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）： 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）。 承董事會命 廣州富力地產股份有限公司 董事長 李思廉 香港，二零二五年八月一日 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 - 廣州富力地產股份有限公司2016年公司債券（第三期）（品種一）2025年第一次分期償 ...

美银证券此前发表研究报告称，预期今年上半年的行业盈利将同比下降25%，但由于存货减值幅度收 窄，预计全年盈利下降幅度将收窄至13%，又预计上半年开发利润率将下降1个百分点，平均值为 11%。该行计及第二季行业表现逊于预期后，将开发商今年的合同销售预测下调5%，意味着在高基数 下，下半年将同比下降16%。该行预计，受到利润率复苏所支持，该行预计2027财年内房行业盈利将会 复苏，但由于合同销售的复苏不稳，将2027年行业盈利预测下调3%，行业平均目标价相应下调约3%。 本文源自：智通财经网 智通财经获悉，内房股跌幅居前，截至发稿，融创中国(01918)跌6.06%，报1.55港元；新城发展(01030) 跌5.64%，报2.51港元；融信中国(03301)跌3.81%，报0.202港元；富力地产(02777)跌2.15%，报0.91港 元。 消息面上，7月30日，中央政治局召开会议。国盛证券指出，房地产领域本次工作提及篇幅较少，仅强 调要"落实好中央城市工作会议精神，高质量开展城市更新"。6月房地产销售面积同比继续回落，销售 走弱之后，房地产投资仍在收缩，房地产投资累计同比继续下跌至11.2%，跌幅较上月扩大0 ...

Group 1 - The real estate stocks have seen significant declines, with Sunac China down 6.06% to HKD 1.55, New World Development down 5.64% to HKD 2.51, and others following suit [1] - The Central Political Bureau meeting on July 30 emphasized the need to implement the spirit of the Central Urban Work Conference, focusing on high-quality urban renewal, with limited mention of the real estate sector [1] - Real estate sales area continued to decline year-on-year in June, with cumulative investment in real estate down 11.2%, a 0.5 percentage point increase in the decline compared to the previous month [1] Group 2 - Bank of America Securities predicts a 25% year-on-year decline in industry profits for the first half of the year, but expects the annual decline to narrow to 13% due to reduced inventory impairment [2] - The average development profit margin is expected to decrease by 1 percentage point to 11%, with a 5% downward adjustment in contract sales forecasts for developers, indicating a 16% year-on-year decline in the second half [2] - The firm anticipates a recovery in the real estate industry's profits by fiscal year 2027, but has lowered the profit forecast by 3% due to unstable contract sales recovery, resulting in a corresponding 3% decrease in average target prices [2]

智通财经APP获悉，内房股跌幅居前，截至发稿，融创中国(01918)跌6.06%，报1.55港元；新城发展 (01030)跌5.64%，报2.51港元；融信中国(03301)跌3.81%，报0.202港元；富力地产(02777)跌2.15%，报 0.91港元。 消息面上，7月30日，中央政治局召开会议。国盛证券指出，房地产领域本次工作提及篇幅较少，仅强 调要"落实好中央城市工作会议精神，高质量开展城市更新"。6月房地产销售面积同比继续回落，销售 走弱之后，房地产投资仍在收缩，房地产投资累计同比继续下跌至11.2%，跌幅较上月扩大0.5个百分 点。根据本次会议内容，房地产领域后续的政策举措或将重点在于托底，帮助房地产市场企稳态势，政 策端包括增加"城市更新"、"城中村和危旧城改造"等潜在需求。 美银证券此前发表研究报告称，预期今年上半年的行业盈利将同比下降25%，但由于存货减值幅度收 窄，预计全年盈利下降幅度将收窄至13%，又预计上半年开发利润率将下降1个百分点，平均值为 11%。该行计及第二季行业表现逊于预期后，将开发商今年的合同销售预测下调5%，意味着在高基数 下，下半年将同比下降16%。该行预计，受到利润 ...

