每经AI快讯，11月13日，华润置地在港交所公告称，配售4950万股华润万象生活股份，预计配售价每 股41.70港元，所得款项净额约20.6亿港元。 ...

出售事项所得款项净额估计约为20.61亿港元。出售事项所得款项净额拟用作集团收购储备土地、开发 成本及一般营运资金。公司认为配售可以令华润万象生活的股东结构更多元从而能够鼓励及吸引机构投 资者对华润万象生活作出投资、并增加其股份的流动性，增强市场信心及提高华润万象生活股份价值， 而公司作为华润万象生活的控股股东亦能够藉此受益。 华润万象生活为公司的附属公司。于本公告日期，公司直接持有华润万象生活16.50亿股股份，即华润 万象生活已发行股份总数约72.29%。于配售完成后(假设华润万象生活的已发行股份总数由本公告日期 至配售完成日期期间并无变动)，公司持有华润万象生活的股权将减少至其已发行股份总数约70.12%。 华润万象生活会继续为公司的附属公司，而华润万象生活的财务业绩会继续并入集团的财务报表。 格隆汇11月13日丨华润置地(01109.HK)发布公告，2025年11月13日，公司与配售代理(即UBS AG Hong Kong Branch)订立配售协议，据此，公司同意任命配售代理，及配售代理同意担任公司的代理，以促使 承配人根据配售协议的条款以配售价购买(或倘未能成功配售，则由其自行购买)公司持有的合共 ...

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 或任何部份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：1209） 內幕消息 控股股東配售股份 本公告由華潤萬象生活有限公司（「本公司」）根據香港聯合交易所有限公司（「聯交 所」）證券上市規則（「上市規則」）第13.09 (2) (a)條及香港法例第571章證券及期貨條 例第XIVA部下的內幕消息條文（ 定義見上市規則 ）作出。 控股股東配售現有股份 本 公 司 董 事 會（「 董 事 會 」）已 獲 本 公 司 的 控 股 股 東 ， 華 潤 置 地 有 限 公 司（「 華 潤 置 地」）告知，其於2025年11月13日，與UBS AG Hong Kong Branch（「配售代理」）訂立 配 售 協 議（「 配 售 協 議 」）， 據 此 ， 華 潤 置 地 同 意 透 過 配 售 代 理 將 本 公 司 每 股 面 值 0.00001美元的合 ...

Core Insights - The future of commercial real estate will focus on operational excellence, where the value of assets is primarily determined by cash flow generation rather than initial investment costs [2] - There is a trend among commercial real estate companies to deepen capital operations alongside development and management [3] Group 1: Operational Focus - Wang Lei, Executive Director and Vice President of China Resources Vientiane Life, emphasized that operational capability is crucial for creating cash flow, which directly influences asset value [2] - The shift towards operational excellence indicates that companies must prioritize effective management to enhance their financial performance [2] Group 2: Capital Operations and Market Trends - The sample provided by the Viewpoint Index shows that there are 42 companies managing less than 2 million square meters, 32 companies managing between 2 to 5 million square meters, 10 companies managing between 5 to 10 million square meters, and 6 companies managing over 10 million square meters [3] - Leading companies in the commercial real estate sector are transitioning from a "development and operation" model to an "asset operation + capital operation" model, aiming for both scale growth and cash flow optimization [3] - Many top-tier companies are expanding their portfolios through project investments and asset-light strategies, which necessitates a robust product line and talent development system to ensure efficient project execution nationwide [3]

