格隆汇8月22日丨绿城中国(03900.HK)宣布，公司执行董事洪蕾获委任为提名委员会成员，自2025年8月 22日起生效。 ...

新增35个项目，总建筑面积约355万平方米，预计可售货值达约人民币907亿元，位列行业第三，其中一 二线货值占比达88%，结构安全。 格隆汇8月22日丨绿城中国(03900.HK)公告，截至2025年6月30日止6个月中期业绩，取得收入约人民币 533.68亿元，股东应占利润约人民币2.1亿元；于2025年6月30日，银行存款及现金(包括抵押银行存款) 约为人民币667.95亿元，为一年内到期借款余额的2.9倍，创历史新高；债务结构持续优化，短债占比为 16.3%，创历史新低；总借贷加权平均利息成本为3.6%，较2024年同期的4.0%下降40个基点；取得总合 同销售约人民币1,222亿元，位列行业第二；其中，自投项目销售约人民币803亿元，权益销售额约人民 币539亿元，均位列行业第五。 ...

GREENTOWN CHINA HOLDINGS LIMITED 董事名單及其角色與職能 綠 城 中 國 控 股 有 限 公 司 董 事 會 成 員 載 列 如 下： 主席及非執行董事 劉成雲先生 執行董事 郭佳峰先生 耿忠強先生 李 駿先生 洪 蕾女士 非執行董事 吳天海先生 周安橋先生 獨立非執行董事 賈生華先生 許雲輝先生 朱玉辰先生 秦悅民先生 * 僅供識別 – 1 – 附 註： C 有關董事委員會之主席 M 有關董事委員會之成員 中 國，杭 州 2025年8月22日 – 2 – 董 事 會 轄 下 設 有 三 個 委 員 會。下 表 載 列 有 關 委 員 會 的 成 員 信 息： 董事委員會 董 事 審 核 委員會 薪 酬 委員會 提 名 委員會 劉成雲先生 M M 洪 蕾女士 M 賈生華先生 MCM 許雲輝先生 CMM 朱玉辰先生 MMC 秦悅民先生 MMM ...

董事會委員會組成變更 綠城中國控股有限公司（「本公司」）董 事（「董 事」）會（「董事會」）宣 佈，本 公 司 執 行 董事洪蕾女士獲委任為本公司提名委員會（「提名委員會」）成 員，自2025年8月 22日 起 生 效。繼 本 次 委 任 後，提 名 委 員 會 由 劉 成 雲 先 生、洪 蕾 女 士、賈 生 華 先 生、許 雲 輝 先 生、朱 玉 辰 先 生 及 秦 悅 民 先 生 組 成，朱 玉 辰 先 生 擔 任 提 名 委 員 會 主 席。 承董事會命 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。 GREENTOWN CHINA HOLDINGS LIMITED 主 席 劉成雲 中 國，杭 州 2025年8月22日 於 本 公 告 日 期，董 事 會 包 括 主 席 及 非 執 行 董 事 劉 成 雲 先 生；執 行 董 事 郭 佳 峰 先 生、耿 忠 強 先 生、李 駿 先 生 及 ...

[Summary](index=1&type=section&id=Summary) Greentown China reported H1 2025 unaudited interim results, showing RMB 53.368 billion revenue and RMB 210 million shareholder profit, demonstrating optimized financial structure and strong sales performance Key Financial and Operating Indicators for H1 2025 | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Change | | :--- | :--- | :--- | :--- | | Revenue | 53.368 billion yuan | 69.562 billion yuan | -23.3% | | Profit Attributable to Shareholders | 210 million yuan | 2.045 billion yuan | -89.7% | | Bank Deposits and Cash (Period-end) | 66.795 billion yuan | N/A | Historical High | | Short-term Debt Ratio | 16.3% | N/A | Historical Low | | Weighted Average Interest Cost of Total Borrowings | 3.6% | 4.0% | Decreased by 40 basis points | | Total Contracted Sales | 122.2 billion yuan | N/A | Ranked Second in Industry | | Newly Added Project Value | 90.7 billion yuan | N/A | Ranked Third in Industry | | Proportion of Newly Added Project Value in Tier 1 & 2 Cities | 88% | N/A | Structural Safety | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents Greentown China's unaudited interim condensed consolidated financial statements, reflecting operating results and financial position for H1 2025 [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) H1 2025 revenue decreased 23.3% to RMB 53.368 billion, with profit attributable to shareholders significantly down 89.7% to RMB 210 million Key Profit or Loss Statement Data for H1 2025 | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 53,368,264 | 69,562,037 | -23.3% | | Gross Profit | 7,158,895 | 9,103,633 | -21.4% | | Profit Before Tax | 2,237,052 | 4,668,759 | -52.1% | | Profit for the Period | 1,211,475 | 3,319,871 | -63.5% | | Profit for the Period Attributable to Owners of the Company | 209,907 | 2,044,902 | -89.7% | | Basic Earnings Per Share | RMB 0.08 | RMB 0.81 | -90.1% | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets reached RMB 518.114 billion, with net current assets at RMB 168.775 billion and net assets at RMB 119.323 billion Key Financial Position Data as of June 30, 2025 | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 72,602,316 | 70,094,243 | +3.6% | | Total Current Assets | 445,511,833 | 437,690,728 | +1.8% | | Total Current Liabilities | 276,736,767 | 285,505,028 | -3.1% | | Net Current Assets | 168,775,066 | 152,185,700 | +10.9% | | Total Non-current Liabilities | 122,054,215 | 108,795,760 | +12.2% | | Net Assets | 119,323,167 | 113,484,183 | +5.1% | | Total Equity | 119,323,167 | 113,484,183 | +5.1% | [Notes to the Interim Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes on the interim condensed consolidated financial statements, covering preparation basis, accounting policy changes, and specific financial items [1. Basis of Preparation](index=7&type=section&id=1.%20Basis%20of%20Preparation) Interim condensed consolidated financial information is prepared under IAS 34 and should be read with the 2024 annual consolidated financial statements - Financial information is prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting", is a condensed version, and should be read in conjunction with the annual financial statements[10](index=10&type=chunk) [2. Changes in Accounting Policies and Disclosures](index=7&type=section&id=2.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) Accounting policies are consistent with 2024 annual statements, with new IFRS adoptions having no material impact on current financial data - Accounting policies are consistent with the 2024 annual statements, and the newly adopted IAS 21 amendment "Lack of Exchangeability" has no material impact on current financial data[11](index=11&type=chunk)[12](index=12&type=chunk) [3. Operating Segment Information](index=7&type=section&id=3.%20Operating%20Segment%20Information) The Group's operating segments include property development, hotel operations, property investment, project management, and other businesses, with property development being the main contributor Revenue and Results by Operating Segment for H1 2025 | Segment | H1 2025 Revenue (RMB thousand) | H1 2024 Revenue (RMB thousand) | H1 2025 Results (RMB thousand) | H1 2024 Results (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Property Development | 49,651,391 | 63,757,038 | 818,602 | 2,082,625 | | Hotel Operations | 452,864 | 486,897 | 7,759 | 31,687 | | Property Investment | 130,827 | 138,836 | 50,967 | 60,812 | | Project Management | 1,361,194 | 1,640,031 | 315,015 | 546,749 | | Others | 1,771,988 | 3,539,235 | 7,094 | 182,664 | | **Total** | **53,368,264** | **69,562,037** | **1,199,437** | **2,904,537** | Assets and Liabilities by Operating Segment as of June 30, 2025 | Segment | June 30, 2025 Assets (RMB thousand) | December 31, 2024 Assets (RMB thousand) | June 30, 2025 Liabilities (RMB thousand) | December 31, 2024 Liabilities (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Property Development | 469,007,381 | 458,561,216 | 375,997,616 | 372,811,010 | | Hotel Operations | 9,958,944 | 10,204,302 | 889,378 | 966,578 | | Property Investment | 10,884,326 | 10,779,092 | 2,223,499 | 1,698,751 | | Project Management | 6,593,473 | 6,151,467 | 2,624,175 | 2,354,250 | | Others | 18,227,739 | 18,839,969 | 14,616,950 | 14,341,998 | | **Total Segments** | **514,671,863** | **504,536,046** | **396,351,618** | **392,172,587** | [4. Revenue](index=9&type=section&id=4.