CHINA RES LAND(01109)

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中信证券:新土储成盈利关键 看好“好房子”与优质运营的公司
智通财经网· 2025-09-29 00:37
存货是房地产企业库存的主体,而2022年之后新增的土地储备是当前房地产企业比较有盈利的库存。考 虑到2022-2024年之间新增的土地储备一般消化比较彻底(估计平均去化率在90%以上),当前开发企业真 正可以谈论盈利能力的资产,除去投资性不动产,在开发部分就是2024年之后新获得的土地储备。这部 分土地储备对应货值的多寡,决定了公司未来优质可售货值的多寡。 智通财经APP获悉,中信证券发布研报称,2024年之后企业新获得的土地,是当前房企开发业务盈利能 力的主要来源。目前新房供给过大以及房价过高的情况已经明显缓解,市场具备止跌回稳的基础。在开 发业务层面,该行看好新货比较充分,营建好房子的能力较强,且新货布局区域集中在杭州、上海、成 都等地的公司。在经营性不动产领域,该行看好运营能力突出,资产组合优越的企业。 中信证券主要观点如下: 房企的新货是决定开发企业业绩和未来发展弹性的关键因素。 由于不同城市的人口流入年龄结构不同,土地供给的质量不同,库存去化压力也不同,新房市场的盈利 能力差异很大。该行认为,即便在当前偏弱的市场环境中,杭州、上海、成都三个城市在2024年之后新 增的土地储备,一般也能获得良好的回报 ...
房地产开发2025W39:本周新房成交同比-23.6%,预计Q4因基数抬升同比承压
GOLDEN SUN SECURITIES· 2025-09-28 08:56
Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Views - The current monetary policy stance in China is supportive, with measures to optimize down payment ratios and mortgage rates, potentially reducing interest expenses for over 50 million households by approximately 300 billion yuan annually [10][11] - The real estate sector is viewed as an early-cycle indicator, making it a key economic barometer [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies expected to benefit more in the future [4] - The report emphasizes a focus on first-tier and select second- and third-tier cities, which have shown better performance during sales rebounds [4] - Supply-side policies, including land storage and management of idle land, are critical areas to monitor for future developments [4] Summary by Sections Market Overview - The real estate index decreased by 0.2% this week, underperforming the CSI 300 index by 1.22 percentage points, ranking 11th among 31 sectors [12] - In the past week, 30 cities recorded new housing transaction areas of 186.1 million square meters, a 20.0% increase month-on-month but a 23.6% decrease year-on-year [23] New Housing Transactions - New housing transaction areas in first-tier cities reached 55.8 million square meters, up 11.6% month-on-month and up 12.5% year-on-year [23] - Second-tier cities saw transactions of 91.0 million square meters, a 41.9% increase month-on-month but a 20.5% decrease year-on-year [23] - Third-tier cities recorded 39.2 million square meters, down 4.1% month-on-month and down 50.6% year-on-year [23] Second-Hand Housing Transactions - The total transaction area for second-hand housing in 14 sample cities was 198.9 million square meters, a 1.4% increase month-on-month and a 13.9% increase year-on-year [31] - Year-to-date, the cumulative transaction area for second-hand housing is 7,815.4 million square meters, reflecting a 17.3% increase year-on-year [31] Credit Bond Issuance - This week, 14 credit bonds were issued by real estate companies, totaling 14.781 billion yuan, a 67.61 billion yuan increase from the previous week [41] - The net financing amount was 4.562 billion yuan, marking a significant increase of 111.56 billion yuan from the previous week [41]
地产及物管行业周报:上海住宅新规发布,好房子政策继续推进-20250928
Shenwan Hongyuan Securities· 2025-09-28 06:43
Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3][4]. Core Insights - The report indicates that the broad housing demand in China has reached a bottom, although the volume and price have not yet entered a positive cycle. It predicts that the overall real estate market will continue to stabilize, with policies aimed at stopping the decline and promoting recovery [3][4]. - The report highlights significant policy support, including over 1.6 trillion yuan allocated for three major projects to stabilize the real estate market and support the delivery of nearly 20 million housing units [31][32]. - The report emphasizes the emergence of a new development track driven by favorable housing policies, which will enhance the penetration of quality housing in core cities [3][4]. Industry Data Summary New Housing Transactions - For the week of September 20-26, 2025, new housing transactions in 34 key cities totaled 2.458 million square meters, a week-on-week increase of 17.2%. The transaction volume in first and second-tier cities rose by 15.4%, while third and fourth-tier cities saw a significant increase of 43.8% [4][12]. - In September, the total transaction volume for new homes in 34 cities was 8.078 million square meters, a year-on-year increase of 6.3% [7][8]. Second-Hand Housing Transactions - For the week of September 20-26, 2025, second-hand housing transactions in 13 key cities totaled 1.148 million square meters, a week-on-week increase of 3.8%. Cumulatively, September transactions were up 21.2% year-on-year [12][13]. Inventory and Supply - In the week of September 20-26, 2025, 15 key cities launched 1.48 million square meters of new housing, with a transaction volume of 950,000 square meters, resulting in a transaction-to-launch