Group 1 - The company, China Resources Land (01109.HK), announced a sustainable development-linked loan agreement with a bank for an amount of RMB 2 billion [1] - The loan financing has a term of 36 months starting from the date of the first drawdown or intended drawdown under the agreement [1]

Group 1 - The company, China Resources Land (01109), announced a loan agreement for a sustainable development-linked term loan of RMB 2 billion [1] - The loan agreement is established with a bank as the lender and has a term of 36 months from the date of the first drawdown [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。 ( 於開曼群島註冊成立之有限公司 ) (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，就本公司與貸款人訂立的該融資協議而作出。該 融資協議訂明（其中包括）對華潤集團設有特定履約責任。 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條而作出。 人民幣2,000,000,000元可持續發展掛鈎定期貸款融資 於二零二五年十二月三十一日，本公司作為借款人，與一家銀行作為貸款人(「貸款人｣ ），就金額為人民幣2,000,000,000元的可持續發展掛鈎定期貸款融資(「該貸款融資」)， 訂立一份貸款融資協議(「該融資協議｣）。該貸款融資期限為自該融資協議下首次被提取 款項或擬被提取款項之日起計36個月。 華潤(集團)有限公司(「華潤集團」)的特定履約責任 根據該融資協議，如：(i)華潤集團不 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights a recent policy change where the value-added tax (VAT) rate for housing sold within two years has been reduced from 5% to 3%, effective January 1, 2026. This aims to lower transaction costs and stimulate the second-hand housing market [5][6] - The report notes a significant decline in second-hand housing transaction volumes in major cities during the fourth quarter of 2025, with year-on-year decreases of 24.9% in Beijing, 19.4% in Shanghai, and 30.8% in Shenzhen for October-November [7][11][14] - The adjustment in VAT is expected to stabilize market expectations and promote overall recovery in the real estate sector, with specific recommendations for companies that are well-positioned to benefit from these changes [8] Summary by Sections Policy Changes - The VAT rate for housing sold within two years is reduced to 3%, while sales of properties held for two years or more remain exempt from VAT. This change is projected to save approximately 9.25 million yuan in VAT for a property priced at 5 million yuan [5][6] Market Trends - The report indicates a notable drop in second-hand housing transactions in major cities, with cumulative year-on-year increases of 11.0%, 18.5%, and 28.7% for the first nine months of 2025, followed by significant declines in October and November [7][11][14] Investment Recommendations - The report recommends focusing on companies with strong fundamentals and the ability to cater to improving customer demands, such as Greentown China, China Overseas Land & Investment, and China Resources Land. It also suggests companies that benefit from both residential and commercial real estate recovery, as well as high-quality property management firms [8]

Core Insights - The high-end real estate market in Shanghai is experiencing a significant increase in supply, with 30% of new homes priced over 100,000 yuan per square meter, marking a 45% increase from the previous month [1] - The last week of December saw approximately 20 projects launch, with 8 projects having an average price exceeding 100,000 yuan per square meter [1] - Notable sales include the "national land king" Anlan, which achieved sales of approximately 9.077 billion yuan, and Zhonghai·Huanyu Juzhang, which sold out its initial offering [1][2] Supply and Demand Dynamics - The high-end market is characterized by a "phenomenal hot sales" trend, with significant sales figures reported for several projects [2] - In December, the Yangpu Dongwaidan project launched 119 units at an average price of 138,800 yuan per square meter, with 109 units sold on the opening day despite a price increase [3] - Throughout the year, 34 projects in the high-end market achieved "daylight" sales, with 22 of these projects priced above 100,000 yuan per square meter [5] Competitive Landscape - The competition among leading real estate companies is intensifying, particularly among top players like China Resources, China Merchants, and Poly Development, as they strive for year-end performance [6] - As of November, China Resources led with 28.729 billion yuan in sales, closely followed by China Merchants at 28.505 billion yuan, with a narrow margin of only 2.24 billion yuan between them [6][9] - Zhonghai Real Estate is also leveraging its high-end projects, including Anlan and Huanyu Juzhang, to boost its annual performance, having reported 16.838 billion yuan in sales by November [7] Market Outlook - The high-end market is expected to remain a crucial support for Shanghai's real estate sector in 2025, with significant sales anticipated [10] - The competitive landscape among real estate firms is likely to evolve, with product innovation and marketing strategies becoming increasingly important for success [10] - Shanghai's luxury market is projected to account for a substantial portion of national sales, particularly for properties priced over 30 million yuan [10]

