Group 1 - The core viewpoint of the article indicates that the real estate market in major cities is experiencing a traditional off-season in July, with a general decline in second-hand housing transaction volumes and a continuation of the "price for volume" phenomenon [1][60] - On the policy front, the central government is shifting its focus from large-scale expansion to improving existing stock, with key tasks outlined in the recent Central Urban Work Conference [1] - The State Council has introduced the "Housing Rental Regulations" to encourage the use of private housing for rental purposes and to support the revitalization of old properties for rental [1] Group 2 - In July, the average price of second-hand residential properties in 100 cities fell by 0.77% month-on-month and 7.32% year-on-year, while the top ten cities saw a month-on-month decline of 0.64% and a year-on-year decline of 5.10% [5] - Major cities like Wuhan and Nanjing experienced significant price drops, with Wuhan's month-on-month decline at 1.17% and year-on-year at 9.66% [5][36] - Beijing's second-hand housing transactions decreased by 15.6% month-on-month and 17.9% year-on-year, with prices down 0.61% month-on-month and 4.91% year-on-year [8][6] Group 3 - In Shanghai, second-hand housing transactions fell by 7.9% month-on-month and 6.7% year-on-year, with prices down 0.57% month-on-month and 4.41% year-on-year [13] - Guangzhou's second-hand housing prices decreased by 0.82% month-on-month and 5.52% year-on-year, with significant downward pressure on prices [20] - Shenzhen's second-hand housing market showed a slight increase in transaction volume, with 4,656 units sold, reflecting a 3.4% month-on-month growth [28] Group 4 - Chengdu's second-hand housing market remained active with 20,202 transactions in July, a 5.1% month-on-month increase, while prices fell by 0.20% month-on-month [43] - The overall sentiment in the real estate market is cautious, with high inventory levels leading to continued price pressures, despite some cities showing resilience [60][1] - The political bureau meeting on July 30 provided a positive outlook for the macroeconomic situation, which may help stabilize the market [60]

在各项稳楼市政策的推动下，市场趋稳，房地产企业的销售业绩也出现止跌迹象。 近日，多家房企发布2025年前7月销售业绩。虽然多数房企的销售规模仍低于去年同期，但跌幅普遍收 窄。 从已经公布销售单价的房企来看，企业的销售均价普遍低于去年，体现出以价换量的策略。 分析人士指出，房企销售降幅收窄，侧面反映出楼市正出现筑底迹象。政策仍有加力空间，从而推动市 场进一步止跌回稳。 以价换量是主流 今年前7月，央国企继续占据销售榜前列。从已公布销售业绩的房企来看，除保利外，绿城以1368亿元 的销售业绩位居第二，中海、华润、招商的销售规模分别为1320亿元、1236亿元、1046亿元。 这也是前7月仅有的五家迈入千亿阵营的企业。中指研究院指出，与去年同期相比，千亿阵营房企减少1 家。 与去年同期相比，这五家企业的销售额有不同程度的下滑。其中，保利的销售额下滑17.85%，绿城、 中海、华润、招商分别下滑7.3%、18.3%、11.8%、11%。 其余上市房企的销售业绩也以下降为主。 根据中指研究院的统计，2025年1~7月，TOP100房企销售总额为2.07万亿元，同比下降13.3%。与去年 同期约四成的销售跌幅相比，收窄明 ...

