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8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: 融創中國控股有限公司（「本公司」） 呈交日期: 2025年9月4日 | 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) | 01918 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 15,000,000,000 | HKD | | 0.1 HKD | | 1,500,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 15,000,000,000 | HKD | | 0.1 HKD | | 1,500,000,000 | 本月底法定/註冊股本總額： HKD 1,500,000, ...

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 2025年8月，本集團實現合同銷售金額約人民幣53.9億元，合同銷售面積約13.0萬平 方米，合同銷售均價約人民幣41,460元/平方米。 截至2025年8月底，本集團累計實現合同銷售金額約人民幣304.7億元，累計合同銷 售面積約92.2萬平方米，合同銷售均價約人民幣33,050元/平方米。 上述銷售數據未經審核， 乃根據本集團初步內部資料編製， 鑒於收集該等銷售數據 過程中存在各種不確定性因素， 該等銷售數據與本公司按年度或半年度刊發的經審 核或未經審核綜合財務報表中披露的數字可能存在差異， 因此上述數據僅供投資者 參考。投資者買賣本公司證券時務需謹慎行事，避免不恰當地依賴該等資料。如有 任何疑問，投資者應尋求專業人士或財務顧問的專業意見。 承董事會命 融創中國控股有限公司 主席 孫宏斌 香港，2025年9月4日 融創中國控股有限公司 （於開 ...

Core Viewpoint - The Chinese real estate sector is experiencing a positive shift due to recent policy changes aimed at stimulating urban development and easing purchasing restrictions in major cities, which is expected to boost transaction volumes in the fourth quarter [1] Group 1: Stock Performance - Several real estate stocks saw significant gains, with Sunac China (01918) up 5.92% to HKD 1.61, China Overseas Grand Oceans Group (00081) up 5.31% to HKD 2.38, Longfor Group (00960) up 2.27% to HKD 10.82, and Vanke Enterprises (02202) up 2.26% to HKD 5.43 [1] Group 2: Policy Impact - The release of the "Opinions on Promoting High-Quality Urban Development" by the Central Committee of the Communist Party of China and the State Council on August 28 emphasizes activating urban resource potential and improving housing safety management, which are closely related to the real estate sector [1] - Recent policy relaxations in Beijing and Shanghai regarding purchasing restrictions outside the Fifth Ring Road are expected to further stimulate the market [1] Group 3: Market Outlook - According to Guotai Junan Securities, the removal of purchasing limits in key areas is anticipated to lead to a rebound in real estate transaction volumes in the fourth quarter, contributing to a stabilization of the sector's fundamentals [1] - The current low valuation of the real estate sector presents an opportunity for investors to accumulate shares, particularly in companies that are well-managed and positioned to benefit from potential policy advantages [1] - Recommended companies are those focusing on core first and second-tier cities, emphasizing improved product offerings and possessing sustainable land acquisition capabilities [1]

Group 1 - Some Chinese property stocks experienced an afternoon rally on September 1, with notable increases in share prices [1] - Sunac China Holdings (01918.HK) rose by 5.92%, reaching HKD 1.61 [1] - China Overseas Grand Oceans Group (00081.HK) increased by 5.31%, trading at HKD 2.38 [1] - Longfor Group (00960.HK) saw a rise of 2.27%, priced at HKD 10.82 [1] - Vanke Enterprises (02202.HK) gained 2.26%, with shares at HKD 5.43 [1]

Core Viewpoint - The recent policy changes in major cities like Beijing and Shanghai, aimed at stimulating the real estate market, have led to a rise in stock prices of several property companies, indicating a potential recovery in the sector [1] Group 1: Market Performance - Several property stocks saw significant gains, with Sunac China rising by 5.92% to HKD 1.61, China Overseas Grand Oceans increasing by 5.31% to HKD 2.38, Longfor Group up by 2.27% to HKD 10.82, and Vanke Enterprises climbing by 2.26% to HKD 5.43 [1] Group 2: Policy Impact - The release of the "Opinions on Promoting High-Quality Urban Development" by the Central Committee of the Communist Party and the State Council on August 28 emphasizes activating urban resource potential and improving housing safety management, which are closely related to the real estate sector [1] - The recent relaxation of purchase restrictions outside the Fifth Ring Road in Beijing and the outer ring in Shanghai is expected to boost transaction volumes in the real estate market, particularly in the fourth quarter [1] Group 3: Investment Recommendations - Guotai Junan Securities suggests that the current low valuations in the real estate sector present a buying opportunity, recommending investors to consider property stocks [1] - The report highlights developers with stable operations and potential benefits from favorable policies, particularly those focusing on core first and second-tier cities and offering improved housing products [1]

