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） 重續持續關連交易 訂立 背景 於二零二二年十月二十五日，本公司與華潤銀行訂立二零二二年華潤銀行戰略 合作協議，與華潤信託訂立二零二二年華潤信託戰略合作協議，與華潤租賃訂 立二零二二年租賃融資及保理服務框架協議，與華潤數科訂立二零二二年信息 化服務及產品採購框架協議，及與華潤集團訂立二零二二年租賃及許用框架協 議；於二零二二年十二月三十日，本公司分別與華潤集團及華潤股份訂立二零 二二年框架貸款協議。由於上述協議將於二零二五年十二月三十一日屆滿，於 二零二五年十二月九日，本公司分別與華潤銀行、華潤信託、華潤租賃、華潤 數科、華潤集團及華潤股份訂立二零二五年持續關連交易框架協議，藉此亦根 據二零二五年持續關連交易框架協議重續年度上限，而本公司亦已根據二零二 五年工程代建管理服務框架協議及 ...

華 潤 置 地 有 限 公 司 （「公 司」） 提 名 委 員 會 職 權 範 圍 書 （於2012年3月29日 採 納） （於2018年12月4日 修 訂） （於2022年12月22日 修 訂） （於2025年12月9日 修 訂） 成 立 公 司 董 事 會（「董 事 會」）已 成 立 一 個 名 為 提 名 委 員 會（「委 員 會」）的 委 員 會。 成 員 組 成 委 員 會 每 年 至 少 召 開 一 次 會 議，或 應 公 司 董 事 會 或 委 員 會 主 席 要 求，也 可 以 另 行 召 開 會 議。成 員 可 不 時 採 納 召 開 委 員 會 會 議 的 程 序、以 及 委 員 會 會 議 通 過 決 議 案 的 方 式 與 程 序。法 定 人 數 為 兩 位 成 員。 提 名 委 員 會 的 成 員 須 由 公 司 董 事 會 成 員 中 委 任，並 須 由 不 少 於 三 名 成 員 組 成，且 大 部 分 成 員 為 獨 立 非 執 行 董 事。 – 1 – 委 員 會 主 席 由 董 事 會 委 任 以 及 應 為 董 事 會 主 席 或 獨 立 非 執 行 董 事。若 其 缺 ...

Core Insights - The impressive sales performance of China Resources Land in major cities during a period of industry adjustment is attributed to the synergy of brand, location, product, and service [1][20] Brand Strength - China Resources Land has a strong foundation built over 20 years, deeply integrated with urban development, particularly in Shenzhen Bay, where it has established significant landmarks and contributed to urban planning [2][4] - The company's approach is characterized by being a "co-builder" rather than a transient player in the real estate market, enhancing its brand value through long-term commitment to urban development [4][20] Location Advantage - The strategic locations of projects like Shenzhen Bay, Beijing's Wenyu River, and Shanghai's Huangpu River are highlighted, with each site offering unique ecological and urban benefits [4][14] - The projects are designed to integrate seamlessly with their surroundings, enhancing their appeal and value [4][12] Product Innovation - China Resources Land emphasizes a customer-centric approach in product development, focusing on understanding client needs before design [5][10] - The company employs a "respect" philosophy in its product offerings, ensuring that designs reflect the desires and lifestyles of residents [5][10] - Innovative features such as the "Five Unique Systems" in Beijing's Wenyu Garden cater to diverse family needs and enhance living experiences [10][19] Service Excellence - The company provides a comprehensive service system that extends beyond property handover, focusing on high customization and full-cycle service for homeowners [19][20] - Key service dimensions include personalized service, community engagement, and leveraging ecological resources to enhance living experiences [19][20] Industry Direction - The collective success of China Resources Land's premium projects signals a shift in the real estate industry towards quality competition, emphasizing the importance of respecting urban environments and customer needs [20]

