Core Insights - In the first three quarters of 2025, the total sales of the top 100 real estate companies in China reached 26,065.9 billion yuan, a year-on-year decrease of 12.2%, although the decline narrowed by 1.1 percentage points compared to the previous eight months [1][3] - Poly Developments topped the sales chart with 201.7 billion yuan, becoming the only company among the top 100 to exceed 200 billion yuan [1][2] - The sales performance in September showed a month-on-month increase of 11.9%, with companies like Jianfa, Binjiang, Jinmao, and Poly Properties demonstrating strong sales [1] Sales Rankings - The top six companies by sales in the first nine months of 2025 are: 1. Poly Developments: 201.7 billion yuan 2. Greentown China: 178.5 billion yuan 3. China Overseas Property: 170.5 billion yuan 4. China Resources Land: 154.4 billion yuan 5. China Merchants Shekou: 140.66 billion yuan 6. Vanke: 100.29 billion yuan - Only these six companies have sales exceeding 100 billion yuan [1][4] Market Segmentation - The number of companies in different sales brackets has changed: - 6 companies in the 100 billion yuan and above category, unchanged from the previous year, with an average sales of 157.68 billion yuan - 7 companies in the 50 billion to 100 billion yuan category, down by one from the previous year, with an average sales of 71.6 billion yuan - 6 companies in the 30 billion to 50 billion yuan category, down by one from the previous year, with an average sales of 38.16 billion yuan - 40 companies in the 10 billion to 30 billion yuan category, down by four from the previous year, with an average sales of 16.4 billion yuan [3]

Core Insights - The top 100 real estate companies in China reported a total sales revenue of 26,065.9 billion yuan from January to September 2025, reflecting a year-on-year decline of 12.2%, although the decline rate narrowed by 1.1 percentage points compared to the previous month [1] - In September alone, the sales revenue of these companies increased by 11.9% month-on-month, indicating a slight recovery during the traditionally strong sales month [1] - The leading companies by sales volume include Poly Developments, Greentown China, China Overseas Land & Investment, China Resources Land, and China Merchants Shekou, with sales figures of 201.7 billion yuan, 178.5 billion yuan, 170.5 billion yuan, 154.4 billion yuan, and 140.6 billion yuan respectively [1] Sales Performance - A total of 72 out of the top 100 real estate companies experienced month-on-month growth in September 2025, with 45 companies showing growth rates exceeding 30% [3] - Among the top 10 companies, 7 reported an increase in operational amounts compared to the previous month [3] Market Trends - The new housing market saw a steady recovery in September 2025, with a 55% increase in supply across 30 monitored cities, marking the second-highest level of the year [4] - Transaction volume increased by 18% month-on-month, although it still showed a year-on-year decline of 5% [4] - Major cities like Beijing, Shanghai, and Shenzhen benefited from policy relaxations in August and September, leading to a notable increase in transaction volumes [4] - Despite the recovery in core cities, the overall market remains under pressure, with many cities experiencing relatively flat performance [4] - The industry anticipates that future policies will maintain a loose stance, focusing on stabilizing the market and expediting the implementation of existing measures [4]

Core Insights - The total sales of the top 100 real estate companies in China for the first nine months of 2025 reached 26,065.9 billion yuan, a year-on-year decline of 12.2%, with the decline rate narrowing by 1.1 percentage points compared to January-August 2025 [1] - In September 2025, the monthly sales of the top 100 real estate companies increased by 11.9% month-on-month, with companies like Jianfa, Binjiang, Jinmao, and Poly Real Estate showing strong sales performance [1] Sales Performance by Company Tier - The average sales of the top 10 companies was 1280.9 billion yuan, down 11.2% year-on-year; the average sales for the 11-30 tier was 319.8 billion yuan, down 14.9%; for the 31-50 tier, it was 156.5 billion yuan, down 9.8%; and for the 51-100 tier, it was 74.6 billion yuan, down 12.9% [5][6] - The number of companies in various sales tiers changed, with 6 companies in the 1000 billion yuan tier (unchanged from last year), 7 in the 500-1000 billion yuan tier (down 1), 6 in the 300-500 billion yuan tier (down 1), and 40 in the 100-300 billion yuan tier (down 4) [10] Market Outlook - Core cities are continuing to optimize demand-side policies, leading to some market recovery, particularly in core cities like Shenzhen and Shanghai, which have implemented measures to ease purchasing qualifications and optimize property tax policies [11] - Despite the recovery in core cities, the overall market remains under pressure, with many cities experiencing relatively flat performance [11]