%20Revenue) H1 2025 total revenue was RMB 53.368 billion, primarily from customer contracts, representing a 23.3% year-on-year decrease, mainly from China Revenue Composition for H1 2025 | Revenue Source | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue from Contracts with Customers | 53,237,437 | 69,423,201 | -23.3% | | Rental Income | 130,827 | 138,836 | -5.8% | | **Total** | **53,368,264** | **69,562,037** | **-23.3%** | - The Group's consolidated revenue primarily originates from the China market[18](index=18&type=chunk) [5. Other Income](index=11&type=section&id=5.%20Other%20Income) H1 2025 other income totaled RMB 930 million, a 46.0% decrease year-on-year, mainly driven by reduced interest income Other Income Composition for H1 2025 | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Interest Income | 706,686 | 1,480,321 | -52.3% | | Integrated Services Income | 55,480 | 110,066 | -49.6% | | Government Grants | 30,569 | 15,942 | +91.7% | | Dividend Income from Equity Investments | 26,370 | 30,021 | -12.2% | | Others | 111,150 | 84,996 | +30.8% | | **Total** | **930,255** | **1,721,346** | **-46.0%** | [6. Other Gains / (Losses)](index=11&type=section&id=6.%20Other%20Gains%20%2F%20(Losses)) H1 2025 net other gains were RMB 75.518 million, turning from a loss in H1 2024, mainly due to positive net exchange gains Other Gains / (Losses) Composition for H1 2025 | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Net Exchange Gains / (Losses) | 36,025 | (74,064) | Turned from Loss to Profit | | Net Gains / (Losses) on Disposal of Property, Plant and Equipment and Right-of-use Assets | 1,162 | (14,609) | Turned from Loss to Profit | | Fair Value Changes (Losses) / Gains on Financial Assets Measured at Fair Value Through Profit or Loss | (1,131) | 519 | Turned from Profit to Loss | | (Losses) / Gains on Disposal of a Joint Venture | (15,458) | 2,696 | Turned from Profit to Loss | | Losses on Derecognition of Financial Liabilities Measured at Amortized Cost | (257) | (2,907) | Loss Decreased | | Others | 55,177 | – | Newly Added Gain | | **Total** | **75,518** | **(88,365)** | **Turned from Loss to Profit** | [7. Finance Costs](index=11&type=section&id=7.%20Finance%20Costs) H1 2025 total finance costs decreased 12.0% to RMB 1.141 billion, driven by a 20.2% reduction in total interest expense Finance Costs Composition for H1 2025 | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Interest on Bank and Other Borrowings and Amounts Due to Related Parties | 2,269,997 | 2,910,475 | -22.0% | | Interest on Senior Notes | 180,645 | 230,928 | -21.8% | | Interest on Corporate Debt Instruments | 491,886 | 543,607 | -9.5% | | Interest on Leases | 10,705 | 13,138 | -18.6% | | **Total Borrowing Costs** | **2,953,233** | **3,698,148** | **-20.2%** | | Less: Interest Capitalized in Properties Under Development and Construction in Progress | (1,812,544) | (2,403,144) | -24.6% | | **Total** | **1,140,689** | **1,295,004** | **-12.0%** | [8. Taxation](index=12&type=section&id=8.%20Taxation) H1 2025 total tax expense decreased 24.0% to RMB 1.026 billion, with a notable increase in Land Appreciation Tax and a decrease in Enterprise Income Tax Tax Expense Composition for H1 2025 | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | China Enterprise Income Tax (Current) | 1,864,013 | 2,206,008 | -15.5% | | China Land Appreciation Tax (Current) | 1,501,647 | 424,753 | +253.5% | | China Enterprise Income Tax (Deferred) | (1,513,233) | (1,281,873) | +18.0% | | China Land Appreciation Tax (Deferred) | (826,850) | – | Newly Added | | **Total Tax Expense for the Period** | **1,025,577** | **1,348,888** | **-24.0%** | - Some Chinese subsidiaries enjoy a **15% preferential tax rate**, while the general tax rate is 25%[24](index=24&type=chunk) - Land Appreciation Tax provision of **RMB 675 million** was recognized in H1 2025, an increase from RMB 425 million in the same period last year[25](index=25&type=chunk) [9. Dividends](index=13&type=section&id=9.%20Dividends) The Board approved a final dividend of RMB 0.3 per share for FY2024, totaling RMB 762 million, but resolved not to declare an interim dividend for H1 2025 Dividend Declaration Status | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | 2024 Final Dividend (Per Share) | RMB 0.3 | N/A | | 2024 Final Dividend (Total) | RMB 761,880,000 | N/A | | 2023 Final Dividend (Per Share) | N/A | RMB 0.43 | | 2023 Final Dividend (Total) | N/A | RMB 1,088,759,000 | | H1 2025 Interim Dividend | None | None | [10. Earnings Per Share](index=13&type=section&id=10.%20Earnings%20Per%20Share) H1 2025 profit attributable to owners was RMB 210 million, leading to basic and diluted EPS of RMB 0.08, a significant decrease from H1 2024 Earnings Per Share Calculation Data | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company (RMB thousand) | 209,907 | 2,044,902 | | Basic Earnings Per Share (RMB) | 0.08 | 0.81 | | Diluted Earnings Per Share (RMB) | 0.08 | 0.81 | | Weighted Average Number of Ordinary Shares for Basic EPS Calculation | 2,536,948,750 | 2,531,998,690 | | Weighted Average Number of Ordinary Shares for Diluted EPS Calculation | 2,539,249,268 | 2,531,998,690 | [11. Trade and Other Receivables, Deposits and Prepayments](index=14&type=section&id=11.