Group 1 - The real estate sector in China is facing significant challenges, with major companies like China Overseas Grand Oceans Group and China Jinmao experiencing declines of 8.93% and 8.76% respectively [1] - Morgan Stanley indicates that the real estate sector remains a primary risk point, with ongoing declines in sales and investment, and the market has not achieved a "stop falling and stabilize" condition [1][2] - Vanke's application for domestic bond extension has severely impacted market sentiment, raising concerns about the tightening financing environment for private developers [1][2] Group 2 - Analysts are optimistic about Longfor Group, which is transitioning to a rental model and possesses a significant amount of unencumbered investment properties [1] - The recommendation for investors is to adopt a selective strategy in the Chinese credit market, favoring TMT companies with strong fundamentals and balance sheets, such as Alibaba and Weibo [1] - Despite narrowing spreads for state-owned enterprises, there is strong technical support for defensive stocks like China National Chemical Corporation [1]

Group 1 - The Hong Kong real estate stocks have seen a significant decline, with China Jinmao dropping nearly 9% and China Overseas Grand Oceans Group falling 8% [1] - Other notable declines include Zhongliang Holdings down over 5%, Greentown China down 4.77%, and several other companies like Longfor Group and Yuyuan Property down over 3% [1] - Morgan Stanley suggests a selective investment strategy, highlighting a clear risk differentiation in the Chinese credit market, with the TMT sector showing good quality while the real estate sector remains under severe pressure [1] Group 2 - The real estate market is not expected to stabilize until 2025, with ongoing declines in sales and investment [1] - Vanke's attempt to extend domestic bond maturities has led to significant drops in both offshore and onshore bond prices, raising concerns about the financing environment for private developers [1] - The effects of policy easing have been limited, and there remains substantial inventory pressure in the market [1]

Core Insights - The strong sales performance of China Resources Land in major cities like Shenzhen, Beijing, and Shanghai reflects a significant trend in the high-end real estate market, driven by brand strength, prime locations, product innovation, and exceptional service [1][21] Brand Strength - China Resources Land has established a deep-rooted presence in urban development over the past 20 years, enhancing its brand value through significant contributions to city planning and infrastructure [2][4] - The company's projects are seen as integral parts of urban development, fostering a sense of trust and value among customers [6] Location Advantage - The strategic positioning of high-end properties in exclusive areas is crucial, with China Resources Land focusing on unique natural, commercial, and cultural resources to create irreplaceable value [6][8] - Key projects like Shenzhen Bay and Beijing Runyuan are situated in prime locations that offer both luxury and accessibility to essential amenities [8][9] Product Innovation - The company emphasizes a customer-centric approach in product development, prioritizing understanding client needs before design [10][11] - Innovative features such as the "Five Unique Systems" in Beijing Runyuan cater to diverse family needs, enhancing the living experience [11] Cultural Integration - Projects like Shanghai Shilin Runyuan are designed to harmonize with historical urban landscapes, fostering a sense of cultural belonging among residents [12][14] Service Excellence - China Resources Land offers a comprehensive, high-end service model that extends beyond property delivery, ensuring ongoing value for homeowners [17][19] - The service framework includes personalized assistance, community engagement, and exclusive access to high-end events, enhancing the overall living experience [20] Conclusion - The collective success of China Resources Land's high-end projects is attributed to its commitment to quality, urban integration, and customer respect, setting a benchmark for the real estate industry [21]

