格隆汇9月23日丨华润置地(01109.HK)宣布，郭世清因其他工作安排，自2025年9月23日起辞任执行董 事、公司执行委员会成员、公司首席财务官及公司董事会秘书，及不再担任香港联合交易所有限公司证 券上市规则第3.05条所规定的公司授权代表。 ...

（於開曼群島註冊成立的有限公司） 孫哲 陳帆 梁國權 秦虹 （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 | | 張大為 | （ | 副主席 | ） | 魏成林 | | 徐榮 （ | 總裁 | ） | | 王宇航 | | 陳偉 | | | | | | 郝忠明 | | | | | | 趙偉 | | | | | 獨立非執行董事 鐘偉 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 薪 酬 | 提 名 | 企 業 管 治 | 執 行 | 可 持 續 發 展 | | | 委 員 會 委 員 會 | 委 員 會 | 委 員 會 | 委 員 會 | 委 員 會 | | 李 欣 | | C | M | C | C | | 張 大 為 | ...

Group 1 - The company announced that Mr. Guo Shiqing will resign from his positions as Executive Director, Executive Committee Member, Chief Financial Officer, Board Secretary, and Authorized Representative effective September 23, 2025 [1] - Mr. Hao Zhongming has been appointed as an Executive Director and Executive Committee Member [1] - Mr. Zhao Wei has been appointed as an Executive Director, Executive Committee Member, Chief Financial Officer, Board Secretary, and Authorized Representative [1]

Group 1 - The company announced that Mr. Guo Shiqing will resign from his positions as Executive Director, Executive Committee Member, Chief Financial Officer, Board Secretary, and Authorized Representative effective September 23, 2025 [1] - Mr. Hao Zhongming has been appointed as an Executive Director and Executive Committee Member [1] - Mr. Zhao Wei has been appointed as an Executive Director, Executive Committee Member, Chief Financial Officer, Board Secretary, and Authorized Representative [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的有限公司） （股份代號：1109） 董事變更； 首席財務官變更； 董事會進一步宣佈，自二零二五年九月二十三日起，(1)郝忠明先生（「郝先生」）獲 委 任 為 執 行 董 事 及 執 行 委 員 會 成 員 ； 及 (2) 趙 偉 先 生（「 趙 先 生」）獲 委 任 為 執 行 董 事、執行委員會成員、首席財務官、董事會秘書及授權代表。 董事會秘書變更； 授權代表變更；及 董事會下屬委員會組成之變更 董 事 會 謹 此 宣 佈 ， 自 二 零 二 五 年 九 月 二 十 三 日 起 ， (1) 郭 世 清 先 生 辭 任 執 行 董 事、執行委員會成員、首席財務官、董事會秘書及授權代表；(2)郝忠明先生獲 委任為執行董事及執行委員會成員；及(3)趙偉先生獲委任為執行董事、執行委 員會成員、首席財務官、董事會秘書及授權代 ...

Core Viewpoint - The expansion of public REITs in China is gaining momentum, with the government actively promoting the development of the market to attract diverse investments and enhance market vitality [2][4][5]. Group 1: Market Overview - China's public REITs began in June 2021, with 74 REITs listed in Shanghai and Shenzhen as of September 17, 2023, and a total market capitalization exceeding 220 billion RMB [8]. - The first batch of REITs included 9 funds, and the market has since expanded to include various asset types, with industrial park REITs being the most prevalent [8]. - The upcoming listing of foreign commercial facility REITs, such as CapitaLand's, indicates strong investor interest, with an IPO subscription rate exceeding 500 times [8]. Group 2: Government Initiatives - The National Development and Reform Commission (NDRC) has issued guidelines to cultivate the REIT market, emphasizing the importance of infrastructure projects and encouraging local governments and state-owned enterprises to establish REITs [4][5]. - The NDRC aims to broaden the investment scope of REITs to include railways, ports, and renewable energy, thereby attracting more private sector participation [5]. Group 3: Investment Performance - The average distribution yield of public REITs in China is projected to reach 6.37% by the end of 2024, surpassing Japan's 5.15% [10]. - Renewable energy-related REITs are expected to achieve a distribution yield of 11.55%, highlighting the potential for stable returns in this sector [10]. Group 4: Challenges and Market Dynamics - Despite the growth of the REIT market, challenges remain, including high vacancy rates in commercial properties due to over-investment and shifts in consumer behavior towards online shopping [9]. - The REIT model in China is not a quick fix for the country's bad debt issues, as significant real estate inventory remains to be addressed [12]. - The market's ability to sustain required yields and the potential for conflicts of interest in the REIT structure are ongoing concerns [11][12].

作为华润置地塔尖产品线的卓越传承者，以及深耕南通房地产市场17载的集大成之作，澐璟项目自规划 之初便展现出非凡的远见与魄力。该项目以超越当代的人居理念为指引，致力于打造能够代言南通未来 十年城市发展高度的标杆性居住作品。 经过时光的精心打磨与品质淬炼，如今的澐璟已完美呈现实景风貌，将最初规划蓝图中的美好愿景，转 化为触手可及的高端人居实景，为南通城市人居树立了全新标杆。 所见即得，塔尖人居典范 GOA大象设计总裁陆皓先生凭借其卓越的设计才华与深厚的艺术造诣，亲自操刀设计了令人瞩目的"澐 翼之冠"塔冠、独具匠心的"双T非对称"天翼以及美轮美奂的"流光连影"外立面。曾经仅仅存在于设计蓝 图之上的构想，在无数建设者夜以继日的努力与精心雕琢之下，如今已从虚幻的蓝图变为了眼前的实 景。 项目选址极具战略眼光，市府旁"钻石地块"的稀缺地段，汇聚城市核心资源与价值。 那深邃的灰蓝色玻璃在阳光的照耀下闪耀着独特的光芒，仿佛与天际融为一体，为整个建筑增添了一抹 神秘而又深邃的色彩。萃取欧洲皇室加冕皇冠形制的双T澐翼之冠，每一处线条都经过了反复地推敲与 打磨，造型端庄而又华贵，宛如一位不怒自威的王者，静静地伫立在城市的天际线之上 ...

