核心内容 ◎ 文 / CRIC研究中心 | 企业简称 | 2025年11月 | 車月环比 | 2025年1-11月 | | | --- | --- | --- | --- | --- | | | 車月金额 | | 累计金额 | 月均销售金额 | | 保利发展 | 179.5 | -15.0% | 2408. 0 | 218.9 | | 中海地产 | 221. 4 | 18. 6% | 2113.0 | 192. 1 | | 未润置矩 | 230. 0 | 51. 3% | 1926. 0 | 175. 1 | | 招商蛇口 | 144.5 | -6. 0% | 1705. 2 | 155.0 | | 绿城中国 | 125.0 | 0. 0% | 1329. 0 | 120. 8 | | 万科地产 | 94.2 | -34. 4% | 1240. 8 | 112.8 | | 建发房产 | 60. 0 | -45. 2% | 1125. 1 | 102. 3 | | 中国金茂 | 80. 0 | -33. 3% | 1006. 8 | 91.5 | | 越秀地产 | 51.0 | -58. 5% | 972. 0 ...

Group 1: Urban Renewal and Construction - The Ministry of Housing and Urban-Rural Development announced plans to start the renovation of 25,000 old urban residential communities by 2025, with 25,100 already initiated from January to October this year [1] Group 2: Corporate Leadership Changes - Country Garden announced that its Executive Director and President, Mo Bin, will be appointed as Co-Chairman effective December 4, 2025, while continuing as Executive Director [2] Group 3: Sales Performance of Real Estate Companies - Greentown China reported sales of approximately 14.4 billion yuan in November, with 2,718 units sold at an average price of 36,200 yuan per square meter [3] - China Overseas Development disclosed a contract property sales amount of about 22.235 billion yuan in November, representing a 26% year-on-year decline, with a sales area of approximately 774,400 square meters, down 29.8% year-on-year [4] - Sunac China reported a contract sales amount of approximately 1.12 billion yuan in November, with a sales area of about 92,000 square meters and an average contract sales price of 12,200 yuan per square meter [5]

Company News - Xinyi International (00732.HK) reported an unaudited consolidated revenue of approximately HKD 1.278 billion for November, a year-on-year decrease of about 14.9%. The cumulative revenue for the first 11 months was approximately HKD 15.259 billion, down 6.2% year-on-year [2] - Jieli Trading (08017) announced an increase of 10 institutional clients by November 2025, up by 4 clients year-on-year. The registered user count reached approximately 883,100, a year-on-year increase of 6.2%, while the number of users for IPO subscriptions was about 113,100, reflecting an 8.2% year-on-year growth [2] - China Overseas Development (00688.HK) reported a cumulative contract property sales amount of approximately RMB 211.399 billion for the first 11 months, a year-on-year decline of 21.8% [2] - Gemdale Commercial (00535.HK) recorded a cumulative contract sales total of approximately RMB 9.874 billion for the first 11 months, down 43.5% year-on-year [2] - China Overseas Hongyang Group (00081) reported a cumulative contract sales amount of RMB 29.615 billion for the first 11 months, a year-on-year decrease of 16.6% [2] - Sunac China (01918.HK) achieved a cumulative contract sales amount of approximately RMB 33.89 billion for the first 11 months, a year-on-year decrease of 25.34% [2] - Hongyang Real Estate (01996.HK) reported a cumulative contract sales amount of RMB 4.181 billion for the first 11 months, down 47.87% year-on-year [3] - Country Garden (02007.HK) achieved a contract sales amount of approximately RMB 2.35 billion in November [4] - China Biopharmaceutical (01177.HK) received NMPA and FDA approval for the clinical trial application of "TQF3250," an oral GLP-1 receptor agonist [4] Buyback Activities - Yueda Group (00772.HK) plans to repurchase up to 102.2 million shares with a maximum total expenditure of HKD 1.2 billion [5] - Tencent Holdings (00700.HK) repurchased approximately 1.044 million shares for about HKD 636 million, with repurchase prices ranging from HKD 605 to HKD 613 [5] - Xiaomi Group-W (01810.HK) repurchased 2.4 million shares for approximately HKD 101 million, with a repurchase price of HKD 41.88 [5] - COSCO Shipping Holdings (01919.HK) repurchased 3 million shares for approximately HKD 41.8218 million, with repurchase prices between HKD 13.89 and HKD 13.99 [5] - Kuaishou-W (01024.HK) repurchased 445,000 shares for approximately HKD 29.923 million, with repurchase prices ranging from HKD 67.00 to HKD 67.55 [6] - China Feihe (06186.HK) repurchased 6.281 million shares for approximately HKD 25.7521 million, with a repurchase price of HKD 4.1 [7] - Green Tea Group (06831.HK) plans to repurchase shares with a total price not exceeding HKD 130 million [7]

