Core Viewpoint - The land transaction activity in key cities has significantly increased, indicating a recovery in investment enthusiasm among top real estate companies, although the national market has not fully stabilized yet [1][2][4]. Group 1: Land Acquisition Data - From January to April, the top 100 real estate companies' land acquisition amount reached 428.5 billion yuan, a year-on-year increase of 42% [4]. - The total new value of land acquired by these companies was 830.9 billion yuan, up 23.6% year-on-year, with a total construction area of 39.15 million square meters, reflecting a 3.2% increase [4]. - The top 10 companies accounted for 69% of the total new value of land acquired by the top 100, an increase of 7 percentage points compared to the end of 2024 [4]. Group 2: Market Concentration and Trends - The land market is showing significant differentiation, with first-tier cities and strong second-tier cities experiencing rising transaction premiums, while third and fourth-tier cities are seeing a decline in both volume and price [5]. - The concentration of the market is increasing, with leading companies and state-owned enterprises optimizing their land reserves, while smaller firms are reducing their investment due to liquidity pressures [5]. - The land acquisition-to-sales ratio for the top 100 companies remained stable at 0.3, an increase of 0.13 from the end of 2024, influenced by major acquisitions from leading firms [4]. Group 3: Regional Insights - The Yangtze River Delta region led the four major city clusters in land acquisition, with the top 10 companies acquiring 114.67 billion yuan worth of land [6][7]. - In contrast, the Beijing-Tianjin-Hebei region's top 10 companies acquired 69.8 billion yuan, ranking second, while the central and western regions ranked third with 28.9 billion yuan [7]. - Major state-owned and local enterprises dominate land acquisitions in key cities, with private companies primarily supplementing their land reserves in specific areas [7]. Group 4: Future Outlook - The core cities are expected to see a recovery in market sentiment due to policy optimization and increased quality supply, although the national market has not yet fully stabilized [8]. - Companies are advised to seize the opportunity during the "stop falling and stabilize" policy window while being cautious in their investments, focusing on quality land in core cities to avoid high-price risks [8].

Core Insights - The total land acquisition amount by the top 100 real estate companies in China reached 360.8 billion yuan from January to April 2025, marking a year-on-year increase of 26.6%, although the growth rate decreased by 4.0 percentage points compared to the previous month [1] - In April, 22 cities saw a more than 40% year-on-year increase in residential land transfer fees, indicating fierce competition among real estate companies for premium land parcels and reflecting the value of land in core areas [1] - Major cities such as Beijing, Hangzhou, Chengdu, Suzhou, Chongqing, and Nanjing auctioned high-premium land parcels, while the land market in many other cities continues to face short-term pressure [1] Group 1: Land Acquisition Data - The top three companies in terms of new land value from January to April 2025 are Greentown China with 64.2 billion yuan, China Jinmao with 59 billion yuan, and Poly Developments with 50.1 billion yuan [4] - The total new land value for the top 10 companies during this period was 456.16 billion yuan, accounting for 43.5% of the total for the top 100 companies, with a minimum threshold for new land value set at 3.5 billion yuan [4] - The Yangtze River Delta region led the four major city clusters with a land acquisition amount of 114.67 billion yuan, followed by the Beijing-Tianjin-Hebei region with 69.8 billion yuan, and the Central and Western regions with 28.9 billion yuan [4] Group 2: Company Rankings - The top 10 companies by total new value from January to April 2025 are as follows: Greentown China (64.2 billion yuan), China Jinmao (59 billion yuan), Poly Developments (50.1 billion yuan), China Merchants Shekou (47.1 billion yuan), and Shimao Group (45.6 billion yuan) [13] - The rankings for land acquisition amount and area for the top 100 companies show Greentown China leading in both metrics, with 31.3 billion yuan in land acquisition amount and 139 million square meters in area [7][8] - The data indicates a competitive landscape among real estate companies, with significant investments in land acquisition to secure future development opportunities [1][4]

Group 1 - Guangzhou successfully auctioned three residential land parcels with a total construction area of 341,200 square meters and a total sale amount of 2.545 billion yuan, all acquired by Yuexiu Property [1] - The two parcels in Baiyun District, located in the core area of the Jiahe Wanggang area and near the Jiahe Wanggang subway station, attracted significant interest from multiple real estate companies prior to the auction [1] - Beike Group's data-driven residential development service platform, Beihome, participated in the bidding for the Jiahe Wanggang parcels, indicating its intention to expand project layouts in Guangzhou [1] Group 2 - Beihome operates a "1+2" model providing comprehensive solutions for developers, owners, and construction parties, focusing on product solutions and flexible funding services [2] - The "1+2" model has been implemented in cities such as Xi'an, Beijing, Hangzhou, and Changsha, with recent collaborations including a partnership with Chengdu Zhongxing Yihua Real Estate for a residential land parcel [3] - Beihome plans to expand its business in over ten cities, including Beijing, Shanghai, Guangzhou, Chengdu, Xi'an, Hangzhou, Nanjing, and Wuhan, promoting a new real estate development model based on the C2M concept [3]

