Core Viewpoint - The groundbreaking ceremony for the Yuen Long South residential project, a collaboration between China Resources Land and New World Development, marks a significant step in the development of the Northern Metropolis in Hong Kong [1][4]. Group 1: Project Development - The Yuen Long South residential project is located in the "high-end professional services and logistics hub" area of the Northern Metropolis plan, adjacent to a well-developed central area, indicating substantial development potential [3]. - The total floor area of the project is approximately 720,000 square feet, with phased development planned. The first plot has completed land premium procedures, allowing for nearly 280,000 square feet of buildable area, expected to be sold in the fiscal year 2027, providing around 700 residential units [3]. - The two plots combined will offer approximately 1,800 residential units to meet market demand for quality housing [3]. Group 2: Strategic Collaboration - Since 2022, China Resources Land has actively researched participation in the Northern Metropolis construction, organizing the "Runxin Construction·Building the Future" youth professional design competition to gather innovative ideas for the Northern Metropolis planning [3]. - In December 2023, a cooperation agreement was signed with New World Development to jointly develop the Yuen Long South project, demonstrating a commitment to collaborative efforts in the region [3]. - Future initiatives include hosting the "Spring Bamboo Lecture" in June 2024 to deepen research on industrial development in the Northern Metropolis and signing a general letter of intent for corporate participation in November 2024 [3].

Core Viewpoint - China Resources Land has significantly increased its financing activities in 2025, achieving a record high in public market financing, primarily to optimize debt structure, invest in core city real estate projects, and support asset management operations [2][6][10]. Group 1: Financing Overview - In the first ten months of 2025, China Resources Land's public market financing reached 546.13 billion RMB, leading among 65 major real estate companies [2][6]. - The total public market financing for the company has exceeded 600 billion RMB, marking the highest level since 2013 [2][6]. - The company completed a placement of 49.5 million shares of China Resources Mixc Lifestyle Services, raising approximately 2.061 billion HKD [2]. Group 2: Financing Utilization - A significant portion of the raised funds is allocated for debt repayment and restructuring, with 253.58 billion RMB of financing maturing in 2025 [6]. - The company has invested approximately 62.7 billion RMB in new land reserves in the first ten months of 2025, including major projects in Shanghai, Shenzhen, and Beijing [7]. - Asset management operations have seen an increase of 21.4 billion RMB compared to the beginning of the year, indicating a focus on quality project investments [10]. Group 3: Industry Trends - The financing landscape in the real estate sector has shifted towards state-owned enterprises, which accounted for over 75% of financing in the first ten months of 2025, while private enterprises' share dropped to less than 7% [12][15]. - State-owned enterprises are leading in acquiring new land reserves, holding an 81.1% share of the total value among the top 100 companies [13]. - The ongoing liquidity risks faced by private real estate firms have resulted in a consolidation of financing, land acquisition, and sales towards state-owned enterprises, enhancing the overall resilience of the industry [15].

Core Viewpoint - The Hong Kong dividend assets are experiencing a correction, but the trend of capital inflow continues, driven by the demand for high-dividend assets from insurance companies under new accounting standards [1][2]. Group 1: Market Performance - As of November 21, the Hong Kong Stock Connect Dividend ETF (520900) fell by 1.74% with a trading volume of 33.55 million yuan [1]. - Over the past 10 days, the net inflow into the ETF was 104 million yuan, and over the past 20 days, it was 150 million yuan, with the latest fund size reaching 1.881 billion yuan [1]. Group 2: Fund Inflows and Trends - From October 13 to November 14, the ETF has seen continuous growth in shares for five consecutive weeks, with the latest share count at 1.728 billion [1]. - The demand for high-dividend stocks is expected to increase significantly as insurance companies switch to new accounting standards by 2026, with an estimated annual allocation of 250 to 500 billion yuan for high-dividend assets by five A-share listed insurance companies by 2027 [1]. Group 3: Investment Characteristics - The Hong Kong dividend assets exhibit a "defensive" characteristic in volatile markets, with a focus on high-dividend state-owned enterprises [2]. - The ETF tracks the CSI National New Hong Kong Stock Connect Central Enterprise Dividend Index, which emphasizes high-dividend state-owned enterprises, with the top three sectors being oil and petrochemicals (29.7%), telecommunications (21.2%), and transportation (13.5%) [2]. Group 4: Fund Details - The Hong Kong Stock Connect Dividend ETF (520900) was established on June 26, 2024, with a management fee of 0.50% and a custody fee of 0.10% [3]. - The current fund managers are Huo Huaming and Lv Xin, with returns of 12.68% and 26.76% respectively during their management periods [3]. Group 5: Top Holdings - The top holdings of the ETF include China Petroleum (10.86%), China Mobile (10.32%), and China Shenhua (9.70%), with significant market values for each [4]. - Investors focused on sustainable dividends and quality earnings can consider the ETF for a balanced exposure to high-dividend stocks in the Hong Kong market [4].

