董事名單與其角色和職能 廣州富力地產股份有限公司董事會（「董事會」）成員載列如下： （於中華人民共和國註冊成立的股份有限公司） （股份代號：2777） 李思廉博士（董事長） 張輝先生 相立軍先生 趙渢先生 非執行董事 鄭爾城先生 吳又華先生 王振邦先生 董事會設有三個委員會，各董事會成員在各委員會中所擔任的職位載列如下： 執行董事 提名委員會 李思廉博士（主席） 李海倫女士 鄭爾城先生 吳又華先生 王振邦先生 審核委員會 張琳女士 李海倫女士 獨立非執行董事 鄭爾城先生（主席） 李思廉博士 吳又華先生 二零二五年六月十六日 *僅供識別 2 王振邦先生（主席） 李海倫女士 鄭爾城先生 薪酬委員會 ...

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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2777） 王振邦先生（獨立非執行董事） 上述變動乃因應香港聯合交易所有限公司證券上市規則（「上市規則」）及上市規則附錄C1 所載企業管治守則的修訂而作出，該修訂將於二零二五年七月一日生效。董事會相信實施該 等變動可以加強董事會的成效及多元化，進一步提升本公司整體的良好企業管治常規。 提名委員會組成變動 廣州富力地產股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈， 非執行董事李海倫女士及獨立非執行董事吳又華先生已獲委任為本公司提名委員會（「提名 委員會」）成員，自二零二五年六月十六日起生效。 於上述變動後，提名委員會的組成如下： 主席：李思廉博士（董事長兼執行董事） 成員：李海倫女士（非執行董事） 鄭爾城先生（獨立非執行董事） 吳又華先生（獨立非執行董事） 董事會藉此機會對李海倫女士及吳又華先生於提名委員會擔任新角色表示歡迎。 ...

Group 1 - The National Development and Reform Commission has allocated 80 billion yuan for urban renewal projects, benefiting approximately 5.5 million households and 17 million people [1] - Guangzhou plans to fully lift restrictions on home purchases, sales, and prices, while also reducing down payment ratios and interest rates [2] - The city aims to initiate over 150 old residential community renovations and invest 100 billion yuan in urban village transformations by 2025 [2] Group 2 - Lanzhou has adjusted its housing subsidy policy, offering a 1% subsidy on the transaction price for second homes over 90 square meters from June 21, 2024, to December 31, 2025 [3] - R&F Properties reported a sales figure of 1.37 billion yuan in May, with a sales area of approximately 129,600 square meters [4] - Overseas Chinese Town A achieved a contract sales amount of 1.89 billion yuan in May, with a year-on-year increase of 12% and a month-on-month increase of 6% [5]

Group 1 - The core point of the article is that R&F Properties reported a contract sales amount of 1.37 billion RMB in May, bringing the total contract sales for the year to 5.5 billion RMB [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。 上述銷售數據未經審核，乃根據本集團初步內部資料編製，鑒於收集該等銷售資料過程 中存在各種不確定因素，該等銷售數據與本公司按年度或半年度刊發的經審核或未經審 核綜合財務報表中披露的數字可能存在差異，因此上述數據僅供投資者參考。投資者買 賣本公司證券時務須謹慎行事，避免不恰當地依賴該等資料。如有任何疑問，投資者應 尋求專業人士或財務顧問的專業意見。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2777） 二零二五年五月的未經審核營運數據 廣州富力地產股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會 （「董事會」）欣然宣佈，本集團於二零二五年五月的月內總銷售收入共約人民幣 13.7 億元，銷售面積達約 129,600 平方米。 累計至二零二五年五月底，總銷售收入約人民幣 55 億元，銷售面積達約 513,300 平方 米。 承董事會命 廣州富力地產股份有限公司 公司秘書 李啓明 香港 ...

