[Performance Highlights](index=1&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) This section presents key financial and operational highlights for the six months ended June 30, 2025, reflecting significant declines in revenue and increased losses Six Months Ended June 30, 2025 Key Financial and Operating Data | Indicator | Six Months Ended June 30, 2025 (CNY) | Change from Prior Period | | :--- | :--- | :--- | | Contracted Sales (Group and Joint Ventures/Associates) | 23.55 billion | - | | Attributable Land Reserve (Group and Joint Ventures/Associates) | 86.24 million sq.m. | - | | Unsold Attributable Land Reserve (Group and Joint Ventures/Associates) | 63.06 million sq.m. | - | | Revenue | 19.99 billion | Decreased by approximately 41.7% | | Gross Loss | 2.08 billion | Loss increased by approximately 14.9% | | Loss Attributable to Owners of the Company | 12.81 billion | Loss decreased by approximately 14.4% | | Total Equity | 44.88 billion | - | | Equity Attributable to Owners of the Company | 30.85 billion | - | | Total Borrowings | 254.82 billion | Decreased by approximately 4.85 billion from year-end | [Interim Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) This section presents the interim condensed consolidated statement of comprehensive income for the six months ended June 30, 2025 and 2024, detailing revenue, costs, and losses Interim Condensed Consolidated Statement of Comprehensive Income for the Six Months Ended June 30 | Indicator | 2025 (thousand CNY) | 2024 (thousand CNY) | | :--- | :--- | :--- | | Revenue | 19,987,601 | 34,279,616 | | Cost of Sales | (22,071,876) | (36,088,266) | | Gross Loss | (2,084,275) | (1,808,650) | | Other Income and Gains | 5,614,027 | 2,529,694 | | Selling and Marketing Costs | (1,086,906) | (1,113,005) | | Administrative Expenses | (1,687,102) | (1,780,002) | | Other Expenses and Losses | (7,543,512) | (6,398,392) | | Net Impairment Losses Under Expected Credit Loss Model | (1,248,503) | (1,110,822) | | Operating Loss | (8,036,271) | (9,681,177) | | Finance Income | 45,348 | 102,795 | | Finance Costs | (5,290,724) | (6,486,933) | | Net Finance Costs | (5,245,376) | (6,384,138) | | Share of Net Loss of Joint Ventures and Associates Accounted for Using the Equity Method | (285,412) | (1,296,787) | | Loss Before Income Tax | (13,567,059) | (17,362,102) | | Income Tax Credit | 689,210 | 697,076 | | Loss for the Period and Total Comprehensive Loss | (12,877,849) | (16,665,026) | Loss Per Share Attributable to Owners of the Company | Indicator | 2025 (CNY) | 2024 (CNY) | | :--- | :--- | :--- | | Basic Loss Per Share | (1.26) | (1.79) | | Diluted Loss Per Share | (1.26) | (1.79) | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) This section provides the interim condensed consolidated statement of financial position as of June 30, 2025 and December 31, 2024, outlining assets, equity, and liabilities Consolidated Statement of Financial Position as of June 30, 2025 | Indicator | June 30, 2025 (thousand CNY) | December 31, 2024 (thousand CNY) | | :--- | :--- | :--- | | **ASSETS** | | | | Total Non-current Assets | 185,865,452 | 193,416,085 | | Total Current Assets | 664,952,408 | 689,467,066 | | Total Assets | 850,817,860 | 882,883,151 | | **EQUITY AND LIABILITIES** | | | | Equity Attributable to Owners of the Company | 30,851,724 | 40,521,108 | | Non-controlling Interests | 14,024,220 | 14,625,260 | | Total Equity | 44,875,944 | 55,146,368 | | Total Non-current Liabilities | 46,894,224 | 84,749,731 | | Total Current Liabilities | 759,047,692 | 742,987,052 | | Total Liabilities | 805,941,916 | 827,736,783 | | Total Equity and Liabilities | 850,817,860 | 882,883,151 | [Notes](index=6&type=section&id=%E9%99%84%E8%A8%BB) This section details the accounting policies, segment information, and specific financial items, providing context to the interim financial statements [1 General Information](index=6&type=section&id=1%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) This section describes the company's principal activities, incorporation details, listing status, and presentation currency - The Group is principally engaged in property development and investment, culture and tourism city construction and operation, property management services, and other businesses in China[10](index=10&type=chunk) - The Company is a limited liability company incorporated in the Cayman Islands, with its shares listed on the Main Board of The Stock Exchange of Hong Kong Limited[10](index=10&type=chunk)[11](index=11&type=chunk) - This interim condensed consolidated financial information is presented in Renminbi (RMB)[12](index=12&type=chunk) [2 Accounting Policies](index=6&type=section&id=2%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) This section outlines the accounting policies adopted, the impact of new standards, and significant uncertainties regarding the group's ability to continue as a going concern - The Group first applied "Lack of Exchangeability – Amendments to HKAS 21 and HKFRS 1" for the annual reporting period beginning January 1, 2025, with no significant impact on amounts recognized in prior and current periods[14](index=14&type=chunk) - The Group is evaluating several new standards, amendments, and interpretations not yet mandatorily adopted, including those related to contracts for electricity produced from natural energy sources and amendments to classification and measurement of financial instruments, effective in 2026 or 2027[15](index=15&type=chunk)[16](index=16&type=chunk) - As of June 30, 2025, the Group reported a net loss of approximately **RMB12.88 billion**, net current liabilities of approximately **RMB94.10 billion**, and overdue borrowings totaling approximately **RMB112.49 billion**, indicating significant going concern uncertainties[17](index=17&type=chunk) - Management has implemented several plans and measures to alleviate liquidity pressure, including: a domestic debt restructuring plan that has been approved and partially executed through buybacks and share-based settlements; an offshore debt restructuring plan launched with over **75%** creditor support; loan extensions totaling approximately **RMB36.58 billion**; special "guaranteed delivery" loans, bank matching financing, and "white list project" financing totaling approximately **RMB38.56 billion**; active resolution of domestic litigation; organizational restructuring for cost control; accelerated property presales and cash collection; and full commitment to "guaranteed delivery" efforts[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) - Despite management's plans, the Group's ability to continue as a going concern remains subject to significant uncertainties, including the successful advancement and completion of debt management measures (including offshore debt restructuring), successful resolution of major financial institution litigation, and successful achievement of sales targets and cash collection[21](index=21&type=chunk)[24](index=24&type=chunk) [3 Segment Information](index=9&type=section&id=3%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%

