Core Viewpoint - Greentown China (03900) reported significant sales performance for the first seven months of 2025, indicating strong demand and growth in the real estate sector [1] Sales Performance - In July 2025, Greentown Group achieved sales of 1,380 units, with a sales area of approximately 190,000 square meters and a sales amount of about RMB 5 billion, resulting in an average selling price of approximately RMB 26,733 per square meter [1] - From January to July 2025, Greentown Group recorded a total contracted sales area of approximately 2.48 million square meters and a total contracted sales amount of approximately RMB 85.7 billion, with equity attributable to Greentown Group amounting to approximately RMB 57.9 billion [1] - As of July 31, 2025, there were additional signed purchase agreements not yet converted to sales contracts amounting to approximately RMB 2.6 billion, with equity attributable to Greentown Group being approximately RMB 1.4 billion [1] Project Performance - In July 2025, Greentown Group's entrusted projects achieved a sales area of approximately 720,000 square meters and a sales amount of approximately RMB 9.2 billion [1] - From January to July 2025, the cumulative sales area for entrusted projects was approximately 3.78 million square meters, with a total sales amount of approximately RMB 51.1 billion [1] - Overall, as of July 31, 2025, Greentown Group accumulated a total contracted sales area of approximately 6.26 million square meters and a total contracted sales amount of approximately RMB 136.8 billion [1]

Core Viewpoint - Greentown China (03900.HK) reported significant sales figures for July 2025, indicating strong performance in both self-invested and entrusted projects [1] Group 1: Sales Performance - In July 2025, Greentown Group achieved sales of 1,380 units, with a sales area of approximately 190,000 square meters and a sales amount of about RMB 5 billion, resulting in an average selling price of approximately RMB 26,733 per square meter [1] - From January to July 2025, Greentown Group recorded a total contracted sales area of approximately 2.48 million square meters and a total contracted sales amount of approximately RMB 85.7 billion, with the equity amount attributable to Greentown Group being approximately RMB 57.9 billion [1] - As of July 31, 2025, there were cumulative signed subscription agreements not yet converted to sales contracts amounting to approximately RMB 2.6 billion, with the equity amount attributable to Greentown Group being approximately RMB 1.4 billion [1] Group 2: Entrusted Projects - In July 2025, Greentown Group's entrusted projects achieved a sales area of approximately 720,000 square meters and a sales amount of approximately RMB 9.2 billion [1] - From January to July 2025, the cumulative sales area for entrusted projects was approximately 3.78 million square meters, with a total sales amount of approximately RMB 51.1 billion [1] Group 3: Cumulative Sales Data - As of July 31, 2025, Greentown Group's total cumulative contracted sales area reached approximately 6.26 million square meters, with a total contracted sales amount of approximately RMB 136.8 billion [1]

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7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: 2025年8月6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 | 本月底法定/註冊股本總額： HKD ...

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 ** 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 人 士 或 財 ...

Core Viewpoint - The real estate industry is experiencing a dynamic brand evolution and differentiated competition, with a focus on brand upgrades and product innovation, as well as enhanced delivery capabilities and service depth [1][2]. Group 1: Brand Development and Product Innovation - Real estate companies are accelerating the establishment of brand matrices and systematic brand development, with Poly Developments' three brands entering the group’s quality sub-brand sequence, further solidifying brand value [1] - Jianfa Real Estate has launched a standardized system for "Good Houses" and "Good Communities," creating comprehensive living solutions [1] - Companies like China Resources Land and CIFI Group are focusing on product innovation, introducing diverse projects that meet segmented demands through park communities, refined management trials, and AI smart homes [1] Group 2: Delivery Capability and Service Enhancement - The mid-year delivery phase has become a key window for showcasing brand strength, with companies enhancing quality and service transparency [1] - Customized delivery models are emerging, with innovative forms such as "one household, one policy" and "what you see is what you get" presentations, transforming delivery capabilities into core competitive advantages [1] Group 3: Summer Activities and Brand Positioning - During the summer, companies like Poly Developments, Greentown China, and Longfor Group are focusing on family-oriented activities that cater to children's growth needs, thereby creating differentiated brand labels [2] - These activities not only enhance brand image through social responsibility practices but also strengthen the brand's competitive moat [2] Group 4: Industry Events and Organizational Changes - Major companies such as China Resources Land, Vanke Group, and JinDi Group are undergoing large-scale organizational restructuring to optimize resource allocation in response to market changes [2] - Oceanwide Holdings and Fantasia Holdings are introducing new debt restructuring plans, providing fresh ideas for risk mitigation in the industry [2] Group 5: Brand Communication Rankings - In July, the brand communication power ranking for real estate companies saw Greentown China, China Resources Land, and Poly Developments in the top three positions, with China Overseas Property and China Merchants Shekou following closely [2]