Group 1: Sales Performance of Real Estate Companies - The top 10 real estate companies in China achieved a total sales amount of 705.3 billion yuan from January to August 2025, representing an 8% year-on-year increase [8] - The sales amounts for the top 100 real estate companies reached 28.2 billion yuan, with a significant decline in the threshold values for the top 30 and 50 companies, which decreased by 10% and 18% respectively [8] Group 2: Policy Changes and Market Impact - Beijing and Shanghai have optimized their housing purchase restrictions in non-core areas, but these changes have not significantly impacted the real estate market [10][11] - The adjustments in purchase policies allowed for increased buying capacity for eligible families in non-core areas, yet the immediate sales results did not show a notable increase [14][15] Group 3: Land Supply and Market Dynamics - The focus of real estate policy has shifted from "incremental expansion" to "stock quality improvement," with a trend towards re-supplying previously unsold or stored land through regulatory adjustments [16] - In August, significant land transactions occurred in Shenzhen and Ningbo, with a notable land deal in Shenzhen reaching a total price of 8.64 billion yuan, setting a record for the year [17][18]

Core Viewpoint - The sales performance of the top 100 real estate companies in China for the first eight months of 2025 shows a significant decline, with total sales amounting to 23,270.5 billion yuan, a year-on-year decrease of 13.3% [3][5]. Group 1: Sales Performance - The total sales of the top 100 real estate companies from January to August 2025 reached 23,270.5 billion yuan, with a year-on-year decline of 13.3% [3]. - The equity sales amount for the top 100 companies was 16,275.2 billion yuan, with an equity sales area of 83.828 million square meters [3]. - The top five companies by sales in the first eight months were Poly Development (181.2 billion yuan), Greentown China (156.3 billion yuan), China Overseas Property (150.3 billion yuan), China Resources Land (142.5 billion yuan), and China Merchants Shekou (124.05 billion yuan) [3][4]. Group 2: Market Dynamics - August is typically a slow sales month for the real estate market, with a reported 30% decrease in supply and a 12% month-on-month decline in transaction volume across 30 monitored cities [4][5]. - In August, the top 100 real estate companies achieved sales of 207.04 billion yuan, reflecting a month-on-month decrease of 1.9% and a year-on-year decrease of 17.6% [5]. - Despite the overall decline, 33% of the top 100 companies reported month-on-month sales growth in August, with 21 companies experiencing growth exceeding 30% [5]. Group 3: Future Outlook - The industry anticipates a potential recovery in September, driven by policy adjustments such as "recognizing houses but not loans" and lowering down payment ratios in major cities [6]. - The traditional peak sales season in September is expected to boost new home transaction volumes, with a gradual recovery in market confidence [6].

Core Viewpoint - The real estate market is undergoing significant changes, with predictions indicating a prolonged adjustment period for housing prices, which have already seen substantial declines in some areas [8][11]. Group 1: Expert Predictions - Vanke founder Wang Shi emphasizes that the adjustment in the real estate market will take several years, and current price declines are not indicative of a quick recovery [8]. - He suggests that ordinary individuals should refrain from rushing to buy properties and should instead adopt a wait-and-see approach [8]. - Wang Shi predicts a severe polarization among real estate companies, where those with high debt and poor product quality may face bankruptcy or mergers, while financially stable companies focusing on quality will thrive [11]. Group 2: Market Trends - The explosive demand for housing has largely been exhausted, with urbanization rates stabilizing at over 65% as of 2023, indicating a shift in market dynamics [16]. - Housing prices in major cities have escalated significantly over the past two decades, making them less accessible even after recent declines [16]. - The demographic shift, including a decrease in newborns and an aging population, is expected to further alter housing demand [16]. Group 3: Investment Strategies - Wang Shi advises monitoring price differentiation trends, noting that major cities and new first-tier cities like Wuhan and Chengdu will likely maintain stronger price support compared to third- and fourth-tier cities facing population outflows [18]. - There may be opportunities in the market for improved housing, as older properties become less desirable due to maintenance issues, leading to a preference for low-density, well-managed communities [18]. - The overall sentiment aligns with previous views that purchasing in core urban areas is advisable for self-use, while speculative investments should be approached with caution [20].

