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。 2025 年 10 月，公司实现签约面积 109.38 万平方米，同比减少 50.86%；签 约金额 211.16 亿元，同比减少 50.12%。 2025 年 1-10 月，公司实现签约面积 1119.81 万平方米，同比减少 28.78%； 签约金额 2228.47 亿元，同比减少 21.54%。 由于销售过程中存在各种不确定性，上述销售数据可能与定期报告披露的数 据存在差异，相关数据以公司定期报告为准。 证券代码：600048 证券简称：保利发展 公告编号：2025-090 2025 年 10 月份销售情况简报 特此公告。 保利发展控股集团股份有限公司 董事会 二〇二五年十一月八日 ...

证券代码：600048 证券简称：保利发展 公告编号：2025-091 关于本公司获得房地产项目的公告 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。 自公司《关于本公司获得房地产项目的公告》（公告编号 2025-087）披露 以来，公司新增加房地产项目 5 个，项目信息如下（具体位置详见附图）： 由于项目开发过程中存在各种不确定性，上述数据可能与定期报告披露的数 据存在差异，相关数据以公司定期报告为准。 特此公告。 图 1：佛山市南海区博华路西侧地块 注：" "为近期新获取项目，" "为历史主要获取项目。 图 2：江门市蓬江区天福路东侧地块 佛山市南海区 博华路西侧地块 江门市蓬江区 天福路东侧地块 图 3：长沙市开福区开福寺路南侧地块 长沙市开福区 开福寺路南侧地块 保利发展控股集团股份有限公司 董事会 二〇二五年十一月八日 单位：平方米、万元 序号 项目名称 获取 方式 土地 用途 用地 面积 规划容积 率面积 我方需支 付价款 权益 比例 1 佛山市南海区 博华路西侧地块 招拍挂 住宅 29,138 72,846 38 ...

Core Points - Poly Development reported a significant decline in contracted area and amount for October 2025, with a contracted area of 1.0938 million square meters, down 50.86% year-on-year, and a contracted amount of 21.116 billion yuan, down 50.12% year-on-year [1] - For the period from January to October 2025, the company achieved a contracted area of 11.1981 million square meters, a decrease of 28.78% year-on-year, and a contracted amount of 222.847 billion yuan, down 21.54% year-on-year [1] - The company added 5 new real estate projects during this period [1]

Core Viewpoint - The company has announced the acquisition of five new real estate projects, with a total payment amounting to 5.121 billion yuan [1] Summary by Category New Projects - The company has added five new real estate projects since the announcement regarding the acquisition of real estate projects [1] - The specific projects include: - A plot of land located on the west side of Bohua Road in Nanhai District, Foshan City - A plot of land located on the east side of Tianfu Road in Pengjiang District, Jiangmen City - A plot of land located on the south side of Kaifus Temple Road in Kaifu District, Changsha City - A plot of land located on the south side of Qinglong Temple Road in Yanta District, Xi'an City - A plot of land located on the south side of Hongqi West Road in Ganjingzi District, Dalian City [1]

Core Viewpoint - Poly Developments (600048.SH) reported a significant decline in both contracted area and amount for October 2025, indicating a challenging market environment for the company and the industry overall [1] Summary by Category Contracted Area - In October 2025, the company achieved a contracted area of 1.0938 million square meters, a year-on-year decrease of 50.86% [1] - From January to October 2025, the total contracted area was 11.1981 million square meters, reflecting a year-on-year decrease of 28.78% [1] Contracted Amount - The contracted amount for October 2025 was 21.116 billion yuan, which represents a year-on-year decrease of 50.12% [1] - For the period from January to October 2025, the total contracted amount reached 222.847 billion yuan, showing a year-on-year decrease of 21.54% [1]

