年龄最大的华联控股董秘孔庆富，现年58岁，从2010年起担任董秘。而年龄最小的华夏幸福董秘黎毓 珊，仅35岁。 从学历来看，主要以硕士为主，占比达到61%，其次是本科占到32%，此外拥有博士学历和专科学历的 董秘为均为3名，占比均约为3%。 专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪财经《2024年 度A股董秘数据报告》显示，2024年A股上市公司董秘薪酬合计达40.86亿元，平均年薪75.43万元。 分行业来看，A股房地产总共有102家上市公司，这102名董秘薪酬总金额为8404.72万元，比上年减少 1572.69万元，平均薪酬为82.4万元，高于市场均值。总体来看，房地产行业高薪董秘人数较多，薪酬超 过200万的董秘达到5位，超过100万的达到24位，占比达到24%。薪酬最高的是中新集团董秘陆海粟， 去年薪酬287.67万元。 从年龄分布来看，40（含）-50岁为主力，占到52%；其次是50（含）岁以上，占到38%；30（含）-40 有10位，占到近10%。 从总体来看，房地产行业高薪 ...

从学历来看，主要以硕士为主，占比达到61%，其次是本科占到32%，此外拥有博士学历和专科学历的 董秘为均为3名，占比均约为3%。 从薪酬来看，A股房地产行业董秘薪酬总金额为8404.72万元，比上年减少1572.69万元。平均薪酬为82.4 万元。 从总体来看，房地产行业高薪董秘人数较多，薪酬超过200万的董秘达到5位，超过100万的达到24位， 占比达到24%。薪酬最高的是中新集团董秘陆海粟，去年薪酬287.67万元。剔除2024年开始任职的董秘 数据之后，薪酬最低的是福星股份肖永超，仅为18万元。 专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪财经《2024年 度A股董秘数据报告》显示，2024年A股上市公司董秘薪酬合计达40.86亿元，平均年薪75.43万元。 分行业来看，A股房地产总共有102家上市公司，这102名董秘薪酬总金额为8404.72万元，比上年减少 1572.69万元，平均薪酬为82.4万元，高于市场均值。剔除掉2023年开始董秘任期的数据，2024年薪酬上 涨的董秘有24位 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate and property management sectors, indicating a positive outlook for these industries [3][19]. Core Insights - The report emphasizes the need for sustained macroeconomic policy support, including more proactive fiscal policies and moderately loose monetary policies, to stabilize the economy and support urban renewal initiatives [3][6]. - Urban renewal is highlighted as a key focus, with the central government calling for high-quality implementation of urban renewal projects, particularly in core first- and second-tier cities [3][11]. - The report suggests that the current real estate market is transitioning from a focus on quantity to quality, aligning with the "good housing" development direction, which is expected to create significant opportunities for quality real estate companies [3][11]. Summary by Sections Macroeconomic Policy - The central government aims to enhance fiscal spending and maintain liquidity to lower financing costs for businesses and residents [3][6]. - The emphasis is on accelerating government bond issuance and improving fund utilization efficiency [3][6]. Urban Renewal - The report notes that urban renewal is being positioned as a critical measure to boost demand, particularly through the transformation of urban villages [3][11]. - The central government has set higher standards for urban renewal, indicating a shift towards improving existing urban environments rather than merely expanding [3][11]. Real Estate Market Dynamics - The report identifies a potential bottoming out of broad housing demand, with expectations for policy measures to further stimulate the market, including urban renewal and mortgage rate reductions [3][11]. - Quality real estate companies are expected to lead the recovery, with improvements in return on equity (ROE) driven by better inventory management rather than increased leverage [3][11]. Investment Recommendations - The report recommends focusing on high-quality real estate firms with strong product capabilities and inventory management, such as Jianfa International, Binjiang Group, and China Resources Land [3][11]. - It also highlights undervalued firms like Xincheng Holdings and China Overseas Development as potential investment opportunities [3][11].

