Core Viewpoint - Yuexiu Property announced the sale of a 65% stake in Beijing Haizhen Real Estate Co., Ltd. for approximately RMB 4.15 billion to China Resources Land, aiming to quickly recover capital and enhance capital turnover efficiency [2][4]. Group 1: Transaction Details - The transaction involves the sale of the stake in Haizhen Real Estate, which corresponds to the Huode Temple project in Haidian District [3]. - The project was part of the "Twin Stars" land parcels acquired last year, with Yuexiu winning the bid for RMB 6.38 billion for one of the parcels [3]. - The net asset value of Haizhen Real Estate as of December 31, 2024, is reported to be RMB 6.38 billion, with a pre-tax profit of approximately RMB 43.88 million [3]. Group 2: Project Performance - Both projects, HeYueYun and HeYueYuming, launched on March 21, 2023, have seen strong sales performance, with a transaction rate exceeding 70% [2][5]. - HeYueYuming offered 444 units, achieving a sales amount of RMB 6.71 billion, while HeYueYun had 639 units with a sales amount of RMB 7.86 billion [6]. - The average transaction price for HeYueYuming is approximately RMB 104,850 per square meter, while HeYueYun is around RMB 10.5 million per square meter [6]. Group 3: Market Context - The projects are located in a prime area near major tech companies and educational institutions, enhancing their market appeal [5]. - Despite the strong performance of these two projects, the overall market remains competitive, with other nearby projects experiencing slower sales [5][6].

Core Viewpoint - The transaction involves Yuexiu Property selling 65% of its stake in Beijing Haizhen Real Estate Co., Ltd. to China Resources Land for 4.149 billion RMB, aimed at enhancing capital turnover efficiency and supporting new project developments [1][2][4][9] Group 1: Transaction Details - Yuexiu Property's subsidiary, Wuhan Kangjing Investment Co., Ltd., is the seller, while the buyer is Beijing Runzhi Commercial Operation Management Co., Ltd., a subsidiary of China Resources Land [1][2] - After the sale, Yuexiu Property will indirectly hold approximately 34.87% of the target company [3] - The target company was established on November 14, 2024, and holds the land in the Gongde Temple area [2] Group 2: Project Background - Yuexiu Property acquired the Gongde Temple land for 6.383 billion RMB on November 5, 2024, with a floor price of approximately 71,600 RMB per square meter and a premium rate of 15% [5] - The project, named Heyue Wangyun, includes 14 residential buildings with a total of 693 units, with sizes ranging from approximately 99 to 179 square meters and a sales guidance price of 105,000 RMB per square meter [7] - The project achieved a remarkable opening sales rate of 90% and a total contract sales amount of approximately 41.12 billion RMB from January to April 2025, representing a 37% increase year-on-year [7] Group 3: Strategic Implications - The sale is expected to allow Yuexiu Property to quickly recover capital, enhancing capital turnover efficiency and supporting the development of new projects [4][9] - The transaction reflects a strategic adjustment by Yuexiu Property in the current market environment, optimizing capital allocation and improving market competitiveness [9] - For China Resources Land, acquiring a 65% stake solidifies its leading position in the project and expands its market share in Beijing's Haidian District [8][9]

