Core Viewpoint - China Resources Land experienced a significant decline in sales in June after five months of stabilization, with total contract sales amounting to approximately RMB 234.5 billion, representing a year-on-year decrease of 26.7% [1] Sales Performance - In June 2024, China Resources Land achieved total contract sales of approximately RMB 320.0 billion, a year-on-year increase of 19.0%, while the total contract sales area decreased by 8.1% [2] - For the first half of 2025, the cumulative contract sales amounted to approximately RMB 1,103.0 billion, a year-on-year decrease of 11.6%, with the total contract sales area down by 21.0% [2] - Despite the decline in June, the company managed to maintain a trend of stabilization in sales for the first half of the year, with the total sales decline narrowing by 15.1% compared to the previous year [2] Market Comparison - Among the top 100 real estate companies, the cumulative equity sales amount for the first half of the year was RMB 11,821.94 billion, a year-on-year decrease of approximately 13.23% [3] - China Resources Land ranked fifth in total sales with RMB 1,103 billion, following Poly Developments, Greentown China, and China Overseas Land [3][4] Land Acquisition - In June 2025, China Resources Land continued its aggressive land acquisition strategy, purchasing four plots of land with a total floor area of approximately 268,556 square meters for a consideration of about RMB 19.8 billion [5] - The company acquired a total of 18 plots of land in the first half of 2025, with a total floor area of 1,481,900 square meters and a total consideration of approximately RMB 332 billion [6] Revenue Generation - In June 2025, the company reported regular income of approximately RMB 41.6 billion, remaining stable year-on-year, with rental income from operational real estate increasing by 8.6% to RMB 25.9 billion [7] - For the first half of 2025, cumulative regular income reached approximately RMB 246.0 billion, a year-on-year increase of 8.0%, with rental income from operational real estate growing by 12.1% to RMB 158.7 billion [7]

Group 1: Housing Fund Policy - Beijing Housing Fund Management Center has announced an expansion of the pilot program for direct payment of housing rent using housing provident fund, aiming to better meet the rental housing consumption needs of contributors [1] - The number of pilot housing rental institutions has increased from 3 to 4, with the addition of Beijing Ziroom Housing Rental Co., Ltd. [1] - The pilot scope for two commercial housing rental partners has been expanded to the entire city, and the number of public rental housing pilot projects has increased to 3 [1] Group 2: Real Estate Market Trends - In June, new home prices in first-tier cities decreased by 1.4% year-on-year, with the decline narrowing by 0.3 percentage points compared to the previous month [2] - Shanghai experienced a price increase of 6%, while Beijing, Guangzhou, and Shenzhen saw declines of 4.1%, 5.1%, and 2.5% respectively [2] - Second and third-tier cities also saw year-on-year price declines of 3% and 4.6%, with reductions narrowing by 0.5 and 0.3 percentage points respectively [2] Group 3: Company Sales Performance - China Resources Land reported a total contract sales amount of approximately 23.45 billion yuan in June, with a year-on-year decrease of 26.7% [3] - Longfor Group disclosed a total contract sales amount of 4.64 billion yuan in June, with a contract sales area of 394,000 square meters [4] Group 4: Debt Restructuring - CIFI Group's three domestic bond restructuring proposals have been approved, with a total outstanding scale of approximately 3.09 billion yuan [5] - The bondholder meetings for the restructuring were held online, with approval rates of 69.92%, 65.78%, and 85.73% for the respective bonds [5]

Group 1 - The core viewpoint emphasizes the goal of building innovative, livable, beautiful, resilient, civilized, and smart modern cities, focusing on high-quality urban development and urban renewal as a key strategy [1][2] - The recent Central Urban Work Conference highlighted the shift in urban development from expansion to quality improvement, prioritizing the satisfaction and value judgments of the people [2][3] - The new urbanization strategy focuses on people-centered approaches, regional coordination, and urban renewal as essential components for high-quality urbanization [3] Group 2 - Urban renewal is defined as a systematic process of spatial reconstruction and functional upgrading, transitioning from expansion to enhancement of existing urban areas [4][5] - The policy goals of urban renewal have evolved from addressing basic livelihood issues to constructing livable, resilient, and smart cities, emphasizing sustainable and multi-layered urban renewal mechanisms [4][5] - The recent guidelines for urban renewal stress optimizing urban structure, enhancing functionality, and preserving historical cultural heritage while promoting digital, green, and intelligent urban governance [4][5] Group 3 - The investment landscape for urban renewal includes various sectors such as urban planning, transportation, landscape architecture, and smart city initiatives, indicating a comprehensive approach to urban development [6] - Companies involved in urban planning and related sectors are highlighted, showcasing a diverse range of players in the market, including those specializing in design, construction, and infrastructure [6]

