Core Viewpoint - Poly Group has issued a statement clarifying that it is not involved in any activities related to "Hong Kong Poly Stablecoin" or "Poly Stablecoin Fund" [1] Group 1 - Poly Group and its subsidiaries have not organized or participated in any business activities related to Hong Kong stablecoins or stablecoin funds [1] - The companies registered in Hong Kong, namely "Poly Digital Industry Group Limited," "Poly Digital Asset Limited," and "Poly Digital Asset Issuance Limited," have no equity or affiliation with Poly Group and its subsidiaries [1] - Poly Group urges the public to remain vigilant, carefully assess investment opportunities, and report any illegal activities to law enforcement [1]

保利集团及下属公司未组织或参与任何涉及香港稳定币、稳定币基金相关业务及活动。香港注册登记 的"保利數字產業集團有限公司""保利數字資產有限公司""保利数字資產發行有限公司"与保利集团及下 属公司无任何股权或隶属关系，也不存在任何投资、合作、业务等关系，其一切行为均与保利集团无 关。 新京报讯10月24日，中国保利集团发布声明： 为维护社会经济秩序和公众合法权益，保利集团针对近期网络传播的有关"香港保利稳定币""保利稳定 币基金"及相关主体情况澄清声明如下： 保利集团提醒社会各界提高警惕，注意甄别，谨慎开展投资合作，如发现违法犯罪行为，请尽快到公安 机关报案。 特此声明。 ...

Core Points - The company successfully issued its third tranche of medium-term notes for the year 2025, with a total registered amount of 5 billion yuan [1] - The registered amount is valid for two years from the date of the acceptance registration notice issued by the China Interbank Market Dealers Association [1] - The issued notes include two varieties: a 3-year note and a 5-year note, with specific securities codes provided [1] Summary by Sections - **Company Overview** - Poly Development Holdings Group Co., Ltd. has been granted a registration amount of 5 billion yuan for medium-term notes [1] - **Issuance Details** - The company successfully issued the third tranche of medium-term notes for 2025, consisting of two types: - Type A (3-year term) with security code 102584345 - Type B (5-year term) with security code 102584346 [1] - **Regulatory Compliance** - The board of directors guarantees that the announcement contains no false records, misleading statements, or significant omissions, and they bear legal responsibility for its authenticity, accuracy, and completeness [1][2][3]

Core Insights - The report from Guandian Index indicates a recovery in land acquisition by the top 50 real estate companies, with a 41.79% month-on-month increase in newly acquired land area in September 2025, totaling 3.1994 million square meters [1] - Cumulatively, from January to September 2025, these companies acquired 39.4417 million square meters of land, reflecting a year-on-year increase of 5.26% [1] Group 1: Land Acquisition and Investment - Leading companies in land acquisition include China Overseas Land & Investment, China Merchants Shekou, and Poly Developments, with newly acquired land areas of 4.0758 million square meters, 3.2019 million square meters, and 2.8991 million square meters respectively [3] - The top companies in terms of equity land investment from January to September 2025 are China Overseas Land & Investment (76.63 billion yuan), China Resources Land (59.41 billion yuan), and Poly Developments (52.84 billion yuan) [3][4] - In terms of newly added land value, the leading companies are China Overseas Land & Investment (103.18 billion yuan), Poly Developments (93.99 billion yuan), and China Merchants Shekou (93.01 billion yuan) [3][4] Group 2: Land Supply and Market Trends - The report notes a significant increase in residential land supply across first, second, and third-tier cities, with 835 plots and a total planned building area of 53.5572 million square meters, marking a 42.86% month-on-month increase [6][7] - The starting floor price for the supplied land is 4,267 yuan per square meter, which is a 15.04% increase from the previous period [6][7] - The land supply in second-tier cities has also increased, with 231 plots and a planned building area of 15.36 million square meters, reflecting a 40% month-on-month increase [6][8] Group 3: Transaction Activity and Pricing - In September 2025, the transaction of residential land reached 554 plots with a total planned building area of 36.8034 million square meters, showing a 95.41% month-on-month increase [12] - The total transaction price was 171.863 billion yuan, which is a 104.71% increase from the previous month [12] - The average floor price for transactions was 4,669.75 yuan per square meter, reflecting a 4.76% month-on-month increase [12][14] Group 4: Strategic Partnerships and Development Models - The trend of strategic partnerships among leading real estate companies is emerging, allowing for risk sharing and resource integration, particularly in core cities like Hangzhou [5] - This collaborative development model is seen as a response to the industry's deep adjustments, ensuring project quality while sharing risks [5]

