Core Viewpoint - The real estate market in China has shown significant recovery in March 2026, with new home sales and second-hand home sales experiencing substantial month-on-month increases of 89% and 117% respectively, indicating a positive trend in market activity [15][28]. Sales Performance - In March 2026, typical real estate companies achieved a sales revenue of 206.5 billion yuan, representing a month-on-month growth of 127.1% and a cumulative sales revenue of 426.1 billion yuan for the first three months of the year [16][21]. - Seven companies reported year-on-year sales growth exceeding 100%, with notable performances from private firms such as Junyi Holdings and Maoyuan Holdings, which saw increases of 329.4% and 216.2% respectively [20][22]. Market Dynamics - The market is experiencing structural differentiation, with luxury properties in core urban areas and high-value affordable housing in suburban areas performing well. For instance, projects like Shenzhen Bay and Shanghai Bund have achieved remarkable sales figures [23]. - Conversely, properties in the outskirts are facing challenges due to inadequate infrastructure and high commuting costs, leading to slower sales [23]. Policy Environment - The government has prioritized stabilizing the real estate market as part of the "14th Five-Year Plan," which aims to boost consumer confidence and stabilize market expectations [25][26]. - The Ministry of Natural Resources has issued guidelines linking new land supply to the revitalization of existing land, which is expected to influence the supply side of the real estate market [26]. Market Transactions - In March 2026, the transaction area for new residential properties in 50 key cities reached approximately 11.33 million square meters, marking a significant month-on-month increase of 89% [27]. - The second-hand housing market also showed robust activity, with a transaction area of about 17.97 million square meters in March, reflecting a month-on-month increase of 117% and a year-on-year growth of 6% [28]. - The land market has seen a cyclical rebound, with transaction volumes and values increasing significantly in March 2026, indicating a recovery in land sales [29].

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 全部或任何部分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。 GREENTOWN CHINA HOLDINGS LIMITED 須予披露及持續關連交易 金融服務框架協議 於2026年3月30日，本 公 司 與 中 交 財 務 訂 立 金 融 服 務 框 架 協 議。根 據 金 融 服 務 框 架 協 議，中 交 財 務 同 意 自 有 關 生 效 日 期 起 至2027年12月31日期間向本集 團 提 供 金 融 服 務。 上市規則的涵義 上市規則第14章 存款服務 中 交 財 務 根 據 金 融 服 務 框 架 協 議 向 本 集 團 提 供 存 款 服 務，構 成 上 市 規 則 第 14.04(1)(e)條 所 指 的 提 供 財 務 資 助。 由於第一份金融服務框架協議項下該等存款服務的最高適用百分比率（定 義 見 上 市 規 則）並不超過5%，根 據 上 市 規 則 第14章，第 一 份 金 融 服 ...

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 全部或任何部分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。 GREENTOWN CHINA HOLDINGS LIMITED 截 至2025年12月31日止年度全年業績公佈 摘 要 綠城中國控股有限公司（「綠 城」、「綠 城 中 國」或「本 公 司」）董事會（「董 事 會」）欣 然公佈本公司及其附屬公司（合 稱「本 集 團」）截 至2025年12月31日止年度（「本 年 度」）按 照 國 際 財 務 報 告 準 則 編 製 的 經 審 核 綜 合 年 度 業 績，連 同 截 至2024年12月 31日 止 年 度 的 經 審 核 比 較 數 字。以 下 財 務 資 料 是 節 錄 自 本 集 團 將 刊 發 的2025年 年 度 報 告 所 載 列 的 本 集 團 經 審 核 綜 合 財 務 報 表。 * 僅供識別 – 1 – • 取得收入約人民幣1,549.66億 元； • 於2025年12月31日，銀 ...

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 全部或任何部分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。 GREENTOWN CHINA HOLDINGS LIMITED 董事會及董事會委員會組成變更 自2026年3月30日 起 生 效： 下 列 人 士 已 辭 任 下 述 各 自 職 務： 下 列 人 士 獲 委 任 擔 任 下 述 相 應 職 務： – 1 – (1) 郭 佳 峰 先 生 辭 任 本 公 司 執 行 董 事、環 境、社 會 及 管 治 委 員 會 成 員、行 政 總 裁 及 於 本 集 團 之 其 他 職 務； (2) 周 安 橋 先 生 辭 任 非 執 行 董 事；及 (3) 朱 玉 辰 先 生 辭 任 獨 立 非 執 行 董 事、審 核 委 員 會 及 薪 酬 委 員 會 各 成 員、 及 提 名 委 員 會 主 席。 (1) 耿 忠 強 先 生 獲 委 任 為 代 理 行 政 總 裁 職 務； (2) 陳 國 邦 先 生 獲 ...

