Group 1 - The core viewpoint of the article indicates that Chinese property stocks continue to decline, with specific companies like R&F Properties and Sunac China experiencing significant drops in their stock prices [1] - Standard & Poor's forecasts a year-on-year decline in new home sales in China by 8%, estimating sales to be between 8.8 trillion to 9 trillion RMB, which is a larger drop than the previously predicted 3% in May [1] - The report suggests that if demand stabilizes in first-tier cities, it could help sustain a more consistent recovery in demand [1] Group 2 - Shenyin Wanguo predicts that the performance of real estate companies will remain under pressure in the third quarter, primarily due to continuous sales declines since 2021 leading to decreased settlements [1] - The article notes that previous price cuts and promotions have impacted current settlements, resulting in low profit margins [1] - However, it is anticipated that from 2025 to 2026, the sector's performance may see a weak recovery amidst bottoming out and that performance differentiation among companies will further intensify [1]

Group 1 - The Federal Reserve should exercise caution in further interest rate cuts to allow more time to assess economic data and the balance of inflation and labor market risks, according to Fed Governor Barr [2] - Current inflation remains under upward pressure, while signs of weakness in the labor market create a "dilemma" for monetary policy [2] - Barr supports the recent 0.25 percentage point rate cut by the Federal Open Market Committee (FOMC) but emphasizes that this does not imply a series of consecutive cuts [2] Group 2 - Barr warns that new tariffs from the Trump administration could increase prices, making it more difficult for inflation to decline [2] - The core Personal Consumption Expenditures (PCE) price index is projected to rise above 3% by the end of the year, with overall inflation potentially not returning to the 2% target until the end of 2027 [2] - Although companies have not fully passed on tariff costs to consumers, their plans to restore profit margins suggest that price increases may persist, leading to a "slow but steady" upward trend in inflation [2] Group 3 - A softening labor market could help alleviate upward price pressures, but the lack of official data due to the government shutdown makes it difficult to assess the actual extent of demand slowdown [2] - Economic growth may face further pressure in the coming months due to slowing output growth and factors such as tariffs and labor supply constraints [2]

| 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) | 02777 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,752,367,344 | RMB | | | 1 RMB | | 3,752,367,344 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 3,752,367,344 | RMB | | | 1 RMB | | 3,752,367,344 | 本月底法定/註冊股本總額： RMB 3,752,367,344 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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 廣州富力地產股份有限公司 ...

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） 有關解決核數師對年度綜合財務報表無法表示意見 所實施的行動計劃之季度更新 茲提述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」）於 二零二五年四月二十九日發佈的截至二零二四年十二月三十一日止年度（「二零二四財 政年度」）的年報（「年報」）及本公司日期為二零二五年六月三十日的公告（「二零 二五年六月三十日公告」）。除文義另有所指外，本公告所用詞彙與年報所界定者具有 相同涵義。 誠如年報所披露，由於持續經營存在多重不確定性，核數師對本集團二零二四財政年度 之綜合財務報表發法表示意見（「無法表示意見」），詳情載於年報第 39 至 42 頁。本 公司擬實施年報第 51 至 52 頁所載的行動計劃（「行動計劃」），以解決無法表示意見 的問題。 本公司已於二零二五年六月三十日公告內就行動計劃的實施情況提供更新，並謹此提供 自二零 ...

Group 1 - The new Federal Reserve Governor, Milan, advocates for aggressive interest rate cuts, suggesting a reduction of at least 150 to 200 basis points from the current range of 4.00%-4.25% [2] - Milan's stance is based on the concept of "neutral interest rate," which he believes is currently around 2%, significantly lower than the existing federal funds rate [2] - He attributes the previous higher neutral rate to government borrowing and increased immigration, which have now slowed due to tightened border policies and rising tariff revenues [2] Group 2 - No new issuances were reported in the primary market today [4] - Three companies had their ratings updated, including New World Development, which terminated a subscription agreement due to current market conditions [5] - Shimao Group is actively negotiating loan extensions and restructuring with domestic creditors, with approximately RMB 22.8 billion of loans successfully extended [5] - Poly Property Group announced a reduction in the coupon rate of a bond by 180 basis points, effective from November 1, 2025 [5] Group 3 - The Hong Kong Monetary Authority is expanding its RMB trade financing liquidity arrangement to support offshore RMB business growth [10] - The People's Bank of China conducted a reverse repurchase operation of CNY 165.8 billion at a rate of 1.40%, with a net injection of CNY 4.115 billion for the day [10]