Core Insights - The article highlights the recent land auction in Shenzhen, where major developers are actively competing for prime residential land, indicating a robust demand in the real estate market [2][5][12]. Group 1: Land Auction Highlights - China Merchants Shekou acquired a residential plot in Qianhai at a record floor price of approximately 84,000 RMB/m², marking the highest land price in the past decade [2]. - Greentown won the A319-1225 plot in Bao'an with a premium of 11.47%, translating to a floor price of about 20,364 RMB/m² [2][5]. - The A319-1225 plot attracted four top-tier real estate companies, with over 29 bidding rounds, showcasing intense competition [6][12]. Group 2: Plot Characteristics - The A319-1225 plot is located in the mature ShaJing area, featuring established infrastructure and amenities, including proximity to the Shenzhen Metro Line 11 [11][12]. - The plot covers an area of approximately 19,246.94 m² with a total construction area of about 59,665 m², resulting in a low plot ratio of approximately 3.1, appealing for improvement projects [11][12]. - The site is subject to aviation height restrictions and must include a green space system to mitigate noise pollution from nearby roads [11][12]. Group 3: Market Context and Future Prospects - The ShaJing area currently lacks new housing supply, with the average price of second-hand homes around 55,000 RMB/m², indicating a strong market opportunity for Greentown's new project [13]. - Greentown's recent projects in Guangzhou have performed well, suggesting that the company could replicate this success in Shenzhen, leveraging the favorable conditions of the new plot [15][18]. - The urgency of Greentown's actions, including starting construction on the same day of the land acquisition, reflects its ambition to establish a strong presence in the Shenzhen market [18].

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4][5][59] Core Viewpoints - The report emphasizes the importance of implementing the spirit of the Central Urban Work Conference and conducting high-quality urban renewal [3][47] - The report highlights that since September 2024, the central government's clear requirement has been to stabilize the real estate and stock markets, which is crucial for boosting social expectations and facilitating domestic demand circulation [5][50] Market Performance - The Shanghai Composite Index fell by 0.9%, the Shenzhen Component Index by 1.6%, the ChiNext Index by 0.7%, and the CSI 300 Index by 1.8%, while the real estate sector (Shenwan) dropped by 3.4% [5][8] - In terms of individual stocks, the top five gainers were Zhujiang Co. (+13.5%), Dazhong Electronics (+10.3%), Zhangjiang Hi-Tech (+6.8%), ST Nanzhi (+6.1%), and Quzhou Development (+5.9%), while the top five losers included Hainan Airport (-8.4%), Jindi Group (-8.1%), Lujiazui (-7.9%), China Merchants Shekou (-7.7%), and Hainan Expressway (-7.7%) [5][8] Data Tracking New Housing Transactions - For the week of July 26 to August 1, 205,000 square meters of new homes were sold across 42 key cities, a 19.9% increase from the previous week, but a 20.8% decrease year-on-year [14][18] - In July, a total of 761,000 square meters of new homes were sold, representing a 31.8% decrease month-on-month and an 18.3% decrease year-on-year [18] Second-Hand Housing Transactions - For the week of July 26 to August 1, 185,000 square meters of second-hand homes were sold across 21 key cities, a 5.4% decrease from the previous week, but a 2.5% increase year-on-year [29][35] - In July, a total of 854,000 square meters of second-hand homes were sold, reflecting a 2.1% decrease month-on-month and a 3.9% decrease year-on-year [35] Industry News - The Central Political Bureau meeting emphasized the need for high-quality urban renewal and the implementation of policies to stabilize the real estate market [47][48] - The National Taxation Administration reported that since the implementation of the housing tax refund policy, 11.1 billion yuan has been refunded, alleviating the tax burden on residents [47][48] Company Announcements - Lujiazui achieved a revenue of 6.598 billion yuan in the first half of 2025, a year-on-year increase of 33.9%, while the net profit attributable to shareholders was 815 million yuan, a year-on-year decrease of 7.9% [50][51] - Dazhong City completed a targeted issuance of 2.426 billion yuan, increasing its total share capital to 4.286 billion shares [50][51]