%20Trade%20and%20Other%20Receivables,%20Deposits%20and%20Prepayments) As of June 30, 2025, trade and other receivables, deposits, and prepayments totaled RMB 9.991 billion, a decrease from end of 2024 Trade and Other Receivables, Deposits and Prepayments | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Net Book Value of Trade Receivables | 2,353,344 | 2,637,572 | -10.8% | | Net Book Value of Other Receivables | 6,447,400 | 7,817,669 | -17.5% | | Prepayments and Deposits | 1,190,594 | 1,045,626 | +13.9% | | **Total** | **9,991,338** | **11,500,867** | **-13.2%** | - The average credit period for trade receivables is **90 days**[30](index=30&type=chunk) [12. Amounts Due from / to Related Parties](index=15&type=section&id=12.%20Amounts%20Due%20from%20%2F%20to%20Related%20Parties) As of June 30, 2025, amounts due from related parties increased to RMB 87.540 billion, while amounts due to related parties slightly decreased to RMB 27.053 billion Amounts Due from Related Parties | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Associates | 11,214,288 | 9,248,716 | +21.2% | | Joint Ventures | 13,064,775 | 13,299,540 | -1.8% | | Non-controlling Shareholders | 63,074,103 | 57,423,771 | +9.8% | | Shareholder Companies | 43,507 | 4,625 | +840.7% | | Directors | 143,434 | 143,434 | 0% | | **Total** | **87,540,107** | **80,120,086** | **+9.3%** | Amounts Due to Related Parties | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Associates | 14,194,142 | 13,481,844 | +5.3% | | Joint Ventures | 5,937,450 | 5,616,200 | +5.7% | | Non-controlling Shareholders | 6,247,296 | 7,390,508 | -15.5% | | Shareholder Companies | 398,617 | 473,829 | -15.9% | | Directors | 275,877 | 298,191 | -7.5% | | **Total** | **27,053,382** | **27,260,572** | **-0.8%** | - As of June 30, 2025, the loss allowance for amounts due from related parties was assessed and recognized at **RMB 2.202 billion**, an increase from RMB 2.000 billion at end of 2024[31](index=31&type=chunk) [13. Trade and Other Payables](index=17&type=section&id=13.%20Trade%20and%20Other%20Payables) As of June 30, 2025, trade and other payables totaled RMB 47.802 billion, a 15.2% decrease from end of 2024 Trade and Other Payables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Trade Payables | 42,369,941 | 47,149,096 | -10.2% | | Other Payables and Accruals | 5,432,443 | 9,205,082 | -41.0% | | **Total** | **47,802,384** | **56,354,178** | **-15.2%** | - Among trade payables, the highest proportion is due within 180 days, amounting to **RMB 28.300 billion**[34](index=34&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) This section analyzes Greentown China's H1 2025 operating performance, market environment, strategic initiatives, and financial position, including an outlook for H2 [Operating Review](index=18&type=section&id=Operating%20Review) In H1 2025, Greentown China achieved steady progress across sales, investment, financial stability, and product services, driven by its core philosophy and continuous innovation [Market Environment](index=18&type=section&id=Market%20Environment) - The real estate market continued its low-level consolidation, generally in a bottoming-out phase of "weak recovery, strong differentiation," with industry scale continuously shrinking, new and second-hand home prices persistently falling, and inventory rising[35](index=35&type=chunk) [Company Strategy and Performance](index=18&type=section&id=Company%20Strategy%20and%20Performance) - Greentown China adheres to its philosophy of "intensive cultivation for survival, reform for progress, innovation for long-term success, and striving for victory," prioritizing sales destocking, increasing revenue and reducing expenditure, cost reduction and efficiency improvement, and quality delivery as baseline tasks[36](index=36&type=chunk) - The company has been ranked among the **"Top 10 Comprehensive Strength of China's Real Estate Top 100 Enterprises" for 21 consecutive years**, and received honors such as "2025 China Real Estate Top 100 Enterprises Stability Top 10" and "2025 China Real Estate Brand Value Top 4"[36](index=36&type=chunk) [Performance](index=19&type=section&id=Performance) H1 2025 Performance Overview | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Change | | :--- | :--- | :--- | :--- | | Revenue | 53.368 billion yuan | 69.562 billion yuan | -23.3% | | Profit Attributable to Shareholders | 210 million yuan | 2.045 billion yuan | -89.7% | | Area Recognized | Decreased by 22.7% year-on-year | N/A | Decrease | | Asset Impairment Loss | 1.933 billion yuan | N/A | Provision Made | [Marketing](index=19&type=section&id=Marketing) H1 2025 Marketing Data | Indicator | Data | Ranking/Change | | :--- | :--- | :--- | | Total Contracted Sales Amount | RMB 122.2 billion yuan | Ranked Second Nationally | | Contracted Sales Amount of Self-invested Projects | RMB 80.3 billion yuan | Ranked Fifth Nationally | | Equity Sales Amount | RMB 53.9 billion yuan | Ranked Fifth Nationally | | Average Selling Price of Self-invested Projects | RMB 34,984/sqm | Maintained a relatively high level in the industry | | Collection Rate | 96% | Maintained at a high level | | Average Sell-through Rate of First-launch Projects | 80% | Increased by 2 percentage points year-on-year | | Digital Marketing Proportion | 22.6% | Increased by 10.5 percentage points year-on-year, hitting a historical high | | Digital Marketing Expense Ratio | 0.7% | Effectively saved marketing expenses | | Sales Proportion in Tier 1 & 2 Cities | Approx. 86% | Increased by 6 percentage points year-on-year | | Yangtze River Delta Sales Proportion | Approx. 69% | N/A | [Investment](index=20&type=section&id=Investment) H1 2025 New Investment Data | Indicator | Data | Ranking/Change | | :--- | :--- | :--- | | Number of New Projects | 35 | N/A | | Total New GFA | Approx. 3.55 million sqm | N/A | | Costs Borne by the Group | Approx. RMB 36.2 billion yuan | N/A | | Average Floor Price | Approx. RMB 13,591/sqm | N/A | | Estimated New Project Value | RMB 90.7 billion yuan | Ranked Third in Industry | | Average Equity Ratio of Newly Acquired Projects | Approx. 