Core Insights - Poly Developments acquired a land parcel in Chengdu for a base price of 1.107 billion yuan, with a floor price of 16,500 yuan per square meter [1] Group 1: Land Acquisition Details - The land parcel is located in the Su Po Street area of the Qingyang District, covering a total area of 33,545.32 square meters (approximately 50.318 acres) [1] - The planned construction area for the site is 67,090.64 square meters, with a plot ratio of 2.0 [1] - The site is bordered by Bai Ren Road to the west, Bai Rui Road to the south, and is adjacent to the Poplar Tree Middle School (Bai Ren Branch) to the east, with vacant land to the north [1] Group 2: Surrounding Area and Development Potential - The land is situated in the Wai Jin Sha area, which is characterized by mature development and adequate amenities to meet daily living needs [1]

Investment Rating - The report maintains a "Buy" recommendation for new homes and indicates a significant decline in second-hand home transactions year-on-year [2][33]. Core Insights - The real estate sector has seen a 0.2% decline in the week of November 3 to November 7, 2025, ranking 24th among 31 primary industry sectors [9][30]. - New home transaction volume in 20 monitored cities decreased by 38% year-on-year, with a total area of 159 million square meters sold in the week, averaging 22.7 million square meters per day [21][24]. - Second-hand home transactions in 11 monitored cities also fell by 29% year-on-year, with a total area of 186 million square meters sold in the week, averaging 26.6 million square meters per day [24][29]. Industry Overview - **Basic Data**: The real estate sector comprises 107 listed companies with a total market capitalization of 1,233.623 billion yuan and a circulating market capitalization of 1,183.334 billion yuan [3]. - **Relative Index Performance**: The absolute performance over 1 month, 6 months, and 12 months is -1.6%, 16.8%, and -8.9% respectively, while the relative performance is -3.3%, -5.3%, and -23.3% [4]. Policy Developments - Local policies include the implementation of "current housing sales" in Pingjiang County, Hunan, and the promotion of industrialized construction in Guangzhou, aiming for a total output value of 500 billion yuan by 2030 [14][15]. Sales Performance - The report highlights a significant drop in both new and second-hand home sales, with new home sales down 31% week-on-week and second-hand home sales down 6% week-on-week [21][24]. - Cumulative data shows that new home sales in 20 cities have decreased by 11% year-to-date, while second-hand home sales in 11 cities have increased by 7% year-to-date [21][24]. Financing Trends - Most bond issuances in the week were by local state-owned enterprises, with Guang'an Holdings issuing the largest scale of 2 billion yuan [30][31]. Investment Strategy - The report suggests focusing on companies with strong product differentiation and stable rental income from quality commercial real estate, highlighting firms such as Beike-W, Greentown China, and China Resources Land as potential investment opportunities [33].

Core Insights - A residential land parcel of 50 acres in the Jinsha area of Chengdu was sold, with a total land area of 33,545.32 square meters and a planned construction area of 67,090.64 square meters, achieving a floor area ratio of 2.0 [1] - The starting floor price was set at 16,500 yuan per square meter, translating to a starting price of 1.107 billion yuan [1] - The land was ultimately acquired by Chengdu Baohua Xinyue Real Estate Development Co., Ltd. (a subsidiary of Poly Developments) at the same floor price of 16,500 yuan per square meter, resulting in a total transaction price of 1.107 billion yuan [1]

