Market Overview - The Shanghai Composite Index closed at 3883.56 points, above the six-month moving average, with an increase of 1.51% [1] - The total trading volume of A-shares reached 31,769.48 million yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 83 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - ST Yilianzhong (18.16%) - Kunlun Technology (7.79%) - Huazhi Wine (7.67%) [1] Detailed Stock Performance - The following table summarizes the performance of selected stocks that broke the six-month moving average: | Stock Code | Stock Name | Daily Change (%) | Turnover Rate (%) | Six-Month Average (yuan) | Latest Price (yuan) | Deviation Rate (%) | | --- | --- | --- | --- | --- | --- | --- | | 300096 | ST Yilianzhong | 19.90 | 6.74 | 4.08 | 4.82 | 18.16 | | 831152 | Kunlun Technology | 11.70 | 11.86 | 20.98 | 22.62 | 7.79 | | 300755 | Huazhi Wine | 8.88 | 5.96 | 18.21 | 19.61 | 7.67 | | 600539 | Shitou Co. | 10.02 | 11.47 | 11.30 | 11.97 | 5.94 | | 603198 | Yingjia Wine | 7.22 | 2.79 | 44.61 | 47.08 | 5.54 | | 000002 | Vanke A | 9.15 | 8.16 | 6.81 | 7.16 | 5.20 | | 688646 | ST Yifei | 5.53 | 4.39 | 31.37 | 32.82 | 4.63 | | 003041 | True Love Home | 4.93 | 6.05 | 28.37 | 29.59 | 4.29 | | 839371 | Oufu Industry | 4.59 | 4.82 | 11.15 | 11.62 | 4.20 | | 601933 | Yonghui Supermarket | 5.04 | 5.91 | 5.03 | 5.21 | 3.66 | | 600325 | Huafa Co. | 4.19 | 4.88 | 5.05 | 5.22 | 3.37 | | 601238 | GAC Group | 3.04 | 1.05 | 7.89 | 8.13 | 3.00 | | 600657 | Xinda Real Estate | 3.16 | 2.50 | 4.13 | 4.25 | 2.91 | | 603108 | Runda Medical | 3.00 | 7.99 | 18.43 | 18.90 | 2.54 | | 600988 | Chifeng Gold | 4.03 | 5.40 | 24.67 | 25.30 | 2.54 | | 000069 | Overseas Chinese Town A | 3.86 | 3.88 | 2.36 | 2.42 | 2.44 | | 600872 | Zhongju Gaoxin | 3.29 | 4.97 | 19.37 | 19.78 | 2.14 | | 003000 | Jin Zai Food | 2.46 | 7.48 | 13.07 | 13.35 | 2.13 [1]