77% | Maintained at a relatively high level | | Proportion of New Project Value in Tier 1 & 2 Cities | 88% | N/A | | Sales Conversion Rate of Newly Acquired Projects in the Current Year | Approx. 55% | N/A | - As of June 30, 2025, the Group had **158 land reserve projects**, with a total GFA of approximately **27.24 million sqm** and attributable GFA of approximately **17.95 million sqm**. High-tier cities accounted for approximately **80% of project value**, and the Yangtze River Delta region accounted for approximately **64%**[44](index=44&type=chunk) [Product](index=22&type=section&id=Product) - Continuously iterated "Greentown Good Houses," updated product standards, and provided practical "Good Houses" operational IP technical manuals guided by operational value[45](index=45&type=chunk) - Vigorously promoted industrialized technologies such as cross-construction and industrial interior decoration to improve engineering efficiency and product quality[46](index=46&type=chunk) - In H1, self-invested and agency construction segments collectively delivered **84 projects**, with an area of approximately **7.80 million sqm** and approximately **39,000 households** delivered[46](index=46&type=chunk) [Operations](index=23&type=section&id=Operations) - Average land acquisition to operational breakeven cycle accelerated by **7% to 11.5 months**, and land acquisition to delivery accelerated by **4% to 25.3 months**[47](index=47&type=chunk) - Average unit construction cost decreased by approximately **RMB 150** compared to end of 2024[48](index=48&type=chunk) - Centralized procurement prices for key categories decreased by over **10%**, and the "one city, one value" cost database was iterated[48](index=48&type=chunk) [Organization](index=23&type=section&id=Organization) - Organizational efficiency improved, with two-tier management units accounting for **82%**, and per capita construction area for non-marketing personnel maintained above **12,000 sqm**[49](index=49&type=chunk) - Over **160 core talents** were introduced externally, **68 key position special forces** were selected and trained internally, and **70 core talents** from headquarters were deployed to frontline positions[49](index=49&type=chunk) [Financing](index=24&type=section&id=Financing) H1 2025 Financing Costs and Activities | Indicator | Data | Change/Description | | :--- | :--- | :--- | | Weighted Average Interest Cost of Total Borrowings (End of June 2025) | 3.4% | Decreased from 3.9% at end of same period last year | | Domestic Primary Market Issuance | 9 tranches totaling RMB 7.711 billion yuan | Including 5.5 billion yuan credit bonds and 2.211 billion yuan supply chain ABN | | Mid-to-long Term Credit Bond Financing Cost (August) | 3.27% | Historical low 3-year medium-term note issuance rate | | Offshore Debt Exchange | Approx. USD 802 million | N/A | | Offshore Senior Notes Issuance | USD 500 million (3-year, 8.45%) | Reopened offshore USD bond financing channel for Chinese real estate | | Proportion of Offshore Debt | Approx. 15.3% | Decreased by 1.1 percentage points from end of 2024 | [Agency Construction Business](index=24&type=section&id=Agency%20Construction%20Business) - Greentown Management consecutively won multiple "Top 1 Leading Enterprise in China's Real Estate Agency Construction Operations" honors from China Index Academy, E-House CRIC, and CRIC[52](index=52&type=chunk) H1 2025 Agency Construction Business Data | Indicator | Data | Change | | :--- | :--- | :--- | | Newly Expanded Agency Construction Area | Approx. 19.89 million sqm | Increased by 13.9% year-on-year | | Newly Expanded Agency Construction Fees | Approx. RMB 5 billion yuan | Increased by 19.1% year-on-year | | High-quality Delivery Area | Approx. 4.65 million sqm | Ranked First in Industry | | Number of High-quality Delivered Units | 25,600 units | Ranked First in Industry | | Bank Balances and Cash (June 30, 2025) | RMB 1.64 billion yuan | Increased by 8% from end of 2024 | [Greentown+ Businesses](index=25&type=section&id=Greentown%2B%20Businesses) - In the lifestyle technology business, C-end mid-to-high-end home decoration business contract value exceeded **RMB 640 million** in H1, with a year-on-year increase of over **100%**[54](index=54&type=chunk) - Decoration business received **AAA industry credit rating for ten consecutive years**; EPC business facilitated the smooth delivery of the first affordable housing "Good House"[54](index=54&type=chunk) - Commercial operations business successfully secured full-process entrusted management and operation services for an apartment commercial complex project in Binjiang District, Hangzhou, achieving a breakthrough from zero to one in the asset-light sector[54](index=54&type=chunk) - Town operations successfully signed **2 industrial service projects**; Greentown Health & Elderly Care business achieved a new high in expansion, securing **3 asset-light projects**[54](index=54&type=chunk) [Outlook](index=25&type=section&id=Outlook) H2 2025 outlook anticipates continued real estate market consolidation, with Greentown China focusing on strategic commitments and key measures for healthy development [Market Outlook](index=25&type=section&id=Outlook-Market%20Outlook) - Policy orientation shifted from "deleveraging" to "risk prevention," market demand from "universal growth" to "differentiation," and industry competition from "scale expansion" to "quality competition"[55](index=55&type=chunk) - The industry is expected to remain in a consolidation phase in **H2 2025**, with a full market recovery still requiring time. Core cities show stronger resilience, while third and fourth-tier cities face long-term destocking pressure[55](index=55&type=chunk) [Strategic Focus and Key Initiatives](index=25&type=section&id=Outlook-Strategic%20Focus%20and%20Key%20Initiatives) - Firmly adhere to the "Three Unwavering Commitments": strategic focus (deep cultivation of "quality land, quality products, quality services"), quality