Core Insights - The article highlights the performance of China's top 100 real estate companies in terms of sales and market trends for the first nine months of 2025, indicating a mixed recovery in the housing market despite historical low levels of sales [16][18]. Sales Performance - In September 2025, the top 100 real estate companies achieved a sales turnover of 252.78 billion yuan, representing a month-on-month increase of 22.1% and a year-on-year increase of 0.4% [3][18]. - Cumulatively, from January to September 2025, the total sales amount reached 2,323.66 billion yuan, showing a year-on-year decrease of 11.8%, although the decline has narrowed by 1.3 percentage points [18]. Market Trends - The new housing market saw a steady recovery in September 2025, with supply increasing by 55% month-on-month, reaching the second-highest level of the year. New home transactions rose by 18% month-on-month but fell by 5% year-on-year [16][29]. - In the first nine months, 30 monitored cities recorded a total transaction area of 88.33 million square meters, reflecting a slight year-on-year decrease of 3% [3][29]. Company Rankings - The top three companies by sales turnover in September 2025 were Poly Developments (185.6 billion yuan), Greentown China (178.5 billion yuan), and China Overseas Land & Investment (162.4 billion yuan) [2][3]. - The sales threshold for the top 10 companies decreased by 2.3% year-on-year to 62.52 billion yuan, indicating a lower entry barrier compared to the previous year [20]. Future Outlook - The article predicts that new home transaction volumes may continue to hover at low levels in October 2025, with potential further increases in year-on-year declines due to high base effects from the previous year [30]. - The market is expected to experience continued differentiation among cities and projects, with core first- and second-tier cities maintaining higher transaction volumes due to stronger purchasing power [30].

2025 年第四次临时股东大会 保利发展控股集团股份有限公司 2025 年第四次临时股东大会 会议资料 （2025 年 10 月） 2025 年第四次临时股东大会 保利发展控股集团股份有限公司 2025 年第四次临时股东大会须知 根据中国证券监督管理委员会《上市公司股东大会规则》和《公 司章程》的有关规定，为确保公司股东大会顺利召开，特制定会议须 知如下，望出席股东大会的全体人员遵守执行： 一、股东参加股东大会，应当认真履行其法定义务，不得侵犯其 他股东权益； 二、股东大会期间，全体出席人员应以维护股东的合法利益、确 保大会正常秩序和议事效率为原则，认真履行法定职责； 三、出席大会的股东依法享有发言权、咨询权、表决权等各项权 利，但需由公司统一安排发言和解答； 四、任何人不得扰乱大会的正常秩序和会议程序，会议期间请关 闭手机或将其调至振动状态。 2025 年第四次临时股东大会 保利发展控股集团股份有限公司 2025 年第四次临时股东大会 会议议程 一、会议时间： 现场会议召开时间：2025 年 10 月 9 日（星期四），下午 14:30 网络投票时间：采用上海证券交易所网络投票系统，通过交易系 统投票平台的 ...

Core Viewpoint - Poly Developments' stock price has shown fluctuations, with a recent increase of 2.07% on September 30, 2023, despite a year-to-date decline of 9.34% [1] Financial Performance - For the first half of 2025, Poly Developments reported a revenue of 116.86 billion yuan, a year-on-year decrease of 16.08%, and a net profit attributable to shareholders of 2.71 billion yuan, down 63.47% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 64.98 billion yuan, with 12.27 billion yuan distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 0.37% to 217,400, while the average circulating shares per person increased by 0.37% to 55,064 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 164 million shares, and several ETFs that also saw increases in their shareholdings [3] Market Activity - On September 30, 2023, the stock traded at 7.88 yuan per share, with a total transaction volume of 1.49 billion yuan and a turnover rate of 1.59% [1] - The net inflow of main funds was 133 million yuan, with significant buying activity from large orders [1] Company Overview - Poly Developments, established on September 14, 1992, and listed on July 31, 2006, primarily engages in real estate development and operations, with 89.98% of its revenue coming from real estate sales [1] - The company is categorized under the real estate development sector, focusing on residential development, and is associated with various concepts such as pension industry and REITs [1]

