Core Insights - The project in question involves the redevelopment of the Beiguangyangcheng shantytown area in Changyang Town, Fangshan District, with a total land acquisition cost of 1.471 billion yuan [1] - The land area for the project is approximately 55,600 square meters, with a planned construction scale of 95,900 square meters [1] - The land use is designated for secondary urban residential purposes, community service facilities, and kindergarten use [1]

Core Viewpoints - The current Chinese real estate market is undergoing the deepest and longest adjustment period in history, with multiple indicators reverting to levels seen over a decade ago [5][66][77] - The sustained large losses of real estate companies will accelerate industry reshuffling and optimize the competitive landscape [5][66][77] - Future policies may be further intensified, and with China's economic resilience, the economic growth rate is expected to remain within a reasonable range, which could help shorten the current adjustment cycle [5][66][77] Group 1: Market Overview - As of the end of Q3 2025, the cumulative sales area of commercial housing nationwide has decreased by 5.5% year-on-year, while the cumulative sales amount has dropped by 7.9% [19][20] - The real estate development investment completion amount has fallen from a peak of 14.76 trillion yuan in 2021 to 10.02 trillion yuan in 2024, with an expected further decline to approximately 9 trillion yuan in 2025, marking a nearly 40% drop from the peak [66][50] - The average net asset return rate for listed real estate companies as of the end of Q3 2025 is -4.74%, ranking last among 31 industry sectors [45][66] Group 2: Performance of Real Estate Companies - In the first three quarters of 2025, listed real estate companies reported a total operating revenue of 1.05 trillion yuan, a year-on-year decline of 11% [39][66] - The operating profit for the same period was -35.85 billion yuan, marking the first recorded loss since statistics began [39][66] - The net profit and attributable net profit were -58.52 billion yuan and -64.74 billion yuan, respectively, with losses significantly widening compared to the previous year [39][66] Group 3: Future Outlook - The report anticipates a continued "bottoming" period for the real estate market, with historical comparisons suggesting that while the downward trend may be nearing its end, the timeline for recovery could still be extended [66][70] - The real estate market is expected to experience a three-phase valuation recovery process, with the current phase being the second, which requires stabilization and recovery of the fundamental market conditions [77][78] - Investment targets include stable central state-owned enterprises and regional leaders focused on first- and second-tier cities, which are expected to gain market share during the downturn [77][80]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [3][4] Core Viewpoints - The report emphasizes the importance of stabilizing housing prices for facilitating economic circulation, with expectations for further policy support. High-quality residential properties are anticipated to experience a development wave due to policy guidance and changes in supply-demand structure. Additionally, the sentiment in the Hong Kong private residential market is gradually recovering, suggesting a new round of value reassessment for Hong Kong developers [4][45]. Market Performance - The Shanghai Composite Index fell by 3.9%, the Shenzhen Component Index by 5.1%, the ChiNext Index by 6.2%, and the CSI 300 Index by 3.8%. The real estate sector (Shenwan) declined by 5.8%. Notable stock performances included ST Zhongdi (+18.8%) and Shijie Lianhang (+12.5%), while Rongsheng Development (-16.9%) and Xinhua Lian (-15.2%) saw significant declines [4][7]. Data Tracking New Housing Transactions - In the week of November 15-21, 185,000 square meters of new homes were sold across 42 key cities, a 6.5% increase from the previous week but a 40.1% decrease year-on-year. For November (up to the 21st), total new home sales reached 514,000 square meters, a 4.6% increase month-on-month but a 41.7% decrease year-on-year [12][16]. Second-Hand Housing Transactions - In the same week, 200,000 square meters of second-hand homes were sold across 21 key cities, a 1.2% decrease from the previous week and a 14.3% decrease year-on-year. For November (up to the 21st), total second-hand home sales reached 594,000 square meters, a 41.6% increase month-on-month but a 20.2% decrease year-on-year [28][33]. Industry News - The Ministry of Housing and Urban-Rural Development held a national meeting to promote urban renewal, emphasizing its role in high-quality urban development. The Ministry also highlighted the need for systematic advancement of the "Four Goods" construction: good houses, good communities, good neighborhoods, and good cities. Additionally, the Ministry of Finance allocated 56.6 billion yuan for urban housing security projects for 2026 to improve livelihoods and stabilize the economy [45][46]. Company Announcements - China Merchants Shekou issued 5.04 billion yuan in corporate bonds, while China Resources Land successfully issued two notes totaling 3 billion USD and 4.3 billion yuan. China Jinmao's subsidiary plans to sell its 100% stake in Jinmao (Sanya) Tourism for asset securitization purposes [48][49].

Core Viewpoint - A significant number of state-owned and central enterprises in Beijing are actively selling residential and commercial properties, indicating a shift in the real estate market dynamics and an increase in supply from both individuals and corporations [1][5][7]. Group 1: Property Listings and Prices - A property in Haijing Jiayuan, measuring 128.9 square meters, is listed for a transfer price of 9.929 million yuan, equating to approximately 77,000 yuan per square meter [1]. - In total, four residential properties were listed by Beijing Jingcheng Zhidi Co., with a combined price of about 30.64 million yuan [3]. - The highest price per square meter among the listed properties is 130,100 yuan for a residential unit on Gulou West Street [3]. Group 2: State-Owned Enterprises' Activity - In the first 20 days of November, state-owned enterprises in Beijing listed 20 properties on the Beijing Property Exchange, totaling approximately 17.4 million yuan [3]. - Central enterprises, including CRRC and China Machinery Industry, have also joined the selling trend, with property listings amounting to around 17 million yuan in November alone [5][7]. - The total base price for properties listed by state and central enterprises in Beijing has reached approximately 1.35 billion yuan within a month [7]. Group 3: Market Trends - The second-hand housing market in Beijing has seen a notable increase in transaction volume, with 142,620 units sold from January to October 2025, reflecting a 5.4% year-on-year increase [12]. - The supply structure in the second-hand housing market is changing, with an increase in listings from high-demand areas like Haidian and Xicheng [15]. - Despite the increase in listings, there is still a lack of significant price reductions in these prime areas, while other districts like Chaoyang and Fengtai are experiencing more price pressure [17].

