Group 1 - The core viewpoint of the news is that the China Securities 800 Real Estate Index has shown a slight decline on a specific trading day, while it has experienced an overall increase over the past month and three months [1] - The China Securities 800 Real Estate Index has increased by 3.40% in the last month, 7.47% in the last three months, and 0.35% year-to-date [1] - The top ten weighted companies in the China Securities 800 Real Estate Index include China Merchants Shekou (13.86%), Poly Developments (13.36%), and Vanke A (13.3%) [1] Group 2 - The market segments of the China Securities 800 Real Estate Index show that the Shanghai Stock Exchange accounts for 67.59% and the Shenzhen Stock Exchange accounts for 32.41% [2] - The sample of the China Securities 800 Real Estate Index is entirely composed of the real estate industry, with a 100.00% weight in this sector [3] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]

Core Viewpoint - The real estate market is stabilizing due to various policies aimed at supporting the housing market, leading to a noticeable reduction in the sales decline of real estate companies [1][4]. Group 1: Sales Performance - In the first seven months of 2025, the total sales of the top 100 real estate companies reached 2.07 trillion yuan, representing a year-on-year decline of 13.3%, a significant narrowing compared to a 40.1% decline in the same period last year [3][11]. - Poly Development ranked first in sales, achieving a signed area of 8.0453 million square meters and a sales amount of 163.185 billion yuan, down 26.81% and 17.85% year-on-year, respectively [3][5]. - Other companies like Greentown, China Overseas, China Resources, and China Merchants also entered the billion-yuan sales club, but all experienced varying degrees of sales decline compared to last year [5][10]. Group 2: Pricing Strategies - Many real estate companies adopted a "price for volume" strategy, resulting in average sales prices generally lower than last year, indicating a shift in sales tactics [4][11]. - For instance, Greentown's average sales price in July was 26,733 yuan per square meter, down from 29,755 yuan per square meter in July of the previous year [10][12]. - The trend of lowering prices is prevalent among listed real estate companies, with many reporting decreased sales prices compared to the previous year [10][12]. Group 3: Market Outlook - Analysts suggest that the narrowing sales decline reflects a bottoming out of the real estate market, with potential for further stabilization as policies continue to support the sector [4][11]. - Positive signals from policy changes, such as the recent easing of purchase restrictions in Beijing, may contribute to a recovery in the housing market, particularly in core cities [13]. - Despite the ongoing challenges, some companies like Jinmao reported sales growth, indicating that certain segments of the market may be more resilient [10][12].

Core Viewpoint - China New Retail Supply Chain (3928.HK) announced a significant acquisition deal where Wanjing Capital, led by 26-year-old Wang Kaili, will purchase 75% of the company from its controlling shareholder Alpine Treasure Limited for HKD 222.8 million, representing a substantial discount from the pre-suspension share price [1][2]. Group 1: Acquisition Details - Wanjing Capital will acquire 360 million shares, which constitutes 75% of the total issued share capital of China New Retail Supply Chain, at a price of HKD 0.6189 per share, reflecting an 82.32% discount compared to the last trading price of HKD 3.5 per share before suspension [2][3]. - In addition to the acquisition, Wanjing Capital has proposed a mandatory unconditional cash offer to purchase the remaining 120 million shares at the same price, totaling HKD 74.27 million, which means Wanjing Capital will spend nearly HKD 300 million to acquire 100% of the company [3][4]. Group 2: Company Background - China New Retail Supply Chain was established in September 2018 and primarily operates in Singapore, focusing on construction services and property investment, including civil engineering and building construction [9]. - The company's financial performance for the fiscal year 2024 shows a revenue of SGD 55.9736 million, a slight decrease of 0.15% year-on-year, with a net loss attributable to the parent company of SGD 784,200, although this loss has decreased by 24.39% compared to the previous year [9]. Group 3: Market Activity - Prior to the acquisition announcement, the stock price of China New Retail Supply Chain experienced a significant surge, increasing nearly 75% over three trading days, and continued to rise by approximately 40% in the two days following the resumption of trading [13]. - The company's total market capitalization currently stands at HKD 2.1 billion [4].

Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [6] Core Insights - In the first seven months of 2025, the transaction area of new residential properties in the core 30 cities decreased by 7% year-on-year, while the transaction area of second-hand residential properties in 15 cities increased by 10% [1][3] - The average transaction price of new residential properties in the core 30 cities increased by 3.5% year-on-year in the first seven months of 2025 [2] - The report anticipates that with the continued implementation of real estate policies, high-energy core cities will benefit from urban renewal, leading to structural optimization and gradual stabilization of the market [4][81] Summary by Sections New Housing Market - In July 2025, the transaction area of new residential properties in the core 30 cities was 919 million square meters, down 19.4% year-on-year and 24.7% month-on-month [1] - The average transaction price for new residential properties in July 2025 was 24,361 yuan per square meter, a slight increase of 0.1% year-on-year but a decrease of 5.0% month-on-month [2] - For the first seven months of 2025, the average transaction price was 24,898 yuan per square meter, reflecting a year-on-year increase of 3.5% [2] Second-Hand Housing Market - In July 2025, the transaction area of second-hand residential properties in the core 15 cities was 1,290 million square meters, down 5.8% year-on-year [3] - The average transaction price for second-hand residential properties in July 2025 was 22,924 yuan per square meter, down 5.3% year-on-year [72] - For the first seven months of 2025, the average transaction price was 24,091 yuan per square meter, showing a slight decrease of 0.3% year-on-year [4] Investment Recommendations - The report suggests focusing on three main lines for investment: 1. Stable leading companies with high product reputation and continuous sales ranking improvement, such as China Overseas Development and Poly Developments [4][82] 2. Companies with rich stock resources and strong operational brand competitiveness, like China Resources Land and Shanghai Lingang [4][82] 3. Long-term growth potential in the property service industry, recommending companies like China Merchants Shekou and Greentown Service [4][82]

