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12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: 綠城中國控股有限公司 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 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) | 03900 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | ...

Core Viewpoint - Greentown China (03900) reported a total sales area of approximately 1,208 million square meters and total sales amounting to approximately RMB 2,519 billion for the year ending December 31, 2025, reflecting a year-on-year decrease of 9% [1] Group 1: Sales Performance - In December 2025, Greentown Group achieved sales of 3,769 units with a sales area of about 620,000 square meters, generating a sales amount of approximately RMB 19.7 billion, with an average selling price of about RMB 31,598 per square meter [1] - For the full year of 2025, Greentown Group recorded a total contracted sales area of approximately 4.66 million square meters and a total contracted sales amount of approximately RMB 153.4 billion, of which the attributable equity amount to Greentown Group was approximately RMB 104.3 billion [1] - As of December 31, 2025, there were cumulative signed subscription agreements not yet converted to sales contracts amounting to approximately RMB 3 billion, with an attributable equity amount of about RMB 2 billion for Greentown Group [1] Group 2: Project Performance - In December 2025, Greentown Group's entrusted projects achieved a sales area of approximately 500,000 square meters and a sales amount of about RMB 7.9 billion [1] - For the year 2025, the cumulative sales area for entrusted projects was approximately 7.42 million square meters, with a total sales amount of approximately RMB 98.5 billion [1]

综上，截至2025年12月31日止十二个月，绿城集团累计取得总合同销售面积约1,208万平方米，总合同 销售金额约人民币2,519亿元。 2025年12月，绿城集团代建项目取得销售面积约50万平方米，销售金额约人民币79亿元。2025年1-12 月，绿城集团代建项目累计取得销售面积约742万平方米，销售金额约为人民币985亿元。 格隆汇1月7日丨绿城中国(03900.HK)公告，2025年12月，绿城集团自投项目取得销售3,769套，销售面 积约62万平方米，当月销售金额约为人民币197亿元，销售均价约为每平方米人民币31,598元。2025年 1-12月，绿城集团取得合同销售面积约466万平方米，合同销售金额约人民币1,534亿元；其中归属于绿 城集团的权益金额约为人民币1,043亿元。于2025年12月31日，另有累计已签认购协议未转销售合同的 金额约人民币30亿元，其中归属于绿城集团的权益金额约为人民币20亿元。 ...

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 * 僅供識別 ** 當月銷售金額包括當月新增合同及當月已簽認購協議未轉銷售合同 – 1 – 上 述 數 據 未 經 審 核，乃 根 據 本 集 團 初 步 內 部 資 料 編 製，鑒 於 收 集 該 等 銷 售 資 料 過 程 中 存 在 各 種 不 確 定 因 素，該 等 數 據 與 本 公 司 按 年 度 或 半 年 度 刊 發 的 經 審 核 或 未 經 審 核 綜 合 財 務 報 表 中 披 露 的 數 字 可 能 存 在 差 異，因 此 上 述 數 據 為 初 步 性 質 及 僅 供 投 資 者 參 考。投 資 者 買 賣 本 公 司 證 券 時 務 須 謹 慎 行 事，避 免 不 恰 當 地 依 賴 該 等 數 據。如 有 任 何 疑 問，投 資 者 應 尋 求 專 業 ...

过去这一年，浙江人也对居住在绿城园区更满意了——在《2025年中国城市居民居住满意度调查报告》 中，绿城在浙江所有的调查城市中均名列前茅，在其中9座城市获满意度调研第一、7座城市获忠诚度调 研第一，实现市场地位、品牌溢价与客户信任的三重提升。 统计数据显示，2025年浙江销售金额TOP30房企榜中洗牌率已超40%，不少曾经的规模企业都出现了不 同程度的下滑。唯有绿城，不仅连续9年蝉联浙江房企流量榜TOP1，还在持续扩大优势。 行业分化加剧，浙江人对绿城的偏爱却更加明显了。 过去这一年，浙江人更爱买绿城的房子——在克而瑞的统计口径中，绿城在2025全年销售额近864亿 元，问鼎浙江房企权益、流量、全口径三榜第一；在中指院的数据中，以719.5亿元权益销售金额位居 浙江榜首，比第二、第三名加起来还多。 数据来 源：克而瑞浙江区域 深挖背后逻辑，绿城从未止步的创新探索与始终在线的品质呈现，已然给出答案。在市场不确定性加剧 的当下，绿城以头部房企的使命担当，将"产品创新、工程透明、品质交付"熔铸为坚实的"确定三角"， 为行业长效发展探寻出一条兼具温度与韧性的前行之路。 产品力进化：全维产品系与在地化创新的深度融合 义 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Views - The report emphasizes the importance of stabilizing real estate market expectations and highlights the sector's significant role in the national economy and as a source of household wealth [3][50] - The report suggests that the real estate market's healthy development is crucial for overall economic stability and calls for decisive policy measures rather than piecemeal approaches [50] Market Performance - The Shanghai Composite Index rose by 0.1%, while the Shenzhen Component Index fell by 0.6%, and the real estate sector (Shenwan) declined by 0.7% during the week [5][8] - Notable stock performances included Chengjian Development (+13.2%) and Sanzhong Impression (+10.7%), while Hualian Holdings (-15.5%) and Yatong Shares (-6.8%) saw significant declines [5][8] Data Tracking New Housing Transactions - In the week of December 27 to January 2, new housing transactions in 42 key cities totaled 2.56 million square meters, a 2.0% decrease from the previous week [16] - For December, new housing transactions reached 10.63 million square meters, a 35.7% increase month-on-month but a 40.5% decrease year-on-year [21] Second-Hand Housing Transactions - In the same week, second-hand housing transactions in 21 key cities totaled 1.64 million square meters, a 21.5% decrease from the previous week [34] - For December, second-hand housing transactions amounted to 9.22 million square meters, an 11.1% increase month-on-month but a 27.9% decrease year-on-year [37] Industry News - The Ministry of Housing and Urban-Rural Development aims for significant progress in housing quality improvement by 2030, focusing on standards, design, materials, and construction [50] - New tax policies were introduced, reducing the value-added tax rate for second-hand housing transactions to 3% for properties held for less than two years, while properties held for two years or more are exempt from VAT [50] - The China Securities Regulatory Commission announced the launch of a pilot program for commercial real estate investment trusts (REITs) to promote high-quality market development [50] Company Announcements - China Resources Land secured a sustainable development-linked loan of 2 billion yuan with a term of 36 months [54] - Huafa Group elected Guo Lingyong as the chairman of its board and Liu Yingzhe as vice chairman [54]

