Workflow
绿城中国(03900.HK):单月销售金额实现增长 拿地强度保持高位

Core Viewpoint - The company maintains a "buy" rating due to steady sales growth, high land acquisition intensity, and robust self-investment and construction business, with a strong land reserve structure [1] Sales Performance - In May 2025, the company launched 13 self-investment projects with a total saleable area of approximately 290,000 square meters, achieving a sales area of 420,000 square meters, a year-on-year decrease of 14.3%, while sales amount reached 18.6 billion yuan, a year-on-year increase of 14.8% [1] - From January to May 2025, the cumulative sales area of self-investment projects was 1.8 million square meters, a year-on-year decrease of 15.1%, with a sales amount of 65.4 billion yuan, a year-on-year decrease of 3.8% [2] - The cumulative average sales price was 36,333 yuan per square meter, a year-on-year increase of 13.3% [2] Land Acquisition - In May 2025, the company acquired 4 new land parcels in Hangzhou, Xi'an, Foshan, and Zhoushan, adding a total construction area of 450,000 square meters with an equity acquisition amount of approximately 3.9 billion yuan [2] - From January to May 2025, the company acquired 30 new land parcels with a total construction area of 3 million square meters and an equity acquisition amount of 37.3 billion yuan, maintaining a high land acquisition intensity of 84% [2] Financing Activities - The company successfully issued three tranches of medium-term notes totaling 3 billion yuan from January to May 2025, with coupon rates ranging from 4.2% to 4.37%, maintaining low financing costs [2] - In February, the company issued a three-year 500 million USD senior note, which was the largest real estate dollar bond in Asia since 2022, with a subscription multiple of 4.3 times, indicating high market recognition [2]