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）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份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。 本公告及其隨附的上市文件僅供參考之用，並不構成收購、購買或認購證券的邀 請或要約，或訂立任何協議以作出任何該等事宜的邀請，亦不被視作收購、購買 或認購任何證券的要約邀請。 本公告及本文所述上市文件乃按上市規則（定義見下文）規定的僅作資料用途而刊 發，並不構成提呈出售任何證券的要約或招攬購買任何證券的要約。本公告及其 任何內容（包括上市文件）並非任何合約或承諾的依據。為免生疑，刊發本公告及 本文所述的上市文件不應被視為就香港法例第32章公司（ 清盤及雜項條文 ）條例而 言 根 據 本 公 司（ 定 義 見 下 文 ）所 刊 發 或 代 其 刊 發 的 招 股 章 程 而 作 出 的 證 券 發 售 要 約 ， 亦 概 不 構 成 就 香 港 法 例 第 571章 證 券 及 期 貨 條 例 而 言 的 廣 告 、 邀 請 或 文 件 ， 其中載有向公眾人士的邀約，訂立或要約訂立有關購買 ...

Core Insights - The concept of "good housing" has been officially recognized in government reports, emphasizing safety, comfort, sustainability, and intelligence as core standards for residential needs in the new era [1][2] - China’s housing development is shifting focus from mere availability to quality, aiming to enhance residents' living standards and happiness through tailored solutions for diverse demographics [2][4] Group 1: Good Housing Framework - The "good housing" framework is built on respect and care for individuals, transitioning from "having housing" to "having good housing" [2] - The "good housing" system by China Resources Land includes "good products, good communities, and good services," supported by a "ten energy system" to ensure comprehensive living experiences [1][4] Group 2: Full-Cycle Renewal Technology - The "full-cycle renewal technology" allows flexible adjustments in living spaces using modular, industrialized, and column-free designs, enabling homes to adapt to changing family needs [4] - A comprehensive home renovation service system is established to cater to families with children and the elderly, ensuring homes remain aligned with evolving needs [4] Group 3: Affordable Rental Housing - The "Nest" brand under China Resources Land offers a multi-tier rental supply system, including compact units designed for young urban residents, maximizing functionality in limited space [6] - The rental model encourages tenant participation in community space improvements, fostering a sense of belonging [6] Group 4: Complete Community Development - The concept of a "complete community" is defined by a 15-minute living circle, integrating essential services like healthcare, childcare, and shopping within close proximity [8][9] - China Resources Land's diverse business operations, including commercial properties and asset management, support the development of these complete communities [9][10] Group 5: Operational Excellence - The operational strategy, termed "good maintenance," integrates housing management, community governance, and urban operations, enhancing overall service delivery [15][16] - Advanced technologies such as AI and IoT are employed to create smart community management systems, improving efficiency and safety for residents [17] Group 6: Urban Operations Model - The "Nanshan Model" exemplifies successful urban operations, focusing on integrated city services and community engagement, which can be adapted to various urban contexts across China [19] - The holistic approach to housing and community development positions "good housing" as a vital link between individual lives, community warmth, and urban growth [19]

Group 1 - Dongguan Runhu Real Estate Co., Ltd. has been established with a registered capital of 742 million yuan [1] - The legal representative of the company is Zhao Zhao [1] - The company is fully owned by Shenzhen Run Investment Consulting Co., Ltd., a subsidiary of China Resources Land [1]

