Group 1 - The core point of the article highlights a significant rise in the stock prices of Chinese real estate companies following the announcement of new housing policies in Shenzhen, which are more lenient compared to previous policies in Beijing and Shanghai [1] - Country Garden (碧桂园) saw a stock increase of 10.42%, trading at HKD 0.53, while other companies like CIFI Holdings (旭辉控股) and Vanke (万科企业) also experienced notable gains [1] - The new policy in Shenzhen, effective from September 5, includes a substantial relaxation of purchase restrictions in non-core areas and eliminates the differentiation in mortgage rates between first and second homes [1] Group 2 - According to CITIC Securities, the new housing policy in Shenzhen is expected to stimulate demand for multiple home purchases in peripheral areas, indicating a broader trend among major cities to enhance real estate market activity [1] - The adjustments in Shenzhen's housing policies are seen as more extensive than those implemented in Beijing and Shanghai in August, suggesting a proactive approach to revitalize the real estate market [1] - Overall improvement in real estate sales performance is anticipated, contingent upon the effective implementation of policies related to inventory housing acquisition and urban village renovations, which could enhance supply-demand dynamics [1]

Core Viewpoint - The recent policy changes in Shenzhen's real estate market have led to a significant increase in the stock prices of major property companies, indicating a positive market reaction to the new regulations [1] Group 1: Market Reaction - Major property stocks such as Country Garden (碧桂园) rose by 10.42% to HKD 0.53, CIFI Holdings (旭辉控股) increased by 4.05% to HKD 0.231, Vanke (万科企业) climbed 3.07% to HKD 5.38, and Oceanwide Holdings (远洋集团) gained 2.52% to HKD 0.122 [1] Group 2: Policy Changes - Shenzhen's new real estate policy, released on September 5, significantly relaxes purchase restrictions in non-core areas, excluding specific districts, and eliminates the differentiation in commercial loan rates between first and second homes [1] - The extent of the policy relaxation in Shenzhen is greater than the measures introduced in Beijing and Shanghai in August [1] Group 3: Future Outlook - The adjustments in Shenzhen's real estate policies align with previous expectations, focusing on stimulating demand for multiple home purchases in peripheral areas [1] - Continuous improvement in overall real estate sales performance is anticipated, contingent on the effective implementation of policies related to inventory housing acquisition and urban village renovations [1]

Market Overview - In August, multiple new residential projects in Tianjin are actively preparing for the "Golden September and Silver October" sales period, with over 20 new projects expected to enter the market in the six urban districts and four surrounding districts from September to October [1] - The Hexi District is highlighted as a supply hotspot, featuring high-quality projects such as Tianjin Iron Green City North Tide Ming, Poly Tianmen Tianjun, Jindi Meijiang Yin, and Greentown Yubaihe, indicating increased market competition in this area [1] - The Tianjin real estate market is gradually transitioning to a phase dominated by new products, while the market presence of older projects continues to diminish [1] Sales Performance - From January to August 2025, the top 10 real estate companies in Tianjin achieved a total sales revenue of 40.38 billion yuan, with a threshold of 1.77 billion yuan for the top 10 list [2] - The leading company, Taida Construction, recorded sales of 6.93 billion yuan, followed by China Overseas Property with 5.95 billion yuan, and Tianjin Urban Investment Group with 5.33 billion yuan [2] Project Sales Rankings - The top 10 residential projects in Tianjin generated a total sales amount of 11.943 billion yuan from January to August 2025, with a minimum threshold of 920 million yuan for inclusion in the ranking [3] - The project "Shangdong Jinmao Xiaotang/Jintang" topped the list with sales of 1.483 billion yuan, followed by "Jinmao Panhu Manting" at 1.296 billion yuan, and "Tibei Jinmao Mansion" at 1.295 billion yuan [3] Policy Environment - On August 13, Tianjin's housing provident fund center announced a new measure allowing homebuyers to withdraw funds from their provident fund accounts to pay the down payment for purchasing existing homes, aimed at reducing the threshold for home purchases and invigorating the existing housing market [5] - On August 28, the Central Committee of the Communist Party of China and the State Council released an opinion on promoting high-quality urban development, providing important guidance for local governments to address current industry challenges [5] Land Market Analysis - In August 2025, Tianjin launched 20 plots of land for sale, with a planned construction area of 1.4254 million square meters, including one residential plot, one commercial/office plot, and 16 industrial plots [5] - Three residential land parcels were sold in August, all at the base price, located in Wuqing District, Beichen District, and Hongqiao District, with the Hongqiao District plot designated for urban renewal [7]

