Core Insights - The Taikoo Place Beijing project has reached a significant milestone with the structural completion of all eight buildings, marking a new development phase for this landmark riverside commercial complex [1][5] - The project aims to redefine commercial space and create a new paradigm for office and lifestyle integration, attracting major industry players and promoting industrial upgrades [1][5][17] Group 1: Project Overview - Taikoo Place Beijing is an expansion of the existing Pacific Place project, located along the scenic Ba River, and will be renamed upon completion [5] - The project encompasses over 860,000 square meters of total floor area, integrating business and diverse lifestyle functions [5][7] - It features seven new super-grade A office buildings, a high-quality shopping center, a new East Hotel, and extensive green spaces, addressing the coexistence of ecological value and commercial logic [5][9] Group 2: Community and Lifestyle Integration - The project includes seamless connections between office clusters, retail areas, hotels, and supporting facilities, enhancing accessibility to public transport [7][9] - The office cluster, covering over 330,000 square meters, emphasizes efficiency, flexibility, and employee well-being, aiming to attract leading enterprises from various sectors [7][9] - The retail section will introduce over 200 new brands, creating a multi-layered retail matrix that emphasizes experiential and cultural offerings [9][11] Group 3: Cultural and Economic Impact - The "Delphi" social core within the project serves as a community hub, featuring flexible workspaces and event facilities, enriching the urban cultural ecosystem [11][13] - The project aligns with Beijing's urban development strategy, contributing to the "Two Rivers and One Belt" ecological space framework and enhancing regional collaboration [15][17] - It is expected to attract innovative, international enterprises from technology, media, life sciences, and high-end manufacturing sectors, fostering sustainable development and economic prosperity [17]

Investment Rating - The report maintains a "Recommended" rating for the real estate sector [2] Core Insights - The real estate index declined by 0.7%, ranking 26th among 31 primary industry sectors [8] - New home sales decreased by 35% year-on-year, while second-hand home sales fell by 23% [19][25] - The report highlights three key issues in the real estate market: declining new home demand, unresolved inventory, and the negative impact of land finance on the economy [32] Industry Basic Data - Total number of stocks: 107 [2] - Total market value: 12,921.51 billion [2] - Circulating market value: 12,389.50 billion [2] Sales Performance - In the 44th week, the average daily transaction area for new homes in 20 cities was 32.8 million square meters, with a total transaction area of 230 million square meters, reflecting a 6% increase week-on-week but a 35% decrease year-on-year [19][24] - For second-hand homes, the total transaction area in 11 cities was 197 million square meters, with a daily average of 28.2 million square meters, showing a 4% decrease week-on-week and a 23% decrease year-on-year [25][30] Policy News - Recent policies include adjustments to housing provident fund loan standards in Hainan, increasing the maximum repayment capacity ratio from 55% to 60% [14][17] - In Chongqing, a proposal was made to innovate the activation of existing land and promote collective operating construction land to market [14][17] Company Dynamics - Yuexiu Group acquired a low-density land plot in Chengdu at a price of 16,500 yuan per square meter with an 11.5% premium [18] - China Resources Land won a residential land plot in Dongguan for 1.91 billion yuan, with a saleable floor price of 21,606 yuan per square meter, approximately 17% lower than the previous record [18] - Poly Developments secured a commercial and residential land plot in Yanta District for a base price of 2.341 billion yuan, with a floor price of about 8,183 yuan per square meter [18] Investment Strategy - The report suggests focusing on companies with strong product moats that are likely to exhibit strong alpha characteristics, as well as high-quality commercial real estate companies with stable rental income [33]

截至月份: 2025年10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: Swire Properties Limited 太古地產有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 不適用 備註： Swire Properties Limited 太古地產有限公司並無法定股本，及其股本並無股份面值。 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 01972 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 5,757,484,800 | | 0 | | 5,757,484,800 | | 增加 / 減少 (-) | | | | 0 | | ...

