Core Insights - The real estate market in Shanghai is experiencing a "small spring" in 2023, with several major developers maintaining strong sales performance despite a year-on-year decline in overall sales [1][2] - The top 100 real estate companies in China reported a total sales amount of 11198.6 billion yuan in the first four months of 2023, reflecting a 10.2% year-on-year decrease [1][2] - The market is showing signs of differentiation, with core cities like Beijing, Shanghai, and Shenzhen expected to see continued demand based on high-end residential supply [3][4] Sales Performance - Poly Developments led the sales with a total of 876 billion yuan in the first four months, followed by Greentown China and China Resources Land with 710.2 billion yuan and 685 billion yuan respectively [2] - The average sales amount for the top 10 real estate companies was 542.3 billion yuan, down 9.9% year-on-year, while the second tier (ranked 11-30) saw a 12.5% decline [2] Market Dynamics - The number of companies in various sales tiers has changed, with a decrease in the number of companies in the 100 billion yuan and 50-100 billion yuan categories, while the number of companies below 30 billion yuan has increased [2] - The market is characterized by a cautious approach from developers, focusing on high-quality projects rather than just sales volume, indicating a shift towards improving profit margins [3] Future Outlook - The core cities are expected to continue their recovery, driven by favorable policies and an increase in quality project supply, although market differentiation will persist [4] - The recent "May Day" holiday saw increased interest in property viewings, with several projects experiencing high foot traffic and limited capacity at sales offices [5][6]

Core Viewpoint - The real estate market is showing signs of stabilization, with top 100 real estate companies experiencing a slight decline in sales but maintaining a steady recovery trend [1][3]. Group 1: Sales Performance - In April, the top 100 real estate companies achieved a sales turnover of 284.68 billion yuan, with a cumulative sales turnover of 1,018.17 billion yuan from January to April, reflecting a year-on-year decrease of 6.7% [1]. - Poly Developments leads the sales rankings with a turnover of 80.61 billion yuan, followed by Greentown China and China Overseas Land & Investment with 71.02 billion yuan and 61.39 billion yuan respectively [1]. - The sales thresholds for different tiers of companies have shown differentiation, with the top 10, 30, and 50 companies experiencing increased sales thresholds, while the top 20 companies saw a year-on-year decrease of 8.9% to 11.26 billion yuan [1]. Group 2: Market Strategy - Real estate companies are shifting focus from merely achieving sales targets to enhancing high-quality development and improving contract collection rates [2]. - The implementation of "one city, one policy" marketing strategies allows companies to respond quickly to market changes and optimize regional land reserve structures [2]. - Investment strategies are now concentrated on high-capacity cities, prioritizing projects with high revenue certainty, leading to significant land acquisitions in core areas of first and strong second-tier cities [2]. Group 3: Market Outlook - The new housing supply in April remained stable compared to the previous month, but transaction volumes showed a slight decline, with expectations for May indicating a similar trend [3]. - The emphasis on constructing "good houses" has been reinforced by the government, with a significant portion of the housing stock being older, indicating a persistent demand for high-quality housing [3]. - The central government is expected to accelerate the implementation of supportive policies for the real estate market, which may lead to continued recovery in core city markets [4].

Core Insights - The land transaction activity in key cities has significantly increased, with major real estate companies showing a positive trend in land acquisition and investment [1][2][3] Group 1: Land Acquisition Trends - In the first four months, the top 100 real estate companies' land acquisition amount reached 428.5 billion yuan, a year-on-year increase of 42% [2] - The total new value of land acquired by these companies was 830.9 billion yuan, reflecting a year-on-year growth of 23.6% [2] - The total construction area acquired was 39.15 million square meters, marking a 3.2% increase year-on-year [2] Group 2: Market Concentration - The top 10 real estate companies accounted for 69% of the total new value acquired by the top 100 companies, an increase of 7 percentage points compared to the end of 2024 [2] - The land acquisition to sales ratio for the top 100 companies remained stable at 0.3, which is an increase of 0.13 from the end of 2024 [2] - The market is showing signs of concentration, with leading companies and state-owned enterprises optimizing their land reserves, while smaller firms are reducing their investment due to liquidity pressures [3] Group 3: Regional Insights - The Yangtze River Delta region led the four major city clusters in land acquisition, with the top 10 companies acquiring 114.67 billion yuan worth of land [4] - In contrast, the Beijing-Tianjin-Hebei region ranked second with 69.8 billion yuan, while the Midwest region was third with 28.9 billion yuan [4] - Major state-owned and local enterprises dominate land acquisition in key cities, while private companies are focusing on specific areas to supplement their land reserves [4] Group 4: Market Outlook - The core cities are experiencing a recovery in market sentiment due to policy optimization and increased quality supply, although the national market has not fully stabilized [5] - Real estate companies are advised to seize the opportunity during the "stop falling and stabilize" policy window while being cautious in their investments [5]

