Core Insights - The article highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements [1][2][3] Short Selling Ratios - The highest short-selling ratios are observed in Li Ning-R and Great Wall Motors-R, both at 100.00%, followed by Hang Seng Bank-R at 82.27% [1][2] - Other notable stocks with high short-selling ratios include Hong Kong Exchanges-R at 80.09% and Baidu Group-SWR at 75.91% [2] Short Selling Amounts - Alibaba-SW leads in short-selling amount with 1.698 billion, followed by Tencent Holdings at 1.369 billion and Zijin Mining at 1.051 billion [3] - Other significant short-selling amounts include Meituan-W at 1.029 billion and Xiaomi Group-W at 0.952 billion [3] Deviation Values - The highest deviation values are recorded for Mao Ge Ping at 45.59%, followed by an unnamed stock at 43.36% and Greentown China at 41.28% [1][3] - Other stocks with notable deviation values include Baidu Group-SWR at 41.16% and Sunshine Insurance at 41.10% [3]

Core Viewpoint - Greentown China (03900.HK) reported significant sales figures for September 2025, indicating strong performance in both self-invested and entrusted projects, with total contract sales amounting to approximately RMB 1,785 billion for the first nine months of 2025 [1] Summary by Category Sales Performance - In September 2025, Greentown Group achieved sales of 1,966 units, with a total sales area of approximately 290,000 square meters and a sales amount of about RMB 12.8 billion, resulting in an average selling price of RMB 43,657 per square meter [1] - For the period from January to September 2025, Greentown Group recorded a total contract sales area of approximately 3.08 million square meters and a total contract sales amount of RMB 107.9 billion, with the attributable equity amounting to RMB 71.7 billion [1] - As of September 30, 2025, there were additional signed purchase agreements not yet converted into sales contracts, amounting to approximately RMB 3.7 billion, with an attributable equity of about RMB 2.2 billion [1] Entrusted Projects - In September 2025, Greentown Group's entrusted projects achieved a sales area of approximately 780,000 square meters and a sales amount of about RMB 10 billion [1] - From January to September 2025, the total sales area for entrusted projects reached approximately 5.33 million square meters, with a total sales amount of RMB 70.6 billion [1] Cumulative Sales Data - As of September 30, 2025, Greentown Group's cumulative total contract sales area for the first nine months was approximately 8.41 million square meters, with a total contract sales amount of about RMB 178.5 billion [1]

Core Viewpoint - Greentown China (03900) reported a total sales area of approximately 841,000 square meters and total sales amounting to approximately RMB 178.5 billion for the first nine months of 2025, reflecting a year-on-year decline of 4.6% [1] Sales Performance - In September 2025, Greentown Group achieved sales of 1,966 units with a sales area of about 290,000 square meters, generating a sales amount of approximately RMB 12.8 billion, with an average selling price of RMB 43,657 per square meter [1] - For the period from January to September 2025, Greentown Group recorded a contract sales area of approximately 3.08 million square meters and a contract sales amount of approximately RMB 107.9 billion, with the equity amount attributable to Greentown Group being approximately RMB 71.7 billion [1] - As of September 30, 2025, there were cumulative signed subscription agreements not yet converted to sales contracts amounting to approximately RMB 3.7 billion, with the equity amount attributable to Greentown Group being approximately RMB 2.2 billion [1] Project Performance - In September 2025, Greentown Group's entrusted projects achieved a sales area of approximately 780,000 square meters and a sales amount of approximately RMB 10 billion [1] - From January to September 2025, the cumulative sales area for entrusted projects was approximately 5.33 million square meters, with a total sales amount of approximately RMB 70.6 billion [1]

2025年9月，绿城集团代建项目取得销售面积约78万平方米，销售金额约人民币100亿元。2025年1-9 月，绿城集团代建项目累计取得销售面积约533万平方米，销售金额约为人民币706亿元。 综上，截至2025年9月30日止九个月，绿城集团累计取得总合同销售面积约841万平方米，总合同销售金 额约人民币1785亿元，同比下降4.6%。 绿城中国(03900)发布公告，2025年9月，绿城集团自投项目取得销售1966套，销售面积约29万平方米， 当月销售金额约为人民币128亿元，销售均价约为每平方米人民币43657元。2025年1-9月，绿城集团取 得合同销售面积约308万平方米，合同销售金额约人民币1079亿元;其中归属于绿城集团的权益金额约为 人民币717亿元。于2025年9月30日，另有累计已签认购协议未转销售合同的金额约人民币37亿元，其中 归属于绿城集团的权益金额约为人民币22亿元。 ...

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 截 至2025年9月30日止九個月未經審核營運數據 * 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 ...

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9月30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: 2025年10月8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 | (A). 股份期權（根據發行人的股 ...