Summary of China Property Weekly Wrap Industry Overview - The report focuses on the **Chinese property market**, highlighting transaction trends and market sentiments during Week 33 of 2025. Key Highlights - **Inventory Buyback Initiatives**: Policymakers are preparing to mobilize central state-owned enterprises (SOEs) to purchase unsold homes from distressed property developers. The People's Bank of China's Q2 monetary policy report emphasizes the need to enhance existing supportive measures, including the ARH relending program, which has an issuance balance of Rmb16.2 billion by the end of Q3 2024 against a total quota of Rmb300 billion, aimed at stabilizing the housing market and optimizing financing systems for the property sector [1][2]. Market Performance - **Transaction Volumes**: - Primary market transactions increased by **9% week-over-week (wow)** but decreased by **17% year-over-year (yoy)**. - Secondary market transactions decreased by **2% wow** and **1% yoy**. - Overall, the market sentiment remained stable, with new home search activities unchanged week-over-week, while secondary home visitor traffic improved by **3% wow**. However, secondary price expectations from agents weakened by **0.7 percentage points (pp) wow**, marking the second consecutive week of softening [2][5]. Key Data Points - **Sales Performance**: - New home sales volume averaged **+9% wow** and **-17% yoy**, with tier-3 cities and the Pearl River Delta (PRD) outperforming. - Secondary transactions averaged **-2% wow** and **-1% yoy**, with negative price appreciation expectations from agents but not homeowners. - Year-to-date (YTD) primary gross floor area (GFA) sold was down **7% yoy**, while secondary GFA sold was up **12% yoy** [5][25]. Inventory and Valuation Insights - **Inventory Levels**: - Inventory balance decreased by **0.1% wow** and **4.0% from end-2024 levels**, with inventory months at **25.8** (compared to an average of **26.0** in July 2025) [35]. - **Valuation Trends**: - Offshore coverage developers saw an average share price increase of **6% wow** (compared to **3% for MSCI China**), with CR Land and Greentown outperforming at **+11%** and **+10% wow**, respectively. Onshore developers averaged **+2% wow** [46][48]. Completions and New Starts - **Completions**: - The GSPC tracker indicates a **20% yoy decline** in completions for August 2025, compared to a **29% yoy decline** in July 2025 [40]. - **New Starts**: - New starts are expected to record a mid-teens level yoy decline in August, based on land sales trends in 300 cities and a **+2pp wow** increase in nationwide cement shipment ratios [40]. Implications for the Market - The report suggests that property sales in approximately **75 cities** indicate a likely **17% yoy decline** in presales for top-100 developers in August, compared to a **27% decline** in July [7]. - The overall sentiment in the property market remains cautious, with ongoing challenges in sales and price expectations, despite some positive movements in specific segments [6][7]. Conclusion - The Chinese property market is experiencing a plateau in transaction volumes, with mixed performance across different city tiers. Policymaker interventions and market stabilization efforts are crucial as the sector navigates ongoing challenges and seeks to transition to a new development model [1][2][6].

Core Insights - The company reported a revenue of 261 million RMB for the first half of the year, representing a year-on-year decrease of 56.44% [1] - The loss attributable to equity holders was 191 million RMB, a reduction of 13.5% compared to the previous year [1] - Basic loss per share was 0.256 RMB [1] Financial Performance - The company's loss attributable to equity holders was approximately 191 million RMB, which is a reduction of about 30 million RMB compared to the same period last year, primarily due to significant reduction in investment and fund business losses, as well as a decrease in overseas bank borrowings and interest expenses [1] - The total sales area for the reporting period was 46,100 square meters, with total sales amounting to 535 million RMB, reflecting a year-on-year increase of 29.5% [1] - The equity attributable sales amount was approximately 251 million RMB, showing a year-on-year growth of about 76.8% [1] Strategic Focus - The company is strategically focusing on key urban areas in the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area, holding comprehensive development projects in cities such as Hefei, Chongqing, Zhongshan, and Xi'an [1] - As of the end of the reporting period, the total land reserve was 848,500 square meters [1]

Group 1 - The company approved a guarantee limit of up to RMB 53.264 billion for its controlled and joint-stock companies for the years 2025-2026 during the annual shareholders' meeting held on April 25, 2025 [1] - The company adjusted the unused guarantee limit of its wholly-owned subsidiary, Chongqing Huachao City Industrial Development Co., Ltd., amounting to RMB 420 million to its other wholly-owned subsidiary, Chongqing Jinchengli Real Estate Co., Ltd. [1] - After the adjustment, the guarantee limit for Chongqing Huachao City Industrial Development Co., Ltd. was reduced from RMB 1.412 billion to RMB 992 million, while the limit for Chongqing Jinchengli Real Estate Co., Ltd. was increased from RMB 0 to RMB 420 million [1] Group 2 - Chongqing Jinchengli Real Estate Co., Ltd. is a wholly-owned subsidiary of the company, established in March 2025, with a registered capital of RMB 10 million and a primary business in real estate development and operation [1] - As of June 30, 2025, Chongqing Jinchengli Real Estate Co., Ltd. had total assets of RMB 261 million, total liabilities of RMB 252 million, and a net asset of RMB 9 million, resulting in an asset-liability ratio of 96.45% [2] - The company provided a 100% mortgage guarantee for Chongqing Jinchengli Real Estate Co., Ltd. for a real estate development loan with a principal amount not exceeding RMB 420 million [3] Group 3 - The management believes that the adjustment of the guarantee limit is within the authorization of the shareholders' meeting and supports the normal operation and development of Chongqing Jinchengli Real Estate Co., Ltd. [4] - The total guarantee balance of the company and its subsidiaries as of July 31, 2025, was RMB 29.018 billion, accounting for 54.56% of the company's latest audited net assets, with no overdue guarantees or litigation-related guarantees [5]

