本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券代码：600048 证券简称：保利发展 公告编号：2025-048 保利发展控股集团股份有限公司（以下简称"公司"）拟使用募集资金 1,640,782,065.13 元置换预先投入的自筹资金，符合募集资金到账后 6 个月内 进行置换的规定。 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意保利发展控股集团股份有限公司 向特定对象发行可转换公司债券注册的批复》（证监许可[2025]853号），公司 向特定对象发行了8,500万张可转换公司债券（以下简称"本次可转债"），每 张面值100元，募集资金总额为850,000万元，扣除保荐承销费用2,125万元（含 税）后，募集资金净额为847,875万元。本次可转债的募集资金已于2025年5月21 日到账，立信会计师事务所（特殊普通合伙）对募集资金到账情况进行了审验并 出具了《验资报告》（信会师报字[2025]第ZG12401号）。公司已对募集资金实 行了专户存储制度，并与开户行、保荐机构签订了《募集资金专户 ...

证券代码：600048 证券简称：保利发展 公告编号：2025-047 第七届监事会第十一次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 保利发展控股集团股份有限公司（以下简称"公司"）第七届监事会第十一 次会议于 2025 年 5 月 28 日以通讯表决方式召开，会议召集人为公司监事会主席 孔峻峰先生，会议应参加表决监事三名，实际参加表决监事三名。会议的召集和 召开符合《中华人民共和国公司法》《中华人民共和国证券法》及《公司章程》 的有关规定，会议审议通过了以下议案： 一、监事会以 3 票同意、0 票反对、0 票弃权通过《关于明确可转换公司债 券募集资金用途的议案》。 公司本次发行的可转换公司债券扣除含税保荐承销费用后，实际募集资金净 额和募集资金拟投入金额存在差异。同意公司根据募投项目的实际情况，在不改 变募集资金用途的前提下，对北京保利颐璟和煦项目的募集资金拟投入金额进行 适当调整，募集资金拟投入金额由 90,000 万元调整为 87,875 万元，其他募投项 目的募集资金拟投入金额保持不变。调整完毕后， ...

证券代码：600048 证券简称：保利发展 公告编号：2025-046 2025 年第 6 次临时董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 保利发展控股集团股份有限公司（以下简称"公司"）2025 年第 6 次临时 董事会于 2025 年 5 月 28 日以通讯表决方式召开，会议召集人为公司董事长刘平 先生，会议应参加表决董事八名，实际参加表决董事八名。会议的召集和召开符 合《中华人民共和国公司法》《中华人民共和国证券法》及《公司章程》的有关 规定，会议审议通过了以下议案： 一、董事会以 8 票同意、0 票反对、0 票弃权通过《关于明确可转换公司债 券募集资金用途的议案》。 公司本次发行的可转换公司债券扣除含税保荐承销费用后，实际募集资金净 额和募集资金拟投入金额存在差异。同意公司根据募投项目的实际情况，在不改 变募集资金用途的前提下，对北京保利颐璟和煦项目的募集资金拟投入金额进行 适当调整，募集资金拟投入金额由 90,000 万元调整为 87,875 万元，其他募投项 目的募集资金拟投入金额保持不变。调 ...