ratio of 0.64. The total available residential area in these cities was 90.309 million square meters, a week-on-week increase of 0.6% [21][22]. Policy and News Tracking - The report notes that various local governments are implementing policies to stabilize the real estate market, including subsidies for home purchases and regulations to improve housing quality [31][32]. - Shanghai has introduced new regulations to standardize balcony measurements and support the renovation of old residential areas [31][32]. Company Dynamics - New City Holdings issued USD 1.6 billion in overseas bonds, while Poly Developments announced a plan to issue corporate bonds not exceeding 150 billion yuan [38][39]. - The report tracks significant financing activities, including guarantees provided by major companies for their subsidiaries [38][39].
华润置地杭州亚奥万象天地9月26日开业
Cai Jing Wang· 2025-09-28 03:24
Core Insights - China Resources Land has launched the Hangzhou Asia-Olympic Vientiane City, featuring a commercial area of 120,000 square meters [1] - The development includes over 260 domestic and international brands, with nearly half being regional flagship stores [1] Group 1: Brand Composition - The brand matrix encompasses various sectors including retail, dining, lifestyle, social, entertainment, and pet-friendly offerings [1] - Notable brands include Hema, Vientiane Cinema, Salomon, Pop Mart, and popular dining options like O'eat and JOETYLER [1] Group 2: Experience and Innovation - The project features trendy experiential offerings such as ASCENT EVER climbing gym and After Work fitness store [1] - The combination of box and street layout aims to enhance customer engagement and experience [1]
200多亿元拿下浦东后滩项目,华润置地看中了什么?
Guo Ji Jin Rong Bao· 2025-09-27 07:29
上海浦东世博滨江区域的"天花板"在哪里? 在诸大建看来,世博空间是上海"一江一河"战略的发动机。"过去20多年来上海城市重大的非线性变革是由世博会开始的。"他分析,浦东开发初期 是"离水而开发",而世博会促使上海城市空间战略转变为"向水优化",这一转变对上海城市发展影响深远。 他的理论框架中,上海正在形成新的"金三角"格局。外滩、北外滩、陆家嘴构成的老黄金三角代表了上海20世纪的城市高度,而世博滨江、前滩、后滩 与对岸的徐汇滨江共同形成的新黄金三角,则承载着21世纪上海全球城市建设的核心功能,"我敢说50年后,世博空间将变成21世纪上海城市空间的世界级 标牌"。 作为上海"一江一河"战略的积极参与者,华润置地近年来沿黄浦江两岸布局了多个项目。 华润置地上海公司副总经理武贺称,华润之所以投入200多亿元拿下后滩项目,正是看中了其位于"新黄金三角"的独特区位价值。"北侧是世博,南侧是 前滩,西侧是世博滨江,这个项目处于后滩位置,是大世博板块中的一环,是极具潜力的战略留白区。" 吴典摄 9月25日召开的世界水岸城市滨江发展论坛上,同济大学特聘教授、可持续发展与管理研究所所长诸大建从四个维度阐述了世博滨江区域的发展特 ...
华润置地大“换血”
Hua Er Jie Jian Wen· 2025-09-26 10:22
Core Viewpoint - The recent leadership changes at China Resources Land reflect a broader trend in the real estate industry, emphasizing the need for strategic transformation and enhanced operational capabilities in response to market shifts [1][6][7]. Leadership Changes - On September 23, China Resources Land announced the resignation of Guo Shiqing as Executive Director and CFO, with Hao Zhongming and Zhao Wei appointed to key positions [1]. - The company has experienced continuous personnel adjustments over the past three years, including the appointment of Xu Rong as Vice President in January 2023 and his rapid rise to President by December 2024 [2]. - The board now consists of 14 members, with six Executive Directors leading daily operations and strategic decisions, showcasing a diverse and complementary leadership structure [2]. Strategic Direction - The new executives represent key strategic directions for the company: Xu Rong focuses on urban renewal, Hao Zhongming brings dual government and enterprise experience, and Zhao Wei enhances financial risk management [3][4]. - China Resources Land aims for a "big asset management transformation," targeting significant growth in asset management and establishing a leading commercial REITs platform [4]. Financial Performance - In the first half of 2023, the company reported revenue of 94.92 billion yuan, a year-on-year increase of 19.9%, and a net profit of 11.88 billion yuan, up 16.2% [4]. - The shopping center segment showed remarkable performance, with retail sales reaching 110.15 billion yuan, a 20.2% increase, and an operating profit margin of 65.9% [4]. Future Outlook - The management anticipates that the commercial REIT platform could reach a scale of 30 billion to 50 billion yuan over the next 3-5 years, with annual exits of 5 billion to 10 billion yuan [5]. - The company is focusing on five strategic areas, including urban renewal funds and REITs, to enhance policy interpretation and resource integration capabilities [6]. Industry Context - The real estate industry is transitioning from aggressive expansion to refined operations, with a growing emphasis on resource integration and risk control [6][7]. - The restructuring of power dynamics within the industry indicates a shift away from high leverage and individualistic expansion models towards a more integrated approach combining market mechanisms, government resources, and capital operations [7].
华润置地(01109) - 致已选择收取公司通讯印刷本之股东

