近日，土楼研究所的消息说，段先念被带走了。 段先念的名字，很多90后不知道。但20年前，算得上如雷贯耳。 段先念是做曲江文旅成名的。后来还形成了所谓的"曲江模式"——这个模式跟段先念的名字是连在一起 的。就是将"文化+旅游+城市"整合起来进行运营，实现区域土地大幅增值。现在西安的网红打卡点大 唐芙蓉园、大唐不夜城，都是段先念主导建设的。段先念也从曲江新区管委会主任升到了西安市副市 长。 2014年3月，段先念跨省调到华侨城集团当总经理的时候，人们多少有点意外。这个跨度有点大。 但仔细一想，也不意外。那时，段先念已经58岁了，这个年龄在政界要晋升恐怕比较难。而华侨城是央 企，也是正厅级，再干五六年没问题。更重要的是，段先念以文旅成名，华侨城则是响当当的"文旅央 企"。从这个角度上说，国资委是知人善任。 2017年，任克雷退休，段先念接任董事长。由此华侨城迎来大刀阔斧的动作。用地产界的话说就是，大 举扩张。 如果没记错的话，华侨城那时有两个重要的投资方向，一个是云南，一个是段先念起家的西安。动辄千 亿级别。当然，意向项目没有都落地。话说回来，如果都落地了，华侨城今天的窟窿要更大。举个例 子，华侨城那几年跟云南城投 ...

Core Viewpoint - The crisis at Vanke has impacted the real estate market, prompting China Overseas Chinese Town Holdings Limited (OCT Group) to seek national support for bond repayment [1] Group 1: Company Actions and Financial Situation - OCT Group has received clear instructions from the State-owned Assets Supervision and Administration Commission (SASAC) to provide "all necessary support" for bond repayment, including potential capital injection or asset transfer [1] - The company is discussing with regulatory authorities to enhance its refinancing capabilities, with one possibility being the issuance of longer-term bonds in the first half of this year [1] - In the past 25 years, OCT Group primarily issued short-term financing bonds (SCP), totaling approximately 13.5 billion yuan across 8 issuances last year [1] Group 2: Debt Obligations and Challenges - OCT Group faces significant short-term debt repayment pressure, with a total of approximately 22.195 billion yuan in bonds due in 2026 [2] - Two bonds are maturing in January: "25华侨城SCP002" with a principal of 2 billion yuan and a coupon rate of 3.59%, and "23华侨城MTN001" with a principal of 1.5 billion yuan and a coupon rate of 3.36% [2] - Shenzhen OCT Co., Ltd. (SZ:000069), the main listed platform of OCT Group, has short-term borrowings of 2.314 billion yuan and non-current liabilities due within one year of 34.133 billion yuan as of the end of Q3 2025, indicating a cash short-term debt ratio of less than 0.62 [4] Group 3: Historical Context and Precedents - There is a precedent for SASAC supporting OCT Group through asset transfers, as seen in April 2025 when OCT Group transferred all its shares in Konka Group to China Resources without compensation, ending a 34-year controlling history [5]

Core Viewpoint - The news regarding the former chairman of Overseas Chinese Town, Duan Xiannian, being taken away by relevant authorities has caused significant turmoil in the industry, raising concerns about the company's governance and financial stability [1][3]. Group 1: Regulatory Actions and Governance Issues - In July 2023, the Shenzhen Securities Regulatory Bureau issued a warning regarding financial issues during Duan Xiannian's tenure, followed by a regulatory letter from the Shenzhen Stock Exchange in May 2024, specifically naming Duan and two other former executives for violations [3]. - The regulatory actions highlighted multiple violations, including inadequate assessment of asset impairment signs and insufficient provisions for asset impairment during Duan's leadership [3][4]. - The news of Duan's investigation confirms previous regulatory warnings and exposes significant governance weaknesses within Overseas Chinese Town, necessitating immediate internal reviews and improvements [4]. Group 2: Financial Impact and Market Reaction - The investigation is likely to impact market confidence, potentially leading to short-term volatility in the capital market, affecting the company's stock price and credit rating [3][4]. - The company may need to reassess past asset accounting and increase impairment provisions, which will directly affect its financial statements [5]. Group 3: Company Performance and Strategic Challenges - Since Duan Xiannian became chairman in September 2015, the company transitioned to a "culture + tourism + urbanization" model, achieving revenue growth from approximately 35.5 billion to 81.8 billion yuan and net profit growth from about 6.9 billion to 12.7 billion yuan between 2016 and 2020 [6]. - However, increased competition in the cultural tourism real estate sector and incidents like the roller coaster collision at Shenzhen Happy Valley have intensified challenges for the company [7]. - By 2024, the company reported revenue of 54.4 billion yuan but faced a net loss of 8.7 billion yuan, marking three consecutive years of losses and raising concerns about potential delisting [7].