内房股今日普跌，截至发稿，远洋集团(03377)跌6.67%，报0.126港元；融创中国(01918)跌5.17%，报 1.65港元；富力地产(02777)跌2.08%，报0.94港元。 消息面上，中共中央政治局7月30日召开会议，会议指出，落实好中央城市工作会议精神，高质量开展 城市更新。中泰证券（600918）此前指出，中央城市工作会议强调城市发展已从"大规模增量扩张阶 段"进入"存量提质增效阶段"，提出了以推动城市高质量发展为主题、以坚持城市内涵式发展为主线、 以推进城市更新为重要抓手的总体部署。会议提出"加快构建房地产发展新模式，稳步推进城中村和危 旧房改造"，但并未出台强刺激举措，相关表述较为审慎中性。 美银证券此前发表研究报告称，预期今年上半年的行业盈利将同比下降25%，但由于存货减值幅度收 窄，预计全年盈利下降幅度将收窄至13%，又预计上半年开发利润率将下降1个百分点，平均值为 11%。该行计及第二季行业表现逊于预期后，将开发商今年的合同销售预测下调5%，意味着在高基数 下，下半年将同比下降16%。该行预计，受到利润率复苏所支持，该行预计2027财年内房行业盈利将会 复苏，但由于合同销售的复苏不 ...

Report Industry Investment Rating No information provided in the report. Core Viewpoints - The primary market issuance of Chinese offshore bonds declined last week, while the secondary market continued to rise slightly. The 10-year US Treasury yield fluctuated downward, and there were multiple macroeconomic events and data changes in the US and other regions [1][4]. Summary by Directory 1. Primary Market - Last week, the primary market issuance of Chinese offshore bonds declined, with 12 bonds issued, totaling approximately $1.988 billion, mainly in the financial and urban investment sectors [6]. - Mengniu Dairy issued two sustainable development bonds totaling RMB 3.5 billion, the largest issuance scale last week, with a final subscription over 5 times; Dazhou Kaisheng Construction and Development Group issued a $70 million green bond with a coupon rate of 7%, the highest - priced new bond last week [1][9]. 2. Secondary Market 2.1 Chinese US Dollar Bond Index Performance - Last week, the Chinese US dollar bond index (Bloomberg Barclays) rose 0.26% week - on - week, the emerging market US dollar bond index rose 0.56%. The investment - grade index of Chinese US dollar bonds was at 196.273, with a weekly increase of 0.26%; the high - yield index was at 161.38, with a weekly increase of 0.23% [8]. - The Chinese US dollar bond return index (Markit iBoxx) rose 0.21% week - on - week. The investment - grade return index was at 237.5951, with a weekly increase of 0.21%; the high - yield return index was at 240.6378, with a weekly increase of 0.23% [14]. 2.2 Chinese US Dollar Bond Industry Performance - In terms of industries, the healthcare and materials sectors led the gains, while the real estate and communication sectors led the losses. The healthcare sector's yield decreased by 515.7bps, and the materials sector's yield decreased by 35.4bps; the real estate sector's yield increased by 1.3Mbps, and the communication sector's yield increased by 6.9bps [19]. 2.3 Chinese US Dollar Bond Different Rating Performance - According to Bloomberg's comprehensive rating, investment - grade names all rose, with the A - grade weekly yield down 4.4bps and the BBB - grade weekly yield down 10.4bps; most high - yield names fell, with the BB - grade yield down 11.8bps, the DD + to NR - grade yield up about 25.7bps, and the unrated names' yield up 762.0bps [21]. 2.4 Last Week's Bond Market Hot Events - Shanghai Shimao Construction Co., Ltd.'s controlling shareholder, Shimao Group, had its overseas debt restructuring take effect on July 21, 2025 [24]. - Guangzhou R&F Properties Co., Ltd. was added to the list of dishonest被执行人, but it has not had a significant adverse impact on the company's daily operations and onshore bond repayment ability for now [25]. 2.5 Last Week's Subject Rating Adjustments - Multiple companies' ratings or outlooks were adjusted, including Zhangzhou Transportation Group, Bank of Communications Financial Leasing, and others, mainly due to factors such as government support, parent - company relationships, and company fundamentals [27]. 3. US Treasury Bond Quotes - The report provides quotes for 30 US Treasury bonds with maturities over 6 months, sorted by yield to maturity from high to low [28]. 4. Macroeconomic Data Tracking - As of July 25, the 1 - year US Treasury yield was 4.0932%, up 2.99bps from last week; the 2 - year yield was 3.9232%, up 5.41bps; the 5 - year yield was 3.9573%, up 1.08bps; the 10 - year yield was 4.3878%, down 2.77bps [33]. 5. Macroeconomic News - The US July S&P Global manufacturing PMI preliminary value dropped to 49.5, a new low since December 2024, but the service PMI and composite PMI reached new highs since December 2024 [31]. - The number of initial jobless claims in the US last week was 217,000, dropping for the sixth consecutive week [32]. - US existing - home sales in June decreased by 2.7% [33]. - There were also multiple international trade, policy, and economic events, such as the EU's plan to impose counter - tariffs on US products, and Japan's 40 - year Treasury auction with record - low demand [43][44].

