Core Viewpoint - The Chinese property stocks are experiencing a rise, driven by the implementation of new housing policies in various regions, particularly the promotion of "existing home sales" in Pingjiang County, Hunan Province, which is expected to stabilize the market in the long term [1] Group 1: Market Performance - Shimao Group (00813) increased by 13.21%, trading at 0.3 HKD - R&F Properties (02777) rose by 5.36%, trading at 0.59 HKD - China Resources Land (01109) saw a 4.45% increase, trading at 30.96 HKD - Oceanwide Holdings (03377) grew by 3.81%, trading at 0.109 HKD [1] Group 2: Policy Developments - On November 3, Pingjiang County in Hunan Province fully implemented existing home sales, marking it as the fourth region in China to do so after Xinyang, Jingmen, and Conghua District [1] - Zhongtai Securities reported that existing home sales can mitigate delivery risks and help stabilize the market, although it may not directly boost new home sales in the short term [1] Group 3: Future Outlook - GF Securities noted that there is currently a policy vacuum period, with no new statements from central or local governments ahead of year-end meetings [1] - Huang Qifan's proposals regarding the establishment of a reverse mortgage system for the elderly and other housing consumption models have garnered significant attention [1] - The exploration of new real estate models continues, with expectations for statements from the Political Bureau and the Central Economic Work Conference by year-end [1]

Group 1: Housing and Construction - Beijing's Housing and Urban-Rural Development Committee announced the completion of the 2025 affordable housing construction tasks, including 17 new projects with 19,800 units, 7 collection projects with 2,400 units, and 7 completed projects with 8,100 units [1] - The plan includes public rental housing, guaranteed rental housing, and various types of resettlement housing, with a total of 50,000 rental housing units planned for construction by 2025 [1] Group 2: Financial Updates - Shenzhen Metro Group provided a loan of up to 1.666 billion yuan to Vanke A for repaying bond principal and interest, with a loan term of no more than 3 years and an interest rate of 2.34% [2] - CIFI Holdings reported a contract sales amount of approximately 1.1 billion yuan in October, with a sales area of about 113,300 square meters and an average contract sales price of 10,100 yuan per square meter [3] - New City Holdings achieved a contract sales amount of approximately 1.419 billion yuan in October, a year-on-year decrease of 4.38%, with a sales area of about 191,500 square meters, down 9.37% year-on-year [4] - R&F Properties announced the restructuring of a domestic bond with a principal balance of approximately 1.68 billion yuan, which was approved in a bondholder meeting [5]

Core Viewpoint - R&F Properties (02777) announced a preliminary restructuring plan for its domestic bonds, with a specific focus on a bond with an outstanding principal balance of approximately RMB 1.68 billion, which has been approved in a bondholders' meeting [1] Group 1 - The company is progressing with the restructuring of its domestic bonds, indicating a proactive approach to manage its debt obligations [1] - A bondholders' meeting was held to discuss the restructuring plan, demonstrating engagement with stakeholders [1] - The restructuring plan aims to address the remaining domestic bonds, suggesting ongoing efforts to stabilize the company's financial position [1]

Group 1 - The company, R&F Properties (02777), announced a preliminary overall restructuring plan for its domestic bonds [1] - A specific bond with an outstanding principal balance of approximately RMB 1.68 billion has had its restructuring plan approved in a meeting with bondholders [1] - The company will hold further meetings with bondholders to advance the restructuring of the remaining domestic bonds [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。 本公告僅供參考，並不構成收購、購買或認購本公司任何證券之邀請或要約。 茲提述本公司日期為二零二五年九月十日的公告（「該公告」），內容有關（但不限於）本公 司初步為本公司境內公司債券（「境內債券」）持有人提供的整體境內債券重組方案。除文義 另有所指外，本公告所用詞彙與該公告所界定者具有相同涵義。 本公司董事會（「董事會」）欣然宣佈境內債券中其中一筆本金餘額約人民幣 16.8 億元的債券 已於相關債券持有人會議中通過重組方案。 本公司將就境內債券重組範圍內餘下的境內債券召開債券持有人會議，以推進境內債券重組 事宜。 本公司將按照相關規則及法規於有需要時作出進一步公告。 1 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2777） 境內公司債券重組更新 本公告由廣州富力地產股份有限公司（「本公司」）自願發佈，旨在向本公司股東、證券持有 人及潛在投資者提供有關本公司境內公司債券重組（「境內債券重組」） ...