4月30日，广州、南京均有土地出让。 其中，广州出让3宗白云区涉宅用地，总成交金额25.45亿元。这3宗地均由越秀竞得，溢价率分别为21.46%、15.61% 和18.23%。 南京有19宗宅地出让，其中2宗溢价成交，其余地块均底价成交，总成交金额106.34亿元。最受关注的建邺区地块经 过226轮竞价，最终由招商局地产以32.04亿元竞得，成交楼面价45053元/㎡，溢价率25.65%。 广州3宗地被越秀包揽 白云区嘉禾望岗AB2112050地块用地性质为二类居住用地兼容商业设施用地及交通场站用地，土地出让面积11533 ㎡，规划建筑规模34599㎡，容积率3.0，地块起始价为5.49亿元，起始楼面价为15855元/㎡。根据出让文件，竞得人 须配建嵌入式服务综合体、公交首末站等配套公服建筑面积合计4915㎡；按规划要求代建规划条件中要求设置的停 车场。该地块挂牌阶段已获4家竞买人报价，最终经过21竞价，由越秀以6.49亿元竞得，成交楼面价18745元/㎡，溢 价率18.23%。 南京19宗宅地超106亿元成交 4月30日，南京有19宗宅地出让，其中六合区3宗、江宁区2宗、浦口区4宗、建邺区1宗、溧水区9宗， ...

Investment Rating - The industry rating is optimistic, with expectations that the overall return will exceed the CSI 300 Index by more than 5% in the next six months [10]. Core Insights - The report highlights that on April 30, 2025, Nanjing's land auction generated over 10.634 billion, with the highest floor price reaching 45,000 yuan per square meter [5]. - In Guangzhou, three residential land parcels were sold for a total of 2.545 billion, with a maximum premium rate of 21.46% [6]. - The real estate sector showed mixed performance in the stock market, with the Shanghai Composite Index down by 0.23% and the Shenzhen Composite Index up by 0.70% on the same day [3]. Market Trends - The report indicates that the real estate index of Shenwan rose by 0.57% [3]. - The top five performing stocks in the real estate sector included Huaxia Happiness and Huayuan Real Estate, with increases of 10.14% and 10.06%, respectively [4]. - Conversely, the stocks with the largest declines included Tianbao Infrastructure and Haitai Development, with decreases of -9.31% and -3.23% [4].

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。 （在香港註冊成立的有限公司） （股份代號：00123） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 越秀地產股份有限公司 余達峯 公司秘書 香港，二○二五年四月三十日 於本公告刊發日期，董事會成員包括： 執行董事： 林昭遠（董事長）、朱輝松、江國雄、賀玉平、陳靜及劉艷 非執行董事： 張貽兵及蘇俊杰 獨立非執行董事： 余立發、李家麟、劉漢銓及張建生 广州市城市建设开发有限公司公司债券年度报告（2024 年） 广州市城市建设开发有限公司 公司债券年度报告 （2024 年） 二〇二五年四月 0 广州市城市建设开发有限公司公司债券年度报告（2024 年） 重要提示 发行人承诺将及时、公平地履行信息披露义务。 本公司董事、高级管理人员已对年度报告签署书面确认意见。公司监事会（如有）已 对年度报告提出书面审核意见，监事已对年度报告签署书面确认意见。 发行人及 ...

广州3宗地被越秀包揽 4月30日，广州、南京均有土地出让。 其中，广州出让3宗白云区涉宅用地，总成交金额25.45亿元。这3宗地均由越秀竞得，溢价率分别为21.46%、15.61%和18.23%。 南京有19宗宅地出让，其中2宗溢价成交，其余地块均底价成交，总成交金额106.34亿元。最受关注的建邺区地块经过226轮竞价，最终由招商局地产以 32.04亿元竞得，成交楼面价45053元/㎡，溢价率25.65%。 据悉，该地块挂牌阶段已获3家竞买人报价，最终经过13轮竞价，由越秀以4.81亿元竞得，成交楼面价13380元/㎡，溢价率15.61%。 白云区嘉禾望岗AB2112050地块用地性质为二类居住用地兼容商业设施用地及交通场站用地，土地出让面积11533㎡，规划建筑规模34599㎡，容积率 3.0，地块起始价为5.49亿元，起始楼面价为15855元/㎡。根据出让文件，竞得人须配建嵌入式服务综合体、公交首末站等配套公服设施，建筑面积合计 4915㎡；按规划要求代建规划条件中要求设置的停车场。该地块挂牌阶段已获4家竞买人报价，最终经过21轮竞价，由越秀以6.49亿元竞得，成交楼面价 18745元/㎡，溢价率18. ...