Core Insights - Poly Developments reported a significant decline in both contracted area and amount for October 2025, with a contracted area of 1.0938 million square meters, down 50.86% year-on-year, and a contracted amount of 21.116 billion yuan, down 50.12% year-on-year [1] Summary by Category Contracted Area - In October 2025, the company achieved a contracted area of 1.0938 million square meters, representing a year-on-year decrease of 50.86% [1] - From January to October 2025, the total contracted area was 11.1981 million square meters, reflecting a year-on-year decline of 28.78% [1] Contracted Amount - The contracted amount for October 2025 was 21.116 billion yuan, which is a decrease of 50.12% compared to the same month last year [1] - For the period from January to October 2025, the total contracted amount reached 222.847 billion yuan, showing a year-on-year reduction of 21.54% [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the transition of China's property industry from new construction to rental asset operations, driven by the emergence of the C-REIT (China Real Estate Investment Trust) market, which is expected to reshape the competitive landscape and long-term investment thesis of the industry [2][12][31]. Core Insights - **C-REIT Market Potential**: The C-REIT market is projected to reach a market capitalization of approximately US$1 trillion, which is over 30 times larger than its current size. This growth is anticipated to attract long-term yield investors [4][11]. - **Policy Support**: Since the third quarter of 2025, supportive policies have accelerated the issuance of onshore REITs, expanding the asset scope and issuer background, which is crucial for the growth of C-REITs [4][11]. - **Investment Strategy**: Listed developers are seen as a viable way to access the expanding C-REIT theme due to their large rental portfolios and strategic commitment to divesting mature properties into REITs [5][11]. Key Beneficiaries - **Short-term Beneficiaries**: CR Land (1109.HK) is identified as the primary beneficiary in the short term, followed by Seazen (601155.SS) and Longfor (0960.HK), due to their substantial but highly pledged malls [6][11]. - **Medium-term Beneficiaries**: Other developers such as COLI (0688.HK), Vanke (2202.HK), and Poly (600048.SS) may benefit from the expansion of REIT coverage due to their rich non-retail rental assets [6][11]. Market Dynamics - **Transition Drivers**: The transition is driven by diminishing housing demand due to aging demographics and regulatory changes that have lowered development returns on equity (ROE) [13][21][23]. - **Regulatory Changes**: The introduction of the "three red lines" policy has tightened leverage for developers, leading to a shift towards a dual-track housing supply system focusing on public and rental housing [22][23]. Competitive Landscape - **Shift to Rental Focus**: Developers are increasingly focusing on recurring income from rental properties as the attractiveness of traditional property development diminishes. This shift is expected to reshape the competitive landscape and investment thesis of the industry over the next 10-20 years [29][31]. - **Challenges in Transition**: The transition to a rental-focused model is slow due to the asset-heavy nature of rental businesses, slow asset turnover affecting ROE, and limited exit channels for unlocking asset value [29][30]. Long-term Investment Thesis - **Evolving Investment Logic**: The investment logic is expected to shift from high leverage and turnover models to a focus on stable recurring income and dividend visibility, reflecting a more balanced growth approach [31][35]. - **Future Focus on REITs**: As developers transform into landlords and the C-REIT market matures, the focus may shift from developers to REITs with strong recurring income assets, similar to trends observed in developed markets [35][41]. Regulatory Framework for C-REITs - **Development Stages**: The development of C-REITs has progressed through four stages: initial preparation, gradual progress, increased promotion, and full acceleration, with significant regulatory milestones achieved since 2021 [43][44]. - **Regulatory Characteristics**: C-REITs have stringent regulations compared to developed markets, including requirements for shareholding, leverage, and cash distribution [46][48]. Conclusion - The transition in China's property industry towards a rental-focused model and the growth of the C-REIT market present significant investment opportunities. Developers with strong rental portfolios are well-positioned to benefit from this shift, while the evolving regulatory landscape will further facilitate the growth of C-REITs in the coming years [4][11][31].