为鼓励和吸引人才在上海生活，上海官方也对符合条件的非沪籍居民家庭所购第一套房，暂免征收房产 税。第二套及以上住房，人均可扣除60平方米的免税面积。2025年1月1日起符合条件的购房者可享受这 条政策。 这是上海今年首次出台政策优化房地产政策。去年5月和9月，上海市两次出手放宽政策刺激楼市。 | 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | --- | | 02202 | 万科企业 | (0) | 9.86% | 5.680 | 677.66亿 | | 00081 | 中国海外宏洋集团 | | 6.98% | 2.300 | 81.87 亿 | | 03377 | 远洋集团 | | 6.78% | 0.126 | 14.05亿 | | 01918 | 融创中国 | | 6.58% | 1.620 | 185.81 乙 | | 03301 | 融信中国 | | 5.50% | 0.211 | 3.55 Z | | 00960 | 龙湖集团 | | 5.22% | 11.280 | 788.15亿 | | 02777 | 富力地产 | ...

Core Viewpoint - The Chinese real estate stocks have shown significant gains following the State Council's meeting, which emphasized strong measures to stabilize the real estate market [1] Group 1: Stock Performance - Vanke Enterprises (02202) increased by 8.9%, trading at HKD 5.63 [1] - Oceanwide Holdings (03377) rose by 7.63%, trading at HKD 0.127 [1] - Sunac China (01918) saw a rise of 5.92%, trading at HKD 1.61 [1] - Longfor Group (00960) increased by 5.88%, trading at HKD 11.35 [1] Group 2: Policy and Market Outlook - The State Council's meeting on August 18 highlighted the need for strong measures to consolidate the stabilization of the real estate market [1] - Ping An Securities noted that there is still potential policy space in the real estate sector [1] - The market is expected to continue its short-term momentum due to the focus on cost-effectiveness in the second-hand housing market and limited supply of "good houses" [1] Group 3: Company Performance Insights - Some real estate companies have shown signs of improvement in their financial reports, such as Binhai and Jianfa, with year-on-year growth in mid-year reports [1] - CITIC Securities indicated a clear performance divergence among real estate companies in the first half of the year, with those operating in core cities performing well [1] - Companies like Binhai Group (002244), Jianfa International, Greentown Service, and Binhai Service reported double-digit profit growth [1]

(本文来自第一财经) 万科企业涨超12%，远洋集团、融创中国涨超8%，新城发展控股、龙湖集团均涨超6%，越秀地产等跟 涨。 ...

格隆汇8月25日｜港股内房股震荡上升，万科企业涨超12%，远洋集团、融创中国涨超8%，新城发展控 股、龙湖集团均涨超6%，越秀地产等跟涨。 消息面上，央行第二季度中国货币政策执行报告指出，下一阶段要持续巩固房地产市场稳定态势，完善 房地产金融基础性制度，助力构建房地产发展新模式。 ...

而在这两个项目，涅槃重生的故事背后，其实就埋藏好伏笔。这些年，行业出险房企只增不减，而遗留下来的，是那些停工楼盘、烂尾项目、以及未开工 的土地。 去年，国家不遗余力推进保交楼、推进房企融资白名单，全面建立了机制。于是，这个全新的赛道，现在许多房企现在正扎堆进入：不良资产代建。 如果说，在上海最命运多舛的楼盘，你会想到谁？ 我想，我会提名这两个知名的滨江豪宅，一个经历二十多年，开发商数次暴雷，归来仍是热销盘的融创外滩壹号院，另一个是屹立在东外滩多年烂尾的八 埭头。 回顾它诞生的来龙去脉，这个盘几乎没错过关于房地产的所有周期，期间更是经历了数次股权变更。 2002年泛海国际董家渡拿地→ 2015年才完成第一块地拆迁→ 泛海受困于资金→ 2019年融创收购项目100%股权→ 2022年融创债务危机→2022 年中信信托、华融资产成大股东→ 2024年项目热销超200亿，位居上海单盘第二 这是一个上海核心旧改地块涅槃重生的故事，其精彩程度堪比爽文，这次男主依旧还是融创和孙宏斌。 而另一个楼盘八埭头滨江园，2024年项目仍处于停工状态，如今也迎来白衣骑士，业主们在杂草丛生的社区生活了好几年之后，AMC机构终于为这个接 ...

Group 1 - The core viewpoint of the article highlights a significant increase in the stock prices of Chinese real estate companies following a government meeting that emphasized measures to stabilize the real estate market [1] - Vanke Enterprises (02202) saw an increase of 8.9%, Oceanwide Holdings (03377) rose by 7.63%, Sunac China (01918) increased by 5.92%, and Longfor Group (00960) grew by 5.88% [1] - The State Council's ninth plenary meeting on August 18 indicated that there is still potential policy space for the real estate sector, suggesting a positive outlook for the market [1] Group 2 - Ping An Securities noted that the second-hand housing market is more focused on meeting basic needs, leading to a price-volume trade-off, while "good houses" cater to improvement demands, resulting in a focus on quality-price ratio [1] - The supply of "good houses" remains relatively limited, which is expected to sustain short-term market enthusiasm [1] - Some real estate companies have shown signs of improvement in their financial reports, with companies like Binjiang and Jianfa reporting year-on-year growth [1] Group 3 - CITIC Securities indicated a clear divergence in the performance of real estate companies in the first half of the year, with developers and property companies in core cities performing exceptionally well [1] - Companies such as Binjiang Group, Jianfa International, Greentown Service, and Binjiang Service achieved double-digit profit growth [1] - Conversely, previously loss-making real estate companies continue to face significant losses in the first half of the year [1]

