Core Insights - The company, Jianfa International Group, reported a cumulative contract sales amount attributable to shareholders of approximately RMB 71.03 billion for the nine months ending September 30, 2025, reflecting a year-on-year increase of about 7.5% [1] - The cumulative contract sales area attributable to shareholders was approximately 2.75 million square meters, showing a year-on-year decrease of about 15.8% [1] Financial Performance - Cumulative contract sales amount: RMB 71.03 billion, up 7.5% year-on-year [1] - Cumulative contract sales area: 2.75 million square meters, down 15.8% year-on-year [1]

Core Insights - The company, Jianfa International Group, reported a cumulative contract sales amount of approximately RMB 71.03 billion for the nine months ending September 30, 2025, representing a year-on-year increase of about 7.5% [1] - The cumulative contract sales area attributed to the company's shareholders was approximately 2.75 million square meters, showing a year-on-year decrease of about 15.8% [1] Financial Performance - Cumulative contract sales amount: RMB 71.03 billion, up 7.5% year-on-year [1] - Cumulative contract sales area: 2.75 million square meters, down 15.8% year-on-year [1]

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。 C&D INTERNATIONAL INVESTMENT GROUP LIMITED 建發國際投資集團有限公司 （於開曼群島註冊成立的有限公司） 林 偉 國 香 港，二 零 二 五 年 十 月 六 日 截 至 二 零 二 五 年 九 月 三 十 日 止 九 個 月 未 經 審 核 營 運 數 據 建 發 國 際 投 資 集 團 有 限 公 司（「本 公 司」，連 同 其 附 屬 公 司 統 稱「本 集 團」）董 事 會（「董 事 會」）謹 此 公 告 本 集 團 截 至 二 零 二 五 年 九 月 三 十 日 止 九 個 月 的 若 干 未 經 審 核 營 運 數 據。根 據 對 本 集 團 截 至 二 零 二 五 年 九 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 建發國際投資集團有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01908 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 0.1 HKD | | 300,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 3,000,000,000 | HKD | | 0.1 HKD | | 300,000,000 | 本月底法定/註冊股本總額： HKD 300 ...

Group 1 - The Hong Kong real estate stocks experienced a general decline, with notable drops in several major companies [1] - Specifically, China Oceanwide Holdings fell nearly 4%, while Longfor Group, Sunac China, Jianfa International, Ronshine China, Longguang Group, and Yuexiu Property all dropped over 2% [1] Group 2 - The stock performance of various companies is as follows: - China Oceanwide Holdings (03377) decreased by 3.75% to a price of 0.154, with a market capitalization of 1.795 billion [2] - Longfor Group (00960) fell by 2.95% to 11.530, with a market cap of 81.19 billion [2] - Sunac China (01918) declined by 2.94% to 1.650, with a market cap of 1.8925 billion [2] - Jianfa International Group (01908) dropped by 2.91% to 17.370, with a market cap of 38.911 billion [2] - Ronshine China (03301) decreased by 2.37% to 0.206, with a market cap of 347 million [2] - Longguang Group (03380) fell by 2.31% to 1.270, with a market cap of 7.22 billion [2] - Yuexiu Property (00123) declined by 2.11% to 5.100, with a market cap of 2.053 billion [2] - Other companies such as China Resources Land, Greentown China, Vanke Enterprises, and others also experienced declines ranging from 1.29% to 1.91% [2]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Views - The current monetary policy stance in China is supportive, with measures to optimize down payment ratios and mortgage rates, potentially reducing interest expenses for over 50 million households by approximately 300 billion yuan annually [10][11] - The real estate sector is viewed as an early-cycle indicator, making it a key economic barometer [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies expected to benefit more in the future [4] - The report emphasizes a focus on 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 critical areas to monitor for future developments [4] Summary by Sections Market Overview - The real estate index decreased by 0.2% this week, underperforming the CSI 300 index by 1.22 percentage points, ranking 11th among 31 sectors [12] - In the past week, 30 cities recorded new housing transaction areas of 186.1 million square meters, a 20.0% increase month-on-month but a 23.6% decrease year-on-year [23] New Housing Transactions - New housing transaction areas in first-tier cities reached 55.8 million square meters, up 11.6% month-on-month and up 12.5% year-on-year [23] - Second-tier cities saw transactions of 91.0 million square meters, a 41.9% increase month-on-month but a 20.5% decrease year-on-year [23] - Third-tier cities recorded 39.2 million square meters, down 4.1% month-on-month and down 50.6% year-on-year [23] Second-Hand Housing Transactions - The total transaction area for second-hand housing in 14 sample cities was 198.9 million square meters, a 1.4% increase month-on-month and a 13.9% increase year-on-year [31] - Year-to-date, the cumulative transaction area for second-hand housing is 7,815.4 million square meters, reflecting a 17.3% increase year-on-year [31] Credit Bond Issuance - This week, 14 credit bonds were issued by real estate companies, totaling 14.781 billion yuan, a 67.61 billion yuan increase from the previous week [41] - The net financing amount was 4.562 billion yuan, marking a significant increase of 111.56 billion yuan from the previous week [41]

