Core Viewpoint - The Hong Kong real estate stocks have generally risen, with notable increases in companies such as China Jinmao and Jianfa International Group, indicating a potential recovery in the market [1] Group 1: Market Performance - Hong Kong real estate stocks saw significant gains, with China Jinmao and Jianfa International Group rising over 4%, and Yuexiu Property increasing by 2.6% [1] - Other companies like Longfor Group, CIFI Holdings, Shimao Group, and R&F Properties also experienced gains exceeding 1% [1] Group 2: Market Outlook - Huatai Securities' research report suggests that the foundation for a medium to long-term stabilization in the real estate market is being established, although full recovery will take time [1] - The report outlines potential policy directions for the second half of the year, including stabilizing housing price expectations, effectively stimulating home-buying demand, optimizing land acquisition to reduce inventory, and focusing on funding sources for urban renewal [1] Group 3: Investment Recommendations - Huatai Securities favors the recovery pace in core cities, particularly first-tier cities, and continues to recommend developers with "good credit, good cities, and good products" [1] - The report also highlights the attractiveness of leading property management companies with stable dividends and performance, as well as local Hong Kong real estate stocks benefiting from asset revaluation [1]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4][5][59] Core Viewpoints - The report emphasizes the importance of implementing the spirit of the Central Urban Work Conference and conducting high-quality urban renewal [3][47] - The report highlights that since September 2024, the central government's clear requirement has been to stabilize the real estate and stock markets, which is crucial for boosting social expectations and facilitating domestic demand circulation [5][50] Market Performance - The Shanghai Composite Index fell by 0.9%, the Shenzhen Component Index by 1.6%, the ChiNext Index by 0.7%, and the CSI 300 Index by 1.8%, while the real estate sector (Shenwan) dropped by 3.4% [5][8] - In terms of individual stocks, the top five gainers were Zhujiang Co. (+13.5%), Dazhong Electronics (+10.3%), Zhangjiang Hi-Tech (+6.8%), ST Nanzhi (+6.1%), and Quzhou Development (+5.9%), while the top five losers included Hainan Airport (-8.4%), Jindi Group (-8.1%), Lujiazui (-7.9%), China Merchants Shekou (-7.7%), and Hainan Expressway (-7.7%) [5][8] Data Tracking New Housing Transactions - For the week of July 26 to August 1, 205,000 square meters of new homes were sold across 42 key cities, a 19.9% increase from the previous week, but a 20.8% decrease year-on-year [14][18] - In July, a total of 761,000 square meters of new homes were sold, representing a 31.8% decrease month-on-month and an 18.3% decrease year-on-year [18] Second-Hand Housing Transactions - For the week of July 26 to August 1, 185,000 square meters of second-hand homes were sold across 21 key cities, a 5.4% decrease from the previous week, but a 2.5% increase year-on-year [29][35] - In July, a total of 854,000 square meters of second-hand homes were sold, reflecting a 2.1% decrease month-on-month and a 3.9% decrease year-on-year [35] Industry News - The Central Political Bureau meeting emphasized the need for high-quality urban renewal and the implementation of policies to stabilize the real estate market [47][48] - The National Taxation Administration reported that since the implementation of the housing tax refund policy, 11.1 billion yuan has been refunded, alleviating the tax burden on residents [47][48] Company Announcements - Lujiazui achieved a revenue of 6.598 billion yuan in the first half of 2025, a year-on-year increase of 33.9%, while the net profit attributable to shareholders was 815 million yuan, a year-on-year decrease of 7.9% [50][51] - Dazhong City completed a targeted issuance of 2.426 billion yuan, increasing its total share capital to 4.286 billion shares [50][51]

配售事项的所有条件均已获达成，而配售事项完成已于2025年7月25日落实。合共6460万股销售股份已 按每股销售股份15.80港元的配售价成功配售予不少于六名由配售代理所促使的承配人。 此外，认购事项的所有条件均已获达成，而认购事项完成已于2025年8月5日落实。合共6460万股认购股 份(相等于根据配售事项配售的配售股份数目)已由认购人按每股认购股份15.80港元的认购价认购。认购 股份相当于经配发及发行认购股份扩大后的本公司已发行股本约2.88%。 公司自认购事项收取所得款项净额合共约10.105亿港元。 建发国际集团(01908)发布公告，配售事项及认购事项完成已分别于2025年7月25日及2025年8月5日落 实。 ...

