截至目前，公司已取得有权国资监管单位中国保利集团有限公司对本次发行的批复，中国保利集团有限 公司同意公司向特定对象发行可转换公司债券，发行总额不超过人民币50亿元（含本数）。 格隆汇12月23日丨保利发展(600048.SH)公布，公司于2025年12月12日召开2025年第11次临时董事会， 审议通过关于公司2025年度向特定对象发行可转换公司债券的相关议案。 ...

格隆汇12月23日丨保利发展(600048.SH)公布，公司于2025年12月12日召开2025年第11次临时董事会， 审议通过关于公司2025年度向特定对象发行可转换公司债券的相关议案。 截至目前，公司已取得有权国资监管单位中国保利集团有限公司对本次发行的批复，中国保利集团有限 公司同意公司向特定对象发行可转换公司债券，发行总额不超过人民币50亿元（含本数）。 ...

Group 1 - Zhang Deguo has been appointed as the Deputy Secretary of the Party Committee and Director of China Agricultural Development Group Co., Ltd., and is nominated as the candidate for General Manager [1] - Wang Jiemin has been nominated as the Chief Accountant of China Academy of Building Research Co., Ltd., and will no longer serve as the Chief Accountant of China International Technology Cooperation Group Co., Ltd. [1] - Wang Xinhua has been appointed as a member of the Party Committee and Secretary of the Discipline Inspection Commission of China Academy of Building Research Co., Ltd. [2] Group 2 - Geng Hai will serve as a member of the Party Committee and Secretary of the Discipline Inspection Commission of China Information Communication Technology Group Co., Ltd. [3] - Wu Xianxiang has been nominated as the Chief Accountant of China Construction Technology Co., Ltd. [4] - Zhang Fan has been appointed as a member of the Standing Committee of the Party Committee and nominated as the candidate for Deputy General Manager of China Electrical Equipment Group Co., Ltd. [5] Group 3 - Cai Shuangying has been appointed as a member of the Standing Committee of the Party Committee and Secretary of the Discipline Inspection Commission of China Electrical Equipment Group Co., Ltd. [6] - Wang Zhigang has been nominated as the Chief Accountant of China Certification and Inspection Group Co., Ltd. [7] - Liu Hualong has been removed from his positions as Secretary of the Party Committee, Standing Committee member, Chairman, and Director of China Poly Group Co., Ltd. [8] Group 4 - Guan Dingbang has been removed from his position as a member of the Standing Committee of the Party Committee and will no longer serve as Deputy General Manager of China Aneng Construction Group Co., Ltd., and is retiring [9] - Niu Jianhua has been appointed as an external director of China Nonferrous Metal Mining Group Co., Ltd. [10]

证券代码：600048 证券简称：保利发展 公告编号：2025-112 转债代码：110817 转债简称：保利定转 关于 2025 年度向特定对象发行可转换公司债券获得 有权国资监管单位批准的公告 本次发行尚需获得公司股东会审议通过，并报中国证监会等证券监管部门核 准。公司将积极推进相关工作，并及时履行信息披露义务。 特此公告。 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"）于 2025 年 12 月 12 日召开 2025 年第 11 次临时董事会，审议通过关于公司 2025 年度向特定对象发 行可转换公司债券（以下简称"本次发行"）的相关议案，具体内容详见公司于 上海证券交易所网站（www.sse.com.cn）披露的相关公告。 截至目前，公司已取得有权国资监管单位中国保利集团有限公司对本次发行 的批复，中国保利集团有限公司同意公司向特定对象发行可转换公司债券，发行 总额不超过人民币 50 亿元（含本数）。 保利发展控股集团股份有限公司 董事会 二○二五年十二月二十三日 ...

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) announced the appointment and removal of leadership positions in 10 central enterprises [1] - Zhang Deguo has been appointed as the Deputy Secretary of the Party Committee and Director of China Agricultural Development Group, and is nominated as the candidate for General Manager [2] - Wang Jiemin is nominated as the Chief Accountant candidate for China Academy of Building Research, and will no longer serve as Chief Accountant for China International Technology Cooperation Group [3] Group 2 - Geng Hai will serve as a member of the Party Committee and Discipline Inspection Secretary of China Information Communication Technology Group [4] - Wu Xianxiang is nominated as the Chief Accountant candidate for China Construction Science and Technology Co., Ltd. [5] - Zhang Fan has been appointed as a member of the Standing Committee of the Party Committee and is nominated as the Deputy General Manager of China Electrical Equipment Group [6] Group 3 - Cai Shuangying (female) has been appointed as a member of the Standing Committee of the Party Committee and Discipline Inspection Secretary of China Electrical Equipment Group [7] - Wang Zhigang is nominated as the Chief Accountant candidate for China Certification and Inspection Group [8] - Liu Hualong has been removed from his positions as Secretary of the Party Committee, Standing Committee member, Chairman, and Director of China Poly Group [9] Group 4 - Guan Dingbang has been removed from his position as a member of the Standing Committee of the Party Committee and will no longer serve as Deputy General Manager of China Aneng Construction Group, retiring [10] - Niu Jianhua has been appointed as an external director of China Nonferrous Metal Mining Group [11]