Group 1: Real Estate Development Support - Fuzhou has issued 16 measures to support real estate project development, focusing on streamlining planning and construction approvals, optimizing floor area ratio calculations, and enhancing project management and acceptance mechanisms [1] - The measures aim to simplify development processes, reduce the burden on enterprises, and improve operational efficiency and capital recovery for local real estate companies [1] Group 2: Green Town's Bond Purchase - Greentown Real Estate Group announced that it has purchased bonds in the secondary market, with a total amount reaching 2.134 billion yuan, showcasing its commitment to maintaining bond value and protecting investor interests [2] - This action is expected to enhance the attractiveness and stability of Greentown's bonds in the market, setting a positive example for other real estate companies [2] Group 3: Longfor's Early Bond Redemption - Longfor Properties has received approval for the early redemption of its 2 billion yuan medium-term notes, demonstrating strong financial management and reduced debt pressure [3] - The early repayment is set to occur approximately three months ahead of schedule, which is likely to boost market confidence in quality private real estate firms [3] Group 4: Yuzhou Group's Restructuring Efforts - Yuzhou Group is accelerating its efforts to meet restructuring conditions, with a target completion date set for August 31, 2025, despite some conditions still pending [4] - Successful restructuring could optimize the company's debt structure, alleviate financial pressure, and enhance market confidence, potentially revitalizing project progress and sales [4] Group 5: Poly Developments' Convertible Bond Adjustment - Poly Developments announced an adjustment to the conversion price of its 8.5 billion yuan convertible bonds, lowering the price from 16.09 yuan to 15.92 yuan per share [5] - This adjustment benefits investors by reducing conversion costs and increasing potential returns, while also potentially alleviating the company's debt burden in the long term [5]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - Since September 2024, the central government's clear requirement has been to "stabilize the real estate market and the stock market" to boost social expectations and facilitate domestic demand circulation. The emphasis on building quality housing and high-quality residential projects is expected to lead to a development wave in this sector [5][51] - The report suggests focusing on real estate companies with strong land acquisition capabilities and product strength in core cities, as well as second-hand housing intermediaries and property management companies [5] Market Performance - The Shanghai Composite Index rose by 2.1%, the Shenzhen Component Index by 1.2%, the ChiNext Index by 0.5%, and the CSI 300 Index by 1.2%. The real estate sector (Shenwan) increased by 2.2% during the week [5][8] - The top five stocks in terms of growth were: Heimu Dan (+18.1%), *ST Rong Control (+16.7%), Yatong Co. (+14.9%), Huali Family (+13.5%), and Shangshi Development (+12.9%). The bottom five were: Zhujiang Co. (-6.8%), Haitai Development (-3.5%), *ST Jinke (-2.1%), Jintou Chengkai (-1.7%), and Hainan Airport (-1.0%) [5][8] Data Tracking New Housing Transactions - In the week of August 2-8, 2025, 42 key cities saw a total new housing transaction of 1.41 million square meters, a decrease of 31.2% week-on-week and a decrease of 19.2% year-on-year. The cumulative new housing transaction for August (up to the week of August 8) was 1.64 million square meters, down 11.2% month-on-month and down 22.3% year-on-year [5][15][22] - In the same week, first-tier cities accounted for 330,000 square meters, second-tier cities for 825,000 square meters, and third and fourth-tier cities for 259,000 square meters [15] Second-Hand Housing Transactions - In the week of August 2-8, 2025, 21 key cities recorded a total second-hand housing transaction of 1.72 million square meters, a decrease of 7.8% week-on-week and a decrease of 4.4% year-on-year. The cumulative second-hand housing transaction for August (up to the week of August 8) was 2.02 million square meters, down 5.8% month-on-month and down 3.2% year-on-year [5][33][37] Industry News - Beijing has canceled the purchase limit for properties outside the Fifth Ring Road and optimized the housing provident fund policy in four aspects: first home recognition, second home quota, accumulation speed, and down payment usage. Shanghai is promoting high-quality urban development through discussions on the "14th Five-Year Plan" [47] - The Jiangsu provincial government held a special meeting to promote consumption, focusing on stabilizing the real estate market and enhancing the supply of quality housing [47] - New regulations in Hunan Province limit the height of high-rise residential buildings to 26 floors and set a maximum floor area ratio of 3.1. Chengdu has introduced guidelines for quality housing design, while Suzhou has implemented new regulations for the self-renewal of private housing [47]

据中指研究院，前7个月，保利发展以1632亿元领跑，绿城中国、中海地产则以1368亿元、1319.5亿元紧随其后。此外，包括华润置地、招商蛇口在内，共5 家房企进入"千亿阵营"。 7月TOP10房企中，万科重回第六位，城建发展排名上升3位。 1～7月，TOP50上市房企合计销售额15137.9亿元，其中7月单月销售额1710.2亿元，淡季迹象明显。 头部房企依然稳健 (2025年7月) | | 中国海外发展 | 1201.4 | 不变 | 13.6 | | --- | --- | --- | --- | --- | | 4 | 华润置地 | 1103 | 不变 | 28.8 | | 5 ) | 招商蛇口 | 888.9 | 不变 | 8.71 | | 6 ) | 万科A | 706.8 | 11 | 6.4 | | 7 | 建发股份 | 686.6 | | ↓1 10.1 | | 8 | 越秀地产 | 617 | 不变 | 4.6. | | 9 | 中国金茂 | 533.5 | 不变 | 1.4: | | (10) | 滨江集团 | 527.5 | 不要 | 9.91 | | (11) | 华发股份 | 50 ...

Investment Rating - The report indicates a positive investment outlook for the Chinese real estate sector, highlighting a significant increase in land transaction volumes and prices, particularly in major cities like Shanghai and Suzhou [3][4][5]. Core Insights - The weekly premium rate has reached a new high in nearly four months, with Shanghai setting a national record for land prices at 200,000 yuan per square meter [3][4]. - The total area of land supplied this week was 3.05 million square meters, a decrease of 42% compared to the previous week, while the transaction area increased by 35% to 3.38 million square meters [4][5]. - The average premium rate for land transactions rose to 16.2%, marking the highest level since April 2025, driven by high premium land sales in cities like Shanghai, Shenzhen, and Hangzhou [5][6]. Summary by Sections Supply - The report notes a total land supply of 3.05 million square meters, down 42% week-on-week, with 24 residential land plots offered in key cities, averaging a plot ratio of 2.14 [4]. - Specific notable land offerings include a residential plot in Beijing with a starting price of 1.03 billion yuan and a plot ratio of 1.6, located in a desirable area with good transportation links [4]. Transactions - The total transaction area was 3.38 million square meters, with a transaction value of 48.5 billion yuan, reflecting a 251% increase week-on-week [5]. - Shanghai's land auction saw significant activity, with multiple high-premium plots sold, including a residential plot in Hongkou District with a premium rate of 46.33% [6][12]. Price Records - Shanghai's Xuhui District set a new national record for land price at 200,000 yuan per square meter, while Suzhou also recorded a new high for residential land prices at 65,000 yuan per square meter [6][7]. - The report highlights that the average transaction price for new homes in Beijing has exceeded 70,000 yuan per square meter [4].