Core Viewpoint - The concept of "Good House" has been introduced in the government work report, providing policy guidance for the "housing for all" initiative, marking a significant shift from policy advocacy to a binding national standard with the implementation of the "Residential Project Specification" on May 1, 2025, leading to a profound transformation in the industry from "quantity" to "quality" [2][3]. Group 1: Industry Response to "Good House" - Over 50% of monitored real estate companies have mentioned "Good House" in their official communications this year, indicating a strong industry response to this significant concept [2]. - Various companies have developed comprehensive systems to ensure their products meet the expectations and standards set by the "Good House" initiative, integrating their past experiences and advancements in the quality era [2][3]. Group 2: Company Standards and Innovations - Greentown China introduced the industry's first "Good House" standard, focusing on six key elements: aesthetics, affordability, intelligence, low carbon, full lifecycle, and health [3]. - China Electric Power Real Estate established a "Good House" standard with six dimensions and 165 technical parameters, emphasizing safety, health, green, and smart features [3]. - Poly Developments proposed a "Cultural Community" product concept, integrating "good products, good services, good living" as its core strategy [3]. - China Resources Land has established a "Good House" system focusing on community, product, and service, detailing twelve key scenarios to meet customer needs [3][6]. Group 3: Addressing Consumer Pain Points - The focus on consumer needs has become paramount, with companies like Greentown China responding to insights from a lifestyle demand report by offering customized living spaces [10]. - China State Construction developed a "Good House" construction system based on extensive customer feedback, addressing over 95% of common residential pain points [11]. - China Overseas Property launched the Living OS system, aiming to meet diverse customer expectations through a technology-driven approach [13]. Group 4: Technological Integration - The integration of technology and intelligence into housing products is a growing trend, with companies like Poly Developments implementing a comprehensive smart response across their product and service chains [14]. - Wuhan Urban Construction is utilizing BIM technology in its projects to enhance construction efficiency and quality control [14][16]. - Jinji Real Estate is collaborating with Huawei to provide smart home systems for high-end residential projects, aiming to create a holistic intelligent living environment [17]. Group 5: Product Launches and Market Trends - The "Good House" era has seen the launch of innovative products, such as Huafa's "Good House" project in Zhuhai, featuring advanced technology like AI butlers and drone delivery systems [18]. - China State Construction has introduced several projects with "Good House" characteristics, focusing on green and low-carbon living environments [21]. - Poly Developments' project "Zhenluan" emphasizes functional aesthetics, transforming traditional luxury into practical living spaces [24]. Group 6: Future Developments and Evaluations - The 2025 semi-annual CRIC "China Real Estate Product Evaluation" has been initiated, including a new category for "Good House" evaluations, with results expected in June [25][27].

本报讯 （记者陈潇） 在新质生产力蓬勃发展的时代浪潮下，写字楼空间与服务如何转型升级，房企怎样运营不动产资产，成 为行业关注焦点。保利发展控股集团股份有限公司（以下简称"保利发展"）正在给出一份答案。 随着城市产业发展提质升级，保利发展聚焦主责主业，全力构建"一个新的保利发展、三大主业支撑"的 战略格局，不动产经营与不动产投资开发、不动产综合服务并驾齐驱，成为推动城市建设与发展的核心 动力。 近日，保利发展北京公司资产管理部总经理陈逸萌在"城市进化共生聚势——2025北京保利资管项目焕 新发布会"上表示，新质生产力正以磅礴之势重塑各行业发展格局，为写字楼市场带来全新的变革机遇 与挑战。保利发展控股集团股份有限公司北京分公司（以下简称"保利发展北京公司"）唯有精准把握市 场需求的脉搏，才能在激烈竞争中脱颖而出。 陈逸萌提出，在产品焕新层面，公司要聚焦现代产业客户的前沿需求，强化项目的智能化与体验化建设 提升。在品质服务层面，公司要着眼企业发展的全生命周期，构建一站式企业运营服务体系。 据悉，优质的办公资产是保利发展北京公司9年沉淀的积累，是保利发展北京公司资管多业态协同发展 中甲级办公楼宇的重要发展实践。保利发 ...

