Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved a total sales of 229.1 billion yuan from January to November 2024, with a year-on-year decline of 19.9%, but the decline rate has narrowed compared to previous months, indicating a recovery trend in sales [1]. - The company is actively increasing its core land reserves, with a total land reserve area of 56.99 million square meters, of which over 70% is located in first- and second-tier cities [2]. - The asset management business is steadily growing, with a total asset management scale reaching 449.1 billion yuan, primarily driven by shopping centers [3]. Summary by Sections Sales Performance - The company ranked third in the "Top 100 Real Estate Companies" by total sales, improving its position from the previous year [1]. - The sales area reached 9.95 million square meters, with a year-on-year decline of 17.5% [1]. Land Acquisition - In the first half of 2024, the company added 2.02 million square meters of land reserves, with 87% of the investment in first- and second-tier cities [2]. - In October and November 2024, the company acquired 850,000 square meters of land in key cities, with a total land cost of 41.4 billion yuan [2]. Asset Management - The company operates 82 shopping centers with a total area of 10.45 million square meters, achieving a high occupancy rate of 97.3% [3]. - The operational revenue from the asset management business reached 38.7 billion yuan, reflecting a year-on-year growth of 13.1% [3]. Financial Forecast - The core EPS for 2024-2026 is projected to be 3.64, 3.72, and 3.88 yuan, respectively, with corresponding PE ratios of 6.0, 5.9, and 5.6 times [4].

Core Viewpoint - Shenzhen has witnessed a significant residential land auction, with a record-breaking transaction price, indicating strong demand and a shift in land sale policies that favor developers [1][2][4] Group 1: Land Auction Details - The T107-0107 plot in Shenzhen's Nanshan District was auctioned with a starting price of 12.65 billion yuan and was ultimately sold for 18.512 billion yuan, setting a new record for residential land sales in Shenzhen [2] - The final floor price was 70,388 yuan per square meter, with a premium rate of 46.3% [2] - The auction process involved nearly 300 rounds of bidding, reflecting high interest from real estate companies despite the high entry threshold [2] Group 2: Policy Changes and Market Trends - Recent changes in land sale policies have removed several restrictions, allowing developers to set their own prices for residential properties without limitations from the "90/70" policy [2][3] - Major cities like Beijing, Guangzhou, and Shenzhen are experiencing a surge in large land sales exceeding 10 billion yuan, with developers given autonomy in pricing [2] - The demand for high-quality projects is increasing, as evidenced by the strong sales performance of major developers like China Overseas Land & Investment in key cities [3] Group 3: Market Activity and Sales Performance - The real estate market in Shenzhen is showing signs of recovery, with November seeing over 8,000 new and second-hand homes sold, marking significant year-on-year growth [3][4] - New home sales reached 8,734 units, a month-on-month increase of 86.8% and a year-on-year increase of 158.9%, the highest since February 2021 [3] - The increase in sales activity is attributed to the release of pent-up demand following recent policy optimizations [4]

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的有限公司） （股份代號：1109） 須予披露交易 收購深圳地塊的土地使用權 緒言 於二零二四年十一月二十八日，深圳潤投（ 本公司間接全資附屬公司 ）及中海企 業發展（ 獨立第三方 ）訂立聯合競買協議，內容有關聯合競買位於中國深圳市南 山區粵海街道的地塊的土地使用權。 董事會欣然宣佈，於二零二四年十二月二日，由聯合夥伴（ 即深圳潤投（ 本公司 間接全資附屬公司 ）及中海企業發展（ 獨立第三方 ））組成的聯合體透過掛牌出售 成 功 競 得 地 塊 的 土 地 使 用 權 ， 代 價 為 人 民 幣 185.12 億 元（ 相 當 於 約 200.47 億 港 元 ），用作住宅及商業發展。 聯合體已與深圳交易集團訂立確認書，並將於訂立確認書後向當局申請訂立土 地使用權出讓合同。 上市規則的涵義 由 於 本 集 團 就 收 購 ...