公司自认购事项收取所得款项净额合共约10.105亿港元。 配售事项的所有条件均已获达成，而配售事项完成已于2025年7月25日落实。合共6460万股销售股份已 按每股销售股份15.80港元的配售价成功配售予不少于六名由配售代理所促使的承配人。 智通财经APP讯，建发国际集团(01908)发布公告，配售事项及认购事项完成已分别于2025年7月25日及 2025年8月5日落实。 此外，认购事项的所有条件均已获达成，而认购事项完成已于2025年8月5日落实。合共6460万股认购股 份(相等于根据配售事项配售的配售股份数目)已由认购人按每股认购股份15.80港元的认购价认购。认购 股份相当于经配发及发行认购股份扩大后的本公司已发行股本约2.88%。 ...

格隆汇8月5日丨建发国际集团(01908.HK)公告，配售事项及认购事项完成已分别于2025年7月25日及8月 5日落实。 配售事项的所有条件均已获达成，而配售事项完成已于2025年7月25日落实。合共64,600,000股销售股份 已按每股销售股份15.80港元的配售价成功配售予不少于六名由配售代理所促使的承配人。 公司自认购事项收取所得款项净额合共约1,010.5百万港元。公司拟将所得款项净额用作以下用途：(i)约 80%或808.4百万港元将用作偿还贷款；及(ii)约20%或202.1百万港元将用作一般营运资金。 此外，认购事项的所有条件均已获达成，而认购事项完成已于2025年8月5日落实。合共64,600,000股认 购股份已由认购人按每股认购股份15.80港元的认购价认购。认购股份相当于经配发及发行认购股份扩 大后的公司已发行股本约2.88%。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 建發國際投資集團有限公司 呈交日期： 2025年8月5日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) 01908 | 說明 | 普通股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | ...

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。 本公告僅供參考，並不構成收購、購買或認購本公司任何證券的邀請或要約。 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） （股份代號：1908） 承 配 人 連 同 彼 等 各 自 的 最 終 實 益 擁 有 人 為 (i) 獨 立 於 本 公 司 及 其 關 連 人 士 的 第 三 方；及(ii)獨立於賣方、其各自的聯繫人及與賣方一致行動人士的第三方，亦並非 與彼等一致行動。於配售事項完成後，概無承配人成為本公司主要股東。 – 1 – 此外，認購事項的所有條件均已獲達成，而認購事項完成已於二零二五年八月五 日 落 實 。 合 共 64,600,000 股 認購 股 份（ 相 等 於 根據 配 售 事 項 配 售 的 配 售 ...

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7月31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8月4日 I. 法定/註冊股本變動 第 2 頁 共 10 頁 v 1.1.1 FF301 | 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 | | 300,000,0 ...

