Core Viewpoint - The recent policy adjustments in Shenzhen's housing market are expected to provide significant support for the local real estate sector, leading to potential price stabilization and increased transaction volumes [1] Group 1: Market Reaction - Chinese property stocks experienced a notable increase, with major companies such as China Overseas Land & Investment (03377) rising by 13.07% to HKD 0.173, Country Garden (02007) up 4.84% to HKD 0.65, China Jinmao (00817) increasing by 3.27% to HKD 1.58, and Sunac China (01918) gaining 2.91% to HKD 1.77 [1] Group 2: Policy Changes - On September 5, Shenzhen implemented new housing policies that significantly relaxed restrictions on home purchases and adjusted housing credit policies, with a particular focus on non-core areas [1] - CITIC Securities noted that the new policies in Shenzhen are more aggressive compared to the recent measures introduced in Beijing and Shanghai, suggesting a stronger potential impact on the market [1] Group 3: Market Outlook - According to Open Source Securities, the overall real estate market in China has been moving towards stabilization this year, with expectations of slight fluctuations in housing prices during this process [1] - The combination of more proactive fiscal policies and moderately loose monetary policies is anticipated to accelerate the improvement of existing housing supply and demand relationships, further aiding the stabilization process [1]

Core Viewpoint - The recent policy adjustments in Shenzhen's housing market are expected to provide significant support for the local real estate sector, leading to potential price stabilization and increased market activity [1] Group 1: Market Performance - Chinese property stocks saw notable gains, with major companies like China Oceanwide Holdings (up 13.07%), Country Garden (up 4.84%), China Jinmao (up 3.27%), and Sunac China (up 2.91%) experiencing significant increases in their stock prices [1] - The new housing policy in Shenzhen is more aggressive in relaxing purchase restrictions compared to recent policies in Beijing and Shanghai, indicating a stronger potential impact on market dynamics [1] Group 2: Policy Implications - The adjustments to housing purchase and credit policies in Shenzhen include a significant relaxation of restrictions in non-core areas and the removal of differentiated mortgage rates for first and second homes [1] - Analysts from CITIC Securities suggest that the new policy is likely to support both transaction volume and pricing in the Shenzhen housing market, drawing parallels to the positive market responses observed in Beijing and Shanghai following their policy changes [1] Group 3: Market Outlook - According to Open Source Securities, the overall direction of China's real estate market is moving towards stabilization, with expectations of slight price fluctuations amid ongoing policy support [1] - The combination of proactive fiscal policies and moderately loose monetary policies is anticipated to accelerate the progress of existing housing supply and demand improvements, further aiding the stabilization process [1]

（文章来源：每日经济新闻） 每经AI快讯，9月12日，港股内房股拉升，远洋集团涨超10%，碧桂园涨超6%，融创中国涨超4%，新 城发展、万科企业、龙湖集团跟涨。 ...

出险民企是否重新出现投资价值？20250911 摘要 多家千亿级房企如金科、碧桂园、融创等正进行债务重组，预计在 2025-2026 年间完成，旨在通过资产负债表改善带来潜在投资机会， 但需关注不同重组方式对财务状况的影响。 债务重整与重组有别，金科采取全面重整，大幅削减资产负债，而其他 房企多采用债务重组，主要针对有息负债进行展期、利率调整或削减， 均旨在降低负债、提高净资产。 金科作为唯一全面重整案例，通过扩股、资产优化（剥离子公司至特殊 目的信托）等方式，大幅降低资产负债率至 30%以下，但债权人回收率 较低，需关注其信托资产的后续运营情况。 碧桂园境外债务重组提供现金收购、可转债等多种选项，可转债占比或 超 50%，前期现金兑付比例低，本金摊销前低后高，关注转股价格及长 期工具利率对投资回报的影响。 房地产企业债务重组中，本金偿还多集中在后期，长期工具利率较低， 强制可转债存在股价下行风险，需关注转股价格、阶梯式赎回安排及管 理层激励计划等条款。 Q&A 目前出险民营房企的债务重组进展如何？有哪些企业值得关注？ 当前，出险民营房企的债务重组正在逐步推进。我们重点关注了七家主要的大 中型民营房企，包括碧 ...

Group 1 - The Hong Kong property stocks showed a general upward trend on September 10, with several companies experiencing significant gains [1] - China Overseas Land & Investment (03377.HK) increased by 12.5%, reaching HKD 0.153 [1] - Longfor Group (03380.HK) rose by 11.58%, trading at HKD 1.06 [1] - Shimao Group (00813.HK) saw an increase of 8.97%, priced at HKD 0.425 [1] - Sunac China (01918.HK) gained 4.22%, with a price of HKD 1.73 [1]