Group 1 - The core point of the article is that in 2025, there are 10 real estate companies with sales exceeding 100 billion yuan, indicating resilience in the sales scale of leading enterprises [1] - The main support for sales comes from projects in core cities, highlighting the continued advantage of leading real estate companies [1] - Companies such as Poly Developments and Holdings Group, Greentown China Holdings, and China Merchants Shekou Industrial Zone Holdings have all reported sales exceeding 100 billion yuan [1]

投资集中度超七成，其中央企投资保持领先，民企信心随市场筑 | | 2025年1-12月 ·中国房地产企 | | | --- | --- | --- | | | 新增十地货值规模 | | | 排名 | 企业名称 | 新增土地货值 | | | | (亿元) | | 1 | 中海地产 | 2419.0 | | 2 | 招商蛇口 | 1769.9 | | 3 | 保利发展 | 1606. 0 | | 4 | 绿城中国 | 1300. 0 | | 5 | 求润量城 | 1243.2 | | 6 | 中国金茂 | 953.8 | | 7 | 越秀地产 | 855. 4 | | 8 | 建发房产 | 854. 6 | | 9 | 中旅投资 | 703. 2 | | 10 | 滨江集团 | 667.8 | | 11 | 中建智地 | 411. 7 | | 12 | 保利置业 | 350. 4 | | 13 | 武汉城建 | 330. 0 | | 14 | 象屿地产 | 295.9 | | 15 | 邦泰集团 | 293. 2 | | 16 | 国贸地产 | 269. 4 | | 17 | 胖发生团 | 750 1 | | 1 ...

Core Insights - The real estate market in China continues to stabilize, with 10 companies achieving over 100 billion yuan in sales for the year [4] - 24 companies reported year-on-year growth in performance, with some experiencing significant recovery [4] - Central and state-owned enterprises performed well overall, with 42% of them reporting performance growth [4] - Focus on quality housing and urban renewal has become a new priority, necessitating companies to enhance their internal capabilities [4] Sales Rankings - The top three companies by sales amount are: 1. Greentown China: 251.9 billion yuan 2. China Overseas Land & Investment: 239.2 billion yuan 3. Poly Developments: 232.8 billion yuan [3] - The top three companies by sales area are: 1. Greentown China: 12.08 million square meters 2. Poly Developments: 11.26 million square meters 3. China Overseas Land & Investment: 10.44 million square meters [3] Performance Overview - The overall market is characterized by a bottoming-out trend, with a total of 10 companies achieving over 100 billion yuan in sales [4] - A total of 24 companies saw their performance improve year-on-year, indicating a recovery in the sector [4] - Central and state-owned enterprises showed a strong performance, with 42% reporting growth [4] Strategic Focus - The emphasis on good housing and urban renewal is becoming increasingly important, prompting real estate companies to focus on improving their internal operations [4]

文/郭阳琛 站在南京西路商圈阿丽拉酒店的屋顶花园，上海市城市更新"名片"——张园映入眼帘。阿丽拉酒店由上 海四季酒店更新而来，如今已从单一酒店业态变为城市综合体，构建了融合"商务+休闲+度假"的复合 消费场景。 "全国住房城乡建设工作会议进一步强调'房地产仍有较大发展潜力'，未来城镇化带来的住房需求、城 市存量优化调整均具备空间。"中指研究院研报指出，"十五五"时期，全国城镇住房需求总量预计约为 49.8亿平方米。随着支持政策不断落地，房地产市场的发展潜力将有望被激活。 "《意见》被业内称为上海市'好房子'新规，从推出、试水到全面铺开，历经半年时间，且聚焦购房客 户最关注的户内附赠面积。"保利发展上海公司相关负责人告诉记者，对于增量市场而言，相关政策精 准提升客户对新规项目的认可度，有助于整体提升上海楼市产品品质，确保市场活跃度。 "好房子"建设起步成势 上述保利发展上海公司相关负责人进一步表示，对于存量市场而言，由于新规执行采用渐进式推进的方 式，因此给予房企充足的反应周期，能根据各自持销项目的产品力高低，及时调整销售价格和优惠政 策、提升流速，最大程度降低新规出台后入市项目的冲击，保持新房市场整体平稳。 ...