Core Viewpoint - The article reveals a complex web of interests involving a real estate project in Tangshan, China, previously associated with the publicly listed company Greentown China Holdings Limited, which has led to significant financial losses and disputes over project management and delivery timelines [1][11][15]. Group 1: Project Status and Financial Impact - The project, originally named "Greentown·Guiyu Jiangnan," has been renamed to "Tianhong·Jiadiguanlan" and is currently facing delays in delivery, with a reported 40% drop in property prices since its launch in 2020 [1][6]. - The financial assessment from Hongke Company indicates direct economic losses exceeding 1 billion yuan due to project stagnation, with land and funding costs contributing to these losses [1][7][15]. - The project was expected to generate 2.181 billion yuan in sales over two years, but only 93.93 million yuan has been collected, leading to a potential devaluation of remaining properties worth around 1.2 billion yuan [7][15]. Group 2: Corporate Relationships and Management Issues - The project was developed under a "financing + construction" model, where Greentown China and its subsidiary, Shenyang Quanyun Village Construction Co., were involved, raising questions about the actual control and management of the project [8][9]. - Concerns have been raised regarding the qualifications of the representatives from Shenyang Quanyun Village, who were not experienced in real estate, leading to mismanagement and poor decision-making [9][15]. - The relationship between Greentown and Shenyang Quanyun Village is under scrutiny, as there is no direct equity link between them, contradicting claims made by Greentown regarding their operational control [9][17]. Group 3: Legal and Compliance Issues - Legal experts suggest that the lack of disclosure regarding the relationship between Greentown and Shenyang Quanyun Village may constitute false advertising and could violate compliance regulations for publicly listed companies [17][18]. - The financial arrangements, including a 6 billion yuan investment with a 16% annual interest rate, have raised red flags about potential violations of lending regulations, especially given the absence of proper disclosures in financial reports [15][18]. - The case has been submitted to relevant authorities for further investigation, indicating ongoing legal challenges and the need for regulatory scrutiny [19].

Core Insights - The report highlights a continuous improvement in the real estate sector, driven by favorable policies and a strengthening of the second-hand housing market [1] - The overall industry rating remains at "Buy," consistent with previous assessments [2] Group 1: Policy Developments - Central government policies are increasingly supportive, with the Ministry of Finance announcing an extension of the tax exemption policy for second-hand housing transactions until the end of 2027 [5][14] - The People's Bank of China has introduced measures including a 0.25 percentage point reduction in various structural monetary policy tool rates and a decrease in the minimum down payment for commercial properties from 50% to 30% [5][15] - The publication of multiple articles in "Qiushi" magazine indicates a heightened focus on real estate and urban development, suggesting a strong policy commitment [5][17] Group 2: Market Performance - The second-hand housing market has shown significant improvement, with a 40.3% year-on-year increase in transactions for the first 15 days of January, despite a 10% decline compared to the previous week [5][23] - New housing transactions remain low, with a 29.7% year-on-year decrease in sales volume, although there was a 9.9% week-on-week increase [5][23][26] - The average transaction price for second-hand homes in 33 cities increased by 0.6% week-on-week, indicating a stabilization in prices [5][25] Group 3: Land Market Dynamics - The total land transfer revenue remains low, with a 25.2% week-on-week decline and a 54.3% year-on-year decrease, reflecting weak market conditions [5][24] - There are localized instances of structural premiums in third and fourth-tier cities, suggesting potential opportunities despite overall market weakness [5][24] Group 4: Company Valuations and Financial Analysis - Key companies in the real estate sector, such as Vanke A and China Overseas Development, maintain a "Buy" rating with reasonable valuations projected for 2025 and 2026 [6] - The report includes detailed financial metrics for various companies, indicating expected earnings per share (EPS) and price-to-earnings (PE) ratios, which suggest potential for growth in the sector [6][30]

Core Insights - The real estate industry is rapidly exploring new development models, with top 100 real estate companies showing strong enthusiasm for the construction agency market, leading to further industry growth and a new competitive landscape [1] - The focus has shifted from a "scale competition" to a "value competition," with companies emphasizing the creation of "Four Good" residences, urban renewal, and revitalization of existing assets [1] Group 1: Market Trends - In 2025, the new scale of construction agency contracts reversed the slowdown seen in 2024, with the top 20 companies signing contracts for 22,007 million square meters, a year-on-year increase of 16%, and a growth rate improvement of 6 percentage points compared to 2024 [2] - The competitive structure of the construction agency market has fundamentally changed, showing an "olive-shaped" competition structure typical of a mature industry with high concentration [2] - Over 100 companies have entered the construction agency business, primarily from the top real estate sales companies, indicating a highly competitive environment [3] Group 2: Pricing and Competition - The management fee rates for construction agency projects have decreased from an early average of 3% to a range of 1% to 3%, with 81.7% of projects falling within this range [4] - Industry leaders are advocating for a shift from price competition to value competition, recognizing that value creation is the core logic of the construction agency business [5] - New entrants are also consciously maintaining price floors, with some companies stating they will not participate in price competition, focusing instead on quality service [5] Group 3: Differentiation and Value Creation - Companies are actively pursuing differentiation by enhancing their capabilities and creating value through various initiatives, such as urban renewal and revitalization of existing assets [7] - Successful examples include the Chengdu Xijingtai project, which achieved over 90% sales in a previously stalled project, demonstrating effective cost control and implementation efficiency [8] - The industry is encouraged to focus on service capability and management efficiency rather than merely pursuing scale growth, with recommendations for both large and small companies to develop competitive advantages in niche markets [9]