belief (product strength as core competitiveness), and stable operations (moderate scale, risk prevention)[56](index=56&type=chunk) - Eight key measures will be implemented: accelerating inventory destocking, maintaining precise investment, strengthening risk control, focusing on operational upgrades, achieving product advancement, concentrating on cost reduction and potential tapping, deepening agency construction development, and promoting business focus[57](index=57&type=chunk)[58](index=58&type=chunk) [H2 Operating Expectations](index=27&type=section&id=Outlook-H2%20Operating%20Expectations) H2 2025 Operating Expectations | Indicator | Data | Description | | :--- | :--- | :--- | | Salable Value of Self-invested Projects in H2 | Approx. RMB 176.3 billion yuan | Excluding salable value of newly acquired projects after July in the current year | | Salable Area of Self-invested Projects in H2 | Approx. 5.76 million sqm | N/A | | Proportion of Project Value in Tier 1 & 2 Cities | 83% | Increased by 4 percentage points compared to the same period last year | | Total GFA of Projects/Phases Completed in Full Year 2025 | Approx. 7.89 million sqm | N/A | | Accumulated Sold but Unrecognized Revenue (June 30, 2025) | Approx. RMB 198.7 billion yuan | Equity approx. RMB 143.5 billion yuan, equity ratio approx. 72% | [Financial Analysis](index=27&type=section&id=Financial%20Analysis) This section analyzes Greentown China's H1 2025 financial performance, highlighting decreased revenue and profit, improved gross margin, optimized financial structure, and ample liquidity [Revenue](index=27&type=section&id=Financial%20Analysis-Revenue) H1 2025 Revenue Composition and Changes | Revenue Source | H1 2025 (RMB) | H1 2024 (RMB) | Proportion (2025) | Change | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 53.368 billion yuan | 69.562 billion yuan | 100% | -23.3% | | Property Sales Revenue | 49.651 billion yuan | 63.757 billion yuan | 93.0% | -22.1% | | Design and Decoration Revenue | 960 million yuan | 1.525 billion yuan | 1.8% | -37.0% | | Project Management Revenue | 1.361 billion yuan | 1.640 billion yuan | 2.6% | -17.0% | | Revenue from Operations of Investment Properties, etc. | 1.396 billion yuan | 1.388 billion yuan | 2.6% | +0.6% | - Property sales recognized area was **2,046,289 sqm**, a year-on-year decrease of **22.7%**; average property selling price was **RMB 24,264/sqm**, a slight increase compared to the same period last year[60](index=60&type=chunk) - Property sales revenue from Hangzhou accounted for **45.1%**, Zhejiang (excluding Hangzhou) for **15.8%**, and Shanghai for **10.3%**[61](index=61&type=chunk) [Gross Profit and Gross Margin](index=28&type=section&id=Gross%20Profit%20and%20Gross%20Margin) H1 2025 Gross Profit and Gross Margin | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Change | | :--- | :--- | :--- | :--- | | Gross Profit | 7.159 billion yuan | 9.104 billion yuan | -21.4% | | Gross Margin | 13.4% | 13.1% | +0.3 percentage points | | Property Sales Gross Margin | 12.7% | 11.7% | +1.0 percentage points | [Other Income](index=28&type=section&id=Financial%20Analysis-Other%20Income) H1 2025 Other Income Changes | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Change | | :--- | :--- | :--- | :--- | | Other Income | 930 million yuan | 1.721 billion yuan | -46.0% | [Administrative Expenses](index=29&type=section&id=Administrative%20Expenses) H1 2025 Administrative Expenses Changes | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Change | | :--- | :--- | :--- | :--- | | Administrative Expenses | 1.523 billion yuan | 1.690 billion yuan | -9.9% | | Human Resources Costs | 804 million yuan | 809 million yuan | -0.6% | | Daily Operating Expenses | 487 million yuan | 661 million yuan | -26.3% | [Selling Expenses](index=29&type=section&id=Selling%20Expenses) H1 2025 Selling Expenses Changes | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Change | | :--- | :--- | :--- | :--- | | Selling Expenses | 1.057 billion yuan | 1.126 billion yuan | -6.1% | | Human Resources Costs | 412 million yuan | 478 million yuan | -13.8% | | Marketing Activities Expenses | 471 million yuan | 470 million yuan | Remained Flat | [Finance Costs](index=29&type=section&id=Financial%20Analysis-Finance%20Costs) H1 2025 Finance Costs Changes | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Change | | :--- | :--- | :--- | :--- | | Interest Expense Recognized in Profit or Loss | 1.141 billion yuan | 1.295 billion yuan | -12.0% | | Total Interest Expense | 2.953 billion yuan | 3.698 billion yuan | -20.2% | | Weighted Average Interest Cost | 3.6% | 4.0% | Decreased by 40 basis points | [Share of Results of Joint Ventures and Associates](index=30&type=section&id=Share%20of%20Results%20of%20Joint%20Ventures%20and%20Associates) H1 2025 Share of Results of Joint Ventures and Associates | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Change | | :--- | :--- | :--- | :--- | | Share of Results of Joint Ventures | Loss of 419 million yuan | Loss of 659 million yuan | Loss narrowed | | Share of Results of Associates | Profit of 149 million yuan | Profit of 449 million yuan | Profit decreased | | **Total** | **Loss of 270 million yuan** | **Loss of 210 million yuan** | **Loss increased by 60 million yuan** | [Taxation Expenses](index=30&type=section&id=Financial%20Analysis-Taxation%20Expenses) H1 2025 Taxation Expenses Composition | Item | H1 2025 (RMB) | H1 2024 (RMB) | Change | | :--- | :--- | :--- | :--- | | Land Appreciation Tax | 675 million yuan | 425 million yuan | +58.8% | | Enterprise Income Tax | 351 million yuan | 924 million yuan | -62.0% | | Land Appreciation Tax as % of Revenue | 1.3% | 0.6% | +0.7 percentage points | [Impairment Losses Recognized and Reversals for Certain Assets](index=30&type=section&id=Impairment%20Losses%20Recognized%20and%20Reversals%20for%20Certain%20Assets) H1 2025 Asset Impairment Losses | Item | H1 2025 (RMB) | H1 2024 (RMB) | Change | | :--- | :--- | :--- | :--- | | Impairment Losses