Core Insights - The article highlights the significant role of China Resources Land in the development and operation of sports venues during the 15th National Games, showcasing its capabilities as a "city investment and development operator" [2][3][8] - The company employs a unique "3+1" integrated business model, which includes three main business segments and an ecosystem element, demonstrating its comprehensive approach to urban development [3][4] - China Resources Land has been deeply involved in residential development in Shenzhen, having completed over 30 projects that provide housing for nearly 50,000 families, reflecting its commitment to high-quality living environments [6][7] Group 1: Event and Operational Strength - The 15th National Games served as a test of both the hard and soft strengths of urban construction and operational services, with China Resources Land delivering impressive results across eight major venues in Shenzhen [3] - The company's involvement in the Shenzhen Universiade Center project exemplifies its innovative approach, completing a comprehensive renovation in just 19 months, which has set a benchmark for venue operations nationwide [4] Group 2: Business Model and Urban Development - The "3+1" model of China Resources Land integrates development, operational real estate, and light asset management, along with ecosystem elements, to maximize project value and achieve resource synergy [3][4] - The company has transformed the Houhai area into a vibrant urban center over nearly 20 years, blending high-end commercial, cultural, and recreational elements [3][4] Group 3: Residential Development and Quality Living - China Resources Land has consistently focused on enhancing residential quality, with projects like "Happiness Residence" and "Yuefu" setting high standards in luxury living [6][7] - The upcoming Shenzhen Bay project is positioned as a pinnacle of high-end living, emphasizing human-centered design and luxury [6][7] Group 4: Future Outlook - The company is committed to continuing its role as a key player in urban development, leveraging its experience and capabilities to contribute to the evolution of Shenzhen into a better city [8]

Core Insights - The conference marked the launch of China Resources Land's innovative "Ruin Partner Marketing Co-Creation Plan" aimed at collaborative development and resource integration [1] - The event gathered over 250 partners from various sectors, emphasizing the importance of cooperation in enhancing marketing efforts [1] - The plan focuses on three pillars: secure cooperation guarantees, efficient transaction tools, and shared value rights, providing a comprehensive solution for industry partners [1][2] Group 1 - The conference was centered around the theme of "co-construction and win-win" and aimed to build a national resource pool and long-term communication mechanism with partners [1] - The initiative integrates internal and external resources to enhance customer reach and collaboration capabilities [1] - The launch of the new unified customer platform "Xiao Run+" will allow for full visibility of customer processes [2] Group 2 - The plan includes the introduction of a training empowerment system for partners, addressing their specific needs [2] - The overall strategy aims to transform cooperative relationships from simple business collaborations into a shared destiny community [1] - The initiative is designed to maximize the empowerment of partners across various fields, achieving a synergistic effect [2]

Company Dynamics - The company participated in a capital market open event hosted by China Resources Land and Vanke Life on November 18-19, conducting research on its Northeast and North China operations, visiting commercial and residential projects in Hohhot and Taiyuan, and engaging in discussions with company and local management [1] Market Position and Product Strategy - The company effectively captures structural opportunities in the development market, maintaining a leading position in low-bottom market areas. For the period from January to September 2025, the company's market share in Shenyang and Dalian reached approximately 10%, ranking second in the market [1] - The company leverages government-enterprise relationships and brand reputation to acquire core land parcels in high population density areas with scenic resources. It focuses on high-end products to meet the needs of improvement-oriented customers, enhancing its bargaining power [1] - The company’s "City No. 1 Project" strategy includes innovative designs, such as the first fourth-generation residential project in Shenyang, which features practical living solutions for the Northeast climate, achieving a maximum usable area ratio of 126% [1] Pricing and Sales Performance - The company’s three main projects in the Northeast region show stable pricing since 2024, with a premium of 20-30% over surrounding second-hand housing. The expected sales rate and profit margin are both positive [1] Operational Strength and Rental Growth - The company’s operational strength is highlighted by the continuous iteration of flagship projects, such as the Shenyang MixC, which has undergone three upgrades since its opening in 2011, with further enhancements planned for 2024 [2] - Growth is also anticipated from the integration of emerging projects, with four luxury brands expected to open in Changchun MixC over the next two years. Additionally, there are two and four major projects in Northeast and North China, respectively, awaiting opening [2] - The company’s held properties contributed 34% and 50% to core net profit in 2024 and the first half of 2025, respectively, indicating that this segment is expected to stabilize profits [2] Profit Forecast and Valuation - The company maintains its profit forecast and continues to rate outperforming the industry with a target price of HKD 44.63, corresponding to 0.9 times the 2026 target P/B and a potential upside of 52% [2] - The company is currently trading at 0.7 and 0.6 times the 2025 and 2026 P/B, with dividend yields of 4.7% and 5.0% for 2025 and 2026, respectively [2]