Group 1 - Hong Kong real estate stocks experienced a general rise, with Longfor Group up 3.33%, China Resources Land up 3%, and Agile Group up 3.4% [1] - Other notable increases include R&F Properties, Jin Hui Holdings, Ronshine China, and Jianfa International Group, each rising approximately 2%, while Midea Real Estate, Longguang Group, New City Development, and China Overseas Macro Holdings rose over 1% [1] Group 2 - The China Index Academy recently released the October financing report, indicating that the total bond financing in the real estate sector for October 2025 reached 51.24 billion yuan, a year-on-year increase of 76.9% [1] - The issuance of credit bonds in October also saw a year-on-year increase, primarily from state-owned enterprises, with real estate credit bond financing amounting to 32.7 billion yuan, up 50.7% year-on-year, accounting for 63.8% of the total [1] Group 3 - CITIC Securities suggests that 2026 may be a critical year for real estate companies to enter a balance sheet repair phase, with some firms potentially reaching the bottom of a long-term profit cycle [1] - Companies that manage to recover first are likely those with well-positioned assets in good cities, operational investment properties, or financial assets with appreciation potential [1]

Group 1 - Hong Kong property stocks experienced an upward trend in early trading [1] - R&F Properties (02777.HK) rose by 3.64%, trading at HKD 0.57 [1] - Longfor Group (00960.HK) increased by 2.94%, trading at HKD 10.51 [1] - China Resources Land (01109.HK) saw a rise of 2.75%, trading at HKD 29.88 [1] - Oceanwide Holdings (03377.HK) gained 1.9%, trading at HKD 0.107 [1]

Group 1 - The article highlights a positive trend in the Chinese real estate sector, with several major property stocks experiencing gains in early trading, including R&F Properties up 3.64% and Longfor Group up 2.94% [1] - According to Open Source Securities, as of October 31, a total of 438.4 billion yuan in special bonds for land reserves have been issued, with 319.8 billion yuan specifically for affordable housing projects [1] - The urban development is shifting from large-scale expansion to improving existing stock, emphasizing high-quality urban development and urban renewal projects, with an estimated investment demand of 4 trillion yuan over the next five years [1] Group 2 - CITIC Securities indicates that the supply and demand situation in the real estate market has improved, suggesting a foundation for stabilization by 2026 [1] - The year 2026 is projected to be critical for real estate companies in terms of balance sheet recovery, with some firms potentially reaching a long-term profitability bottom [1] - Companies that have successfully navigated challenges are likely to be those with strong urban positioning, well-operating investment properties, or valuable financial assets [1]

Core Viewpoint - The real estate stocks in China are experiencing an upward trend, with significant gains reported for several major companies, indicating a potential recovery in the sector [1] Group 1: Stock Performance - R&F Properties (02777) increased by 3.64%, trading at HKD 0.57 [1] - Longfor Group (00960) rose by 2.94%, trading at HKD 10.51 [1] - China Resources Land (01109) saw a 2.75% increase, trading at HKD 29.88 [1] - Oceanwide Holdings (03377) gained 1.9%, trading at HKD 0.107 [1] Group 2: Debt Issuance and Urban Development - As of October 31, a total of CNY 438.4 billion in special bonds for land reserves has been issued, with CNY 319.8 billion allocated for affordable housing projects [1] - The urban development strategy is shifting from large-scale expansion to enhancing existing stock, focusing on high-quality urban development and urban renewal projects [1] - Central government prioritizes support for key urban renewal projects, with an estimated investment demand of CNY 4 trillion over the next five years [1] Group 3: Market Outlook - CITIC Securities reports an improvement in the supply-demand situation in the real estate market, suggesting a foundation for stabilization by 2026 [1] - 2026 is anticipated to be a critical year for real estate companies to repair their balance sheets, with some firms potentially reaching a long-term profitability bottom [1] - Companies that have strategically positioned themselves in favorable cities and possess well-operating investment properties or valuable financial assets are likely to recover first [1]

Core Viewpoint - The Chinese real estate stocks have shown signs of recovery, with significant increases in share prices for several companies, despite ongoing challenges in the market [1] Group 1: Market Performance - As of the latest report, Greentown China (03900) rose by 8.36% to HKD 8.94, R&F Properties (02777) increased by 5.66% to HKD 0.56, New World Development (01030) gained 4.04% to HKD 2.32, and Shimao Group (00813) climbed 3.85% to HKD 0.27 [1] - According to CRIC, the top 100 real estate companies achieved a sales turnover of CNY 253 billion in October 2025, reflecting a month-on-month increase of 0.1% but a year-on-year decrease of 41.9% [1] Group 2: Sales Performance - Cumulatively, the top 100 real estate companies reported a sales turnover of CNY 25,766.6 billion, which represents a year-on-year decline of 16%, with the rate of decline widening by 4.2 percentage points compared to the first nine months of the year [1] Group 3: Market Outlook - Morgan Stanley suggests that the large number of second-hand homes on the market may continue to suppress market sentiment, exerting pressure on real estate sales and prices for the remainder of the year [1] - CITIC Securities reports that the supply and demand situation in the real estate market has improved, indicating that adjustments have been sufficient, and forecasts a potential stabilization in the market in 2026 [1] - CITIC Securities also believes that 2026 could be a critical year for real estate companies to repair their balance sheets, with some firms possibly reaching a long-term profitability bottom [1]