本公司的权益持有人应占亏损约为1.91亿元，较去年同期减亏约0.30亿元，主要由于报告期投资与基金 业务同比大幅减亏，境外银行借款余额及利息费用同比减少。 华侨城(亚洲)(03366)发布截至2025年6月30日止6个月中期业绩，该集团取得收益2.61亿元，同比减少 56.44%;公司权益持有人应占亏损1.91亿元，同比减少13.5%;每股基本亏损0.256元。 ...

Core Viewpoint - The company reported a significant decline in revenue and incurred a loss for the interim period ending June 30, 2025, indicating ongoing financial challenges [1] Financial Performance - The company achieved revenue of 261 million, representing a year-on-year decrease of 56.44% [1] - The loss attributable to equity holders amounted to approximately 191 million, which is a reduction in loss of about 30 million compared to the same period last year, reflecting improved performance in investment and fund operations [1] - Basic loss per share was reported at 0.256 [1] Operational Insights - The reduction in loss is primarily attributed to a significant decrease in losses from investment and fund operations, as well as a reduction in the balance and interest expenses of overseas bank borrowings [1]

Core Viewpoint - The company reported a significant decline in revenue and increased losses for the first half of 2025, primarily due to the absence of previous year's project income and challenges in fund management [1][2] Group 1: Financial Performance - For the six months ending June 30, 2025, the company achieved revenue of approximately RMB 261 million, a year-on-year decrease of about 56.4% [1] - The comprehensive development business generated revenue of approximately RMB 259 million, down approximately 56.5% from RMB 595 million in the same period of 2024 [1] - The company reported a loss attributable to equity holders of approximately RMB 191.35 million, compared to a loss of approximately RMB 221.22 million in the same period of 2024 [1] Group 2: Fund Management and Investment - In the first half of 2025, the company accelerated the exit of actively managed funds, achieving cash recovery of RMB 44 million through various exit strategies [2] - The company fully exited its investment in the Yibao project in the first half of 2025, realizing an investment return rate of approximately 26% [2] - As of the first half of 2025, the company managed a total of 8 funds, including 2 actively managed funds, with a total fund size of RMB 4.172 billion and an active management fund size of RMB 1.3 billion [2]

Core Viewpoint - The lawsuit between China State Construction Engineering Corporation (CSCEC) and China Overseas Land & Investment Limited (COLI) highlights the competitive dynamics and challenges within the state-owned enterprise sector in China's real estate market, particularly focusing on the issues arising from the "Huangqiao Project" in Hangzhou. Group 1: Lawsuit Details - CSCEC has filed a lawsuit against COLI and its subsidiaries over a construction contract dispute, which is unusual as it involves two state-owned enterprises [2][5]. - The lawsuit is primarily related to the "Huangqiao Project," which was a significant undertaking for COLI in Hangzhou, with a total investment of 5.76 billion yuan (approximately 0.9 billion USD) [4]. - The project faced significant issues, including quality problems that led to a rare work stoppage order from the Hangzhou Housing Bureau in 2021, and delays in delivery that resulted in COLI compensating homeowners over 100 million yuan (approximately 15 million USD) [5]. Group 2: Company Dynamics - CSCEC has undergone a transformation under new leadership, shifting from a contractor to a developer, with its real estate platform, China State Construction Yipin, actively acquiring land in major cities since 2021 [7][8]. - The company aims to position itself among the top 20 real estate firms in China, having already achieved this ranking in institutional sales last year [10]. - In contrast, COLI has seen a decline in its prominence in the real estate sector, particularly in Hangzhou, indicating a shift in competitive dynamics between the two companies [6]. Group 3: Future Aspirations - CSCEC's internal goal is to become a leading player in the real estate market, with aspirations to emulate successful companies like Xiaomi in the tech sector [11]. - The company is actively restructuring its real estate division by bringing in talent from other major real estate firms to enhance its operational capabilities [8][9].