Investment Rating - The report maintains an "Overweight" rating for the real estate development industry [6] Core Insights - The real estate development industry faced significant losses in 2024, with overall revenue declining and profitability weakening due to falling housing prices and impairment pressures [1][13] - Key state-owned enterprises (SOEs) and mixed-ownership companies showed resilience compared to the overall industry, with SOEs experiencing a smaller revenue decline [2][36] - The report highlights that the future revenue of real estate companies is expected to remain under pressure for the next 2-3 years, particularly for those not in prime locations [2][41] Summary by Sections 1. Overview of Developer Annual Reports - In 2024, the overall revenue for 168 real estate developers was 4.33 trillion yuan, a year-on-year decrease of 19.2% [1][13] - The net profit for the industry was -376.3 billion yuan, a significant drop from -1.9 billion yuan in 2023 [1][13] - The cash on hand for developers decreased by 19.4% to 1.63 trillion yuan [1][13] 2. Financial and Operational Analysis of Key Developers 2.1 Revenue Pressure from Resource Turnover - Key SOEs saw a revenue decline of 7.4%, while private enterprises experienced a 22.9% drop [2][41] - The report indicates that the revenue performance of leading developers remains more resilient due to their ample turnover resources [2][41] 2.2 Continued Pressure on Gross Margin - The gross margin for key SOEs was 14.6%, down 2.3 percentage points, while private enterprises had a gross margin of 16.4%, down 1.2 percentage points [2][37] 2.3 Rising Sales and Management Expense Ratios - The sales and management expense ratio for key SOEs was 4.9%, while for private enterprises it was 5.9% [2][49] 2.4 Significant Decline in Investment Income - Investment income for key SOEs and private enterprises fell by 72.3% and 53.4%, respectively [2][37] 2.5 Comprehensive Impairment Provisions - All 14 key developers reported asset impairments, with SOEs accounting for 42.27 billion yuan and private enterprises for 3.88 billion yuan [3][38] 2.6 Declining Net Profit Trend - The net profit for key SOEs dropped by 95.7%, while private enterprises saw a 15.0% decline [4][39] 2.7 Stable Financing for Key SOEs - Key SOEs maintained stable financing channels, with a slight increase in interest-bearing liabilities of 0.7% [5][40] 2.8 Sales Performance of Key SOEs - Key SOEs continued to outperform the industry, focusing on land reserves in core cities [2][41] 2.9 Weak Land Acquisition Intent - The willingness to acquire land remains low across the industry, with key developers focusing on high-potential cities [2][41] 3. Investment Recommendations - The report suggests focusing on real estate-related stocks due to anticipated policy support and the potential for recovery in core urban areas [6][9]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The sales area decline has continued to narrow in the first four months of 2025, with high-energy cities showing higher transaction heat [5][14] - The new housing starts have decreased significantly, impacting construction data, while completion areas are still declining year-on-year [6][19] - The decline in real estate development investment has expanded, with weak willingness to start new projects [7][20] - Domestic loan growth has turned positive, but sales collection pressure remains significant [24] Summary by Sections Sales Performance - In the first four months of 2025, the national commodity housing sales area was 283 million square meters, down 2.8% year-on-year, with residential sales area down 2.1% [5][14] - The sales amount for commodity housing was 2.70 trillion yuan, down 3.2% year-on-year, with residential sales amount down 1.9% [5][14] - In April 2025, the sales area and amount were down 2.1% and 6.7% year-on-year, respectively, with a monthly average price decline of 4.7% [5][14] Construction and Investment - The new housing starts in the first four months of 2025 were 178 million square meters, down 23.8% year-on-year [6][19] - The completion area was 156 million square meters, down 16.9% year-on-year, indicating continued pressure on construction [6][19] - Real estate development investment in the first four months was 2.77 trillion yuan, down 10.3% year-on-year, primarily due to declining new starts [7][20] Financing and Market Outlook - The total funds available for real estate development enterprises were 3.26 trillion yuan, down 4.1% year-on-year, with domestic loans showing a positive growth of 0.8% [24] - The investment suggestion indicates a recovery trend in core cities since March 2025, with a recommendation for companies that can capture improvement-driven customer demand [30]

陳帆 （於開曼群島註冊成立的有限公司） （股份代號：1109） 董事名單與其角色和職能 華潤置地有限公司董事（「董事」）會（「董事會」）成員載列如下： 執行董事 李欣 （ 主席 ） 徐榮 （ 總裁 ） 張大為 （ 副主席 ） 郭世清 陳偉 獨立非執行董事 鐘偉 孫哲 非執行董事 黃挺 魏成林 梁國權 秦虹 董事會設立六個委員會。下表提供各董事會成員在該等委員會中所擔任的職位資 料： | | | | 委 員 會 | | | | --- | --- | --- | --- | --- | --- | | | | | 企 業 管 治 | | 可 持 續 發 展 | | 董 事 | 審 核 委 員 會 薪 酬 委 員 會 | 提 名 委 員 會 | 委 員 會 | 執 行 委 員 會 | 委 員 會 | | 李 欣 | | C | M | C | C | | 徐 榮 | | | | M | M | | 張 大 為 | | | | M | | | 郭 世 清 | | | | M | | | 陳 偉 | | | | M | | | 黃 挺 | M | | | | | | 魏 成 林 | | | | | M | | 鐘 偉 ...

