Group 1 - Hong Kong property stocks collectively strengthened, with Jin Hui Holdings (09993.HK) rising over 13% [1] - Sunac China (01918.HK) increased by more than 5% [1] - Other companies such as Vanke Enterprises (02202.HK), R&F Properties (02777.HK), and Country Garden (02007.HK) also saw gains [1]

Core Insights - The real estate market in China shows signs of recovery as 13 out of 18 reported companies achieved month-on-month sales growth in December 2025, with notable performances from companies like China Overseas Land & Investment and China Resources Land [1][2][3] Group 1: Sales Performance - 72.22% of the 18 real estate companies reported month-on-month sales growth as of January 12, 2026, with five companies achieving record monthly sales [1] - China Resources Land led with a monthly sales figure of 410 billion yuan, followed by China Overseas at 398.32 billion yuan and China Merchants Shekou at 258.44 billion yuan [2] - China Overseas achieved a three-month consecutive sales increase, with December sales reaching 398.32 billion yuan, supported by various high-end and affordable housing projects [2][3] Group 2: Yearly Sales Data - Poly Developments topped the 2025 sales chart with 2530.3 billion yuan, despite a 21.67% decline from 2024, maintaining a lead over China Overseas [4] - Other companies in the billion-yuan sales club include China Resources Land, China Merchants Shekou, and Greentown China, with sales figures of 2336 billion yuan, 1960.09 billion yuan, and 1534 billion yuan respectively [4] Group 3: Market Dynamics - The recovery in sales is expected to stabilize market confidence and alleviate buyer hesitation, contributing to a positive growth outlook for the real estate sector [3] - Companies like Sunac China and Country Garden, despite facing operational challenges, remain in the top sales rankings, with 368.4 billion yuan and 330 billion yuan in sales respectively [5] Group 4: Land Acquisition Strategies - Leading companies are focusing on land acquisition in first and second-tier cities, with China Overseas reporting 60.6% of its sales from major cities [6][7] - Poly Developments has shifted its land acquisition strategy, increasing investments in Shanghai while reducing its presence in Beijing, with significant spending in Guangzhou [6][7]

Core Insights - The real estate market in China shows signs of recovery as 13 out of 18 reported companies achieved month-on-month sales growth in December 2025, with notable performances from companies like China Overseas Land & Investment and China Resources Land [1][3][4] - Poly Developments maintained its leading position in annual sales for 2025, despite a year-on-year decline, with a total sales figure of 2530.3 billion yuan, outperforming China Overseas Land by 17.98 billion yuan [1][6] - The trend of increasing sales among major real estate firms is expected to stabilize market confidence and alleviate buyer concerns, contributing to a positive outlook for the industry [4][6] Sales Performance - In December 2025, China Resources Land led with sales of 410 billion yuan, followed by China Overseas Land at 398.32 billion yuan and China Merchants Shekou at 258.44 billion yuan [3] - The sales growth rates for December 2025 were significant, with Sunac China experiencing a 163.39% increase due to a low base in November, while other firms like China Overseas Land and China Resources Land also reported substantial growth rates of 79.14% and 78.26% respectively [4] Market Dynamics - The competitive landscape among top real estate firms has stabilized, with Poly Developments focusing heavily on the Guangzhou market, investing 648.24 billion yuan from 2023 to 2025, compared to 265.02 billion yuan in Beijing and 359.27 billion yuan in Shanghai [1][9] - The second-tier firms (500 billion to 1 trillion yuan) averaged sales of 646.4 billion yuan, while third-tier firms (300 billion to 500 billion yuan) averaged 381.3 billion yuan, indicating a diverse recovery across different company sizes [7] Strategic Adjustments - Major firms are adjusting their land acquisition strategies, with a focus on first and second-tier cities. For instance, China Overseas Land's sales in major cities accounted for 60.6% of its total sales, while Poly Developments has also shifted its focus towards Shanghai, increasing its land acquisition there significantly [8][9] - The overall trend indicates that while some firms are facing challenges, others are leveraging their strong market positions and operational capabilities to navigate the current landscape effectively [6][7]

