Core Viewpoint - The 2025 National Top Ten Works selection process has commenced, with public voting starting from December 19 to December 25, 2023, following expert evaluations held on December 18-19, 2023 [1][3]. Group 1: Voting Process and Categories - The public voting phase allows participants to select their preferred high-end, light luxury, and quality residential products, with each individual allowed to vote once per category and select up to ten projects [12]. - The final results will be based on the cumulative valid votes from all participants, and the winners will be announced in early January 2026 [11]. Group 2: Evaluation and Selection - The evaluation process includes expert reviews, public voting, and assessment models, which will determine the final rankings for the "National Top Ten High-end/Light Luxury/Quality Works" and the "China Good House Comprehensive Award/Individual Awards" [11]. - The "Product Power 100" research initiative has been ongoing since 2018, focusing on enhancing product quality and addressing housing pain points in the real estate sector [11]. Group 3: Featured Projects - Various projects have been highlighted, including: - Nanning Bangtai·Lan Jing, a modern high-rise residential development by Bangtai Group [15]. - Shanghai Haishang Yuanshu, featuring modern oriental architecture by Guomao Real Estate and Songjiang Investment [17]. - Zhuhai Huafa Tianxi, a modern residential project by China Resources Land [19]. - Beijing Jingyue Chang'an, showcasing a modern aesthetic by Houtai Group and Jindi Group [26]. - These projects represent a diverse range of architectural styles and residential offerings, emphasizing quality and modern living [15][17][19][26].

绿城管理控股(09979)发布公告，为进一步优化集团的股份激励计划，并向合资格参与者提供更贴近当 前市况的激励，从而进一步使彼等的利益与公司的利益保持一致，公司建议以新股份激励计划取代2022 年股份奖励计划，据此董事会决议，待2025年股份激励计划生效后，2022年股份奖励计划将告终止。于 2025年12月17日，董事会决议于股东特别大会上建议采纳2025年股份激励计划，以供股东批准。 2025年股份激励计划的股份来自2022年股份奖励计划及(倘适用)2020年股份奖励计划(倘2020年股份奖励 计划后续终止且存在尚未授予任何合资格参与者的未行使股份)以及归还股份。为免生疑问，截至本公 告日期，2020年股份奖励计划尚未终止。采纳2025年股份激励计划后，经2022年股份奖励计划承授人同 意，2022年股份奖励计划的所有已授予但未归属股份将成为2022年股份奖励计划项下的未行使股份，承 授人相应不再享有该等股份，据此所有该等股份将成为未行使股份，而该先前计划的所有未行使股份亦 将转移至2025年股份激励计划。 ...

Core Viewpoint - The company is proposing a new share incentive plan to replace the 2022 share award plan, aiming to align the interests of eligible participants with those of the company, with the new plan set to take effect in 2025 [1] Group 1: Share Incentive Plans - The new share incentive plan for 2025 will replace the existing 2022 share award plan, which will be terminated upon the new plan's implementation [1] - The shares for the 2025 incentive plan will come from the 2022 share award plan and, if applicable, the 2020 share award plan, along with any returned shares [1] - As of the announcement date, the 2020 share award plan has not yet been terminated [1] Group 2: Transition and Approval - The board has resolved to recommend the adoption of the 2025 share incentive plan at a special shareholders' meeting scheduled for December 17, 2025 [1] - Upon the adoption of the 2025 plan, all granted but unvested shares under the 2022 plan will become unexercised shares, and participants will no longer have rights to these shares [1] - All unexercised shares from the previous plan will be transferred to the 2025 share incentive plan [1]

2025年股份激励计划的股份来自2022年股份奖励计划及(倘适用)2020年股份奖励计划(倘2020年股份奖励 计划后续终止且存在尚未授予任何合资格参与者的未行使股份)以及归还股份。为免生疑问，截至本公 告日期，2020年股份奖励计划尚未终止。采纳2025年股份激励计划后，经2022年股份奖励计划承授人同 意，2022年股份奖励计划的所有已授予但未归属股份将成为2022年股份奖励计划项下的未行使股份，承 授人相应不再享有该等股份，据此所有该等股份将成为未行使股份，而该先前计划的所有未行使股份亦 将转移至2025年股份激励计划。 格隆汇12月17日丨绿城管理控股(09979.HK)公告，为进一步优化集团的股份激励计划，并向合资格参与 者提供更贴近当前市况的激励，从而进一步使彼等的利益与公司的利益保持一致，公司建议以新股份激 励计划取代2022年股份奖励计划，据此董事会决议，待2025年股份激励计划生效后，2022年股份奖励计 划将告终止。 于2025年12月17日，董事会决议于股东特别大会上建议采纳2025年股份激励计划，以供股东批准。 ...

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 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） 終止2022年股份獎勵計劃 及 建議採納2025年股份激勵計劃 終止2022年股份獎勵計劃及建議採納2025年股份激勵計劃 為進一步優化本集團的股份激勵計劃，並向合資格參與者提供更貼近當前市況的激 勵，從而進一步使彼等的利益與本公司的利益保持一致，本公司建議以新股份激勵計 劃取代2022年股份獎勵計劃，據此董事會決議，待2025年股份激勵計劃生效後，2022 年股份獎勵計劃將告終止。 於2025年12月17日，董事會決議於股東特別大會上建議採納2025年股份激勵計劃，以 供股東批准。 2025年股份激勵計劃的股份來自2022年股份獎勵計劃及（倘適用）2020年股份獎勵計劃 （倘2020 ...

