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]

Core Insights - The article highlights the emergence of rare scenic land parcels in Shanghai's land auction market, particularly during the sixth batch of concentrated land auctions in July 2025, where two scenic parcels were sold for the first time simultaneously [1][2]. Group 1: Auction Details - The sixth batch of concentrated land auctions in Shanghai took place on July 24-25, 2025, resulting in the sale of 8 residential land parcels with a total construction area of 523,100 square meters and a total transaction amount of 29.057 billion yuan, averaging a premium rate of 22.33% [2]. - Among the sold parcels, the Jing'an District C050202 unit (Dong Siwenli parcel) was acquired by China Overseas Land & Investment for 5.363 billion yuan, with a floor price of 90,390 yuan per square meter [2]. - The Xuhui District XH-02 unit was sold for 1.225 billion yuan after 28 rounds of bidding, setting a new record for residential land at a floor price of 200,257 yuan per square meter [2]. Group 2: Market Dynamics - The supply of scenic residential land parcels in Shanghai is limited, with only 7 parcels supplied through auction methods in 2023, accounting for 27% of similar land supply in the city center [5]. - The auction process has seen a shift from previous high premium rates to a more cautious approach from traditional real estate companies, reflecting a rational assessment of land value amid market conditions [7]. - The current market environment indicates that even for scarce scenic land parcels, traditional developers are adopting a conservative bidding strategy rather than aggressively pursuing high prices [7]. Group 3: Land Use and Regulations - The scenic residential projects in Shanghai are primarily located in Huangpu, Jing'an, Hongkou, and Yangpu districts, with the introduction of new residential land in the Hengfu scenic area expanding high-end residential options in the central urban area [3]. - The scenic land parcels auctioned have a low proportion of protected land, generally below 50%, which does not meet the requirements for historical scenic projects [8]. - The auctioned parcels are mostly small-scale mixed-use developments, with the majority being under 20,000 square meters, indicating a trend towards smaller community projects [8]. Group 4: Participation and Access - The pathways for acquiring scenic land in Shanghai include public selection combined with agreement transfer, agreement transfer combined with equity transfer, and open bidding [10]. - The open bidding process is designed to attract national quality enterprises, allowing for a competitive mechanism to fully explore land value [11]. - High-protection scenic land parcels will continue to be supplied through selective methods to ensure compliance with protection requirements, while lower-protection parcels will be available through open bidding [11].

Core Viewpoint - The construction of "good houses" is a strategic development direction for residential products, transitioning from policy concepts to industry practices, and is expected to become a long-term trend in the real estate market [1][3]. Group 1: Development and Policy Background of "Good Houses" - The demand for "good houses" is driven by urbanization and a shift in consumer expectations from merely having a house to living in a quality home [3][5]. - The industry's transformation is influenced by policies such as "housing is for living, not for speculation," leading to price control measures that have impacted profit margins for real estate companies [4][5]. - As quality issues in housing become more prominent, the industry is shifting focus from scale to quality, making "good houses" a consensus and development direction [6][5]. Group 2: Real Estate Companies' "Good House" Strategies and Case Studies - Leading real estate companies like Poly, China Overseas, and China Resources are launching "good house" strategies focusing on safety, comfort, green living, and smart technology [7][8]. - Companies are establishing comprehensive technical standards that cover the entire lifecycle from design to service, reflecting a shift towards refined management [8][9]. - The strategies are transitioning from qualitative claims to quantifiable controls, with companies like China Overseas achieving measurable improvements in sound insulation and pollution reduction [8][9]. Group 3: Five Dimensions of "Good House" Product Practices - Safety performance is emphasized as the first guarantee of quality living [30]. - Comfort and livability have evolved from merely increasing physical space to optimizing space efficiency and human-centered design [31][32]. - Health environment assurance has shifted from basic physical indicators to a multi-dimensional approach that includes sound, light, air, and water quality [44][45]. - Green and low-carbon initiatives are integrated into daily life through innovative designs and technologies [52]. - Smart technology is advancing from passive control to proactive service, enhancing user experience through intelligent systems [53][59]. Group 4: Future Outlook for "Good Houses" - The construction of "good houses" will be a continuous process of deepening and refining, with policies expected to become more detailed and standardized [70]. - The industry will continue to transition from traditional scale expansion to quality enhancement, focusing on the four dimensions of safety, comfort, green living, and smart technology [70].

Core Insights - The report indicates a seasonal decline in land acquisition by real estate companies, with a focus on core cities and risk control strategies [6][10][14] - The land supply in second and third-tier cities is rebounding, with an emphasis on revitalizing idle land through market-oriented methods [16][19][20] Group 1: Land Acquisition Trends - In the first eight months of 2025, the top 50 real estate companies added a total of 3,624.23 million square meters of land, a year-on-year increase of 7.19% [10][13] - The monthly land acquisition area for the top 50 companies in August was 225.64 million square meters, a month-on-month decrease of 54.03% [10][14] - Major players like China Overseas Land & Investment, China Merchants Shekou, and Poly Developments led in land reserves, with respective areas of 309.37 million, 275.64 million, and 267.19 million square meters [13][14] Group 2: Market Dynamics - The supply of residential land in first, second, and third-tier cities reached 577 plots, with a total planned building area of 3,748.90 million square meters, a month-on-month increase of 43.52% [16][18] - The starting floor price for supplied land was 3,709 yuan per square meter, down 5.64% month-on-month [16][19] - The average premium rate for land transactions was 4.76%, indicating a competitive but cautious market environment [24][28] Group 3: Policy and Market Response - Local governments are encouraged to adopt market-oriented approaches to activate idle land, with a focus on improving land utilization efficiency [19][20][39] - The issuance of local government bonds reached 9,776 billion yuan in August, slightly down from previous months, indicating ongoing financial support for land acquisition and urban development [20][23] - The trend of "direct repurchase" of land plots is gaining traction, providing stability for real estate companies amid market fluctuations [24][28]

Market Overview - The Hang Seng Index (HSI) closed at 26,523.97, down by 20.88 points or 0.08% as of September 18, 16:00 Eastern Time [1] - The index reached a high of 26,568.27 and a low of 26,422.86 during the trading session, with a trading volume of 74.7354 million [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 108.106, up by 0.85% compared to the Hong Kong closing price [2] - Tencent Holdings closed at HKD 642.805, reflecting a slight increase of 0.13% from the Hong Kong closing price [2] Individual Stock Movements - Tencent Holdings saw a decrease of HKD 19.500, or 2.95%, with an ADR price of 642.805 [3] - Alibaba Group (ADR) decreased by HKD 3.200, or 1.98%, with an ADR price of 157.960 [3] - HSBC Holdings increased by HKD 0.600, or 0.56%, with an ADR price of 108.106 [3] - China Construction Bank decreased by HKD 0.190, or 2.42%, with an ADR price of 7.641 [3] - AIA Group saw a decline of HKD 1.300, or 1.74%, with an ADR price of 73.536 [3] - NetEase experienced a drop of HKD 6.000, or 2.44%, with an ADR price of 237.834 [3] - Hong Kong Exchanges and Clearing fell by HKD 14.000, or 3.06%, with an ADR price of 446.269 [3] - Ping An Insurance decreased by HKD 1.500, or 2.69%, with an ADR price of 54.170 [3] - JD.com saw a decline of HKD 2.400, or 1.76%, with an ADR price of 137.583 [3] - Kuaishou Technology dropped by HKD 1.850, or 2.37%, with an ADR price of 72.913 [3]