Core Insights - The report from the Perspective Index Research Institute indicates that the competition for land acquisition among leading real estate companies in major cities has intensified, particularly for high-quality core plots, often resulting in joint acquisitions [2][8]. Group 1: Land Acquisition Trends - In the first four months of the year, the top 50 real estate companies added a total of 4.54 million square meters of land, representing a month-on-month increase of 30.85% [2]. - Leading companies in land acquisition include Poly Developments, China Overseas Land & Investment, and Greentown China, with land reserves of 1.46 million square meters, 1.28 million square meters, and 1.27 million square meters, respectively [5]. - The companies with the highest investment in land acquisition during this period were Greentown China, China Overseas Land & Investment, and Binjiang Group, with equity acquisition amounts of 29.14 billion, 27.29 billion, and 26.97 billion yuan, respectively [5]. Group 2: New Land Value - The companies that saw the most significant increase in land value from January to April were China Jinmao, Yuexiu Property, and China Overseas Land & Investment, with new land values of 55.96 billion, 54.47 billion, and 53.79 billion yuan, respectively [5]. - In April, Poly Developments acquired four plots in Hangzhou, Xiamen, and Shijiazhuang, with an equity land area of 454,100 square meters and an equity price of 12.8 billion yuan [5]. Group 3: Market Dynamics - State-owned enterprises dominated the land acquisition market in April, accounting for 58.7% of the total equity acquisition amount, followed by private enterprises at 23.54% [8]. - Many companies are actively negotiating with local governments for cooperation in land development and urban renewal, aiming to increase market share in less penetrated areas [8]. - The land auction market in some regions is primarily led by local developers, which has created a competitive advantage for these companies [8]. Group 4: Key City Transactions - Between April 21 and May 19, 2025, a total of 17 residential land plots were sold in six key cities, with a total transaction value of 37.21 billion yuan and an area of 668,200 square meters [13]. - In Beijing, a consortium including China State Construction and China Jinmao won a plot in Chaoyang District for 12.6 billion yuan, setting a new record for land prices in the area [9][10].

Core Insights - The report highlights a competitive landscape among real estate companies for acquiring quality land reserves, with a notable increase in land acquisition activities during the first four months of the year [5][12][15]. Group 1: Land Acquisition Trends - The top companies in land acquisition from January to April include Poly Developments, China Overseas, and Greentown China, with land reserves of 145.57 million square meters, 128.22 million square meters, and 126.75 million square meters respectively [11][12]. - The total land area acquired by the top 50 real estate companies in April was 454.01 million square meters, reflecting a month-on-month increase of 30.85% [8][12]. - The total investment in land acquisition by leading companies during this period was significant, with Greentown China leading at 291.44 billion yuan, followed closely by China Overseas at 272.91 billion yuan [12][13]. Group 2: Market Dynamics - The supply of residential land in first, second, and third-tier cities has decreased, with 450 plots offered, totaling 2,504.16 million square meters, representing a month-on-month decline of 9.13% and a year-on-year decline of 19.04% [16][18]. - The average transaction price for residential land increased to 6,579.75 yuan per square meter, with a month-on-month increase of 12.5% and a year-on-year increase of 26.37% [22][24]. - The competitive bidding for core land plots has intensified, with several major companies forming alliances to secure high-quality land [6][35]. Group 3: Government Policies and Support - The central government has emphasized the need for high-quality housing supply and has initiated policies to optimize the land supply structure, which is expected to stabilize the market [16][18]. - The government is also supporting urban renewal projects, with significant funding allocated to improve old residential areas, particularly in cities like Shijiazhuang and Shanghai [7][36][39]. - Local governments are increasingly collaborating with state-owned enterprises to enhance urban renewal efforts, indicating a shift towards more integrated development strategies [15][37].

Core Insights - The report indicates a significant increase in land acquisition by the top 50 real estate companies, with a monthly increase of 454.01 million square meters, representing a 30.85% month-on-month rise [1] - The leading companies in land investment from January to April include Greentown China, China Overseas Property, and others, with equity land acquisition amounts reaching 291.44 billion, 272.91 billion, and 269.68 billion yuan respectively [1] - The total value of newly acquired land from January to April shows that China Jinmao and Yuexiu Property led with 559.61 billion and 544.67 billion yuan respectively [3] Land Transaction Overview - During the report period, 360 residential land transactions occurred across first, second, and third-tier cities, with a total planned building area of 1,964.82 million square meters, marking a 7.22% increase month-on-month and a 4.22% increase year-on-year [5] - The total transaction price reached 1,291.5 billion yuan, reflecting a 20.62% month-on-month increase and a 31.7% year-on-year increase [5] - The average floor price was 6,579.75 yuan per square meter, with a month-on-month increase of 12.5% and a year-on-year increase of 26.37% [5] City-Level Land Transaction Data - In April 2025, first-tier cities saw a total of 44.1 million square meters of land transacted, with a total price of 179.9 billion yuan and an average floor price of 40,839 yuan per square meter [7] - Second-tier cities experienced a month-on-month decrease in transaction volume but a year-on-year increase in both transaction price and average floor price [7] - Third-tier cities showed a 20.8% month-on-month increase in transaction volume, with a 3.3% year-on-year increase [7] Competitive Landscape - The report highlights that non-core land parcels are often sold at base prices, while core parcels attract competitive bidding, primarily from local enterprises in second and third-tier cities [8] - In key cities, there were 36 residential land parcels available for bidding, with a starting price of 552.16 billion yuan and a total area of 147.76 million square meters, indicating a 48% increase in offered area compared to the previous period [10] - The competitive landscape for high-quality core land is characterized by joint bidding among leading developers [12]