GREENTOWN MANAGEMENT HOLDINGS COMPANY LIMITED 綠 城 管 理 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：09979） 綠城管理控股有限公司 2025年股份激勵計劃 之相關規則 – 1 – 1. 釋義及詮釋 1.1 在本計劃規則中，除非文義另有所指，下列詞彙具有以下涵義： | 「1%個人限額」 | 指 | 具有規則15.3所賦予之涵義； | | --- | --- | --- | | 「2020年股份獎勵計劃」 | 指 | 具有規則9.1(b)所賦予之涵義； | | 「2022年股份獎勵計劃」 | 指 | 具有規則9.1(a)所賦予之涵義； | | 「實際售價」 | 指 | 根據本計劃歸屬一項激勵時，或當根據規則 | | | | 14.2，發生本公司控制權變動或私有化而進行 | | | | 歸屬時，出售激勵股份的實際價格（扣除經紀 | | | | 佣金、聯交所交易費、證監會交易徵費及任何 | | | | 其他適用費用及金額），即根據相關計劃或要 | | | | 約的應收對價； | | 「採納日期」 | 指 | ...

GREENTOWN MANAGEMENT HOLDINGS COMPANY LIMITED 綠 城 管 理 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 為綠城管理控股有限公司（「本公司」）股本中每股面值0.01港元股份 股 （附註2） 的 登記持有人，茲委任 （附註3） 大會主席或如未克出席，則委任 地址為 為本人╱吾等的代表，代表本人╱吾等出席於2026年2月2日（星期一）上午十時正假座中國杭州綠城西溪國際商務 中心E座綠城大學舉行的股東特別大會（及其任何續會）（視乎情況而定）（「大會」），並代表本人╱吾等及以本人╱吾 等的名義按下列指示就載於召開大會通告（「通告」）的決議案投票，如無明確指示，則本人╱吾等的代表有權自行酌 情投票。 | | 普通決議案 | （附註4） 贊成 | （附註4） 反對 | | --- | --- | --- | --- | | 1. | 批准採納本公司2025年股份激勵計劃（定義見本公司日期為2026 | | | | | 年1月13日的通函）。 | | | 日期：2026年 月 日 簽署 （附註5） 附註： 收集個人資料聲明 閣下是自願 ...

（股份代號：09979） 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通告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部分內容而產生或 因依賴該等內容而引致之任何損失承擔任何責任。 GREENTOWN MANAGEMENT HOLDINGS COMPANY LIMITED 綠 城 管 理 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 股東特別大會通告 茲通告綠城管理控股有限公司（「本公司」）謹訂於2026年2月2日（星期一）上午十時正假座中國 杭州綠城西溪國際商務中心E座綠城大學舉行股東特別大會，以考慮並酌情處理下列普通事 項。除另有界定者外，本通告所用詞彙與本公司日期為2026年1月13日的通函所界定者具有相 同涵義。 普通決議案 1. 考慮並酌情通過（不論有否修訂）下列決議案為普通決議案： 「動議謹此批准及採納2025年股份激勵計劃（定義見本公司日期為2026年1月13日的通 函），其規則載於已提呈大會及由股東特別大會主席簽署以資識別的文件，並謹此授權董 事（或其任何委員會）(i)根據2025年股份激勵計劃授出 ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊 證券商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有綠城管理控股有限公司股份，應立即將本通函連同隨附的代表 委任表格交予買主或承讓人，或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交 買主或承讓人。 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通函的內容概不負責，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通函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 MANAGEMENT HOLDINGS COMPANY LIMITED 綠 城 管 理 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：09979） (1)建議採納2025年股份激勵計劃； 及 (2)股東特別大會通告 綠城管理控股有限公司謹訂於2026年2月2日（星期一）上午十時正假座中國杭州綠城西溪國 際商務中心E座綠城大學舉行股東特別大會，有關通告刊載於本通函第N-1至N-2頁。隨函附 奉股東特別大會適 ...

