13 January 2026 | 6:57AM CST Equity Research China Property: Potential housing provident fund (HPF) reform might help to stabilize market We note heightened focus by top-level policymakers on housing provident fund system reform recently. While we look for further official government announcement and details on the reform, we provide a quick introduction of HPF in this report. Overall, we expect potentially larger-scale, lower-cost HPF lending could help stimulate the weak housing market, especially for the ...

Investment Rating - The report indicates a positive outlook for the real estate sector, suggesting that the industry is entering a phase of stable structure and profitability, with a focus on quality over quantity in land acquisition [61]. Core Insights - The 2025 land market is characterized by a "quality over quantity" approach, with a significant decrease in land supply and transaction volumes, while average transaction prices have increased [25][61]. - Central state-owned enterprises (SOEs) and leading real estate companies are becoming more active in land acquisition, with a notable increase in land acquisition intensity among major firms [48][61]. - The average premium rate for land transactions in national sample cities has risen, indicating strong competition for prime land in first and second-tier cities [31][61]. Summary by Sections Land Market Overview - In 2025, the total land supply in national sample cities decreased by 16.9% year-on-year to 1,172.42 million square meters, with first, second, and third-fourth tier cities experiencing declines of 27.6%, 6.4%, and 19.2% respectively [25][28]. - Land transaction volumes also fell by 12.5% to 986.63 million square meters, with transaction values dropping by 11.4% to RMB 28,488 billion, while the average transaction floor price increased by 3.4% to RMB 2,887 per square meter [25][28]. Premium Rates and City Focus - The average premium rate for land transactions in 2025 was 5.3%, up 1.1 percentage points year-on-year, with first-tier cities averaging 10.7% and second-tier cities at 6.2% [31][61]. - Major cities like Shanghai, Shenzhen, Hangzhou, and Chengdu saw premium rates exceeding 10%, indicating a strong demand for quality land [31][61]. Investment Strategies of Key Players - In 2025, 12 real estate companies exceeded RMB 10 billion in land acquisition, with 11 being central SOEs, highlighting the dominance of state-owned enterprises in the market [48][61]. - The land acquisition intensity for the top 100 real estate companies was 0.29, reflecting a 70.6% increase year-on-year, with Hangzhou Binjiang Real Estate Group leading at 81.9% [48][61]. Investment Recommendations - The report suggests focusing on key players in the real estate sector, including Poly Developments, China Merchants Shekou, and China Resources Land, among others, as they are well-positioned to benefit from the current market dynamics [61][65].

Investment Rating - Investment advice emphasizes high-quality development in the real estate sector, with low-valuation real estate showing potential for gains. The sector is expected to experience valuation recovery in 2026 due to improved regulations and policies [20]. Core Insights - The Fifteenth Five-Year Plan focuses on high-quality development in real estate, with market enthusiasm on the rise. The current total market cap of the AH real estate sector is misaligned with its economic position, indicating potential investment opportunities [20]. - The report highlights a decrease in planned land reserve acquisitions, with a total planned reserve exceeding RMB 700 billion. By 4Q25, 5,364 idle land plots are planned for acquisition, covering 290 million square meters, totaling RMB 706 billion [20][3]. - Special bond issuance remains high, with over RMB 300 billion in land reserve special bonds issued by 4Q25, covering 43% of planned reserves, an increase of 11 percentage points from the previous quarter [20][3]. Summary by Sections Land Reserve Planning - In 4Q25, the new planned land reserve amount is RMB 79.8 billion, down 44.4% quarter-on-quarter. The top three regions by reserve scale are Zhejiang (RMB 90.7 billion), Guangdong (RMB 88.4 billion), and Chongqing (RMB 67 billion) [20][3]. - The average discount rate for land acquisition is 0.8, with 77.6% of the new plots acquired being from the 2020-2024 period [20][3]. Special Bonds - By 4Q25, the issuance of special bonds for land reserve has reached over RMB 3,000 billion, with a coverage rate of 43% for planned reserves. The new issuance in 4Q25 is RMB 109.5 billion, maintaining a high pace [20][3]. - Local governments plan to issue RMB 4.58 trillion in new special bonds in 2025, with 6.6% allocated for acquiring idle land [20][3]. Key Companies to Watch - Key targets for investment include development companies such as Poly Developments, China Merchants Shekou, and Gemdale, as well as property management firms like China Resources Mixc and Poly Property Services [20][3].

Investment Rating - The report indicates a pessimistic outlook for the real estate market, with expectations of a 10%-15% decline in second-hand housing prices over the next two years [1][3][12] Core Insights - The overall real estate sales are projected to decline moderately, with new housing sales decreasing but a slight rebound in the absorption rate anticipated [1][5] - Land sales are expected to slow down after a brief recovery in the first half of 2025, with new construction area potentially dropping below 500 million square meters by the end of 2027 [1][6] - Developers are facing significant financing challenges, with interest burdens rising, particularly for private developers, leading to increased repayment pressures [1][8] - The liquidity situation for 28 developers under pressure has worsened, with a significant reduction in sales contribution and a high proportion of short-term debt [1][9] Summary by Sections Real Estate Market Outlook - The forecast for the real estate market in 2026 and 2027 has been updated, with a delay in the stabilization of housing prices due to unclear policy support [2][12] - Second-hand housing prices are expected to decline by 10%-15%, with transaction volumes stabilizing around 600 million square meters [3][12] New Housing Market - New housing sales are anticipated to decline, but a slight rebound in the absorption rate is expected due to a decrease in available inventory [5][6] Land Sales and New Construction - Land sales are projected to concentrate in first and second-tier cities, with new construction area potentially decreasing significantly by 2027 [6][7] Developer Challenges - Developers are facing increased interest expenses, with the interest coverage ratio for many private companies dropping significantly, raising concerns about their ability to manage debt [8][9] - The report categorizes developers into three groups based on their financial health, highlighting the challenges faced by private developers [13][15] Property Management Sector - The property management sector is viewed as relatively defensive, with expectations of stable fundamentals and potential marginal recovery [14][16]