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）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份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。 本公告及其隨附的上市文件僅供參考之用，並不構成收購、購買或認購證券的邀 請或要約，或訂立任何協議以作出任何該等事宜的邀請，亦不被視作收購、購買 或認購任何證券的要約邀請。 本公告及本文所述上市文件乃按上市規則（定義見下文）規定的僅作資料用途而刊 發，並不構成提呈出售任何證券的要約或招攬購買任何證券的要約。本公告及其 任何內容（包括上市文件）並非任何合約或承諾的依據。為免生疑，刊發本公告及 本文所述的上市文件不應被視為就香港法例第32章公司（ 清盤及雜項條文 ）條例而 言 根 據 本 公 司（ 定 義 見 下 文 ）所 刊 發 或 代 其 刊 發 的 招 股 章 程 而 作 出 的 證 券 發 售 要 約 ， 亦 概 不 構 成 就 香 港 法 例 第 571章 證 券 及 期 貨 條 例 而 言 的 廣 告 、 邀 請 或 文 件 ， 其中載有向公眾人士的邀約，訂立或要約訂立有關購買 ...

Core Insights - The concept of "good housing" has been officially recognized in government reports, emphasizing safety, comfort, sustainability, and intelligence as core standards for residential needs in the new era [1][2] - China’s housing development is shifting focus from mere availability to quality, aiming to enhance residents' living standards and happiness through tailored solutions for diverse demographics [2][4] Group 1: Good Housing Framework - The "good housing" framework is built on respect and care for individuals, transitioning from "having housing" to "having good housing" [2] - The "good housing" system by China Resources Land includes "good products, good communities, and good services," supported by a "ten energy system" to ensure comprehensive living experiences [1][4] Group 2: Full-Cycle Renewal Technology - The "full-cycle renewal technology" allows flexible adjustments in living spaces using modular, industrialized, and column-free designs, enabling homes to adapt to changing family needs [4] - A comprehensive home renovation service system is established to cater to families with children and the elderly, ensuring homes remain aligned with evolving needs [4] Group 3: Affordable Rental Housing - The "Nest" brand under China Resources Land offers a multi-tier rental supply system, including compact units designed for young urban residents, maximizing functionality in limited space [6] - The rental model encourages tenant participation in community space improvements, fostering a sense of belonging [6] Group 4: Complete Community Development - The concept of a "complete community" is defined by a 15-minute living circle, integrating essential services like healthcare, childcare, and shopping within close proximity [8][9] - China Resources Land's diverse business operations, including commercial properties and asset management, support the development of these complete communities [9][10] Group 5: Operational Excellence - The operational strategy, termed "good maintenance," integrates housing management, community governance, and urban operations, enhancing overall service delivery [15][16] - Advanced technologies such as AI and IoT are employed to create smart community management systems, improving efficiency and safety for residents [17] Group 6: Urban Operations Model - The "Nanshan Model" exemplifies successful urban operations, focusing on integrated city services and community engagement, which can be adapted to various urban contexts across China [19] - The holistic approach to housing and community development positions "good housing" as a vital link between individual lives, community warmth, and urban growth [19]

