Core Viewpoint - China Resources Land (01109.HK) reported a steady growth in recurring income and rental income from its operational real estate business for the year ending October 2025, indicating a positive trend in its financial performance [1] Financial Performance - For October 2025, the group's recurring income was approximately RMB 4.33 billion, representing a year-on-year increase of 3.0% [1] - The rental income from operational real estate for the same period was approximately RMB 2.94 billion, showing a significant year-on-year growth of 16.8% [1] - Cumulatively, for the first ten months of 2025, the recurring income reached approximately RMB 41.48 billion, reflecting a year-on-year increase of 7.2% [1] - The rental income from operational real estate for the first ten months was approximately RMB 27.10 billion, with a year-on-year growth of 13.0% [1]

华润置地(01109)公布，截至202510月31日止一个月，该集团实现总合同销售金额约人民币152.0亿元， 总合同销售建筑面积约68.1万平方米，分别按年减少51.0%及46.8%。2025前10月累计合同销售额约人民 币1,696.0亿元，总合同销售建筑面积约641.0万平方米，分别按年减少16.6%及27.4%。 202510月，该集团经常性收入约人民币43.3亿元，按年增长3.0%，其中，经营性不动产业务租金收入约 人民币29.4亿元，按年增长16.8%。2025前10月累计经常性收入约人民币414.8亿元，按年增长7.2%，其 中，经营性不动产业务租金收入约人民币271.0亿元，按年增长13.0%。 ...

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。 （於開曼群島註冊成立的有限公司） (股份代號: 01109.HK) 截至2025年10月31日止一個月未經審核營運數據 華潤置地有限公司(「本公司」)董事會(「董事會」)謹此公佈，截至2025年10月31日止一個月，本 公司及其附屬公司(「本集團」)實現總合同銷售金額約人民幣152.0億元，總合同銷售建築面積約 68.1萬平方米，分別按年減少51.0%及46.8%。2025年前10月累計合同銷售金額約人民幣1,696.0 億元，總合同銷售建築面積約641.0萬平方米，分別按年減少16.6%及27.4%。 2025年10月，本集團經常性收入約人民幣43.3億元，按年增長3.0%，其中，經營性不動產業務租 金收入約人民幣29.4億元，按年增長16.8%。2025年前10月累計經常性收入約人民幣414.8億元， 按年增長7.2%，其中，經營性不動產業務租金收入約人民幣271.0億元，按年增長13.0%。 上述 ...

Core Viewpoint - The survival situation of real estate companies is showing marginal improvement, with a notable revival in both domestic and international financing channels [10]. Group 1: Company Financing Activities - China Resources Land has announced a plan to issue a $3.9 billion medium-term note, marking its first dollar bond issuance in six years, aimed at professional investors [4][5]. - The last dollar bond issuance by China Resources Land occurred in November 2019, when it sought approval for a similar $3.9 billion medium-term note [5]. - The issuance is intended for debt structure optimization, with Moody's assigning a "Baa1" investment-grade rating to the proposed notes, indicating strong liquidity and financial flexibility for the company [6]. Group 2: Market Trends and Comparisons - The revival of dollar bond issuance among major state-owned enterprises is seen as a positive signal, with China Resources Land's $3.9 billion plan being one of the largest among real estate companies [5]. - Other companies like Greentown China and New City Development have also successfully issued dollar bonds this year, indicating a normalization of offshore financing for real estate firms [5][10]. - The average interest rate for bond financing in the real estate sector has decreased to 2.56%, reflecting a growing acceptance of Chinese real estate companies in the international market [10]. Group 3: Financial Health and Market Confidence - As of mid-2025, China Resources Land reported cash holdings of 120.24 billion yuan, with a cash-to-short-term debt ratio of 1.95, indicating a solid financial position [7]. - The overall debt situation of real estate companies is improving, with a significant year-on-year increase in bond financing, suggesting a recovery in market confidence [10]. - The successful issuance of high-yield bonds by companies like New City Development indicates a cautious but growing acceptance of risk among investors in the real estate sector [8][9].

