Core Insights - The real estate market in September showed signs of stabilization and recovery, driven primarily by the demand for improved housing options [1][9] - A total of 24 real estate companies reported sales data, with 15 companies, accounting for 62.5%, experiencing a month-on-month increase in sales [1] - Differentiated pricing strategies have played a crucial role, with smaller units attracting buyers through competitive pricing, while improved housing options achieved premium pricing [1][9] Sales Performance - Among the 24 companies, Poly Developments and China Overseas Development led with sales exceeding 200 billion yuan in September, at 205.31 billion yuan and 201.73 billion yuan respectively [3] - Other notable companies include China Resources Land and China Merchants Shekou, with sales of 176 billion yuan and 166.98 billion yuan [3] - The sales growth for Poly Developments and China Overseas has been consistent, with both companies reporting month-on-month increases for three consecutive months [3] Market Dynamics - Different tiers of companies are experiencing varied recovery rates, with top-tier firms benefiting from scale advantages and mid-tier firms leveraging popular projects to boost sales [3][4] - Companies like R&F Properties saw a significant month-on-month increase of 132.31% in September due to a low sales base in August [4] - The overall market recovery is supported by strong land acquisition strategies focused on first- and second-tier cities, with a reported 13% year-on-year increase in land sales revenue across 300 cities [5] Land Acquisition Trends - Real estate companies are increasingly concentrating their land acquisitions in core cities, with top 20 cities accounting for 61% of the total land sales revenue [5] - China Resources Land acquired 18 new projects in the first half of 2025, with a total investment of 32.28 billion yuan, primarily in first- and second-tier cities [5] - The supply of quality land has increased, providing more options for developers, as seen in Beijing's recent addition of 22 new real estate projects [6] Product Quality and Market Appeal - The introduction of high-quality housing standards has enhanced market attractiveness, with improved housing options meeting the needs of buyers [7] - Recent policy adjustments in major cities have further stimulated demand, allowing for greater flexibility in purchasing [7] - The sales of improved housing options have surged, with a notable increase in the proportion of larger units sold in major cities [8][9]

Company News - Sunny Optical Technology (02382.HK) plans to transfer Shanghai Aolai for approximately 1.903 billion yuan and invest in GoerTek to jointly develop AI/AR optical business [2] - Orient Overseas International (00316.HK) reported a 8.3% decrease in shipping revenue for the first nine months, totaling approximately 6.696 billion USD, with an overall load factor down 1.5% and average revenue per standard container down 12.4% compared to the same period last year [2] - Xiehe New Energy (00182.HK) reported a 0.31% decrease in equity power generation for the first nine months, totaling 6,464.54 GWh, while solar equity power generation increased by 30.69% year-on-year [2] - Fast Retailing (06288.HK) announced annual results for the year ending August 31, 2025, with revenue of 3.400539 trillion yen, a year-on-year increase of 9.6%, and net profit of 433.009 billion yen, up 16.4% [3] - Dongfeng Motor Group (00489.HK) reported cumulative vehicle sales of 1.3168 million units for the first nine months, a year-on-year decline of approximately 3.6% [4] - Gemdale Property (00535.HK) reported a cumulative contract sales amount of approximately 8.533 billion yuan for the first nine months, a year-on-year decrease of 39.81% [4] - Baolong Real Estate (01238.HK) reported a contract sales total of approximately 5.431 billion yuan for the first nine months, down 43.64% year-on-year [4] - Zhengrong Real Estate (06158.HK) reported a cumulative contract sales amount of approximately 3.288 billion yuan for the first nine months, a year-on-year decrease of 32.8% [4] - JINGRUI Holdings (01862.HK) reported a contract sales amount of 740 million yuan for the first nine months, a year-on-year decrease of 49.52% [5] - China Wisdom Energy (01004) withdrew its liquidation petition [5] Shareholding Changes - Flat Glass Group (06865.HK) saw some shareholders and directors reduce their holdings by a total of 29.9803 million shares [6] - CNOOC Services (02883.HK) reported that its controlling shareholder, China National Offshore Oil Corporation, increased its holdings by 16.008 million H-shares over the past six months [6] - China National Offshore Oil Corporation (00883.HK) reported that its actual controller increased its holdings by 22.098 million shares in the past six months [6] - Tencent Holdings (00700.HK) repurchased 816,000 shares at a cost of 551 million HKD, with repurchase prices ranging from 666 to 680.5 HKD [6]

Core Viewpoint - Zhengrong Real Estate disclosed its unaudited operational brief for September, indicating a total contract sales amount of approximately 297 million yuan and an average contract selling price of about 17,600 yuan per square meter [1] Group 1: Sales Performance - In September, the cumulative contract sales amount for Zhengrong Real Estate, including its subsidiaries, joint ventures, and associates, was approximately 297 million yuan [1] - The total contracted sales area was about 16,900 square meters [1] - The average contract selling price was approximately 17,600 yuan per square meter [1]

Core Viewpoint - Zhengrong Real Estate (06158) reported a significant decline in contract sales, indicating challenges in the current market environment [1] Group 1: Sales Performance - As of September 30, 2025, the cumulative contract sales amount for the group, including joint ventures and associates, was approximately RMB 2.97 billion, representing a year-on-year decrease of 47.89% [1] - The total contract sales area was approximately 16,900 square meters, with an average contract selling price of about RMB 17,600 per square meter as of September 30, 2025 [1] - For the nine months ending September 30, 2025, the cumulative contract sales amount was approximately RMB 32.88 billion, down 32.8% year-on-year [1] Group 2: Sales Area and Pricing - The total contract sales area for the nine months was approximately 201,000 square meters, with an average contract selling price of RMB 16,400 per square meter [1]