Investment Rating - The industry maintains an "Overweight" rating, with a focus on real estate-related stocks due to expected policy support and market recovery [5][7]. Core Insights - The report emphasizes the need for urban renewal, highlighting the government's commitment to improving living conditions and urban infrastructure, which is expected to support high-quality urban development [2][12]. - The real estate market is showing signs of pressure, with new home sales in 30 cities down 38.2% year-on-year, despite a 6.5% month-on-month increase [3][27]. - The report suggests that the competitive landscape in the real estate sector is improving, with leading state-owned enterprises and select private firms expected to benefit from favorable policies and market conditions [5]. Summary by Sections 1. Market Overview - The real estate index decreased by 5.8% this week, underperforming the CSI 300 index by 2.06 percentage points, ranking 20th among 31 sectors [2][16]. 2. New Home Sales - In the latest week, new home sales in 30 cities totaled 169.3 million square meters, with a year-on-year decline of 38.2% and a month-on-month increase of 6.5% [3][27]. - Year-to-date, new home sales in these cities have reached 85.89 million square meters, down 9.7% year-on-year [33]. 3. Second-Hand Home Sales - Second-hand home sales in 14 cities totaled 199.9 million square meters, down 12.6% year-on-year and slightly down 0.2% month-on-month [38][39]. - Cumulatively, second-hand home sales for the year have increased by 9.9% [38]. 4. Credit Bond Issuance - A total of 9 credit bonds were issued by real estate companies this week, amounting to 4.71 billion yuan, with a net financing amount of -1.79 billion yuan [4][48]. 5. Investment Recommendations - The report recommends focusing on companies with strong fundamentals and those benefiting from urban renewal policies, including both state-owned and select private enterprises [5].

公告显示，刘锋的离任时间为今年11月21日，但其原定任期到期日为2027 年7月24日。离任后，刘锋将 不再担任公司及控股子公司任何职务，且无未履行完毕的公开承诺。 城建发展董事会表示，刘锋将按公司规定做好工作交接，其离任不会对公司正常运营产生重大影响，同 时对刘锋任职期间为公司发展作出的贡献表示衷心感谢。（中经记者 颜世龙 北京报道） 【城建发展副总经理刘锋提前离任】11月21日，北京城建投资发展股份有限公司（以下简称"城建发 展"，600266.SH）发布公告，披露公司副总经理、总法律顾问刘锋因工作变动提前离任。 ...

Core Viewpoint - Beijing Urban Construction Investment Development Co., Ltd. announced the early departure of its Vice General Manager and General Counsel, Liu Feng, due to work changes, effective November 21, 2023 [2] Company Announcement - Liu Feng's departure was originally scheduled for July 24, 2027, but he will no longer hold any positions within the company or its subsidiaries after his departure [2] - The board of directors stated that Liu Feng will ensure a proper handover of his responsibilities, and his departure is not expected to significantly impact the company's normal operations [2] - The company expressed gratitude for Liu Feng's contributions during his tenure [2]

Group 1 - The company announced that it will provide a guarantee for its subsidiary, Huangshan Company, which is seeking a loan of up to 1.7 billion yuan from a banking syndicate for a commercial project in Huangshan District [1][2][3] - The loan will have a term of 5 years and will be secured by land use rights and ongoing construction projects in the specified area [2][3] - The company's board of directors approved the guarantee during meetings held on June 5 and June 26, 2025, and the total guarantee amount authorized for Huangshan Company is expected to be no more than 2 billion yuan [1][2] Group 2 - Huangshan Company is responsible for the development of a commercial project in the Tanjiqiao Town of Huangshan District, and the guarantee is deemed necessary to meet its operational funding needs [4] - Despite Huangshan Company's asset-liability ratio exceeding 70%, it is considered to have stable operations and good creditworthiness, which minimizes the guarantee risk for the company [4] - The company has a total external guarantee amount of 6.978 billion yuan, which accounts for 31.37% of its latest audited net assets, with guarantees to subsidiaries totaling 5.838 billion yuan, or 26.24% of net assets [6]

Group 1 - The company announced that it has not provided any guarantees to its controlling shareholders, actual controllers, or their related parties [2] - There are no overdue receivables related to external guarantees [2]

Group 1 - The company announced that its wholly-owned subsidiary, Huangshan Company, is applying for a loan of up to 1.7 billion yuan from a banking syndicate consisting of Hengfeng Bank and Bohai Bank to fund the construction of a commercial project in Tanjiqiao Town, Huangshan District [1] - The loan will have a term of 5 years and will be secured by the land use rights and ongoing construction projects in specified plots [1] - The company will provide a full joint liability guarantee for the loan [1] Group 2 - For the year 2024, the company's revenue composition is projected to be 73.5% from real estate development (housing sales), 23.68% from real estate development (land primary development), 2.22% from leasing income, 0.31% from other businesses, and 0.19% from property management [1] - The current market capitalization of the company is 10 billion yuan [1]