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Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [1] Core Insights - The overall transaction scale in the real estate market remains stable, with land supply shifting towards core areas. In early 2026, new home transactions in Beijing showed a year-on-year decrease of 5.0%, while second-hand home transactions decreased by 4.2% [5][16] - The policy environment has seen two rounds of relaxation in purchase restrictions, aimed at facilitating the housing exchange chain and stimulating demand [6][50] - The market is experiencing a differentiation in new home demand, with a focus on quality products under the "Good House" policy, particularly in high-demand areas like Haidian and Chaoyang [8][53] Market Overview - **Residential Transactions**: New home transactions in Beijing decreased by 11.8% year-on-year in 2025, totaling 104,000 units, while second-hand home transactions remained robust at 195,000 units, accounting for over 60% of total residential transactions [16][30] - **Inventory**: The available inventory of new homes in Beijing decreased, with a current sellable area of 8.85 million square meters and a decommissioning cycle of approximately 25.8 months as of February 2026 [30][35] - **Land Supply**: In 2025, Beijing saw a total of 61 land transactions, with a total area of 3.59 million square meters, reflecting a year-on-year decrease of 21%. The average floor price reached 39,800 yuan per square meter [36][39] Policy Developments - The policy adjustments included two reductions in public housing loan interest rates and modifications to purchase restrictions, which are expected to release some incremental demand [6][50][51] - Specific changes included lowering the required social security payment period for non-Beijing residents from three years to two years for purchasing homes within the fifth ring road [50][52] Project Insights - The top ten new home projects in Beijing accounted for 23% of total sales in 2025, with a significant focus on improvement-type housing in core districts [40][43] - The trend in new home projects is towards smaller, affordable units, with several upcoming projects offering units under 80 square meters [47][48]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the recent weekly transaction data shows a continued year-on-year decline in new and second-hand housing sales across 30 cities, reflecting a slight shortfall in the expected "small spring" recovery. However, new local policies in cities like Suzhou, Nanchang, Qingdao, and Guangzhou are expected to improve supply and demand dynamics, leading to price stabilization in the real estate market [5][6][46]. Summary by Sections Policy Developments - Multiple cities have introduced local policies aimed at revitalizing the real estate market, including: - Suzhou's implementation of a housing fund interest subsidy for young talents starting April 1, 2026, covering 50% of the actual interest paid on housing fund loans, with a maximum subsidy of 50,000 yuan [6][13]. - Qingdao's initiative to explore efficient utilization of idle land resources [6][14]. - Guangzhou's measures to promote modular construction in new public housing projects [6][15]. Market Performance - Sales data shows a decline in both new and second-hand housing transactions: - In the 13th week of 2026, the new housing transaction area in 30 cities was 2.912 million square meters, down 8.5% year-on-year, with a cumulative decline of 18.4% [7][16]. - The second-hand housing transaction area in 15 cities was 200.2 million square meters, down 8% year-on-year, with a cumulative decline of 8.5% [24][25]. Investment Trends - The land transaction area in 100 major cities increased by 21% year-on-year in the 13th week of 2026, totaling 2.554 million square meters. However, the cumulative land transaction area for the first 13 weeks of 2026 showed a decline of 5% [32][33]. Price Trends - The Iceberg 100 Index, which tracks second-hand housing prices, was reported at 9983, reflecting a week-on-week decrease of 0.1% and a year-on-year decrease of 12.4% [42][44]. Investment Recommendations - The report maintains a "Positive" rating for the industry, suggesting that the recent local policies will lead to improved market conditions. Recommended stocks include: - Strong credit real estate companies that cater to improving customer demand: China Jinmao, Jianfa International Group, China Merchants Shekou, and others [5][46]. - Companies benefiting from both residential and commercial real estate recovery: China Resources Land, New Town Holdings, and Longfor Group [5][46]. - Quality property management firms under the "Good House, Good Service" policy: China Resources Mixc Life, Greentown Service, and others [5][46].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Insights - The real estate market is showing positive signals, particularly in core cities, with Shanghai's second-hand housing transactions nearing recent highs. In March 2026, the number of second-hand homes sold in Shanghai, Beijing, and Shenzhen were 27,733, 17,153, and 4,671 respectively, with year-on-year changes of +4.5%, -1.3%, and -17.0% [1][11] - The new housing market in 30 cities recorded a transaction area of 2.277 million square meters this week, a month-on-month increase of 16.1% but a year-on-year decrease of 6.7%. The first-tier cities accounted for 546,000 square meters, with a month-on-month increase of 9.1% and a year-on-year decrease of 10.2% [2][34] - The report emphasizes the importance of observing real estate data over a longer cycle and the transmission chain from second-hand to new housing [1][11] Summary by Sections Second-hand Housing Market - In March 2026, Shanghai's second-hand housing transactions are expected to exceed 30,000 units, with a significant daily transaction peak of 1,585 units on March 28, the highest since 2022 [1][11] - The average daily transaction volumes for Shanghai, Beijing, and Shenzhen are 991, 613, and 167 units respectively [1][11] New Housing Market - The new housing transaction area in first-tier cities was 546,000 square meters, while second-tier cities saw 1.248 million square meters, and third-tier cities recorded 482,000 square meters [2][34] - Cumulative new housing transaction area for the first 12 weeks of the year in 30 cities is 1,538.9 million square meters, reflecting a year-on-year decrease of 29.6% [2][34] Credit Bond Market - A total of 14 credit bonds were issued by real estate companies this week, amounting to 10.301 billion yuan, a decrease of 5.33 billion yuan from the previous week [3][49] - The net financing amount was -4.885 billion yuan, indicating a significant increase in the repayment volume [3][49] Investment Recommendations - The report suggests focusing on real estate-related stocks due to the expected policy support and improving competitive landscape, particularly favoring first-tier and select second-tier cities [4][6]

