Group 1 - The core strategy of Cheung Kong Property, under Li Ka-shing's family, focuses on "low-cost land acquisition and long-term development" as evidenced by their recent promotion of four projects in Guangdong to Hong Kong buyers [1] - There is a significant increase in demand from Hong Kong residents for property investments in mainland China, particularly in cities like Huizhou, Dongguan, Guangzhou, and Zhongshan [1] - The total number of units being promoted across the four projects amounts to 400, with prices starting from 400,000 yuan [1] Group 2 - The specific breakdown of the projects includes: - Dongguan: 11,299 residential units (with a small number of commercial units) [3] - Huizhou: 2,720 residential units and 71 commercial units totaling 2,907 square meters [3] - Guangzhou: 1,457 residential units and 18 commercial units [3] - Zhongshan: 303 residential units and 19 commercial units totaling 2,300 square meters [3]

Core Viewpoint - The recent promotion of four real estate projects by Cheung Kong Property in the Greater Bay Area reflects a significant increase in demand from Hong Kong buyers for properties in mainland China, driven by lower prices and better living conditions compared to Hong Kong [1][3][9]. Group 1: Project Details - Cheung Kong Property is promoting four projects: Huizhou Longbo Garden, Zhongshan Longbo Garden, Guangzhou Yicui Garden, and Dongguan Haiyi Villa, totaling 400 units with prices starting from 400,000 RMB [1][3]. - The Huizhou Longbo Garden has the largest offering with 300 units, while the Dongguan Haiyi Villa targets high-end buyers with prices ranging from 7 million to 8 million RMB [3][5]. - The price per square meter for the Huizhou Longbo Garden has decreased to approximately 8,632 RMB, significantly lower than the previous range of 10,400 to 14,000 RMB per square meter [1][9]. Group 2: Market Trends - There has been a notable increase in the number of transactions involving Hong Kong buyers, with 3,341 transactions recorded by the Guangdong branch of the People's Bank of China, generating cross-border income of 3.08 billion RMB [1][9]. - The trend of Hong Kong residents purchasing properties in mainland China is attributed to the lower prices and larger living spaces available, as well as improved transportation links within the Greater Bay Area [9][12]. - The shift in demand from investment to self-occupation among Hong Kong buyers indicates a growing preference for long-term living arrangements in the Greater Bay Area [12]. Group 3: Strategic Insights - Cheung Kong Property's strategy of "old projects sold anew" aligns with their long-term development approach, capitalizing on the rising demand from Hong Kong buyers [1][9]. - The company's ongoing projects in mainland China include 11 developments across various cities, indicating a strong commitment to the region [7]. - The introduction of policies facilitating property purchases for Hong Kong residents has further stimulated this market, with special promotional events and property tours being organized [9][12].

观点网讯：7月29日消息，长实营业部首席经理郭子威认为，上半年香港经济强劲增长，为香港楼市提 供支撑，加上就业市场稳定，增强市民入市信心，而利率仍处于低位，推动部分闲置资金流向楼市，近 期股市畅旺，财富效应亦带动置业需求。 郭子威还指，香港楼价已成功摆脱过去几年下跌通道，进入稳步回升阶段，市场普遍预期美联储今年内 会减息，缓解港元拆息上行压力，亦为香港楼市注入额外动能，随着各项利好因素持续释放，香港楼价 企稳基础更为牢固，全年香港楼价可望达到上升5%的预期。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 来源：观点网 ...

Core Viewpoint - After hoarding land for over 20 years, Li Ka-shing's family is now selling properties in the Greater Bay Area, targeting Hong Kong buyers with attractive pricing and living options [2][15][41]. Group 1: Property Launch and Pricing - Longfor Group has launched a property plan called "Greater Bay Area Dual Residence Life," offering four projects in mainland China, totaling 400 units for sale to Hong Kong citizens [3][4]. - The properties are located in Guangdong Province, close to Hong Kong, with prices ranging from 400,000 to 8 million yuan, catering to both first-time buyers and those looking to upgrade [5][6]. - The cheapest option is the Huizhou Longpu Garden, with a usable area of approximately 51 square meters priced around 400,000 yuan, while the most expensive is the Dongguan Haiyi Villa, with a usable area of about 307 square meters priced between 7 million and 8 million yuan [7][8]. Group 2: Marketing Strategy - A senior executive from Longfor Group encouraged Hong Kong citizens to buy properties in mainland China, highlighting that prices in the Greater Bay Area are only one-fifth to one-tenth of those in Hong Kong [9][12]. - The marketing emphasizes the benefits of owning a second home in the Greater Bay Area, promoting a new lifestyle that combines opportunities in Hong Kong with the advantages of living in the Bay Area [10][14]. Group 3: Historical Context and Sales Strategy - Despite a sluggish mainland property market, the Li Ka-shing family appears to be accelerating their sales strategy, as evidenced by the discounted prices of properties like Dongguan Haiyi Villa, which had previously been marked down significantly [15][16][39]. - The Haiyi Villa project, which has been in development since 1999, has seen slow progress, with only half of the land developed after 15 years, leading to significant land idle fees imposed by local authorities [26][33]. Group 4: Financial Implications - Longfor Group's strategy of land hoarding has proven profitable, as even with price reductions, the cost of land acquisition remains low compared to current market prices [24][36]. - The company has maintained a low leverage ratio of 4%, indicating strong financial health and the ability to navigate the current market conditions without immediate financial strain [40].