Investment Rating - The report maintains an "Outperform" rating for the industry [5][25]. Core Insights - The outlook for 2026 marks the beginning of the Fifteenth Five-Year Plan, with a focus on high-quality development driven by regulatory requirements. The current new housing market, valued at 8 trillion RMB, shows some capacity for sales, emphasizing the importance of fiscal efforts and the timing of blue-chip competition [5][30]. - In December 2025, the top 100 real estate companies achieved a monthly sales amount of 3.13 trillion RMB, reflecting a year-on-year decline of 19.0%, but a narrowing of the decline by 0.9 percentage points compared to November 2025. Equity sales reached 2.46 trillion RMB, down 20.1% year-on-year, with an equity ratio of 79% [5][30]. - The report highlights that most top 100 companies experienced negative year-on-year sales growth in December 2025, with the highest sales recorded by China Overseas Land & Investment at 38 billion RMB [19][30]. Summary by Sections Sales Performance - In December 2025, the top 100 real estate companies' sales amounted to 324.65 billion RMB, up 39.3% month-on-month but down 26.1% year-on-year. Equity sales were 261.53 billion RMB, up 42.0% month-on-month and down 28.7% year-on-year [7][19]. - The top 50 companies recorded sales of 273.41 billion RMB, down 18.6% year-on-year, with equity sales of 211.44 billion RMB, down 18.8% year-on-year [7][19]. Company Recommendations - The report recommends several companies for investment: 1) Development: A-Shares - China Vanke, Poly Developments, China Merchants Shekou, Beijing Urban Construction, Hangzhou Binjiang, Gemdale; H-Shares - China Overseas Land, C&D International [25][30]. 2) Commercial Residential: China Resources Land, Longfor Group [25][30]. 3) Property: Onewo, China Resources Mixc, China Overseas Property, Poly Property, China Merchants Property, ChongQing New DaZheng [25][30]. 4) Cultural Tourism: Shenzhen Overseas Chinese Town [25][30]. Monthly Sales Trends - In December 2025, the top 11-20 companies had a sales threshold decrease of 4.3%, while the top 51-100 companies saw a more significant decline of 28.5% [16][30]. - Among the top 50 companies, 9 achieved positive year-on-year growth, with China State Construction Development leading at 213.2% [19][30].

刘开新任华侨城集团有限公司（以下简称"华侨城集团"）党委常委、副总经理。 刘开新曾任国务院办公厅副处长、调研员、副巡视员，中国广东核电集团有限公司总经理助理、办公厅主任，中国广核电力股份有限 公司核电工程事业部副总经理，中广核工程有限公司党委书记、副总经理，华侨城集团有限公司党委常委、纪委书记，深圳华侨城股 份有限公司纪委书记等职。 华侨城集团有限公司创立于19 85年，是国务院国资委直接管理的大型中央企业，总部设在深圳，已形成以文化、旅游、房地产为主业 的发展格局。 来源： 华侨城集团有限公司网站 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c ne ne rgy） 责编丨李慧颖 华侨城集团有限公司官网"管理团队—经理层"一栏最新信息显示， 刘开新已任华侨城集团有限公司党委常委、副总经理 。 刘开新，男，196 7年出生，大学，硕士。 ...