Core Insights - The real estate market in China is showing signs of recovery as 13 out of 18 reported companies achieved month-on-month sales growth in December 2025, with notable performances from companies like China Overseas Land & Investment and China Resources Land [1][3][4] - Poly Developments maintained its leading position in 2025 with a total sales figure of 2530.3 billion yuan, despite a year-on-year decline of 21.67% compared to 2024 [6] - The trend of increasing sales is expected to stabilize market confidence and alleviate buyer concerns, contributing to a positive outlook for the industry [4][7] Company Performance - Poly Developments led the sales with 2530.3 billion yuan, followed by China Overseas at 2512.32 billion yuan, and China Resources Land at 2336 billion yuan [6][7] - In December 2025, China Resources Land achieved a sales figure of 410 billion yuan, while China Overseas reached 398.32 billion yuan, and China Merchants Shekou reported 258.44 billion yuan [3][4] - Companies like Sunac China and Country Garden, despite facing operational challenges, remained in the top ranks with sales of 368.4 billion yuan and 330 billion yuan respectively [7] Market Trends - The recovery in sales is uneven across different tiers of companies, with Sunac China showing a significant month-on-month increase of 163.39% in December due to a low base in November [4] - The second-tier companies (sales between 500 billion to 1000 billion yuan) averaged 646.4 billion yuan, while the third-tier (300 billion to 500 billion yuan) averaged 381.3 billion yuan [7] - The focus on land acquisition in first and second-tier cities is evident, with companies like China Overseas and Poly Developments significantly increasing their investments in these areas [8][9] Strategic Adjustments - Poly Developments has shifted its land acquisition strategy, increasing its focus on Shanghai while reducing investments in Beijing, with land payments in Shanghai surpassing those in Beijing in recent years [9] - The overall strategy of major companies emphasizes deepening land reserves in key urban areas, which is crucial for sustaining sales performance [8][9]

Core Insights - The completion of the housing delivery task by 2025 marks a significant milestone for the real estate industry, with Sunac China successfully delivering over 720,000 units across 101 cities from 2022 to 2025, including 54,000 units in 2025 alone [1][2] - The successful delivery is attributed to the effective collaboration between government, enterprises, and financial institutions, which facilitated resource coordination and funding support [2] - The completion of the housing delivery task signifies a transition from emergency measures to a focus on quality improvement in the industry, establishing product and service quality as core drivers for sustainable development [4] Company Performance - Sunac China's delivery results during the industry adjustment period demonstrate the company's operational resilience and provide a practical model for other real estate firms facing challenges [1] - The company implemented a "one plan, one strategy" management approach for key projects, ensuring both progress and quality standards were met [2] - The successful delivery of projects like Xi'an Sunac Wangjiangfu, which received positive feedback from homeowners, highlights the company's commitment to customer engagement and quality enhancement [4] Industry Context - The completion of over 7.5 million previously unsold homes across the country has released positive signals for the real estate market and laid a foundation for high-quality development [1] - The industry is expected to shift towards normal operations, with Sunac planning to launch multiple top-tier projects in major cities in 2026 to restore market confidence and strengthen its competitive position in the high-end residential market [4]

Core Insights - The Ministry of Housing and Urban-Rural Development reported that over 7.5 million sold but undelivered housing units have been delivered, signaling a positive market outlook and laying a solid foundation for high-quality industry development [1] Group 1: Company Performance - Sunac China Holdings Limited has successfully delivered 54,000 units in 2025, with cumulative deliveries of 186,000, 312,000, and 170,000 units from 2022 to 2024, totaling over 720,000 units in four years [1] - The company has demonstrated operational resilience during a challenging industry adjustment period, serving as a crucial example for other real estate firms to navigate difficulties [1] Group 2: Collaborative Efforts - Sunac's successful delivery is attributed to strong collaboration with government agencies and financial institutions, implementing a "government-enterprise-bank" cooperative model to facilitate project financing and quality supervision [1] - The company has adopted a top-down approach to ensure accountability and resource mobilization for challenging projects, employing a "one plan, one strategy" management style to meet engineering progress and quality standards [2] Group 3: Quality and Customer Experience - Sunac has focused on enhancing community experience and aesthetic quality, actively engaging with homeowners through multiple feedback sessions to improve project delivery details [2] - The delivery of projects like the Sunac Wangjiangfu in Xi'an has received positive recognition from homeowners, highlighting the company's commitment to exceeding expectations and fostering a collaborative environment with clients [3] Group 4: Industry Outlook - The successful delivery of millions of housing units marks a transition in the industry from emergency responses to a focus on quality improvement, emphasizing product and service capabilities as key drivers for sustainable growth [3] - With the completion of its delivery tasks, Sunac is positioned to restore market confidence and strengthen its competitive advantage in the high-end residential market, paving the way for a return to healthy operational cycles [3]