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） 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被列入失信被執行人名單的公告 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）。 承董事會命 廣州富力地產股份有限公司 董事長 李思廉 香港，二零二五年七月二十八日 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。 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。 广州富力地产股份有限公司 * 僅供識 ...

Core Viewpoint - R&F Properties, facing over 100 billion yuan in debt, is selling core assets, specifically 387 commercial properties in Foshan, Guangdong, with a starting auction price of 390 million yuan, which is 15% lower than the assessed value of 457.6 million yuan [2][4][21]. Group 1: Asset Sale Details - The auction for the 387 properties is scheduled for August 18, with an execution case number of (2025)粤0605执5409号, and the total execution amount is approximately 439 million yuan [2][4]. - The properties are located in the South China International Financial Center, which has been renamed Foshan Nanhai R&F Plaza, and are classified as wholesale retail/commercial service land [2][4]. - The properties range in size from 32 to 467 square meters and are currently in a raw state, with the exterior completed but the interior unfinished [7][9]. Group 2: Market Context and Implications - The auction has attracted over a thousand viewers, but as of the reporting date, no buyers had registered, indicating cautious investor sentiment towards distressed assets in the current real estate market [4][17]. - The properties are situated in a prime location, adjacent to the Qian Deng Lake and near major transportation routes, which could enhance their appeal despite their current state [13][15]. - The forced sale of these core assets reflects a broader trend among distressed real estate companies opting to liquidate assets to alleviate financial pressures [4][22]. Group 3: Financial Performance and Challenges - R&F Properties reported a significant decline in revenue, with a total income of 17.701 billion yuan in 2024, down 51.15% year-on-year, and a net loss of 17.71 billion yuan [21][22]. - The company has been actively disposing of assets to manage its debt, including the sale of a London project for 1 HKD and attempts to sell domestic hotel assets, although with limited success [22]. - Despite some improvement in sales figures in the first half of 2025, the company continues to face substantial financial challenges, including a total debt of 103.018 billion yuan, with 94.142 billion yuan due within a year [21][22].

Group 1: Policy Changes - Chengdu has announced the cancellation of housing sales restrictions and adjustments to housing provident fund loan rules to support residents' housing needs and promote market stability [1] - From July 21, 2024, properties purchased before October 14, 2024, can be traded after obtaining property certificates, and from January 1, 2026, second-hand housing certificates obtained before October 14, 2024, will have no transfer restrictions [1] - The minimum down payment ratio for housing provident fund loans has been reduced from 30% to 20%, with a mechanism linking loan amounts to deposit balances to increase loan limits [1] Group 2: Market Activity - In Shenzhen, 1,256 second-hand homes were recorded in the week of July 14-20, 2025, representing a 4.9% decrease compared to the previous week [2] - The real estate industry saw a total of 81 merger and acquisition transactions in the first half of 2025, an increase of 2 transactions compared to the same period in 2024 [5] - The total transaction scale of disclosed M&A deals was approximately 29.1 billion, reflecting a 58% year-on-year decline [5] Group 3: Company Developments - Xiangyu Real Estate Group has initiated the issuance of company bonds amounting to 11.5 billion, with a registered scale not exceeding 13.4 billion [3] - The bonds will have a term of 3 years, with a fixed interest rate in the range of 2.2% to 3% [3] - R&F Properties has been listed as a dishonest executor by the Guangzhou Baiyun District Court due to violations of property reporting regulations [4]

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。 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）。 承董事會命 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被列入失信被執行人名單的公告 廣州富力地產股份有限公司 董事長 李思廉 香港，二零二五年七月二十一日 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:1363 ...