在政策指引与民生需求的双重驱动下，2026华侨城团圆季如约而至。岁末年初，华侨城联动旗下文化、旅游、房地产、物业、商业、酒店全业 态矩阵，从品质人居到文旅狂欢，从潮流消费到文化浸润，让"团圆"成为跨越地域、覆盖全龄的生活体验。 人居与服务共生让团圆有"家"可依 "以前买房看地段，现在更看重社区内外的生活感——小区里孩子、老人能够安心地玩，小区外吃喝游购娱一应俱全，逢年过节还有邻里活 动，这才是'家'的样子。"正在佛山顺德天鹅堡二期收房的林女士，表达了自己对新"家"的期待。 出则繁华，入则宁静。作为华侨城华南区域常年位居区域销冠的项目，佛山顺德天鹅堡二期项目位于繁华与自然交汇的大良街道，与顺峰山生 态公园、佛山顺德欢乐海岸PLUS为邻，成熟商圈的烟火便利与教育、医疗配套一应俱全。"此次集中交付的9—10栋及商铺，特意把时间安排 在了元旦前，为业主谋一个新年幸福家的好意头。"佛山顺德天鹅堡二期工作人员介绍道。 "坚持内需主导，建设强大国内市场。"日前，中央经济工作会议明确提出，扩大内需是2026年排在首位的重点任务，为新一年的消费市场注入 强劲动力。 ▲"欢乐發市"活动 "这几年都已经习惯在家门口买年货了，这几天 ...

Core Viewpoint - The central economic work conference emphasizes expanding domestic demand as the top priority for the upcoming year, injecting strong momentum into the consumer market [2] Group 1: Domestic Market and Consumer Experience - The 2026 Huashang City Reunion Season aims to create a comprehensive living experience that spans various sectors including culture, tourism, real estate, and hospitality, enhancing the concept of "reunion" across different demographics [2][6] - The focus has shifted from location to community living experiences, with residents valuing safety and convenience in their neighborhoods, as expressed by a new homeowner in Foshan [3] - Huashang City is launching a "New Year Reunion Home Buying Season" across multiple regions, offering various benefits to attract homebuyers [5][6] Group 2: Cultural and Tourism Integration - Huashang City leverages its position as a leading tourism group to create a comprehensive cultural and tourism layout, promoting family reunions through diverse experiences from winter festivities to local customs [8] - The "Shining Happiness Festival" is introduced as part of the Reunion Season, featuring events across ten cities to enhance family bonding during the winter [8][12] Group 3: Community Engagement and Activities - The "2026 Neighborhood New Year Plan" and various community activities are designed to foster a sense of reunion and happiness among residents [7] - The integration of local customs and festive activities in places like Yunnan enhances the cultural experience, allowing visitors to engage in traditional celebrations [15][17] Group 4: Consumer Experience and Emotional Value - Huashang City aims to elevate consumer experiences by transforming shopping into engaging activities that resonate emotionally with customers, thus enhancing the festive atmosphere [18][20] - Various commercial projects are being developed into "reunion social spaces," where consumers can participate in interactive and festive events [20][21] Group 5: Artistic and Cultural Offerings - Huashang City is organizing high-quality cultural performances and exhibitions to enrich the festive experience, offering a variety of entertainment options for different audiences [22][23] - The integration of art and culture into the reunion season aims to provide a deeper emotional connection and enhance the overall festive experience for visitors [22]