Core Insights - The real estate industry is experiencing a differentiated landscape in the first half of 2025 due to policy adjustments and changes in market demand, with some companies achieving stable growth through precise strategies and strong product capabilities [2] Group 1: Market Focus - Market demand is concentrating in high-quality areas, with leading real estate companies directing resources towards core cities, particularly first-tier and key second-tier cities, establishing a foundation based on core urban centers [3] - First-tier cities have significantly increased their contribution to sales for real estate companies, with over 50% of sales from companies like China Merchants Shekou, Yuexiu Property, and China Jinmao coming from cities like Beijing, Shanghai, Guangzhou, and Shenzhen [3] - Second-tier cities are becoming the main battleground for expansion, with companies like Longfor and Yuanhang focusing nearly 90% of new project areas in first and second-tier cities, balancing profit and scale [3] Group 2: Company Dynamics - The market is characterized by a leading role of state-owned enterprises (SOEs) and a gradual recovery of private enterprises, enhancing industry stability through collaborative efforts in sales and land acquisition [4] - In sales, SOEs like Poly Developments and China Overseas Land & Investment dominate due to their financial advantages and brand trust, while private companies like Binjiang Group and Jianfa Real Estate are achieving positive sales growth through differentiated strategies [4] - In land acquisition, the top 100 real estate companies saw a 33.3% year-on-year increase in total land acquisition, with SOEs occupying 8 out of the top 10 positions, showcasing their role as a stabilizing force in the land market [4] Group 3: Industry Concentration and Innovation - Among the top 10 real estate companies, four, including Jianfa Real Estate and Yuexiu Property, reported positive year-on-year sales, while the overall performance of companies ranked 11-30 and 51-100 declined, indicating increased industry concentration [5] - Leading companies are enhancing product strength and optimizing investment strategies to adapt to market trends, focusing on standardization and cultural integration in product development [5] - Investment strategies are becoming more flexible and diversified, with companies like Poly Developments and China Overseas Land & Investment prioritizing quality land in core cities and participating in urban renewal projects [5] Group 4: Future Outlook - Overall, high-quality real estate companies are focusing on three main directions to build competitive advantages, indicating a shift from "scale expansion" to "quality enhancement" in the industry [6]

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8月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 遠洋集團控股有限公司 | | | | 呈交日期: | 2025年9月3日 | | | | I. 法定/註冊股本變動 不適用 | | | | | 備註： | | | | | 遠洋集團控股有限公司(「本公司」)並無法定股本, 及其股本並無股份面值。 | | | | FF301 第 1 頁 共 11 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 03377 | 說明 | 股份 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | ...

