Core Viewpoint - Dalian City (000031.SZ) has initiated legal proceedings against the Caidian District Bureau of Natural Resources and Urban Construction in Wuhan due to a six-year land delivery dispute, involving over 1 billion yuan in claims [1][5]. Group 1: Legal Dispute - The lawsuit stems from a land use rights transfer contract signed on December 31, 2019, for a plot of land in Caidian District, which was intended for a mixed-use development project [5]. - Wuhan Deyue has paid all required land transfer fees and taxes, but the Caidian District Bureau has failed to deliver the land as legally required, resulting in the land being occupied [5]. - The company is seeking to terminate the land use rights contract, reclaim undeveloped land, and receive compensation totaling approximately 1.096 billion yuan, including land transfer fees, damages, and taxes [5]. Group 2: Business Performance - Dalian City has reported strong commercial operations in Wuhan, with the Wuhan Joy City project achieving a total customer flow of 23.5 million in 2024, a year-on-year increase of 17.5%, and sales of 1.59 billion yuan, up 13.6% year-on-year [6]. - The development of the Caidian plot has been stalled, contrasting with the growth of commercial projects, as the planning scheme for residential and educational land was approved in January 2020 but has not progressed due to land delivery issues [6]. - As of the third quarter, Dalian City reported revenues of 20.648 billion yuan, a year-on-year increase of 0.83%, and a net profit attributable to shareholders of -533 million yuan, a year-on-year increase of 9.17% [7].

Core Viewpoint - Dalian City announced a lawsuit against the Caidian District Natural Resources and Urban-Rural Construction Bureau due to a dispute over an administrative agreement regarding land use rights [3][4]. Group 1: Legal Dispute - Wuhan Deyue, a subsidiary of Dalian City, filed a lawsuit to resolve a dispute over the land use rights contract signed on December 31, 2019, for the P(2019)130 land parcel [3][4]. - The lawsuit aims to terminate the land use rights contract, recover the land transfer payment of 361 million yuan, and seek compensation for damages totaling 713 million yuan due to delayed delivery [4]. Group 2: Financial Implications - The company is requesting the return of the land transfer payment and compensation for taxes paid amounting to 14.64 million yuan and additional fees of 7.38 million yuan [4]. - The lawsuit is characterized as a legitimate legal action to protect the company's rights, with no significant adverse impact on daily operations or debt repayment capabilities [4]. Group 3: Background Information - The land parcel in question, located in Caidian District, was part of a larger auction in October 2019, where 10 parcels were sold for a total of 10.9 billion yuan [5]. - The total area of the P(2019)130 land parcel is 165,459 square meters, with a final transaction price of 1.129 billion yuan and a floor price of 2,351.6 yuan per square meter [5].

12月3日晚间，大悦城（000031.SZ，股价3.10元，市值132.9亿元）发布公告称，控股子公司武汉地悦房 地产开发有限公司（以下简称武汉地悦）因长达六年的土地交付争议，已将武汉市蔡甸区自然资源和城 乡建设局（以下简称蔡甸区资建局）诉至湖北省武汉市蔡甸区人民法院，案件已获立案受理，案号 （2025）鄂0114行初136号，目前尚未开庭。此次诉讼涉及金额超10亿元。 事件源于2019年12月31日签署的《国有建设用地使用权出让合同》。 当年，武汉地悦取得位于蔡甸区蔡甸大街与西环路交汇处以西的P(2019)130号地块，该地块为中粮祥云 地铁小镇项目用地，规划净用地面积165459平方米，涵盖住宅、商服、教育、文化设施等多种用途。其 中，A、B地块规划建设商业综合体及文化中心，C、D地块为居住和小学用地。 公告显示，武汉地悦已按约定支付全部土地出让金及相关税费，但蔡甸区资建局未能交付符合法律规定 的地块，该地块持续处于被压占状态。 公告提到，在多次催告、沟通无果后，武汉地悦提出多项诉讼请求，包括解除案涉《国有建设用地使用 权出让合同》；要求被告收回未能顺利开发的地块部分，并返还对应土地出让金约3.61亿元， ...

Core Viewpoint - Dalian City Holdings has initiated legal action against the Caidian District Natural Resources and Urban Construction Bureau due to a dispute over an administrative agreement regarding land use rights, seeking to protect its legal rights and recover financial losses [1][2]. Group 1: Legal Action Details - The lawsuit was filed by the subsidiary "Wuhan Deyue" to resolve issues related to the land transfer contract signed on December 31, 2019, for plot P(2019)130, which has not been delivered as per the agreement [1]. - The company claims that it has paid all land transfer fees and taxes but has not received the land, leading to the decision to sue for contract termination and compensation [1][2]. - The company is requesting the return of 361 million yuan in land transfer fees and compensation for losses amounting to 713 million yuan, calculated from April 22, 2020, until the return of the fees [2]. Group 2: Financial Implications - The lawsuit also includes claims for reimbursement of taxes paid totaling 14.64 million yuan and additional fees of 7.38 million yuan [2]. - The company asserts that this legal action is a legitimate measure to protect its rights and will not significantly impact its daily operations or debt repayment capacity [2]. - The outcome of the lawsuit is still uncertain as the case has not yet been heard in court, and the company will fulfill its disclosure obligations based on the case's progress [2]. Group 3: Background Information - The land in question was part of a larger auction in October 2019, where 10 plots were sold for a total of 10.9 billion yuan, with plot P(2019)130 being acquired by Dalian City Holdings [3]. - The total area of the plot is 165,459 square meters, with various planned floor area ratios and a minimum requirement for public facilities, including kindergartens [3].