Summary of China Property Weekly Wrap Industry Overview - The report focuses on the **Chinese property market**, specifically analyzing the performance of primary and secondary real estate transactions in the context of fiscal year 2025 (FY25) and the outlook for 2026. Key Highlights 1. **Policy Initiatives**: - The Ministry of Housing and Urban-Rural Development (MOHURD) has outlined priorities for 2026 aimed at stabilizing the property market, including: - City-specific measures to control new supply and reduce inventory through urban renewal and buybacks of unsold homes for affordable housing [1] - Promotion of high-quality housing initiatives [1] - Enhancement of the "white-list" financing mechanism to support developers' financing needs [1] - Empowerment of local governments to adjust housing policies to support demand [1] - Advancement of new development models to mitigate delivery risks [1] 2. **Local Policy Adjustments**: - Beijing has eased local home purchase restrictions, allowing families with multiple children to buy an additional home within the 5th Ring Road [2] - Potential adjustments in home-purchase rules in other Tier-1 cities like Shanghai and Shenzhen are anticipated [2] 3. **Market Activity**: - Transactions in the primary market improved by **29% week-over-week (wow)**, while the secondary market saw a **5% wow** increase, despite year-over-year (yoy) declines of **-16%** and **-1%** respectively [3][8] - The ratio of units with price cuts narrowed to **15.4 times** those with price increases in December, down from approximately **18 times** in the previous months [3] 4. **Sales and Inventory Data**: - New home sales volume was **-37% yoy**, with search activities down **1.1% wow** [4] - Inventory levels increased by **0.1% wow** but decreased by **3.5%** from the end of 2024, with inventory months at **28.4** [20] 5. **Valuation Insights**: - Stronger state-owned enterprise (SOE) developers experienced a **-1% wow** decline in share prices, while privately-owned enterprises (POE) saw a **-2% wow** drop [32] - Offshore developers are trading at an average **37% discount** to end-2026 estimated net asset value (NAV) [32] 6. **Sales Forecasts**: - Property sales in approximately **75 cities** suggest that top-100 developers' presales are likely to decline **41% yoy** in December, compared to **-36%** in November [8] - Completions are expected to show a **mid-single-digit percentage improvement** yoy in December, with a **-10% yoy** decline projected for FY25 [24] 7. **Market Sentiment**: - Secondary market sentiment remains steady, with subscription-based sales and visitations flattening [3] - Home appliance sales are likely to record a yoy decline in December based on trends in **20 cities** [8] Additional Insights - The report indicates a potential steepened decline in new starts in December, based on land sales trends and cement shipment ratios [8] - The overall market sentiment reflects cautious optimism due to policy adjustments and localized easing measures, which may influence investor focus in the near term [2][3] This summary encapsulates the critical insights and data points from the China Property Weekly Wrap, providing a comprehensive overview of the current state and outlook of the Chinese property market.

深圳华侨城股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开 2024 年年度股东大会，审议通过了《关于公司及控 股子公司 2025-2026 年度对控参股公司提供担保额度的提案》， 同意公司及控股子公司于 2025-2026 年度为控参股公司合计提供 额度不超过人民币 532.64 亿元的担保额度；在不超过上述担保总 额度的情况下，公司管理层可根据实际经营情况对控参股公司之 间的担保额度进行调剂。 为满足子公司业务发展需要，经公司管理层会议决策，同 意将全资子公司深圳华侨城华腾投资有限公司未使用的担保额 度 3 亿元分别调剂至控股子公司深圳华侨城城市更新投资有限 公司 1.142 亿元、深圳市协跃房地产开发有限公司（以下简称 "深圳协跃"）1.858 亿元；同意公司将参股公司深圳市招华会 展置地有限公司未使用的担保额度 0.412 亿元调剂至控股子公 司深圳协跃。经上述调剂后，本次为深圳协跃提供担保的额度 1 证券代码：000069 证券简称：华侨城 A 公告编号：2025-60 深圳华侨城股份有限公司 关于在控参股公司之间调剂担保额度的公告 本公司及董事会全体成员保证公告内容的真实、准 ...

Core Viewpoint - The company announced a guarantee limit of up to 53.264 billion yuan for its subsidiaries during the 2025-2026 period, indicating a strategic move to support its holdings and manage financial risk [1] Group 1: Guarantee Details - The management has decided to reallocate unused guarantee limits of 300 million yuan from its wholly-owned subsidiary and 4.12 million yuan from its joint venture to its controlling subsidiary, Shenzhen Xieyue [1] - The guarantee limit for Shenzhen Xieyue has been increased from 785.4 million yuan to 1.0124 billion yuan, with the adjustment amount accounting for 0.43% of the most recent audited net assets [1] Group 2: Financial Performance - For the period from January to November 2025, Shenzhen Xieyue reported a revenue of 1.407 billion yuan and a net loss of 42 million yuan [1] - As of the end of November, the total guarantee balance for the company and its subsidiaries stood at 28.302 billion yuan, representing 53.21% of the total assets, with no overdue guarantees reported [1]