Group 1 - The article emphasizes the importance of brand communication for real estate companies during the festive seasons of National Day, Mid-Autumn Festival, and Chongyang Festival, highlighting the opportunity for brand engagement and social responsibility [2][6] - Leading real estate companies are focusing on community-centric activities, utilizing a blend of traditional and modern interactive designs to create emotional resonance, brand recognition, and value conversion [2][6] - The article notes significant leadership changes in key companies, such as Vanke's chairman transition and the criminal measures against its former president, as well as the board restructuring at Jin Ke Co., indicating ongoing turbulence in the industry [2][6] Group 2 - The top three companies in the brand communication power ranking are Poly Developments, China Resources Land, and Greentown China, followed closely by Vanke and Longfor Group [2][4] - The article highlights the role of festive seasons as a starting point for community building, with leading companies enhancing neighborly connections through service and warmth, contributing to a more meaningful ideal lifestyle [2][6] - The model of "emotional empowerment + value realization" is identified as a core driver for the continuous improvement of brand communication power [2][6]

Core Insights - In October 2025, the total bond financing in the real estate sector reached 51.24 billion yuan, marking a year-on-year increase of 76.9% [1][2] - The increase in financing is attributed to a low base from the previous year, where the total was only 28.97 billion yuan [2] - The average bond financing interest rate decreased to 2.56%, down 0.42 percentage points year-on-year [6] Financing Overview - The total bond financing in October 2025 was 51.24 billion yuan, a significant increase from 28.97 billion yuan in October 2024 [2] - Credit bond financing accounted for 32.70 billion yuan, up 50.7% year-on-year, representing 63.8% of the total [2][4] - Asset-backed securities (ABS) financing reached 15.70 billion yuan, a 115.8% increase year-on-year, making up 30.6% of the total [2][5] - Overseas bond financing was 2.85 billion yuan, accounting for 5.6% of the total [2] Financing Structure - From January to October 2025, total bond financing for real estate companies was 488.24 billion yuan, a year-on-year increase of 8.6% [4] - Credit bond financing for the same period was 293.98 billion yuan, a slight increase of 3.3% [4] - The share of credit bonds in total financing was 60.2%, while ABS accounted for 37.8% [4] Interest Rates - The average interest rate for bond financing in October was 2.56%, down 0.42 percentage points year-on-year and 0.13 percentage points month-on-month [6] - The average interest rate for credit bonds was 2.36%, unchanged from the previous month [6] - ABS had an average interest rate of 2.82%, down 0.31 percentage points year-on-year but up 0.14 percentage points month-on-month [6] Corporate Financing Dynamics - In October, China Merchants Shekou issued the highest amount of bonds at 4.5 billion yuan [7] - Suzhou High-tech had the lowest financing cost at 1.84% [7] - Major companies like China Overseas, Poly Development, and others issued bonds exceeding 3 billion yuan [4][8] Capital Market Dynamics - Key real estate companies disclosed new financing, including Huayi City Group's issuance of 2 billion yuan in short-term financing [8] - Several companies are progressing with debt restructuring, with Sunac and Country Garden's plans receiving over 75% creditor approval [8] - Kincor's restructuring plan is progressing smoothly, having secured 250 million yuan in loans from investors [8]

Core Viewpoint - Poly Developments is adjusting the planning scheme for its key project, Jia Hua Tian Jun, located in Haidian, Beijing, due to overall market pressure and intense competition in core areas, resulting in a low sales rate of less than 20% since its opening in January [2][6]. Group 1: Project Overview - Jia Hua Tian Jun is a significant project for Poly Developments in Haidian, focusing on improving housing options in the area [2][6]. - The project consists of two main areas: the East and West zones, with a total land area of 79,000 square meters and a residential floor area of approximately 5.96 billion yuan [3][4]. - The East zone has 852 residential units with a price range of 82,000 to 97,000 yuan per square meter, while the West zone has undergone several adjustments to its planning [3][4]. Group 2: Sales Performance - As of now, the overall sales rate for the project is only 16%, with over a thousand units still available for sale [6]. - The East zone has seen a net signing of 216 units, with an average transaction price of 85,200 yuan per square meter [3][6]. - The West zone's adjustments have led to a change in unit sizes, with a focus on smaller units to cater to market demand [4][5]. Group 3: Market Dynamics - The competition in Haidian and Chaoyang has intensified due to increased land supply and favorable housing policies, leading to a shift in buyer interest [7]. - Poly Developments has shifted its focus from suburban areas to core regions like Haidian and Chaoyang in recent years, reflecting a broader trend among real estate companies [6][7]. - The project is expected to re-enter the market in the second quarter of next year after undergoing necessary regulatory processes [7].