Core Viewpoint - Wuhan Deyue Real Estate Development Co., Ltd. (Wuhan Deyue), a subsidiary of Dayue City, has filed a lawsuit against the Natural Resources and Urban Construction Bureau of Caidian District, Wuhan, over a land transfer dispute involving a claim for 360 million yuan in land transfer fees and over 710 million yuan in damages [1][2]. Group 1 - The lawsuit stems from a contract signed on December 31, 2019, between Caidian District's bureau and Wuhan Deyue for the transfer of land use rights for a specific plot, which has not been delivered as per the agreement [2]. - Wuhan Deyue has made all required payments for the land transfer but claims that the bureau has failed to fulfill its obligation to deliver the land, leading to the lawsuit for contract termination and compensation [2]. - The total claims from Wuhan Deyue include the return of the land transfer fee of 360 million yuan and compensation for losses amounting to 710 million yuan [2]. Group 2 - Wuhan Deyue has a background in state-owned assets, with 49% of its shares held by Wuhan Metro Construction Co., Ltd., a wholly-owned subsidiary of Wuhan Metro Group, which is fully owned by the Wuhan State-owned Assets Supervision and Administration Commission [3]. - As of the announcement date, the case has not yet been heard in court, and further developments will be monitored [4].

大悦城控股集团股份有限公司第十一届董事会公告 证券代码：000031 证券简称：大悦城 公告编号：2025-064 大悦城控股集团股份有限公司 关于诉讼事项的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 特别提示： 案件所处的诉讼阶段：已立案受理，尚未开庭； 公司所处的当事人地位：原告； 对公司损益产生的影响：本次诉讼系公司为维护公司的合法权益而进行的正 当法律举措，对公司日常生产经营、偿债能力无重大不利影响。上述诉讼事项尚 未开庭审理，公司暂无法准确判断对本期利润及期后利润的影响，公司将根据案 件的进展情况及时履行信息披露义务。 2、案件事由：行政协议纠纷 2019年12月31日，蔡甸区资建局与武汉地悦签署《国有建设用地使用权出让 1 一、本次重大诉讼事项受理的基本情况 大悦城控股集团股份有限公司（以下简称"公司"）控股子公司武汉地悦房 地产开发有限公司（以下简称"武汉地悦"）近日收到湖北省武汉市蔡甸区人民 法院（以下简称"受理法院"）出具的受理通知书[（2025）鄂0114行初136号] 等相关法律文件，武汉地悦因行政协议纠纷起诉武汉市蔡甸区自然 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [3] Core Views - The report emphasizes that real estate is a crucial asset allocation and investment direction for Chinese households, and stabilizing housing prices is significant for facilitating economic circulation. The policy environment is expected to strengthen further, promoting high-quality development in the real estate sector [4][41] - The report highlights the potential for a wave of development in high-quality residential properties due to policy guidance and changes in supply-demand structure. Additionally, the sentiment in the Hong Kong private residential market is gradually recovering, indicating a new round of value reassessment for Hong Kong developers [4] Market Performance - The Shanghai Composite Index rose by 1.4%, the Shenzhen Component Index by 3.6%, the ChiNext Index by 4.5%, and the CSI 300 Index by 1.6%. The real estate sector (Shenwan) increased by 0.7% during the week [4][7] - The top five stocks in terms of growth were Wantong Development (+19.3%), *ST Nan Zhi (+12.6%), Xinhua Group (+10.5%), Zhangjiang Hi-Tech (+9.7%), and Tianbao Infrastructure (+9.2%). The bottom five were Huaxia Happiness (-14.9%), Jingji Zhino (-14.8%), Vanke A (-11.2%), Hefei Urban Construction (-9.8%), and Jindi Group (-6.2%) [4][7] New Housing Transactions - In the week of November 22-28, new housing transactions in 42 key cities totaled 2.06 million square meters, a week-on-week increase of 9.8% but a year-on-year decrease of 51.1% [11] - For November (up to the week of November 28), new housing transactions in 42 key cities totaled 7.24 million square meters, a month-on-month increase of 0.8% but a year-on-year decrease of 43.1% [15] Second-Hand Housing Transactions - In the week of November 22-28, second-hand housing transactions in 21 key cities totaled 202,000 square meters, a week-on-week decrease of 0.6% and a year-on-year decrease of 18.5% [26] - For November (up to the week of November 28), second-hand housing transactions in 21 key cities totaled 8 million square meters, a month-on-month increase of 27.5% but a year-on-year decrease of 19.2% [31] Industry News - The China Securities Regulatory Commission (CSRC) has introduced a draft for the pilot program of commercial real estate investment trusts (REITs) to promote high-quality development in the REITs market and support the construction of a new model for real estate development [2][41] - Various local governments are implementing policies to enhance housing affordability and stimulate the real estate market, such as increasing the loan limits for purchasing high-quality residential properties in cities like Xuzhou and Changzhou [41] Company Announcements - Notable financing activities include China Merchants Shekou issuing bonds up to 5.04 billion yuan with a fixed interest rate of 1.77% for three years, and Poly Developments issuing medium-term notes with varying maturities and interest rates [44][45]