Core Insights - Beijing will see the addition of a large-scale leisure and shopping space that integrates commercial, green, waterfront landscapes, and cultural experiences, with Swire Properties announcing the structural completion of all eight buildings in the Beijing Swire Bay project, marking a new development phase for this landmark commercial project [1][3] Group 1: Project Overview - The total floor area of Beijing Swire Bay exceeds 860,000 square meters, aiming to create a vibrant new generation of commercial complexes that combine business and diverse lifestyle functions [3] - The project includes eight premium Grade A office buildings, a high-quality shopping center, a new EAST hotel, extensive green spaces, and comprehensive supporting facilities, with landscaped squares and gardens providing multifunctional spaces for outdoor dining and social interactions [3] Group 2: Retail and Community Focus - Beijing Swire Bay will introduce the first "Swire Bay" branded retail mall in mainland China, with the new retail area merging with the existing Yintai Center to form a comprehensive leisure shopping destination of approximately 150,000 square meters [3] - The retail business director of Swire Properties emphasized the community-building concept rooted in art, culture, innovation, and meaningful human connections, aiming to create a high-quality urban experience that encourages interaction and engagement [3] Group 3: Social and Health Facilities - The social space, Delphi, spans 19,000 square meters and includes workspaces, multifunctional halls suitable for corporate events and leisure gatherings, as well as facilities for art exhibitions, performances, and community activities, complemented by a fully equipped gym and swimming pool [3][4] - The project will feature seamless indoor and outdoor pedestrian walkways and direct access to the subway network, enhancing connectivity for visitors [3]

Core Insights - The Beijing Taikoo Li project is set to undergo significant upgrades, with the current structure reaching its completion stage, aiming for a grand reopening by the end of 2026 [1][3] Group 1: Project Overview - The Beijing Taikoo Li project will feature a total construction area of 860,000 square meters, including eight premium Grade A office buildings, a high-quality shopping center, a new EAST hotel, and extensive green spaces [5] - The project will introduce the first Taikoo Li retail mall in mainland China, integrating with the existing Yintai Center to create a comprehensive retail destination of approximately 150,000 square meters [5] Group 2: Design and Facilities - A notable highlight of the project is the "Delphi" public space, covering 19,000 square meters, which will include flexible workspaces, a multifunctional hall, and one of the largest banquet halls in the city [7] - The design incorporates advanced green and sustainable features, ensuring seamless connectivity between office buildings, retail areas, hotels, and public transport [5][7] Group 3: Strategic Importance - The Beijing Taikoo Li is positioned as a key commercial landmark within the Chaoyang District's consumption landscape, contributing to the area's development as a world-class international consumption center [9] - The project is part of a broader initiative to enhance the Baha River waterfront area, which will include various infrastructure improvements and recreational facilities, further linking the commercial hubs of Beijing [10]

Core Viewpoint - Hong Kong real estate stocks experienced significant gains towards the end of trading on October 20, with notable increases in share prices for several major companies [1] Company Summaries - Kowloon Development (01997.HK) saw a rise of 4.36%, reaching HKD 22.48 [1] - Hysan Development (00014.HK) increased by 3.01%, trading at HKD 16.09 [1] - Swire Properties (01972.HK) rose by 2.14%, with shares priced at HKD 21.92 [1] - New World Development (00017.HK) gained 1.36%, with a share price of HKD 7.43 [1]

Core Viewpoint - The Hong Kong real estate market is experiencing a positive shift, highlighted by a significant transaction involving Alibaba Group and Ant Group purchasing a commercial property for 6.6 billion HKD, marking the largest office sale in Hong Kong this year [1] Group 1: Market Reaction - Hong Kong real estate stocks saw an increase, with Wharf Real Estate Investment (01997) rising by 4.36% to 22.48 HKD, Hysan Development (00014) up by 3.01% to 16.09 HKD, Swire Properties (01972) increasing by 2.14% to 21.92 HKD, and New World Development (00017) gaining 1.36% to 7.43 HKD [1] Group 2: Transaction Details - On October 17, Alibaba Group and Ant Group announced their acquisition of the 13th floor of the One Island East building in Causeway Bay for 6.6 billion HKD, which serves as their headquarters in Hong Kong [1] - This transaction surpasses the previous record set in March when the Hong Kong Stock Exchange purchased the first phase of the Central Trading Plaza for 6.3 billion HKD, making it the largest office sale in Hong Kong this year [1] Group 3: Analyst Insights - JPMorgan released a report indicating that this large transaction will help stabilize the capitalization rate of Hong Kong's office market and reduce commercial real estate risks [1] - The report suggests that more leading companies from mainland China may be interested in purchasing office properties in Hong Kong for their regional or non-mainland headquarters [1] - The stabilization of Hong Kong's office capitalization rate is expected to benefit Hong Kong Land and Swire Properties, while the transaction may negatively impact Wharf Real Estate Investment due to the likelihood of Alibaba relocating from Times Square [1]