Core Insights - Shanghai's luxury real estate market is experiencing significant demand, highlighted by the rapid sales of the Shanghai Yihua Courtyard project, which sold 66 units in just one hour for a total of 4.8 billion yuan [1] - The total sales amount for the Shanghai Yihua Courtyard has exceeded 22 billion yuan this year, maintaining its position as the top-selling single project in the country [1] - The latest batch of units ranged from 315 to 1115 square meters, with the average price per square meter increasing from approximately 170,000 yuan to 198,000 yuan over the past year [1] Sales Performance - The Shanghai Yihua Courtyard has had five sales events since its initial launch in August 2024, with the latest batch achieving an average total price of about 73 million yuan per unit [1] - The overall market for new homes priced above 30 million yuan in Shanghai is projected to exceed 100 billion yuan in total sales for the year, indicating strong demand for high-end properties [1] - Leading projects in the luxury segment are significantly influencing market trends and driving sales [1]

Core Viewpoint - Shanghai's luxury real estate market is experiencing significant sales momentum, with the Shanghai One Number House achieving record sales figures and maintaining its position as the top-selling project in the country [1][4]. Group 1: Sales Performance - On August 23, Shanghai One Number House sold 66 units in just one hour, generating sales of 4.8 billion yuan, bringing its total sales for the year to over 22 billion yuan [1]. - Since its initial launch in August 2024, the project has had five sales events, accumulating approximately 24 billion yuan in sales [4]. - The average selling price has increased from approximately 17,000 yuan per square meter to about 19,800 yuan per square meter, with an average total price of around 73 million yuan per unit [4]. Group 2: Market Dynamics - The high demand for luxury properties in Shanghai is attributed to price discrepancies between new and existing homes, with surrounding second-hand properties often selling for higher prices than new listings [5]. - The luxury market is concentrated in core areas of Shanghai that have seen limited new supply, leading buyers to focus on these locations for potential appreciation [5]. - The overall real estate market is experiencing a shift in purchasing logic, with buyers increasingly prioritizing core urban areas amid new regulations and market differentiation [5]. Group 3: Future Outlook - Despite a decrease in new supply and subdued marketing efforts, the market's performance in August remains to be observed, with expectations for policy optimizations in major cities like Shanghai and Shenzhen [6]. - Recent data indicates that while new residential prices in first-tier cities have shown a slight decline, Shanghai's prices have increased by 6.1% year-on-year, indicating resilience in the luxury segment [6].

Group 1 - Shanghai's luxury property, Yihao Courtyard, sold out 66 units in one hour, generating sales of 4.8 billion yuan, maintaining its position as the top-selling single project in the country with total sales exceeding 22 billion yuan this year [1][2] - The average transaction price for the latest batch of units reached approximately 19.8 million yuan per square meter, with an average total price of about 73 million yuan per unit [2][4] - The project has seen a steady increase in average prices since its initial launch, which was around 17 million yuan per square meter a year ago [2][4] Group 2 - The project is developed by a consortium including CITIC Financial Assets, New Lake, and Sunac, located in the core area of Huangpu, with a total construction area of approximately 430,000 square meters [4] - The new product line, featuring villa-style homes, will soon be launched, with sizes ranging from 200 to 990 square meters [4] - In July, new home prices in Shanghai increased by 6.1% year-on-year, contrasting with a general decline in other major cities [4][5] Group 3 - Industry experts emphasize the importance of focusing on core areas and delivering high-quality products to navigate market fluctuations and policy changes effectively [5] - There is an expectation for coordinated efforts to stimulate demand for improved housing, including policies to support families looking to upgrade their homes [6] - Proposed measures include increasing public housing fund loan limits and providing greater subsidies for families purchasing green or prefabricated buildings to enhance housing demand [6]