on Non-financial Assets | 1.717 billion yuan | 1.422 billion yuan | +20.7% | | Impairment for Expected Credit Losses | 216 million yuan | 324 million yuan | -33.3% | [Contract Liabilities](index=31&type=section&id=Contract%20Liabilities) Contract Liabilities Balance | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | Change | | :--- | :--- | :--- | :--- | | Group's Contract Liabilities Balance | 155.084 billion yuan | 146.959 billion yuan | +5.5% | | Contract Liabilities Balance of Joint Ventures and Associates | 22.164 billion yuan | 26.292 billion yuan | -15.7% | [Sources of Funding and Liquidity](index=31&type=section&id=Sources%20of%20Funding%20and%20Liquidity) H1 2025 Financing and Liquidity Indicators as of June 30, 2025 | Indicator | June 30, 2025 (RMB) | December 31, 2024 (RMB) | Change | | :--- | :--- | :--- | :--- | | Bank Deposits and Cash | 66.795 billion yuan | 72.988 billion yuan | -8.5% | | Total Borrowings | 143.027 billion yuan | 137.187 billion yuan | +4.3% | | Net Debt | 76.232 billion yuan | 64.199 billion yuan | +18.7% | | Net Gearing Ratio | 63.9% | 56.6% | +7.3 percentage points | | Proportion of Borrowings Due Within One Year to Total Borrowings | 16.3% | 23.1% | -6.8 percentage points (Historical Low) | | Bank Deposits and Cash / Borrowings Due Within One Year | 2.9 times | 2.3 times | +0.6 times (Historical High) | [Exchange Rate Fluctuation Risk](index=31&type=section&id=Exchange%20Rate%20Fluctuation%20Risk) - The Group's primary operations are in China, with most income and expenses settled in RMB, but it still faces foreign exchange risks related to foreign currencies[74](index=74&type=chunk) - Purchased **USD 840 million** in cross-currency interest rate swaps and forward foreign exchange contracts to reduce exchange rate risk, lowering average financing costs by **2.3 percentage points**[74](index=74&type=chunk) - Net exchange gains of **RMB 36 million** were generated in the current period, compared to a loss of RMB 74 million in the same period last year[74](index=74&type=chunk) [Contingent Liabilities](index=31&type=section&id=Contingent%20Liabilities) Mortgage Loan Guarantees | Indicator | June 30, 2025 (RMB) | December 31, 2024 (RMB) | Change | | :--- | :--- | :--- | :--- | | Mortgage Loan Guarantees | 18.145 billion yuan | 24.295 billion yuan | -25.3% | [Pledged Assets](index=31&type=section&id=Pledged%20Assets) Total Pledged Assets | Indicator | June 30, 2025 (RMB) | December 31, 2024 (RMB) | Change | | :--- | :--- | :--- | :--- | | Total Pledged Assets | 135.951 billion yuan | 135.507 billion yuan | +0.3% | [Capital Commitments](index=32&type=section&id=Capital%20Commitments) Capital Commitments | Indicator | June 30, 2025 (RMB) | December 31, 2024 (RMB) | Change | | :--- | :--- | :--- | :--- | | Capital Commitments Contracted but Not Provided For | 755 million yuan | 914 million yuan | -17.4% | [Capital Expenditure Plan](index=32&type=section&id=Capital%20Expenditure%20Plan) - The Group currently has no significant capital expenditure plans and adopts a cautious approach to fund utilization[78](index=78&type=chunk) [Other Information](index=32&type=section&id=Other%20Information) This section provides supplementary non-financial information, including post-balance sheet events, listed securities transactions, human resources, and corporate governance [Post Balance Sheet Events](index=32&type=section&id=Post%20Balance%20Sheet%20Events) No material events affecting the Group have occurred after June 30, 2025, other than those already disclosed - No material events occurred after the end of the reporting period[79](index=79&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=32&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) The Company repurchased USD 451.863 million of notes in February 2025 and issued USD 500 million of 8.45% Senior Notes due 2028 - On **February 13, 2025**, the company announced an offer to repurchase its April 2025 Notes and July 2025 Notes[81](index=81&type=chunk) - On **February 26, 2025**, a total of **USD 451,863,000** of the April 2025 Notes and July 2025 Notes were accepted and repurchased, and subsequently cancelled[81](index=81&type=chunk) - On **February 24, 2025**, the company issued **USD 500 million** of **8.45% Senior Notes due 2028**[82](index=82&type=chunk) [Human Resources](index=33&type=section&id=Human%20Resources) As of June 30, 2025, the Group employed 8,792 employees, with remuneration based on performance, experience, and industry practice, incentivized by various awards Number of Employees | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Employees | 8,792 | 8,765 | +27 | - Remuneration is determined based on performance, experience, and industry practice, and employees are incentivized through bonuses, cash awards, and share options or share awards[83](index=83&type=chunk) [Corporate Governance Code](index=33&type=section&id=Corporate%20Governance%20Code) The Company has complied with all applicable code provisions of the Corporate Governance Code in Appendix C1 of the HKEX Listing Rules - The company has complied with all applicable code provisions of the Corporate Governance Code in Appendix C1 of the HKEX Listing Rules throughout the reporting period[84](index=84&type=chunk) [Model Code](index=33&type=section&id=Model%20Code) The Company adopted the Model Code for directors' securities transactions, and directors confirmed compliance throughout the reporting period - The company has adopted the Model Code as set out in Appendix C3 of the Listing Rules, and directors have confirmed compliance throughout the reporting period[85](index=85&type=chunk) [Review of Interim Results](index=33&type=section&id=Review%20of%20Interim%20Results) The H1 2025 interim results announcement was reviewed by the Audit Committee and approved by the Board, with auditor Ernst & Young conducting a review - The interim results announcement has been reviewed by the Audit Committee and approved by the Board[86](index=86&type=chunk) - Auditor