Core Viewpoint - Poly Development Beijing Company launched the "Poly Chaoguan Tianjun" project, emphasizing quality living standards and urban development in Beijing, showcasing its commitment to creating ideal living spaces for residents [1][19]. Group 1: Company Development and Strategy - Since its establishment in Beijing in 2002, Poly Development Beijing has evolved from a land developer to a comprehensive urban service provider, implementing a dual-engine strategy of "real estate development + asset operation" [3]. - The company has successfully developed over 70 premium projects, covering all 12 districts of Beijing and providing comprehensive quality living services to more than 200,000 homeowners [3]. Group 2: Project Launch and Quality Commitment - The launch event featured insights from company executives, highlighting the brand's commitment to quality and the meticulous development process of the "Poly Chaoguan Tianjun" project, which included 102 planning iterations and 36 entrance design revisions [11]. - The project integrates "world aesthetics" with local characteristics, reflecting Chinese cultural heritage and a new humanistic spirit, aiming to create a comfortable living environment for residents [11]. Group 3: Community and Service Initiatives - The project emphasizes a multi-layered security system and a community culture framework that connects various resources, enhancing the living experience for residents [13]. - The community initiatives include a focus on seasonal celebrations and a commitment to providing a warm community atmosphere, as demonstrated in the resident short film "Beautiful Smiles" [13]. Group 4: Industry Perspective and Future Directions - The event featured discussions on the standards of a "good house," emphasizing that it should not only meet basic functional requirements but also embody high construction standards and quality living [15]. - The launch of "Poly Chaoguan Tianjun" sets a new benchmark for the Beijing housing market and provides a replicable model for the industry during a period of deep adjustment [19].

Group 1 - The issuance of special bonds for land storage has accelerated significantly since March, with nearly 3,000 proposed land acquisition projects totaling over 1.33 million square meters and exceeding 350 billion yuan in total value [1] - In April alone, over 1,500 land parcels were publicly announced, surpassing the total from January to March, with a total value exceeding 170 billion yuan [1] - The increase in special bond applications is driven by new policies from the Ministry of Natural Resources and the Ministry of Finance, which have encouraged local governments to utilize special bonds for acquiring idle land [1][2] Group 2 - Special bonds for land storage are primarily used for recovering idle land and land reserves, and can also be used for developing unsold land or converting existing properties into affordable housing [2] - From the beginning of the year to May 21, the total issuance of special bonds for land storage reached 96.4 billion yuan, accounting for 7.5% of newly issued project special bonds [2] - The recovery of idle land through special bonds can enhance liquidity for real estate companies, optimize land resource allocation, and stimulate related industries [2][3] Group 3 - Approximately 50% of the proposed land parcels have a recovery price to transaction price ratio between 0.8 and 1.0, with about 30% in the range of 0.9 to 1.0, and around 18% between 0.7 and 0.8 [3] - Over 80% of the proposed land parcels for recovery belong to local state-owned enterprises, with several parcels from central enterprises like Poly and Overseas Chinese Town also included [3] - Recommendations include establishing a special loan center under policy banks to support the recovery of idle land and inventory properties, with a focus on directing a certain proportion of support to private enterprises [3]