Core Viewpoint - Morgan Stanley reports that Hong Kong has recently recorded its largest office building sale in years, with the sale of the top 13 floors of One Island Central for HKD 7.2 billion to Alibaba and Ant Group [1] Group 1: Transaction Details - The property was sold for HKD 7.2 billion, with an estimated monthly rent of HKD 65 per square foot [1] - The estimated capitalization rate for the property is 3.3%, which is comparable to the average capitalization rates in Wanchai or Causeway Bay [1] Group 2: Market Implications - This large transaction is expected to stabilize the capitalization rates for office buildings in Hong Kong and reduce commercial real estate risks to some extent [1] - The transaction may negatively impact Wharf Real Estate Investment Company, as Alibaba's lease at Times Square is set to expire in 2028, likely leading to a relocation [1] Group 3: Future Outlook - Morgan Stanley believes that more leading companies from mainland China may be interested in purchasing office properties in Hong Kong as regional or non-mainland headquarters [1] - The stabilization of office capitalization rates in Hong Kong is expected to benefit Hongkong Land and Swire Properties [1]

Core Viewpoint - The expansion of Beijing Taikoo Li, part of the Yiti Port project, marks a significant investment by Swire Properties in mainland China, aiming to establish a new waterfront commercial landmark in Beijing [1] Summary by Sections Project Overview - The total area of Beijing Taikoo Li exceeds 860,000 square meters, featuring eight premium Grade A office buildings, a shopping center, a hotel, and green spaces [1] - The project components will be seamlessly connected through indoor and outdoor pedestrian walkways, linking the office buildings with retail areas, the hotel, and other facilities [1] Connectivity - The development will have direct access to the subway network, enhancing its connectivity and accessibility for visitors and tenants [1]

Core Insights - Beijing Taikoo Li has achieved structural completion and is set to open in phases by the end of 2026, marking it as Swire Properties' largest investment project in mainland China [2][3][4] - The project includes 8 Grade A office buildings and a high-quality shopping center, which is expected to boost the eastern economy of Beijing and upgrade the commercial real estate landscape [2][3] Project Overview - The total floor area of Beijing Taikoo Li exceeds 860,000 square meters, featuring 8 interconnected office buildings with a combined area of over 330,000 square meters [3] - The design of the office cluster emphasizes efficiency, flexibility, health, and innovation, incorporating wellness facilities to enhance employee well-being and productivity [3] Market Dynamics - Despite increased competition in the office market, Grade A office spaces remain the preferred choice for most tenants, with a net absorption of 87,000 square meters in Q3, leading to a decrease in overall vacancy rates to 19.7% [5] - Rental prices for office spaces have seen a decline, with a 2.9% drop in Q3, averaging 234.8 yuan per square meter per month [5] Retail Strategy - The retail component of Beijing Taikoo Li will introduce the first "Taikoo Li" brand shopping mall in mainland China, integrating with the existing Pacific Place shopping center to create a total retail area of approximately 150,000 square meters [7] - The retail space will focus on outdoor retail and waterfront leisure experiences, featuring multifunctional spaces for social interaction and community engagement [7][8] Future Outlook - The market remains optimistic, with a focus on cost-driven, quality-driven, and green-driven real estate strategies among businesses [6] - The upcoming retail properties in non-core business districts are expected to contribute to the market, with 394,000 square meters of new retail space anticipated to open in the next six months [8]