Ernst & Young has reviewed the interim condensed consolidated financial information in accordance with Hong Kong Standard on Review Engagements 2410[86](index=86&type=chunk) [Interim Dividend](index=33&type=section&id=Interim%20Dividend) The Board resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board resolved not to declare an interim dividend for H1 2025[87](index=87&type=chunk) [Publication of Interim Report](index=33&type=section&id=Publication%20of%20Interim%20Report) The Company's full 2025 Interim Report will be dispatched to shareholders and published on the HKEX and company website - The full 2025 Interim Report will be dispatched to shareholders and published on the HKEX and the company's website[88](index=88&type=chunk) [Forward-Looking Statements](index=34&type=section&id=Forward-Looking%20Statements) This announcement contains forward-looking statements, and actual results may differ materially due to inherent risks and uncertainties - This announcement contains forward-looking statements, involving risks and uncertainties regarding future events[89](index=89&type=chunk) - Actual operating results, financial condition, liquidity, and industry developments may differ materially from forward-looking statements[89](index=89&type=chunk) [Acknowledgements](index=34&type=section&id=Acknowledgements) The Board extends sincere gratitude to all shareholders, customers, suppliers, banks, professional advisors, and employees - The Board extends its sincere gratitude to all stakeholders[90](index=90&type=chunk) [Board of Directors](index=34&type=section&id=Board%20of%20Directors) As of the announcement date, the Board of Directors comprises a Chairman, four Executive Directors, two Non-executive Directors, and four Independent Non-executive Directors - The Board of Directors includes a Chairman and Non-executive Director, four Executive Directors, two Non-executive Directors, and four Independent Non-executive Directors[91](index=91&type=chunk)

Core Insights - The real estate industry in Shanghai is focusing on the slogan "doing one to one" during its consolidation phase, which emphasizes precision and discipline across various stages such as land acquisition, positioning, product design, sales, and delivery [1][3] Group 1: Project Performance - As of August 20, 2025, several projects have achieved a sales rate exceeding 90%, with six projects sold out immediately upon launch, including Green City Chaoming Dongfang and Poly Haoyue Waitan Xu98 [2][5] - Nearly half of the projects launched in 2024 have a sales rate above 90%, while about 20% of projects have a sales rate below 60%, indicating a disparity in market performance [5] Group 2: Land Acquisition and Development - The average time from land acquisition to project commencement is 2.3 months, with projects achieving over 90% sales having an average of 1.8 months, reflecting improved efficiency in project development [8] - The average time from land acquisition to project launch is 7.2 months, with high-performing projects achieving this in 6.5 months, showcasing the importance of rapid development cycles in the current market [8] Group 3: Pricing Dynamics - The average price-to-land ratio for successful projects is 1.9, with some suburban projects like Jinmao Tangqian and China Merchants Times Tide approaching a ratio of 3.0, indicating strong profitability potential [11] - Projects like Green City Chaoming Dongfang and Kangding Yanshi have a price-to-land difference exceeding 50,000 yuan per square meter, highlighting their strong market performance [11] Group 4: Key Factors for Success - **Scarcity of Resources**: The importance of location is emphasized, with areas like Xuhui Riverside and Yangpu Riverside becoming highly sought-after due to their scenic and livable environments [13] - **Demand Thickness**: A robust potential customer base is crucial for project sales, with active second-hand markets indicating strong sales prospects for new developments [14] - **Value Retention Attributes**: The increasing scarcity of discounted properties and high expectations from recent land auctions are driving demand for projects with attractive pricing, such as those in Xinzhuang and Tangzhen [15]

Core Viewpoint - Guangzhou is set to implement new regulations for residential project approvals to combat "area cheating" practices, specifically targeting design irregularities such as recessed bay windows and unauthorized modifications to flower beds [1][2]. Regulatory Changes - The new regulations will require projects without a valid construction planning permit to adhere to stricter standards, while previously approved projects can continue with their original plans [1]. - The approval process for project submissions has become more stringent, ensuring compliance with design norms, which is expected to limit the previously common high usable area rates of 120% to 130% [1][6]. Market Impact - The trend of high usable area rates in Guangzhou has led to a competitive market where developers have engaged in "area cheating" tactics, such as disguising structural elements to evade area calculations [6]. - Recent data indicates that new projects under the revised regulations have shown a higher absorption rate compared to older projects, with a 30 percentage point increase in overall sales performance [5]. Developer Behavior - Developers are reportedly adjusting their designs in response to the new regulations, with some projects reducing the number of floors or eliminating certain features to comply with the stricter standards [9]. - The tightening of regulations is expected to decrease developers' enthusiasm for acquiring land and may lead to a more cautious approach in project planning [9]. Market Dynamics - The high usable area projects have negatively impacted the existing housing market, with many older properties experiencing a decline in sales due to competition from new developments [7]. - Notable examples include significant price drops in older properties following the launch of new high usable area projects, indicating a shift in buyer preferences [7].