证券代码：600048 证券简称：保利发展 公告编号：2025-089 公司本期中期票据发行相关文件详见中国货币网（www.chinamoney.com.cn） 和上海清算所网站（www.shclearing.com）。 特此公告。 保利发展控股集团股份有限公司 2025 年度第三期中期票据发行结果公告 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。 根据中国银行间市场交易商协会出具的《接受注册通知书》（中市协注 〔2025〕MTN772号），保利发展控股集团股份有限公司（以下简称"公司"） 获准注册中期票据，注册金额为50亿元，注册额度自《接受注册通知书》落款 之日起2年内有效。 公司近日成功发行2025年度第三期中期票据，其中品种一（证券代码： 102584345，证券简称：25保利发展MTN003A）为3年期，品种二（证券代码： 102584346，证券简称：25保利发展MTN003B）为5年期，具体发行结果如下： | | 保利发展控股集团股份有限公司 | 保利发展控股集团股份有限公司 | | --- | --- | - ...

Core Viewpoint - The financing pace of major real estate companies, particularly state-owned enterprises, has accelerated significantly in the fourth quarter of 2025, with many companies launching financing plans to repay old debts and support ongoing projects [1][2][3]. Financing Trends - Major state-owned real estate companies such as Poly Developments, China Overseas Land, China Resources Land, and China Merchants Shekou have announced various financing plans with low interest rates, indicating a favorable financing environment for these firms [2][3]. - The financing environment is characterized by "structural easing," with funds primarily flowing to financially stable and creditworthy state-owned and high-quality private real estate companies [3][4]. Debt Management - The increase in financing is aimed at repaying maturing debts and converting short-term debts into long-term ones, which is crucial for maintaining investor confidence and stabilizing financial health [3][4]. - In September 2025, the total bond financing for the real estate sector reached 561 billion, a year-on-year increase of 31%, with credit bond financing up by 89.5% [4][5]. Interest Rates and Terms - The average financing interest rate for bonds issued in September was 2.68%, a decrease of 0.38 percentage points year-on-year, with longer-term bonds becoming more common [5][6]. - The average issuance term for credit bonds was 3.65 years, indicating a trend towards longer financing durations [5]. Cash Flow and Sales Challenges - Despite the increase in financing, real estate companies still face pressure regarding cash flow, as the total funds available to real estate developers decreased by 8.4% year-on-year from January to September 2025 [6][7]. - The decline in pre-sale deposits and personal mortgage loans reflects significant challenges in sales recovery for real estate companies [6][7]. Market Outlook - The key to stabilizing the market lies in maintaining expectations and prices, with ongoing policy support necessary to prevent further declines [6][7].

Core Insights - The real estate companies are intensifying their financing efforts as they approach the end of 2025, with several major firms announcing financing plans to repay old debts and fund ongoing projects [1][2] Financing Trends - Central state-owned enterprises (SOEs) are experiencing a significant increase in financing activity, with major firms like Poly Developments, China Overseas Land, China Resources Land, and China Merchants Shekou issuing bonds at low interest rates, some as low as 1.90% [2][3] - The financing environment is characterized by "structural easing," with funds primarily flowing to financially stable and creditworthy top-tier SOEs and quality private real estate companies [3][4] Debt Management - The acceleration in financing is aimed at repaying maturing debts and converting short-term debts into long-term ones, which is crucial for maintaining investor confidence and stabilizing financial health [3][4] - In September 2025, the total bond financing for the real estate sector reached 561 billion, a year-on-year increase of 31%, with credit bond financing up by 89.5% [4][5] Financial Metrics - The average financing interest rate for bonds in September was 2.68%, a decrease of 0.38 percentage points year-on-year, indicating a trend towards lower borrowing costs [5][6] - As of mid-2025, the asset-liability ratio for listed real estate companies, excluding advance receipts, was 66.5%, up 0.9 percentage points year-on-year, while the net debt ratio surged to 171.8%, a 55.8% increase [5][6] Market Dynamics - The inflow of funds into the real estate sector remains under pressure, with total funds available to real estate developers declining by 8.4% year-on-year from January to September 2025 [6][7] - The financing activities are predominantly led by central SOEs, with private and mixed-ownership companies also managing to issue credit bonds successfully [7]