Summary of C-REITs Conference Call Industry Overview - The Chinese real estate industry is transitioning from new residential construction to rental asset operations, coinciding with the development of the REIT market, which may reshape the competitive landscape for developers and redefine long-term investment logic in the sector [1][3][11]. Key Points Importance of Current Developments - Since Q3 2025, favorable policies have accelerated the issuance of domestic REITs (C-REITs), expanding the range of assets and issuing entities. C-REITs are expected to become a significant asset class over the next 10 to 20 years, with a market potential of approximately $1 trillion, which is over 30 times the current size [3][9]. - The limited trading volume of C-REITs suggests that listed developers are a good entry point into this rapidly expanding theme due to their large rental asset portfolios and low participation in REIT issuance [3][9]. Beneficiaries - In-depth analysis indicates that China Resources Land (1109.HK) has the highest short-term benefit potential, followed by Seazen Holdings (601155.SS) and Longfor Group (0960.HK), due to their substantial shopping center portfolios and high pledge ratios. Other companies like China Overseas Land & Investment (0688.HK), China Merchants Shekou (001979.SZ), Vanke (2202.HK), Poly Developments (600048.SS), and Gemdale (600383.SS) also have significant non-retail rental assets that could benefit in the medium term as REIT coverage expands [4][9]. Signals to Watch - The normalization of REIT issuance, especially with private developers' participation, the expansion of covered commercial asset types, and increased flexibility in capital recycling will strengthen confidence in the mid-term investment logic [4][9]. Regulatory Framework and Market Development - C-REITs have a more stringent regulatory framework compared to mature markets like the US and Japan, including requirements on structure, holding ratios, leverage levels, and initial yield [15][19]. - The development of C-REITs has progressed through four phases over the past 25 years, with significant milestones including the first public REITs listed in 2021 and the expansion of eligible asset types [11][12]. Market Size and Performance - As of September 2025, there are 75 publicly listed C-REITs with a total issuance size of approximately RMB 200 billion and a market capitalization of about RMB 220 billion. Despite significant growth since the first listings, C-REITs currently represent only 0.15% of the total market capitalization of China's stock market [20][29]. - The average trading yield of C-REITs has compressed to 4.4%, reflecting a price increase of about 10% since IPOs, with specific sectors like water facilities and new infrastructure seeing substantial price increases [21][40]. Long-term Potential - The potential market size for C-REITs could reach between $800 billion to $1 trillion, which is 28 to 33 times the current market size, driven by the growth of commercial REITs and the completion of new properties [41][43]. - The estimated total value of commercial properties completed since 2000 is approximately $4.9 trillion, indicating a significant opportunity for C-REITs to capture a larger market share in the future [41][42]. Conclusion - The C-REIT market in China is poised for significant growth, driven by favorable policies, a shift in investment focus, and the potential for substantial market capitalization increases over the next decade. Developers with large rental portfolios are well-positioned to benefit from this emerging asset class [3][4][9].

Group 1: Real Estate Market Trends - The national auction housing market in China has seen a significant decline in both volume and price, with total transaction value dropping by 22.5% year-on-year to 204.87 billion yuan, and the average transaction price decreasing by 12.3% to 4,668 yuan per square meter [2] - The total number of auctioned properties fell by 5.7% to 605,000 units, while the number of successfully auctioned properties decreased by 2.4% to 138,000 units, indicating a cooling market [2] Group 2: Land Supply in Xi'an - Xi'an has announced the release of 11 plots of development land with a total starting price of 3.84 billion yuan, covering an area of 469.368 acres and a planned construction area exceeding 1 million square meters [3] - This land supply is part of a policy aimed at stabilizing land prices and promoting investment, linking land supply to urban renewal and regional development [3] Group 3: Policy Changes in Chongqing - Chongqing has relaxed the conditions for withdrawing housing provident fund for full payment home purchases, allowing withdrawals after six months of purchase and extending the withdrawal period from two years to five years [4][5] - The policy aims to support reasonable housing demand and provide more flexible financial support for contributors while enhancing risk control [5] Group 4: Poly Developments' Financial Management - Poly Developments announced a 2 billion yuan medium-term note with a maturity of five years, with an interest rate of 3.55%, and the interest payment scheduled for November 17, 2025 [6] - This reflects the company's normal debt management practices and its financial strength to meet payment obligations [6] Group 5: Beike's Third Quarter Performance - Beike reported a total transaction value of 736.7 billion yuan in Q3 2025, remaining flat year-on-year, with total revenue increasing by 2.1% to 23.1 billion yuan [7] - However, net profit decreased by 36.1% to 747 million yuan, indicating pressure on profitability amid market adjustments, while the number of active stores and agents grew significantly [7]

摘要 保利发展前三季度新增项目 35 个，总地价 603 亿元，同比增长 45%， 拓展面积 290 万平方米，同比增长 30%，但签约面积同比减少 25%， 签约均价约 2 万元每平方，显示扩张与销售压力并存。 1-10 月累计签约金额 2,229 亿，同比减少 21%，但 10 月单月签约 211 亿元，环比增长 2.8%，核心 38 城销售占比 91%，一二线城市销 售占比 87%，表明销售结构优化，但整体销售额仍面临同比下滑。 公司现金流表现稳健，销售回笼率 96.5%，经营活动现金净流入 70 亿 元，同比由负转正增长 230 亿，期末货币资金余额 1,226 亿元，但同比 减少 115 亿元，主要受预售监管资金减少影响。 公司杠杆水平持续优化，资产负债率和扣除预收款后的资产负债率同比 有所改善，但净负债率微升，表明公司在控制债务风险方面取得一定成 效，但仍需关注净负债率的潜在风险。 公司营业总收入 1,737 亿元，同比下降 4.95%；归母净利润 19 亿元， 同比下降 75%，主要受结转项目中存量项目影响，大力去库存策略下房 价降幅较大，减值压力增加。 Q&A 保利发展前三季度的经营情况如何？ ...

