China Jinmao Holdings Group Limited 中國金茂控股集團有限公 司 （於香港註冊成立的有限公司） （股票代號：00817） 公告 2025年12月未經審核銷售數據 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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 免責聲明 房地產銷售過程中存在諸多不確定性，上述披露各項銷售數據乃初步根據本集團 內部管理紀錄及國土資源主管部門公佈的成交結果統計，均未經審核。且該等數 據與本公司定期報告披露的數據可能存在差異，因此該等數據僅供投資者參考， 它們並不能成為或被視為出售或購買任何證券或金融產品的邀請或遊說，不能作 為研究報告之依據，亦無意圖及不構成任何投資建議。本公司股東及有意投資者 務須小心謹慎，避免不恰當的依賴該等數據。 務請本公司股東及有意投資者於買賣本公司股份時審慎行事。 承董事會命 中國金茂控股集團有限公司 主席 陶天海 中國金茂控股集團有限公司（「本公司」）董事會（「董事會」）謹此公佈，2025年12 月份，本公司及 ...

2026.01. 09 本文字数：2137，阅读时长大约4分钟 作者 | 第一财经 孙梦凡 2025年的土地市场，两大关键词是规模缩量与点状高温。 中指研究院最新数据显示，2025年300城住宅用地成交规划建筑面积为6.2亿平方米，同比下降 13.5%，出让金2.3万亿元，同比下降10.6%。虽然整体规模缩量，但在上海、北京、杭州、成都等 城市，高总价、高单价、高溢价地块屡屡刷新。 头部房企尤其是央国企，在市场调整期逆势入场。去年拿地金额百强房企中，TOP10房企的拿地金 额占比达50.5%，TOP20房企拿地金额占比高达62.7%，相较上年分别提高9.1、7.8个百分 点，"面粉"资源正加速向少数房企聚集。 高总价、高单价地块频出 从城市整体层面看，去年上海共成交64宗宅地，其中37宗溢价成交；杭州共成交92宗宅地，68宗溢 价成交，其中33宗溢价率超30%；北京共成交40宗宅地，14宗溢价成交；深圳共成交12宗宅地，9 宗溢价成交；成都成交107宗宅地，42宗溢价成交。 截至2025年末，一二线城市的宅地出让金占300城的比例达57.0%，较2024年提升4.4个百分点。 其中，一线城市宅地出让金占比为1 ...

头部房企尤其是央国企，在市场调整期逆势入场。去年拿地金额百强房企中，TOP10房企的拿地金额占 比达50.5%，TOP20房企拿地金额占比高达62.7%，相较上年分别提高9.1、7.8个百分点，"面粉"资源正 加速向少数房企聚集。 高总价、高单价地块频出 土拍市场经历了"提质缩量"、点状高温的一年。 据中指研究院报告显示，2025年，300城各类用地出让金3.3万亿元，同比下降11.4%。其中，300城住宅 用地共成交6.2亿平方米，同比下降13.5%，降幅较2024年收窄9.2个百分点；300城住宅用地出让金2.3万 亿元，同比下降10.6%。 虽然整体规模有所下滑，但为了平衡住宅市场供求，各地纷纷推介稀缺"好地块"。 一个显见的数据是，2025年，300城推出的容积率在2.0以下的宅地占比达42.3%，较2024年提升7.7个百 分点，是近10年来的最高水平。这一变化背后，是各地为了响应好房子建设，加大了低容积率优质地块 的推出力度。 2025年的土地市场，两大关键词是规模缩量与点状高温。 中指研究院最新数据显示，2025年300城住宅用地成交规划建筑面积为6.2亿平方米，同比下降13.5%， 出让金2. ...

Group 1 - The core viewpoint of the articles indicates that the land market in 2025 is characterized by a reduction in scale and localized high demand for premium land parcels [1][2][3] - The total planned residential land transaction area in 300 cities is projected to be 620 million square meters, a year-on-year decrease of 13.5%, with the total land transfer fees amounting to 2.3 trillion yuan, down 10.6% year-on-year [1][2] - Despite the overall decline in land transactions, major cities like Shanghai, Beijing, Hangzhou, and Chengdu are witnessing record high prices for land parcels, indicating a concentration of investment among leading real estate companies [1][3] Group 2 - In 2025, the proportion of residential land with a floor area ratio below 2.0 in 300 cities reached 42.3%, an increase of 7.7 percentage points from 2024, reflecting a push for higher quality land offerings [2] - The top 10 real estate companies accounted for 50.5% of the total land acquisition amount among the top 100 companies, while the top 20 companies accounted for 62.7%, indicating a significant concentration of land acquisition among leading firms [7][8] - The investment behavior of real estate companies is shifting, with state-owned enterprises dominating land acquisitions, while private companies are gradually increasing their participation [8][9] Group 3 - The average land acquisition amount for the top 100 real estate companies has increased, with a land-to-sales ratio of 0.29, up 0.12 from 2024, suggesting a return to investment levels seen in 2021 [8] - The total land acquisition amount for private real estate companies is expected to exceed 100 billion yuan, reflecting an 8% year-on-year growth, while the share of city investment platforms in land acquisition has decreased to 15% [8][9] - The market outlook suggests that after a period of adjustment, the real estate sector may stabilize, with major state-owned enterprises likely to continue their strategic investments during market fluctuations [9]

