Core Viewpoint - Greentown China (03900.HK) reported significant sales performance in January 2026, indicating strong market activity and potential growth opportunities in the real estate sector [1] Sales Performance - In January 2026, Greentown Group achieved sales of 1,179 units, with a total sales area of approximately 180,000 square meters and a sales amount of about RMB 6.1 billion, resulting in an average selling price of approximately RMB 34,345 per square meter [1] - The total contracted sales area for January 2026 was approximately 220,000 square meters, with a total contracted sales amount of about RMB 6.3 billion, of which the equity amount attributable to Greentown Group was approximately RMB 4.2 billion [1] - As of January 31, 2026, there were additional signed purchase agreements not yet converted to sales contracts amounting to approximately RMB 2.8 billion, with an equity amount attributable to Greentown Group of about RMB 1.8 billion [1] - Greentown Group's entrusted projects recorded a sales area of approximately 250,000 square meters and a sales amount of about RMB 3.4 billion in January 2026 [1] - Cumulatively, as of January 31, 2026, Greentown Group achieved a total contracted sales area of approximately 470,000 square meters and a total contracted sales amount of about RMB 9.7 billion [1]

2026年1月，绿城集团代建项目取得销售面积约25万平方米，销售金额约人民币34亿元。 综上，截至2026年1月31日止一个月，绿城集团累计取得总合同销售面积约47万平方米，总合同销售金 额约人民币97亿元，同比减少14.16%。 智通财经APP讯，绿城中国(03900)公布，2026年1月，绿城集团自投项目取得销售1,179套，销售面积约 18万平方米，当月销售金额约为人民币61亿元，销售均价约为每平方米人民币34,345元。2026年1月， 绿城集团取得合同销售面积约22万平方米，合同销售金额约人民币63亿元;其中归属于绿城集团的权益 金额约为人民币42亿元。于2026年1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28亿 元，其中归属于绿城集团的权益金额约为人民币18亿元。 ...

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 承董事會命 綠城中國控股有限公司 2026年1月，綠 城 集 團 自 投 項 目 取 得 銷 售1,179套，銷 售 面 積 約18萬 平 方 米，當 月 銷售金額**約為人民幣61億 元，銷 售 均 價 約 為 每 平 方 米 人 民 幣34,345元。2026年 1月，綠 城 集 團 取 得 合 同 銷 售 面 積 約22萬 平 方 米，合 同 銷 售 金 額 約 人 民 幣63億 元；其 中 歸 屬 於 綠 城 集 團 的 權 益 金 額 約 為 人 民 幣42億 元。於2026年1月31日，另 有累計已簽認購協議未轉銷售合同的金額約人民幣28億 元，其 中 歸 屬 於 綠 城 集團的權益金額約為人民幣18億 元。 2026年1月，綠 城 集 團 代 建 項 目 取 得 銷 售 ...

Core Insights - The article highlights the impressive achievements of Greentown East China in the high-end residential sector, marking a "phenomenal" year with significant sales milestones in key cities like Shanghai, Nanjing, and Suzhou [1][3] Group 1: Sales Achievements - Greentown East China's Shanghai Chaoming Oriental ranked among the top 10 in annual single-project sales [1] - Nanjing Yunlu achieved triple crowns in sales units, area, and amount in the 2025 December city east sector [1] - Suzhou's Rose Garden II became the top residential sales project in the second half of the year [1] Group 2: Development Philosophy - The company's development philosophy emphasizes a symbiotic relationship with urban visions and land characteristics, moving beyond single project development [4][5] - In Shanghai, projects engage in deep dialogue with the city's core, enhancing urban living experiences [4] - In Nanjing, the project creatively transforms the natural terrain, embodying local artistic influences [5] Group 3: Product Innovation - Greentown East China focuses on creating immersive living experiences through innovative scene design, transcending physical space [6][7] - The Shanghai Chaoming Oriental features a three-dimensional park system and a unique clubhouse that integrates urban landscapes into daily life [6] - Suzhou Fengqi Chaoming showcases a blend of urban and natural elements, enhancing the luxury market's appeal [7] Group 4: Service Excellence - The company's service philosophy emphasizes that delivery is just the beginning, fostering a vibrant community life post-delivery [8][9] - In 2025, nine communities will complete their openings, with a high delivery satisfaction rate of 97% [8] - Ongoing community engagement activities and localized initiatives enhance emotional connections among residents [9]

