Core Viewpoint - Midea Real Estate (03990) announced the appointment of non-executive director Ms. Ling Yan and independent non-executive director Mr. Ouyang Weili as members of the board's nomination committee, effective December 16, 2025 [1] Company Summary - Midea Real Estate has made a strategic decision to enhance its governance structure by appointing new members to its nomination committee [1]

MIDEA REAL ESTATE HOLDING LIMITED 美的置業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3990） 董事名單與其角色和職能 美的置業控股有限公司董事會（「董事會」）成員載列如下： | 王大在先生 | （聯席主席、執行董事兼總裁） | | --- | --- | | 郝恒樂先生 | （聯席主席兼執行董事） | | 劉敏女士 | （執行董事） | | 何劍鋒先生 | （非執行董事） | | 趙軍先生 | （非執行董事） | | 任凌艷女士 | （非執行董事） | | 譚勁松先生 | （獨立非執行董事） | | 歐陽偉立先生 | （獨立非執行董事） | | 陸琦先生 | （獨立非執行董事） | | | 委員會 | 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | --- | | 董事 | | | | | | 王大在先生 | | — | 成員 | 主席 | | 郝恒樂先生 | | — | — | — | | 劉敏女士 | | — | — | — | | 何劍鋒先生 | | — | — | — | | 趙軍先生 | | 成 ...

MIDEA REAL ESTATE HOLDING LIMITED 美的置業控股有限公司 （股份代號：3990） 變更提名委員會之組成 因應香港聯合交易所有限公司證券上市規則（「上市規則」）及上市規則附錄C1所 載《企業管治守則》於2025年7月1日生效的修訂，美的置業控股有限公司（「本公 司」）的董事會（「董事會」）宣佈自2025年12月16日起，本公司非執行董事任凌 艷女士及本公司獨立非執行董事歐陽偉立先生已獲委任為董事會之提名委員會 （「提名委員會」）成員。 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依賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） 承董事會命 美的置業控股有限公司 聯席主席、執行董事兼總裁 王大在 香港，2025年12月16日 於本公告日期，本公司執行董事為王大在先生（聯席主席兼總裁）、郝恒樂先生（聯 席主席）及劉敏女士；本公司非執行董事為何劍鋒先生、趙軍先生及任凌艷女士； 而本公司獨立非執行董事為譚勁松先生、歐陽偉立先生及陸琦先生。 ...

MIDEA REAL ESTATE HOLDING LIMITED 美的置業控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） 委員會的主席必須由董事會委任的委員會成員擔任，並必須為董事 會主席或一名獨立非執行董事。 1 1. Membership 成員 (a) The nomination committee of the Company (the "Committee") shall be appointed by the board of directors (the "Directors") of the Company (the "Board") and shall consist of not less than three members, a majority of whom shall be independent non-executive directors of the Company ("INEDs") and at least one member of the Co ...

Group 1 - The real estate sector in China is facing significant challenges, with major companies like China Overseas Grand Oceans Group and China Jinmao experiencing declines of 8.93% and 8.76% respectively [1] - Morgan Stanley indicates that the real estate sector remains a primary risk point, with ongoing declines in sales and investment, and the market has not achieved a "stop falling and stabilize" condition [1][2] - Vanke's application for domestic bond extension has severely impacted market sentiment, raising concerns about the tightening financing environment for private developers [1][2] Group 2 - Analysts are optimistic about Longfor Group, which is transitioning to a rental model and possesses a significant amount of unencumbered investment properties [1] - The recommendation for investors is to adopt a selective strategy in the Chinese credit market, favoring TMT companies with strong fundamentals and balance sheets, such as Alibaba and Weibo [1] - Despite narrowing spreads for state-owned enterprises, there is strong technical support for defensive stocks like China National Chemical Corporation [1]

Group 1 - The Hong Kong real estate stocks have seen a significant decline, with China Jinmao dropping nearly 9% and China Overseas Grand Oceans Group falling 8% [1] - Other notable declines include Zhongliang Holdings down over 5%, Greentown China down 4.77%, and several other companies like Longfor Group and Yuyuan Property down over 3% [1] - Morgan Stanley suggests a selective investment strategy, highlighting a clear risk differentiation in the Chinese credit market, with the TMT sector showing good quality while the real estate sector remains under severe pressure [1] Group 2 - The real estate market is not expected to stabilize until 2025, with ongoing declines in sales and investment [1] - Vanke's attempt to extend domestic bond maturities has led to significant drops in both offshore and onshore bond prices, raising concerns about the financing environment for private developers [1] - The effects of policy easing have been limited, and there remains substantial inventory pressure in the market [1]

FF301 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11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: 美的置業控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年12月1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) | 03990 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 1 HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 1 HKD | | 2,000,000,000 | 本月底 ...