Core Viewpoint - Longfor Group is transitioning towards a second growth curve by enhancing its operational capabilities in commercial real estate, particularly in light of declining development business performance [2][4][6]. Group 1: Current Business Performance - Longfor Group reported operating revenue of approximately RMB 22.16 billion for the first ten months of 2025, accounting for 39.7% of its contract sales during the same period [2]. - The company's contract sales have significantly decreased from RMB 290.1 billion in 2021 to RMB 55.8 billion in the first ten months of 2025, with an expectation of falling below RMB 100 billion for the first time since 2017 [4]. - The share of recurring business revenue in total revenue has been increasing, reaching 22.6% in the first half of 2025, but the gross profit margin for recurring business was only 12.6%, indicating insufficient support for overall profitability [7][8]. Group 2: Comparison with Competitors - Longfor's recurring business gross profit margin is significantly lower than that of China Resources Land, which achieved a gross profit margin of 24% in its recurring business [7][8]. - The difference in profitability is attributed to the positioning of their commercial segments, with Longfor targeting middle-income families while China Resources focuses on high-end consumers [8]. Group 3: Strategic Moves and Challenges - The acquisition of the World Trade Center project in Beijing is seen as a strategic opportunity for Longfor to enhance its presence in the high-end commercial market and improve brand visibility [9][10][12]. - The project has the potential to diversify Longfor's commercial product offerings and align with government policies encouraging the integration of commercial and cultural tourism [14]. - However, challenges include the need for significant capital investment for upgrades, uncertainty in rental income due to high vacancy rates (40%-50%), and a lack of experience in renovating older commercial properties [16][17].

Core Viewpoint - Hong Kong property stocks continue to rise, indicating a positive trend in the real estate sector [1] Group 1: Company Performance - Shimao Group (00813.HK) increased by 13.21%, reaching HKD 0.3 [1] - R&F Properties (02777.HK) rose by 5.36%, reaching HKD 0.59 [1] - China Resources Land (01109.HK) saw a gain of 4.45%, reaching HKD 30.96 [1] - Oceanwide Holdings (03377.HK) increased by 3.81%, reaching HKD 0.109 [1]

Core Viewpoint - The Chinese property stocks are experiencing a rise, driven by the implementation of new housing policies in various regions, particularly the promotion of "existing home sales" in Pingjiang County, Hunan Province, which is expected to stabilize the market in the long term [1] Group 1: Market Performance - Shimao Group (00813) increased by 13.21%, trading at 0.3 HKD - R&F Properties (02777) rose by 5.36%, trading at 0.59 HKD - China Resources Land (01109) saw a 4.45% increase, trading at 30.96 HKD - Oceanwide Holdings (03377) grew by 3.81%, trading at 0.109 HKD [1] Group 2: Policy Developments - On November 3, Pingjiang County in Hunan Province fully implemented existing home sales, marking it as the fourth region in China to do so after Xinyang, Jingmen, and Conghua District [1] - Zhongtai Securities reported that existing home sales can mitigate delivery risks and help stabilize the market, although it may not directly boost new home sales in the short term [1] Group 3: Future Outlook - GF Securities noted that there is currently a policy vacuum period, with no new statements from central or local governments ahead of year-end meetings [1] - Huang Qifan's proposals regarding the establishment of a reverse mortgage system for the elderly and other housing consumption models have garnered significant attention [1] - The exploration of new real estate models continues, with expectations for statements from the Political Bureau and the Central Economic Work Conference by year-end [1]

Investment Rating - The report maintains a "Buy" recommendation for new homes and indicates a significant decline in second-hand home transactions year-on-year [2][33]. Core Insights - The real estate sector has seen a 0.2% decline in the week of November 3 to November 7, 2025, ranking 24th among 31 primary industry sectors [9][30]. - New home transaction volume in 20 monitored cities decreased by 38% year-on-year, with a total area of 159 million square meters sold in the week, averaging 22.7 million square meters per day [21][24]. - Second-hand home transactions in 11 monitored cities also fell by 29% year-on-year, with a total area of 186 million square meters sold in the week, averaging 26.6 million square meters per day [24][29]. Industry Overview - **Basic Data**: The real estate sector comprises 107 listed companies with a total market capitalization of 1,233.623 billion yuan and a circulating market capitalization of 1,183.334 billion yuan [3]. - **Relative Index Performance**: The absolute performance over 1 month, 6 months, and 12 months is -1.6%, 16.8%, and -8.9% respectively, while the relative performance is -3.3%, -5.3%, and -23.3% [4]. Policy Developments - Local policies include the implementation of "current housing sales" in Pingjiang County, Hunan, and the promotion of industrialized construction in Guangzhou, aiming for a total output value of 500 billion yuan by 2030 [14][15]. Sales Performance - The report highlights a significant drop in both new and second-hand home sales, with new home sales down 31% week-on-week and second-hand home sales down 6% week-on-week [21][24]. - Cumulative data shows that new home sales in 20 cities have decreased by 11% year-to-date, while second-hand home sales in 11 cities have increased by 7% year-to-date [21][24]. Financing Trends - Most bond issuances in the week were by local state-owned enterprises, with Guang'an Holdings issuing the largest scale of 2 billion yuan [30][31]. Investment Strategy - The report suggests focusing on companies with strong product differentiation and stable rental income from quality commercial real estate, highlighting firms such as Beike-W, Greentown China, and China Resources Land as potential investment opportunities [33].

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