Group 1 - Country Garden's stock fell over 10% [1] - Shimao Group's stock declined by 8% [1] - CIFI Holdings and Agile Group both dropped by 7% [1] - R&F Properties and Sunac China also experienced declines [1]

Group 1 - The core issue is that Sunac Real Estate Group Co., Ltd. has recently been listed as a defendant in three new enforcement cases, with a total enforcement amount exceeding 920 million yuan, involving disputes related to bills and bill collection rights [1] - The enforcement cases involve other parties, including Meishan Global Century Convention and Tourism Development Co., Ltd. and Kunming Sunac City Investment Co., Ltd., with the enforcement courts being Yan'an Baota District People's Court and Gansu Mining Area People's Court [1] - Currently, Sunac Real Estate has over 280 existing defendant records, with a total enforcement amount exceeding 45.4 billion yuan, in addition to multiple consumption restriction orders, dishonest defendant records, and concluded cases [1]

消息面上，据国家统计局数据，1-8月，新建商品房销售面积5.73亿平方米，同比下降4.7%，降幅较1-7 月扩大0.7pct，其中住宅销售面积下降4.7%，降幅较1-7月扩大0.6pct。单月来看，8月商品房和商品住宅 销售面积同比分别为-10.6%、-9.7%，降幅较7月分别扩大2.7pct、收窄2.6pct。1-8月全国房地产开发投 资约6.03万亿元，同比下降12.9%。 湘财证券指出，房地产市场销售端和投资端均面临较大下行压力，需要政策持续支持提振市场需求。北 京、上海、深圳于8-9月先后放松限购、优化公积金贷款政策，短期来看政策对促进新房、二手房成交 起到了一定效果，但持续性仍需观察。我们认为接下来要关注9月的地产政策窗口期，地产板块有博弈 机会。 智通财经APP获悉，内房股午后走低，截至发稿，金辉控股(09993)跌8.97%，报2.84港元；富力地产 (02777)跌8.11%，报0.68港元；融创中国(01918)跌5.65%，报1.66港元；新城发展(01030)跌3.32%，报 2.62港元。 ...

Group 1 - Hong Kong property stocks experienced a significant decline on September 18, with Country Garden (02007.HK) dropping over 10% [2] - Other notable declines included Shimao Group (00813.HK) down 8%, and CIFI Holdings (00884.HK) and Agile Group (03383.HK) both falling 7% [2] - Further declines were observed in R&F Properties (02777.HK), Vanke Enterprises (02202.HK), and Sunac China (01918.HK), each decreasing by over 6% [2]

| 代码 | 名称 | 涨跌幅 ^ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | | 09993 | 金辉控股 | 0 -8.97% | 2.840 | 114.88亿 | | 02007 | 碧桂元 | -8.70% | 0.630 | 176.33 Z | | 00813 | 世茂集团 | -8.24% | 0.390 | 31.32亿 | | 03383 | 雅居乐集团 | -7.41% | 0.500 | 25.23 乙 | | 00884 | 旭辉控股集团 | -7.17% | 0.246 | 25.85 乙 | | 02772 | 中梁控股 | -6.90% | 0.081 | 3.54Z | | 02777 | 富力地产 | -6.76% | 0.690 | 25.89亿 | | 03377 | 远洋集团 | -6.32% | 0.163 | 18.97亿 | | 01918 | 融创中国 | -6.21% | 1.660 | 190.4 Z | | 02202 | 万科企业 | -6.13% | 5.510 | 657.38 Z | | 03301 ...

与相关建议＊ 当前房地产行业融资情况仍不乐观，房企债务到 期高峰来临，流动性和偿债均面临较大压力。在此背 景下，2025 年以来，房企债务重组进程明显加快。 境外债务重组方面，化债工具更加多元化，呈现出削 债比例提高、展期时长延长、票息率降低等趋势。同 时，债转股逐步成为房企化债主要工具，资产代币化 为房企化债提供新思路。境内债务重组进展相对偏 慢，仍以展期为主，部分二次重组房企逐步尝试从展 期走向削债，并积极尝试短期偿债与长期转型相结合 的创新解决方案。展望下半年，随着市场预期进一步 走弱，债权人将继续下调对房企偿债能力的预期，房 企境内外债务重组将呈现出削债幅度更大、债务利息 更低、展期时间更长等特征。未来房企、债权人、金 融机构、政府等多方需协同努力，共同推动房地产行 业债务风险化解和新发展模式转型。 研究院 2025 年 9 月 18 日 2025 年第 33 期（总第 605 期） Ω 中银研究产品系列 作 者：叶银丹 中国银行研究院 电 话：010 - 6659 6874 签发人：陈卫东 审稿人：周景彤 梁 婧 联系人：程栖云 刘佩忠 电 话：010 - 6659 4016 ＊ 对外公开 ＊＊ 全 ...