Core Insights - The article highlights the strategic asset liquidation by Li Ka-shing, a prominent businessman, as part of a broader global asset reallocation strategy [2][5][10] Group 1: Business Strategy - Li Ka-shing's business philosophy is centered around the cold balance of risk and profit, exemplified by his rapid divestments in response to market conditions, such as selling American ports to avoid trade war risks and liquidating European assets during the pandemic [2] - The sale of the "Yucui Garden" properties at a significant discount reflects a calculated move to quickly generate cash flow, with the properties sold at 76,000 yuan per square meter, a reduction of nearly 20,000 yuan from the original price [1][5] - Li's family wealth management strategy includes placing core equity in a trust fund to prevent fragmentation during inheritance, while his sons manage different aspects of the family business [2] Group 2: Market Impact - The rapid sale of "Yucui Garden" triggered a chain reaction in the real estate market, leading to a significant price drop in similar properties and causing other luxury projects in the area to halt sales for reevaluation [8][10] - The article notes a 43% decline in commercial real estate transaction volume in the Asia-Pacific region in Q1 2025, indicating a broader market retreat as major investment firms withdraw from the Chinese market [8][10] - Li's actions serve as a warning signal regarding market liquidity, suggesting that when major investors hoard cash, high-leverage assets become increasingly risky [10] Group 3: Financial Performance - The land for the "Yucui Garden" project was acquired in 2001 at a cost of 1,750 yuan per square meter, resulting in a profit margin exceeding 40 times even at the discounted sale price [6] - Li Ka-shing's historical strategy of selling assets at significant discounts has resulted in over 350 billion yuan in cash generation over 23 years, demonstrating a consistent approach to maximizing returns without holding out for the last penny [6]

Group 1 - Longfor Group issued over HKD 2 billion in medium-term notes, indicating strong financing capability in the current market environment [1] - The financing cost is considered one of the lowest in the market, which may enhance investor confidence and benefit the group's overall operations and future projects [1] Group 2 - Singularity Guofeng plans to acquire 100% equity of an AI technology company, with a valuation range of HKD 350 million to HKD 500 million [2] - This move reflects the company's active expansion into the AI sector, although the non-binding nature of the investment letter introduces uncertainty regarding the transaction [2] Group 3 - Two manipulators in the Hong Kong stock market were sentenced to community service, highlighting the commitment to maintaining market fairness and transparency [3] - This regulatory action serves as a warning to potential violators, which may impact the reputation and stock prices of related companies [3] Group 4 - Harmony Health Insurance plans to reduce its stake in Goldwind Technology by up to 1% within three months, citing operational needs [4] - Although the reduction is minor, it may exert some pressure on the stock price and affect market sentiment [4] Group 5 - The Hang Seng Index rose by 0.57% to 24028.37, while the Hang Seng Tech Index fell by 0.29% to 5216.60 [5] - The Hang Seng Corporate Index increased by 0.83% to 8668.26 [5]