Investment Rating - The report maintains a "Buy" recommendation for new homes and indicates a significant decline in second-hand home transactions year-on-year [2][33]. Core Insights - The real estate sector has seen a 0.2% decline in the week of November 3 to November 7, 2025, ranking 24th among 31 primary industry sectors [9][30]. - New home transaction volume in 20 monitored cities decreased by 38% year-on-year, with a total area of 159 million square meters sold in the week, averaging 22.7 million square meters per day [21][24]. - Second-hand home transactions in 11 monitored cities also fell by 29% year-on-year, with a total area of 186 million square meters sold in the week, averaging 26.6 million square meters per day [24][29]. Industry Overview - **Basic Data**: The real estate sector comprises 107 listed companies with a total market capitalization of 1,233.623 billion yuan and a circulating market capitalization of 1,183.334 billion yuan [3]. - **Relative Index Performance**: The absolute performance over 1 month, 6 months, and 12 months is -1.6%, 16.8%, and -8.9% respectively, while the relative performance is -3.3%, -5.3%, and -23.3% [4]. Policy Developments - Local policies include the implementation of "current housing sales" in Pingjiang County, Hunan, and the promotion of industrialized construction in Guangzhou, aiming for a total output value of 500 billion yuan by 2030 [14][15]. Sales Performance - The report highlights a significant drop in both new and second-hand home sales, with new home sales down 31% week-on-week and second-hand home sales down 6% week-on-week [21][24]. - Cumulative data shows that new home sales in 20 cities have decreased by 11% year-to-date, while second-hand home sales in 11 cities have increased by 7% year-to-date [21][24]. Financing Trends - Most bond issuances in the week were by local state-owned enterprises, with Guang'an Holdings issuing the largest scale of 2 billion yuan [30][31]. Investment Strategy - The report suggests focusing on companies with strong product differentiation and stable rental income from quality commercial real estate, highlighting firms such as Beike-W, Greentown China, and China Resources Land as potential investment opportunities [33].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the "Good House" policy and the revaluation of commercial real estate [3][33]. Core Insights - The real estate market is experiencing significant pressure, with new home sales in 34 key cities dropping by 45% week-on-week and 47% year-on-year in November [3][4]. - The report emphasizes the importance of localized policies, such as credit rating links to pre-sale fund supervision in Fuzhou and tax subsidies in Suzhou, which aim to stimulate market activity [27][30]. - The report identifies potential investment opportunities in commercial real estate and property management, particularly in light of ongoing monetary easing in China [3][33]. Industry Data Summary New Home Sales - New home sales in 34 key cities totaled 158.6 million square meters, a week-on-week decrease of 45.4% and a year-on-year decrease of 46.5% [4][5]. - Sales in first and second-tier cities saw a week-on-week decline of 46.1%, while third and fourth-tier cities experienced a 34.4% drop [4][5]. Second-Hand Home Sales - Second-hand home sales in 13 key cities totaled 98.8 million square meters, reflecting a week-on-week decrease of 15.2% and a year-on-year decrease of 30.3% [12][5]. - The cumulative sales for the year reached 50.1 million square meters, showing a slight increase of 1.4% year-on-year [12]. Inventory and Supply - In 15 key cities, 82 million square meters were launched for sale, with a transaction-to-launch ratio of 0.78, indicating a challenging market environment [19][5]. - The total available residential area in these cities was 89.5 million square meters, with a slight week-on-week increase of 0.2% [19]. Policy and News Summary - The National Development and Reform Commission has initiated a digital transformation action plan to promote smart city development and property digitalization [27]. - Localized policies are being implemented, such as Fuzhou's new regulations linking credit ratings to pre-sale fund supervision and Suzhou's tax subsidies for home purchases [27][30]. - The report notes that various cities are relaxing residency requirements and enhancing public housing policies to stimulate demand [27][30]. Company Dynamics - Major real estate companies reported significant declines in sales for October 2025, with Poly Developments down 50.1% and China Overseas Development down 55.1% year-on-year [33]. - Financing activities included China Merchants Shekou providing an 800 million yuan loan guarantee for its subsidiary, and Daxin City reducing the interest rate on its issued bonds to 2.15% [33][36]. - The report highlights stock buybacks by companies such as Shell-W and Greentown Service, indicating a strategic move to enhance shareholder value [37].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4]. Core Views - The report emphasizes that policy measures are being driven by fundamental economic pressures, suggesting that the current policy intensity may exceed that of 2008 and 2014, and is still in progress [4]. - Real estate serves as an early-cycle indicator, making it a key economic barometer for investment [4]. - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies performing well in land acquisition and sales [4]. - The report continues to favor investments in first-tier and select second- and third-tier cities, which have shown better performance during sales rebounds [4]. - Supply-side policies, including land storage and management of idle land, are crucial areas to monitor, with first- and second-tier cities expected to benefit more [4]. Summary by Sections 1. Current Resident Price Expectations - According to the central bank's survey, the proportion of urban depositors who are pessimistic about housing prices has returned to levels seen in Q3 2024, with optimism below 10% [11]. - In Q3 2025, 9.1% of residents expect prices to rise, while 55.6% expect them to remain stable, and 23.5% anticipate a decline [11]. - The report notes that the "924" policy was introduced during a period of market pessimism, leading to a marginal improvement in confidence, but this has waned over time due to a lack of new policies [11]. 2. Market Review - The Shenwan Real Estate Index decreased by 0.2% this week, underperforming the CSI 300 Index by 1.05 percentage points, ranking 24th among 31 Shenwan primary industries [2]. - New home sales in 30 cities totaled 134.6 million square meters, down 41.6% month-on-month and 47.2% year-on-year [2]. - Second-hand home sales in 14 sample cities totaled 190.2 million square meters, down 8.3% month-on-month and 28.0% year-on-year [34]. 3. Credit Bond Issuance - This week, 12 credit bonds from real estate companies were issued, totaling 10.25 billion yuan, an increase of 5.2 billion yuan from the previous week [3]. 4. Investment Recommendations - The report suggests focusing on real estate-related stocks due to the ongoing policy-driven recovery and the potential for improved performance in quality real estate companies [4]. - Recommended stocks include major players in both H-shares and A-shares, as well as local state-owned enterprises and property management firms [4].

