2025年1-11月，公司实现签约面积1165.63万平方米，同比减少31.84%；签约金额2408.66亿元，同比减 少21.80%。 格隆汇12月8日丨保利发展(600048.SH)公布，2025年11月，公司实现签约面积45.82万平方米，同比减少 66.79%；签约金额180.19亿元，同比减少24.93%。 ...

保利发展：11月合约销售金额-25％。 ...

保利发展12月8日公告，2025年11月，公司实现签约面积45.82万平方米，同比减少66.79%；签约金额 180.19亿元，同比减少24.93%。2025年1-11月，公司实现签约面积1165.63万平方米，同比减少31.84%； 签约金额2408.66亿元，同比减少21.80%。 ...

格隆汇12月8日丨保利发展(600048.SH)公布，2025年11月，公司实现签约面积45.82万平方米，同比减少 66.79%；签约金额180.19亿元，同比减少24.93%。 2025年1-11月，公司实现签约面积1165.63万平方米，同比减少31.84%；签约金额2408.66亿元，同比减 少21.80%。 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3]. Core Views - The real estate market in China is expected to continue bottoming out, with core cities likely to stabilize sooner. Two major opportunities are highlighted: the rise of favorable housing policies and the strong performance of quality commercial enterprises during a monetary easing cycle, which may lead to a revaluation of consumer-oriented commercial real estate assets [3]. Industry Data - New home sales in 34 key cities totaled 2.762 million square meters for the week of November 29 to December 5, reflecting a 9% increase week-on-week. In December, new home sales are down 23.6% year-on-year [4][5]. - The inventory of unsold residential properties in 15 cities was 89.906 million square meters, with a slight week-on-week increase of 0.04%. The average months of inventory turnover decreased by 0.3 months to 23 months [20][21]. Policy and News Tracking - The China Securities Regulatory Commission (CSRC) emphasized the steady development of real estate investment trusts (REITs) and asset securitization. The National Development and Reform Commission (NDRC) expanded the asset scope for REITs to include urban renewal projects [30][31]. - Local governments are implementing various housing subsidies, such as a maximum subsidy of 200,000 yuan for low-income families in Changzhou and a new housing subsidy policy in Nanning for multi-child families [30][31]. Company Dynamics - Poly Developments completed a change in its controlling shareholder, while Vanke extended the maturity of its medium-term notes. Several real estate companies reported their November sales data, with notable declines in sales volume and value for companies like Greentown China and China Overseas Development [3][36]. - The average price-to-earnings (P/E) ratios for mainstream A-share real estate companies for 2025 and 2026 are 22.1 and 19.3 times, respectively, while property management companies have P/E ratios of 13.7 and 12.3 times [3].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [5] Core Insights - Recent "14th Five-Year Plan" proposals from various regions emphasize the need for "good housing" and a "market + guarantee" supply-side policy, aiming for high-quality urban renewal and improved housing supply for low-income families [1][10] - The real estate sector is under pressure, with a significant year-on-year decline in new home sales, indicating a challenging market environment [2][22] - The report suggests that the policy environment is expected to strengthen, with a focus on improving the competitive landscape, particularly benefiting leading state-owned enterprises and quality developers [3] Summary by Sections 1. "14th Five-Year Plan" Proposals - Multiple regions have released proposals highlighting the importance of quality housing and a balanced supply system, focusing on urban renewal and affordable housing for disadvantaged families [1][10] 2. Market Review - The Shenwan Real Estate Index decreased by 2.2% this week, underperforming the CSI 300 Index by 3.43 percentage points, ranking 30th among 31 Shenwan primary industries [11] - A total of 30 stocks rose, while 82 stocks fell, indicating a challenging market sentiment [11] 3. New and Second-Hand Housing Transactions - New home sales in 30 cities totaled 176.6 million square meters this week, down 6.5% month-on-month and 47.7% year-on-year [2][22] - Second-hand home sales in 14 cities amounted to 190.7 million square meters, reflecting a 5.3% decrease from the previous week and a 40.8% decline year-on-year [33] 4. Credit Bond Issuance - This week, 9 credit bonds were issued by real estate companies, totaling 6.568 billion yuan, a decrease of 11.272 billion yuan from the previous week, with a net financing amount of -2.132 billion yuan [3][42]