Core Viewpoint - The Hong Kong real estate sector experienced a rebound on November 20, with several major companies seeing significant stock price increases, driven by expectations of supportive government policies aimed at stabilizing the real estate market [2][4]. Group 1: Market Performance - Major real estate stocks such as Sunac China (01918.HK) rose by 6.02%, Vanke (02202.HK) by 3.69%, and Country Garden (02007.HK) by 3.09% [2][3]. - Other companies like China Overseas Grand Oceans Group (00081.HK) and Yuexiu Property (00123.HK) also joined the upward trend, indicating a broader market recovery [2]. Group 2: Policy Catalysts - The recent rally in the real estate market is attributed to rising expectations of new supportive policies from the Chinese government to counteract the sluggish market and prevent further financial instability [4][5]. - The Ministry of Housing and Urban-Rural Development is reportedly considering measures such as interest subsidies for new personal housing loans and increasing tax deductions for mortgage borrowers [5]. Group 3: Market Data and Trends - Current real estate data shows a continued decline, with a reported 18.8% year-on-year drop in national commercial housing sales area for October 2025, and a 24.3% decrease in sales value [6]. - The market is under pressure, with expectations for policy support growing as the sales figures continue to decline [6][7]. Group 4: Future Outlook - Analysts suggest that the combination of policy expectations, consumer recovery, and improvements in the Hong Kong market will catalyze the real estate sector's performance leading up to the end of the year [9]. - The upcoming "Hong Kong 100 Strong" list is anticipated to feature major real estate companies, reflecting their importance in the market [10].

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告之內 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，概不就因本公 告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本公告僅供參考之用，並不構成收購、購買或認購證券的邀請或要約，或訂立任 何協議以作出任何該等事宜的邀請，亦不被視作收購、購買或認購任何證券的要 約邀請。 本公告並不構成亦不屬在或向美國或在任何其他司法管轄權區購買或認購證券的 任何要約或招攬其中一部分。本公告所指的證券概無及將不會根據經修訂的一九 三三年美國證券法（「證券法」）或美國任何州或其他司法管轄權區的證券法登記， 除根據證券法及適用州或地方證券法獲豁免或屬不受該等登記規定所規限的交易 外，概不可在美國境內發售或出售。本公告及其中所載資料不得直接或間接在或 向 美國 或在 任何 其他 司 法管 轄權 區派 發。 證券 將 僅依 賴證 券法 S規例 在美 國 境外 發售。概不會在或向美國或向香港公眾或在有關發售受限制或被禁止的任何其他 司法管轄權區作出證券公開發售。 在香港聯合交易所有限公司之上市通知 聯席全球協調人、聯席賬簿管理人 ...

Core Insights - The "Good House, Good Home, Good Life" housing promotion event in Nanjing will take place on November 22, showcasing 96 properties from 12 districts, catering to various consumer needs [1][2] Group 1: Event Overview - The event aims to present high-quality housing options through tangible craftsmanship, experiential scenarios, and quantifiable standards, highlighting the appeal of "good houses" in Nanjing [2] - A diverse range of properties will be available, including affordable options starting at 2 million yuan for a 79 square meter unit in Yuhua District, and upgraded products from local state-owned enterprises [2] Group 2: Subsidy and Promotions - The "old-for-new" housing policy in Nanjing is nearing its deadline, offering a 1% government subsidy on new housing contracts, creating a window of opportunity for residents to upgrade their homes [3] - The event will feature exclusive discounts, fixed-price offers, and group purchase deals from participating developers, alongside enhanced financial support from banks to lower the cost of acquiring quality housing [3] Group 3: One-Stop Service Platform - The promotion will establish a one-stop service platform for housing consumption, providing comprehensive services including transaction policy consultation, financial services, and public fund usage advice [4] - Various local specialties, cultural elements, and interactive activities will be showcased to enhance the community experience and promote Nanjing's cultural heritage [4]

Core Viewpoint - The real estate service concept stocks have seen a significant rise, with notable increases in share prices for various companies in both the A-share and Hong Kong markets [1][2]. Group 1: A-Share Market Performance - I Love My Home (000560) has seen its stock price surge and is currently at the upper limit of trading [1]. - Other companies such as Te Fa Service, Shi Lian Hang (002285), and others have also experienced upward movement in their stock prices [1]. Group 2: Hong Kong Market Performance - Sunac China has increased by over 7%, while Country Garden has risen by more than 5% [1]. - Other notable increases include: - Far East Horizon up by over 4% - Shimao Group, China Resources Land, and R&F Properties each up by over 3% [1]. - The following companies have reported specific percentage increases: - Sunac China: 7.52% increase, latest price at 1.430, market cap at 164.02 billion [2]. - Country Garden: 5.15% increase, latest price at 0.510, market cap at 142.74 billion [2]. - Far East Horizon: 4.59% increase, latest price at 0.114, market cap at 13.46 billion [2]. - Shimao Group: 3.70% increase, latest price at 0.280, market cap at 24.09 billion [2]. - China Resources Land: 3.34% increase, latest price at 30.300, market cap at 2160.67 billion [2]. - R&F Properties: 3.33% increase, latest price at 0.620, market cap at 23.26 billion [2]. - Vanke Enterprise: 3.45% increase, latest price at 4.200, market cap at 501.09 billion [2].