智通财经APP讯，华润置地(01109)发布公告，于2025年7月29日，公司作为借款人，与一家银行作为贷 款人，就人⺠币20亿元(或等值港元)的定期贷款融资，订立一份贷款融资函件。该贷款融资期限为自接 纳融资函件之日起计三年。 ...

格隆汇7月29日丨华润置地(01109.HK)发布公告，2025年7月29日，公司作为借款人，与一家银行作为贷 款人，就人民币20亿元（或等值港元）的定期贷款融资订立一份贷款融资函件。该贷款融资期限为自接 纳融资函件之日起计三年。 ...

华润置地(01109)发布公告，于2025年7月29日，公司作为借款人，与一家银行作为贷款人，就人币20亿 元(或等值港元)的定期贷款融资，订立一份贷款融资函件。该贷款融资期限为自接纳融资函件之日起计 三年。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 (於開曼群島註冊成立之有限公司 ) (股份代號 : 1109) 根據上市規則第13.18 條作出的公告 人⺠币2,000,000,000 定期貸款融資 於二零二五年七月二十九日，本公司作為借款人，與一家銀行作為貸款人(「貸款人｣ ），就人⺠幣 2,000,000,000 元（或等值港元）的定期貸款融資(「該貸款融資」)，訂 立一份貸款融資函件(「該融資函件｣）。該貸款融資期限為自接納融資函件之日起計 三年。 華潤(集團 )有限公司 (「華潤集團」 )的特定履約責任 根據該融資函件 ，如：(i)華潤集團不再為於本公司股本中實益擁有及控制 (直接或間接 )合共不少於35%的單一最大股東，或 (ii)華潤集團從實際⻆度而⾔並無或不再有能⼒控 制本公司股東委任董事加入本公司的董事會 ，將構成違約事件。 截至本公告日期，華潤集團為本公司的控股股東，且華潤集團持有本公司約59.55%的 已發行股本的實益權益。 本公 ...

Core Insights - Qingdao Metro Group and China Resources Land have signed a strategic cooperation agreement to advance the "Qingdao TOD No.1 Project," exploring a new model of "station-city symbiosis" [1][3] - The TOD (Transit-Oriented Development) model is increasingly recognized as a key approach to overcoming urban development bottlenecks and enhancing comprehensive carrying capacity [3] Group 1: Strategic Value of Qingdao TOD No.1 Project - The core area of the Qingdao TOD No.1 Project is strategically located in the Qingdao North Station area, forming a natural geographical hub [3] - The project features a forward-looking transportation network layout, integrating major hubs like Qingdao Jiaodong International Airport and Qingdao North Station, along with multiple metro lines and rapid road networks [3] - Qingdao Metro Group has established a TOD project library with over 10,000 acres of land and investments exceeding 100 billion [3] Group 2: Industrial Heritage Revitalization - The transformation of the Guomian No. 6 Factory area serves as an innovative example of activating industrial heritage, reflecting the city's historical memory and spirit [5] - The project adopts a "repairing the old while keeping the old" philosophy, integrating modern urban functions while respecting historical context [5] - The operational strategy combines short-term events to attract attention and long-term community engagement to maintain interest [5] Group 3: Synergy Between Rail and Urban Development - The collaboration represents a strong union of "rail infrastructure capabilities" and "urban comprehensive operation experience," maximizing land value [8] - The synergy between the metro network and commercial operations is highlighted, where stable passenger flow from the metro supports commercial demand [8] - The alignment of rail extension with urban growth patterns signifies a mature urban development philosophy [9]