Core Insights - The 2025 land auction market in Jinan concluded with a total of 41 urban residential land transactions, covering over 1.23 million square meters, primarily driven by state-owned enterprises, national holding companies, and local platform companies [1][6] Group 1: Market Trends - "Low density" emerged as a key characteristic of the land auction market, with the lowest plot ratio recorded at 1.05 for a residential land parcel in the Sun Village area [2] - From March 2025 to the end of the year, Jinan offered 47 urban residential land parcels, with 37 successfully sold, indicating a strong demand for low-density developments [2] - The average transaction price for residential land exceeded 10,000 yuan per square meter for six parcels, setting new records for land auction prices in Jinan [3] Group 2: Competitive Landscape - The core area land parcels attracted significant competition, with 10 plots sold at base prices and 10 sold at premium prices, highlighting the scarcity of land in prime locations [3][4] - Notable competitive bidding included the DSF-09-04 plot in the Shengfu area, which saw 249 rounds of bidding, and the DSF-09-05-2 plot with a premium rate of 51.97% [4] - The presence of state-owned enterprises and national companies dominated the land acquisition landscape, with companies like China Resources Land and Poly Shandong Real Estate leading the charge [5][6]

在当前房地产行业向新发展模式转型的背景下，2025年6月召开的国务院常务会议指出,要扎实有力推进"好房子"建设,纳入城市更新机制加强工 作统筹,在规划、土地、财政、金融等方面予以政策支持。12月24日，北京出台房地产新政，从放宽非京籍家庭购房条件、优化信贷政策等方 面，进一步满足居民家庭多样化住房需求。此次新政，将非京籍家庭购买五环内商品住房的社保或个税缴纳年限，由原来的"3年"调减为"2 年"；购买五环外商品住房的，由原来的"2年"调减为"1年"。这项政策将激活改善型住房需求，引导市场预期向好。 效果图 ■占据价值高地 稀缺土地奠定根基 北京润园是华润置地最高阶"园"系作品，即华润置地低密战略作品。北京润园所处地块，经过二十余年的发展，已成为具有国际氛围、配套高 度成熟的高端居住板块。 这种稀缺性，更通过优异的规划指标得以强化。项目整体容积率仅为1.01。尤为突出的是，其院墅区的容积率低至0.66。它从根本上保障了社 区的纯粹性与空间尺度的奢侈感。 基于此，项目一期打造建筑面积约700—990平方米双拼院墅，享有约18—20米的宽阔南北楼间距，这一数字背后是居住体验的显著提升。同 时，这种空间尺度在当前高密 ...

Core Insights - Shenzhen's shopping culture is deeply integrated into daily life, with a high density of shopping malls and a unique consumer experience that goes beyond mere purchasing [1][8] - The "Wanda" commercial model, developed by China Resources Land, has evolved in Shenzhen, serving as a prototype for its expansion across the country, emphasizing customization over replication [13][15] Group 1: Commercial Development - The first high-end mall, Shenzhen MixC, opened in 2004, marking the beginning of a series of successful commercial projects in the city [13] - The three core product lines of Wanda commercial include MixC, MixC Plaza, and MixC World, each targeting different consumer needs while aligning with Shenzhen's urban planning [15][16] - The latest project, Huide MixC, is set to open in November 2025, covering 180,000 square meters and featuring over 400 brands, filling a gap in high-end commercial offerings in Bao'an [18][20] Group 2: Consumer Experience - Shenzhen MixC World has become a cultural symbol for young consumers, with over 400 stores and peak daily foot traffic reaching 350,000 [27][31] - The project incorporates public art and community engagement, enhancing the shopping experience and fostering social connections [31][36] - The dual MixC model in Shenzhen combines high-end luxury with everyday experiences, creating a seamless blend of shopping and leisure [40][44] Group 3: Strategic Positioning - Wanda's success in Shenzhen is attributed to its "urban symbiosis methodology," which aligns commercial development with city planning and population trends [45][47] - The company has transformed shopping spaces into lifestyle hubs, moving beyond traditional retail to become partners in urban living [47][49] - The integration of resources from China Resources enhances Wanda's competitive edge, allowing for a diverse range of services and experiences across its commercial projects [49][50]