Investment Rating - The report maintains a "Positive" rating for the real estate sector, anticipating stronger policies to stabilize the market [3][4][36]. Core Insights - The investment and sales in the real estate sector are both weakening, with expectations for more robust policies to halt the decline and stabilize the market [3][4]. - The report highlights that the investment in real estate from January to June 2025 has decreased by 11.2% year-on-year, with new starts down by 20.0% and completions down by 14.8% [4][19]. - Sales volume and prices are both declining, with sales area down by 3.5% and sales amount down by 5.5% in the same period [20][35]. - Funding sources are tightening, with a 6.2% year-on-year decline in total funding sources for real estate development [36][38]. Investment Analysis Investment Side - Real estate development investment totaled 466.58 billion yuan from January to June 2025, down 11.2% year-on-year, with June alone seeing a 12.9% decline [4][19]. - New starts and completions are also down significantly, with new starts down 20.0% and completions down 14.8% year-on-year [19][20]. Sales Side - The total sales area for real estate was 460 million square meters, a decrease of 3.5% year-on-year, with June seeing a 5.5% decline [20][35]. - The average selling price of properties decreased by 1.9% year-on-year, with June's average price at 9,649 yuan per square meter, down 5.6% year-on-year [34][35]. Funding Side - Total funding sources for real estate development amounted to 500.2 billion yuan, down 6.2% year-on-year, with domestic loans showing a positive growth of 0.6% [36][38]. - Sales returns are weakening, with deposits and prepayments down by 16.7% year-on-year in June [36][38].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the real estate market is moving towards stabilization, with new housing prices showing a decrease in month-on-month (MoM) but a smaller year-on-year (YoY) decline. The second-hand housing prices are experiencing a similar trend, with a YoY decline narrowing while the MoM decline is expanding [8][19][26]. Summary by Sections New Housing Market - In June 2025, new housing prices in first, second, and third-tier cities decreased by -0.3%, -0.2%, and -0.3% respectively, with a total of 70 cities showing a MoM decline of -0.3%, which is a 0.1 percentage point increase in decline compared to May [14][15]. - The YoY decline for new housing prices in first, second, and third-tier cities was -1.4%, -3.0%, and -4.6% respectively, leading to an overall YoY decline of 3.7% for 70 cities, which is a reduction of 0.4 percentage points compared to the previous month [14][15]. Second-Hand Housing Market - The second-hand housing prices in June 2025 saw a MoM decline of -0.6%, with first, second, and third-tier cities experiencing declines of -0.7%, -0.6%, and -0.6% respectively. This represents an increase in the decline of 0.1 percentage points compared to May [19][21]. - The YoY decline for second-hand housing prices across 70 cities was -6.1%, with first, second, and third-tier cities showing declines of -3.0%, -5.8%, and -6.7% respectively, indicating a narrowing of the decline for some tiers [19][22]. Regional Performance - In June 2025, Shanghai led the new housing market with a MoM increase of +0.4% and a YoY increase of +6.0%. Among the 35 key cities, only Shanghai, Hangzhou, and Taiyuan saw YoY increases in new housing prices [26][27]. - The second-hand housing prices in June across 35 cities showed a decline, with only Xining experiencing a MoM increase of +0.1%. The overall trend indicates a consistent decline in second-hand housing prices since early 2024 [26][27]. Investment Recommendations - The report suggests focusing on strong credit real estate companies that are well-positioned to meet the needs of improvement-oriented customers, such as Greentown China, China Merchants Shekou, and China Overseas Development [8][26]. - It also recommends companies benefiting from both residential and commercial real estate recovery, such as China Resources Land and Longfor Group, as well as high-quality property management firms under the "Good House, Good Service" policy [8][26].

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6月30日止一個月未經審核營運數據 2025年6月，本集團經常性收入約人民幣41.6億元，同比持平，其中，經營性不動產業務租金收入 約人民幣25.9億元，按年增長8.6%。2025年前6月累計經常性收入約人民幣246.0億元，按年增長 8.0%，其中，經營性不動產業務租金收入約人民幣158.7億元，按年增長12.1%。 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 中國，二零二五年 ...

Core Viewpoint - The real estate market in Shenyang is experiencing a strong recovery in 2025, driven by the introduction of high-efficiency housing with high usable area ratios, which has become a significant trend among leading property developers [1][7]. Market Activation - Multiple new residential projects have been launched across Shenyang in the first half of 2025, including notable developments such as润启·和平里, 万科·雲樾, and 招商·璀璨映澜, indicating a revitalization of the market [3][5]. - Existing popular projects are also accelerating their new offerings, contributing to a previously absent active supply side in the market [3]. Demand Evidence - The demand side is reflected in the strong sales performance of new projects, with 招商·璀璨映澜 achieving sales of 1.6 billion and 华润中寰悦府 maintaining a leading position in sales rankings for nine consecutive months [5][11]. - The introduction of high-efficiency housing has effectively activated improvement demand among buyers, marking a significant transformation in the real estate market [7]. Product Upgrade - The concept of high usable area ratios in housing is likened to technological upgrades in electronic products, where consumers are willing to pay for tangible improvements in living space and efficiency [9][11]. - The shift from traditional high public area ratios (approximately 25% in 2021) to high usable area ratios in new products allows buyers to maximize their living space, enhancing the value perception of their investments [17]. Comparative Analysis - A direct comparison between 2021 and 2025 housing products shows that the new high usable area ratio units offer significantly larger usable spaces, with living room widths increasing from 4 meters to 5.5 meters, providing a more spacious living experience [18][19]. - The increase in bedroom sizes and overall comfort levels further emphasizes the advantages of high usable area ratio products, which are crucial for driving market interest and sales in 2025 [19]. Market Transformation - The 2025 Shenyang real estate market is characterized by a product revolution that breaks the previous market stagnation, highlighting the importance of high-quality housing in the ongoing market restructuring [19].

