Group 1 - The core viewpoint of the article indicates that the real estate market in major cities is experiencing a traditional off-season in July, with a general decline in second-hand housing transaction volumes and a continuation of the "price for volume" phenomenon [1][60] - On the policy front, the central government is shifting its focus from large-scale expansion to improving existing stock, with key tasks outlined in the recent Central Urban Work Conference [1] - The State Council has introduced the "Housing Rental Regulations" to encourage the use of private housing for rental purposes and to support the revitalization of old properties for rental [1] Group 2 - In July, the average price of second-hand residential properties in 100 cities fell by 0.77% month-on-month and 7.32% year-on-year, while the top ten cities saw a month-on-month decline of 0.64% and a year-on-year decline of 5.10% [5] - Major cities like Wuhan and Nanjing experienced significant price drops, with Wuhan's month-on-month decline at 1.17% and year-on-year at 9.66% [5][36] - Beijing's second-hand housing transactions decreased by 15.6% month-on-month and 17.9% year-on-year, with prices down 0.61% month-on-month and 4.91% year-on-year [8][6] Group 3 - In Shanghai, second-hand housing transactions fell by 7.9% month-on-month and 6.7% year-on-year, with prices down 0.57% month-on-month and 4.41% year-on-year [13] - Guangzhou's second-hand housing prices decreased by 0.82% month-on-month and 5.52% year-on-year, with significant downward pressure on prices [20] - Shenzhen's second-hand housing market showed a slight increase in transaction volume, with 4,656 units sold, reflecting a 3.4% month-on-month growth [28] Group 4 - Chengdu's second-hand housing market remained active with 20,202 transactions in July, a 5.1% month-on-month increase, while prices fell by 0.20% month-on-month [43] - The overall sentiment in the real estate market is cautious, with high inventory levels leading to continued price pressures, despite some cities showing resilience [60][1] - The political bureau meeting on July 30 provided a positive outlook for the macroeconomic situation, which may help stabilize the market [60]

在各项稳楼市政策的推动下，市场趋稳，房地产企业的销售业绩也出现止跌迹象。 近日，多家房企发布2025年前7月销售业绩。虽然多数房企的销售规模仍低于去年同期，但跌幅普遍收 窄。 从已经公布销售单价的房企来看，企业的销售均价普遍低于去年，体现出以价换量的策略。 分析人士指出，房企销售降幅收窄，侧面反映出楼市正出现筑底迹象。政策仍有加力空间，从而推动市 场进一步止跌回稳。 以价换量是主流 今年前7月，央国企继续占据销售榜前列。从已公布销售业绩的房企来看，除保利外，绿城以1368亿元 的销售业绩位居第二，中海、华润、招商的销售规模分别为1320亿元、1236亿元、1046亿元。 这也是前7月仅有的五家迈入千亿阵营的企业。中指研究院指出，与去年同期相比，千亿阵营房企减少1 家。 与去年同期相比，这五家企业的销售额有不同程度的下滑。其中，保利的销售额下滑17.85%，绿城、 中海、华润、招商分别下滑7.3%、18.3%、11.8%、11%。 其余上市房企的销售业绩也以下降为主。 根据中指研究院的统计，2025年1~7月，TOP100房企销售总额为2.07万亿元，同比下降13.3%。与去年 同期约四成的销售跌幅相比，收窄明 ...

Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [6] Core Insights - In the first seven months of 2025, the transaction area of new residential properties in the core 30 cities decreased by 7% year-on-year, while the transaction area of second-hand residential properties in 15 cities increased by 10% [1][3] - The average transaction price of new residential properties in the core 30 cities increased by 3.5% year-on-year in the first seven months of 2025 [2] - The report anticipates that with the continued implementation of real estate policies, high-energy core cities will benefit from urban renewal, leading to structural optimization and gradual stabilization of the market [4][81] Summary by Sections New Housing Market - In July 2025, the transaction area of new residential properties in the core 30 cities was 919 million square meters, down 19.4% year-on-year and 24.7% month-on-month [1] - The average transaction price for new residential properties in July 2025 was 24,361 yuan per square meter, a slight increase of 0.1% year-on-year but a decrease of 5.0% month-on-month [2] - For the first seven months of 2025, the average transaction price was 24,898 yuan per square meter, reflecting a year-on-year increase of 3.5% [2] Second-Hand Housing Market - In July 2025, the transaction area of second-hand residential properties in the core 15 cities was 1,290 million square meters, down 5.8% year-on-year [3] - The average transaction price for second-hand residential properties in July 2025 was 22,924 yuan per square meter, down 5.3% year-on-year [72] - For the first seven months of 2025, the average transaction price was 24,091 yuan per square meter, showing a slight decrease of 0.3% year-on-year [4] Investment Recommendations - The report suggests focusing on three main lines for investment: 1. Stable leading companies with high product reputation and continuous sales ranking improvement, such as China Overseas Development and Poly Developments [4][82] 2. Companies with rich stock resources and strong operational brand competitiveness, like China Resources Land and Shanghai Lingang [4][82] 3. Long-term growth potential in the property service industry, recommending companies like China Merchants Shekou and Greentown Service [4][82]

Core Viewpoint - Beijing's recent policy to relax home purchase restrictions outside the Fifth Ring Road has led to increased activity in the new housing market, particularly for improvement-type properties, while the second-hand housing market has not yet shown significant changes [1][7]. New Housing Market Response - Following the policy announcement, the new housing market outside the Fifth Ring Road has seen a rise in interest, with developers more willing to launch new projects [1][4]. - The first weekend after the policy change saw a notable increase in visitor numbers and sales at new developments, such as the Huayu Jingyun project, which sold over 50 units at prices ranging from 58,000 to 61,000 yuan per square meter [2][4]. - According to data from the China Index Academy, over 80% of new residential sales in Beijing from January to July occurred outside the Fifth Ring Road, indicating this area as a key market segment [3]. Market Dynamics and Trends - The new policy is expected to stimulate demand for improvement-type housing, as families gain eligibility to purchase homes within the Fifth Ring Road due to the relaxed restrictions [3][10]. - The overall sentiment in the new housing market is positive, with analysts predicting a sales peak for properties outside the Fifth Ring Road, encouraging developers to accelerate project launches [3][10]. Second-Hand Housing Market Response - The second-hand housing market has shown a more subdued response to the new policy, with no significant changes in transaction volumes observed immediately after the announcement [7][9]. - Despite the lack of immediate impact, there is an expectation that the second-hand market will eventually benefit from increased activity as more properties become available for sale [9][10]. - Data indicates that while the second-hand market remains stable, there has been a slight uptick in inquiries and viewings, suggesting potential future growth [9][10].

Core Viewpoint - China Resources Land (1109.HK) has seen its stock price rise by 2.38% to HKD 31.8, marking a nearly two-year high since September 7, 2023, with a year-to-date increase of 49% [1] Sales Performance - In July, the company and its subsidiaries achieved a total contract sales amount of approximately RMB 13.3 billion, with a total contract sales area of about 461,000 square meters [1] - Cumulative contract sales from January to July 2025 reached approximately RMB 123.6 billion, covering a total contract sales area of about 4.581 million square meters [1] Revenue Growth - In July 2025, the group's recurring income was approximately RMB 4.17 billion, representing a year-on-year growth of 7% [1] - The rental income from operational real estate business in July was approximately RMB 2.68 billion, reflecting a year-on-year increase of 12.2% [1] - Cumulative recurring income from January to July 2025 was approximately RMB 28.78 billion, with a year-on-year growth of 7.9% [1] - The rental income from operational real estate business for the same period was approximately RMB 18.56 billion, also showing a year-on-year increase of 12.2% [1]

Group 1 - The core viewpoint of the article highlights that China Resources Land Limited reported a decline in total contract sales for July 2025, with a year-on-year decrease of 14.2% in sales amount and 36.7% in sales area [1] - For the first seven months of 2025, the cumulative contract sales amount reached approximately 123.6 billion yuan, reflecting a year-on-year decrease of 11.8%, while the total sales area decreased by 22.9% [1] - The company reported a regular income of approximately 4.17 billion yuan for July 2025, marking a year-on-year growth of 7.0%, with rental income from operational real estate contributing about 2.68 billion yuan, up 12.2% year-on-year [1] Group 2 - Cumulative regular income for the first seven months of 2025 was approximately 28.78 billion yuan, showing a year-on-year increase of 7.9%, with operational real estate rental income at about 18.56 billion yuan, also up 12.2% year-on-year [1]

