以配 售 價 每 股 配 售 股 份 41 ...

Market Overview - In the week of November 10-16, 2025, Kunming's real estate market saw stable transaction volumes and rising prices, with high-end properties gaining a larger market share. The highest transaction average price reached approximately 21,795 CNY per square meter [1][3] - The total number of tourists in Kunming for the first three quarters reached 1.14 million, marking a year-on-year increase of 41.5% [1] Sales Performance - Three projects in Kunming supplied about 14,400 square meters to the market, a decrease of 82% week-on-week, while transactions totaled approximately 47,000 square meters, a slight increase of 1%. The average transaction price was around 12,629 CNY per square meter, reflecting a 10% increase [1] - The top-selling project, Bangtai·Guanyun, achieved a sales amount of approximately 0.46 billion CNY with 14 units sold at an average price of 19,555 CNY per square meter [3] - The luxury project Yicheng·Chunqing Jiuhua recorded a sales amount of about 0.22 billion CNY with 12 units sold, achieving the highest average price of 21,795 CNY per square meter [3][5] Land Supply and Development - Three urban residential land plots were made available in Kunming's main urban area, all located in Xishan District, with no land transactions recorded [5] - The KCXS2025-3 plot, covering approximately 50 acres, has a starting auction price of 601 million CNY, with a starting floor price of 6,434 CNY per square meter. This plot previously failed to sell in 2021 at a much higher price [6][8] - The Kunming International Hospital East Campus Phase III is set to be constructed in the Liangting area, with an investment of approximately 250 million CNY and an expected completion date by the end of 2027 [10] Infrastructure Projects - The Kunming Municipal Government announced plans for the cultural and ecological new town in Guandu District, involving the renovation of 3,083 units and an investment of around 5.7 billion CNY [12] - The Dali Hilton Hotel is being auctioned starting at 787 million CNY, which is about 28% lower than its assessed value [13]

Core Insights - The conference marks the launch of China Resources Land's innovative marketing co-creation model, aiming to break traditional boundaries and explore new paths for collaborative development [1][15] - The event emphasizes "co-building and co-winning," gathering over 250 key partners from various sectors to enhance resource sharing and long-term communication mechanisms [3][9] Group 1: Event Overview - The first "Run Partner Marketing Co-Creation Conference" was held in Hainan, focusing on collaboration among core partners [1][15] - Participants included owners, property partners, media partners, and brokers, all contributing significantly to the marketing business development [3] Group 2: Experience and Engagement - Partners engaged in a two-day deep dive into Hainan projects, experiencing the cultural and tourism service system [5] - The event featured local cultural performances, enhancing the sense of community and appreciation among partners [5] Group 3: Confidence and Recognition - The conference aimed to instill confidence and a sense of belonging among partners through multi-dimensional content presentations [9] - Awards were presented to various partner categories, recognizing their contributions and establishing a model for collaboration [11] Group 4: Marketing Strategy - The conference introduced a comprehensive marketing co-creation plan, integrating internal and external resources to enhance customer engagement and collaboration [12][13] - Key pillars of the plan include secure cooperation guarantees, efficient transaction tools, and shared value rights, addressing partners' needs with tailored solutions [13] Group 5: Future Outlook - The conference is positioned as the starting point for an annual industry event, with plans to expand the marketing co-creation initiative across different regions [15]

Group 1 - The core viewpoint of the report indicates that the stabilization of the residential balance sheet suggests a potential bottoming out in the real estate market, but the speed of improvement will determine the duration of this bottoming process [3][4] - The report highlights that since 2021, China's housing prices have cumulatively declined by 37%, which is longer than the average decline of 34% over 6.1 years in 42 countries, indicating that while the price drop is significant, the adjustment period in China is still relatively short [22][7] - The report identifies five major opportunities in the industry, including the stabilization of the residential asset-liability ratio, a decrease in the housing price-to-income ratio, improving rental yields, a bullish stock market potentially boosting wealth effects, and a deep clearing of supply-side issues [3][4] Group 2 - The industry outlook predicts a structural bottoming out, with opportunities arising for quality housing and commercial real estate, driven by policies focusing on demand recovery and high-quality development [3][4] - The report anticipates that the core cities will stabilize sooner due to healthier supply-demand relationships, with a forecast for sales volume and price declines to narrow in 2025-2026 [3][4] - The report maintains a "positive" rating for the real estate sector, recommending specific companies in the quality housing and commercial real estate segments, as well as undervalued firms and property management companies [3][4]