Group 1: Real Estate Development and Property Services Valuation - As of July 25, 2025, the real estate sector (Shenwan) has a price-to-book ratio (PB) of 0.78, ranking in the 90.45th percentile historically since 2024 [3] - The Hang Seng real estate and construction sector has a PB of 0.44, ranking in the 98.69th percentile historically since 2024 [3] - From July 1 to July 25, 2025, the real estate sector (Shenwan) increased by 7.8%, outperforming the CSI 300 index by 2.93 percentage points [3] - Key A-share real estate companies with the highest gains during this period include New Town Holdings (+12.2%), China Merchants Shekou (+9.3%), and Gemdale Corporation (+7.4%) [3] Group 2: Property Services Market Performance - From July 1 to July 25, 2025, the property services sector (Shenwan) rose by 3.7%, underperforming the CSI 300 index by 1.20 percentage points [4] - The Hang Seng property services and management index increased by 5.1%, also underperforming the Hang Seng index by 0.37 percentage points [4] - Key A-share property service companies with the highest gains include TeFa Service (+10.4%), World Union (+9.2%), and Ningbo Fuda (+5.9%) [4] Group 3: Public Fund Holdings in Real Estate - As of the end of Q2 2025, public funds held a total market value of approximately 48.4 billion yuan in real estate stocks, down from 54.8 billion yuan at the end of Q1 2025 [5] - This represents about 0.14% of net asset value and 0.67% of stock investment value, indicating a lower allocation compared to standard industry benchmarks by 0.56 percentage points [5] Group 4: Market Trends and Opportunities - In the first half of 2025, the sales amount of commodity residential properties in six major cities (excluding affordable housing) reached 913.3 billion yuan, reflecting a 6.0% increase [6] - The average transaction price of land in core cities increased by 22.8% to 12,009 yuan per square meter [6] - Notable real estate companies with strong sales performance include China Jinmao (36.8 billion yuan, +19.6% YoY) and Yuexiu Property (36.9 billion yuan, +10.8% YoY) [6]

Core Viewpoint - Huafa Group announced the sale of its wholly-owned subsidiary, Shenzhen Ronghua Real Estate Investment Co., Ltd., which holds seven commercial land parcels in the Qianhai Ice and Snow World project for 4.405 billion yuan, aimed at optimizing resource allocation and enhancing cash flow [1] Group 1 - The transaction involves the recovery of funds exceeding 4 billion yuan, which will help Huafa Group mitigate market risks associated with ongoing development [1] - The land parcels are located in the Qianhai Cooperation Zone, specifically at the intersection of Exhibition City and other key roads [1] - This strategic move is expected to support Huafa Group's long-term high-quality development by facilitating a "tenglong huan niao" (exchange of old for new) approach [1]

Core Viewpoint - Huafa Group will no longer continue the development of the remaining commercial portion of the Qianhai Ice and Snow World project, as it has agreed to return the land to the Shenzhen land reserve center for 44.05 billion yuan, which is expected to result in a significant loss for the company [1][3][7]. Group 1: Project Overview - The Qianhai Ice and Snow World project was initially a collaboration between Huafa Group and Sunac, with a total investment of 182.9 billion yuan, covering residential, ice and snow, commercial, hotel, and office spaces [10][11]. - The project aimed to create the world's largest indoor snow world, covering an area of approximately 430,000 square meters [14]. Group 2: Financial Implications - The transaction price of 44.05 billion yuan represents a 25% discount compared to the book value of 58.41 billion yuan, leading to an expected loss exceeding 50% of the company's audited net profit for 2024 [7][14]. - The return of the land is anticipated to enhance the company's liquidity and optimize cash flow, allowing for better investment capacity and risk management [7][14]. Group 3: Market Context - The Shenzhen land reserve center has been actively reclaiming land parcels, with a total of 68 billion yuan planned for the acquisition of 12 plots in the "Shenzhen-Hong Kong Complex Project" [9]. - The current market environment shows a decline in demand for commercial properties, prompting the government to take measures to alleviate the financial pressure on developers and stabilize the overall market [16][17]. Group 4: Future Considerations - There is potential for the reclaimed commercial land to be repurposed for residential use, reflecting a broader trend in urban planning to address oversupply in commercial real estate [17][18]. - The challenges of revitalizing the reclaimed land remain, as the locations are not considered core areas, and any future development will need to consider local inventory and absorption rates [18].