Open Market Operations - The central bank announced a 7-day reverse repurchase operation of 164 billion yuan at a fixed rate of 1.40% on June 11, with 214.9 billion yuan of reverse repos maturing on the same day, resulting in a net withdrawal of 50.9 billion yuan [1]. Funding Conditions - Continuous net withdrawal by the central bank had little impact on short-term funding rates in the interbank market, with overnight pledged repo rates slightly rising to around 1.36% and 7-day pledged repo rates increasing by over 2 basis points [3]. Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major banks remained stable at around 1.67% [6]. Bond Market - The closing prices for government bond futures showed an increase, with the 30-year main contract rising by 0.23%, the 10-year by 0.06%, the 5-year by 0.07%, and the 2-year by 0.02% [11]. Economic and Trade Negotiations - The Chinese and U.S. trade representatives engaged in professional and in-depth discussions in London, reaching a framework agreement based on previous communications between the two countries' leaders [12]. - U.S. Commerce Secretary expressed that the negotiations were progressing smoothly, highlighting the importance of the discussions [12]. Global Macro Developments - The Bank of England is considering increasing the flexibility of its Indexed Long-Term Repo (ILTR) tool, raising the total available reserves for each auction from 25 billion pounds to 35 billion pounds [14]. Bond Market Events - Several companies faced significant debt repayment issues, including R&F Properties failing to repay "20 R&F Properties PPN001" and Shenzhen Longguang Holdings unable to settle 29.8457 billion yuan in debt [16]. - The issuance of "Er Yong Bonds" by commercial banks is accelerating, with planned issuances exceeding 770 billion yuan [16].

承董事會命 廣州富力地產股份有限公司 董事長 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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2777） 海外監管公告 本海外監管公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.10B條 刊發。 以下有關廣州富力地產股份有限公司（「本公司」）的相關文件已經上載於上海證券交易所 的網站（http://www.sse.com.cn）： - 廣州富力地產股份有限公司關於重大事項及相關進展的公告 為遵守上市規則第 13.10B 條，該等上載資料亦刊登於香港聯合交易所有限公司「披露易」 網站（https://www.hkexnews.hk）。 李思廉 香港，二零二五年六月十日 於本公告日期，本公司的執行董事為李思廉博士、張輝先生、相立軍先生及趙渢先生；非執行董事為張琳女士 及李海倫女士；及獨立非執行董事為鄭爾城先生、吳又華先生及王振邦先生。 * 僅供識別 | 债券代码:136360 | ...

Core Insights - The article emphasizes that what appears to be a bargain in the asset world may actually be fraught with hidden liabilities, leading to significant financial burdens [2][5] - It highlights the importance of cash flow in determining the true value of assets, rather than just their market valuation or historical cost [8][10] Group 1: Case Study of R&F Properties - In 2017, R&F Properties acquired over 70 hotels from Wanda for nearly 19 billion yuan, which was only 60% of the market valuation [3][4] - Initially, this acquisition was perceived as a major success, positioning R&F as the largest luxury hotel owner globally with nearly 90 hotel assets [4] - However, the reality turned out to be a burden due to the lack of cash flow from these assets, which were heavy on operational costs and low on liquidity [6][7] Group 2: Lessons Learned - The article stresses that the real value of an asset lies in its ability to generate future cash flow, warning against the allure of seemingly low prices that may come with high holding costs [8][10] - R&F's experience illustrates that without cash flow, assets can quickly become liabilities, leading to significant financial distress [9][10] Group 3: Cash Flow Principles for Individuals - Understanding and applying cash flow principles is crucial for maintaining a healthy financial status [11] - A checklist is provided for evaluating assets, emphasizing the importance of net cash flow, investment return periods, and total ownership costs [12][14] - The article advises prioritizing stable income-generating assets and maintaining liquidity to mitigate risks associated with low liquidity assets [19][20] Group 4: Final Thoughts - The article concludes with a reminder that there are no free lunches in finance, and one should critically assess whether an asset will generate income or become a financial burden [24]

Group 1 - Hong Kong real estate stocks are experiencing a decline, with R&F Properties (02777.HK) dropping over 5% and Vanke Enterprises (02202.HK) falling more than 4% [1]

Group 1 - New World Development shares fell over 7% following the announcement of a delay in the payment of perpetual bond interest [1] - R&F Properties experienced a decline of more than 5% in its stock price [1] - Vanke Enterprises saw a drop of over 4% in its share value [1]