Group 1: Housing and Real Estate Developments - Beijing has completed its annual affordable housing task ahead of schedule, with 50,000 rental housing units planned and 80,000 units constructed [1] - Hangzhou has introduced 16 measures to optimize land resource allocation, aimed at reducing enterprise costs and activating existing space [2] - In October, new residential sales prices in first-tier cities decreased by 0.3% month-on-month, with Shanghai seeing a 0.3% increase while Beijing, Guangzhou, and Shenzhen experienced declines [3] - From January to October, the sales volume of new residential properties reached 69,017 billion yuan, reflecting a year-on-year decrease of 9.6% [4] Group 2: Land Auctions and Transactions - In Wuhan, eight land parcels were sold for a total of 1.12 billion yuan, with two residential plots acquired by private enterprises at zero premium [5] - Chengdu saw two residential plots sold at a total of 1.286 billion yuan, both at the base price [5] Group 3: Company Performance and Financials - Beike Holdings reported a total transaction volume of 736.7 billion yuan in Q3, with a net profit of 747 million yuan, a year-on-year decline of 36.1% [6] - China Resources Land plans to place 49.5 million shares of its subsidiary, raising approximately 2.061 billion HKD for land acquisition and operational costs [6] - China Fortune Land Development has completed a financial debt restructuring totaling approximately 192.7 billion yuan [7] - CIFI Group has initiated a major organizational restructuring, dissolving four regional groups and multiple business units [8] Group 4: Sales Performance of Real Estate Companies - China State Construction reported total sales revenue of approximately 287.1 billion yuan and sales area of 10.7 million square meters from January to October [9] - China Resources Land's sales revenue for the same period was about 169.6 billion yuan with a sales area of 6.41 million square meters [9] - China Jinmao reported sales revenue of approximately 92.7 billion yuan and a sales area of 4 million square meters [9] - Other companies such as Yango Group, New城控股, and others also reported their sales figures, indicating a challenging market environment [9]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][3]. Core Insights - The real estate market is expected to continue bottoming out, with core cities stabilizing sooner. Two major opportunities are highlighted: the rise of favorable policies for housing and the potential for commercial real estate assets to be revalued during a monetary easing cycle [2][3]. Industry Data - New home sales in 34 key cities totaled 201 million square meters last week, up 11.9% week-on-week, with first and second-tier cities increasing by 12.6% and third and fourth-tier cities by 3.2% [4][5]. - Year-on-year, new home sales in November are down 39%, with first and second-tier cities down 37.8% and third and fourth-tier cities down 49.2% [5][7]. - The inventory of unsold residential properties in 15 cities was 89.538 million square meters, with a slight increase of 0.03% week-on-week [22][23]. Policy and News Tracking - The State Council supports the issuance of REITs for private investment projects and the central bank aims to improve the foundational financial system for real estate [31][32]. - Local policies include the promotion of purchasing existing homes for affordable housing in Hangzhou and the launch of online applications for housing provident fund loans in Zhengzhou [31][34]. Company Dynamics - Several real estate companies reported their sales data for October 2025. China Jinmao achieved sales of 12 billion yuan, up 3%, while other companies like New Town Holdings and CIFI Holdings saw significant declines [38][39]. - China Resources Land announced a placement of 49.5 million shares, raising approximately 2.06 billion HKD, maintaining a 70.1% stake post-placement [38][39]. Sector Performance Review - The SW Real Estate Index rose by 2.7%, outperforming the CSI 300 Index, which fell by 1.08%, ranking 7th among 31 sectors [43][47]. - Notable stock performances included China Wuyi and Huaxia Happiness, which saw significant gains, while companies like Asia Pacific Real Estate and Shenzhen Real Estate A experienced declines [47].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6]. Core Insights - The report emphasizes that the current policy environment is being driven by fundamental pressures, suggesting that the policy response may exceed the levels seen in 2008 and 2014 [4]. - Real estate is identified as an early-cycle indicator, serving as a barometer for economic trends, making it a strategic investment focus [4]. - The competitive landscape within the industry is improving, with leading state-owned enterprises and select mixed-ownership and private firms expected to benefit more in the future [4]. - The report continues to support investment in first-tier cities and two-thirds of second-tier cities, indicating that this combination has historically performed better during sales rebounds [4]. - Supply-side policies, including land storage and management of idle land, are highlighted as critical areas to monitor, with first and second-tier cities likely to benefit more from these changes [4]. Summary by Sections New Housing Market - In the week, new housing transaction area in 30 cities was 1.59 million square meters, showing a week-on-week increase of 17.4% but a year-on-year decrease of 34.6% [2]. - The new housing transaction area for first-tier cities was 432,000 square meters, up 12.6% week-on-week but down 42.5% year-on-year [2]. - Second-tier cities recorded a transaction area of 881,000 square meters, up 24.7% week-on-week and down 23.4% year-on-year [2]. - Third-tier cities had a transaction area of 276,000 square meters, up 4.9% week-on-week but down 47.7% year-on-year [2]. Second-Hand Housing Market - The total transaction area for second-hand housing in 14 sample cities was 2.003 million square meters, reflecting a week-on-week growth of 4.7% but a year-on-year decline of 17.0% [2]. - First-tier cities accounted for 856,000 square meters in second-hand transactions, up 8.7% week-on-week [2]. - Second-tier cities had a transaction area of 873,000 square meters, up 1.4% week-on-week [2]. - Third-tier cities recorded 273,000 square meters, up 3.7% week-on-week [2]. Credit Bonds - In the week of November 10-16, four credit bonds were issued by real estate companies, a decrease of eight from the previous week, with a total issuance of 3.62 billion yuan, down 6.63 billion yuan [3]. - The total repayment amount was 10.829 billion yuan, an increase of 4.359 billion yuan, resulting in a net financing amount of -7.209 billion yuan, down 10.989 billion yuan [3]. Market Performance - The report notes that the Shenwan Real Estate Index had a cumulative change of 2.7%, outperforming the CSI 300 Index by 3.78 percentage points, ranking 7th among 31 Shenwan primary industries [14]. - A total of 84 stocks in the real estate sector rose, while 30 stocks fell, with the top five gainers being Qianjing Garden, China Wuyi, Huaxia Happiness, Guancheng Datong, and Rongsheng Development, with gains of 61.0%, 30.0%, 26.3%, 21.6%, and 18.2% respectively [14].