Core Viewpoint - Zhengrong Real Estate Group (06158.HK) reported a cumulative contract sales amount of approximately RMB 2.97 billion and a contract sales area of about 16,915 square meters for the period ending September 30, 2025, with an average contract selling price of RMB 17,600 per square meter [1] Group Summary - As of the nine months ending September 30, 2025, the cumulative contract sales amount for the group, including joint ventures and associates, reached approximately RMB 32.88 billion, with a total sales area of about 200,951 square meters and an average selling price of RMB 16,400 per square meter [1]

Core Viewpoint - Zhengrong Real Estate (06158) reported a significant decline in contract sales for the period ending September 30, 2025, indicating challenges in the real estate market [1] Group 1: Sales Performance - The cumulative contract sales amount for the group, including joint ventures and associates, was approximately RMB 2.97 billion, a year-on-year decrease of 47.89% [1] - The total contract sales area was about 16,900 square meters, with an average contract selling price of approximately RMB 17,600 per square meter for the period ending September 30, 2025 [1] - For the nine months ending September 30, 2025, the cumulative contract sales amount was approximately RMB 32.88 billion, reflecting a year-on-year decrease of 32.8% [1] Group 2: Sales Area and Pricing - The total contract sales area for the nine-month period was approximately 201,000 square meters, with an average contract selling price of approximately RMB 16,400 per square meter [1]

Zhenro Properties Group Limited 正 榮 地 產 集 團 有 限 公 司 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之內容概不負責，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份內容所產生或因依賴該等內容而引致之任何損 失承擔任何責任。 正榮地產集團有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事會（「董事會」）謹 此宣佈，截至二零二五年九月三十日止月份，本集團連同合營公司及聯營公司的累計合約 銷售金額約為人民幣2.97億元，合約銷售建築面積約為16,915平方米，截至二零二五年九月 三十日止月份的合約平均售價約為每平方米人民幣17,600元。 截至二零二五年九月三十日止九個月，本集團連同合營公司及聯營公司的累計合約銷售金 額約為人民幣32.88億元，合約銷售建築面積約為200,951平方米及合約平均售價約為每平方 米人民幣16,400元。 上述數據乃未經審核及依據本集團的初步內部資料編製，或會因為在收集有關資料的過程 中的多項不確定因素，而與本公司按年度或半年度基準刊發的經審核或未經審核綜合財務 報表所披露的數字可能存在差 ...

Core Insights - The real estate industry is experiencing a wave of asset disposals, with significant price reductions observed in auction sales [3][5][8] Group 1: Auction Sales - The Sunshine City headquarters building was auctioned for 13.1 billion yuan, starting from an initial price of 11.3 billion yuan, representing a 60% discount from its original auction price of 21 billion yuan [5][6] - The building had previously failed to sell in four prior auctions, indicating a trend of declining interest and value in prime real estate assets [5][6] - The Shanghai Qingpu Zhengrong Center, with an initial auction price of 5.2 billion yuan, also failed to attract bids, reflecting a significant drop from its assessed value of 9.3 billion yuan [8][10] Group 2: Company Backgrounds - Sunshine City Group, which once achieved sales of 162.9 billion yuan in 2018, has faced financial difficulties leading to the auction of its headquarters due to unpaid debts totaling 9.33 billion yuan [6][7] - Zhengrong Real Estate, a subsidiary of Zhengrong Group, is also under financial strain, with its projects facing multiple failed auctions due to lack of bids and ongoing legal issues involving its controlling shareholder [10][12] - Taihe Group, which once thrived in the real estate market, has seen its assets, including the Taihe Building, auctioned at a significant discount, with the latest sale at 6.6 billion yuan compared to an assessed value of 9.4 billion yuan [13][15]

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: 正榮地產集團有限公司 呈交日期: 2025年10月2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) | 06158 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/註 ...

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之內容概不負責，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份內容所產生或因依賴該等內容而引致之任何損 失承擔任何責任。 Zhenro Properties Group Limited 正 榮 地 產 集 團 有 限 公 司 截至本公告日期，二零二四年報第85頁所列的所有措施(a)至(g)仍然全面生效。 就措施(a)而言，本集團一直積極與其法律顧問及財務顧問商討境外整體債務管理方案，以 解決流動資金問題及穩定本集團運營，同時兼顧所有持份者的利益。鑑於中國房地產市場 持續疲弱，且本集團控股股東正進行清盤，本集團管理層現正考慮本公司於二零二五年六 月三十日所公佈經修訂重組計劃的各項方案。本公司正繼續探討於二零二五年六月三十日 公佈的重組計劃。由於重組計劃涉及本集團的境外及境內債務重組，因此需要更多時間以 制定反映當前市況的具體計劃。於本公告日期，重組計劃尚未取得重大進展。 – 1 – （ 於開曼群島註冊成立的有限公司） （股份代號：6158） 自願公告 有關實施行動計劃 以解決無法表示意見的 季度更新 茲提述(1)正榮地產集團 ...