Core Insights - The Huangsha Island plot in Panyu District, Guangzhou was successfully sold for approximately 497 million yuan, with a floor price of about 25,900 yuan per square meter and a premium rate of approximately 17.8% [2] - The plot has set a new record for the highest premium rate for residential land transactions in Panyu District in 2023, surpassing the previous record of 15% [2][3] - The plot is characterized by a low plot ratio of 1.1, making it the lowest in Panyu District in the past eight years, and is expected to be developed into high-end products such as stacked villas [3][6] Land Transaction Details - The Huangsha Island plot covers an area of approximately 44,500 square meters, with a planned construction area of about 19,200 square meters [3] - The starting price for the plot was approximately 422 million yuan, with a starting floor price of about 22,000 yuan per square meter [3] - The plot is located within a well-developed area, with access to multiple subway lines within a two-kilometer radius [3] Development Planning - The plot requires the construction of 1,900 square meters of public service and municipal transportation facilities, including a community center and a youth activity center [4] - The planning conditions encourage the inclusion of open spaces such as balconies and gardens, with a new regulation allowing for an increase in the proportion of balcony area counted towards the plot ratio [5] - The development aims to provide high-quality housing and living services, contributing to the high-quality development of the Panyu District [6] Market Context - From 2015 to 2024, Panyu District has seen a total of 56 residential land supplies, with only three plots having a plot ratio between 1 and 2, indicating the scarcity of such land [6] - In the first nine months of this year, the transaction volume of residential properties in Panyu District increased by 11%, with an average transaction price of approximately 31,900 yuan per square meter [6][7] - The proportion of new villas priced above 100,000 yuan per square meter has increased by 12% year-on-year, indicating a growing demand for high-end residential properties [7]

Investment Rating - The report maintains a "Positive" rating for the real estate industry, indicating optimism about future developments and recovery in the sector [2][3]. Core Insights - The real estate industry is currently experiencing a phase of inventory reduction, with investment contraction outpacing sales decline. The report anticipates that the "Good Housing" policy will create new pathways for recovery, particularly in core cities, and will lead to a shift in business models from finance-oriented to manufacturing-oriented [2][3][21]. Investment Sector Summary - **Investment Trends**: From January to September 2025, total real estate development investment reached 67,706 billion yuan, a year-on-year decrease of 13.9%. In September alone, investment fell by 21.3% compared to the previous month [3][20]. - **New Construction**: New construction area decreased by 18.9% year-on-year, with a slight improvement in the month-on-month comparison [20][21]. - **Completion Rates**: The completion of projects showed a positive trend in September, with a year-on-year increase of 1.5% [20][21]. Sales Sector Summary - **Sales Performance**: The total sales area for real estate from January to September 2025 was 6.6 billion square meters, down 5.5% year-on-year. In September, the sales area decreased by 10.5% compared to the same month last year [21][35]. - **Sales Revenue**: The total sales revenue was 6.3 trillion yuan, reflecting a year-on-year decline of 7.9%. The average selling price of properties decreased by 3% year-on-year [21][35][33]. Funding Sector Summary - **Funding Sources**: Total funding sources for real estate development amounted to 7.2 trillion yuan, down 8.4% year-on-year. In September, the decline in funding sources expanded to 11.5% [36][38]. - **Loan Trends**: Domestic loans saw a year-on-year decrease of 14.6% in September, indicating tightening financial conditions for the sector [36][38]. Recommendations - The report recommends several companies for investment, including: 1. "Good Housing" companies: Jianfa International, Binjiang Group, China Resources Land, Greentown China, China Jinmao, Jianfa Holdings [2]. 2. Companies with potential for commercial real estate revaluation: New Town Holdings, Yuexiu Property, China Merchants Shekou, Longfor Group, China Overseas Development, Poly Developments, Huafa Group [2]. 3. Second-hand housing intermediaries: Beike-W, with a focus on I Love My Home [2]. 4. Property management firms: Greentown Services, China Resources Vientiane, China Merchants Jiyu, Poly Property, China Overseas Property [2].

