Core Viewpoint - The article highlights the competitive landscape of the Shanghai real estate market, focusing on the launch of the Jinmao Puyuan project, which has set a new price benchmark in the Sichuan North Road area, with an average price of 166,000 yuan per square meter [1][4]. Group 1: Project Launch and Market Response - The Jinmao Puyuan project received its pre-sale license in early August, offering 99 units at an average price of 166,000 yuan per square meter, making it a focal point in the Shanghai real estate market [1]. - The project achieved a subscription rate of 151% on its first day and a final subscription rate of approximately 169% [3]. Group 2: Competitive Dynamics - The launch of Jinmao Puyuan has put pressure on a competing project, China Resources' Outer Bund Ruifu, which has not yet received its pre-sale license despite being acquired earlier at a higher price [4][9]. - Both Jinmao and China Resources have previously competed in the Baoshan South area, indicating a pattern of rivalry between these two state-owned enterprises [4][9]. Group 3: Market Trends and Insights - The Sichuan North Road area is emerging as a new high-end residential cluster, attracting attention from younger demographics, despite its distance from traditional luxury areas [7]. - The pricing strategies of both Jinmao Puyuan and China Resources' Outer Bund Ruifu are similar, with starting prices around 20 million yuan, blurring the lines between luxury and high-end residential offerings [12]. - The competitive environment in Shanghai's real estate market is intensifying, with rising land costs and a push for higher quality products, leading to a convergence of luxury and high-end residential categories [12].

Group 1 - Several Hong Kong real estate stocks showed significant movements, with Country Garden rising over 3%, Sunac China increasing by more than 4% at one point, and Longfor Group rebounding over 10% since August 4 [1] - In major cities like Wuhan, Hefei, Nanjing, and Beijing, the practice of hiding historical transaction prices for second-hand homes has been adopted, which is seen as having both advantages and disadvantages for market dynamics [1] Group 2 - Beijing's new real estate policy includes relaxing purchase restrictions outside the Fifth Ring Road and increasing support for public housing funds, which is viewed positively by analysts [2] - Analysts from Dongfang Securities believe that the relaxation of restrictions in Beijing is a positive signal, indicating a new bottoming phase for the real estate sector, with expectations for stock price recovery [2] - Guoxin Securities noted that while the industry is currently in a bottoming phase, the competitive landscape has stabilized, with four major state-owned enterprises dominating the top tier [2] Group 3 - Huatai Securities identified quality A-share real estate developers, including Chengdu Investment Holdings, Chengjian Development, and China Merchants Shekou [3]

Core Viewpoint - The China Securities Index for Hong Kong Real Estate has shown significant growth, with a 3.85% increase over the past month, 11.21% over the past three months, and 18.11% year-to-date [1]. Group 1: Index Performance - The China Securities Index for Hong Kong Real Estate is currently at 1690.69 points [1]. - The index is based on a sample of up to 50 eligible Hong Kong-listed companies that reflect the real estate theme, with a base date of November 14, 2014, set at 3000.0 points [1]. Group 2: Index Holdings - The top ten weighted companies in the index are: - Sun Hung Kai Properties (14.13%) - Beike-W (12.29%) - China Resources Land (11.61%) - Cheung Kong Property (8.01%) - China Overseas Land & Investment (6.29%) - Wharf Real Estate Investment (4.49%) - Sino Land (4.44%) - Henderson Land Development (4.22%) - Longfor Group (2.96%) - China Resources Mixc Lifestyle (2.74%) [1]. Group 3: Market and Industry Composition - The index's holdings are entirely composed of the real estate sector, with 100% representation from the Hong Kong Stock Exchange [2][3]. - The index samples are adjusted biannually, with adjustments occurring on the second Friday of June and December [3].

格隆汇8月14日丨华润置地(01109.HK)公布，本公司订于2025年8月26日（星期二）举行董事会会议，藉 以（其中包括）考虑及批准本公司及其附属公司截至2025年6月30日止六个月的中期业绩及其发布，及 考虑宣派中期股息（如有）。 ...

