日前，央企华侨城有员工因为跟投资金无法拿回而与公司产生纠纷。部分员工对外透露，当初跟投的资 金如今只能拿回一两成本金，而公司方面则解释称，跟投本质上属于投资行为，有盈利也会有亏损。 房地产已连续调整近4年时间，在高位跟投项目的从业人员多数都陷入亏损境地。如今回溯跟投这项曾 经让业内人士激情燃烧的机制，许多人已有恍若隔世之感。张琳表示，自己在集团总部，投的项目是精 挑细选过的，原本以为会有巨大的收益，没想到最后只是黄粱一梦。 房地产项目跟投机制，最早出现于大约2012年前后，在设立之初，公司旨在将企业与员工利益绑定，调 动员工的能动性、提高管理效率的利器。在市场上行期，房企员工即便"盲目跟投"也收获颇丰，这一制 度也曾为房企留下核心人才，推动企业规模快速扩张。但随着行业竞争加剧，这一制度逐渐变质，有部 分中小型房企将跟投作为解决项目融资的渠道。此后行业进入下行期，销售陷入低迷，跟投项目收益降 低、风险增大等各类问题逐步暴露，"跟不动"的现象越发普遍，而企业与员工之间的矛盾也最终在这个 领域内爆发。 跟投作为市场上行期适用的制度，在下行期遇到了挑战。 "很幸运，我在公司时跟投的几个项目，资金都退回来了。"曾经就职 ...

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: 2025年7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: 2025年8月6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 ...

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong Property Management and Services Theme Index, which has shown a monthly increase of 1.63%, a three-month increase of 1.58%, and a year-to-date increase of 13.57% [1][2] - The index consists of 30 listed companies involved in property management services, community value-added services, and non-owner value-added services, reflecting the overall performance of the Hong Kong market in this sector [1][2] - The index is based on a reference date of December 31, 2019, with a base point of 1000.0 [1] Group 2 - The top ten weighted companies in the index include Poly Property (10.97%), Greentown Service (10.69%), Wanwo Cloud (10.21%), Yongsheng Service (9.87%), Evergrande Property (9.86%), Country Garden Services (9.84%), Sunac Services (9.79%), Yasheng Life Service (9.75%), China Overseas Property (9.66%), and China Resources Mixc Life (9.36%) [1] - The index is exclusively composed of companies listed on the Hong Kong Stock Exchange, with a 100% representation in the real estate management sector [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year [2]

碧桂园(02007)发布公告，本公司及其附属公司(本集团)，连同其合营公司和联营公司于2025年7月单月 共实现归属本公司股东权益的合同销售金额约人民币27.7亿元，归属本公司股东权益的合同销售建筑面 积约32万平方米。 ...

智通财经APP讯，碧桂园(02007)发布公告，本公司及其附属公司(本集团)，连同其合营公司和联营公司 于2025年7月单月共实现归属本公司股东权益的合同销售金额约人民币 27.7亿元，归属本公司股东权益 的合同销售建筑面积约 32万平方米。 ...

碧桂园在港交所公告，2025年7月实现归属本公司股东权益的合同销售金额约人民币27.7亿元，合同销 售建筑面积约32万平方米。 （文章来源：第一财经） ...

Group 1 - The company, Country Garden, announced that it achieved a contract sales amount attributable to shareholders of approximately RMB 2.77 billion in July 2025 [1] - The total contract sales area attributable to shareholders was approximately 320,000 square meters [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 COUNTRY GARDEN HOLDINGS COMPANY LIMITED 碧 桂 園 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：2007） 於2025年7月份之未經審核營運數據 碧桂園控股有限公司（「本公司」）董事會（「董事會」）公佈，本公司及其附屬公司（「本集 團」），連同其合營公司和聯營公司於2025年7月單月共實現歸屬本公司股東權益的合同銷售金額 約人民幣 27.7 億元，歸屬本公司股東權益的合同銷售建築面積約 32 萬平方米。 上述已披露初步數據取自本集團及其合營公司和聯營公司之管理層資料，或會變更並可能與本集 團按年度或半年度刊發的經審核或未經審核綜合財務報表所呈現的數字存在差異。這些資料不應 被視為本集團現時或將來的經營或財務表現的指標或測量依據。據此，本公告披露之資料僅供參 閱而不作其他目的。投資者在買賣本公司證券時務須小心謹慎，不可依賴前述已披露信息。投 ...