Core Viewpoint - The article highlights the innovative approach of Greentown in developing its low-density residential product line, particularly the "Fengqi Yunlu" project in Ningbo, which aims to set a new benchmark in the luxury housing market through architectural and experiential advancements [1][40]. Group 1: Architectural Innovation - The "Fengqi Yunlu" project showcases a departure from traditional architectural styles, featuring a dynamic facade with multi-layered curved surfaces that break away from static designs, integrating modern materials like aluminum, stone, and glass [5][6]. - The design incorporates elements of Eastern philosophy into modern architectural language, creating a timeless aesthetic that resonates with cultural significance [4][5]. - Specific product types, such as the stacked villas and courtyard houses, exhibit unique architectural features that enhance visual appeal and address privacy concerns, thereby elevating the overall living experience [6][9]. Group 2: Experiential Design - The project emphasizes a blend of artistic, cultural, and luxury hotel-like experiences, responding to the preferences of high-net-worth individuals [10][11]. - A team of renowned designers has been assembled to create a living art museum within the project, enhancing the spatial experience through thoughtful integration of art and nature [11][20]. - The design of the living art museum includes innovative features such as a central staircase that serves as a focal point, creating a harmonious transition between spaces and enhancing emotional engagement [13][20]. Group 3: Cultural Integration - The project reflects a deep understanding of Ningbo's cultural heritage, incorporating local elements such as the "Tianqing" color derived from Yue kiln ceramics and bamboo weaving techniques into its design [22][24]. - The architectural forms are inspired by local traditions, such as the dragon boat racing, which are creatively integrated into the design to enrich the cultural narrative of the space [24][26]. - The project aims to create a spiritual connection with the local culture, transforming the living environment into a meaningful and engaging space for residents [26][42]. Group 4: Luxury Living Experience - The "Fengqi Yunlu" project redefines the homecoming experience by drawing inspiration from luxury hotels, creating a serene and welcoming entry that contrasts with the bustling surroundings [28][30]. - The design includes shared amenities that enhance community living, such as a lifestyle art museum and specialized spaces for residents, reflecting a thoughtful approach to modern living [32][35]. - The overall design philosophy seeks to provide a meticulously curated living experience that resonates with the emotional and aesthetic needs of its residents [37][40].

Core Insights - Guangzhou's Panyu District auctioned a residential land parcel with a planned construction area of 19,155 square meters and a plot ratio of 1.1, starting at a price of 421.8 million yuan [1] - After 16 rounds of bidding, Greentown South China Investment Development Co., Ltd. won the land with a total price of 496.8 million yuan, resulting in a floor price of 25,936 yuan per square meter and a premium rate of 17.78% [1] Summary by Category - **Land Auction Details** - The land parcel has a planned construction area of 19,155 square meters and a plot ratio of 1.1 [1] - The starting price for the auction was set at 421.8 million yuan, equating to a starting floor price of 22,020 yuan per square meter [1] - **Bidding Outcome** - The auction concluded after 16 rounds of competitive bidding [1] - Greentown South China secured the land for a total of 496.8 million yuan, translating to a final floor price of 25,936 yuan per square meter [1] - The transaction reflected a premium rate of 17.78% over the starting price [1]

Core Insights - The real estate companies have been focusing on core cities for land acquisition, leading to a 12% year-on-year increase in land transfer fees across 300 cities in the first three quarters, despite an 8% decrease in transaction area [1][6][27] - In the third quarter, the land market cooled down as the supply of quality land in core cities slowed, with the average premium rate for residential land dropping to 5.8% and transaction area and transfer fees decreasing by 13% and 10% year-on-year, respectively [1][6][27] - The top 20 cities accounted for 61% of the national residential land transfer fees in the first three quarters, although this proportion decreased by 7 percentage points compared to the first half of the year due to the slowdown in land supply in core cities [1][15] Land Market Trends - The fourth quarter is typically a peak period for land supply, with expectations of increased market supply, but the heat of land auctions will depend on the recovery of new home sales [1][27] - The average premium rate for residential land has shown a downward trend, dropping to 3.8% in September, the lowest monthly level this year [9][27] - The land transfer fees for 300 cities reached 1.86 trillion yuan in the first three quarters, a slight increase of 3.1% year-on-year, while the third quarter saw a decline of 10.4% in transfer fees [6][7] City Concentration and Performance - The land transfer fees in first-tier cities have seen significant growth, with a year-on-year increase of 19.7% in the first three quarters, while second-tier cities also experienced growth, albeit at a lower rate [10][15] - The performance of third and fourth-tier cities remains weak, with both land supply and transaction metrics declining more than in first and second-tier cities [10][12] - The top cities for land transfer fees include Hangzhou, Beijing, and Shanghai, each exceeding 100 billion yuan in fees during the first three quarters [15][18] Corporate Strategies and Acquisitions - The top 100 real estate companies increased their land acquisition amounts by 36.7% year-on-year, with state-owned enterprises being the primary players in the market [18][24] - Companies are advised to focus on core cities and avoid high-priced land to ensure the safety, liquidity, and profitability of new projects [1][27] - Recent trends show companies forming joint ventures to acquire quality land at lower costs, indicating a strategic shift towards consolidating resources [28][29]

Core Viewpoint - Greentown China (03900.HK) announced a project management service agreement with Hangzhou Zhongyi Jiangchen Real Estate, which is expected to enhance project quality without significant capital investment [1] Group 1: Agreement Details - The agreement involves Greentown Real Estate Construction Management, a non-wholly owned subsidiary of Greentown China, providing project management services for a specific project [1] - The selection of Greentown Real Estate Construction Management as the service provider was conducted through a competitive bidding process, ensuring compliance with market practices and the company's commercial interests [1] Group 2: Strategic Implications - The board believes that this agreement will leverage the company's expertise in property development and project management in China, thereby driving project construction and improving quality [1] - The terms and costs of the agreement were determined based on the bidding documents and are aligned with market norms [1]

