Core Viewpoint - The article highlights the significant decline in property prices in a specific area, particularly focusing on a property in a community developed by Country Garden, illustrating the shift from a once-desirable investment to a financial burden for homeowners [9][10]. Group 1: Property Market Dynamics - The property in question, a 134 square meter unit, is now priced at 3200 yuan per square meter, totaling 430,000 yuan, reflecting a drastic drop from peak prices of 7,000 to 8,000 yuan per square meter [8][9]. - The decline in property prices indicates a return to a more realistic market value, as the lack of new buyers has led to a correction in pricing [10]. Group 2: Historical Context and Buyer Sentiment - Historically, the area was a popular choice for residents of Xinghua, who sought better opportunities in Taizhou, leading to increased demand and higher property values [6][7]. - The narrative of homeownership has shifted from an asset to a psychological burden, as many homeowners now face the reality that their properties may not appreciate as previously expected [9][12]. Group 3: Community Impact - The decline in property values has affected the collective memory of the community, with many residents reflecting on their experiences of marriage, homeownership, and the realization that property values do not always rise [11][12]. - The article suggests that the ongoing changes in population movement and demand have contributed to a shrinking market, impacting the overall confidence in the real estate sector [9][10].

Core Viewpoint - The "delivery difficulties" in China's real estate sector have been largely resolved, with over 7.5 million units of "sold but undelivered" housing expected to be delivered by the end of the 14th Five-Year Plan, effectively dismantling the most dangerous chain of "unfinished projects - loan defaults - supply disruptions" and temporarily alleviating systemic financial risks [2][10][11]. Group 1: Delivery Achievements - Major real estate companies have reported significant progress in housing delivery, with Country Garden delivering approximately 1.85 million units, while other firms like Greenland, Sunac, and Centaline have also achieved tens of thousands of deliveries [3][6]. - Greenland Holdings announced that its residential projects will deliver over 8 million square meters in 2025, translating to around 80,000 units based on an average size of 100 square meters per unit [6]. - Sunac Group's delivery from 2022 to 2025 is projected to exceed 720,000 units, indicating a robust recovery in the delivery of housing projects [6][11]. Group 2: Systemic Risk Mitigation - The resolution of delivery issues is attributed to a coordinated effort among national, provincial, and municipal levels, ensuring accountability among local governments, real estate companies, and financial institutions [7][10]. - The implementation of targeted measures, such as financing support for viable projects and expedited bankruptcy processes for insolvent ones, has significantly reduced buyer concerns regarding unfinished projects [7][10]. Group 3: Market Confidence and Future Directions - The successful resolution of delivery challenges has restored buyer confidence, which is crucial for stabilizing the real estate market and preventing further declines [11]. - Future strategies include promoting the sale of existing homes and enhancing the quality of housing, with a focus on risk management and sustainable development in the real estate sector [12][14].

碧桂园服务(06098)发布公告，于2026年2月6日，该公司斥资639.2万港元回购100万股股份，每股回购价 6.37-6.4港元。 ...

Group 1 - The company, Country Garden Services (06098.HK), announced a share buyback on February 6, 2026, costing HKD 6.392 million to repurchase 1 million shares [1] - The buyback price ranged from HKD 6.37 to HKD 6.40 per share [1]

智通财经APP讯，碧桂园服务(06098)发布公告，于2026年2月6日，该公司斥资639.2万港元回购100万股 股份，每股回购价6.37-6.4港元。 ...

Group 1 - The company, Country Garden, announced the issuance of 30 million shares resulting from the conversion of zero-coupon mandatory convertible bonds (Type A) on February 6, 2026, with a maturity period of 78 months starting from June 30, 2025 [1] - Additionally, the company will issue 58,000 shares from the conversion of zero-coupon mandatory convertible bonds (Type B) on February 6, 2026, with a maturity period of 114 months starting from June 30, 2025 [1]

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 。 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) 呈交日期： 2026年2月6日 | 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）變動 | | ...

Core Viewpoint - The "delivery difficulties" 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 about 1.85 million units [1][3]. - Greenland Holdings announced that its residential projects will deliver over 8 million square meters by 2025, translating to around 80,000 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 "delivery guarantee" task is set to be fully completed by 2025, with a delivery rate of 99% for the 3.96 million units targeted [3]. - The government has implemented a systematic risk mitigation action over the past three years, involving collaboration across various levels of government and the real estate sector [4]. - Recent policies emphasize stabilizing the market and transitioning to high-quality development, moving away from the "high leverage, high turnover" model [1][8]. Group 3: Industry Transformation - With the completion of large-scale delivery tasks, real estate companies are shifting focus towards debt resolution, asset management, and revitalizing existing land [6][7]. - Companies like Country Garden and Sunac have made substantial progress in debt restructuring and reorganization [6]. - The upcoming "15th Five-Year Plan" aims to promote high-quality development in the real estate sector, addressing previous issues of high debt and leverage [8][9]. Group 4: Market Stabilization - Despite overall sales not fully stabilizing, some key cities have shown signs of recovery since the fourth quarter of 2025, indicating a potential market rebound [10]. - The central economic work conference has outlined clear directives for 2026, focusing on risk stabilization and market support [8][9].

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。 ...