Group 1 - The "May Day" holiday marks a significant marketing opportunity for real estate companies, with various promotional activities launched to attract buyers, including gold giveaways and travel reimbursements [2][3][4] - Major developers such as Poly Developments, Vanke, and China Overseas are actively engaging in marketing campaigns to boost sales during this critical period [2][5] - The introduction of the "Good House" standard by the Ministry of Housing and Urban-Rural Development is seen as a pivotal shift towards quality living, impacting supply and demand dynamics in the real estate market [6][7] Group 2 - Real estate companies are implementing comprehensive marketing strategies, with teams mobilized to maximize customer engagement and sales during the holiday [4][5] - The market is witnessing a record number of new project launches, indicating a proactive approach by developers to secure sales ahead of the holiday [7] - The focus on quality housing is expected to reshape the industry landscape, with a consensus emerging that only high-quality projects will succeed in the evolving market [7]

Group 1 - The core theme of the event was the launch of the "Chengxi Strategy" and the introduction of the "Jiachen" project, focusing on high-end market demands such as "extreme core, art, high configuration, advanced, master, and permanent property" [1][2] - The Jiachen project was highlighted with three innovative four-generation residential types, covering areas of approximately 185 square meters, 143 square meters, and 140 square meters [2] - The company emphasized its commitment to enhancing customer experience and quality of life through continuous iteration of living scenarios, having established a presence in key urban areas of Chongqing over the past 18 years [2] Group 2 - The "Jiachen Jiang'an System" was explained through six aspects: ecological symbiosis, bay flow art, visual equality, natural memory, dynamic movement, and relaxed space [2] - A high-end owner-exclusive platform called "Runchenhui" was launched to deepen the connection between developers and homeowners, based on the exploration of Chengxi product standards [2] - The company has linked 17,000 customers through 14 high-quality properties, aiming to elevate urban consumption capabilities with two major shopping centers [2]

Core Viewpoint - China Resources Land released its 2024 Sustainable Development Report, showcasing its ESG responsibilities and achievements in a comprehensive manner [1][2][3] Environmental Dimension - The company actively responds to the national dual carbon strategy, integrating sustainable development concepts throughout the design, construction, and operation phases [1] - Total environmental protection investment reached 10.93 million yuan, with 15 subsidiaries obtaining ISO 14001 environmental management system certification [1] - Two new ultra-low energy and low-carbon building certification projects were added, bringing the total to 373 certified projects with a cumulative certified area exceeding 57.17 million square meters [1] - Investment in energy-saving and emission-reduction technology upgrades amounted to 8.2366 million yuan, with expected annual energy savings of 8 million kWh [1] - The company emphasizes ecological sustainability, having constructed and operated over 30 park projects in cities like Shenzhen, Chengdu, and Xi'an [1] Social Dimension - In 2024, the company added 2.82 million square meters of new land reserves, increasing the number of shopping centers to 92 and managing a cumulative area of over 76 million square meters in urban construction [2] - The construction area for affordable housing reached 19.15 million square meters, managing 56,000 rental housing units to address urban housing needs [2] - The company conducted 24,612 emergency drills with over 530,000 participants and organized 7,089 safety education activities, reaching over 260,000 individuals [2] - Since 2008, the company has been involved in the planning and construction of 13 Hope Towns to support rural revitalization [2] Governance Dimension - The company has enhanced its corporate governance by optimizing its top-down risk management framework [2] - A total of 103 training sessions on laws and regulations were conducted, covering over 17,000 participants [2] - The company obtained 1,346 registered trademarks, 1 famous trademark, 189 patents, and 80 software copyrights [2] - In 2024, the company released its sustainable development financial framework, receiving professional recognition from the Hong Kong Quality Assurance Agency (HKQAA) [2] - The company secured 8.5 billion yuan in new ESG loans, with a total of 28.8 billion yuan in outstanding loans aimed at promoting sustainable development and green supply chain transformation [2] Recognition - The company's efforts in the ESG field were recognized with a four-star rating in the GRESB global real estate sustainability assessment [3] - It was included in the Hang Seng Sustainable Development Corporate Benchmark Index and the ESG50 Index, ranking 7th in the State-owned Assets Supervision and Administration Commission's "Top 100 ESG Pioneers of Central Enterprises" and 10th in the "Top 100 ESG Pioneers of Chinese Listed Companies" by China Central Television [3]