会议根据议程逐项审议并通过了如下事项： 一、3票同意，0票反对，0票弃权，审议通过了《关于提请股东会更换独立董事的议案》，同意提名邓 金栋先生为公司独立董事候选人，任期自股东会审议通过之日起至第九届董事会任期届满之日止；李茂 惠先生因个人原因不再担任公司相关职务；并同意将该议案提交公司股东会审议。具体情况详见《关于 变更独立董事的公告》（公告编号：2026-02） 登录新浪财经APP 搜索【信披】查看更多考评等级 第九届董事会第四次临时会议决议公告 证券代码：000069 证券简称：华侨城A 公告编号：2026-01 深圳华侨城股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 深圳华侨城股份有限公司第九届董事会第四次临时会议的通知和文件于2026年1月6日（星期二）以书 面、电子邮件方式送达各位与会人员。会议于2026年1月9日（星期五）以通讯方式召开。出席会议董事 应到4人，实到3人，独立董事李茂惠因个人原因请假本次会议。会议的召开符合公司法和公司章程的有 关规定。 二、3票同意，0票反对，0票弃权，审议通过了《关于召开2026年第一次临时股东会的议案 ...

证券日报网讯 1月9日，华侨城A发布公告称，公司第九届董事会第四次临时会议审议通过《关于提请股 东会更换独立董事的议案》等。 ...

每经AI快讯，华侨城A1月9日晚间发布公告称，公司第九届第四次董事会临时会议于2026年1月9日以通 讯方式召开。会议审议了《关于提请股东会更换独立董事的议案》等文件。 （记者 曾健辉） 每经头条（nbdtoutiao）——20余省份机制电价揭晓！上海比山东高84%，浙江比辽宁高31%⋯⋯专家： 企业用电成本仍有下降空间 ...

是 □ 否 如否，请详细说明：______________________________ 深圳华侨城股份有限公司 三、被提名人符合中国证监会《上市公司独立董事管 理办法》和深圳证券交易所业务规则规定的独立董事任职 提名人深圳华侨城股份有限公司董事会现就提名邓金 栋为深圳华侨城股份有限公司第九届董事会独立董事候选 人发表公开声明。被提名人已书面同意作为深圳华侨城股 份有限公司第九届董事会独立董事候选人（参见该独立董 事候选人声明）。本次提名是在充分了解被提名人职业、学 历、职称、详细的工作经历、全部兼职、有无重大失信等 不良记录等情况后作出的，本提名人认为被提名人符合相 关法律、行政法规、部门规章、规范性文件和深圳证券交 易所业务规则对独立董事候选人任职资格及独立性的要求， 具体声明并承诺如下事项： 一、被提名人已经通过深圳华侨城股份有限公司第九 届董事会提名委员会审查，提名人与被提名人不存在利害 关系或者其他可能影响独立履职情形的密切关系。 是 □ 否 如否，请详细说明：______________________________ 二、被提名人不存在《中华人民共和国公司法》第一 百七十八条等规定不得担任公司 ...

深圳华侨城股份有限公司独立董事候选人 声明与承诺 声明人邓金栋作为深圳华侨城股份有限公司第九届董 事会独立董事候选人，已充分了解并同意由提名人深圳华 侨城股份有限公司（以下简称该公司）董事会提名为该公 司第九届董事会独立董事候选人。现公开声明和保证，本 人与该公司之间不存在任何影响本人独立性的关系，且符 合相关法律、行政法规、部门规章、规范性文件和深圳证 券交易所业务规则对独立董事候选人任职资格及独立性的 要求，具体声明并承诺如下事项： 一、本人已经通过深圳华侨城股份有限公司第九届董 事会提名委员会或者独立董事专门会议资格审查，提名人 与本人不存在利害关系或者其他可能影响独立履职情形的 密切关系。 是 □ 否 如否，请详细说明：______________________________ 二、本人不存在《中华人民共和国公司法》第一百七 十八条等规定不得担任公司董事的情形。 如否，请详细说明：______________________________ 是 □ 否 如否，请详细说明：______________________________ 三、本人符合中国证监会《上市公司独立董事管理办 法》和深圳证券交易所 ...

本公司及董事会全体成员保证公告内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 2026 年 1 月 9 日，公司第九届董事会第四次临时会议审议 通过《关于提请股东会更换独立董事的议案》，同意提名邓金 栋先生为公司独立董事候选人，任期自股东会审议通过之日起 至第九届董事会任期届满之日止（简历附后）。李茂惠先生因 个人原因不再担任公司相关职务，离任不会导致董事会成员低 于法定人数，截至本公告日，李茂惠先生未持有公司股票。 公司拟于 1 月 28 日召开 2026 年第一次临时股东会，审议 《关于更换独立董事的提案》。根据相关法律法规的规定，独 立董事候选人的任职资格和独立性尚需经深圳证券交易所审核 无异议后，方可提交股东会表决。 邓金栋先生尚未取得独立董事资格证书，但已书面承诺将 参加最近一期独立董事培训并取得深圳证券交易所认可的独立 董事资格证书。 证券代码：000069 证券简称：华侨城 A 公告编号：2026-02 深圳华侨城股份有限公司 关于变更独立董事的公告 二〇二六年一月十日 第 1 页 附件： 邓金栋，硕士研究生学历，经济学硕士学位，高级会计师。 曾任中国长城计算机集团公司纪检审计办 ...