Core Viewpoint - Greentown China (03900) has entered into a real estate development management agreement with Hangzhou Zhongyi Jiangchen Real Estate for project management services, enhancing its operational capabilities without significant capital investment [1] Group 1: Agreement Details - The agreement is set to commence on October 20, 2025, and involves Greentown Real Estate Construction Management providing project management services for a construction project located in Qiantang District, Hangzhou, Zhejiang Province [1] - The total construction area of the project is approximately 90,711 square meters, intended for residential property development [1] Group 2: Strategic Implications - The board believes that this agreement will allow the company to leverage its expertise in property development and project management in China, thereby improving project quality and construction efficiency [1] - The selection of the project management service provider was conducted through a competitive bidding process, ensuring that the terms and costs align with market practices and the company's business interests [1]

Core Viewpoint - Greentown China (03900) has entered into a real estate development management agreement with Hangzhou Zhongyi Jiangchen Real Estate for project management services, enhancing its revenue potential without significant capital investment [1] Group 1: Agreement Details - The agreement is set to commence on October 20, 2025, and involves Greentown Real Estate Construction Management providing project management services for a residential property development in Qiantang District, Hangzhou, with a total construction area of approximately 90,711 square meters [1] - The selection of the project management service provider was conducted through a competitive bidding process, ensuring that Greentown Real Estate Construction Management was chosen based on comprehensive evaluation and comparison of multiple bidders [1] Group 2: Strategic Implications - The board believes that this agreement will allow the company to leverage its expertise and experience in property development and project management in China, thereby improving the quality of the project while generating income without heavy capital expenditure [1]

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 關連交易 提供項目管理服務 於2025年10月20日，綠 城 房 地 產 建 設 管 理（本 公 司 非 全 資 附 屬 公 司）與（其 中 包 括）杭 州 中 宜 江 晨 置 業 訂 立 該 協 議。根 據 該 協 議，綠 城 房 地 產 建 設 管 理 同 意 就 該 項 目 向 杭 州 中 宜 江 晨 置 業 提 供 項 目 管 理 服 務。 上市規則的涵義 於 本 公 告 日 期，中 交 集 團 及 其 附 屬 公 司 持 有733,456,293股 股 份，佔 本 公 司 已 發行股本約28.88%。因 此，根 據 上 市 規 則，中 交 集 團 為 本 公 司 的 主 要 股 東。 故 此，中 交 集 團 及 其 聯 繫 人（包 括 中 交 集 團 的 間 接 非 全 資 ...

Investment Rating - The report assigns an "A" rating for buying the stocks of New Town Holdings (601155), Greentown China (03900), and China Jinmao (00817) with target prices of 18, 11.7, and 2.1 respectively [6]. Core Insights - The real estate market shows signs of stabilization with a year-on-year increase in transactions during the National Day holiday, marking the first positive growth since 2020. The total number of transactions in 30 major cities reached 4,304 units, up 1.7% year-on-year [1][13]. - There is a clear market differentiation, with first-tier and third-tier cities performing well, showing transaction increases of 18.3% and 24.0% respectively, while second-tier cities saw a decline of 25.9% [1][16]. - The report suggests a more optimistic outlook for the fourth quarter, driven by increased supply in core cities and recovering demand in non-core cities, indicating a potential sales growth [12][30]. Summary by Sections 1. National Day Holiday Market Performance - The real estate market during the 2025 National Day holiday showed a slight improvement compared to 2024, with 4,304 transactions recorded, the first year-on-year increase since 2020 [1][13]. - First-tier cities recorded 1,492 transactions, a growth of 18.3% from 2024, while third-tier cities saw 1,514 transactions, up 24.0%. In contrast, second-tier cities experienced a decline to 1,298 transactions, down 25.9% [16][19]. 2. High-frequency Data and Market Heat - High-frequency data has limitations in accurately reflecting the real estate market's heat due to statistical discrepancies and data quality issues. Daily transaction data tends to be lower during holidays [22][23]. - New housing supply and the number of viewings for second-hand homes provide better insights into market demand and developer sentiment. In September, the approved pre-sale area for new homes reached 705 million square meters, the highest monthly figure for 2025 [2][26]. 3. Outlook for the Fourth Quarter - The report anticipates a recovery in new home sales driven by strong land acquisition by leading developers and the introduction of quality projects in core cities. Non-core cities are expected to benefit from price adjustments and lower mortgage rates, enhancing rental yield advantages [3][30]. - Key companies to watch include those reversing difficulties like Gemdale Corporation and New Town Holdings, as well as leading firms maintaining land acquisition strength such as Greentown China and China Jinmao [3][12].