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) 華潤(集團)有限公司(「華潤集團｣)的特定履行責任 根據融資協議，如果（1）華潤集團不再為擁有本公司股本中不少於35%的實益擁有權（直接或 間接）的最大單一股東；或（2）華潤集團從實際角度而言, 並無或不再有能力控制本公司股東 對本公司董事會董事的任命, 則構成違約事件。於本公告日期，華潤集團為本公司的單一最大股 東及擁有本公司約59.55%的已發行股本。 根據融資協議，如果華潤集團不再由中華人民共和國國務院國有資產監督管理委員會實益擁有至 少50%的權益，亦將構成違約事件。 倘若融資協議項下之違約事件已發生並持續，融資協議項下之承諾可被宣佈取消及/或所有融資 協議項下之未償還款項連同所有應計利息, 及其他所有本公司需於融資協議項下支付的款項, 可被 宣佈即時到期及須予償還。 本公告乃根據上市規則第 13.18 條就融資協議而作出。融資協議規 ...

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 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。 根據融資函，如果華潤集團不再維持（直接或間接）合共本公司股本中不少於35%的實益擁有 權，將構成違約事件。於本公告日期，華潤集團為本公司的單一最大股東及擁有本公司約 59.55%的已發行股本。 根據融資函，如果華潤集團不再由中華人民共和國國務院國有資產監督管理委員會實益擁 有50%以上的權益，亦將構成違約事件。 倘若融資函下之違約事件已發生並持續，貸款人可向本公司發出書面通知，宣佈取消融資 函項下之承諾及/或宣佈所有融資函項下之未償還款項連同所有應計利息, 及其他所有本公司 需於融資函項下支付的款項， 即時到期及須予償還。 (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 本公告乃根據上市規則第13.18條作出，內容有關本公司與貸款人訂立的融資函。融資函件規定 （其中包括）華潤集團須履行特定履約責任，以維持於本公司的最低持股百分比。 本公告乃由華潤置地 ...

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的有限公司） (股份代號: 01109.HK) 李欣 截至2024年10月31日止一個月未經審核營運數據 中國，二零二四年十一月十二日 華潤置地有限公司(「本公司」)董事會(「董事會」)謹此公佈，截至2024年10月31日止一個月，本 公司及其附屬公司(「本集團」)實現總合同銷售金額約人民幣310.0億元，總合同銷售建築面積約 128.1万平方米，分別按年增長12.4%及20.8%。2024年前10月累計合同銷售金額約人民幣2,033.0 億元，總合同銷售建築面積約882.9万平方米，分別按年減少22.4%及19.6%。 2024年10月，本集團經常性收入約人民幣42.1億元，按年增長17.3%，其中，經營性不動產業務租 金收入約人民幣25.1億元，按年增長14.9%。2024年前10月累計經常性收入約人民幣387.0億元， 按年增長13.1%，其中，經營性不動產業務租金收入約人民幣 ...

（證券代號：40091） （「證券」） 贖回通告 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。 本公告僅供參考之用，並不構成收購、購買或認購證券的邀請或要約，或訂立任 何協議以進行任何有關事宜的邀請，亦非用以邀請任何收購、購買或認購任何證 券的要約。 本公告並不構成或組成在美國出售證券之任何要約之一部分。證券（ 定義見下文 ） 並無亦不會根據一九三三年美國證券法（ 經修訂 ）（「證券法」）登記，且除非已根據 證券法登記或獲豁免登記，否則不得在美國提呈發售或出售。證券不會在美國進 行公開發行。 （於開曼群島註冊成立的有限公司） （股份代號：1109） 3,900,000,000美元中期票據計劃（「該計劃」）項下已發行的 1,050,000,000美元次級永續資本證券 茲提述(i)華潤置地有限公司（「本公司」）日期為二零一九年一月三十一日的公告， 內容有關該計劃於香港聯合交易所有限公司（「 ...