Core Insights - The article highlights the transformation of Foshan from a manufacturing hub to a modern urban city, emphasizing the role of Poly Development South China Company in this evolution [4][6][16] Group 1: Urban Development - Foshan's GDP has grown from less than 300 billion in 2005 to approximately 1.34 trillion by 2024, marking a significant urban transformation [4] - The city has shifted its identity from a "manufacturing city" to a "livable city," enhancing its appeal as a place to live, work, and visit [4][6] - The urban development strategy includes a modern industrial system aimed at attracting and retaining high-end talent [6][13] Group 2: Role of Poly Development - Poly Development South China Company has been a key player in Foshan's urban growth, starting its operations in 2005 and expanding its influence across seven cities in South China [4][8] - The company has developed over 130 benchmark projects, covering various sectors including residential, commercial, and cultural facilities [8] - Poly Development has transitioned from a traditional developer to a city operator, actively participating in public service facility construction and hosting numerous large-scale events [8][12] Group 3: Cultural Integration - The article emphasizes the importance of integrating Foshan's rich cultural heritage into modern urban living, promoting a sense of community and harmony [10][11] - Poly Development's initiatives, such as the "Neighbor Gathering Good" service system, aim to enhance community engagement and reflect the traditional values of mutual support [12][16] Group 4: Future Aspirations - Foshan aims to elevate its urban profile and attract talent by enhancing its comprehensive urban charm and economic scale [13][14] - The introduction of the Poly Tianzan project, designed by Zaha Hadid Architects, represents a new benchmark for urban living in Foshan, incorporating advanced smart living technologies [14][15] - The company plans to continue its commitment to quality living and service, aligning with national goals for sustainable urban development [16]