委任提名委員會成員 華潤置地有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，獨立非執行 董事秦虹女士獲委任為本公司提名委員會（「提名委員會」）成員，自二零二五年五 月十九日起生效。 於作出上述變動後，提名委員會包括五名成員，即李欣先生（ 主席 ）、鐘偉先生、 陳帆先生、梁國權先生及秦虹女士。 承董事會命 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） 華潤置地有限公司 主席 李欣 中國，二零二五年五月十九日 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及魏成林先生；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。 ...

Industry Overview - The Beijing office market is undergoing a deep adjustment period in 2024, primarily characterized by a "price-for-volume" strategy [1][13] - The effective net rent for Grade A office buildings in Beijing is 225 RMB/sqm/month in Q4 2024, a year-on-year decrease of 24.50% [1][13] - The vacancy rate stands at 18.3%, a slight year-on-year decrease of 0.4 percentage points [1][13] - The decline in rent is attributed to supply-demand imbalance, with companies reducing office costs due to economic uncertainties [1][13] Market Dynamics - Over the past five years (2019-2024), the average annual new supply of office space in Beijing exceeded 1 million sqm, creating cumulative supply pressure [1][13] - The vacancy rate in Q4 2024 shows a slight rebound from Q3 2024 (18.1%), indicating volatility in the absorption process [1][13] - Financial Street maintains a vacancy rate below 12% due to stable leasing capacity from financial institutions, while emerging areas like Lize and Wangjing have vacancy rates exceeding 25% due to internet companies downsizing [1][13] Key Companies - Major players in the Beijing office market include China International Trade Center, China Resources Land, and Beijing Urban Construction Investment Development Co., Ltd., which maintain strong market competitiveness through high-quality projects and diversified business layouts [15][17] - China Resources Land reported a revenue of 237.2 billion RMB from its development and sales business in 2024, a year-on-year increase of 11.83% [17] - Dalian City Holdings Group's revenue from property sales and land development was 283.86 billion RMB in 2024, reflecting a year-on-year decrease of 2.27% [19] Industry Development Trends - The demand for office space is shifting towards new industries such as technology, internet, and artificial intelligence, which require higher quality office environments and services [21][24] - Government policies and urban planning are crucial for the development of the office sector, with measures aimed at optimizing land supply and promoting green buildings [22][23] - Technological innovation, including smart office systems and green building technologies, is expected to enhance operational efficiency and user experience in the office market [24]