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [1] Core Viewpoints - The real estate market is in a recovery phase, with ongoing policy support expected to continue [3][8] - Sales data for the first seven months of 2025 shows a decline in both sales area and sales amount, indicating a challenging market environment [11][13] - Investment in real estate remains under pressure, with new construction and completion rates showing weakness [27][34] - Financing conditions are tightening, but there is potential for improvement as policies are implemented [34][36] - The report emphasizes the importance of leading companies in the sector, suggesting a focus on those with strong fundamentals and safety margins [41][43] Summary by Sections 1. Industry Macro Data Summary - From January to July 2025, the total sales area of commercial housing was 51,560 million square meters, down 4.0% year-on-year, and the sales amount was 49,566 billion yuan, down 6.5% year-on-year [11][12] 2. Sales Recovery Phase - Sales area and amount have decreased, with residential sales showing a decline of 6.2% [13][14] - The market is experiencing a seasonal slowdown, but policy measures are expected to boost confidence and stabilize sales [3][13] 3. Investment Pressure - Real estate investment from January to July 2025 decreased by 12.0% year-on-year, with new construction area down 19.4% [27][28] - The overall investment trend remains downward, with weak land acquisition and new construction intentions [27][34] 4. Financing Conditions - The total funds available for real estate development decreased by 7.5% year-on-year, but there are signs of potential improvement due to policy support [34][36] 5. Policy Relaxation and Price Trends - Recent policies have led to a narrowing decline in housing prices, indicating a stabilizing market [36][37] 6. Focus on Leading Companies - The report suggests focusing on leading companies with strong fundamentals and safety margins, particularly in first and second-tier cities [41][43] 7. Investment Recommendations - The report recommends maintaining a long-term investment perspective in the real estate sector, particularly in companies with robust fundamentals [43]

Core Insights - The domestic real estate market is undergoing a significant transformation, with local developers becoming the main players as top-tier companies retreat from second and third-tier cities [1][3][5] - In Zibo, the real estate market is experiencing a reshuffle, with local firms taking the lead in land acquisition and project development [1][3][6] Group 1: Market Dynamics - Local developers, such as Shandong Jinxiangshu Real Estate Co., are increasingly dominating land acquisition in Zibo, evidenced by the competitive bidding for key plots [2][3] - The sales performance of local firms has improved, with companies like Fangzheng Real Estate and Jinyicheng Real Estate showing significant sales figures, indicating a shift in market dynamics [2][6] - The absence of major national developers like Vanke and Country Garden in Zibo's central urban area highlights the diminishing presence of top-tier firms in smaller cities [3][5] Group 2: Competitive Landscape - The competitive landscape has shifted, with local firms leveraging their regional knowledge and reputation to capture market share previously held by larger companies [3][8] - The introduction of innovative building concepts, such as passive housing by Fangzheng Real Estate, reflects a growing trend among local developers to enhance product quality and sustainability [8][9] - The ongoing competition between local and county-level developers is seen as a structural reform in the supply side of the real estate market, leading to increased diversity and options for consumers [9][10] Group 3: Future Outlook - The focus on high-quality residential projects is expected to continue, with local firms aiming to set new standards in design and construction [9][10] - As the market evolves, companies that prioritize understanding consumer needs and refining their products are likely to emerge as leaders in the changing landscape [10]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The real estate sector is at a historical low in holdings, combined with interest rate cuts, which enhances the attractiveness of investments in this sector [4] - The report highlights that the fund holdings in real estate stocks have reached a historical low, with a significant drop in market value from 14.1 billion to 3 billion, a decrease of 80% [19] - The report identifies several driving factors, including low fund holdings, global policy cycles, and high base pressure in Q4 2025, which necessitate further policy support [5] Summary by Sections 1. Real Estate Heavyweight Stock Analysis: Historical Low Holdings - The number of funds holding real estate stocks has reached a five-year low, with a decline from 372 funds in Q4 2020 to 194 funds in Q4 2023 [13] - The total market value of funds holding real estate stocks has decreased significantly, reaching a historical low of 3 billion by H1 2025 [19] - The report notes that the proportion of funds overweight in real estate stocks has remained around 55% over the past five years, indicating a stable but low allocation [23] 2. Impact of US Rate Cuts on Chinese Real Estate Stocks - The report discusses the correlation between US interest rate cuts and the valuation recovery of Chinese real estate stocks, suggesting that these cuts can alleviate pressure on the Chinese yuan and provide opportunities for local rate cuts [56] - It emphasizes that the US rate cuts can improve the financing environment for Chinese real estate companies, thereby enhancing their credit profiles and market valuations [58] - The report anticipates a 92.1% probability of a rate cut by the Federal Reserve in September 2025, which could further influence the Chinese real estate market positively [61]