Investment Rating - The report maintains a "Recommended" rating for the industry, suggesting a potential increase of over 15% relative to the benchmark index within the next 12 months [9]. Core Insights - In July 2025, the land supply in 23 key cities in China saw a significant decrease in planned construction area, with a month-on-month decline of 62.9%, totaling 343.9 million square meters [1]. - The total land transaction amount reached 888.88 billion yuan, reflecting a 41% decrease compared to the previous month [1]. - The land transaction premium rate in July 2025 rose to 12.41%, indicating a notable recovery since the beginning of the year [3]. - China Resources Land led the land acquisition with 15 plots, totaling 906.69 billion yuan [3]. Summary by Sections Land Supply and Transactions - In July 2025, 106 residential land plots were launched, with 113 plots successfully transacted, amounting to a total planned construction area of 653.68 million square meters [1]. - The land transaction premium rate has shown a significant increase, indicating a recovery in market confidence [3]. Company Land Acquisition - The report highlights the land acquisition activities of major companies, with China Resources Land acquiring the most plots, followed by Greentown China and China Merchants Shekou [4]. - The average land price per square meter for China Resources Land was 20,422 yuan, while Greentown China had an average of 25,031 yuan per square meter [4]. Investment Recommendations - The report suggests focusing on China Jinmao, which has shown significant land acquisition activity and improvements in corporate governance [4].

格隆汇8月11日丨绿城中国(03900.HK)发布公告，公司将于2025年8月22日召开董事会会议，藉以审议并 批准包括截至2025年6月30日止的六个月期间的未经审核中期业绩，及考虑宣派中期股息（如有）。 ...

GREENTOWN CHINA HOLDINGS LIMITED 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。 於 本 公 告 日 期，董 事 會 包 括 主 席 及 非 執 行 董 事 劉 成 雲 先 生；執 行 董 事 郭 佳 峰 先 生、耿 忠 強 先 生、李 駿 先 生 及 洪 蕾 女 士；非 執 行 董 事 吳 天 海 先 生 及 周 安 橋 先 生； 以 及 獨 立 非 執 行 董 事 賈 生 華 先 生、許 雲 輝 先 生、朱 玉 辰 先 生 及 秦 悅 民 先 生。 * 僅供識別 承董事會命 綠城中國控股有限公司 主 席 劉成雲 中 國，杭 州 2025年8月11日 董事會會議日期 綠城中國控股有限公司（「本公司」）董事會（「董事會」）茲宣佈謹定於2025年8月22 日（星 期 五）舉 行 董 事 會 會 議，以 考 慮 及 批 准 本 公 司 及 其 附 屬 公 司 截 至2 ...

Investment Rating - The investment rating for the real estate industry is "Outperform the Market" (maintained) [2][3]. Core Insights - The new policy in Beijing is seen as a limited measure but may signal the beginning of a new round of easing in the real estate market [4][12]. - The background for the new policy is the failure of Beijing's housing prices to stabilize, with prices declining since March [5][12]. - The marginal release of purchasing power from the new policy is expected to be limited, but it could initiate a new round of easing in first-tier cities [4][12]. - Investment opportunities exist despite the ongoing price decline, with specific stock recommendations including China Jinmao, Greentown China, Beike-W, and I Love My Home [14]. Summary by Sections Policy Changes - On August 8, 2025, Beijing's housing authority announced adjustments to housing purchase policies, allowing families meeting certain criteria to buy unlimited properties outside the Fifth Ring Road [4][16]. - The policy also allows single adults to follow the same purchasing limits as families [17]. Market Conditions - Since March, Beijing's housing prices have resumed their downward trend, with a month-on-month decline of -1.1% over the past two months, returning to levels seen before the "924" policy in 2024 [5][12]. - The price index for Beijing has not shown any advantage compared to other major cities since 2019, with a decline of approximately 20% from the early 2023 peak in key districts [5][12]. Future Expectations - The report anticipates that if the price decline continues for three more months, more substantial "stabilization" policies may be expected [12]. - The overall sentiment among residents regarding future price increases remains pessimistic, with only 8.9% expecting price rises in the second quarter of 2025, marking a historical low [9][10].