23 December 2025 | 7:14AM CST Equity Research CHINA PROPERTY WEEKLY WRAP Week 51 Wrap - Steady transaction volumes toward year-end; MTD secondary price cut pace decelerating Key highlights for the week: On the policy front, on the central level, we note authorities reiterated their focus on guiding the property sector toward a new development model, with the MOHURD emphasizing shifts from high-speed to high-quality growth, prioritizing product quality over scale expansion, and targeting a balanced, stable m ...

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Core Insights - The article highlights the success of the Poly Heyu Apartment project in Fuzhou, which has become a popular choice for young renters due to its affordable pricing and convenient location [1][2]. Group 1: Project Overview - Poly Heyu Apartment, operated by Poly Development Holdings, has achieved an impressive annual occupancy rate of 99.34% and a renewal rate of 72.31% since its opening in July 2024 [1]. - The project focuses on meeting the housing preferences of young people, offering one-bedroom units equipped with essential appliances and private bathrooms, which cater to their basic needs while allowing for personal customization [1]. Group 2: Community and Services - The apartment complex organizes various social activities such as basketball games, music festivals, and barbecues to foster community interaction among young renters [2]. - The management provides attentive services, enhancing tenants' sense of belonging by assisting with issues like lost pets and neighborly disputes [2]. Group 3: Market Dynamics - Fuzhou's rental market features a diverse landscape, including personal rentals, brand-name long-term apartments, and state-owned affordable housing, providing residents with a wide range of options [2]. - The local government continues to support the housing sector by offering construction and rental subsidies, which help reduce the financial burden on developers and tenants [2]. Group 4: Future Prospects - The management plans to introduce a second-hand market to facilitate the exchange of unused items among tenants, aiming to create a more harmonious community atmosphere [2]. - Young renters express a desire to continue living in the apartments, viewing them as a starting point for their integration into the city of Fuzhou [2].

Group 1 - The core viewpoint of the article highlights the success of the Poly Heyu Apartment project in Fuzhou, which has become a popular choice for young renters due to its affordable pricing and quality living environment [1][2]. - The Poly Heyu Apartment achieved an impressive annual occupancy rate of 99.34% and a renewal rate of 72.31% within a year of operation, indicating strong demand among young tenants [1]. - The project was designed based on thorough research into the living preferences of young people, focusing on essential amenities and the provision of personalized space [1]. Group 2 - Fuzhou's housing rental market has diversified, featuring personal rentals, brand long-term apartments, and state-owned affordable rental housing, providing citizens with a variety of options [2]. - The local government has increased support for housing initiatives, including subsidies for construction and rental, to alleviate the financial burden on developers and tenants [2]. - Future plans for the Poly Heyu Apartment include organizing a second-hand market to facilitate the exchange of unused items among tenants, enhancing community interaction [2].

Core Viewpoint - The Guangzhou land market is expected to maintain stability in 2024, with a focus on controlling supply and managing existing inventory [1][9]. Group 1: Land Transactions - On December 21, Yuexiu Property acquired the Guangzhi land in Haizhu District for a base price of 1.436 billion yuan, with a floor price of 34,000 yuan per square meter [3]. - A total of 48 residential land parcels were sold in Guangzhou this year, generating over 50.6 billion yuan, which is a decrease compared to last year's sales [3][4]. - The land market in Guangzhou has shown a stable pattern this year, with state-owned enterprises dominating the acquisitions, while some private enterprises have also made selective investments [3][4][7]. Group 2: Market Trends - The Guangzhou land market experienced a "tail-end" trend in December, with 16 parcels sold in the last month, despite some being withdrawn from sale [4]. - The average transaction price for residential properties in Haizhu District has decreased from 87,600 yuan per square meter in 2022 to 67,400 yuan per square meter in 2023, reflecting a shift towards more affordable housing projects [5][6]. - The supply of residential land is expected to remain stable through 2026, with ongoing improvements in supply indicators likely to enhance investment enthusiasm among real estate companies [3][4]. Group 3: Developer Strategies - Major state-owned enterprises, including Poly, Yuexiu, and China Overseas, have been the primary players in the Guangzhou land market, acquiring over 35 parcels this year [7]. - Some private enterprises are engaging in land acquisition through resource swaps or minor increases in investment, indicating a cautious approach to land purchases [7][8]. - Developers are currently adopting a conservative stance due to high inventory levels, with over 92,000 units of unsold residential properties reported in Guangzhou [9].