（於開曼群島註冊成立的有限公司） （股份代號：1109） 董事名單與其角色和職能 華潤置地有限公司董事（「董事」）會（「董事會」）成員載列如下： | 執行董事 李欣 （ | 主席 ） | | 非執行董事 竇健 | | --- | --- | --- | --- | | 張大為 | （ | 副主席 ） | 黃挺 | | 郭世清 | | | 魏成林 | | 陳偉 | | | | | 徐榮 | | | | | 獨立非執行董事 | | | | | 鐘偉 | | | | | 孫哲 | | | | 陳帆 梁國權 秦虹 董事會設立六個委員會。下表提供各董事會成員在該等委員會中所擔任的職位資料： | 董事 | 委員會 審核委員會 薪酬委員會 | | 提名委員會 | 企業管治 | | 企業社會 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 委員會 | 執行委員會 | 責任委員會 | | 李欣 | | | C | M | C | C | | 張大為 | | | | | M | | | 郭世清 | | | | | M | | | 陳偉 | | | | | M | | ...

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的有限公司） （股份代號：1109） 非執行董事及企業社會責任委員會成員之退任 華 潤 置 地 有 限 公 司（「 本 公 司 」）董 事（「 董 事 」）會（「 董 事 會 」）謹 此 宣 佈 ， 程 紅 女 士 （「程女士」）已知會董事會有關彼之退休計劃，並自二零二四年十月二十八日起退 任非執行董事及本公司企業社會責任委員會（「企業社會責任委員會」）成員職務。 程女士已確認，彼與董事會概無意見分歧，亦無任何有關彼退任的事宜須提呈本 公司股東及香港聯合交易所有限公司（「聯交所」）垂注。 董事會藉此衷心感謝程女士於任職期間所作出的寶貴貢獻。 委任執行董事及執行委員會成員 董事會進一步宣佈，徐榮先生（「徐先生」）自二零二四年十月二十八日起獲委任為 執行董事及本公司執行委員會（「執行委員會」）成員。 董事變更及董事會下屬委員 ...