Core Viewpoint - The Hong Kong real estate stocks are generally declining, with major companies experiencing significant drops in their stock prices amid ongoing adjustments in the real estate market [1] Industry Summary - The real estate market in August continued its adjustment trend, with the sales amount of the top 100 real estate companies decreasing month-on-month. The decline in sales narrowed due to a low base from the previous year, but the cumulative year-on-year decline further expanded [1] - From January to August, the top 100 real estate companies achieved a total sales amount of 20,708.6 billion yuan, a year-on-year decrease of 13.1%, with the decline expanding by 0.5 percentage points compared to the previous month. The equity sales amount was 16,197 billion yuan, down 14.4% year-on-year, with a decline of 0.9 percentage points compared to the previous month [1] - In August, the top 100 real estate companies recorded a sales amount of 2,069.5 billion yuan, a year-on-year decrease of 17.6% and a month-on-month decrease of 2.0% [1] Company Summary - There is a clear differentiation among real estate companies, with leading firms showing strong performance. In August, 48% of the top 40 companies achieved positive month-on-month growth, and eight out of the top ten companies reported positive growth [1] - Notable companies with significant month-on-month growth include China Overseas Land & Investment, Greentown China, China Merchants Shekou, and Huafa Group [1] - In terms of monthly sales amount for August, Greentown China led with 19.5 billion yuan, followed by China Merchants Shekou, China Overseas Land & Investment, Poly Developments, and China Resources Land [1]

Group 1 - The core point of the article is that Ocean Group (03377) reported its subsidiary Beijing Ocean Holdings Group Co., Ltd.'s performance for the first half of 2025, showing a revenue of approximately 4.453 billion yuan and a net loss of about 15.966 billion yuan after tax [1] Group 2 - The reported revenue of approximately 4.453 billion yuan indicates the company's financial performance during the specified period [1] - The net loss of approximately 15.966 billion yuan after tax highlights significant financial challenges faced by the company [1]

Group 1 - The core point of the article is that Ocean Group (03377) reported its subsidiary Beijing Ocean Holdings Group's performance for the first half of 2025, showing a revenue of approximately 4.453 billion yuan and a net loss of about 15.966 billion yuan after tax [1] Group 2 - The reported revenue of approximately 4.453 billion yuan indicates the company's financial performance during the specified period [1] - The net loss of approximately 15.966 billion yuan after tax highlights significant financial challenges faced by the company [1]

本公告乃由遠洋集團控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）自願作 出。 有關本公司間接全資附屬公司兼本公司於中華人民共和國（「中國」）的主要附屬公司北京 遠洋控股集團有限公司（前稱遠洋控股集團（中國）有限公司，「遠洋控股」）在中國發行的 公 司債 券，根據 中 國有 關規 則 及規 例以 及 中國 證券 監 督管 理委 員 會的 規定，遠 洋 控股 於 二零二五年八月二十九日在上海證券交易所網站(http://www.sse.com.cn)登載（其中包 括）其 根 據 中 國 企 業 會 計 準 則 編 製 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 未 經 審 核 綜 合 財務報表。 下文載列根據中國企業會計準則編製的遠洋控股截至二零二五年六月三十日止六個月未 經審核綜合財務報表的主要財務數據（連同比較數據）： | | 於二零二五年 | 於二零二四年 | | --- | --- | --- | | | 六月三十日 | 十二月三十一日 | | | 人民幣千元 | 人民幣千元 | | | （未經審核） | （經審核） | | 流動資產 | 124,051,248 | 1 ...

Core Viewpoint - The financial performance of the company has shown significant fluctuations, with a notable decline in sales and revenue, but a surprising turnaround in profit due to non-cash gains from debt restructuring [1] Financial Performance - The total contracted sales amount for the company was RMB 13.37 billion, representing a year-on-year decrease of 27% [1] - The revenue for the period was RMB 6.20 billion, which is a 53% decline compared to the same period last year [1] - The company recorded a gross loss of RMB 4.97 billion for the first half of 2025 [1] - The profit attributable to the owners of the company was RMB 10.20 billion, marking a turnaround from loss to profit year-on-year [1] - The profit during the period was primarily due to non-cash gains from the completion of overseas debt restructuring [1] Land Reserves - As of June 30, 2025, the company's land reserves decreased to 27.23 million square meters [1] - The attributable land reserves also declined to 14.59 million square meters [1] - The company and its joint ventures did not acquire any new land during the first half of 2025 [1]