Group 1 - The "land king" project in Hangzhou has launched a global naming contest with a prize of 100,000 yuan for the winning name [1][2] - The project, developed by Binjiang Group, is located in a prime area with a floor price of 77,400 yuan per square meter, making it the second highest in Hangzhou [2] - Marketing activities in the real estate sector have evolved, with various innovative strategies being employed to attract buyers, such as "buy after living" campaigns and promotional gifts [1][5] Group 2 - In Shanghai, projects are also adopting name changes to boost sales, with price increases following the rebranding [3] - The "buy after living" initiative by Guangzhou Chengtou Real Estate allows buyers to experience the property before making a purchase, addressing concerns about the quality of off-plan properties [5][6] - Despite the variety of marketing strategies, industry experts suggest that the underlying issues affecting buyer confidence are related to financial constraints and insufficient price appreciation expectations [5][6]

Core Insights - The Shanghai real estate market is expected to remain in an adjustment cycle in 2025, with increasing competition among real estate companies focusing on product strength and operational refinement [1] - The "Good House" policy is deemed crucial for the real estate industry over the next two to three decades, leading to an upgrade in residential product quality [1] - Shanghai's luxury housing market is showing independent trends, with properties priced over 30 million yuan accounting for a significant portion of national sales [1] Company Performance - China Jinmao achieved an annual sales volume of 113.5 billion yuan, ranking eighth nationally and making a strong return to the top ten, with over 20 billion yuan in sales in Shanghai alone [1] - The company has established itself as a leader in the luxury market, leveraging its 31 years of experience in Shanghai to enhance its brand presence and product offerings [1][6] Product Innovation - The upgrade of residential product capabilities is characterized by four trends: innovative design concepts, enhanced architectural aesthetics, improved spatial experiences, and extended value through community services [2] - Jinmao's projects in Shanghai have successfully integrated technology and aesthetics, with features like advanced humidity control and air purification systems tailored to local needs [2][6] - The introduction of new product lines in 2025 aims to meet diverse high-end residential demands across different districts in Shanghai [2] Marketing Strategy - Jinmao's marketing approach emphasizes precise quantity control and differentiated pricing strategies, avoiding a one-size-fits-all model [5] - The company focuses on creating a strong customer connection through tailored services and maintaining product quality, which has resulted in high customer loyalty and repeat purchases [6][7] Brand Philosophy - Jinmao's brand philosophy, rooted in the concept of "Beauty Takes Time," reflects a commitment to long-term value creation and quality [7][8] - The company integrates its understanding of residential needs into every aspect of product development, ensuring that technological innovation and aesthetic appeal coexist harmoniously [7][8]

Core Viewpoint - The article discusses the performance and strategies of the real estate project "Man Yao" by China Jinmao in Beijing's Chaoyang District, highlighting its pricing strategy and market positioning amidst competitive pressures and challenges in the real estate market [1][5]. Group 1: Project Performance - Man Yao has accelerated the sale of over 400 unsold units by implementing price reductions, with the average transaction price dropping to a new low of 73,870 yuan/m² in December, down from 78,030 yuan/m² in June, representing a decrease of over 4,000 yuan/m² [2]. - In January, a single unit was sold for an average price of 66,889 yuan/m², indicating a significant decline in prices [2]. - The project has achieved a total of 312 signed contracts with an average transaction price of 76,700 yuan/m², resulting in a total sales amount of 30.4 billion yuan and a total absorption rate of 43.4% [4]. Group 2: Market Strategy - Man Yao differentiates itself by focusing on "quality-price ratio" rather than increasing unit sizes, targeting budget-conscious buyers [7]. - The project features a mix of unit types, primarily promoting three-bedroom units of 115/116 m² and larger four-bedroom units, with the smallest units priced under 10 million yuan, making them attractive to buyers [10]. - The 129 m² four-bedroom units have struggled in sales, with only 15 out of 170 units sold, attributed to their less favorable locations within the project [12]. Group 3: Competitive Landscape - The project competes with nearby developments, such as the "Bao Li Chao Guan Tian Jun," which has a lower absorption rate of approximately 25% and a higher average price of about 81,600 yuan/m² [23]. - Jinmao's land cost for Man Yao was 48,000 yuan/m², compared to 56,000 yuan/m² for its competitor, indicating a pricing advantage [24]. - A strategic shift occurred when Jinmao increased its stake in Man Yao to 70% while reducing its stake in the competing project, suggesting a focus on optimizing its operational efficiency [24][26].