Group 1 - Kering Group showcased its brands at the 8th China International Import Expo, emphasizing its commitment to quality, sustainability, and cultural heritage under the theme "Creative Legacy" [2] - CEO Luca de Meo highlighted the importance of engaging with Chinese consumers and local industry partners to explore new development opportunities and support sustainable growth in the luxury fashion industry [2][9] - The exhibition design by Gensler utilized natural imagery and sustainable materials, with approximately 50% of the booth materials being reused from the previous expo [4][5] Group 2 - Kering's core brand Gucci presented a collection of vintage silk scarves and hosted interactive workshops with artists, enhancing visitor engagement [8] - Balenciaga showcased its summer collection for the first time after its fashion week debut, while McQueen's custom gowns made their global debut at the expo [8] - Kering launched a new fragrance series from Balenciaga and introduced the Bottega Veneta perfume line to the expo for the first time [8] Group 3 - Kering signed a strategic cooperation memorandum with Shanghai Fashion Week to initiate the "Kering CRAFT Creative Residency Program," aimed at discovering and empowering emerging Chinese creative talents [9] - The program will enhance the brand-building and business operation capabilities of Chinese designers, aligning with Kering's vision of fostering local brands and exploring collaborative opportunities [9] - Kering also established a partnership with China Resources Vientiane Life to implement sustainable practices in shopping centers, integrating China's dual carbon strategy and green building standards [11]

Core Insights - The third quarter of 2025 sees a peak in commercial openings, driven by the "National Day" holiday, with 89 new projects totaling approximately 6.93 million square meters [2][5] - The Eastern China region, particularly Jiangsu, Zhejiang, and Shanghai, dominates the commercial project openings, accounting for over 80% of the total [5][7] - High-tier cities maintain their market position, while lower-tier cities, especially county-level markets, show increased commercial activity [7][9] Summary by Sections Opening Statistics - A total of 89 commercial projects opened in Q3 2025, with a commercial area of about 6.93 million square meters. September alone accounted for 59 projects, representing 66% of the quarterly total [2] - Among the new openings, 15 projects were renovations of existing properties, contributing approximately 1.37 million square meters [2][14] Regional Distribution - The Eastern region leads with 32% of openings, with Jiangsu, Zhejiang, and Shanghai contributing significantly [5] - Central and Southern China follow, with Central China having 8 openings and Southern China 15 openings, primarily in Guangdong [5] Market Tier Analysis - High-tier cities account for over 70% of new projects, with first-tier cities at 27%, second-tier at 10%, and a notable activity in fourth-tier cities [7] - County-level commercial projects are becoming more active, with several notable openings in various regions [9] City-Specific Highlights - Hangzhou leads with 8 new projects, followed by Chongqing and Wuhan with 6 each. Notable projects include the Hangzhou Asian Games Village and several large-scale developments in Chongqing [11][12] - Beijing and Shanghai also saw significant openings, focusing on urban renewal and high-end commercial spaces [12][15] Major Developers and Projects - Leading commercial management companies like China Resources, Longfor, and Wanda opened multiple projects, with China Resources launching 6 projects, including several in lower-tier cities [13] - High-profile projects include Shenzhen Bay MixC Phase II and Guangzhou's K11 Select, both featuring innovative designs and a mix of retail and cultural spaces [18][19][20] Renovation Projects - The quarter saw 15 renovation projects, with a total area of approximately 1.37 million square meters, indicating a trend towards upgrading existing properties [14] - Examples include the transformation of previously stalled projects into successful commercial spaces, such as the Hohhot MixC [25]

Core Viewpoint - China Resources Vientiane Life and Kering Group have established a strategic partnership focused on sustainable development, initiating a "Sustainable Development Strategic Cooperation Plan" to promote zero-carbon stores and advocate for sustainable lifestyles [1][3]. Group 1: Partnership and Objectives - The partnership aims to integrate China's "dual carbon" strategy with green building standards, creating a template for sustainable retail stores in China [1][3]. - The collaboration includes a clear short, medium, and long-term cooperation path, focusing on energy efficiency, green electricity application, and carbon management [3]. - The partnership is supported by a joint research and development center established by China Resources Land and Tsinghua University, ensuring innovative and professional practices throughout the project lifecycle [3]. Group 2: Commitment to Sustainability - The partnership responds to national "dual carbon" goals and aims to exceed China's green building standards, establishing a benchmark for international brands in the Chinese market [3]. - The collaboration is expected to provide Kering with a replicable and efficient model for sustainable stores, accelerating the zero-carbon transformation of its brands in China [3]. Group 3: Leadership and Recognition - China Resources Vientiane Life has been recognized for its commitment to responsible development and sustainable practices, being listed in the "China ESG Pioneer 100" for three consecutive years and achieving an "A" MSCI ESG rating [5]. - Kering Group has a strong commitment to sustainability, consistently recognized as an industry leader by various non-financial rating agencies and lists, including being named a top sustainable company in the "Global 100" [6].