Sales Performance - In the first half of 2025, the total sales amount of the top 30 real estate companies in Chengdu reached 99.82 billion yuan, with China Resources Land, China Railway Construction, and Poly Developments leading the sales at 7.66 billion yuan, 7.39 billion yuan, and 7.34 billion yuan respectively [10] - The total sales area for the top 30 companies was 4.337 million square meters, with Poly Developments, China Resources Land, and China Railway Construction achieving sales areas of 343,000 square meters, 329,000 square meters, and 314,000 square meters respectively [10] Market Trends - The new housing market in Chengdu saw a total of 5,982 new homes sold in June, representing a year-on-year decrease of 13.7% but a month-on-month increase of 2.1% [10] - The new residential price index in Chengdu increased by 0.1 percentage points in May, marking the seventh consecutive month of price increases since November 2024 [10] Policy and Development - On June 6, the Chengdu Housing and Urban-Rural Development Bureau issued the "Good House" construction action plan, which includes 18 key tasks aimed at improving residents' living quality and happiness [10] - Upcoming projects such as Jianfa Zhaoshang Yuanqi Jinsha and Green City Run Baihe are expected to bring renewed activity to the Chengdu new housing market in July [10] Secondary Market - In June, the secondary housing market in Chengdu recorded 19,214 transactions, showing a year-on-year increase of 14.4% and remaining stable month-on-month [11] Land Market - The land market in Chengdu is experiencing record-breaking floor prices, with the Jinniu District's land price exceeding 20,000 yuan per square meter for the first time [11]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][36]. Core Insights - The report highlights a significant decline in both new and second-hand housing transactions, with new home sales in 34 key cities dropping by 50.1% week-on-week [2][3]. - The report anticipates further policy support to stabilize the real estate market, with potential measures including mortgage rate cuts and increased supply of quality housing [2][36]. Industry Data Summary New Home Transactions - New home sales in 34 key cities totaled 1.983 million square meters, a week-on-week decrease of 50.1% [2][3]. - Year-on-year, new home sales in July decreased by 16.0%, with first and second-tier cities down by 15.4% and third and fourth-tier cities down by 23.4% [4][11]. Second-Hand Home Transactions - Second-hand home sales in 13 key cities reached 1.078 million square meters, a week-on-week decline of 6.6% [11]. - Year-to-date, second-hand home sales have increased by 8.8% compared to the previous year [11]. Inventory and Supply - In 15 cities, 880,000 square meters of new homes were launched, with a sales-to-launch ratio of 0.71, indicating ongoing inventory reduction [20][21]. - The average months of inventory for new homes is 19.6 months, reflecting a slight increase [20]. Policy and News Tracking - The National Development and Reform Commission is increasing investment in key areas of new urbanization, indicating a proactive approach to stimulate the housing market [30][31]. - Local governments are implementing targeted policies, such as restrictions on the registration of small property rights houses in Guangdong and new housing subsidy programs in Wuxi [30][31]. Company Dynamics - Several real estate companies are actively engaging in financing and capital market operations, with notable activities including Shenzhen Tianjian Group's issuance of medium-term notes worth 650 million yuan [36]. - Companies like Beike-W are also engaging in share buybacks, indicating confidence in their market position [36]. Sector Performance - The real estate sector outperformed the market, with the SW Real Estate Index rising by 6.12% compared to a 0.82% increase in the CSI 300 Index [2][36]. - The average price-to-earnings ratios for major A-share real estate companies for 2025 and 2026 are projected at 14.7 and 13.1 times, respectively [2].

Core Insights - The total sales area of commercial housing in Changsha from January to June 2025 reached 2.1036 million square meters, with a total sales amount of 30.11 billion yuan [1] Group 1: Sales Performance of Top Real Estate Companies - The top 20 real estate companies in Changsha achieved a combined sales amount of 22.691 billion yuan and a total sales area of 1.4988 million square meters [2][3] - The top 10 companies had a sales threshold of 9.15 billion yuan and 6.90 thousand square meters, while the top 20 had a threshold of 4.44 billion yuan and 3.36 thousand square meters [2][3] - China Resources, China Merchants, and China State Construction ranked as the top three companies by sales amount, with China Resources leading at 2.881 billion yuan [4][6] Group 2: Project Sales Rankings - The top 10 projects in Changsha for sales amount totaled 9.229 billion yuan, with a threshold of 636 million yuan [7] - The project "Changsha Ruifu" topped the sales amount ranking with 1.711 billion yuan, followed by "Jianfa Guanyun" at 1.105 billion yuan and "Changsha Runfu" at 1.019 billion yuan [7][8] - In terms of sales area, the top 10 projects accounted for a total of 529,100 square meters, with "Changsha Ruifu" leading at 83,700 square meters [8]