Core Viewpoint - The Hong Kong property stocks experienced a general rise on September 24, with notable increases in share prices for several major companies in the sector [1] Company Summaries - Longfor Group (03380.HK) saw a share price increase of 3.74%, reaching HKD 1.11 [1] - Country Garden (02007.HK) rose by 3.45%, with shares priced at HKD 0.6 [1] - China Overseas Macro Group (00081.HK) experienced a 2.85% increase, with shares at HKD 2.53 [1] - Shimao Group (00813.HK) increased by 2.56%, with shares priced at HKD 0.4 [1]

Group 1 - The core viewpoint of the article highlights a collective rise in Hong Kong's property stocks, driven by government reforms aimed at stabilizing the real estate market and addressing sector challenges [1] - The Ministry of Housing and Urban-Rural Development of China has announced plans to deepen reforms and promote breakthroughs in housing, real estate, urban construction, and the construction industry [1] - Several property companies are undergoing domestic debt restructuring, including Country Garden, Sunac China, Longfor Group, and CIFI Holdings [1] Group 2 - Notably, the luxury housing market in Shanghai has seen a surge, with a recent launch of 120 units in the Kerry Jinling Huating Phase II selling out completely, generating a sales revenue of 9.843 billion yuan in a single day [1] - Specific property stocks such as Longfor Group and Jianfa International have seen increases of nearly 4%, while Shimao Group and China Overseas Grand Oceans have risen by nearly 3% [1] - The article provides a detailed list of stock performance for various property companies, indicating positive market sentiment [1]

Group 1 - The core viewpoint of the article highlights the upward movement of Chinese property stocks, driven by recent policy adjustments in major cities [1] - Longfor Group (03380) increased by 3.74% to HKD 1.11, Country Garden (02007) rose by 3.45% to HKD 0.6, China Overseas Macro Group (00081) gained 2.85% to HKD 2.53, and Shimao Group (00813) went up by 2.56% to HKD 0.4 [1] - Since August, first-tier cities like Beijing and Shanghai have implemented optimized purchase restrictions, with Shanghai's finance bureau announcing adjustments to property tax policies on September 19 [1] Group 2 - Guojin Securities noted that the recent policy changes in first-tier cities, combined with the seasonal demand peak, are expected to help stabilize the real estate market [1] - August real estate data indicates a continued need for more policies to support the market's recovery, with expectations for further policy enhancements [1] - The current valuation of the real estate sector is considered low, suggesting a buying opportunity for investors [1]

Logan Group Company Limited 龍光集團有限公司 （於開曼群島註冊成立之有限公司） NOTIFICATION LETTER 通知信函 23 September 2025 Dear Registered Shareholders. Logan Group Company Limited (the "Company") — Notice of publication of 2025 Interim Report of the Company ("Current Corporate Communication") 各位登記股東： 龍光集團有限公司（「本公司」） — 刊發本公司二零二五年中期報告（「本次公司通訊」）之發佈通知 本公司的本次公司通訊之中、英文版本已分別上載於本公司網站(www.logangroup.com)及香港聯合交易所有限公司（「聯交所」）之網站(www.hkexnews.hk) （「網站版本」）。我們建議 閣下閱覽本公司本次及日後公司通訊 （附註） 的網站版本。如 閣下已選擇收取公司通訊的印刷本，隨函附上本次公司通訊。 如 閣下因任何理由無法以電子郵件方式收取或閱覽公司通訊 ...

Logan Group Company Limited 龍光集團有限公司 （於開曼群島註冊成立之有限公司） NOTIFICATION LETTER 通知信函 23 September 2025 Dear Non-registered Shareholder(s) (Note 1) , Logan Group Company Limited (the "Company") — Notice of publication of 2025 Interim Report of the Company ("Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at www.logangroup.com and the website of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") at ...