Investment Rating - The report maintains a "Buy" rating for major real estate companies, indicating a positive outlook for the sector [3]. Core Insights - The real estate industry is entering a "quality era," with a recovery in the opening sales rate, which is a key indicator of market sentiment and profitability trends [2][11]. - The opening sales rate in key cities for the first three quarters of 2025 was 56%, an increase of 8 percentage points compared to the entire year of 2024, and a 16 percentage point increase from Q3 2024 [2][26]. - The report highlights that the improvement in sales rates is driven by enhanced product quality and design, with average renovation costs in nine cities rising by 7% in the first three quarters of 2025 compared to 2024 [2][26]. Summary by Sections 1. Finding the Turning Point in the New Housing Market - The opening sales rate is identified as the most effective indicator for gauging market sentiment and predicting profitability trends [2][11]. - Historical data shows that the opening sales rate can effectively signal the start of a market rally [2][15]. 2. "Good Houses" Driving Sales Rate Improvement - The overall sales rate has shown a stable upward trend, with key cities experiencing a recovery from a low of 41% in Q3 2024 to 56% in the first three quarters of 2025 [2][26]. - The report emphasizes that the improvement in sales rates reflects genuine sales recovery rather than structural issues [2][26]. 3. City and Sector Analysis - There are significant differences in sales rates across different cities, with top-tier companies showing clear operational advantages [2][26]. - The report categorizes cities into three tiers based on their sales performance, indicating a narrowing range of high sales rate cities over the past decade [2][26]. 4. Performance and Characteristics of Real Estate Companies - Most major real estate companies have improved their sales rates in 2025, with leading firms like Poly, Jinmao, and China Overseas Development showing notable increases [2][26]. - The report suggests that companies with high land acquisition scores and strong sales performance are likely to perform well in 2026 [2][26]. 5. Key Company Valuations and Financial Analysis - The report provides detailed financial metrics for major companies, including Vanke, China Merchants Shekou, and Poly Developments, all rated as "Buy" with projected reasonable values indicating potential upside [3].

Group 1 - The core point of the article highlights that southbound funds have increased their holdings in Greentown Management Holdings (09979.HK) by 271,000 shares on December 12, with a total net increase of 2 million shares over the past five trading days [1] - Over the last 20 trading days, there have been 10 days of net reductions in holdings by southbound funds, totaling a decrease of 5.033 million shares [1] - As of now, southbound funds hold 275 million shares of Greentown Management Holdings, representing 13.71% of the company's total issued ordinary shares [1] Group 2 - Greentown Management Holdings Limited primarily provides construction management services through three departments: commercial construction management, government construction management, and other services including project management and consulting [1] - The commercial construction management department focuses on providing property development management services to project owners [1] - The government construction management department is involved in property development management services for government-related housing and public infrastructure projects [1]

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The Central Economic Work Conference emphasizes stabilizing the real estate market, focusing on risk resolution and encouraging the acquisition of existing properties for affordable housing [5][8] - The overall tone of the conference is the most positive of the year, indicating a responsive approach to the industry's downward trend [14] - The policy shift from "stimulating demand" to "digesting inventory and optimizing supply" reflects a strategic change in real estate policy [14] Summary by Sections Economic Work Conference Insights - The conference held on December 11, 2025, updated its stance on real estate, focusing on stabilizing the market and managing risks effectively [5][8] - Key measures include controlling new land supply, revitalizing existing land and commercial properties, and promoting the construction of quality housing [5][8] Policy Evolution - The shift in policy from "stimulating demand" to "controlling increment, reducing inventory, and optimizing supply" has been noted since April 2024 [14] - The emphasis on "risk prevention" suggests that 2026 may see intensified contradictions within the real estate sector [14] Company Valuation and Financial Analysis - The report includes a detailed valuation and financial analysis of key companies in the real estate sector, with several companies rated as "Buy" [6] - Notable companies include Vanke A, China Overseas Development, and Poly Developments, all showing potential for strong performance [6][17] Recommendations - The report recommends several A-share and H-share companies for investment, indicating a focus on both development and property management sectors [17]

Group 1 - The core point of the article highlights that southbound funds reduced their holdings in Greentown Management Holdings (09979.HK) by 32,000 shares on December 9, while there were three days of net increases totaling 163,000 shares over the past five trading days [1] - Over the last 20 trading days, southbound funds have reduced their holdings in Greentown Management Holdings for 13 days, resulting in a total net reduction of 8.411 million shares [1] - As of now, southbound funds hold 273 million shares of Greentown Management Holdings, which accounts for 13.61% of the company's total issued ordinary shares [1] Group 2 - Greentown Management Holdings Limited primarily provides construction management services through three departments: commercial construction management, government construction management, and other services [1] - The commercial construction management department focuses on providing property development management services to project owners [1] - The government construction management department is involved in property development management services for government-related housing projects and public infrastructure [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: 綠城管理控股有限公司 呈交日期: 2025年12月3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) | 09979 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,000 | 本月底法定/註冊股本總額 ...