Core Viewpoint - The China Securities Index for Hong Kong Real Estate (CSI Hong Kong Real Estate Index) has shown a decline of 1.97% over the past month, but an increase of 5.51% over the past three months and 1.84% year-to-date [1]. Group 1: Index Performance - The CSI Hong Kong Real Estate Index reported a value of 1462.70 points as of April 29 [1]. - The index is based on a sample of up to 50 eligible Hong Kong-listed companies that reflect the overall performance of the real estate sector [1]. Group 2: Index Holdings - The top ten weighted companies in the CSI Hong Kong Real Estate Index are: - Sun Hung Kai Properties (13.88%) - China Resources Land (12.3%) - Cheung Kong Property (8.74%) - China Overseas Land & Investment (8.05%) - Sino Land (4.68%) - Wharf Real Estate Investment (4.4%) - Henderson Land Development (4.15%) - Longfor Group (3.75%) - China Resources Mixc Lifestyle (3.35%) - Wharf Holdings (3.08%) [1]. Group 3: Market Composition - The CSI Hong Kong Real Estate Index exclusively comprises companies listed on the Hong Kong Stock Exchange, with a 100% representation [2]. - The index is entirely focused on the real estate sector, with a 100% allocation to this industry [3]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3]. - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or when new companies meet the eligibility criteria for inclusion [3].

Core Viewpoint - The Beijing land market has shown significant activity and growth during the "golden March and silver April" period, with a notable increase in land transaction value and a shift towards innovative community planning standards under the "good housing" policy [1][10]. Group 1: Land Market Activity - The successful auction of the last land parcel in April marked a strong conclusion to the land market activity, with a total transaction value of approximately 235.86 billion yuan, representing a year-on-year increase of 176.34% [1][10]. - The land parcel in Tongzhou was acquired by China Railway Construction for 775.52 million yuan, with a premium rate of 21.94%, after 215 rounds of bidding [2][3]. Group 2: Policy Impact - The "good housing" policy has relaxed standards for new residential buildings, allowing for increased efficiency in land use and encouraging developers to create more attractive housing products [4][8]. - The promotion of an open street block system aims to enhance community interaction and optimize urban space, aligning with modern residential needs [5][6]. Group 3: Developer Behavior - Developers are increasingly eager to acquire land in prime areas, driven by the potential for high profit margins and short development cycles, particularly in light of the favorable market conditions [9][11]. - The competitive bidding environment reflects a shift in buyer preferences from merely having housing to seeking quality living spaces, further motivating developers to enhance their offerings [8][9]. Group 4: Future Outlook - The land market is expected to continue its upward trend, supported by improved cash flow for developers and a more favorable financing environment, which collectively enhance the attractiveness of land investments [11][12]. - The focus on high-quality land parcels that meet specific market criteria is likely to remain a key strategy for developers in the evolving Beijing real estate landscape [11].

Core Viewpoint - China Resources Land is launching a high-end residential strategy in Chongqing, focusing on the "宸系" (Chensystem) to redefine luxury living standards in the city [1][3]. Group 1: High-End Strategy - The company has been operating in Chongqing for 18 years, establishing a presence in key urban areas and enhancing the city's consumption capacity through two major shopping centers [1]. - The "宸系" strategy is based on data from over 5,000 high-net-worth families, aiming to meet the demands of high-end living experiences [3]. - Six core keywords—"extreme core, art, high configuration, advanced, master, and permanent property"—were introduced to define the high-end residential ideal in Chongqing [3]. Group 2: Quality Housing Standards - China Resources Land is committed to creating high-quality products, building on the standards set by the Ministry of Housing and Urban-Rural Development regarding "good houses" [3]. - The company presented a comprehensive housing creation system consisting of six core perspectives: architecture, design, environment, service, community, and brand, along with 18 standards and over 100 details [3][5]. Group 3: Luxury Residential Model - The company aims to establish a high-end residential value model that surpasses industry standards, focusing on asset stability, design aesthetics, comprehensive service, cultural alignment, and brand strength [5]. - The "嘉宸" (Jiachen) project was highlighted as a key offering, featuring a low plot ratio of 1.4 and innovative housing types designed to meet the needs of affluent buyers [5][7]. Group 4: Exclusive Owner Platform - The launch of the "润宸荟" (Runchen Club) platform aims to deepen the connection between developers and homeowners, offering exclusive member benefits and high-end community activities [7].

(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) 29 April 2025 Letter to those shareholders who have elected to receive the printed form of corporate communications We are pleased to enclose the Annual Report 2024, the Circular dated 29 April 2025 and the Proxy Form for use at the annual general meeting on 6 June 2025 of China Resources Land Limited (the "Company"). Please note that the annual general meeting of the Company will be held at Ball Room, 1st Fl ...