Market Performance - On August 13, the real estate development sector rose by 0.32% compared to the previous trading day, with Wantong Development leading the gains [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Top Gainers - Wantong Development (600246) closed at 10.15, with a gain of 9.97% and a trading volume of 2,999,600 shares, amounting to a transaction value of 2.851 billion [1] - Quzhou Development (600208) closed at 4.53, gaining 9.95% with a trading volume of 417,800 shares, totaling 189 million [1] - Electronic City (600658) closed at 6.31, up 9.93% with a trading volume of 524,100 shares, resulting in a transaction value of 330 million [1] Top Losers - Shenzhen Properties A (000011) closed at 10.13, down 3.71% with a trading volume of 644,900 shares, amounting to a transaction value of 672 million [2] - Zhongzhou Holdings (000042) closed at 8.72, down 2.24% with a trading volume of 159,800 shares, totaling 13.9 million [2] - Beichen Industry (601588) closed at 1.86, down 2.11% with a trading volume of 265,800 shares, resulting in a transaction value of 49.887 million [2] Capital Flow - The real estate development sector experienced a net outflow of 910 million from institutional investors, while retail investors saw a net inflow of 833 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their investments [2][3] Individual Stock Capital Flow - Wantong Development saw a net inflow of 1.35% from institutional investors, while retail investors had a net outflow of 4.74% [3] - Electronic City had a net inflow of 18.94% from retail investors, but a net outflow of 11.14% from institutional investors [3] - Hefei Urban Construction (002208) experienced a net inflow of 15.18% from retail investors, with a significant net outflow of 15.19% from institutional investors [3]

Core Viewpoint - New City Holdings reported its July performance, showing a significant increase in both contract sales and commercial operating revenue compared to the previous year [1] Sales Performance - In July, New City Holdings achieved a contract sales amount of approximately 1.661 billion yuan, with a sales area of about 214,000 square meters [1] - For the first seven months of the year, the company accumulated a contract sales amount of approximately 11.99 billion yuan and a total sales area of about 1.549 million square meters [1] Commercial Operations - In July, the total revenue from commercial operations reached approximately 1.2 billion yuan, representing a year-on-year growth of 8.09% [1] - For the first seven months, the cumulative revenue from commercial operations was approximately 8.144 billion yuan, reflecting a year-on-year increase of 11.22% [1]

Group 1: Policy Announcement - Dongguan City Housing and Urban-Rural Development Bureau announced the collection of existing commercial housing for use as affordable housing, prioritizing properties from real estate companies facing imminent debt repayment issues [1] Group 2: Sales Performance - China Jinmao reported a sales amount of 8.46 billion yuan in July, with a signed sales area of approximately 376,600 square meters [2] - Hopson Development disclosed a total contract sales amount of approximately 1.12 billion yuan in July, with property contract sales around 894 million yuan and renovation contract sales about 225 million yuan [3] - CIFI Holdings announced a contract sales amount of approximately 1.04 billion yuan in July, with a contract sales area of about 91,300 square meters and an average contract sales price of 12,800 yuan per square meter [4] - New城控股 reported a contract sales amount of approximately 1.66 billion yuan in July, with a sales area of about 214,000 square meters [5]

Group 1: Core Business Performance - In July 2025, the company achieved a total commercial operating revenue of approximately 1.2 billion yuan, representing an 8.09% increase compared to the same period last year [1] - From January to July 2025, the cumulative commercial operating revenue reached approximately 8.144 billion yuan, reflecting an 11.22% year-on-year growth [1] - The rental income includes rent, management fees, parking fees, and other miscellaneous management fee income [3] Group 2: Sales Performance - In July 2025, the company recorded a contract sales amount of approximately 1.661 billion yuan, with a sales area of about 214,000 square meters [4] - From January to July 2025, the cumulative contract sales amount was approximately 11.99 billion yuan, with a total sales area of about 1.549 million square meters [4] Group 3: Financial and Financing Situation - The company's subsidiary, Nanjing Xincheng Ruisheng Commercial Management Co., Ltd., borrowed 790 million yuan from Tianjin Xinrong Su Shan Enterprise Management Center (Limited Partnership) [5] - Several subsidiaries provided collateral for the loan, including real estate and rental income from various properties [5] - The company undertook joint guarantee responsibilities for the loan and related transactions [5]

证券日报网讯8月11日晚间，新城控股（601155）发布公告称，7月份公司实现商业运营总收入约12.00 亿元，比上年同期增长8.09%；1-7月公司累计实现商业运营总收入约81.44亿元，比上年同期增长 11.22%。7月份公司实现合同销售金额约16.61亿元，销售面积约21.40万平方米。1-7月公司累计实现合 同销售金额约119.90亿元，累计合同销售面积约154.90万平方米。 ...

北京商报讯（记者 王寅浩 李晗）8月11日，新城控股披露7月经营简报。简报显示，7月新城控股实现合 同销售金额约16.61亿元；销售面积约21.4万平方米。 ...