Financial Performance - For the first half of 2025, the company's revenue was RMB 3,401.0 million, with a loss of RMB 1,959.7 million[14] - For the six months ended June 30, 2025, the company's revenue was approximately RMB 3,401.0 million, a decrease of about RMB 10,652.3 million (or approximately 75.8%) compared to the same period in 2024[23] - Property development revenue for the same period was approximately RMB 3,267.1 million, down approximately 76.5% from RMB 13,875.3 million in 2024[23] - The company reported a total loss attributable to equity shareholders of RMB 1,782.2 million for the six months ended June 30, 2025, an increase of 16.0% compared to RMB 1,536.5 million in 2024[23] - The operating loss for the period was RMB 1,364,096,000, an improvement from the operating loss of RMB 2,340,832,000 in the previous year[58] - The group reported a comprehensive loss before tax of RMB (1,557,927,000) for the six months ended June 30, 2025, compared to RMB (3,467,196,000) for the same period in 2024[79] - The total comprehensive loss for the period was RMB 1,289,175,000, compared to RMB 1,996,463,000 in the previous year, showing a decrease of approximately 35.4%[59] Debt Restructuring - Over 80.8% of creditors have agreed to the overall debt restructuring plan, which involves USD 6.207 billion of the company's offshore debt[9] - The restructuring of domestic bonds has made significant progress, with all proposals approved by relevant bondholder meetings[10] - The company will continue to focus on operational stability and debt management while communicating with various creditors to expedite the completion of debt restructuring[11] - The company has outstanding term loan financing of HKD 880,000,000 as of June 30, 2025, which is part of an overall debt restructuring plan announced on January 10, 2025[44] - The company has an additional outstanding term loan financing of HKD 780,000,000 and USD 223,880,000 as of June 30, 2025, also included in the debt restructuring[45] - The company has suspended interest payments on all offshore US dollar senior notes since August 7, 2022, with an outstanding principal of USD 3,619 million (RMB 25,680 million) as of June 30, 2025[66] Assets and Liabilities - As of June 30, 2025, total assets were approximately RMB 207,215.8 million, a decrease of 2.5% from RMB 212,585.9 million as of December 31, 2024[27] - Total liabilities decreased to RMB 183,697,072 thousand, a reduction of 3.5% from RMB 190,780,750 thousand[61] - Non-current liabilities increased to RMB 36,164,308 thousand, up 20.5% from RMB 30,019,987 thousand[61] - The company's equity decreased to RMB 23,518,724 thousand, down 5.2% from RMB 24,805,171 thousand[61] - Cash and bank balances increased to approximately RMB 8,952.6 million, a rise of 3.5% from RMB 8,653.8 million as of December 31, 2024[27] - The net cash flow from operating activities for the six months ended June 30, 2025, was RMB 1,433,383 thousand, compared to a net outflow of RMB 1,066,254 thousand in 2024, indicating a significant turnaround[63] Share Capital and Dividends - Major shareholder Mr. Ji Haipeng holds 3,401,600,000 shares, representing approximately 59.83% of the company's issued share capital[33] - The company did not recommend an interim dividend for the six months ending June 30, 2025, consistent with the previous period[36] - The total issued share capital as of June 30, 2025, is 5,685,407,450 shares[41] Stock Options and Incentives - The company has a stock option plan allowing for a maximum of 10% of issued shares to be granted, with specific vesting schedules for participants[129] - A total of 4,516,000 stock options were forfeited during the six months ending June 30, 2025, with 57,582,000 options remaining unexercised[130] - The company granted stock options to employees on June 28, 2019, allowing the purchase of a total of 10,500,000 shares at an exercise price of HKD 12.64 per share[132] Revenue Sources - The company achieved contract sales of approximately RMB 3,975.2 million, with the Greater Bay Area contributing 53.5% of total sales[15] - For the six months ended June 30, 2025, the total revenue from external customers was RMB 3,401,041,000, with RMB 3,267,095,000 from property development and RMB 133,946,000 from property management[78] - Revenue from property development was RMB 3,268,487 for the six months ended June 30, 2025, compared to RMB 13,982,347 in 2024, indicating a decrease of about 76.6%[82] Financial Instruments and Fair Value - The fair value of preferred notes was RMB 1,891,040,000, with a face value of RMB 25,860,454,000 as of June 30, 2025[144] - The fair value of certain corporate bonds was RMB 2,137,611,000, with a face value of RMB 13,650,959,000 as of June 30, 2025[144] - The fair value of remaining corporate bonds was RMB 1,161,375,000, with a face value of RMB 3,362,483,000 as of June 30, 2025[145] Guarantees and Provisions - The company provided guarantees for mortgage financing for certain property buyers, with a total guarantee amount of RMB 29,439,590,000 as of June 30, 2025[138] - The group had contracted but unrecognized provisions amounting to RMB 6,643,233,000 as of June 30, 2025, compared to RMB 6,835,422,000 as of December 31, 2024[141]