Summary of Conference Call Records Company and Industry Overview - **Companies Involved**: China Resources Land (华润置地) and China Resources Mixc Lifestyle (华润万象生活) - **Industry**: Real Estate and Commercial Property Management Key Points and Arguments Sales and Development Performance - For the period of January to May, China Resources Land reported a signed sales amount of 869 billion CNY, a year-on-year decrease of 6%, ranking fourth in the industry [1][3] - The company maintained a cautious approach to land acquisition, with a total land acquisition amount of 42.7 billion CNY and an equity acquisition amount of 30.3 billion CNY, ranking sixth [1][3] - The expected total sales for the year is projected to achieve positive growth, with new supply mainly concentrated in the third and fourth quarters [1][3] Regular Business Performance - The company achieved a cumulative revenue of 20.4 billion CNY from January to May, representing a year-on-year growth of 10% [1][4] - Rental income from operational real estate increased by 13% year-on-year, reaching 13.3 billion CNY, with shopping center rental income growing by 17% [1][4] - Shopping center retail sales saw a year-on-year increase of 20%, with luxury shopping centers outperforming overall growth [1][4] Valuation Insights - China Resources Land is considered undervalued, with the implied current market value PE for its development business being only two times, based on operational real estate valuation [1][6] - The company’s total market value, combining operational real estate and development business, is estimated to reach 250 billion HKD, indicating a potential upside of 3% to 4% from current closing prices [1][10] Market Trends and Future Outlook - The stock price of China Resources Land has increased by over 20% year-to-date, while China Resources Mixc Lifestyle has seen a rise of over 30% [2][3] - The retail performance of shopping centers is expected to continue driving stock price increases, with a focus on the retail sales performance in the coming months [10][14] - Long-term expectations suggest that the company will benefit from market policy support and stabilization of housing prices in first and second-tier cities [11][12] Competitive Positioning - China Resources Land's rental growth expectations are stronger than those of Swire Properties, with a projected double-digit growth rate [7] - The company’s market share and operational performance in commercial real estate are superior to competitors like Great Eagle Holdings [7] Future Strategic Planning - The company plans to continue its asset injection strategy into REITs, which is expected to support core net profit and dividend growth [13] - The long-term valuation perspective suggests that the company could achieve a PE level of 15 times if it continues to enhance its operational management income [13] China Resources Mixc Lifestyle Insights - The company reported a retail sales growth of approximately 20% year-on-year for the first five months of 2025, aligning with initial expectations [15] - The light-asset expansion goal for 2025 is to complete ten projects, with three already completed by the end of May [16] - The stock price has reached new highs, with a year-to-date increase of 36%, despite a decrease in the free float ratio [17][18] Valuation and Market Space - As of the latest closing price, China Resources Mixc Lifestyle has a PE ratio of 20 times for 2025 and 18 times for 2026, with a projected compound growth rate of approximately 12% for core net profit from 2024 to 2027 [18] - The estimated market value, excluding interest income, is around 930 billion HKD, indicating limited space for growth compared to current market valuation [19]

Sales Performance - In June, China Resources Land (01109.HK) reported a total contract sales amount of approximately 23.45 billion yuan, a year-on-year decrease of 26.7% [1] - For the first half of 2025, the cumulative contract sales amount was approximately 110.3 billion yuan, a year-on-year decrease of 11.6% [1] - The total contract sales area for the first half of 2025 was approximately 4.119 million square meters, down 21% year-on-year [1] Land Acquisition Strategy - In the first half of 2025, China Resources Land invested 33.2 billion yuan to acquire 18 land parcels, representing an 81% increase compared to the same period last year [3] - The company acquired four quality land parcels in January 2025 in cities like Beijing and Chengdu, with a total floor area of 417,041 square meters and a total consideration of approximately 9.35 billion yuan [3] - In June, the company continued its aggressive land acquisition strategy, purchasing four parcels in Beijing, Xi'an, and Hefei, with a total floor area of approximately 268,556 square meters and a consideration of about 1.98 billion yuan [5] Financial Support and Market Position - To support its land acquisition activities, China Resources Land secured an offshore loan agreement of 5.85 billion yuan with specific banks and financial institutions [5] - The company’s land reserve as of the end of 2024 was 43.9 million square meters, with 71% located in first and second-tier cities, indicating a strategic focus on core urban areas [6] - Despite a challenging market environment for many real estate companies, China Resources Land is shifting from a defensive to an offensive strategy in land acquisition [6]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1109） 補充公告 關連交易 收購目標公司的股權 根據獨立估值師的估值報告，採用資產基礎法的基準（ 其中包括 ）為：(1)目標公司 具有完整的財務及資產管理記錄；(2)與其他估值方法相比，資產基礎法是最合適 的估值方法；及(3)其他評估方法，如市場法，即根據可比較標的市場價值進行比 較確定被評估對象的價值，因缺乏可比較的市場交易數據而不可行。 茲提述本公司於二零二五年五月二十三日刊發的公告（「該公告」），內容有關股權 轉讓協議項下擬進行收購事項的關連交易。除另有界定者外，本補充公告所用詞 彙與該公告所界定者具有相同涵義。 誠如該公告所披露，收購事項的代價人民幣200,791,265.57元乃買方與賣方經參考 （ 其 中包 括 ）(1) 目 標股 權 的評 估價 值； (2) 賣方 的股 東 貸 ...