Group 1 - The Hong Kong stock market saw a collective rise in property stocks, with Sunac China increasing by over 6%, Longfor Group and China Resources Land rising by over 5%, and Yuexiu Property increasing by over 4% [1] - Other notable increases include New City Development, China Overseas Development, Vanke, Greentown China, CIFI Holdings, and China Jinmao, all rising by over 3% [1] - The rise in property stocks is attributed to the substantial launch of a project in Shanghai aimed at acquiring second-hand housing for affordable rental housing, targeting new citizens, young people, university graduates, and various talent groups [1] Group 2 - Specific stock performance includes: - Sunac China (01918) up 6.14% to 1.210 with a market cap of 19.593 billion, down 7.63% year-to-date - Longfor Group (03380) up 5.93% to 1.430 with a market cap of 8.13 billion, down 20.11% year-to-date - China Resources Land (01109) up 5.21% to 31.880 with a market cap of 227.334 billion, up 17.21% year-to-date - Yuexiu Property (00123) up 4.68% to 4.700 with a market cap of 18.919 billion, up 18.69% year-to-date [2] - Other companies with notable performance include New City Development (up 3.92%), China Overseas Development (up 3.79%), and Vanke (up 3.37%) [2]

Group 1 - The Hong Kong stock market saw a collective rise in property stocks on February 4, with notable increases including Sunac China up over 6%, Longfor Group and China Resources Land up over 5%, and Yuexiu Property up over 4% [1] - The Shanghai government has initiated a program to acquire second-hand housing for the purpose of providing affordable rental housing, targeting new citizens, young people, university graduates, and various talent groups [1] - The signing event for this initiative included cooperation agreements between the Shanghai branch of China Construction Bank and public rental housing companies in three districts, providing financial support for the acquisition work [1] Group 2 - Sunac China (01918) increased by 6.14% to a price of 1.210 with a total market value of 195.93 billion, showing a year-to-date decline of 7.63% [2] - Longfor Group (03380) rose by 5.93% to 1.430 with a market cap of 81.3 billion, reflecting a year-to-date drop of 20.11% [2] - China Resources Land (01109) saw a 5.21% increase to 31.880, with a market value of 2273.34 billion and a year-to-date gain of 17.21% [2] - Yuexiu Property (00123) increased by 4.68% to 4.700, with a market cap of 189.19 billion and a year-to-date rise of 18.69% [2] - New City Development (01030) rose by 3.92% to 2.650, with a market value of 187.24 billion and a year-to-date increase of 29.27% [2] - China Overseas Development (00688) increased by 3.79% to 14.520, with a market cap of 1589.2 billion and a year-to-date rise of 18.53% [2] - Vanke Enterprise (02202) saw a 3.37% increase to 3.680, with a market value of 439.05 billion and a year-to-date gain of 12.20% [2] - Greentown China (03900) rose by 3.27% to 11.370, with a market cap of 288.75 billion and a year-to-date increase of 34.24% [2] - CIFI Holdings (00884) increased by 3.19% to 0.097, with a market value of 16.61 billion and a year-to-date decline of 39.75% [2] - China Jinmao (00817) rose by 3.55% to 1.750, with a market cap of 236.47 billion and a year-to-date increase of 44.63% [2]

Core Insights - The report discusses the implementation of the "Tax Law Principle" and its implications for service industries such as internet and finance, indicating that current tax arrangements are unlikely to change significantly in the short term [2][3][12] - The real estate sector is experiencing a favorable shift in financing policies, with REITs and private placements opening new equity financing channels to alleviate financial pressures on real estate companies [3][13] Tax Law Implementation - The State Council approved the "Implementation Regulations of the Value-Added Tax Law of the People's Republic of China" on December 19, 2025, and subsequent announcements have clarified tax details, suggesting stability in tax arrangements for service industries [2][3][12] - The definition of "basic services" in telecommunications is evolving, with mobile data and internet broadband still classified as "value-added services" subject to a 6% VAT rate, while traditional voice services are recognized as "basic services" with a 9% VAT rate [2][3][12] Real Estate Sector Analysis - The financing environment for the real estate industry is improving, with a shift from debt financing to equity financing, including the introduction of REITs and private placements [3][13] - Recent regulatory changes, such as the gradual retreat from the "three red lines" policy, indicate a more supportive financing environment for real estate companies [13] - The report maintains a "positive" rating for the real estate sector, highlighting the potential for recovery in the industry as financing policies become more favorable [3][13] Investment Recommendations - The report recommends several quality real estate companies for investment, including China Jinmao, Poly Developments, and China Resources Land, among others, due to their potential for recovery and attractive valuations [13] - The report emphasizes the importance of monitoring the evolving financing landscape and the impact of government policies on the real estate market [3][13]