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]

| 代码 | 名称 | 涨跌幅 ^ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | | 09993 | 金辉控股 | 0 -8.97% | 2.840 | 114.88亿 | | 02007 | 碧桂元 | -8.70% | 0.630 | 176.33 Z | | 00813 | 世茂集团 | -8.24% | 0.390 | 31.32亿 | | 03383 | 雅居乐集团 | -7.41% | 0.500 | 25.23 乙 | | 00884 | 旭辉控股集团 | -7.17% | 0.246 | 25.85 乙 | | 02772 | 中梁控股 | -6.90% | 0.081 | 3.54Z | | 02777 | 富力地产 | -6.76% | 0.690 | 25.89亿 | | 03377 | 远洋集团 | -6.32% | 0.163 | 18.97亿 | | 01918 | 融创中国 | -6.21% | 1.660 | 190.4 Z | | 02202 | 万科企业 | -6.13% | 5.510 | 657.38 Z | | 03301 ...

Group 1 - The Hong Kong real estate stocks continue to decline, with Country Garden down 8.7%, Jin Hui Holdings down 8%, and Zhongliang Holdings down 7% [1] - The National Bureau of Statistics reported that from January to August, national real estate development investment reached 60,309 billion yuan, a year-on-year decrease of 12.9%, with residential investment at 46,382 billion yuan, down 11.9% [1] - The funding for real estate development enterprises decreased by 8% year-on-year, with personal mortgage loans dropping by 10.5% [1] Group 2 - Analysts indicate that the current real estate data shows a comprehensive weakening, with both development investment and personal mortgage loans declining, confirming that the market is still in a deep adjustment period [1] - Recently, several key cities have introduced favorable policies to promote the stable and healthy development of the real estate market, particularly in terms of easing purchase restrictions, with notable adjustments in Beijing, Shanghai, and Shenzhen [1]

Core Viewpoint - The Hong Kong real estate stocks continue to decline, with major companies experiencing significant drops, while some show slight gains. The overall market remains under pressure, and recovery will take time, although there may be a temporary increase in activity due to seasonal factors and favorable policies [1]. Group 1: Market Performance - Major Hong Kong real estate stocks such as China Overseas Land & Investment, Sunac China, and others have seen declines exceeding 6%, while some companies like Ronshine China have increased by nearly 5% [1]. - The latest statistics from the National Bureau of Statistics indicate that in August, new residential sales prices in first-tier cities fell by 0.1% month-on-month, with second-tier cities down 0.3% and third-tier cities down 0.4% [1]. Group 2: Price Trends - In August, second-hand residential prices in first-tier cities decreased by 1.0%, while second-tier cities saw a decline of 0.6% and third-tier cities a decrease of 0.5% [1]. - The decline in prices indicates ongoing downward pressure in the real estate market, necessitating a process for recovery [1]. Group 3: Future Outlook - Short-term prospects may improve with the release of favorable policies and the traditional peak sales season of "Golden September and Silver October" approaching [1]. - The real estate industry is expected to transition from a model characterized by "high debt, high leverage, and high turnover" to a focus on high-quality development, emphasizing product quality, operational service, and sustainable development [1].