越秀房产基金成立专班 打响出租率保卫战

Core Viewpoint - Yuexiu Real Estate Investment Trust (00405.HK) has experienced a decline in revenue and increased losses in the first half of 2025, reflecting broader pressures in the real estate market and changing tenant demands [1][2]. Financial Performance - Total revenue for Yuexiu Real Estate Investment Trust in the first half of 2025 was 966 million yuan, a year-on-year decrease of 6.6%, marking the second consecutive year of decline [1]. - The net loss after tax was 337 million yuan, exacerbated by fair value losses on investment properties [1]. - Office building revenue accounted for 532 million yuan, representing 55% of total revenue, down by 50.18 million yuan compared to the same period last year [1]. - Hotel apartment revenue was 250 million yuan, making up 26% of total revenue, while retail and professional market revenues also saw declines [1]. Market Trends - The pressure for cost reduction and efficiency from upstream industries is impacting property management firms, leading to a trend of companies downsizing or relocating from urban to suburban areas [1]. - The office market continues to face challenges, with a conservative expansion trend among businesses [1]. - Retail and clothing markets are experiencing increased operational pressures due to weak consumer spending, while high-end hotel apartments are directly affected by consumer downgrading, resulting in price reductions [1]. Strategic Response - Yuexiu Real Estate Investment Trust has implemented strategies for each project, prioritizing stable occupancy rates and introducing renovated units and smaller unit types [2]. - The overall occupancy rate for managed properties remained above 82% in the first half of 2025 [2]. - The renewal rate for office space in the Guangzhou International Financial Center reached 70%, with nearly 90% of renovated units being leased within an average of 19 days [2].