Core Viewpoint - The real estate construction management industry has seen significant growth in 2025, driven by the strong expansion intentions of leading companies, with a notable shift from traditional development to service-oriented models [3][4]. Group 1: Industry Growth and Trends - In 2025, the top 20 construction management companies added approximately 220 million square meters of new signed construction area, representing a year-on-year increase of 16%, which is 6 percentage points higher than in 2024 [3]. - The number of winning bids in the third quarter of 2025 reached 172, with year-on-year and quarter-on-quarter increases of 37% and 17%, respectively [4]. - Ten companies achieved over 10 million square meters of new construction management scale in 2025, with the top five companies accounting for 45% of the new construction area [5]. Group 2: Company Performance - Leading companies such as Jindi Management, Longfor Longzhizao, and New City Construction Management saw their new construction management scale increase by over 50% in 2025, with new signed areas of 15.31 million, 13.87 million, and 10.61 million square meters, respectively [7]. - The sales scale for Longfor Longzhizao and Jindi Management reached 20.6 billion and 19.3 billion yuan, ranking them third and fourth in sales scale [7]. Group 3: Market Dynamics and Opportunities - The industry is undergoing a structural adjustment from scale expansion to value creation, with companies needing to enhance product quality, innovate services, and manage risks to achieve stable development during the industry reshuffle [5]. - The demand for professional construction management services has increased due to government initiatives promoting affordable housing and urban renewal, creating opportunities for companies to leverage their expertise [8]. - There is a growing trend of collaboration between construction management firms and local governments or state-owned enterprises, providing new avenues for project expansion [9].

Core Insights - The real estate construction management industry is experiencing significant growth in new contract signings, with a concentration of market share among leading firms, indicating a trend of "the strong getting stronger" since 2025 [1][4] Group 1: Market Concentration - The concentration of the top ten construction management firms reached 77% in 2025, an increase of 6 percentage points from 2024, highlighting the dominance of leading companies in the market [1] - The top 20 firms in the construction management sector signed a total of 22,007 million square meters in new contracts in 2025, reflecting a year-on-year growth of 16%, with an acceleration of 6 percentage points compared to 2024 [4] - The number of firms with new contract signings exceeding 10 million square meters increased to 10 in 2025, up by 5 from the previous year, indicating a competitive landscape where leading firms continue to expand [4] Group 2: Leading Firms Performance - In 2025, Greentown Management ranked first with a new contract signing of 35.35 million square meters, followed by CIFI Management with 16.29 million square meters and Beijing Run Di Construction Management with 15.95 million square meters [1] - In the government construction sector, Run Di Management led with a new contract signing of 13.49 million square meters, while CIFI Management and Blue City Group followed with 7.32 million and 5.63 million square meters, respectively [2] - Greentown Management achieved a contract sales amount of 98.5 billion yuan in 2025, leading the sales rankings, with other firms like Blue Green Dual City Holdings and Longfor Longzhizao achieving sales of 23.6 billion yuan and 20.62 billion yuan, respectively [2] Group 3: Industry Dynamics - The competitive landscape is evolving, with firms enhancing their capabilities and focusing on differentiated cooperation strategies for various client groups, including government platforms and financial institutions [3] - The industry is shifting from a focus on resources and scale to a focus on systematic capabilities, brand credibility, and the ability to manage complex projects, particularly in government construction and urban renewal [4] - Future competitive advantages in the construction management industry will include comprehensive management and risk control capabilities, professional resource integration, and long-term brand credibility [4]

高品质住宅试点项目推介聚焦飞龙绿城·颐和海岸。该项目由飞龙集团与绿城管理联合打造，坐拥优质 海岸线资源，融合双方品质优势，是烟台高端住宅标杆。 本次发布会由市房协搭建桥梁，集中展示烟台楼市优质项目成果。发布会核心环节公布十一大权威榜 单，涵盖品质典范、业主满意、景观优美等八大楼盘奖项，以及热销金额TOP10、热销面积TOP10、人 气自媒体TOP20等榜单。这些评选结果不仅为消费者提供购房参考，也为房地产企业提供产品优化和升 级的方向。 发布会结束后，参会人员共同走进飞龙集团党建馆、创新研发中心、生产车间，近距离感受企业党建引 领、品质坚守与创新实力，深化了对本土房企责任担当的认知。此次发布会集中展现了烟台楼市活力， 构建了行业协同生态。未来，市房协将持续发挥桥梁和纽带作用，助力提升人居品质，共绘烟台宜居新 蓝图。 胶东在线1月9日讯 1月9日上午，2025年度烟台市房地产专媒看楼盘活动项目发布会成功举办。市房地 产业协会领导、常务理事单位负责人，榜单项目营销负责人以及媒体代表等齐聚，通过榜单发布、项目 推介、实地观摩等环节，共促烟台楼市回暖复苏与高质量发展。 ...