Group 1 - Beijing Runyuan, a high-end project under China Resources Land, officially opened on December 5, 2025, achieving sales of 3.5 billion yuan on its first day, reflecting a combination of scarce resources, product strength, and market confidence [2][20][35] - On the opening day, two villas were signed online, with a total area of 960 square meters and an average transaction price of 94,500 yuan per square meter, which is approximately a 7% discount from the pre-sale price [5][26][33] - The project is located in the core area of Beijing's traditional "Central Villa District," adjacent to the ecological corridor of the Yonglu River, and features a low plot ratio of only 1.01, making it one of the lowest in Beijing [5][33] Group 2 - The product line of Beijing Runyuan includes villas ranging from 700 to 990 square meters, with total prices starting at 60 million yuan, and luxury options exceeding 100 million yuan [6][33] - The project is backed by a state-owned enterprise, which enhances its credibility and market appeal, particularly among high-net-worth individuals [16][20] - The competitive landscape in the Central Villa District is intensifying, with three projects from Maoyuan Real Estate—Yunji, Jingzhu, and Lizhu Tai—forming a strategic encirclement around Beijing Runyuan, indicating a robust competition [7][18][20] Group 3 - Maoyuan Yunji is positioned as an ecological villa project surrounded by a park, emphasizing low-density living and high-quality ecological resources [8][11] - Maoyuan Jingzhu focuses on traditional villa living with a mature lifestyle infrastructure, catering to high-net-worth families [12][13] - Maoyuan Lizhu Tai offers urban-style large flat apartments, providing a new option for buyers who prefer a city living experience within the Central Villa District [14][15] Group 4 - The Central Villa District remains a highly sought-after area in Beijing, characterized by its international amenities, ecological resources, and low-density land supply, which are critical factors driving demand [17][20] - The successful launch of Beijing Runyuan is seen as a starting point for a new round of value reassessment in the market, highlighting the enduring appeal of scarce assets [18][20] - The competition between state-owned enterprises like China Resources and local developers like Maoyuan is expected to elevate the overall value of the Central Villa District [16][20]

Group 1 - The core viewpoint of the report is that Hong Kong property prices are expected to rise by 5% by 2026, with first-tier cities in mainland China significantly outperforming the market [1] - Hong Kong property prices have rebounded by 6.4% since the low in March this year, driven by continuous interest rate cuts in the US [1] - Rental yields have increased, indicating strong rental demand, while the selling pressure from developers and owners has notably decreased, leading to an improved supply-demand relationship [1] Group 2 - The transaction volume of second-hand residential properties in first-tier cities in mainland China has increased year-on-year, suggesting that home-buying demand is stabilizing [1] - Inventory levels in first-tier cities have returned to normal levels, and the land market is active, with land transfer fees rising year-on-year, primarily driven by the supply of quality land parcels [1]

Core Viewpoint - The report from Credit Lyonnais predicts a 5% increase in Hong Kong property prices by 2026, with first-tier cities in mainland China expected to significantly outperform the market [1] Group 1: Hong Kong Property Market - Hong Kong property prices have rebounded by 6.4% since the low in March this year, driven by continuous interest rate cuts in the US [1] - Rental yields have increased, indicating strong rental demand, while the selling pressure from developers and owners has significantly decreased, leading to an improved supply-demand relationship [1] Group 2: Mainland China Property Market - The transaction volume of second-hand residential properties in first-tier cities has increased year-on-year, indicating a stabilization in housing demand [1] - Inventory levels in first-tier cities have returned to normal levels, and the land market is active, with land transfer fees rising year-on-year, primarily driven by the supply of quality land parcels [1]

Group 1 - The core viewpoint of the report is that Hong Kong property prices have rebounded by 6.4% since the low in March this year, driven by the US's continuous interest rate cuts and declining rates [1] - Rental yields have increased, indicating strong rental demand, while the selling pressure from developers and owners has significantly decreased, leading to an improved supply-demand relationship [1] - The report forecasts that Hong Kong property prices will rise by 5% by 2026 [1] Group 2 - In mainland China's first-tier cities, the transaction volume of second-hand residential properties has increased year-on-year, indicating a stabilization in housing demand [1] - The inventory levels in first-tier cities have returned to normal, and the land market is active, with land transfer fees rising year-on-year, primarily driven by the supply of quality land parcels [1] - Preferred stocks mentioned in the report include China Resources Land, Hysan Development, and Link REIT [1]