Investment Rating - The report suggests a low valuation for the real estate sector, recommending to accumulate real estate stocks on dips [5]. Core Views - The real estate market is experiencing downward pressure on prices, with new home prices in 70 cities showing negative month-on-month changes for 27 consecutive months, and second-hand home prices for 28 consecutive months [4][12]. - Recent policies in major cities aim to stimulate demand for improved housing, indicating potential for recovery in the market [4][12]. - The report highlights that the basic market conditions are expected to gradually improve due to the effects of previous policies and the upcoming demand season [5]. Summary by Sections Market Overview - The A-share real estate sector saw a weekly change of -0.2%, ranking 11th among all sectors, while the Hong Kong real estate sector dropped by -3.3%, also ranking 11th [2]. - The average premium rate for land transactions remains low at 2%, with a significant year-on-year decrease in land transaction volume [2][27]. New Home Sales - In the week of September 20-26, 47 cities recorded new home sales of 380 million square meters, a week-on-week increase of 25% but a year-on-year decrease of 4% [3][32]. - Sales in first-tier cities increased by 1% week-on-week and 15% year-on-year, while second-tier cities saw a 41% week-on-week increase [3][32]. Second-Hand Home Sales - The report indicates that 22 cities sold 243 million square meters of second-hand homes, with a week-on-week increase of 2% and a year-on-year increase of 12% [40]. - First-tier cities experienced a 3% decrease week-on-week but a 24% increase year-on-year in second-hand home sales [40]. Policy Developments - New policies in cities like Shanghai aim to enhance housing quality and stimulate demand for improved housing [5][14]. - The focus of future policies will likely be on stimulating demand for improved housing, optimizing public fund policies, and revitalizing existing properties and land [4][12]. Key Companies - The top five companies in terms of land acquisition amounts are China Overseas Land & Investment, Greentown China, Poly Developments, Jianfa Group, and Binjiang Group, with acquisition amounts of 55.1 billion, 54.1 billion, 44 billion, 40 billion, and 34.7 billion respectively [27][28].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3][4]. Core Insights - The report indicates that the broad housing demand in China has reached a bottom, although the volume and price have not yet entered a positive cycle. It predicts that the overall real estate market will continue to stabilize, with policies aimed at stopping the decline and promoting recovery [3][4]. - The report highlights significant policy support, including over 1.6 trillion yuan allocated for three major projects to stabilize the real estate market and support the delivery of nearly 20 million housing units [31][32]. - The report emphasizes the emergence of a new development track driven by favorable housing policies, which will enhance the penetration of quality housing in core cities [3][4]. Industry Data Summary New Housing Transactions - For the week of September 20-26, 2025, new housing transactions in 34 key cities totaled 2.458 million square meters, a week-on-week increase of 17.2%. The transaction volume in first and second-tier cities rose by 15.4%, while third and fourth-tier cities saw a significant increase of 43.8% [4][12]. - In September, the total transaction volume for new homes in 34 cities was 8.078 million square meters, a year-on-year increase of 6.3% [7][8]. Second-Hand Housing Transactions - For the week of September 20-26, 2025, second-hand housing transactions in 13 key cities totaled 1.148 million square meters, a week-on-week increase of 3.8%. Cumulatively, September transactions were up 21.2% year-on-year [12][13]. Inventory and Supply - In the week of September 20-26, 2025, 15 key cities launched 1.48 million square meters of new housing, with a transaction volume of 950,000 square meters, resulting in a transaction-to-launch ratio of 0.64. The total available residential area in these cities was 90.309 million square meters, a week-on-week increase of 0.6% [21][22]. Policy and News Tracking - The report notes that various local governments are implementing policies to stabilize the real estate market, including subsidies for home purchases and regulations to improve housing quality [31][32]. - Shanghai has introduced new regulations to standardize balcony measurements and support the renovation of old residential areas [31][32]. Company Dynamics - New City Holdings issued USD 1.6 billion in overseas bonds, while Poly Developments announced a plan to issue corporate bonds not exceeding 150 billion yuan [38][39]. - The report tracks significant financing activities, including guarantees provided by major companies for their subsidiaries [38][39].

Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [1]. Core Insights - The real estate market in August 2025 showed a narrowing year-on-year decline in transaction volume due to low base effects, while land auction premiums in first-tier cities reached a six-year high [1][2]. - The overall performance of the real estate sector underperformed the CSI 300 index, with an absolute return of 6.5% and a relative return of -3.9% [2][13]. - The report emphasizes the importance of policy adjustments in major cities to stimulate market activity, particularly in Beijing, Shanghai, and Shenzhen [4][24]. Summary by Sections New Home Transactions - In August, new home transaction area in 40 cities was 859.1 million square meters, down 0.5% month-on-month and down 13.5% year-on-year, with a cumulative decline of 5.0% for the first eight months [14][17]. - First-tier cities experienced an expanded year-on-year decline in new home transactions, while second-tier cities saw a narrowing decline, and third- and fourth-tier cities turned positive [15][16]. Second-Hand Home Transactions - Second-hand home transaction area in 18 cities was 715.6 million square meters in August, down 9.2% month-on-month and down 6.4% year-on-year, with a cumulative increase of 7.5% for the first eight months [22][23]. - Year-on-year declines in second-hand home transactions narrowed in first- and second-tier cities, while third- and fourth-tier cities showed positive growth [23]. Inventory and Absorption - New home inventory increased month-on-month, with an overall absorption cycle of 17.1 months, down 0.3 months from the previous month [4][9]. - The average opening absorption rate in 30 cities improved to 42% in August, up 9 percentage points month-on-month and 13 percentage points year-on-year [4][9]. Land Market - Overall land auction activity declined month-on-month, but first-tier cities saw land premium rates reach a six-year high, averaging 22.3% [4][12]. - The average land floor price decreased by 13.4% month-on-month and 21.5% year-on-year [12]. Real Estate Companies - The top 100 real estate companies reported a sales decline of 16.5% year-on-year in August, with a total sales amount of 225.6 billion yuan [4][12]. - The land acquisition amount for the top 100 companies increased by 34.9% year-on-year in August, although it decreased by 27.1% month-on-month [4][12]. Financing - The financing scale for the real estate industry decreased both year-on-year and month-on-month in August, with a total issuance of 55.3 billion yuan [4][12]. - The average issuance interest rate was 2.51%, showing a slight decrease compared to previous periods [4][12]. Policy - Recent policy adjustments in major cities aim to support the real estate market, with a focus on urban renewal and easing purchase restrictions [4][24]. - The report highlights the significance of these policies in stabilizing market expectations and promoting demand [4][24].

Group 1 - The core point of the article highlights that on September 24, shareholders of Jianfa International Group transferred shares from UBS Securities Hong Kong Limited to HSBC Hong Kong, with a transfer value of HKD 1.608 billion, representing 4.09% of the company [1] - Jianfa International Group reported a revenue of RMB 34.165 billion for the first half of the year, reflecting a year-on-year growth of 4.3% [1] - The profit attributable to equity holders of the company was RMB 0.914 billion, showing a year-on-year increase of 11.8%, with basic earnings per share at RMB 0.4809 [1]