Core Insights - The development of the Shanghai waterfront area, particularly along the Huangpu River, reflects the city's modernization and transformation, showcasing its historical significance and future potential [1][4][6] Group 1: Forum and Discussion - The "Heart of the River, Global Renewal" forum will be held on September 24, focusing on waterfront urban planning, ecological construction, cultural renewal, and economic vitality [3] - The forum aims to gather global perspectives to explore ways to enhance the vibrancy of waterfront areas and shape a world-class waterfront with global influence [3][4] Group 2: Urban Development and Planning - The Huangpu River's transformation from industrial zones to vibrant public spaces illustrates Shanghai's urban upgrade, emphasizing ecological and public accessibility [6][11] - The waterfront area is seen as a crucial resource for urban development, integrating ecological, economic, cultural, and social functions [4][6] Group 3: Potential of the Houtan Area - The Houtan area, identified as the last bay of the Huangpu River, is strategically positioned to connect major urban developments and attract significant resources [7][11] - The area is planned to include residential, commercial, educational, and green spaces, indicating a comprehensive approach to urban living [7][9] Group 4: Infrastructure and Connectivity - The Houtan area benefits from enhanced transportation links, including rapid access routes and a connected greenway, improving accessibility and quality of life for residents [9][11] - The integration of various transport modes and scenic corridors enhances the overall urban experience along the waterfront [9] Group 5: Role of China Resources Land - China Resources Land has been a key player in Shanghai's urban development for over 30 years, significantly influencing the evolution of the waterfront area [11][13] - The company has developed several landmark projects that contribute to the economic vitality and sustainable development of the waterfront, positioning itself as a builder of urban vibrancy [13]

Investment Rating - The investment rating for the real estate development sector is "Buy" for key companies such as Poly Developments, China Merchants Shekou, and Binhai Group, while "Hold" is given to companies like Vanke A and China Overseas Development [6][35][60]. Core Insights - The real estate development sector's price-to-book ratio (PB) is 0.85, with a historical percentile of 31.46% as of September 19, 2025, indicating a relatively low valuation compared to historical levels [1][11]. - The property service sector has a price-to-earnings ratio (PE) of 47.78, with a historical percentile of 75.95%, suggesting a higher valuation compared to historical averages [2][38]. - Recent policy changes in major cities like Beijing, Shanghai, and Shenzhen have led to increased transaction volumes in the new housing market, particularly in Shanghai, where transaction intensity increased by 62.5% post-policy implementation [3][70]. Summary by Sections Real Estate Development Sector - As of September 19, 2025, the real estate development sector has seen a 5.2% increase in stock prices from September 1 to September 19, outperforming the CSI 300 index by 5.05 percentage points [1][29]. - Key companies in the A-share market with the highest stock price increases include Binhai Group (+34.68%), New Town Holdings (+31.77%), and Huafa Group (+0.99%) [1][31]. - In the H-share market, China Jinmao (+63.25%), Jianfa International Group (+49.68%), and China Overseas Hongyang Group (+48.88%) led the gains [1][31]. Property Service Sector - The property service sector experienced a 4.1% increase from September 1 to September 19, 2025, outperforming the CSI 300 index by 3.97 percentage points [2][49]. - The top-performing A-share companies in the property service sector include Nandu Property (+67.33%), New Dazheng (+46.07%), and China Merchants Jinling (+14.70%) [2][55]. - In the H-share market, the leading companies were China Resources Vientiane Life (+52.36%), Jianfa Property (+42.22%), and Greentown Service (+35.34%) [2][55]. Policy Impact and Market Dynamics - Since August 2025, favorable policies have been introduced, including measures in Beijing, Shanghai, and Shenzhen, which have significantly boosted new housing transactions [3][68]. - The average daily transaction volume for new homes in Shanghai surged by 62.5% following the policy changes, indicating a strong market response [4][70]. - The report highlights that the real estate market is gradually stabilizing, with core cities expected to benefit from urban renewal initiatives [5][79].

Group 1 - The current context suggests that the recent easing of housing market measures in first-tier cities may have limited impact, with an increasing likelihood of policymakers enhancing support [1] - Historically, rising policy expectations tend to drive stock prices up, indicating a tactical opportunity before the end of the year [1] - Since July 2025, the performance of Chinese real estate has outperformed the market by 2% [1] Group 2 - The best risk-reward opportunities are seen in non-distressed private enterprises like Longfor Group and small to medium-sized state-owned enterprises such as China Jinmao and China Overseas Property [1] - For investors preferring large-cap state-owned enterprises, the fundamental top picks are China Resources Land and China Resources Mixc Life, while China Overseas Development may offer more upside potential as a laggard [1] - If simply benchmarked against the peak in October 2024, the industry could have an upside potential of 15% to 20% [1]