Investment Rating - The report maintains a "Recommendation" rating for the real estate sector, specifically highlighting the potential of companies like China Resources Land and Greentown China [2]. Core Insights - The real estate sector has seen a 4.2% decline in the 12th week, ranking 15th among 31 primary industry sectors [9][10]. - New home transactions increased by 33% week-on-week, while year-on-year, they decreased by 13% [22]. - The report emphasizes the importance of precise land acquisition for developers to ensure asset yield and suggests focusing on companies with strong regional expertise [2]. Industry Overview - **Basic Data**: The real estate sector comprises 107 listed companies with a total market capitalization of approximately 1,109.43 billion yuan [2]. - **Sales Performance**: In the 12th week, the average daily transaction area for new homes in 20 cities was 32.7 million square meters, with a total transaction area of 229 million square meters [22][25]. - **Year-to-Date Performance**: From the beginning of the year, the total transaction area for new homes in 20 cities was 1,658 million square meters, reflecting a 21% year-on-year decrease [22]. Policy Developments - Recent policies in various regions aim to stimulate the real estate market, including measures to support housing for sanitation workers and incentives for families with multiple children [17][19]. - Nanjing has introduced specific measures to stabilize the real estate market, focusing on differentiated housing supply and encouraging housing consumption [17][19]. Company Dynamics - **China Jinmao**: Acquired a land parcel in Changsha for 2.027 billion yuan, with a floor price of approximately 11,010 yuan per square meter [21]. - **China Resources Land**: Secured four land parcels in Shenyang for a total of 3 billion yuan, setting a record for the largest single land acquisition in the city in nearly a decade [20][21]. - **Vanke and Others**: Successfully acquired a "commercial-to-residential" land parcel in Qingdao for a total price of 998 million yuan, with a floor price of 9,010 yuan per square meter [21].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the national new housing transaction area and second-hand housing transaction area have both declined year-on-year for six consecutive weeks, reflecting a slight shortfall in the "small spring" recovery. However, with the central bank's continued implementation of a moderately loose monetary policy and the introduction of various real estate optimization policies in cities like Nanjing and Zhengzhou, it is expected that the real estate market will see improvements in supply and demand, leading to price stabilization [3][5][51]. Summary by Sections Policy Insights - The National Bureau of Statistics reported that the sales area of new commercial housing in January-February was 92.93 million square meters, a year-on-year decrease of 13.5%, with the decline rate widening by 4.8 percentage points compared to the entire year of 2025. The sales amount for new commercial housing was 818.6 billion yuan, down 20.2% [4][12]. - The central bank continues to implement a moderately loose monetary policy, emphasizing the importance of stabilizing economic growth and ensuring reasonable price recovery [4][14]. Sales Data - In the 12th week of 2026, the new housing transaction area in 30 cities was 2.216 million square meters, a year-on-year decrease of 12.4%. Cumulatively, the new housing transaction area in 32 cities was 17.912 million square meters, down 19.8% year-on-year [20][29]. - The second-hand housing transaction area in 15 cities was 1.7075 million square meters, a year-on-year decrease of 8.5% [29][30]. Investment Data - In the 12th week of 2026, the land transaction area in 100 major cities was 19.618 million square meters, a year-on-year increase of 35%. Cumulatively, the land transaction area in these cities was 276.286 million square meters, down 7% year-on-year [37][39]. - The average land transaction price was 1,082 yuan per square meter, up 9% year-on-year, with a total land transaction value of 23.11 billion yuan, an increase of 48% [39][40]. Price Trends - The Iceberg 100 Index for the 12th week of 2026 was 9,994, with a week-on-week decrease of 0.1% and a year-on-year decrease of 12.5%. Major cities like Beijing, Shanghai, Shenzhen, and Guangzhou saw year-on-year declines of 14.9%, 11.1%, 10.1%, and 12.8% respectively [47][49]. Investment Recommendations - The report maintains a "Positive" rating for the industry, recommending companies with strong credit and good urban fundamentals, such as Greentown China, China Overseas Development, and China Resources Land. It also suggests companies benefiting from both residential and commercial real estate recovery, as well as high-quality property management firms [3][51].