格隆汇2月3日丨绿城中国(03900.HK)公告，于2026年2月3日，公司与中交集团订立2026年装饰及安装框 架协议，以规管集团向中交集团、其附属公司及╱或其联系人提供装饰及安装服务。2026年装饰及安装 框架协议的期限自2026年2月3日起至2028年12月31日止。 ...

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。 持續關連交易 提供裝飾及安裝服務 本 集 團 不 時 獲 中 交 集 團、其 附 屬 公 司 及╱或 其 聯 繫 人 委 聘 為 有 關 中 交 集 團、 其 附 屬 公 司 及╱或 其 聯 繫 人 的 工 程 項 目 的 裝 飾 及 安 裝 服 務 供 應 商。為 精 簡 單 一 框 架 項 下 的 有 關 交 易，於2026年2月3日，本 公 司 與 中 交 集 團 訂 立2026年 裝 飾 及 安 裝 框 架 協 議，以 規 管 本 集 團 向 中 交 集 團、其 附 屬 公 司 及╱或 其 聯 繫 人 提 供 裝 飾 及 安 裝 服 務。2026年裝飾及安裝框架協議的期限自2026年2月3日 起 至2028年12月31日 止。 GREENTOWN CHINA HOLDINGS LIMITED 於 本 公 告 日 期，中 交 集 團 及 其 ...

Core Insights - The real estate sector has shown a decline of 2.1% over the past week, ranking 17th among 29 sectors in the market, while the Shanghai and Shenzhen 300 index and the Wind All A index experienced changes of 0.1% and -1.6% respectively [5][38]. - New home sales in 36 cities reached 1.425 million square meters last week, reflecting a week-on-week increase of 14.2% and a year-on-year increase of 146.5%. However, cumulative sales from January 1 to January 30 totaled 5.398 million square meters, down 30.3% year-on-year [5][10]. - The second-hand housing market saw a total transaction area of 1.706 million square meters across 15 cities last week, with a slight week-on-week decrease of 0.7% but a significant year-on-year increase of 744.4%. Cumulative sales for the same period reached 6.739 million square meters, up 15.8% year-on-year [5][16]. Real Estate Market Conditions - The inventory of new homes in 13 cities stands at 7.7738 million square meters, showing a slight decrease of 0.2% week-on-week and a year-on-year decrease of 3.8%. The average de-stocking period is 23.0 months, which is stable compared to the previous week but has increased by 6.7 months year-on-year [5][24]. - In terms of land transactions, the total area sold in 100 cities from January 26 to February 1 was 1.7955 million square meters, marking a week-on-week increase of 49.2% and a year-on-year increase of 419.7%. The average land price was 979 yuan per square meter, down 28.0% week-on-week and down 74.4% year-on-year [5][32]. Investment Recommendations - For mainland developers, the report recommends companies such as Binjiang Group and China Merchants Shekou in A-shares, and China Overseas Development and Greentown China in Hong Kong stocks, highlighting that sales growth expectations post-market recovery will drive valuation improvements [5][9]. - Light asset operation companies are also recommended, as they are expected to maintain stable fundamentals during the downturn. Suggested companies include Greentown Service for property management and China Resources Mixc Lifestyle for commercial management [5][9]. - For Hong Kong developers, the report suggests focusing on companies like Sun Hung Kai Properties and Henderson Land Development, which are expected to benefit from a recovering residential sales market [5][9]. Financing Conditions - In the realm of domestic credit bonds, real estate companies issued a total of 8 bonds last week, amounting to 4.96 billion yuan, which is a decrease of 42.9% week-on-week but an increase of 346.3% year-on-year. The net financing amount was -3.97 billion yuan due to repayments totaling 8.93 billion yuan [5][36].