Group 1 - The credit bond market is entering an adjusted allocation window, expected around mid-August, following a brief adjustment period. The market anticipates no significant negative factors post-equity and commodity shocks, with liquidity remaining relatively loose. The consensus on weak economic expectations and challenges in PPI recovery will likely lead to a decline in market risk appetite, presenting a buying opportunity during the current adjustment phase [5][8][9] - The strategy for city investment bonds remains unchanged, focusing on short-term positions and exploring yield curve "convexity points." The recommendation is to dig deeper into bonds with maturities of 3 years or less, while maintaining a longer duration in high-quality areas. The report emphasizes the importance of seizing post-adjustment allocation opportunities without overly shortening durations [9][11] - In the industrial bond sector, valuation is primarily supported by the credit backing of central and state-owned enterprises rather than fundamentals. The report highlights the potential for yield compression opportunities in August, despite the lack of a "de-involution" market. The focus is on medium to large-sized entities with attractive coupon yields [11][29] Group 2 - The weekly review indicates a significant reduction in credit bond issuance, with a 49% decrease to 179.2 billion yuan, while the total repayment volume also decreased to 165.8 billion yuan, resulting in a net inflow of 13.4 billion yuan. The report notes that the issuance cost for medium-rated new bonds has increased, with average coupon rates for AAA and AA+ rated bonds at 2.01% and 2.46%, respectively [18][19] - The secondary market shows a comprehensive valuation recovery across all grades and maturities, with a central downward adjustment of approximately 3 basis points. Short-term credit spreads have narrowed by 2-3 basis points, while long-term spreads have widened by about 1 basis point [23][24][25] - The report highlights that credit spreads for city investment bonds have generally widened by about 1 basis point, with notable variations across provinces. For instance, Qinghai experienced the largest widening of 5 basis points, indicating ongoing differentiation in credit risk across regions [28][30]

Core Viewpoint - The Chinese real estate market continues to operate at a low level, with significant declines in sales performance among the top 100 real estate companies in July, reflecting a seasonal downturn in supply and demand [1][2][11]. Group 1: Market Performance - In July, the transaction volume of new homes in 30 key cities was only 8.36 million square meters, with cumulative sales for the first seven months remaining flat compared to the previous year [1]. - The top 100 real estate companies achieved a monthly sales amount of 211.16 billion yuan, marking a return to historically low levels [2]. - Cumulative sales for the first seven months reached 1,863.84 billion yuan, representing a year-on-year decline of 12.5%, although this decline is 25 percentage points less than the same period last year [2]. Group 2: Company Performance - The number of companies achieving over 100 billion yuan in sales increased to four in the first seven months, although this is one less than the same period last year [1]. - The sales threshold for the top 100 companies decreased by 22.4% year-on-year to 3.19 billion yuan, down from 4.1 billion yuan last year [5]. - The cumulative sales for the top 10 companies fell by over 10%, with the top three companies reporting sales of 412.26 billion yuan, down 14.4% year-on-year [8]. Group 3: Future Outlook - It is anticipated that new home sales in August will continue to fluctuate at low levels, with a cumulative year-on-year decline expected to remain within 5% [11]. - The market is expected to see continued differentiation between cities and projects, with core first and second-tier cities facing supply constraints and potential short-term declines in transaction volume [11]. - Some second-tier cities, such as Tianjin, Wuhan, and Nanjing, may experience a temporary recovery, particularly with the introduction of new housing regulations and products [11].