Core Insights - The top three real estate companies in Shenzhen for the first seven months of 2025 are Hongrongyuan, China Merchants Shekou, and Shenye Group, with sales of 14.26 billion, 8.92 billion, and 5.90 billion yuan respectively [5][6] - The sales thresholds for the top 5, top 10, and top 20 companies are 5.81 billion, 4.31 billion, and 2.77 billion yuan respectively, indicating a competitive market [5][6] Market Performance - New home transactions have decreased, with approximately 2,660 new residential units sold in July 2025, down 18% from the previous month and 22% year-on-year [6][8] - The second-hand housing market has shown signs of recovery, with 4,656 transactions in July, remaining stable compared to the previous month [6][8] Inventory and Sales Cycle - As of the end of July, the inventory of new residential units in Shenzhen was 27,902, an increase of 2,241 units from June, resulting in an average sales cycle of approximately 8.4 months [8][10] Project Performance - There is significant differentiation among projects, with high-quality and competitively priced developments continuing to sell well. Notable projects include Zhongjian Pengchen Yunzhu, Jiayu Jiuxi, and Zhongzhou Yingxi [10][12] Land Market Activity - The land market is highly competitive, with a new record for land price set by China Merchants Shekou at 2.155 billion yuan for a residential plot in the Qianhai area, reflecting strong confidence in Shenzhen's core real estate market [12][13]

7月，集团经常性收入约人民币41.7亿元，按年增长7.0%，其中，经营性不动产业务租金收入约人民币 26.8亿元，按年增长12.2%。 1-7月累计经常性收入约人民币287.8亿元，按年增长7.9%，其中，经营性不动产业务租金收入约人民币 185.6亿元，按年增长12.2%。 1-7月，累计合同销售金额约人民币1,236.0亿元，总合同销售建筑面积约458.1万平方米，分别按年减少 11.8%及22.9%。 8月12日晚间，华润置地发布2025年7月未经审核营运数据。 公告显示，7月实现总合同销售金额约人民币133.0亿元，总合同销售建筑面积约46.1万平方米，分别按 年减少14.2%及36.7%。 ...

公告显示，7月实现总合同销售金额约人民币133.0亿元，总合同销售建筑面积约46.1万平方米，分别按 年减少14.2%及36.7%。 华润置地发布2025年7月未经审核营运数据。 8月12日晚间，华润置地发布2025年7月未经审核营运数据。 7月，集团经常性收入约人民币41.7亿元，按年增长7.0%，其中，经营性不动产业务租金收入约人民币 26.8亿元，按年增长12.2%。 1-7月累计经常性收入约人民币287.8亿元，按年增长7.9%，其中，经营性不动产业务租金收入约人民币 185.6亿元，按年增长12.2%。 1-7月，累计合同销售金额约人民币1,236.0亿元，总合同销售建筑面积约458.1万平方米，分别按年减少 11.8%及22.9%。 ...

央广网北京8月13日消息（记者门庭婷）8月12日，华润置地发布截至2025年7月31日止一个月未经审核 营运数据。 2025年7月，集团经常性收入约人民币41.7亿元，按年增长7.0%，其中，经营性不动产业务租金收入约 人民币26.8亿元，按年增长12.2%。 2025年1—7月，集团累计经常性收入约人民币287.8亿元，按年增长7.9%，其中，经营性不动产业务租 金收入约人民币185.6亿元，按年增长12.2%。 2025年7月，华润置地及其附属公司实现总合同销售金额约人民币133.0亿元，总合同销售建筑面积约 46.1万平方米，分别按年减少14.2%及36.7%。 2025年1—7月，华润置地累计合同销售金额约人民币1236.0亿元，总合同销售建筑面积约458.1万平方 米，分别按年减少11.8%及22.9%。 ...