Core Viewpoint - Recently, Guangzhou Chentian Yunshan Investment Consulting Co., Ltd. was established, with a focus on various consulting services in the real estate sector, and is fully owned by R&F Properties [1] Company Summary - The legal representative of the newly established company is Zheng Shaohui [1] - The business scope includes information technology consulting services, housing demolition services, real estate consulting, and real estate brokerage [1] - The company is indirectly wholly owned by R&F Properties, indicating a strategic move in the real estate market [1]

国金证券发布研报称，近期北上深等一线城市已落地优化限购政策，叠加需求旺季带动基本面有望修 复。此外8月地产数据显示当前仍然需要更多的政策出台以带动地产实现止跌回稳，政策预期持续处于 加码期。当前地产板块估值偏低，建议逢低配置地产股。 智通财经APP获悉，内房股集体回落，截至发稿，新城发展(01030)跌5.64%，报2.51港元；融创中国 (01918)跌4.76%，报1.6港元；融信中国(03301)跌4.15%，报0.23港元；富力地产(02777)跌2.94%，报0.66 港元。 消息面上，据国家统计局数据，2025年1-8月，全国房地产开发投资同比下滑12.9%，降幅扩大0.9pct； 新开工面积同比下滑19.5%，降幅扩大0.1%；竣工面积同比下滑17.0%，降幅扩大0.5pct；销售面积同比 下滑4.7%，降幅扩大0.7pct；销售金额同比下滑7.3%，降幅扩大0.8pct。全国房价环比维持下滑趋势。 ...

国金证券发布研报称，近期北上深等一线城市已落地优化限购政策，叠加需求旺季带动基本面有望修 复。此外8月地产数据显示当前仍然需要更多的政策出台以带动地产实现止跌回稳，政策预期持续处于 加码期。当前地产板块估值偏低，建议逢低配置地产股。 内房股集体回落，截至发稿，新城发展(01030)跌5.64%，报2.51港元；融创中国(01918)跌4.76%，报1.6 港元；融信中国(03301)跌4.15%，报0.23港元；富力地产(02777)跌2.94%，报0.66港元。 消息面上，据国家统计局数据，2025年1-8月，全国房地产开发投资同比下滑12.9%，降幅扩大0.9pct； 新开工面积同比下滑19.5%，降幅扩大0.1%；竣工面积同比下滑17.0%，降幅扩大0.5pct；销售面积同比 下滑4.7%，降幅扩大0.7pct；销售金额同比下滑7.3%，降幅扩大0.8pct。全国房价环比维持下滑趋势。 ...

Group 1 - The core viewpoint is that the debt restructuring process for distressed real estate companies has entered a new phase, with significant progress observed in September 2025 [1][3][9] - Several companies, including CIFI Holdings, Kaisa Group, and R&F Properties, have achieved key breakthroughs in their debt restructuring efforts, indicating a positive trend [3][4] - As of August 2025, 20 distressed real estate companies have received approval for debt restructuring, with a total debt relief scale exceeding 1.2 trillion yuan [5][6][7] Group 2 - CIFI Holdings' restructuring plan was approved on September 15, 2025, with a cash repayment ratio increased to 20% and a debt extension period shortened to 7-8 years [3][6] - Kaisa Group's restructuring plan has come into effect, resulting in an estimated debt reduction of approximately 8.6 billion USD and an average debt extension of five years [3][6] - R&F Properties is actively advancing its debt restructuring, proposing a comprehensive plan that includes cash buybacks and asset disposals [3][6] Group 3 - The debt-to-equity swap has become a preferred method for many companies, reflecting its applicability and effectiveness in the current market environment [5][6] - A diversified approach to debt restructuring has emerged, with companies employing various strategies such as cash buybacks, debt extensions, and asset disposals [6][8] - The financial sector is supporting distressed companies through various channels, including asset management institutions and public REITs, which help reduce leverage and promote transformation [8][9] Group 4 - The market is showing signs of recovery, with policies aimed at stimulating buyer interest, leading to improved operational conditions for real estate companies [9][10] - The traditional peak sales season in September is expected to accelerate the pace of project launches in core cities, potentially boosting market activity [10]

Group 1 - Country Garden's stock fell over 10% [1] - Shimao Group's stock declined by 8% [1] - CIFI Holdings and Agile Group both dropped by 7% [1] - R&F Properties and Sunac China also experienced declines [1]