Core Viewpoint - The owners of Beijing Yucuiyuan are frustrated as the promised benefits and discounts have been revoked shortly before the handover of their properties, leading to dissatisfaction and uncertainty in the market [1][3][6]. Group 1: Project Background - Yucuiyuan, marketed as "Li Ka-shing's last project in Beijing," has seen its land value increase over 50 times since it was acquired 23 years ago [2]. - The project was launched with a selling price exceeding 80,000 yuan per square meter for a 140 square meter unit [3]. Group 2: Pricing and Sales Dynamics - During the "May Day" holiday, Yucuiyuan offered discounted prices starting at approximately 70,000 yuan per square meter, which was about a 30% discount from the highest recorded price [4]. - Despite initial interest, the actual transaction volume was low, with only 90 units signed online at an average price of 78,000 yuan per square meter [4][9]. Group 3: Promised Benefits and Customer Reactions - Owners were promised substantial "renovation packages" worth up to 110,000 yuan, which were later canceled, leading to significant disappointment among buyers [6][11]. - The sales strategy has been criticized for its inconsistency, with buyers feeling misled by the sudden changes in pricing and benefits [11][16]. Group 4: Market Position and Future Outlook - Yucuiyuan is positioned as a quasi-finished property with established surrounding amenities, but faces challenges due to outdated design and high renovation costs [13]. - The project is expected to reopen for sales at a price range of 80,000 to 85,000 yuan per square meter, raising concerns about buyer interest given the recent pricing history [9][16].

Core Viewpoint - The China Securities Index for Hong Kong Stock Connect Real Estate has shown a mixed performance, with a recent increase over the past month but a decline over the last three months, indicating volatility in the real estate sector [2]. Group 1: Index Performance - The China Securities Index for Hong Kong Stock Connect Real Estate reported a 3.41% increase over the past month, a 0.88% decrease over the last three months, and a 7.81% increase year-to-date [2]. - The index was established on November 14, 2014, with a base value of 3000.0 points [2]. Group 2: Index Composition - The index includes a maximum of 50 eligible Hong Kong-listed companies that meet the real estate theme criteria [2]. - The top ten weighted companies in the index are: Sun Hung Kai Properties (13.77%), Beike-W (13.5%), China Resources Land (10.84%), Cheung Kong Property (7.94%), China Overseas Land & Investment (6.58%), Wharf Holdings (4.42%), Henderson Land Development (4.42%), Sino Land (4.26%), Wharf Real Estate Investment (3.23%), and China Resources Mixc Lifestyle (2.97%) [2]. Group 3: Market and Sector Allocation - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a 100% allocation to the real estate sector [3][4]. - The index undergoes biannual adjustments every June and December, with provisions for temporary adjustments in special circumstances [4].

Group 1: Major Contracts and Financial Performance - China Railway Group (00390.HK) recently won multiple major engineering contracts with a total bid amount of approximately RMB 91.2 billion, accounting for about 8.52% of the company's revenue under Chinese accounting standards for 2021 [1] - China People's Insurance Group (01339.HK) reported a total insurance premium income of RMB 452.46 billion from January to August 2022, representing a year-on-year growth of 9.89% [2] - China Coal Energy (01898.HK) announced that its coal sales volume in August reached 25.96 million tons, a year-on-year increase of 1.3%, while coal production was 10.92 million tons, up 22.3% year-on-year [3] Group 2: Share Buybacks and Stake Increases - Bohai Bank (09668.HK) announced that several employees plan to voluntarily purchase at least 25 million H-shares using their own funds, reflecting confidence in the bank's long-term business development [4] - China Communications Construction (01800.HK) disclosed that its controlling shareholder has cumulatively increased its stake by approximately 264.47 million H-shares, representing 1.64% of the company's total issued shares [5] - Shougang Holding (00697.HK) reported that its major shareholder has entered into an agreement to sell 728 million shares to Beijing Guoguan Investment Holdings, which will acquire about 10% of the company's total issued shares [6] Group 3: Market Activities and Corporate Actions - Jianye Real Estate (00832.HK) announced plans to repurchase shares in the open market based on market conditions [7] - China Pacific Insurance (02601.HK) reported cumulative original insurance business income of RMB 290.9 billion from January to August [8] - China Property & Casualty Insurance (02328.HK) reported a premium income of RMB 340.25 billion from January to August, reflecting a year-on-year growth of 9.8% [9]

Core Points - The China Securities Index for Hong Kong Stock Connect Real Estate has shown a monthly increase of 0.74%, a quarterly decrease of 0.84%, and a year-to-date increase of 4.36% [1] - The index is composed of up to 50 eligible Hong Kong-listed companies that reflect the overall performance of the real estate sector [1] - The top ten weighted companies in the index include New World Development (15.87%), China Resources Land (11.64%), and CK Asset Holdings (8.87%) [1] Index Composition - The 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, also with a 100% representation [3] Index Adjustment Mechanism - The index samples are adjusted biannually, specifically on 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 [3]