历时四年，覆盖全国101城，累计超72万套交付，融创方面表示，"保交付"工作能够成功落地，得益于 多方合力打造的稳固保障。销售方面，2025年12月，该集团实现合同销售金额约人民币29.5亿元，同比 增加68.57%，合同销售面积约27.2万平方米，合同销售均价约人民币10850元/平方米。 值得一提的是，融创中国境外债务重组计划已于去年12月底起正式生效，该集团各项经营工作正全面提 速，其土储规模依旧庞大。财报显示，截至2025年6月末，该公司连同合营企业及联营公司的总土地储 备约1.24亿平方米，约七成位于一、二线城市。其中，未售土地储备约0.92亿平方米，充足的土地储备 是支撑该集团未来逐步恢复经营的基础。 来源：北京日报客户端 转自：北京日报客户端 1月12日，记者从融创中国获悉，2025年，该集团实现新房交付5.4万套，2022年至2024年分别交付18.6 万套、31.2万套和17万套，四年累计交付量突破72万套。至此，该公司"保交付"工作基本收官。 中指研究院企业研究总监刘水表示，"保交付"是融创之前的首要工作，也是评估其经营是否步入正轨的 核心指标，"这项工作的顺利完成，对于恢复市场信心、维持 ...

融创保交付工作基本收官。 1月12日，据融创方面透露，2025年融创实现交付5.4万套，2022年至2024年分别交付18.6万套、31.2万 套和17万套，四年累计交付量突破72万套。至此，融创保交付工作基本收官。 ...

Group 1 - A total of 114 stocks reached a 52-week high as of January 12, with LFG Investment Holdings (03938), TBKS Holdings (01960), and Zhipu (02513) leading the high rate at 111.24%, 63.93%, and 56.36% respectively [1][2] - The closing prices and peak prices for the top three stocks are as follows: LFG Investment Holdings at 3.150 and 3.760, TBKS Holdings at 0.460 and 0.500, and Zhipu at 208.400 and 258.000 [2] - Other notable stocks that reached new highs include Minimax-WP (00100) with a high rate of 36.16%, Junyu Land (01757) at 28.21%, and Cybernaut International Holdings (01020) at 23.75% [2] Group 2 - The report also lists stocks that reached a 52-week low, with the lowest being Xie Tong Communication Holdings (02996) at a low rate of -9.09% [4] - Other stocks that experienced significant declines include Chuan Cheng Education Group (08195) at -8.70% and FI II Nan Fang Nikkei (07515) at -6.27% [4] - The closing prices for the lowest stocks include Xie Tong Communication Holdings at 0.011, Chuan Cheng Education Group at 1.180, and FI II Nan Fang Nikkei at 25.680 [4]

Policy News - The State Council held a meeting on January 9 to implement a package policy for fiscal and financial coordination to boost domestic demand, emphasizing the need to guide social capital in promoting consumption and expanding investment, particularly in supporting resident consumption upgrades and private investment development [1] - The People's Bank of China emphasized the continuation of moderately loose monetary policy during its 2026 work meeting, aiming to support stable growth in the real economy and financial market, while also addressing financial risks in key areas [1] - Recent adjustments to the real estate financing coordination mechanism allow projects on the "white list" to extend loans for up to five years, compared to the previous maximum of two and a half years [1] Market News - In 2025, the total land transfer fees for residential land in 300 cities decreased by 10.6% year-on-year, with a total of 2.3 trillion yuan, and the planned building area for residential land transactions fell by 13.5% to 620 million square meters [4] - The top 20 cities accounted for 52% of the national residential land transfer fees, indicating a concentration of land acquisition by major enterprises in core cities [4] Real Estate Company News - Vanke announced that Yu Liang has retired due to age, resigning from his positions as director and executive vice president, with no impact on the board's operation [8] - Country Garden's four bonds resumed trading on January 9 after early cash repayment was completed on December 26, 2025 [12] - Sunac China reported three new overdue debts totaling approximately 640 million yuan, with the main reasons being unpaid principal [13] - R&F Properties disclosed that as of November 30, 2025, the total overdue debt reached 38.7 billion yuan, primarily due to various financial obligations not being repaid [14] - Several real estate companies reported their 2025 sales performance, with Poly Developments achieving a signed sales amount of 253.03 billion yuan and China Overseas Development reaching 251.23 billion yuan [15]