Investment Rating - Investment rating: Positive (maintained) [4] Core Viewpoints - The report emphasizes that since September 2024, the central government's clear requirement has been to "stabilize the real estate market and stock market," indicating that the stabilization of the real estate market is crucial for boosting social expectations and facilitating domestic demand circulation [5][48] - The report suggests that high-quality residential properties may experience a development wave due to policy guidance and changes in supply-demand structure [5] Market Performance - The Shanghai Composite Index rose by 1.7%, the Shenzhen Component Index by 2.3%, the ChiNext Index by 2.8%, and the CSI 300 Index by 1.7%, while the real estate sector (Shenwan) increased by 4.1% [5][8] - The top five stocks in terms of price increase were *ST Nan Zhi (+15.4%), Hainan Airport (+14.5%), Zhangjiang Hi-Tech (+12.4%), Tibet City Investment (+11.8%), and Dayuecheng (+10.6%) [5] Data Tracking New Housing Transactions - For the week of July 19-25, new housing transactions in 42 key cities totaled 1.69 million square meters, a week-on-week increase of 19.4% [15] - In July (up to the week of July 25), new housing transactions in 42 key cities totaled 5.77 million square meters, a month-on-month decrease of 28.4% and a year-on-year decrease of 17.9% [19] Second-Hand Housing Transactions - For the week of July 19-25, second-hand housing transactions in 21 key cities totaled 1.95 million square meters, a week-on-week increase of 1.8% [31] - In July (up to the week of July 25), second-hand housing transactions in 21 key cities totaled 6.96 million square meters, a month-on-month decrease of 3.9% and a year-on-year decrease of 5.5% [35] Industry News - The State Council announced the "Housing Rental Regulations," marking a new phase of legalization and standardization in the housing rental market [48] - The People's Bank of China reported a year-on-year increase of 0.3% in real estate development loans, indicating a recovery in growth [48] - The Ministry of Finance reported that the revenue from state-owned land transfers in the first half of 2025 was 1.43 trillion yuan, a year-on-year decrease of 6.5% [48] Company Announcements - China Merchants Shekou issued the first phase of corporate bonds worth 800 million yuan with an interest rate of 1.70% for a term of 3 years [51] - China Jinmao issued the first phase of unsecured medium-term notes worth 2 billion yuan with an interest rate of 2.30% for a term of 3 years [51] - Binhai Group acquired the land use rights for a state-owned construction site in Hangzhou, covering an area of 36,496 square meters with a total price of 1.53 billion yuan [51]

Summary of Conference Call Company and Industry - The conference call pertains to the real estate industry, specifically focusing on the company 建发国际 (Jianfa International). Key Points and Arguments 1. **Sales Performance**: The company achieved sales of 138 billion CNY from April 16 to May 5, with 120 billion CNY coming from ongoing projects and only 17 billion CNY from new launches [1][2] 2. **Price Increase Strategy**: The company has implemented a price increase strategy, raising the value of unsold inventory by over 1 billion CNY since October of the previous year, with ongoing projects also seeing price increases [2][3] 3. **Sales Target**: The overall sales target for the year is set at over 150 billion CNY, with positive performance noted in both ongoing and new projects [3][4] 4. **Land Acquisition**: By the end of April, the company acquired land worth approximately 400 billion CNY, with a focus on key cities such as Xiamen, Shanghai, Beijing, Hangzhou, and Chengdu [3][4] 5. **Inventory Structure**: As of the end of last year, the company's inventory was valued at 220 billion CNY, with projects from 2021 and earlier accounting for about 20% of this inventory [5][6] 6. **Profit Margin Analysis**: The profit margins for projects vary, with older projects (pre-2021) showing lower profitability due to market conditions, while newer projects are expected to have better margins [8][10] 7. **Market Conditions**: The company noted that its sales performance during the May Day holiday was significantly better than that of competitors, attributed to strong product quality and strategic positioning in core cities [17][18] 8. **Future Land Investment Strategy**: The company plans to maintain a conservative investment strategy, aiming to match land acquisition with sales performance, targeting a land acquisition value of around 150 billion CNY [14][15] 9. **Project Pricing Dynamics**: Specific projects, such as those in Hangzhou, have seen price increases of up to 30%, indicating strong demand and pricing power in certain markets [20][21] 10. **Inventory Management**: The company is focused on managing its inventory effectively, particularly in challenging markets, to improve liquidity and reduce the burden of unsold properties [6][7] Other Important Content - The company emphasized the importance of early sales strategies, starting assessments and sales efforts well before key holiday periods to maximize performance [19] - There is a recognition of the need to adapt pricing strategies based on market conditions and customer acceptance, with a gradual approach to price increases being favored [21][22] - The company has a relatively low proportion of loss-making projects compared to industry peers, indicating a healthier asset structure [7][22]