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]

Core Viewpoint - The debt restructuring process for distressed real estate companies has entered a new phase, with significant progress observed in September 2025, indicating a more organized approach to risk mitigation in the industry [1][3][9]. Group 1: Debt Restructuring Progress - Several distressed real estate companies, including CIFI Holdings, Kaisa Group, and R&F Properties, have made key advancements in their debt restructuring efforts, showcasing a trend of accelerated progress [3][4]. - CIFI Holdings' restructuring plan, involving a total of approximately 10.06 billion yuan, was approved by bondholders on September 15, 2025, with cash repayment ratios increased to 20% and asset-backed repayment ratios raised to 40 [2][3]. - Kaisa Group's restructuring plan has officially taken effect, aiming to reduce debt by approximately 8.6 billion USD, with an average extension of five years for debt repayment [3][6]. Group 2: Industry-Wide Debt Relief - As of August 2025, 20 distressed real estate companies have received approval for their debt restructuring plans, with a total debt relief scale exceeding 1.2 trillion yuan [6][7]. - The successful debt relief efforts are expected to reduce market uncertainties, stabilize buyer expectations, and promote transaction activity, ultimately contributing to long-term market stability [4][9]. Group 3: Diverse Debt Relief Strategies - The restructuring plans of various companies indicate a preference for debt-to-equity swaps, with firms like Longfor Group and Country Garden employing this method, reflecting its effectiveness in the current market environment [5][7]. - Other strategies such as cash buybacks, debt extensions, and asset disposals are also widely utilized, showcasing a diversified approach to debt relief [5][7]. Group 4: Financial Support and Market Conditions - Financial institutions are actively supporting distressed real estate companies through various channels, including asset management firms facilitating the disposal of non-performing assets [8]. - Public REITs are emerging as a crucial tool for real estate companies to reduce leverage and transition towards lighter asset operations, fostering a positive cycle of asset revitalization and reinvestment [8]. - Recent policy adjustments, such as relaxed purchase restrictions and reduced down payment ratios, are expected to stimulate buyer interest and improve the operational conditions for real estate companies [9].

Core Viewpoint - The Chinese real estate sector is experiencing significant downward pressure, with major property stocks declining sharply amid disappointing sales and investment data [1] Sales Performance - From January to August, the sales area of new commercial housing reached 573 million square meters, a year-on-year decrease of 4.7%, with the decline rate expanding by 0.7 percentage points compared to the previous period [1] - In August alone, the sales area of commercial housing and residential properties fell by 10.6% and 9.7% year-on-year, respectively, with the decline rates increasing by 2.7 percentage points and narrowing by 2.6 percentage points compared to July [1] Investment Trends - National real estate development investment for the first eight months was approximately 6.03 trillion yuan, reflecting a year-on-year decrease of 12.9% [1] Market Outlook - Xiangcai Securities indicates that both the sales and investment sides of the real estate market are under considerable downward pressure, necessitating ongoing policy support to boost market demand [1] - Recent policy adjustments in major cities like Beijing, Shanghai, and Shenzhen in August and September, including relaxed purchase restrictions and optimized housing fund loan policies, have had some short-term positive effects on new and second-hand housing transactions, though the sustainability of these effects remains to be seen [1] - The upcoming policy window in September is highlighted as a potential opportunity for the real estate sector [1]

Group 1 - Hong Kong property stocks experienced a significant decline on September 18, with Country Garden (02007.HK) dropping over 10% [2] - Other notable declines included Shimao Group (00813.HK) down 8%, and CIFI Holdings (00884.HK) and Agile Group (03383.HK) both falling 7% [2] - Further declines were observed in R&F Properties (02777.HK), Vanke Enterprises (02202.HK), and Sunac China (01918.HK), each decreasing by over 6% [2]