Core Viewpoint - China Resources Land (01109.HK) reported a total contract sales amount of approximately RMB 17.6 billion in September 2025, with a total contract sales area of about 610,000 square meters [1] Group 1: Sales Performance - Cumulative contract sales amount for the first nine months of 2025 reached approximately RMB 154.4 billion, with a total contract sales area of about 5.729 million square meters [1] - The total contract sales in September 2025 showed a significant monthly performance, contributing to the overall strong sales figures for the year [1] Group 2: Recurring Revenue - The company's recurring income for September 2025 was approximately RMB 4.1 billion, representing a year-on-year growth of 7.5% [1] - Rental income from operational real estate business for September 2025 was about RMB 2.76 billion, reflecting a year-on-year increase of 13.6% [1] - Cumulative recurring income for the first nine months of 2025 was approximately RMB 37.15 billion, with a year-on-year growth of 7.7% [1] - Rental income from operational real estate for the first nine months of 2025 reached approximately RMB 24.16 billion, marking a year-on-year increase of 12.5% [1]

Core Viewpoint - China Resources Land (01109) reported a total contract sales amount of approximately RMB 17.6 billion for the month ending September 30, 2025, reflecting a year-on-year increase of 4.2% but a decrease in sales area by 30.2% [1] Group 1: Sales Performance - For the first nine months of 2025, the cumulative contract sales amount reached approximately RMB 154.4 billion, representing a year-on-year decrease of 10.4% [1] - The total contract sales area for the same period was about 5.729 million square meters, down 24.1% year-on-year [1] Group 2: Regular Income - In September 2025, the company's recurring income was approximately RMB 4.1 billion, showing a year-on-year growth of 7.5% [1] - The rental income from operational real estate business was around RMB 2.76 billion, marking a year-on-year increase of 13.6% [1] - For the first nine months of 2025, the total recurring income amounted to approximately RMB 37.15 billion, with a year-on-year growth of 7.7% [1] - The rental income from operational real estate business for the same period was about RMB 24.16 billion, reflecting a year-on-year increase of 12.5% [1]

2025年9月，本集團經常性收入約人民幣41.0億元，按年增長7.5%，其中，經營性不動產業務租金 收入約人民幣27.6億元，按年增長13.6%。2025年前9月累計經常性收入約人民幣371.5億元，按年 增長7.7%，其中，經營性不動產業務租金收入約人民幣241.6億元，按年增長12.5%。 上述已披露初步數據取自本集團內部管理記錄，或會變更並可能與本集團按年度或半年度刊發的 經審核或未經審核綜合財務報表所呈現的數字存在差異。這些數據不應被視為本集團過往或將來 的經營或財務表現的指標或測量依據。據此，有關數據僅供參閱而不作其他目的。投資者在買賣 本公司證券時務須小心謹慎，不可依賴前述已披露信息。投資者如有任何疑問應向專業顧問徵求 意見。 承董事會命 華潤置地有限公司 主席 李欣 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9月30日止一個月未經審核營運數據 華潤置 ...

企查查APP显示，近日，深圳市润昆房地产有限公司发生工商变更，注册资本由100万元增至19.45亿 元，增幅194400%。企查查显示，该公司成立于2022年12月，法定代表人为方朋，由华润置地控股有限 公司全资持股。 | (c) Occ.com | 12 1 2 全国企业信用查询系统 | | | 深圳市润昆房地产有限公司 | | | | | 20 | 適一下 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 自身动态 12 | 关联动态 2455 | | | | | | | | | | | 动态类型 | रुकी | 工商 | 诉讼 | 招投标 | 新闻 | 監管 | 经营 | 知识产权 | | | | | | | | | | | | | 2 | | | 更新时间 1 | | 动态等级 | | 动态类型 | | | 动态内容 | | | | | 2025-10-12 | | 利好 | | 注册资本增加 | | | | | 从"100万元"增加到"194500万元"，增加"194400万元" | | ...

Sales Performance - In the first nine months of 2025, the total sales amount of the top 30 real estate companies in Beijing reached 257.34 billion yuan, with China Overseas Land & Investment, Yuexiu Property, and China Resources Land leading the sales at 31.08 billion yuan, 21.25 billion yuan, and 20.53 billion yuan respectively [10] - The total sales area for the top 30 companies was 4.796 million square meters, with China Overseas Land & Investment, China Resources Land, and Shoukai Co., Ltd. achieving sales areas of 430,000 square meters, 340,000 square meters, and 333,000 square meters respectively [10] Policy Changes - The annual adjustment policy for Beijing's housing provident fund has been implemented, maintaining a contribution rate between 5% and 12%, with the upper limit for monthly contributions adjusted to 35,811 yuan and the lower limit to 2,540 yuan [10] Market Activity - In September, Beijing recorded 3,556 new housing contracts, showing a month-on-month increase of 9.9% and a year-on-year increase of 13.4%. The second-hand housing market saw 15,829 contracts, with month-on-month and year-on-year increases of 24.8% and 18.7% respectively [10] - The top-selling project in September was the Zhongjian Yunhe Jiuyuan, which achieved a sales amount of 3.568 billion yuan and a sales area of 58,000 square meters, topping both the sales amount and area rankings [10] Land Market - In September, four residential land plots were successfully auctioned in Beijing, with the Chaoyang District Sun Palace plot sold at a premium rate of 39.18%. The plot attracted nine bidders and was ultimately won by China Construction Intelligence with a total price of 4.3145 billion yuan and a floor price of 85,331 yuan per square meter [11]