Core Insights - The "land king" project in Hangzhou has launched a global naming contest with a prize of 100,000 yuan to enhance its market visibility [1][2] - Various innovative marketing strategies are emerging in the real estate sector, including "buy after living" promotions and renaming properties to increase sales [1][5] Group 1: Project Details - The Binjiang Group acquired the water electricity new village plot in March 2025 for a record floor price of 77,400 yuan per square meter, making it the second highest in Hangzhou [2] - The project is set to launch its first batch of homes in March 2026, with expected prices starting above 120,000 yuan per square meter [2] - The project will feature 168 units with sizes ranging from 296 to 876 square meters, developed in collaboration with Jianfa International and China Jinmao [2] Group 2: Marketing Trends - Guangzhou City Investment Real Estate has initiated a "buy after living" campaign from January 1 to February 28, 2026, allowing buyers to experience the property before purchase [5] - Other marketing tactics include offering incentives such as high-end liquor and gasoline cards with property purchases, reflecting a shift in strategies to attract buyers [5][6] - The real estate market is seeing a trend where traditional discounts are becoming less effective, prompting developers to adopt more direct marketing approaches [6] Group 3: Sales Performance - The "Yongtai Sanli City" project in Shanghai has a sales rate of approximately 84%, with 624 out of 746 units sold since its opening in March 2024 [3] - The renaming of properties has been linked to poor initial sales performance, with developers hoping to leverage new names to boost interest and sales [3][4]

Group 1 - The core idea of the article revolves around the innovative marketing strategies adopted by real estate companies in response to market challenges, including a global naming contest for a high-profile project in Hangzhou and various promotional activities across different cities [1][2][5]. - The "Diyang" project in Hangzhou, developed by Binjiang Group, is notable for its record-breaking land acquisition price of 77,400 yuan per square meter, with an expected selling price of over 120,000 yuan per square meter for new homes [2]. - The project will be jointly developed by Binjiang Group, Jianfa International, and China Jinmao, with a total of 168 units ranging from 296 to 876 square meters, and a prize of 100,000 yuan for the winning name in the global naming contest [2]. Group 2 - In Shanghai, real estate projects are also employing name changes to boost sales, with one project increasing its price from 117,300 yuan to 119,700 yuan per square meter after rebranding [3]. - Various promotional activities are being introduced, such as Guangzhou Chengtou Real Estate's "live first, buy later" campaign, which allows buyers to experience the property before purchasing, and other incentives like free high-end liquor or gasoline cards with home purchases [5][6]. - Despite the diverse marketing strategies, industry experts suggest that these tactics are merely repackaged old ideas, as the primary reasons for buyer hesitation remain financial constraints and insufficient expectations for price appreciation [5][6].

Investment Rating - The report recommends a positive investment outlook for the real estate sector, highlighting specific stocks in various categories such as development, commercial residential, property management, and cultural tourism [1]. Core Insights - The report emphasizes the shift in the real estate industry from a focus on quantity to a focus on quality, driven by the new requirements set forth during the "15th Five-Year Plan" period, which aims for high-quality development [1][13]. - It identifies six key tasks to achieve high-quality development, including optimizing affordable housing supply and enhancing property service quality [1][61]. Summary by Sections 1. High-Quality Development as a New Requirement - The report discusses the significant changes in the real estate market, transitioning from a supply-demand imbalance to a potential oversupply situation, necessitating a focus on high-quality development [3][6]. - It outlines the central government's shift in policy from reducing leverage and total volume to stabilizing the real estate market and promoting quality [6][7]. 2. Understanding High-Quality Development - The report defines high-quality development as essential for meeting the people's aspirations for a better life, advancing modernization, and facilitating the transformation of the real estate industry [22][24]. - It presents three major significances, four key requirements, and six essential tasks for high-quality development [21][28]. 3. Policy Expectations for the 15th Five-Year Plan - The report anticipates that future policies will focus on risk prevention, quality improvement, and transformation in the development sector [62]. - It emphasizes the need for a balanced approach between short-term market stabilization and long-term structural reforms [36][60]. 4. Six Key Tasks for High-Quality Development - The report outlines six tasks: optimizing affordable housing supply, promoting sustainable market development, reforming development and financing systems, enhancing housing quality, improving property service quality, and establishing a safety management system for the entire lifecycle of housing [61][62].