Group 1 - The Hong Kong real estate stocks continue to decline, with Country Garden down 8.7%, Jin Hui Holdings down 8%, and Zhongliang Holdings down 7% [1] - The National Bureau of Statistics reported that from January to August, national real estate development investment reached 60,309 billion yuan, a year-on-year decrease of 12.9%, with residential investment at 46,382 billion yuan, down 11.9% [1] - The funding for real estate development enterprises decreased by 8% year-on-year, with personal mortgage loans dropping by 10.5% [1] Group 2 - Analysts indicate that the current real estate data shows a comprehensive weakening, with both development investment and personal mortgage loans declining, confirming that the market is still in a deep adjustment period [1] - Recently, several key cities have introduced favorable policies to promote the stable and healthy development of the real estate market, particularly in terms of easing purchase restrictions, with notable adjustments in Beijing, Shanghai, and Shenzhen [1]

港股内房股延续跌势，其中，远洋集团、融创中国跌超6%，融信中国涨近5%，中梁控股跌3.6%，龙光 集团跌近3%，碧桂园、雅居乐集团、万科企业、龙湖集团、富力地产、美的置业、世茂集团均跌超 1%。 | 代码 | 名称 | 最新价 | 涨跌幅 ^ | | --- | --- | --- | --- | | 03377 | 元洋集团 | 0.163 | -6.32% | | 01918 | 融创中国 | 1.700 | -6.08% | | 03301 | 融信中国 | 0.214 | -4.89% | | 02772 | 中梁控股 | 0.081 | -3.57% | | 02007 | 碧桂元 | 0.620 | -1.59% | | 03380 | 龙光集团 | 1.090 | -2.68% | | 03383 | 雅居乐集团 | 0.530 | -1.85% | | 02202 | 万科企业 | 5.650 | -1.74% | | 00960 | 龙湖集团 | 11.620 | -1.53% | | 02777 | 富力地产 | 0.740 | -1.33% | | 03990 | 美的置业 | 4.79 ...

每经AI快讯，9月16日，港股内房股再度走低，截至发稿，融创中国(01918.HK)跌7.18%，报1.68港元； 远洋集团(03377.HK)跌6.32%，报0.163港元；中梁控股(02772.HK)跌3.57%，报0.081港元；世茂集团 (00813.HK)跌2.47%，报0.495港元。 ...

Group 1: Market Performance - The stock prices of major Chinese property companies have declined, with Sunac China falling by 7.18% to HKD 1.68, Oceanwide Holdings down by 6.32% to HKD 0.163, Zhongliang Holdings decreasing by 3.57% to HKD 0.081, and Shimao Group dropping by 2.47% to HKD 0.495 [1] Group 2: Real Estate Sales Data - From January to August 2025, the total sales area of commercial housing in China was 573 million square meters, representing a year-on-year decrease of 4.7%, with residential sales area also down by 4.7% [1] - The total sales value of commercial housing during the same period was CNY 5.50 trillion, a year-on-year decline of 7.3%, with residential sales value decreasing by 7.0% [1] - In August 2025, the sales area and value of commercial housing fell by 10.6% and 14.0% year-on-year, respectively [1] Group 3: Market Trends and Expectations - According to Kaiyuan Securities, the year-on-year decline in monthly sales has been expanding since the second quarter, with weakened supply and demand in July and August due to high temperatures [1] - The company anticipates that the pace of property launches and promotional efforts will increase in September, enhancing expectations for improved transactions during the "Golden September" period [1] Group 4: Debt Restructuring - Sunac China announced developments regarding its offshore debt restructuring, with a creditors' meeting scheduled for October 14, 2025, to consider the proposed arrangements [2] - A substantive hearing in the High Court is set for November 5, 2025, to determine whether to approve the proposed plan [2]