Core Insights - The real estate industry is experiencing a wave of executive changes, particularly among state-owned enterprises and major players [2][8] - Recent leadership adjustments are seen as a response to changes in the real estate sales market and the need for companies to adapt their operational strategies [2][8] Executive Changes - On November 14, China Merchants Shekou announced the resignation of Jiang Tiefeng as non-executive director and chairman, with Zhu Wenkai appointed as his successor [3] - On November 13, Longfor Properties announced the resignation of Chairman Li Wenjiang due to work adjustments, with Zhao Changsong temporarily taking over [6] - Five Mining Real Estate also reported the resignation of He Jianbo as chairman, with Dai Pengyu appointed as acting chairman [6] Market Dynamics - Since September, several leading real estate companies, including China Merchants Shekou, Vanke, and China Resources Land, have disclosed significant personnel changes [2][8] - The adjustments are primarily concentrated in key positions such as chairman, vice chairman, and general manager, driven by work reallocations and personal reasons [8][9] Cross-Group Movements - Recent trends indicate a "cross-group flow" of executives, with notable appointments such as Xu Rong becoming chairman of China Resources Land after previously serving in various roles within the group [10] - The movement of executives across different sectors is aimed at leveraging diverse management experiences to enhance operational efficiency and strategic alignment [12] Strategic Implications - The ongoing changes reflect a broader shift in the industry as it transitions from rapid expansion to a focus on refined operations, resource integration, and risk management [13] - State-owned enterprises are proactively restructuring their leadership to better position themselves for future growth opportunities in urban renewal and asset management [13]

Core Insights - The real estate industry is experiencing a wave of executive changes, particularly among state-owned enterprises and major players [1][5][6] - Recent adjustments in leadership are seen as a response to changes in the real estate sales market and the need for companies to adapt their operational strategies [1][5][6] Group 1: Executive Changes - On November 14, China Merchants Shekou announced the resignation of Jiang Tiefeng from his roles as non-executive director and chairman, with Zhu Wenkai appointed as his successor [1] - On November 13, Dalong Real Estate reported that Chairman Li Wenjiang resigned due to work adjustments, with Zhao Changsong appointed as acting chairman [3] - Five Mining Real Estate also announced leadership changes on the same day, with He Jianbo resigning and Dai Pengyu appointed as acting chairman [3] Group 2: Market Adaptation - The frequency of executive changes has increased as the year-end approaches, indicating a shift in corporate strategies in response to market conditions [1][5] - According to Yan Yujin from Shanghai Yiju Real Estate Research Institute, these personnel adjustments reflect the need for companies to align with market changes and internal operational adjustments [1][5] Group 3: Central State-Owned Enterprises - Central state-owned enterprises are at the forefront of these leadership changes, with key positions such as chairman and general manager being affected [5][6] - The adjustments are often due to work reallocations and personal reasons, highlighting the higher scrutiny and requirements for performance in these enterprises [6] Group 4: Cross-Group Movements - Recent trends show an increase in cross-group movements among executives, such as Xu Rong's appointment as chairman of China Resources Land after previously serving in various roles within the group [8] - The movement of executives like Wu Bingqi from China State Construction to China Overseas Land and Investment is aimed at leveraging cross-sector management experience to enhance business integration [8][9] Group 5: Industry Transformation - The real estate sector is transitioning from rapid expansion to a focus on refined operations, resource integration, and risk management, with state-owned enterprises leading this transformation [9] - The new generation of executives is expected to drive change and adapt to the evolving market landscape, reflecting a strategic shift in organizational and talent structures [9]

Core Insights - Midea Real Estate acquired a land parcel in Xuzhou for 344 million yuan, indicating a deepening investment strategy in core cities and showcasing the resilience of private enterprises during economic cycles [1] Group 1: Acquisition Details - The acquired land is located in the Yunlong District of Xuzhou, covering an area of 35,847.20 square meters, with a lease term of 70 years and designated for urban residential use [1] - The floor price for the land is 5,999.93 yuan per square meter, highlighting its advantageous location [1] Group 2: Company Background - Midea Real Estate has been operating in Xuzhou since 2010, developing 27 projects and serving over 110,000 homeowners, establishing a solid market reputation and brand influence [1] - In June, the company collaborated with Xuzhou Xinpengcheng Construction to develop the first Song Dynasty-style residential project above Metro Line 3, continuing to explore a light-asset co-construction model [1] Group 3: Market Performance - Market data shows that from January to October 2025, Midea Real Estate ranked first in both the commodity housing flow and residential flow rankings in Xuzhou, demonstrating strong market recognition and sales momentum [1] - The recent land acquisition is a significant move for Midea Real Estate in the public market for 2025, reflecting its robust financial strength and precise investment strategy, as well as its commitment to long-term development in Xuzhou [1]