12月5日，广州海珠区南泰路一宗地块吸引多家房企竞逐，最终由保利发展控股集团股份有限公司（以 下简称"保利发展"）以35亿元竞得，折合楼面价24389元/平方米，溢价率27.3%。 从指标来看，该宗地块容积率3.4，为综合用地（含住宅），地块需配建19.9万平方米商业物业，以及 5.5万平方米地下空间，并同步建设中小学及市政道路后无偿移交政府。 "该地块区位优势明显，位于成熟的海珠西板块，周边多条地铁线路经过，生活配套十分成熟，汇集了 宝岗汇、万科里、燕汇广场、乐峰广场等成熟商圈，且该地块将会配建大型商业，旁边还有三甲医院珠 江医院。"中指研究院广州分院研究主管陈雪强向《证券日报》记者表示。 临近年末，广州供地节奏加快。中指研究院数据显示，截至11月末，广州12月份待出让的涉宅用地总数 达20宗，既有主城区核心板块优质宅地，也有远城区宅地，20宗地块总起始价超254亿元。 近期，随着各地供地发力，保利发展也在择机加大补仓力度。例如，12月4日，保利发展拿下佛山南海 区涉宅用地，成交金额12.66亿元，成交楼面价10000元/平方米。 除此之外，为保障现金流充裕，保利发展也加快了融资和资产盘活的节奏。例如，11 ...

克而瑞提供的数据显示，随着南泰路地块成交，2025年1月1日—12月5日，广州市海珠区涉宅用地成交3 宗，成交总建面23.12万平方米，成交金额52.99亿元。中经记者 陈婷 赵毅 深圳报道 记者注意到，南泰路地块周边目前多为保利发展、越秀地产项目，2家企业均深耕该片区。 【激战76轮 保利发展35亿元竞得广州南泰路地块】《中国经营报》记者获悉，12月5日，广州市海珠区 南泰路AH0124032地块（以下简称"南泰路地块"）成功出让，成交价为35亿元，由保利发展 （600048.SH）旗下广州市邦杰置业有限公司竞得，溢价率约27%，成交楼面价约24389元/平方米。 据好地大数据统计，2023年开始，保利发展在广州的权益拿地金额反超越秀地产，2024年差额持续扩 大，两年权益拿地金额差达191亿元。2024年，保利发展在广州的销售额超过越秀地产，成为"广州一 哥"，2025年销售额差距继续扩大。据中指研究院统计，2025年前11个月，保利发展在广州的权益销售 额为431.5亿元。 公告显示，南泰路地块为二类居住用地兼容商业用地、中小学用地，宗地面积约6.48万平方米，其中出 让宗地面积约4.22万平方米，计容 ...

Group 1 - The South Tai Road land parcel in Haizhu District, Guangzhou, was successfully sold for 3.5 billion yuan, with a premium rate of approximately 27% and a floor price of about 24,389 yuan per square meter [2] - The land is classified as a second-class residential area compatible with commercial and educational uses, covering an area of approximately 64,800 square meters, with a transferable area of about 42,200 square meters and a maximum construction area of 143,507 square meters [2] - Two companies participated in the bidding, with Poly Developments winning after 76 rounds over three hours, while the starting price was set at 2.75 billion yuan [2] Group 2 - Poly Developments has outperformed Yuexiu Property in land acquisition amounts in Guangzhou since 2023, with a difference of 19.1 billion yuan expected to continue expanding into 2024 [3] - In 2024, Poly Developments is projected to surpass Yuexiu Property in sales in Guangzhou, becoming the leading company in the region, with the sales gap expected to widen further in 2025 [3] - As of December 5, 2025, the total area of residential land transactions in Haizhu District amounted to 231,200 square meters, with a total transaction value of 5.299 billion yuan [3]

Core Viewpoint - Guangzhou is entering a period of intensive land auctions, with a recent successful sale of a residential plot in Haizhu District, indicating strong interest from major real estate companies and a strategic shift towards optimizing land resource allocation [1][4]. Group 1: Land Auction Details - On December 5, Guangzhou successfully auctioned a residential land plot in Haizhu District for 3.5 billion yuan, with a floor price of approximately 36,800 yuan per square meter and a premium of 27.27% [1]. - The land plot, designated for residential use (R2) with commercial compatibility (B1), covers an area of 64,812 square meters, with a saleable area of 42,208 square meters and a total buildable area of 143,507 square meters [1]. - The winning bidder, Poly Developments, is required to construct approximately 200,000 square meters of commercial space and a new primary school, addressing the local demand for quality housing and educational facilities [1]. Group 2: Location and Market Context - The land is strategically located in Haizhu West, surrounded by multiple metro lines and essential amenities, including hospitals and shopping centers, enhancing its attractiveness to potential buyers [2]. - The area is characterized by a lack of large, high-quality residential developments, creating a strong demand for the low-density large-scale project that the South Tai Road plot represents [3]. - As of now, Guangzhou has auctioned 51 residential plots this year, raising approximately 35.8 billion yuan, which is less than half of last year's total, indicating a shift in market dynamics and a focus on smaller, high-quality land parcels [4].