Financial Performance - For the first half of 2024, the Group achieved a revenue of RMB 79.13 billion, representing a year-on-year growth of 8.4%[6] - The core net profit reached RMB 10.74 billion, a slight decrease of 4.7% compared to the previous year[6] - Recurring business revenue increased by 9.0% year-on-year, accounting for 25.3% of total revenue, an increase of 0.2 percentage points[6] - The core net profit from recurring business grew by 14.4% year-on-year, contributing 51.4% to total core profit, an increase of 8.6 percentage points[6] - The interim dividend per share is RMB 0.2, reflecting a year-on-year increase of 1.0%[6] - In 1H2024, the Group achieved total comprehensive revenue of RMB79.13 billion, a YoY increase of 8.4%[26] - The core net profit for the same period was RMB10.74 billion, reflecting a YoY decrease of 4.7%[26] - Recurring revenue increased by 9.0% YoY, accounting for 25.3% of total revenue, up by 0.2 percentage points YoY[26] - The core net profit of the recurring business rose by 14.4% YoY, with its profit contribution increasing by 8.6 percentage points YoY to 51.4%[26] Market and Economic Context - The national GDP of the PRC reached RMB 61.7 trillion in the first half of 2024, with a year-on-year growth of 5.0%[6] - National sales of residential properties amounted to RMB 4.7 trillion, showing a year-on-year decrease of 25.0%[6] - The total retail sales of consumer goods increased by 3.7% year-on-year, with service sales growing by 7.5%[6] - The overall performance of the Group outpaced the industry trend[6] Property and Rental Performance - In 1H2024, the Group's shopping mall rental income reached RMB 9.48 billion, a YoY increase of 9.7%[8] - The Group's 82 operating shopping malls achieved retail sales of RMB 91.62 billion, reflecting a YoY increase of 21.9%, with 69 malls ranking among the top three in their local markets[8] - The overall occupancy rate for the Group's office buildings was 75.0%, serving 120 Fortune 500 clients[8] - Revenue from the investment property business reached RMB 11.47 billion, up by 7.0% YoY[31] - Revenue from shopping malls was RMB 9.48 billion, representing a 9.7% YoY increase, with an occupancy rate of 97.3%, up by 1.1 percentage points YoY[31] Business Segments and Operations - CR Mixc Lifestyle achieved revenue of RMB 7.96 billion, a YoY increase of 17.1%, and core net profit of RMB 1.77 billion, a YoY increase of 24.2%[10] - The commercial management business maintained its industry-leading position, managing a total of 108 operating shopping malls[10] - The property management business expanded its managed area to 398 million square meters and contracted area to 446 million square meters[10] - The total number of MIXC STAR members exceeded 52.20 million, an increase of 13% compared to the end of last year[10] - The total amount of MIXC STAR points issued increased by 19% YoY to RMB 500 million, while the total amount of points redeemed increased by 21% YoY to RMB 340 million[10] Sales and Contracted Performance - In 1H2024, the Group achieved contracted sales of RMB124.70 billion, maintaining its industry ranking at fourth and top 5 market share in 20 cities[15] - Contracted sales in 1H2024 amounted to RMB124.70 billion, a decrease of 26.7% year-on-year, with contracted GFA down by 25.7% to 5.21 million square meters[41] - The Group's total contracted sales in the Shenzhen region were RMB16.02 billion, accounting for 12.8% of total contracted sales[42] - The East China region contributed RMB37.93 billion to contracted sales, representing 30.4% of the total[42] Financial Management and Costs - The Group's comprehensive financing cost was 3.24%, a decrease of 32 basis points from the beginning of the year, marking a historical low[17] - The Group's share of profits from investments in associates and joint ventures totaled RMB1.42 billion, a decrease of RMB0.53 billion YoY[30] - Income tax expenses increased by 16.3% YoY to RMB8.14 billion, with enterprise income tax expenses rising by 10.3% to RMB6.19 billion[30] - The Group's net interest-bearing debt-to-equity ratio was 33.6% as of June 30, 2024, an increase of 1.0 percentage point from 32.6% at the end of 2023[50] - The Group maintained a weighted average financing cost of approximately 3.24% as of June 30, 2024, down 32 basis points from 3.56% at the end of 2023[54] Corporate Governance and Compliance - The Company is committed to maintaining high standards of corporate governance and has adopted the Corporate Governance Code as its own[115] - The Company deviated from Code Provision C.2.1 of the Corporate Governance Code, as the roles of chairman and chief executive were not separated following the resignation of the President on September 28, 2023[115] - The Company has complied with the Corporate Governance Code provisions in force for the first half of 2024, except for the noted deviation[115] Dividend and Shareholder Information - The Company declared an interim dividend of RMB0.20 per share for the six months ended June 30, 2024, equivalent to HKD0.219 per share, compared to HKD0.216 per share in 2023[116] - The interim dividend will be payable on October 25, 2024, to shareholders listed on the register as of September 11, 2024[116] - Shareholders must submit completed dividend currency election forms by October 7, 2024, to receive dividends in RMB[118] Audit and Financial Reporting - The Company’s independent auditor, KPMG, reviewed the unaudited condensed consolidated financial information for the six months ended June 30, 2024, with no disagreements noted[116] - The interim financial report for China Resources Land Limited as of June 30, 2024, has been reviewed and found to comply with Hong Kong Accounting Standard 34[125] - The review was conducted by KPMG, ensuring the integrity of the financial reporting process[128] Investment Properties and Assets - The total carrying value of the Group's offices was RMB36.43 billion, accounting for 3.0% of total assets, with a total GFA of 1.36 million square meters, an increase of 7.7% YoY[31] - The total value of completed investment properties was RMB 195,889,424, while investment properties under construction amounted to RMB 58,786,868[177] - The Group measures its investment properties at fair value, with valuations conducted by independent and professionally qualified valuers at least every six months[179] Employee and Management Information - The Group had a total of 61,826 employees in mainland China and Hong Kong as of 30 June 2024[60] - Performance bonuses are granted on a discretionary basis, alongside other employee benefits including provident funds, insurance, and medical plans[60]