Core Insights - Sunac China reported a revenue of approximately 19.99 billion yuan for the first half of the year, a year-on-year decrease of 41.7% [1] - The company recorded a loss attributable to shareholders of about 12.81 billion yuan, which is a 14.4% reduction compared to the previous year [1] - The company is currently focused on addressing delivery and debt issues, which has affected the pace of project sales [1] Financial Performance - The main revenue sources for Sunac China include residential and commercial property sales, cultural tourism city construction and operation, and property management [1] - Property sales revenue was approximately 14 billion yuan, down 50.1% year-on-year, while cultural tourism and property management revenues were 2.17 billion yuan and 3.47 billion yuan, respectively [1] - The gross loss for the first half was 2.08 billion yuan, with significant other expenses totaling 7.54 billion yuan, including losses from subsidiaries and provisions for litigation [3][4] Debt Restructuring - Sunac China has outlined a debt restructuring timeline, expecting to complete the domestic debt restructuring by the end of this year and the overseas debt restructuring by the end of 2025 [1][6] - The domestic debt restructuring plan, which includes options such as cash buybacks and equity compensation, has already seen progress with cash repurchase and new share issuance completed [7] - As of mid-2025, the company reported interest-bearing liabilities of 254.82 billion yuan, a decrease of 22.61 billion yuan year-on-year [7] Business Segments - The combined revenue from property management and cultural tourism segments exceeded 5.6 billion yuan, accounting for 28.3% of total revenue, marking a significant highlight in the interim results [5] - Sunac Services generated 3.55 billion yuan in revenue with a net profit of 120 million yuan, achieving profitability [5] - The cultural tourism segment reported revenues of 2.17 billion yuan, with successful projects in various locations contributing to growth [5]

Core Viewpoint - Sunac China has reduced its losses in the first half of the year, but still faces significant financial burdens, with a reported loss of approximately 12.81 billion yuan, a year-on-year decrease of 14.4% [3][5]. Financial Performance - In the first half of the year, Sunac China achieved revenue of approximately 19.99 billion yuan, a year-on-year decrease of 41.7% [1]. - The main sources of revenue include residential and commercial property sales, cultural tourism city construction and operation, and property management, with property sales revenue around 14 billion yuan, down 50.1% year-on-year [1][4]. - The gross loss for the first half was 2.08 billion yuan, with significant costs in sales and marketing (1.09 billion yuan) and administrative expenses (1.69 billion yuan) [4]. Debt Restructuring - Sunac China has outlined a debt restructuring timeline, expecting to complete domestic debt restructuring by the end of this year and foreign debt restructuring by the end of 2025 [1][10]. - The domestic debt restructuring plan for 15.4 billion yuan has been approved, with options including cash buybacks and equity compensation [9]. - For foreign debt, a comprehensive debt-to-equity swap plan has been proposed, with over 75% of creditors signing support agreements [9]. Business Segments - The property management and cultural tourism segments have shown growth, with combined revenue exceeding 5.6 billion yuan, accounting for 28.3% of total revenue [6]. - Sunac Services reported revenue of 3.55 billion yuan, achieving profitability with a net profit of 120 million yuan [7]. - The cultural tourism segment generated 2.17 billion yuan, with successful projects in various locations [7]. Future Outlook - The company aims to enhance its asset value and manage debt risks effectively, with a focus on project delivery and financial stability [11].