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating a cautious optimism despite current challenges [2][3]. Core Insights - The investment side of the real estate sector continues to weaken, with significant declines in new construction and completion rates. For the period from January to October 2025, total real estate investment decreased by 14.7% year-on-year, with new construction down by 19.8% and completions down by 16.9% [1][20]. - The sales side shows a broader decline in sales volume and price. From January to October 2025, the sales area decreased by 6.8% year-on-year, with a more pronounced drop of 18.8% in October alone. The sales amount also fell by 9.6% year-on-year, with a 24.3% decline in October [2][33]. - Funding sources for real estate development are tightening, with total funding down by 9.7% year-on-year. In October, funding sources saw a significant drop of 21.9% compared to the previous month [35]. Investment Analysis - The report suggests that the real estate sector is still in a bottoming phase, with core cities expected to stabilize sooner. Two major opportunities are highlighted: the potential shift of real estate companies towards manufacturing and the favorable conditions for quality commercial enterprises during a monetary easing cycle [2][3]. - Adjustments to the 2025 forecasts include a projected investment decline of 14.2% (previously 11.0%), new construction down by 18.0% (previously 15.1%), and completions down by 17.7% (previously 20.0%) [20][34].

Core Viewpoint - The recent communication meeting between China Resources Land and homeowners of the "Central Land Center · Runfu" project in Shanghai has sparked controversy due to allegations of the developer instructing employees to create conflicts with homeowners [1][2]. Group 1: Project Overview - The "Central Land Center · Runfu" project is located in the Baoshan district of Shanghai and is set to launch its first phase in March 2024, with total sales expected to exceed 10 billion yuan by October 2024, making it the first residential project in Shanghai to sell over 1,000 units in 2024 [1]. - The project has a large scale, offering seven batches of units, with an average filing price of approximately 69,000 yuan per square meter. The unit sizes range from 103 to 177 square meters, resulting in total prices between 6 million and 14 million yuan [1]. Group 2: Homeowner Concerns - Homeowners raised concerns during the initial preview about quality issues, including the main entrance, entryway, and surrounding walls not meeting the standards set by the demonstration area, along with several unfinished construction works [2]. - The project company acknowledged the homeowners' concerns regarding quality and emphasized their commitment to high standards, stating that they will continue to communicate with homeowners and accept supervision [2]. Group 3: Developer's Response - The project company expressed regret over the inappropriate comments made by some employees during the communication meeting and stated that they would conduct a serious investigation and provide necessary education to the involved staff [2]. - The company highlighted their efforts during the preview event, which saw a participation rate of 97%, and emphasized their commitment to listening to feedback and creating a personalized repair record for each household [3].

Core Viewpoint - The recent communication meeting between the developer China Resources Land and homeowners at the popular Shanghai project, Zhonghuan Zhidi Center, revealed serious concerns about quality issues, leading to allegations of the developer attempting to stage a conflict with homeowners [1][2]. Group 1: Developer's Response - Shanghai Runbo Real Estate Co., Ltd. stated that the project is still under construction and has not yet been delivered, emphasizing ongoing communication and supervision with homeowners [2]. - The company expressed that it takes the inappropriate comments made by individual employees seriously and has initiated strict criticism and education, promising a thorough investigation [2]. Group 2: Project Details - Zhonghuan Zhidi Center is a significant TOD project located in the southern Daban area of Baoshan District, Shanghai [2]. - In October 2023, China Resources Land acquired a plot in Baoshan District, quickly publicizing project plans for a shopping center, Grade A office space, and quality residential areas, positioning it as a benchmark project for the region [2]. - Since its initial launch in March of last year, the project has seen seven sales events, with total sales exceeding 10 billion, and over 1,300 units sold out [2]. - The average purchase price for homes during the communication meeting was approximately 70,000 yuan per square meter, with total prices ranging from 6 million to 14 million yuan [2]. Group 3: Homeowner Concerns - Homeowners have reported various issues with the project, including non-functional ventilation and heating systems, missing switches, doors that do not close properly, and problems with bathroom windows and control panels [2].