又是下午拿地，晚上就把挖掘机开进了现场。 这样的，画风的转变，很难说不是时代的一个缩影。 版图扩张 过去，可能开工大吉都要摆个舞台剪彩，放两串鞭炮。 如今开工的速度，就像转换一个电视频道那么迅速。 昨天（8月4日），深圳市成功出让年内第7宗住宅用地宝安沙井A319-1225，绿城击败华润、越秀以及中海以12.15亿元斩获，折合楼面价20363.7元/㎡，溢 价率约11.47%。 尤其是，绿城在深圳的项目并不多，并且首战深圳的表现也比较一般。 一个是曾经光明的绿城绿城首个打开深圳市场项目的是位于光明区光明中心的绿城桂语兰庭。 2023年3月首批房源951套88~130平，包括942套住宅和9套商业，备案均价约50073元/㎡，单价区间约4.08万—5.94万/平，总价区间约363万～738万，开盘 当天宣布卖了25亿元，折算下来去化约58%。 令到市场比较诧异的是，拿下地块的居然是只有一次开拓过深圳市场经验的绿城，并且下午拿地，晚上就开始开工了。 一方面，绿城这两年面临着经营压力，另一方面绿城今年拿地表现得相当激进。 据中指研究院数据统计1-7月绿城在上海、杭州、苏州华东等地已经拿下了十多宗用地，共计522亿元 ...

Monetary Policy and Economic Outlook - The Central Political Bureau of the Communist Party of China decided to hold the Fourth Plenary Session of the 20th Central Committee in October to discuss the 15th Five-Year Plan for economic and social development, emphasizing the need for stable and flexible policies[5] - The government plans to allocate approximately 90% of the 90 billion yuan budget for childcare subsidies from the central finance[6] Market Trends - The bond market showed signs of recovery, with the yield on the 10-year government bond decreasing by 2.75 basis points to 1.7200%[16] - The U.S. Federal Reserve maintained the federal funds rate at 4.25% to 4.5%, marking the fifth consecutive meeting without changes, while the U.S. GDP grew at an annualized rate of 3% in Q2, surpassing expectations[8][9] Financial Market Performance - The bond market experienced a net cash injection of 158.5 billion yuan on July 30, following a 3,090 billion yuan reverse repurchase operation by the central bank[12] - The weighted average interest rates for various repo transactions showed a downward trend, with DR001 and DR007 rates falling to 1.315% and 1.518%, respectively[13][14] Commodity Prices - International crude oil prices increased, with WTI rising by 1.36% to $70.99 per barrel, while natural gas prices fell by 1.89% to $3.016 per MMBtu[10] Bond Issuance and Trading - The bond auction results indicated a competitive bidding environment, with the 1-year agricultural development bond receiving a bid-to-cover ratio of 2.3[18] - The convertible bond market saw a decline, with major indices dropping, and a total trading volume of 84.376 billion yuan, down by 5.53 billion yuan from the previous day[24]

深圳土地市场出现"新鲜面孔"拿地。 2025年8月4日，经过29轮竞价后，绿城以12.15亿元成功竞得宝安区新桥街道一宗地块，成交楼面价约2 万元/平方米，溢价率11.47%。这是深圳今年出让的第七宗住宅用地，也是今年首次出现混合所有制房 企拿地。 过去，绿城深耕华东，虽在粤港澳大湾区也有零星项目，但去年以来绿城加码粤港澳大湾区的决心更加 凸显。在此期间，绿城多次现身广州、深圳的土地交易竞拍之中，最终斩获了广州海珠、广州番禺、深 圳宝安等区域的三宗地块。 绿城在广州、深圳频繁落子，一方面是绿城对规模仍有渴求，另一方面则是绿城的华东大本营竞争烈度 升级，中海、华润和保利等都是它有力的竞争对手，绿城不得不加速布局，而广州、深圳作为一线城 市，安全边际较高，必然是绿城走出华东的优选。 中指研究院数据显示，今年前7个月，中海、绿城和保利居于拿地金额榜单前三位，权益拿地金额分别 为542亿元、522亿元和424亿元，合计占据榜单总金额约26%。今年前7个月，绿城全口径销售额达到 1201.4亿元，居于行业第二位，仅次于中海地产。 在其他房企按兵不动之时，绿城正全力出击"弯道超越"。 积极补仓 绿城此次在深圳摘得的地块， ...