2025-09-26 09:17
(Incorporated in the Cayman Islands with limited liability) (Stock Code 股份代號:1109) (於開曼群島註冊成立的有限公司) 26 September 2025 Dear Shareholders, 敬啟者: 致已選擇收取公司通訊印刷本之股東 吾等欣然隨函附奉華潤置地有限公司(「本公司」)的二零二五年中期報告。 請注意 閣下可以隨時透過填寫指示回條更改已選擇的收取方式,費用全免。填妥的指示回條須傳真至 (852) 2861 1465、電郵至chinaresland1109-ecom@vistra.com或以郵寄標籤寄回本公司股份過戶登記處卓佳證券登記有限 公司。股東亦可向本公司股份過戶登記處索取該指示回條。 Letter to those shareholders who have elected to receive the printed form of corporate communications We are pleased to enclose the Interim Report 2025 of China Resour ...
华润置地(01109) - 致已选择以本公司网站收取公司通讯之股东

2025-09-26 09:15
(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) (Stock Code 股份代號:1109) 26 September 2025 Should you have any queries relating to this letter, please call our Share Registrar's investor services hotline at (852) 2980 1333 from 9:00 a.m. to 5:00 p.m., Monday to Friday (excluding public holidays). Yours faithfully, For and on behalf of China Resources Land Limited LI Xin Chairman Letter to those shareholders who have elected to receive the corporate communications through the Compa ...
华润置地(01109) - 致新股东之函件 - 选择收取公司通讯的形式

2025-09-26 09:13
Letter to new shareholders — election of means of receipt of corporate communications In order to protect the environment, China Resources Land Limited (the "Company") proposes that as a shareholder of the Company, you may choose to receive its Corporate Communications Note : (i) by electronic means through the Company's website at www.crland.com.hk (the "Electronic Communication Option"); or (ii) in printed form. The purpose of this letter is to ascertain shareholders' choice of means of receipt of Corpora ...
华润置地(01109) - 於本公司网站发佈公司通讯的通知

2025-09-26 09:10
(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) (Stock Code 股份代號:1109) 26 September 2025 Dear Non-Registered Holder of Securities of the Company, Notification of publication of corporate communications on the Company's website We hereby notify you that the following Corporate Communication Note (the "Current Corporate Communication") of China Resources Land Limited (the "Company"), in both English and Chinese, is now available on the Company's website at www.crland.com.hk. • Int ...