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告之內 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 告全部或任何部份內容而產生或因倚賴該等內容而引致之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 何協議以作出任何該等事宜的邀請，亦不被視作收購、購買或認購任何證券的要 約邀請。 本公告並不構成亦不屬在或向美國或在任何其他司法管轄權區購買或認購證券的 任何要約或招攬其中一部分。本公告所指的證券概無及將不會根據經修訂的一九 三三年美國證券法（「證券法」）或美國任何州或其他司法管轄權區的證券法登記， 除根據證券法及適用州或地方證券法獲豁免或屬不受該等登記規定所規限的交易 外，概不可在美國境內發售或出售。本公告及其中所載資料不得直接或間接在或 向 美國 或在 任何 其他 司 法管 轄權 區派 發。 證券 將 僅依 賴證 券法 S規例 在美 國 境外 發售。概不會在或向美國或向香港公眾或在有關發售受限制或被禁止的任何其他 司法管轄權區作出證券公開發售。 在香港聯合交易所有限公司之上市通知 聯席全球協調人、聯席賬簿管理人 ...

Core Insights - China Resources Land has made significant strides in the Shanghai real estate market since its return in 2023, competing with established state-owned enterprises like Jinmao [1] - The company ranked third in sales in Shanghai for the period from January to October 2025, with a sales amount of 34.17 billion yuan, trailing only Poly Developments and China Merchants Shekou [1] - Despite a strong start, sales in October showed signs of slowing down, raising concerns about the company's ability to navigate challenges in the high-end market [1] Sales Performance - In the first seven months of 2025, sales in Shanghai accounted for approximately 20% of the company's total sales [1] - The company is expected to maintain or slightly increase its sales proportion in Shanghai due to the launch of high-end projects in the second half of the year [1] - The Feiyun Yuefu project achieved a high sales rate of 91.73%, with 677 out of 738 units sold, indicating successful marketing efforts [2] Market Challenges - High-end projects are facing pressure on sales, with newer projects showing lower absorption rates compared to earlier launches [2][4] - The Huaihai Riverside project has seen a significantly lower absorption rate, with only 74.79% and 17.8% of units sold in its two phases, respectively [5] - The competitive landscape in Shanghai's high-end market is intensifying, with other developers also vying for high-net-worth clients [4][9] Strategic Moves - The company has made strategic acquisitions, including a 24.47 billion yuan purchase of land in the Shanghai Bund area [2] - Upcoming projects like Luanqi Binjiang are expected to enter the market with a price of 136,700 yuan per square meter, contributing to the company's sales [8] - The company is also focusing on enhancing product quality and design to attract high-net-worth individuals, despite facing challenges in construction and market positioning [9][10] Financial Position - China Resources Land has successfully issued 4.3 billion yuan and 300 million USD in dual-currency green bonds, which may help reduce financing costs and support its high-end market strategy [10] - The company has been actively expanding its land reserves in Shanghai, ranking first in land acquisition in 2023 with 21.76 billion yuan [11] - However, the integration of commercial and residential developments has not met expectations, impacting overall profitability [11][12]