（於開曼群島註冊成立的有限公司） （股份代號：1109） 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依賴該等內容而引致的任何損失承擔任何責任。 董事會會議召開日期 於本公告日期，本公司執行董事為李欣先生、徐榮先生、張大為先生、郭世清先 生及陳偉先生；本公司非執行董事為黃挺先生、魏成林先生及王宇航先生；以及 本公司獨立非執行董事為鐘偉先生、孫哲先生、陳帆先生、梁國權先生及秦虹女 士。 華潤置地有限公司 公司秘書 魏偉峰 香港，二零二五年八月十四日 華 潤 置 地 有 限 公 司（「 本 公 司 」）謹 此 公 佈 ， 本 公 司 訂 於 二 零 二 五 年 八 月 二 十 六 日 （ 星期二 ）舉行董事（「董事」）會（「董事會」）會議，藉以（ 其中包括 ）考慮及批准本公 司及其附屬公司截至二零二五年六月三十日止六個月之中期業績及其發佈，及考 慮宣派中期股息（ 如有 ）。 承董事會命 ...

Core Insights - The competition in Shanghai's luxury housing market is intensifying, particularly in the Sichuan North Road area, highlighted by the launch of the Jinmao Puyuan project, which achieved a subscription rate of 169% on its first day [1][5][7] - Jinmao Puyuan's pricing strategy, with an average price of 166,000 yuan per square meter, sets a new benchmark for the area, putting pressure on competing projects like China Resources' Outlets Riverside [1][2][4] - The emergence of new high-end residential clusters in Shanghai, such as Sichuan North Road, is attracting younger demographics, despite these areas still being perceived as less prestigious compared to traditional luxury districts [3][7] Company Analysis - Jinmao's Puyuan project is positioned as a technology residential offering, with unit sizes ranging from 128 to 239 square meters and total prices between 18 million to 30 million yuan, appealing to younger buyers [4][6] - China Resources' Outlets Riverside, despite having a lower land acquisition cost, is lagging in market entry due to delays in obtaining pre-sale permits and complex planning requirements [5][6] - The competitive landscape is characterized by a blurring of lines between luxury and high-end improvement housing, as both Jinmao Puyuan and China Resources' projects are priced similarly but target different market segments [7] Market Dynamics - The Shanghai real estate market is experiencing heightened competition due to rising land costs and a scarcity of quality plots, leading to increased pressure on projects within the same area [7] - Analysts note that the ongoing urban renewal and development of new luxury areas will elevate the standards for residential products, necessitating higher quality offerings to meet market demands [7]

Core Viewpoint - The real estate market is stabilizing due to various policies aimed at supporting the housing market, leading to a noticeable reduction in the sales decline of real estate companies [1][4]. Group 1: Sales Performance - In the first seven months of 2025, the total sales of the top 100 real estate companies reached 2.07 trillion yuan, representing a year-on-year decline of 13.3%, a significant narrowing compared to a 40.1% decline in the same period last year [3][11]. - Poly Development ranked first in sales, achieving a signed area of 8.0453 million square meters and a sales amount of 163.185 billion yuan, down 26.81% and 17.85% year-on-year, respectively [3][5]. - Other companies like Greentown, China Overseas, China Resources, and China Merchants also entered the billion-yuan sales club, but all experienced varying degrees of sales decline compared to last year [5][10]. Group 2: Pricing Strategies - Many real estate companies adopted a "price for volume" strategy, resulting in average sales prices generally lower than last year, indicating a shift in sales tactics [4][11]. - For instance, Greentown's average sales price in July was 26,733 yuan per square meter, down from 29,755 yuan per square meter in July of the previous year [10][12]. - The trend of lowering prices is prevalent among listed real estate companies, with many reporting decreased sales prices compared to the previous year [10][12]. Group 3: Market Outlook - Analysts suggest that the narrowing sales decline reflects a bottoming out of the real estate market, with potential for further stabilization as policies continue to support the sector [4][11]. - Positive signals from policy changes, such as the recent easing of purchase restrictions in Beijing, may contribute to a recovery in the housing market, particularly in core cities [13]. - Despite the ongoing challenges, some companies like Jinmao reported sales growth, indicating that certain segments of the market may be more resilient [10][12].