最高成交单价超30万元/平方米。 11月7日，保利发展（600048）旗下广州保利.玥玺湾项目正式开盘，首开成交236套，单日实现认购金 额106亿元。据中指研究院统计，该项目刷新广州楼市销售纪录，成为2025年全国唯一单日销售破百亿 元的项目。据悉，该项目成交均价17万元/平方米，最高成交单价超30万元/平方米。 ...

Group 1: Housing Fund Loan in Nanning - Nanning Housing Provident Fund Management Center issued its first allocation-type housing provident fund loan, benefiting a buyer of a 117 square meter two-bedroom affordable housing unit with a total price of 557,000 yuan [1] - The buyer paid a down payment of 87,000 yuan and secured a provident fund loan of 470,000 yuan for a term of 20 years, using an equal principal repayment method [1] - The monthly payment is less than 3,000 yuan, saving approximately 19,000 yuan in interest compared to the same amount of commercial loans [1] Group 2: Sales Performance of Real Estate Companies - China Merchants Shekou reported a signed sales amount of 15.365 billion yuan in October, with a sales area of 559,000 square meters [2] - Poly Developments disclosed a signed sales amount of 21.116 billion yuan in October, with a signed area of 1,093,800 square meters, representing a year-on-year decrease of 50.86% in area and 50.12% in amount [3] - Shoukai Co., Ltd. achieved a signed sales amount of 999.7 million yuan in October, with a total signed area of 84,400 square meters [4] - Longfor Group reported a total contract sales amount of 5 billion yuan in October, with a contract sales area of 446,000 square meters [5]

Group 1 - The total sales of the top 50 listed real estate companies in China reached approximately 2116.51 billion yuan from January to October 2025, showing an increase of 217 billion yuan compared to the first nine months of the year [1] - The ranking among the top 50 companies has stabilized, with 31 companies maintaining their positions, indicating a strong competitive barrier [2][4] Group 2 - Poly Developments leads the sales with 222.7 billion yuan, followed by Greentown China and China Overseas Land & Investment with sales of 201.1 billion yuan and 189.1 billion yuan respectively [2][4] - Several companies, including China Resources Land, China Merchants Shekou, Vanke A, and Jianfa Group, have entered the "billion-dollar club" [2] Group 3 - In October, only Shanghai had land transfer fees exceeding 10 billion yuan, totaling 21.05 billion yuan, while the top 20 cities collectively saw land transfer fees of 103.94 billion yuan, slightly down from September [9] - The total land transfer area in the top 20 cities was 16.545 million square meters in October, with only three cities exceeding one million square meters in land transfer area [16]

Group 1: Fuzhou Real Estate Regulations - Fuzhou has implemented new regulations to strengthen the management of commodity housing sales and the credit evaluation of real estate companies [1] - Real estate companies must create and publicly disclose a pre-sale plan that includes eight key components before applying for pre-sale permits [1] - The new credit evaluation system mandates that companies in five districts undergo credit scoring every two years, directly linking results to pre-sale and fund supervision [1] Group 2: Record Sales in Guangzhou - Poly Developments' project, Guangzhou Poly·Yuexi Bay, achieved a remarkable sales record with a single-day transaction amount of 10.6 billion yuan, selling 236 units [2] - The project set a new sales record for Guangzhou, with an average transaction price of 170,000 yuan per square meter and a peak price exceeding 300,000 yuan per square meter [2] - The success of this project is attributed to a combination of scarce resources, product innovation, and brand premium, providing confidence to the market during a period of adjustment [2] Group 3: Shimao Construction Lawsuit - Shimao Construction announced a new lawsuit involving a claim amounting to 11.291 billion yuan, with the plaintiff being China CITIC Financial Asset Management [3] - The lawsuit is based on a contract dispute, with the first-instance court accepting the case on September 30 [3] - The company needs to accelerate asset disposal while maintaining close communication with creditors to explore diverse debt resolution paths [3] Group 4: China Merchants Shekou Loan Guarantee - China Merchants Shekou announced it will provide a guarantee for an 800 million yuan fixed asset loan requested by Hangzhou Ruisheng [4] - The loan has a term of 15 years, and the guarantee period will last for three years after the debt is fulfilled [4] - This move is seen as a strategic bet on the prospects of Hangzhou's digital economy and a key step in the company's transformation into an "industrial operator" [4] Group 5: Financial Street Holdings Bond Project - Financial Street Holdings' private placement bond project of 5.17 billion yuan has been accepted for review [5] - The bond issuance aims to consolidate market position and optimize financial structure during the industry adjustment period [5] - With an AAA credit rating and a state-owned enterprise background, the company is expected to secure low-cost financing to support future development [5]