Core Viewpoint - The real estate stocks in China have shown a significant upward trend, driven by policy adjustments and improved market sentiment, particularly in major cities like Beijing, Shanghai, and Shenzhen [1] Group 1: Stock Performance - Major real estate companies such as China Oceanwide Holdings (03377) saw a stock increase of 12.5%, trading at 0.153 HKD; Longfor Group (03380) rose by 11.58% to 1.06 HKD; Shimao Group (00813) increased by 8.97% to 0.425 HKD; and Sunac China (01918) gained 4.22% to 1.73 HKD [1] Group 2: Market Trends - Since Q2 of this year, the new housing market has experienced a decline in both volume and price, increasing the pressure for stabilization throughout the year [1] - Starting in August, cities like Beijing, Shanghai, and Shenzhen have implemented "city-specific policies," which are expected to boost short-term transaction volumes and enhance confidence in the long-term recovery of the industry [1] Group 3: Policy Implications - There remains significant policy space for further measures, including urban renewal initiatives and policies for the acquisition of existing housing stock [1] - The expectation of interest rate cuts by the Federal Reserve has opened up monetary easing opportunities for China [1] Group 4: Risk Assessment - The reduction in industry risk evaluation is identified as a key factor driving the recovery of real estate stocks, with the potential for policy announcements or expectations to temporarily increase market momentum [1] - The previous decline in real estate stock prices was attributed to the negative impact on the numerator exceeding that on the denominator; however, the industry is now entering a new bottoming phase where the denominator's influence is expected to surpass that of the numerator, leading to potential stock price recovery [1]

Group 1 - The majority of domestic property stocks have risen, with notable increases such as 12.5% for China Oceanwide Holdings (03377) to HKD 0.153, 11.58% for Longfor Group (03380) to HKD 1.06, and 8.97% for Shimao Group (00813) to HKD 0.425 [1] - According to Dongfang Securities, the trend of weakening volume and price in the new housing market since Q2 this year has intensified the pressure for stabilization throughout the year, with policies implemented in cities like Beijing, Shanghai, and Shenzhen since August expected to boost short-term transaction volumes and enhance confidence in the long-term recovery of the industry [1] - The report highlights that there is still significant policy space available, including urban renewal initiatives and policies for the acquisition of existing homes, alongside an increased expectation of interest rate cuts by the Federal Reserve, which opens up monetary easing opportunities for China [1] Group 2 - The reduction in industry risk assessment is identified as the main driver for the recovery of real estate stocks, with the potential for policy announcements or expectations to temporarily elevate the slope of recovery [1] - The previous decline in real estate stock prices was attributed to the impact of the numerator exceeding that of the denominator; however, the industry is now entering a new bottoming phase where the reduction in risk assessment is leading to a situation where the denominator's impact surpasses that of the numerator, suggesting a potential rebound in stock prices [1]

融創中國控股有限公司 （於開曼群島註冊成立的有限公司） 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。 SUNAC CHINA HOLDINGS LIMITED （股份代號：01918） 於2025年9月9日舉行之股東特別大會之投票表決結果 董事會欣然宣佈，股東特別大會通告所載的全部三項決議案已於2025年9月9日舉行 的股東特別大會上通過投票表決方式獲得超過50%的贊成票數，分別以約96.86%、 96.04%及99.99%的贊成比例獲正式通過。 茲提述融創中國控股有限公司（「本公司」）日期為2025年8月22日的股東特別大會通 告（「股東特別大會通告」）及本公司日期為2025年8月22日的通函（「通函」）。除另有 指明者外，本公告所用詞彙與通函所界定者具有相同涵義。 於2025年9月9日舉行之股東特別大會上提呈的決議案（「決議案」）投票表決結果如下： | 普通決議案 | 投票數目及佔投票總數 比例（概約%） | | 投票總數 | | --- | ...

融创中国(01918.HK)公告，8月实现合同销售金额53.9亿元，合同销售面积约13.0万平方米，合同销售均 价约人民币41,460元/平方米。截至2025年8月底，融创中国累计实现合同销售金额约人民币304.7亿元， 累计合同销售面积约92.2万平方米，合同销售均价约人民币33,050元/平方米。 ...

Group 1 - The core point of the article highlights the positive movement in the Chinese real estate stocks, with notable increases in share prices for companies like Country Garden, Shimao Group, R&F Properties, and Sunac China [1] - Recent policy measures have been introduced across various cities to support the "Golden September and Silver October" sales window, aiming to stabilize and boost the real estate market [1] - Cities such as Shanghai, Suzhou, and Changchun have implemented new housing policies since late August, including easing purchase restrictions, lifting sales limits, and providing home purchase subsidies to lower buying costs and stimulate housing consumption [1] Group 2 - According to a report from Guotai Junan, the traditional marketing peak in September is expected to lead to an acceleration in property companies' sales efforts and increased discounting [1] - Core first-tier cities, represented by Beijing and Shanghai, have already introduced favorable policies such as relaxing purchase restrictions, with Shenzhen likely to follow suit [1] - The report suggests paying attention to the potential impact of overseas interest rate cuts and domestic macro monetary policy adjustments, as well as the implementation of urban renewal and land acquisition policies [1]