Core Insights - Sunac China disclosed its unaudited operating brief for November, indicating a contract sales amount of approximately 1.12 billion yuan [1] - The total contract sales area reached about 92,000 square meters, with an average contract sales price of approximately 12,200 yuan per square meter [1] Summary by Categories - **Sales Performance** - Contract sales amount for November was approximately 1.12 billion yuan [1] - Contract sales area was around 92,000 square meters [1] - Average contract sales price was about 12,200 yuan per square meter [1]

Group 1 - The core point of the article is that Sunac China reported its contract sales figures for November and the cumulative totals for the year 2023 [1] Group 2 - In November, the company achieved a contract sales amount of approximately 1.12 billion yuan and a contract sales area of about 92,000 square meters [1] - From January to November, the cumulative contract sales amount reached approximately 33.89 billion yuan, with a total contract sales area of around 1.181 million square meters [1]

Core Viewpoint - Sunac China (01918) reported a significant decline in contract sales for November 2025, indicating ongoing challenges in the real estate market [1] Group 1: November 2025 Performance - The company achieved a contract sales amount of approximately RMB 1.12 billion, representing a year-on-year decrease of 30.43% [1] - The total contract sales area was about 92,000 square meters, with an average contract sales price of approximately RMB 12,170 per square meter [1] Group 2: Cumulative Performance - As of the end of November 2025, the cumulative contract sales amount reached approximately RMB 33.89 billion, reflecting a year-on-year decrease of 25.34% [1] - The cumulative contract sales area was around 1.181 million square meters, with an average contract sales price of approximately RMB 28,700 per square meter [1]

Core Viewpoint - Sunac China (01918.HK) reported a contract sales amount of approximately RMB 1.12 billion in November 2025, with a contract sales area of about 92,000 square meters and an average contract sales price of approximately RMB 12,170 per square meter [1] Group 1 - As of the end of November 2025, the company achieved a cumulative contract sales amount of approximately RMB 33.89 billion [1] - The cumulative contract sales area reached approximately 1.181 million square meters [1] - The average contract sales price for the cumulative sales was approximately RMB 28,700 per square meter [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） （股份代號：01918） 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 融創中國控股有限公司（「本公司」）董事會（「董事會」）宣佈本公司、附屬公司連同合 營公司及聯營公司（「本集團」）2025年11月若干未經審核營運數據如下： 2025年11月，本集團實現合同銷售金額約人民幣11.2億元，合同銷售面積約9.2萬平 方米，合同銷售均價約人民幣12,170元/平方米。 截至2025年11月底，本集團累計實現合同銷售金額約人民幣338.9億元，累計合同銷 售面積約118.1萬平方米，合同銷售均價約人民幣28,700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 ...

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11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: 融創中國控股有限公司（「本公司」） 呈交日期: 2025年12月4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) | 01918 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | | 0.1 HKD | | 3,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.1 HKD | | 3,000,000,000 | 本月底法定/註冊股本總額： ...

Core Viewpoint - The ongoing negotiations between Huafa Group and Sunac regarding the buyback of equity in the Shenzhen Qianhai Ice and Snow World project are crucial, with both parties seeking to redefine terms due to changing circumstances [1][2][4]. Group 1: Buyback Agreement and Conditions - In January 2023, Huafa Group's subsidiary acquired 51% of Shenzhen Ronghua Investment Co., Ltd. from Sunac for 3.58 billion yuan, allowing Sunac a buyback option until November 23, 2025 [2]. - On November 21, 2025, Sunac notified Huafa of its intention to exercise the buyback right but requested discussions on the buyback method, price, and timing due to current conditions [2][3]. - Huafa's announcement stated that Sunac must meet specific conditions within 30 working days after notifying the buyback, including obtaining financing institution approval or providing loans to clear debts [3][7]. Group 2: Financial Context and Asset Transformation - Sunac's financial situation has improved following the approval of a $9.6 billion debt restructuring plan, enabling it to reassess valuable assets [5]. - The Shenzhen Qianhai Ice and Snow World project has transitioned from a liability to a profitable asset, with over 400,000 visitors in its first month and projected annual revenues of approximately 650 million yuan and net profits of 130 million yuan [5]. - Huafa has also made significant cash recoveries from the project, including the sale of commercial land for 4.405 billion yuan and over 7 billion yuan from the talent housing sector [5]. Group 3: Negotiation Dynamics and Challenges - The main point of contention in negotiations is the valuation of the project and the associated risk costs, with Sunac advocating for a revaluation based on asset appreciation and Huafa emphasizing its investment and risk during the project's stagnation [6]. - Even if an agreement on price is reached, Sunac faces challenges in meeting the financing conditions stipulated in the original agreement, which may complicate the buyback process [7][8]. - Huafa's financial performance has been under pressure, with a 64% increase in revenue to 51.75 billion yuan but a 92.3% drop in net profit to 102 million yuan, partly due to asset impairment provisions related to the project [8].