Group 1 - The company approved a guarantee limit of up to RMB 53.264 billion for its controlled and affiliated companies for the years 2025-2026 [2] - The company adjusted the unused guarantee limit of RMB 420 million from its wholly-owned subsidiary to another wholly-owned subsidiary, impacting the guarantee limits for both subsidiaries [2] - The adjustment of the guarantee amount is within the authorized scope of the shareholders' meeting and supports the normal business development of the subsidiary [6] Group 2 - Chongqing Jinchengli Real Estate Co., Ltd., a wholly-owned subsidiary, has total assets of RMB 261 million and a debt ratio of 96.45% as of June 2025 [4] - The company provided a 100% mortgage guarantee for a loan of up to RMB 420 million for Chongqing Jinchengli Real Estate Co., Ltd. with a local bank [5] - As of July 2025, the total guarantee balance of the company and its subsidiaries is RMB 29.018 billion, accounting for 54.56% of the latest audited net assets, with no overdue guarantees [7]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [5] Core Viewpoints - The report emphasizes that since September 2024, the central government's clear requirement has been to stabilize both the real estate and stock markets. The report suggests that high-quality residential properties may experience a development wave due to policy guidance and changes in supply-demand structure [5][49] - The report highlights the importance of stabilizing the real estate market to boost social expectations and facilitate domestic demand circulation amid uncertainties in external environments, such as ongoing Sino-US trade frictions [5] Market Performance - The Shanghai Composite Index rose by 1.7%, the Shenzhen Component Index increased by 4.5%, the ChiNext Index grew by 8.6%, and the CSI 300 Index went up by 2.4%. The real estate sector (Shenwan) saw an increase of 3.9% [6][9] - In terms of individual stocks, the top five gainers were Wantong Development (+39.4%), Quzhou Development (+33.0%), Electronic City (+32.0%), *ST Nanzhi (+25.0%), and Shahe Shares (+21.2%) [6][9] Data Tracking New Housing Transactions - For the week of August 9-15, 2025, new housing transactions in 42 key cities totaled 141 million square meters, a decrease of 1.4% week-on-week and a year-on-year decline of 20.4% [16] - As of August 15, 2025, new housing transactions in 42 key cities for the month totaled 306 million square meters, down 9.5% month-on-month and down 20.9% year-on-year [20] Second-Hand Housing Transactions - For the week of August 9-15, 2025, second-hand housing transactions in 21 key cities totaled 178 million square meters, an increase of 3.0% week-on-week but a year-on-year decrease of 2.4% [31] - As of August 15, 2025, second-hand housing transactions in 21 key cities for the month totaled 381 million square meters, down 5.5% month-on-month and down 2.1% year-on-year [36] Industry News - From January to July 2025, national real estate development investment reached 535.8 billion yuan, a year-on-year decrease of 12%. The sales area of commercial housing was 51.56 million square meters, down 4% year-on-year [49] - Local policies include Hainan Province encouraging "purchase instead of construction" for resettling relocated residents and Guangzhou releasing new regulations for rural residential construction management [49] Company Announcements - In July 2025, China Jinmao achieved a sales amount of 8.46 billion yuan (up 49% year-on-year), while New Town Holdings reported 1.66 billion yuan (down 52% year-on-year) [52] - China Resources Land reported a sales amount of 13.3 billion yuan (down 14% year-on-year) for July 2025 [52]