Core Insights - The housing rental industry is experiencing a solidification of scale levels, with leading companies showing significant differences in growth rates and operational performance [2][6]. Industry Overview - As of September 2025, 30 sample housing rental companies have opened over 1.5 million units, with a median of 26,400 units per company, indicating that most brands are still in small-scale operations [5]. - State-owned enterprises like China Resources and Poly have opened 399,800 units, accounting for 25.8% of the total, leveraging policy resources and cost advantages to excel in the rental housing sector [5][6]. Company Performance - Major rental companies such as Vanke and Longfor have reported varying degrees of growth in their operational scales, with increases ranging from 2.4% to 18.2% compared to the end of the previous year [5][6]. - Vanke's rental business reported a half-year revenue of 1.8 billion yuan, a 4% increase year-on-year, while Longfor's revenue was 1.24 billion yuan, reflecting a 5.3% decline [9]. Revenue Trends - Among the monitored sample companies, 67% achieved year-on-year revenue growth, with increases ranging from 3.3% to 138% [8]. - The rental income of companies varies significantly, from 0.5 million yuan to 2.7 billion yuan, highlighting disparities in development [8]. Operational Metrics - Companies like Vanke and Longfor maintain high occupancy rates above 90%, indicating robust operational performance [6]. - The average daily room rate has increased by 1%, contributing to a 5% rise in average revenue per room [10]. New Projects and Market Dynamics - During the reporting period, 22 new rental projects were launched, showing a slight decrease from the previous period, but the supply side remains strong [11]. - The new projects are concentrated in first-tier cities, which account for 36.4% of total projects, driven by strong rental demand and supportive policies [14]. Strategic Partnerships - Vanke has successfully partnered with state-owned enterprises to expand its project portfolio, exemplified by the recent launch of a project in Jinan with 2,252 units [15][16]. - This collaboration model addresses the operational challenges faced by state-owned enterprises while providing rental companies with low-risk expansion opportunities [16].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Views - The current monetary policy stance in China is supportive, with measures to optimize down payment ratios and mortgage rates, potentially reducing interest expenses for over 50 million households by approximately 300 billion yuan annually [10][11] - The real estate sector is viewed as an early-cycle indicator, making it a key economic barometer [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies expected to benefit more in the future [4] - The report emphasizes a focus on first-tier and select second- and third-tier cities, which have shown better performance during sales rebounds [4] - Supply-side policies, including land storage and management of idle land, are critical areas to monitor for future developments [4] Summary by Sections Market Overview - The real estate index decreased by 0.2% this week, underperforming the CSI 300 index by 1.22 percentage points, ranking 11th among 31 sectors [12] - In the past week, 30 cities recorded new housing transaction areas of 186.1 million square meters, a 20.0% increase month-on-month but a 23.6% decrease year-on-year [23] New Housing Transactions - New housing transaction areas in first-tier cities reached 55.8 million square meters, up 11.6% month-on-month and up 12.5% year-on-year [23] - Second-tier cities saw transactions of 91.0 million square meters, a 41.9% increase month-on-month but a 20.5% decrease year-on-year [23] - Third-tier cities recorded 39.2 million square meters, down 4.1% month-on-month and down 50.6% year-on-year [23] Second-Hand Housing Transactions - The total transaction area for second-hand housing in 14 sample cities was 198.9 million square meters, a 1.4% increase month-on-month and a 13.9% increase year-on-year [31] - Year-to-date, the cumulative transaction area for second-hand housing is 7,815.4 million square meters, reflecting a 17.3% increase year-on-year [31] Credit Bond Issuance - This week, 14 credit bonds were issued by real estate companies, totaling 14.781 billion yuan, a 67.61 billion yuan increase from the previous week [41] - The net financing amount was 4.562 billion yuan, marking a significant increase of 111.56 billion yuan from the previous week [41]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3]. Core Views - The report suggests that the broad housing demand in China has reached a bottom, although the volume and price have not yet entered a positive cycle. It anticipates that the overall real estate market will continue to stabilize, with policies aimed at stopping the decline being further introduced. Core cities are expected to lead the recovery as they approach the bottom of the market [3][29]. - The "Good House" policy is expected to create a new development track with "new products, new pricing, and new models," which will improve the real estate market in core cities with lower penetration rates [3][29]. Industry Data Summary New Housing Transaction Volume - In the week of September 20-26, 2025, 34 key cities saw a total new housing transaction volume of 2.458 million square meters, a week-on-week increase of 17.2%. First and second-tier cities increased by 15.4%, while third and fourth-tier cities saw a significant rise of 43.8% [4][29]. - For September 2025, the total new housing transaction volume in 34 cities was 8.078 million square meters, a year-on-year increase of 6.3% [7][8]. Second-Hand Housing Transaction Volume - In the week of September 20-26, 2025, 13 key cities recorded a total second-hand housing transaction volume of 1.148 million square meters, a week-on-week increase of 3.8%. Cumulatively, September's transaction volume was 4.235 million square meters, a year-on-year increase of 21.2% [12][29]. New Housing Inventory - In the week of September 20-26, 2025, 15 key cities had a total of 1.48 million square meters of new housing launched, with a total inventory of 90.309 million square meters, reflecting a week-on-week increase of 0.6%. The average monthly deprecation period was 24.8 months, an increase of 1.8 months [20][29]. Policy and News Tracking - The report highlights significant government efforts to stabilize the real estate market, including over 1.6 trillion yuan in funding for key projects and a 52% annual increase in rental housing loans. Local governments are also implementing various supportive measures, such as home purchase subsidies and policies to improve land use efficiency [29][30]. - Shanghai has introduced new regulations to standardize balcony capacity and facade materials, while Dongguan has launched a new home purchase subsidy policy [29][30]. Company Dynamics - New City Holdings issued USD 1.6 billion in overseas bonds, while Poly Developments announced a plan to issue up to 15 billion yuan in corporate bonds. Other companies like China Merchants Shekou and CIFI Group are also actively engaging in financing activities [33][35]. Sector Performance Review - The SW Real Estate Index fell by 0.16%, underperforming the Shanghai and Shenzhen 300 Index, which rose by 1.07%. The report notes that the real estate sector ranked 11th among 31 sectors in terms of performance [41][44].