Core Insights - Shenzhen Run Kun Real Estate Co., Ltd. has undergone a significant change in registered capital, increasing from 1 million RMB to 1.945 billion RMB, representing a growth of 194,400% [1] Company Overview - The company was established in December 2022 and is wholly owned by China Resources Land Limited [1] - The legal representative of the company is Fang Peng [1] Business Scope - The business operations of the company include housing leasing, real estate development and management, and property management [1]

Core Viewpoint - Shanghai's recent announcement reveals the launch of 8 new residential projects across 6 districts, totaling 874 units and a construction area of 105,710 square meters, indicating a continued push in the real estate market despite no new developments being introduced [2][10]. Group 1: Project Details - The projects include various types of apartments, with the largest being located in Pudong and Hongkou, featuring high average prices and strong demand [4][5]. - The "Feiyun Yuefu" project in Pudong has seen significant success, with a total sales amount of 12.691 billion yuan in the first nine months of the year, ranking among the top three in Shanghai [5]. - The "Wai Tan Rui Fu" project in Hongkou sold out on its opening day, showcasing the competitive pricing and demand in the area [5]. Group 2: Market Trends - The overall sales performance of the real estate market in Shanghai has improved, with new home transaction areas increasing by nearly 40% in September compared to the previous month [10]. - The introduction of new policies aimed at optimizing housing purchases has positively impacted market dynamics, particularly in outer districts [10]. - China Resources Land has emerged as a significant player in the market, with a total sales volume of 35.594 billion yuan in the first nine months, closely trailing behind the leading company [10].

Core Insights - The report from CICC indicates that the second-hand housing market in September shows a mixed performance, with transaction volume declining month-on-month but increasing year-on-year, suggesting ongoing market weakness [1][2]. Transaction Volume and Price Trends - In September, the transaction volume index for second-hand residential properties in 80 cities decreased by 10% month-on-month but increased by 19% year-on-year (Q3 +19%, Q2 +17%) [1]. - The registered transaction area in 15 cities rose by 6% month-on-month and grew by 9% year-on-year (Q3 +3%, Q2 +11%) [1]. - The price index for homogeneous second-hand residential properties fell by 1.7% month-on-month (Q3 average -1.7%, Q2 average -1.4%) [1]. - The negotiation space for transactions increased by 25 basis points to 8.91% [1]. Listing Trends - The number of second-hand residential listings in 130 cities increased by 0.4% month-on-month, continuing a slight upward trend [2]. - The price index for homogeneous listings in key cities decreased by 1.5% month-on-month (Q3 average -1.3%, Q2 average -1.2%) [2]. - The average adjustment for listed properties was -5.24%, indicating a conservative price expectation among sellers [2]. Rental Market Insights - The rental index for homogeneous listings decreased by 0.8% month-on-month (August -0.5%) [3]. - The average rental period remained stable at 2.12 months [3]. - The rental-to-sale ratio increased by 2 basis points to 2.33% due to declining listing prices [3]. Investment Recommendations - The company suggests focusing on investment opportunities in the real estate and property management sectors, particularly in companies with solid fundamentals and profit quality such as China Resources Land, Jianfa International, and others [4]. - It also recommends considering undervalued stocks like Greentown China and New Town Holdings, given potential liquidity improvements [4]. - The report highlights the importance of identifying stocks with strong growth prospects or attractive dividend yields across various sectors [4].

Core Viewpoint - Morgan Stanley reports that CR Mixc, a shopping mall under China Resources Land (01109), recorded low single-digit same-store sales growth during the golden period, leading to an overall retail revenue increase of over 25% year-on-year [1] Group 1: Sales Performance - CR Mixc's same-store sales growth contributed to a retail revenue increase of over 25% year-on-year, with high-end malls experiencing same-store sales growth exceeding 20% [1] - Year-to-date, the same-store sales growth is recorded at low single digits year-on-year, while overall retail revenue for the first nine months has grown by 20% to 25% year-on-year [1] Group 2: Rental Income and Market Position - The company is expected to exceed management's original rental income forecast, achieving a 13% year-on-year growth [1] - The growth is attributed to the expanding market share of CR Mixc, which continues to outperform its peers [1] Group 3: Investment Recommendation - Morgan Stanley maintains a "Buy" rating on the stock, with a target price set at HKD 39.3 [1]

Core Viewpoint - Morgan Stanley's research report indicates that CR Mixc, a shopping mall under China Resources Land, recorded low single-digit same-store sales growth during the Golden Week, contributing to an overall retail sales increase of over 25% year-on-year for the mall [1] Group 1: Sales Performance - The same-store sales growth for high-end malls exceeded 20% year-on-year [1] - The growth is attributed partly to the overlap of the National Day and Mid-Autumn Festival holidays, but CR Mixc's performance outpaced its peers due to its expanding market share [1] - Year-to-date same-store sales growth is recorded at low single digits, while overall retail sales for the first nine months of the year increased by 20% to 25% year-on-year [1] Group 2: Revenue Expectations - The company is expected to exceed management's original forecast for annual rental income, projecting a year-on-year growth of 13% [1] - Morgan Stanley continues to list the stock as a preferred pick with a target price of HKD 39.3 and maintains an "Overweight" rating [1]