Core Viewpoint - China Resources Land experienced a significant decline in sales in June after five months of stabilization, with total contract sales amounting to approximately RMB 234.5 billion, representing a year-on-year decrease of 26.7% [1] Sales Performance - In June 2024, China Resources Land achieved total contract sales of approximately RMB 320.0 billion, a year-on-year increase of 19.0%, while the total contract sales area decreased by 8.1% [2] - For the first half of 2025, the cumulative contract sales amounted to approximately RMB 1,103.0 billion, a year-on-year decrease of 11.6%, with the total contract sales area down by 21.0% [2] - Despite the decline in June, the company managed to maintain a trend of stabilization in sales for the first half of the year, with the total sales decline narrowing by 15.1% compared to the previous year [2] Market Comparison - Among the top 100 real estate companies, the cumulative equity sales amount for the first half of the year was RMB 11,821.94 billion, a year-on-year decrease of approximately 13.23% [3] - China Resources Land ranked fifth in total sales with RMB 1,103 billion, following Poly Developments, Greentown China, and China Overseas Land [3][4] Land Acquisition - In June 2025, China Resources Land continued its aggressive land acquisition strategy, purchasing four plots of land with a total floor area of approximately 268,556 square meters for a consideration of about RMB 19.8 billion [5] - The company acquired a total of 18 plots of land in the first half of 2025, with a total floor area of 1,481,900 square meters and a total consideration of approximately RMB 332 billion [6] Revenue Generation - In June 2025, the company reported regular income of approximately RMB 41.6 billion, remaining stable year-on-year, with rental income from operational real estate increasing by 8.6% to RMB 25.9 billion [7] - For the first half of 2025, cumulative regular income reached approximately RMB 246.0 billion, a year-on-year increase of 8.0%, with rental income from operational real estate growing by 12.1% to RMB 158.7 billion [7]

Group 1: Housing Fund Policy - Beijing Housing Fund Management Center has announced an expansion of the pilot program for direct payment of housing rent using housing provident fund, aiming to better meet the rental housing consumption needs of contributors [1] - The number of pilot housing rental institutions has increased from 3 to 4, with the addition of Beijing Ziroom Housing Rental Co., Ltd. [1] - The pilot scope for two commercial housing rental partners has been expanded to the entire city, and the number of public rental housing pilot projects has increased to 3 [1] Group 2: Real Estate Market Trends - In June, new home prices in first-tier cities decreased by 1.4% year-on-year, with the decline narrowing by 0.3 percentage points compared to the previous month [2] - Shanghai experienced a price increase of 6%, while Beijing, Guangzhou, and Shenzhen saw declines of 4.1%, 5.1%, and 2.5% respectively [2] - Second and third-tier cities also saw year-on-year price declines of 3% and 4.6%, with reductions narrowing by 0.5 and 0.3 percentage points respectively [2] Group 3: Company Sales Performance - China Resources Land reported a total contract sales amount of approximately 23.45 billion yuan in June, with a year-on-year decrease of 26.7% [3] - Longfor Group disclosed a total contract sales amount of 4.64 billion yuan in June, with a contract sales area of 394,000 square meters [4] Group 4: Debt Restructuring - CIFI Group's three domestic bond restructuring proposals have been approved, with a total outstanding scale of approximately 3.09 billion yuan [5] - The bondholder meetings for the restructuring were held online, with approval rates of 69.92%, 65.78%, and 85.73% for the respective bonds [5]