Core Viewpoint - China Resources Land's recent luxury property launch in Shenzhen, the Shenzhen Bay Luanxi, achieved sales of 13 billion yuan in a single day, indicating a resurgence in the luxury market, but the company is struggling overall in Shenzhen, dropping significantly in sales rankings [1][2]. Group 1: Sales Performance - In the first 11 months of the year, China Resources Land recorded sales of 8.032 billion yuan, ranking seventh among real estate companies in Shenzhen, far behind the top performers like Hongrongyuan (18.255 billion yuan) and China Merchants Shekou (14.396 billion yuan) [1]. - The Shenzhen Bay Luanxi project, developed in partnership with China Overseas Land, is expected to contribute over 7 billion yuan in sales, but this is insufficient to restore the company's previous market dominance [1]. Group 2: Market Dynamics - The luxury market in Shenzhen is becoming increasingly competitive, with new projects like CITIC Xinyue Bay and Lian Tai Chaozong Bay entering the market, which may challenge the sales of existing projects [4]. - China Resources Land's reliance on a few "super projects" has increased, as seen with the Shenzhen Bay Luanxi, which lacks the sustained demand seen in previous flagship projects like Huazhong City [3]. Group 3: Land Acquisition and Development - The company has been less active in acquiring new land, securing only one plot in partnership with China Merchants Shekou this year, which is expected to be developed into high-end residential units [4]. - The Lake Bei redevelopment project, which has been in the pipeline since 2011, is a significant asset for China Resources Land, but recent adjustments to its planning indicate a shift towards residential development to ensure quicker returns [5][6]. Group 4: Financial Pressure - China Resources Land is facing significant financial pressure, with a total debt expected to reach 281.27 billion yuan by mid-2025, and a net interest-bearing debt ratio increasing by 7.3 percentage points within six months [8]. - The company has recently issued 3.9 billion USD in bonds and raised 2 billion HKD through a share placement, marking a significant increase in public financing this year [8]. Group 5: Strategic Challenges - The company must navigate the balance between releasing profits from core assets and managing the financial burden of large-scale redevelopment projects, which poses a long-term challenge for its operations in Shenzhen [9].

2025年12月18日，海南自由贸易港正式启动全岛封关运作。在这一背景下，由华润置地代建的三亚海棠 河生态公园二期近日通过国际可持续场地评价体系(SITES)V2铂金级认证，成为海南在生态治理与可持 续城市运营领域获得的又一项国际权威认可。 在项目实施过程中，华润置地坚持"保护优先"的原则，完整保留场地内约8公顷原生林资源，并对一棵 树龄逾200年的酸豆树古树实施原址保护。同时，在此基础上，华润置地通过分区养护与生态演替策 略，将园区划分为低维护野化区、中维护演替区和高维护活动区，构建起兼顾生态自愈与公共使用的多 层次生态系统。 据华润置地相关负责人介绍，三亚海棠河生态公园是城市重要的公共生态基础设施项目，全长约14.53 公里，景观面积约265.12万平方米，承担着内河治理、生态修复与公共空间供给等多重功能。项目分两 期实施，一期已于2024年4月开园，二期于2025年6月对公众开放。 针对河岸外来入侵物种问题，华润置地在该项目中实施系统性清理与本土物种补种方案，不仅重塑红树 林生态系统结构，更增强河道生态韧性。同时，围绕再野化路径，项目构建六大本土植物群系，严格遵 循"10-20-30"多样性原则，最终实 ...