Core Viewpoint - China Resources Land has launched five high-end residential projects in four major cities, showcasing its ability to understand land, culture, and customer needs, thus transforming from a "space builder" to a "definer of luxury living" in the high-end residential market [4][23]. Group 1: High-End Residential Projects - The projects include Shilin Runyuan in Shanghai, Runyuan in Beijing, Luanxi in Shenzhen, and Changjiang Tianji in Wuhan, reflecting a comprehensive layout in the high-end residential market [4]. - The company emphasizes a deep understanding of land value that goes beyond traditional location-based assessments, focusing on urban context and natural resources [5][11]. Group 2: Cultural Integration and Historical Respect - In Shilin Runyuan, the development preserves 53 original site components and innovatively reuses century-old bricks, reflecting a commitment to historical continuity [7]. - The project maintains the historical street patterns of the old city and integrates historical water systems into modern ecological designs, balancing historical texture with contemporary needs [9]. Group 3: Customer Understanding and Customization - The company conducted over 300 in-depth interviews with potential customers to capture nuanced needs, emphasizing identity, cultural belonging, and family heritage in their luxury offerings [11][12]. - Customization is elevated to a comprehensive service, allowing for personalized elements that reflect family culture and lifestyle preferences [12][14]. Group 4: Urban Integration and Lifestyle Reconstruction - The company positions itself as a "co-builder" of urban areas, integrating high-end residential projects with commercial and cultural spaces to create a cohesive urban ecosystem [15][17]. - Projects like Luanqi Binjiang in Shanghai and Luanxi in Shenzhen exemplify this approach, creating vibrant living environments that connect residents to the city's cultural and social fabric [15][17]. Group 5: High-End Service and Brand Evolution - The introduction of "Li Shi Service" enhances the value of high-end properties by focusing on lifestyle content and community culture, moving beyond traditional property management [18][20]. - The company has evolved from a developer to a city operator, demonstrating a strong capability in integrating various urban functions, thus providing a high-quality living experience [20][23]. Group 6: Continuous Innovation and Market Adaptation - The company has established a responsive product development system that adapts to changing market demands, ensuring continuous evolution of its luxury offerings [21]. - The "Li Shi Service" includes 769 rigorous standards across various service scenarios, addressing the needs of high-end clientele comprehensively [22]. Group 7: Long-Term Vision and Market Leadership - The company aims to lead the high-end residential market in China through continuous innovation and a commitment to creating a sustainable lifestyle for its clients [25]. - This strategic vision positions China Resources Land as a pioneer in the luxury residential sector, moving beyond individual projects to a holistic approach to urban living [25].

据有关媒体报道，此次股份配售获得全球机构投资者热烈响应，超额认购倍数高达4倍，其中长线基金 占比接近60%。结合境外债首批发行规模测算，两项融资合计将为华润置地补充资金约295.7亿元人民 币。 对于资金用途，华润置地明确表示，境外债募集资金将用于优化债务结构，英文版公告进一步细化 为"偿还现有债务"；而出售华润万象生活股份所得，则拟用于土地储备收购、项目开发成本及集团一般 营运资金。 巨额融资背后 继时隔六年重启境外债发行后，华润置地近期再度抛出一项重大资本运作。11月17日，华润置地发布自 愿公告，宣布完成对旗下华润万象生活股份的出售，套现约20.6亿港元。短短数日内，这两项融资计划 预计将为其补充近300亿元人民币的巨额资金。 在房地产行业深度调整的背景下，央企华润置地这一系列密集动作，也引发了市场的广泛讨论。市场关 注的核心聚焦于两点：其一，这笔巨额资金将用于何处？其二，作为行业少有的稳健型央企，华润置地 此时密集"补血"是否意味着行业流动性压力已传导至头部企业？ 筹资近300亿元 首先引爆市场关注的，是其时隔六年的境外债重启计划。根据11月10日的公告，华润置地已申请批准一 项规模高达39亿美元的中 ...

Core Insights - The first "Run Partner" marketing co-creation conference organized by China Resources Land was held in Hainan, emphasizing the concept of "co-building and co-winning" [1] - Over 250 core partners from various cities were invited to participate, aiming to establish a national resource database and a long-term communication mechanism [1][2] - The conference marked the official launch of the "Run Partner" marketing co-creation plan, which focuses on enhancing customer reach and collaboration capabilities through efficient resource integration [2][3] Summary by Sections Event Overview - The conference showcased China Resources Land's strengths and innovative capabilities, receiving high recognition from attending partners [2] - A special award ceremony was held to honor partners in various fields, including property owners, property management, and media [2] Strategic Initiatives - The "Run Partner" marketing co-creation plan is designed to address the new market environment with three main pillars: secure cooperation guarantees, efficient transaction tools, and shared value rights [2] - The plan includes seven systematic solutions aimed at creating core value for industry partners, such as expanding cooperation rights and upgrading service standards [2] Future Outlook - The company aims to steadily implement the "Run Partner" marketing co-creation plan across different regions, enhancing collaboration among cities and projects [3]