4月30日，广州、南京均有土地出让。 其中，广州出让3宗白云区涉宅用地，总成交金额25.45亿元。这3宗地均由越秀竞得，溢价率分别为21.46%、 15.61%和18.23%。 南京有19宗宅地出让，其中2宗溢价成交，其余地块均底价成交，总成交金额106.34亿元。最受关注的建邺区地 块经过226轮竞价，最终由招商局地产以32.04亿元竞得，成交楼面价45053元/㎡，溢价率25.65%。 广州3宗地被越秀包揽 4月30日，广州出让3宗白云区涉宅用地，总土地出让面积39269㎡，总规划建筑面积112660㎡，总起始价21.30 亿元。最终3宗地块均溢价15%以上成交，总成交金额25.45亿元。另外，原定于当日出让的天河区黄埔大道以南 AT091007地块因故终止出让。 最受关注的白云区沙太路以西AB3101018地块为纯二类居住用地，土地出让面积16835㎡，规划建筑规模42088 ㎡，建筑控高70m，容积率2.5，地块起始价为11.65亿元，起始楼面价为27684元/㎡。根据出让文件，该地块须 配建街道办事处、商业服务设施、物业管理设施等公服建筑面积合计4171㎡。 据了解，该地块挂牌阶段已获8家竞买人报价 ...

降价促销仍是抢占客户的关键手段。 "五一"假期是开发商销售的关键时点，在市场出现回暖信号的背景下，各地开发商积极备战迎接今年 的"五一"小长假。 在一线城市中，北京房企借助"好房子"的概念推出专门的营销活动，积极卡位市场；在广州，各大开发 商则纷纷抢跑，以低于市场预期的价格持续抢占客户资源；在深圳，不少房企参与"好房节"，并借 助"以旧换新"促销售，真金白银补贴购房者…… 热点二线城市的开发商吸引购房者的方式则更加多样化，在各类家电补贴、宽带补贴等多重优惠活动之 外，成都有项目推出了免3年物业费的活动，而杭州则有楼盘抽宇树机器狗。值得一提的是，在部分回 温较为明显的市场，已经有开发商在着手收回优惠，转向保利润。 业内人士认为，房企在"五一"节点主动展开营销活动，是市场向好的积极信号。 "好房子"搅动北京楼市 房企摩拳擦掌，卡位北京市场。龙湖集团方面告诉记者，该集团拟推出全国联动营销活动，从4月26日 起推出系列优惠：每日5套好房一口价限时秒杀，以及97折限时购房补贴、线上直播间额外1%折扣等优 惠，降低购房者置业门槛，活动持续至 5月11日。 具体到项目层面，不仅是北京，龙湖对全国多项目的推盘力度显著加大，北 ...

Company Changes - Gree Real Estate has completed its business name change to Zhuhai Zhuhai Mian Group Co., Ltd, with the stock abbreviation changing from "Gree Real Estate" to "Mian Group" while the stock code remains unchanged. This change is due to the completion of a significant asset swap, with Zhuhai Duty-Free Enterprises Group Co., Ltd becoming the controlling subsidiary, marking a strategic shift towards a focus on duty-free business [1] Financial Performance - China State Construction reported a first-quarter revenue of 555.3 billion yuan, reflecting a year-on-year increase of 1.1%. The company also signed new contracts worth 1.2702 trillion yuan, up 6.9% year-on-year, and achieved a net profit attributable to shareholders of 15.01 billion yuan, a slight increase of 0.6% compared to the previous year [2] Real Estate Market - In Beijing, two land parcels were successfully sold for approximately 13.376 billion yuan. A consortium including China State Construction, Jinmao, Yuexiu, and Chaoyang City Development acquired a project in Chaoyang District for 12.6 billion yuan, with a floor price of 54,500 yuan per square meter. Additionally, China Railway Construction secured a land parcel in Tongzhou District for 775.52 million yuan, with a premium rate of 21.94% and a floor price of 35,800 yuan per square meter [4] Policy Developments - The Guangdong Provincial Department of Housing and Urban-Rural Development announced plans to explore a "people, housing, land, and money" factor linkage mechanism to enhance urban renewal and village renovation efforts. This initiative aims to combine urban renewal with employment stability and market expectations, promoting a new model for real estate development [5] Education and Housing - Guangzhou Nansha District has introduced a policy allowing parents or guardians who purchase new residential properties in the area to secure public school placements for their children. This policy, effective from January 10, 2025, is the first of its kind among first-tier cities, linking home purchases directly to educational opportunities [6]