Investment Rating - The report maintains an "Outperform" rating for the real estate sector [6][8]. Core Views - The real estate fundamentals are weakening, but the reshuffling of property companies is nearing completion [4]. - New home sales have turned negative again, with a 4% year-on-year decline in sales area for new residential properties in the first half of 2025 [1][16]. - The proportion of existing home sales is increasing, with second-hand homes accounting for 46% of total residential transactions in 2024, up 16 percentage points from the lowest point in 2021 [2][92]. - The competition landscape is becoming clearer, with major state-owned enterprises dominating sales rankings [4]. Summary by Sections New Home Sales and Market Dynamics - In the first half of 2025, the total sales area of new homes was 4.6 billion square meters, down 4% year-on-year, while the sales area of new residential properties was 3.8 billion square meters, accounting for 84% of total sales [1][16]. - The average selling price of existing homes was 0.8 million yuan per square meter, while the average price for new homes was 1.1 million yuan per square meter [1][37]. Second-Hand Housing Market - The transaction volume of second-hand homes has been steadily increasing, with a 13% year-on-year growth in the first half of 2025 [2][112]. - The average ratio of second-hand to new home transactions in major cities has risen to 2.3, indicating a shift towards second-hand homes [2][112]. Land Transaction and Competition - The structure of land transactions is changing, with a 28% year-on-year increase in total transaction value for residential land in the first half of 2025, despite a 3% decline in transaction area [3][65]. - Major state-owned enterprises continue to lead in sales and land acquisition, with the top four companies maintaining their positions [4][4]. Investment Recommendations - Given the current weakening fundamentals in the real estate sector, the report suggests that while there may not be a strong upward trend in real estate stocks, recent policy changes in Beijing could signal the beginning of a new round of easing [5][5]. - Recommended stocks include China Jinmao, China Overseas Grand Oceans Group, Beike-W, and Wo Ai Wo Jia [5][8].

Core Viewpoint - The real estate market is stabilizing under various supportive policies, with a noticeable reduction in the sales decline of real estate companies in the first seven months of 2025 compared to the previous year [1][3]. Sales Performance - In the first seven months of 2025, the total sales of the top 100 real estate companies reached 2.07 trillion yuan, a year-on-year decline of 13.3%, significantly narrowing from a 40.1% drop in the same period last year [3][7]. - Poly Development ranked first in sales, achieving a signed area of 8.0453 million square meters and a sales amount of 163.185 billion yuan, down 26.81% and 17.85% year-on-year, respectively [3]. - Other companies like Greentown, China Overseas, China Resources, and China Merchants also entered the billion-yuan sales club, but all experienced varying degrees of sales decline compared to last year [3]. Pricing Strategy - The prevailing strategy among real estate companies is to lower prices to boost sales volume, with many companies reporting average sales prices below last year's levels [4][5]. - For instance, Greentown's average sales price in July was 26,733 yuan per square meter, down from 29,755 yuan per square meter in July of the previous year [4]. Market Trends - The real estate market continues to be in an adjustment phase, with a general trend of declining sales performance among listed companies [4][8]. - Despite the overall decline, a few companies like Jinmao and Yuexiu reported sales growth, indicating some resilience in specific segments of the market [4]. Profitability Concerns - The strategy of lowering prices to increase sales volume has led to profit losses for many companies, with 11 out of 62 listed real estate companies forecasting losses for the first half of 2025 [8][9]. - Factors contributing to poor performance include increased asset impairment provisions and rising interest expenses on debt [9]. Policy Impact - Recent policy measures, such as the easing of purchase restrictions in Beijing, are expected to positively influence the market, potentially leading to a recovery in new home sales [10]. - Analysts suggest that while August may continue to show seasonal trends, core cities could see stable transaction volumes due to policy support and pricing strategies [10].

Group 1 - The core viewpoint of the article highlights a significant rise in Hong Kong's real estate stocks, driven by positive industry policies and market sentiment [1] - Midea Real Estate led the gains with an increase of over 13%, while other companies like Greentown China and Sunac China also saw notable rises [1][1] - Recent supportive policies include housing provident fund support for down payments in cities like Tianjin, and new regulations in Changsha and Fuzhou aimed at easing pressure on developers [1][1] Group 2 - The article notes that in the context of a deep adjustment in the real estate industry, some small to medium-sized listed real estate companies are turning their focus to the technology sector through mergers and acquisitions [1] - Industry insiders believe that cross-industry mergers and acquisitions could provide a second growth curve for these companies during the industry adjustment period, enhancing their cyclical resilience [1][1]