证券代码：000031.SZ 证券简称：大悦城 债券代码：148174.SZ 债券简称：23 大悦 01 大悦城控股集团股份有限公司关于"23 大悦 01" 票面利率调整及投资者回售实施办法第三次提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 重要提示： 1．利率调整：根据《大悦城控股集团股份有限公司 2023 年面向专业投资者 公开发行公司债券（第一期）募集说明书》（以下简称"《募集说明书》"）的约定， 公司作为"23 大悦 01"（债券代码：148174.SZ）的发行人，有权决定在存续期 的第 3 年末调整本期债券存续期后 2 年的票面利率。根据当前的市场行情，公司 决定调整本期债券的票面利率，即"23 大悦 01"债券存续期后 2 年的票面利率 为 2.21%。 2．投资者回售选择权：根据《募集说明书》中设定的投资者回售选择权， 投资者有权选择在投资者回售登记期内进行登记，将持有的本期债券按面值全部 或部分回售给发行人，或选择继续持有本期债券。 3．投资者选择将持有的本期债券全部或部分回售给发行人的，须于回售登 记期内登记；若投资者未作登记，则 ...

Core Insights - The North Bund in Shanghai is emerging as a competitive battlefield for high-end real estate, with significant interest from major state-owned enterprises and developers [1][2][3] - The market is characterized by a surge in new high-end projects, with several developers launching properties priced above 100,000 yuan per square meter [9][10][14] - The competitive landscape is intensifying, with developers racing to secure market share amid changing market conditions and consumer sentiment [2][16][20] Market Dynamics - The North Bund is positioned as the next growth area in Shanghai's high-end real estate market, following the Bund and Lujiazui [1][8] - Major state-owned enterprises like China Resources and China Jinmao are actively participating in the market, with recent launches and sales indicating strong demand [1][2][10] - The competitive environment is marked by a high volume of new listings, with over 1,000 units from various projects entering the market simultaneously [9][14] Pricing Trends - Recent land auctions have resulted in record-breaking prices, with the latest land parcel in Hongkou District sold for 89.64 billion yuan, reflecting a 38.20% premium [3][4] - The average selling prices of new projects are on the rise, with some properties reaching prices as high as 20,000 yuan per square meter [2][5][14] - Developers are facing pressure to adjust pricing strategies due to market fluctuations and consumer purchasing power [16][19] Sales Performance - Initial sales figures for new projects have shown mixed results, with some properties experiencing high demand while others struggle to meet sales targets [10][19] - For instance, Jinmao's project saw a rapid sell-out of its initial offering, while subsequent phases faced challenges in achieving similar sales rates [11][19] - The overall market sentiment has shifted, leading to concerns about potential price wars as developers compete for a limited pool of high-net-worth buyers [20] Future Outlook - The North Bund's development is closely tied to Shanghai's broader urban planning initiatives, with expectations for continued growth and investment in the area [7][8] - Developers are strategizing to enhance their market positioning, with some considering collaborative approaches to navigate the current market challenges [20] - The success of high-end projects in the North Bund will depend on their ability to attract buyers amidst increasing competition from other districts in Shanghai [20]

Group 1 - The first independent store of Li Ning's outdoor brand COUNTERFLOW has officially opened in Beijing's Chaoyang Joy City, marking a significant step in the brand's strategy to tap into the mass outdoor lifestyle market [2][3] - The store features a minimalist and transparent design, utilizing materials like gravel, cement, and metal to enhance the outdoor aesthetic, and showcases a full range of Li Ning outdoor products for various scenarios including light outdoor travel, suburban camping, and urban commuting [2] - Li Ning aims to establish a long-term and deep connection with a broader urban customer base through this store, which serves as a core model for expanding its presence in the mass outdoor market [2][3] Group 2 - The store's design is inspired by Eastern landscape aesthetics combined with urban fashion, aligning well with the young, active, and quality-conscious demographic that frequents Chaoyang Joy City [3] - Li Ning's outdoor brand focuses on four key styles: functional outdoor, relaxed leisure, trendy fashion, and minimalist business, allowing for versatile outfit combinations across different settings [2]