Investment Rating - The report does not explicitly state an investment rating for the real estate industry Core Insights - The performance of leading real estate companies declined year-on-year in August 2025, with land acquisition costs amounting to 13.55 billion yuan [6] - The average transaction area for new residential properties in first-tier cities decreased by 21.16% year-on-year, while second-tier cities saw a decline of 4.51% [10] - The total bond financing in the real estate sector was 55.31 billion yuan in August 2025, reflecting a year-on-year decrease of 4.3% [7] Summary by Sections 1. Overall Industry Performance in August 2025 - **Market Demand**: The average transaction area for new residential properties in first-tier cities was 470,300 m², down 21.16% year-on-year; second-tier cities recorded 313,800 m², down 4.51%; and third-tier cities saw 128,900 m², down 10.76% [10] - **Sales Situation**: The sales revenue of monitored brand real estate companies decreased by 2.6% year-on-year, with a month-on-month increase of 15.0%. Among the 10 monitored companies, five experienced a year-on-year decline, with the largest drop being 58.9% for Jindi Group [5] - **Land Acquisition**: The total land acquisition cost for monitored brand real estate companies was 13.55 billion yuan, with a total land area of 273,000 m² acquired [6] - **Financing Situation**: The total bond financing in the real estate sector was 55.31 billion yuan, down 4.3% year-on-year, with credit bond financing at 30.78 billion yuan, down 18.4% [7] 2. Key Companies' Performance - **Vanke**: In August, Vanke acquired land with a total cost of 156 million yuan and reported a sales revenue of 9 billion yuan, a year-on-year decrease of 47.7% [43][45] - **China Overseas Property**: This company recorded the highest month-on-month sales increase of 54.9% among the monitored companies [5] - **China Resources Land**: Acquired land with a total area of 19,100 m² and a planning area of 65,300 m² [38] 3. Policy Insights - The report highlights the government's focus on stabilizing the real estate market and promoting urban renewal, with policies aimed at enhancing housing supply and improving living conditions [12][19] - The emphasis on "good housing" construction and urban renewal is expected to drive future policy support for the real estate sector [24][25]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The real estate market in Tianjin is entering a phase dominated by new products, with older projects experiencing declining sales volume [3][4] - In the first eight months of 2025, the top 10 real estate companies in Tianjin achieved a total sales revenue of 40.38 billion yuan, with the threshold for the top 10 set at 1.77 billion yuan [3][4] - The top three companies by sales revenue are: 1. TEDA Construction with 6.93 billion yuan 2. China Overseas Property with 5.95 billion yuan 3. Tianjin Urban Investment Group with 5.33 billion yuan [3][4] Sales Performance Summary Company Sales Performance - The total sales revenue of the top 10 real estate companies in Tianjin from January to August 2025 is 40.38 billion yuan [3][4] - The sales area for these companies totals 1.12 million square meters [4] Project Sales Performance - The total sales revenue of the top 10 residential projects in Tianjin from January to August 2025 is 11.943 billion yuan, with a threshold of 920 million yuan for inclusion in the ranking [6][7] - The top three projects by sales revenue are: 1. Shangdong Jinmao Xiaotang/Jintang with 1.483 billion yuan 2. Jinmao Yanghu Manting with 1.296 billion yuan 3. Tibei Jinmao Mansion with 1.295 billion yuan [6][7] Policy Environment - A new policy was introduced on August 13, 2025, allowing homebuyers to withdraw housing provident fund for down payments on existing homes, aimed at reducing the threshold for home purchases and invigorating the existing housing market [8] - On August 28, 2025, the Central Committee of the Communist Party of China and the State Council released guidelines to promote high-quality urban development, which will provide important guidance for addressing current industry challenges [9] Land Market Analysis - In August 2025, Tianjin released 20 plots of land, with a planned construction area of 1.4254 million square meters, including one residential plot and 16 industrial plots [10][13]

Group 1 - The core viewpoint of the article emphasizes the dual focus of real estate companies on effective marketing and emotional connection with homeowners during the September market, characterized by promotional activities and community engagement [2][3]. Group 2 - In September, real estate companies launched various initiatives, including promotional offers such as home decoration and appliance subsidies from Poly Developments, exclusive home purchase discounts for teachers from China Overseas Property, and live-streamed promotions from Yuexiu Property [2]. - The article highlights the strategic release of new luxury products by companies like Yuexiu and Poly, as well as the innovative "Lighthouse Strategy" by Jianfa Real Estate, aiming to capture attention through product and cultural innovation [3]. - The brand communication power ranking for September shows that Greentown China, China Resources Land, and Poly Developments topped the list, with leading companies leveraging both marketing discounts and homeowner engagement to strengthen brand loyalty [3]. Group 3 - The article notes that the 2026 campus recruitment season has started early, with state-owned enterprises like Poly Developments and China Merchants Shekou leading the way in attracting talent through innovative formats such as open days and micro-films [3].

Group 1 - The real estate industry is showing signs of recovery as the "Golden September and Silver October" traditional peak season approaches, with the top 100 real estate companies achieving a monthly sales amount of 252.8 billion yuan in September 2025, a year-on-year increase of 0.4% and a month-on-month increase of 22.2% [1] - Among the top 100 real estate companies, 72 companies reported month-on-month performance growth in September, with 45 companies experiencing a month-on-month increase of over 30%, including major players like China Resources Land and China State Construction [1] - Cumulative sales for the top 100 real estate companies from January to September 2025 reached 2.60659 trillion yuan, a year-on-year decline of 12.2%, but the decline has narrowed by 1.1 percentage points compared to the previous period, indicating an initial recovery trend [1] Group 2 - Poly Developments ranked first in sales with 201.7 billion yuan, followed by Greentown China and China Overseas Land with sales of 178.5 billion yuan and 170.5 billion yuan, respectively [2] - The enthusiasm for land acquisition among real estate companies has increased, with the total land acquisition amount for the top 100 companies reaching 727.8 billion yuan from January to September 2025, a year-on-year increase of 36.7% [2] - Leading companies in new land value include Greentown China, Poly Developments, and China Overseas Land, with new land values of 117.5 billion yuan, 101 billion yuan, and 95.2 billion yuan, respectively [2] Group 3 - The strong performance in land acquisition and sales is primarily seen among leading state-owned enterprises and a few mixed-ownership and private companies, with quality real estate firms expected to benefit more in the future [3] - Several core cities have continued to optimize demand-side policies in September, injecting momentum into the market, such as Shenzhen relaxing purchase restrictions and Shanghai optimizing property tax policies [3] - Despite some recovery in core cities, many other cities still face relative stagnation, and the overall market remains under adjustment pressure, with a continued focus on stabilizing the market [3]