Investment Rating - The report maintains a cautious outlook on the real estate industry, indicating a continued divergence among companies, with a focus on those positioned in core cities and commercial operations [2][3]. Core Insights - The recent disclosure of annual and quarterly reports shows that real estate development companies are still in a performance bottoming phase for 2024 due to declining gross margins and increased impairments, with no significant improvement observed in Q1 of this year [2][3]. - Companies focusing on core city developments and property leasing have managed to achieve performance growth despite the overall industry challenges [2][3]. - The trend of deleveraging among real estate firms is expected to continue in 2024, with an optimization of debt structure and a decrease in interest-bearing debt ratios noted in Q1 [2][3]. - State-owned enterprises exhibit relatively stable debt repayment capabilities, and strong credit real estate companies are anticipated to maintain a competitive advantage in the context of declining financing costs [2][3]. - The issuance of the "Opinions on Continuing to Promote Urban Renewal Actions" by the Central Committee and the State Council is expected to accelerate the pace of urban renewal through increased funding support for eligible projects [2][3]. Summary by Sections Market Review - In the week of May 10-16, new home transaction area in 29 key cities reached 2.02 million square meters, a 39.0% increase week-on-week but a 10.8% decrease year-on-year [2]. - The transaction area for second-hand homes in 13 key cities was 1.75 million square meters, reflecting a 46.0% increase week-on-week and a 1.2% decrease year-on-year [2]. - New land supply in 100 cities decreased year-on-year by 30.5% but increased by 66.1% week-on-week, with 8.5 million square meters of new residential land supplied [2]. Industry News - The report highlights the ongoing divergence among companies and emphasizes the importance of focusing on core city layouts and commercial operations [2][3]. - The CITIC Real Estate Index fell by 0.5%, while the CSI 300 rose by 1.1%, indicating that the real estate sector underperformed the broader market [2][3]. Investment Recommendations - The report recommends focusing on developers and property management companies in core cities, as well as quality commercial real estate firms [2][3]. - Specific stock recommendations include: - A-shares: Binhai Group, Jianfa Co., Jindi Group, China Merchants Shekou, China Merchants Jinling, and Wo Ai Wo Jia - Hong Kong stocks: Beike, Jianfa International Holdings, Yuexiu Property, and Greentown Service [2][3].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][32]. Core Insights - The real estate market is experiencing a recovery, with new home sales in 34 key cities increasing by 30% week-on-week, while second-hand home sales also showed a positive trend with a 32% increase [4][5]. - The report highlights significant policy support for urban renewal and housing quality improvement, including the implementation of current housing sales for newly released land in Xinyang and the introduction of standards for quality housing in Shandong [4][32]. - The report emphasizes the importance of product strength in real estate companies, recommending firms with strong product offerings and a focus on first and second-tier cities [4][32]. Industry Data Summary New Home Sales - New home sales in 34 key cities totaled 238 million square meters last week, reflecting a 30% increase compared to the previous week [4][5]. - Year-on-year, new home sales in May showed a decline of 7%, with first and second-tier cities also experiencing a 7% drop [7][8]. Second-Hand Home Sales - Second-hand home sales in 13 key cities reached 126 million square meters last week, marking a 32% increase week-on-week [4][13]. - Cumulatively, second-hand home sales in May increased by 1% year-on-year [13]. Inventory and Market Dynamics - The report notes that 15 cities had a total of 106 million square meters of new homes launched, with a sales-to-launch ratio of 0.99, indicating a continued trend of inventory reduction [4][22]. - The average months of inventory for new homes in these cities is 19.7 months, which has decreased by 0.6 months [22]. Policy and News Tracking - The report outlines key policy developments, including the central government's push for urban renewal and the resolution of historical real estate registration issues, benefiting over 50 million people [32][33]. - Local governments are implementing various measures to enhance housing quality and accessibility, such as optimizing housing loan conditions for young people in Wuhan and expanding housing fund coverage for flexible employment workers in Shenyang [32][33]. Company Dynamics Performance Highlights - Beike reported a net income of 23.33 billion yuan for Q1 2025, a year-on-year increase of 42.4%, with a net profit of 860 million yuan, up 98.2% [41][42]. - New City Holdings and China Resources Land reported significant declines in sales, with New City Holdings down 56% and China Resources Land down 5% year-on-year [38][40]. Management Changes - Recent leadership changes include Xu Xiaoxi resigning as chairman of Xiamen International Trade Group to take over as chairman of Jianfa Group, and Zheng Yongda stepping down from Jianfa Group to lead Xiamen International Trade [38][40].

Core Viewpoint - The event "Life's Answer - 2025 China Resources Land Good House Model Launch and Zhenlu Product Release" emphasizes the importance of respecting local culture and addressing customer needs, showcasing a new product line "Zhenlu" that aims to provide high-quality living solutions in Haidian District [1][8]. Group 1: Product Strategy - China Resources Land's product strategy is centered around the "Three Goods and Twelve Advantages," which includes good community, good product, and good service, with twelve key scenarios identified to enhance living experiences [5]. - The "Good House" concept is rooted in customer-centric design, aiming to create ideal living environments that resonate with contemporary needs and preferences [7][17]. Group 2: Local Insights and Customization - The "Zhenlu" product line is developed based on extensive research into the living needs of Haidian residents, integrating local cultural elements and modern lifestyle demands [10][12]. - The design process involved deep engagement with over 360 families to ensure that the product meets practical and emotional needs, resulting in a highly customized living experience [10][12]. Group 3: Functional and Aesthetic Integration - "Zhenlu" focuses on functional aesthetics, creating spaces that cater to various family dynamics, including dedicated learning environments for children and social spaces for parents [12][15]. - The project incorporates advanced acoustic solutions and smart home technologies to enhance comfort and convenience, reflecting a shift from traditional luxury to practical functionality [15][17]. Group 4: Market Positioning - The launch of "Zhenlu" positions China Resources Land as a leader in high-end residential development, responding to the evolving demands of urban living in Haidian [1][17]. - The initiative aims to redefine high-end housing by integrating rational functionality with aesthetic appeal, thereby setting a new standard for urban residential projects [17].