Core Insights - In the last quarter of 2025, real estate companies are intensifying their efforts to secure financing to repay old debts and fund ongoing projects [2][3] Financing Trends - Major state-owned real estate companies, such as Poly Developments, China Overseas Land, and China Resources Land, are actively launching financing plans with low-cost debt options [2][3] - The financing environment is characterized by "structural easing," with funds primarily flowing to financially stable and creditworthy state-owned enterprises [4][6] Debt Issuance Details - From October onwards, several leading real estate firms have disclosed their financing activities, with interest rates as low as the "1s" [3][4] - For instance, China Merchants Shekou issued a green medium-term note with a total amount of 500 million yuan at an interest rate of 1.94% [3] - Poly Developments plans to issue 3 billion yuan in medium-term notes to repay maturing debts, while China Overseas Land aims to raise 3 billion yuan for project construction in multiple cities [3][4] Industry Performance Metrics - In September 2025, the total bond financing for the real estate sector reached 56.1 billion yuan, a year-on-year increase of 31% [5] - The average financing interest rate for bonds in September was 2.68%, a decrease of 0.38 percentage points compared to the previous year [6] Financial Health Indicators - As of mid-2025, the asset-liability ratio of listed real estate companies, excluding advance receipts, was 66.5%, up 0.9 percentage points year-on-year [6] - The net debt ratio surged to 171.8%, reflecting a significant increase of 55.8 percentage points year-on-year [6] Market Dynamics - The inflow of funds into the real estate sector remains under pressure, with total funds available to real estate developers declining by 8.4% year-on-year from January to September 2025 [7] - Key funding sources such as personal mortgage loans and advance payments have seen notable declines, indicating challenges in sales recovery [7][8]

Core Insights - Poly Group has established a new technology company, Polray (Jiangxi) Technology Co., Ltd., which includes the manufacturing of intelligent unmanned aerial vehicles [1] Group 1 - The new company is registered with a capital of 10 million yuan [1] - The business scope includes artificial intelligence public data platforms, general application systems, application software development, and intelligent unmanned aerial vehicle manufacturing [1] - The company is wholly owned by China Poly Group Co., Ltd. through indirect holdings [1]

Core Insights - The project has a total planned investment of 1.75 billion yuan, aimed at constructing three residential buildings along with related commercial and supporting facilities [1][2]. Project Details - The project is named "Zhonghai Guangyi AH030838, AH030839, AH030862 Land Project" located in Haizhu District, Guangzhou [2]. - The total investment for the project is 175 million yuan, with a construction scale covering an area of 34,177 square meters, including 17,138 square meters of usable land, 9,772 square meters for roads, 6,459 square meters of green space, and 807 square meters of other land [2]. - The project will have a total construction area of 62,351 square meters [2]. - The construction unit is Guangzhou Zhonghai Sheng'an Real Estate Development Co., Ltd., which was established on October 30, 2019, with a registered capital of 10 million yuan [8]. Land Acquisition - On October 9, the second phase of the land at Guangzhou Avenue South 788 was auctioned, with China Overseas and Poly Real Estate participating [2]. - China Overseas won the bid after 7 rounds, acquiring the land for 92 million yuan, which reflects a premium rate of approximately 6.97% and a nominal floor price of 15,284.67 yuan per square meter [2][6]. - The land is categorized as Class II residential land, service facility land, commercial land, and business land, with a total area of 34,177.93 square meters [4]. Comparison with Previous Land Sale - The first phase of the land was sold to Poly Real Estate in October 2022 for 1.35656 billion yuan, with a floor price of 48,395 yuan per square meter, ranking it as the seventh highest in the city at that time [6]. - The second phase is closer to the subway stations, enhancing its transportation convenience compared to the first phase [6]. Financial Aspects - The nominal transaction floor price for the second phase is approximately 18,300 yuan per square meter, but considering the extensive supporting facilities, the saleable floor price is about 34,000 yuan per square meter [8].