Group 1 - The core point of the news is that Huafa Group is taking steps to liquidate its assets by disposing of seven commercial land parcels in Shenzhen for a total price of 4.405 billion yuan, as part of a strategy to mitigate liquidity risks and accelerate the revitalization of stagnant assets [1] - The land parcels cover a total area of 70,468 square meters, with a planned gross floor area of approximately 461,000 square meters, including 420,000 square meters for office use and 32,800 square meters for above-ground commercial use [1] - The current status of the land parcels is undeveloped, and the transaction is seen as a response to the market conditions, where local governments are likely to repurchase idle land at current market prices, potentially leading to discounted transactions [1] Group 2 - Recent market information indicates that CITIC Trust is planning to acquire 12 land parcels under Shimao Group in Shenzhen for a total price of 6.8 billion yuan, reflecting a trend of local governments actively engaging in land storage to stabilize the real estate market [2] - According to Li Yujia, a chief researcher at the Guangdong Housing Policy Research Center, land storage is a government function aimed at preserving the value of state-owned assets, especially when land remains undeveloped or when companies are unable to develop it [2] - As of June 25, over 3,700 parcels of idle land have been publicly announced for acquisition across the country, covering approximately 196 million square meters and totaling over 470 billion yuan, indicating a significant trend in local governments utilizing special bonds for land acquisition [2]

Core Viewpoint - The article discusses the recent trend of land acquisition and storage by local governments in Shenzhen, highlighting the actions of Huafa Group and CITIC Trust in response to market conditions and the need to stabilize land asset values [1][2]. Group 1: Huafa Group's Actions - Huafa Group's subsidiary, Shenzhen Ronghua Real Estate Investment Co., plans to dispose of seven commercial land parcels totaling 70,468 square meters for 4.405 billion yuan [1]. - The land parcels are part of the Shenzhen Ice and Snow World project, currently undeveloped, with a total planned construction area of approximately 461,000 square meters [1]. - The transaction aims to accelerate the revitalization of stagnant land assets, reduce liquidity risks, and avoid market risks associated with ongoing development [1]. Group 2: Government Land Acquisition Strategy - CITIC Trust is involved in a plan to acquire 12 land parcels from Shimao Group for a total of 6.8 billion yuan, indicating a broader trend of land storage by local governments [2]. - The acquisition of idle land is seen as a method for local governments to maintain the value of state-owned assets, especially when land remains undeveloped or when companies are unable to develop them [2]. - The article notes that over 3,700 parcels of idle land have been publicly announced for acquisition across the country, covering approximately 196 million square meters and totaling over 470 billion yuan [2].

Core Viewpoint - The company, Huafa Group, announced the acquisition of seven commercial land parcels in the Qianhai Ice and Snow World project by the Shenzhen government for a total of 4.405 billion RMB, aiming to revitalize stagnant assets and mitigate liquidity risks [2][8]. Group 1: Project Overview - The Qianhai Ice and Snow World project is located in the Bao'an Airport New City Comprehensive Area of Shenzhen and features a large indoor ski resort, deep diving base, office complexes, hotels, and various commercial spaces [4][15]. - The project encompasses a total area of approximately 430,000 square meters, with a planned gross floor area of about 1.3107 million square meters [15]. Group 2: Financial Implications - The transaction is expected to result in a loss exceeding 50% of the company's audited net profit for 2024, which was reported at 951 million RMB, down 48.2% year-on-year [8]. - The company reported a revenue of 59.99 billion RMB for 2024, a decrease of 16.8% compared to the previous year [8]. Group 3: Government's Role and Market Context - The government’s decision to reclaim the land is seen as a necessary measure to maintain the value of state-owned assets, especially in light of difficulties in developing commercial and office projects [6]. - The project has faced challenges in construction, with some structures incomplete and the area exhibiting signs of stagnation [10][11].

Core Points - The company held its 58th meeting of the 10th Board of Directors on July 28, 2025, via telecommunication, in compliance with the Company Law and its Articles of Association [1][2] - The Board approved several key resolutions, including the revitalization of the Shenzhen Qianhai Ice and Snow World project through government land storage [1][2] - The Board also approved the cancellation of the Supervisory Board and the revision of the company's Articles of Association, which will be presented to the shareholders' meeting for approval [2][4] - Additional management system revisions were approved, including updates to external guarantee systems and compensation management for directors and senior management, also to be presented to the shareholders' meeting [2][4] - The Board resolved to convene the fifth extraordinary shareholders' meeting of 2025 [4]