Group 1 - R&F Properties is facing judicial auctions of its hotel assets, including the R&F Wanda Hotel in Zhengzhou, with a starting price of approximately 328 million yuan, which is about 69% of the reference price of 469 million yuan [1] - The company has previously sold hotel assets in Changsha and Quanzhou for 513 million yuan and 331 million yuan respectively [1] - Multiple properties from well-known real estate companies are expected to be auctioned in cities like Shanghai and Shenzhen in the near future [1] Group 2 - The auction of properties owned by Pan Hai Holdings is linked to financial disputes, with a court ruling requiring the company to repay approximately 205 million yuan by March 31, 2023 [3] - Following the failure to repay, a forced execution was requested by Guangzhou Guangyong Investment Management [3] - In September, 79 properties in Shenzhen were auctioned, with only 2 sold, indicating challenges in the auction market [4] Group 3 - The overall judicial auction market has seen a significant number of high-value properties entering the market, with 605,000 properties listed and a transaction rate of 22.8% in the first ten months of 2025 [4][5] - The average transaction price for judicial auction properties was 4,668 yuan per square meter, reflecting a 12.3% year-on-year decline [5] - A notable trend is the increasing presence of normal second-hand properties in the judicial auction market, with about 9.4% of transactions being regular assets [6]

Core Viewpoint - R&F Properties is set to auction another hotel asset, the R&F Wanda Vista Hotel in Zhengzhou, on December 8, with a starting price significantly lower than its reference value [1] Group 1: Auction Details - The property is located at No. 16 Nongke Road, Jinshui District, Zhengzhou, covering a land area of 3,642 square meters and a building area of approximately 41,100 square meters [1] - The asset is owned by Zhengzhou Wanda Vista Hotel Management Co., Ltd., with 100% equity held by Guangzhou Zhao Xi Investment Co., Ltd. through its wholly-owned subsidiary, Guangzhou Fuzheng Hotel Management Co., Ltd. [1] Group 2: Financial Aspects - The reference disposal price for the asset is approximately 469 million yuan, while the starting auction price is set at 328 million yuan, indicating a starting price that is about 69% of the reference price [1]

Core Viewpoint - R&F Properties reported its October unaudited operating summary, indicating a sales revenue of 1.2 billion yuan and a sales area of approximately 117,700 square meters [1] Summary by Category Sales Performance - In October, R&F Properties and its subsidiaries achieved a sales revenue of 1.2 billion yuan [1] - The total sales area for the month was around 117,700 square meters [1]

Core Viewpoint - R&F Properties announced a total sales revenue of approximately RMB 1.2 billion for October 2025, with a sales area of about 117,700 square meters [1] - Cumulatively, by the end of October 2025, the total sales revenue is expected to reach approximately RMB 11.7 billion, with a total sales area of around 1,149,100 square meters [1] Summary by Category - **Sales Revenue** - Total sales revenue for October 2025 is projected to be approximately RMB 1.2 billion [1] - Cumulative total sales revenue by the end of October 2025 is expected to be around RMB 11.7 billion [1] - **Sales Area** - The sales area for October 2025 is estimated at about 117,700 square meters [1] - The cumulative sales area by the end of October 2025 is projected to be approximately 1,149,100 square meters [1]

Core Insights - R&F Properties (02777) reported total sales revenue of approximately RMB 1.2 billion in October 2025, representing a year-on-year decrease of 4.76% [1] - The total sales area for the month reached approximately 117,700 square meters [1] - Cumulatively, as of the end of October 2025, total sales revenue amounted to approximately RMB 11.7 billion, reflecting a year-on-year increase of 21.31% [1] - The cumulative sales area reached approximately 1,149,100 square meters [1]

累计至2025年10月底，总销售收入约人民币117亿元，同比增长21.31%，销售面积达约114.91万平方 米。 智通财经APP讯，富力地产(02777)发布公告，集团于2025年10月的月内总销售收入共约人民币12亿元， 同比减少4.76%，销售面积达约11.77万平方米。 ...

格隆汇11月14日丨富力地产(02777.HK)宣布，集团于2025年10月的月内总销售收入共约人民币12亿元， 销售面积达约117,700平方米。累计至2025年10月底，总销售收入约人民币117亿元，销售面积达约 1,149,100平方米。 ...

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） 二零二五年十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十月的月內總銷售收入共約人民幣 12 億 元，銷售面積達約 117,700 平方米。 李啓明 香港，二零二五年十一月十四日 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 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。 ...

Group 1: Real Estate Market Trends - In October, Shenzhen recorded 5,547 second-hand homes, marking a 4.5% month-on-month decline and a 32.9% year-on-year decline, but has maintained over 5,000 units for eight consecutive months, indicating a stabilization phase in the market [1] - Wuhan's land auction saw 8 out of 9 plots sold at the base price, generating over 1.118 billion yuan, reflecting a "low-temperature normalization" in the land market, with private enterprises cautiously acquiring land in suburban areas [2] Group 2: Corporate Actions and Financial Developments - Fantasia Holdings opposed the auction of 29.9% of its subsidiary, Color Life Services Group, asserting that debts owed to TFISF were not secured by Color Life shares, and is seeking legal advice to protect its rights [3] - R&F Properties announced that a restructuring plan for a domestic bond with a principal balance of approximately 1.68 billion yuan was approved, which will extend debt maturity and alleviate short-term repayment pressure [4] - Zhihong Home's controlling shareholders plan to reduce their holdings of convertible bonds by 13.51%, with a total of 905,000 bonds to be sold, which may impact the company's equity structure and market confidence in the long term [5]

Core Viewpoint - Hong Kong property stocks continue to rise, indicating a positive trend in the real estate sector [1] Group 1: Company Performance - Shimao Group (00813.HK) increased by 13.21%, reaching HKD 0.3 [1] - R&F Properties (02777.HK) rose by 5.36%, reaching HKD 0.59 [1] - China Resources Land (01109.HK) saw a gain of 4.45%, reaching HKD 30.96 [1] - Oceanwide Holdings (03377.HK) increased by 3.81%, reaching HKD 0.109 [1]