Core Viewpoint - The "delivery difficulty" risk in the real estate industry has been largely resolved, with many real estate companies reporting significant progress in fulfilling their delivery commitments by 2025 [1][2][3]. Group 1: Delivery Progress - As of the end of the "14th Five-Year Plan," approximately 7.5 million units of "sold but undelivered" housing have been delivered nationwide, with major companies like Country Garden delivering around 1.85 million units [1][3]. - Greenland Holdings announced that its residential projects will deliver over 8 million square meters in 2025, translating to about 80,000 units, with cumulative deliveries from 2022 to 2024 reaching approximately 760,000 units [2]. - Sunac Group reported cumulative deliveries of over 720,000 units from 2022 to 2025, indicating that its delivery work is nearing completion [2]. Group 2: Risk Mitigation and Policy Direction - The national housing and urban-rural development meeting confirmed that the delivery tasks will be fully completed by 2025, with a delivery rate of 99% for the 3.96 million units targeted [3]. - A systematic risk mitigation action has been ongoing for about three years, with collaboration among national, provincial, and municipal levels to ensure responsibilities are met [4]. - The focus has shifted towards debt resolution, asset management, and revitalizing existing land, as many companies begin to recover their "self-sustaining" capabilities [6][7]. Group 3: Future Development Model - The central economic work conference emphasized the need to stabilize the real estate market and transition to a new development model, moving away from high leverage and high turnover [8][9]. - The upcoming "15th Five-Year Plan" aims to promote high-quality development in real estate, addressing risk prevention and enhancing housing supply structures [8]. - The Ministry of Housing and Urban-Rural Development plans to solidify foundational systems in development, financing, and sales, gradually implementing a "see-and-buy" sales system [9]. Group 4: Market Recovery Signals - Despite the overall real estate sales not fully stabilizing, some key cities have shown early signs of recovery since the fourth quarter of 2025, supported by strong fundamentals and better supply structures [10].

格隆汇2月5日丨碧桂园服务(06098.HK)发布公告，2026年2月5日耗资637.72万港元回购100万股，回购 价格每股6.37-6.39港元。 ...

碧桂园服务(06098)公布，2026年2月5日耗资约637.72万港元回购100万股股份。 ...

智通财经APP讯，碧桂园服务(06098)公布，2026年2月5日耗资约637.72万港元回购100万股股份。 ...

碧桂园(02007)发布公告，于2026年2月5日因转换可转换债券而发行1.05亿股;根据公司与必胜有限公司 订立的股东贷款股权化协议发行10亿股资本化股份。 ...

智通财经APP讯，碧桂园(02007)发布公告，于2026年2月5日因转换可转换债券而发行1.05亿股;根据公 司与必胜有限公司订立的股东贷款股权化协议发行10亿股资本化股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 碧桂園控股有限公司 (於開曼群島註冊成立之有限公司) (「本公司」) 呈交日期： 2026年2月5日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | | 02007 | 說明 普通股 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | | 已發行股份（不包括庫存股份 ...

FF301 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: 2026年1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: 碧桂園控股有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2026年2月5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) | 02007 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.1 HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.1 HKD | | 10,00 ...

Core Insights - The issue of "delivery difficulties" in the real estate sector, which once caused market panic, is gradually becoming a thing of the past as many real estate companies report their housing delivery data for 2025, indicating that the delivery work is nearing completion [1][3][4]. Group 1: Delivery Progress - By the end of the "14th Five-Year Plan," approximately 7.5 million units of "sold but undelivered" housing have been delivered nationwide, with Country Garden delivering about 1.85 million units [1][4]. - Greenland Holdings announced that it expects to deliver over 8 million square meters of residential projects in 2025, translating to around 80,000 units, following previous deliveries of 260,000, 280,000, and 140,000 units from 2022 to 2024 [3]. - Sunac Group reported cumulative deliveries of over 720,000 units from 2022 to 2025, with the delivery work nearing completion [3]. Group 2: Industry Recovery - With the pressure of delivery alleviated, the real estate sector is entering a new phase of industry recovery [2]. - The national housing and urban-rural development meeting confirmed that the delivery tasks for 2025 have been fully completed, with a delivery rate of 99% for the 3.96 million units targeted in the "guaranteed delivery" campaign [4]. - The financial support for projects has exceeded 7 trillion yuan, facilitating smooth construction and delivery [4]. Group 3: Risk Mitigation - The past three years have seen a systematic risk mitigation effort, with collaboration among national, provincial, and municipal work teams to ensure accountability among local governments, real estate companies, and financial institutions [5]. - The implementation of targeted policies has significantly reduced concerns about project delays, with many previously troubled projects now successfully delivered [5][8]. - Experts indicate that real estate risks have notably subsided, with a shift in focus for many companies towards debt resolution, asset management, and revitalizing land holdings [6][7]. Group 4: Market Stability - There are signs of stabilization in housing prices, particularly in first-tier cities, which lays a solid foundation for market recovery and rebuilds confidence in the industry [8]. - The reduction in project suspensions and the increase in timely and high-standard deliveries have effectively safeguarded buyers' rights, contributing to a more stable market environment [8].

Core Viewpoint - The issue of "delivery difficulties" in the real estate sector, which once caused market panic, is gradually becoming a thing of the past as many real estate companies report significant progress in housing delivery by 2025 [2][3]. Group 1: Delivery Progress - As of the end of the "14th Five-Year Plan," approximately 7.5 million units of "sold but undelivered" housing have been successfully delivered nationwide [8]. - Country Garden has delivered about 1.85 million units, while other companies like Greenland, Sunac, and CIFI have also achieved significant delivery milestones [5][6]. - The delivery pressure on real estate companies has notably eased, with many stating that their delivery tasks are nearly complete [7]. Group 2: National Efforts and Support - The national housing and urban-rural development meeting confirmed that the delivery tasks for 2025 have been fully completed, with a delivery rate of 99% for the 3.96 million units targeted in the "guaranteed delivery" campaign [8]. - Over 7 trillion yuan in loan approvals for "white list" projects have been granted, providing strong financial support for project construction and delivery [8]. Group 3: Risk Mitigation and Future Outlook - The past three years have seen a systematic risk mitigation effort, with collaboration among national, provincial, and municipal levels to ensure accountability among local governments, real estate companies, and financial institutions [9]. - Experts indicate that real estate risks have significantly subsided, with many companies now focusing on debt resolution, asset management, and revitalizing their operational capabilities [11][12]. - Signs of market stabilization are emerging, particularly in first-tier cities, which lays a solid foundation for the recovery of the real estate market [12].