Core Viewpoint - The overall performance of real estate companies in 2025 continues to show a bottoming trend, with some companies experiencing significant recovery in their performance. The proportion of companies with year-on-year performance growth is 24%, with 12 companies achieving growth rates exceeding 30% [1][4]. Group 1: Market Performance - The real estate market in 2025 maintains a bottoming trend, with overall sales remaining at low levels. There are 10 companies with sales exceeding 100 billion yuan, 13 companies with sales between 30-100 billion yuan, 42 companies with sales between 10-30 billion yuan, and 35 companies with sales below 10 billion yuan [2]. - Among the 10 companies with sales over 100 billion yuan, only one company, China Jinmao, reported performance growth. In the 13 companies with sales between 30-100 billion yuan, three companies reported growth: Greenland Holdings, China State Construction East, and Bangtai Group [8]. Group 2: Company Performance - A total of 224 companies reported year-on-year performance growth, with 24 companies showing growth. Notably, Bangtai Group's performance surpassed 30 billion yuan for the first time, with a significant year-on-year increase of 79.7% [4][5]. - The companies with the highest sales and their respective year-on-year growth rates include: - Kerry Properties: 227.87 billion yuan, 1646.5% - Jiangshan Wanli Real Estate: 174.50 billion yuan, 731.3% - Fuzhou Jianfa: 88.90 billion yuan, 92.9% - Shanghai Construction: 92.75 billion yuan, 80.6% - Bangtai Group: 303.54 billion yuan, 79.7% [5]. Group 3: State-Owned vs. Private Enterprises - Central state-owned enterprises performed relatively well, with 42.9% of them reporting performance growth. In contrast, only 15.2% of private enterprises and 12.5% of mixed-ownership enterprises reported growth [9][13]. - The proportion of performance growth among various types of real estate companies shows a clear differentiation, with state-owned enterprises leading in growth rates compared to private and mixed-ownership enterprises [13].

以下文章来源于普睿地产研究 ，作者普睿数智研究中心 普睿地产研究 . 涵盖市场、企业等八大研究方向，专注房地产市场发展、房企运营、产品力及多元化与代建课题探究。常规研究成果按日度、周度、月度定期发布，每年 亦推出上百篇重磅专题，为行业提供专业决策参考。 导 读 头部企业强者恒强，投资集中度超七成，其中央企投资保持领先，民企信心随市场筑底不断 修复。 ☉ 文／ 克而瑞深度咨询·普睿数智研究中心 | 4 | 绿城中国 | 1300.0 | | --- | --- | --- | | 5 | 束润置部 | 1243.2 | | 6 | 中国金茂 | 953.8 | | 7 | 越秀地产 | 855.4 | | 8 | 建发房产 | 854.6 | | 9 | 中旅投资 | 703.21 | | 10 | 滨江集团 | 667.8 | | 11 | 中建智地 | 411.7 | | 12 | 保利置业 | 350.4 | | 13 | 武汉城建 | 330.0 | | 14 | 象屿地产 | 295.9 | | 15 | 邦泰集团 | 293.2 | | 16 | 国贸地产 | 269.4 | | 17 | 联发集团 ...

2026.01. 01 本文字数：3537，阅读时长大约6分钟 作者 | 第一财经 孙梦凡 自2021年下半年以来，房地产本轮调整已有四年有余。刚刚过去的2025年，是行业迈入企稳修复的 关键一年，也是政策从"托底纾困"转向全面提振信心、激活住房需求的一年。 这一年，行业多项关键数据，显示房地产"止跌回稳"出现一定成效。机构数据显示，2025年商品房 成交规模降幅较上年收窄，预计全年销售面积约8.9亿平方米、销售金额8.4万亿元，其中四季度百城 新房成交面积环比增长4%、12月环比增长18%。 2025年，房地产行业的政策主基调是清理限制性措施、促进住房需求释放。 根据中指研究院监测，截至12月1日，全国有超210省市（县）出台政策约560条，政策优化频次较 2024年有所下降，主要围绕激活需求、优化供给两方面落地具体举措。 楼市情绪的真实"温度计"——二手房交易市场，今年则真正进入"市场化深水区"，新房市场与二手房 形成泾渭分明的运行体系，价格、客户等特征均大幅分化。受挂牌量高企等因素影响，存量房价格持 续下调，刚需房源成为交易主力，并带动成交量提升。 "在一系列政策干预下，2025年住宅市场暂时遏制了螺旋 ...

Core Viewpoint - The real estate industry has shown signs of stabilization and recovery in 2025 after a prolonged adjustment period since the second half of 2021, with policies shifting from "support and relief" to boosting confidence and activating housing demand [1] Group 1: Market Performance - In 2025, the total sales area of commercial housing is expected to be approximately 890 million square meters, with a sales amount of 8.4 trillion yuan, reflecting a narrowing decline compared to the previous year [1] - The fourth quarter saw a quarter-on-quarter increase of 4% in new housing transaction area across 100 cities, with December experiencing a significant 18% increase [1][5] - The second-hand housing market has become a major battleground, with a total transaction area of approximately 214 million square meters in 30 key cities, surpassing new housing transactions by 1.85 times, marking a slight year-on-year increase of 0.2% [7] Group 2: Policy Changes - The main policy direction in 2025 focused on clearing restrictive measures and promoting housing demand, with over 560 policy measures introduced across more than 210 provinces and cities [2] - Key measures included optimizing public housing fund loans, increasing home purchase subsidies, and reducing housing transaction taxes to lower costs and stimulate demand [2] - Beijing's new policies further relaxed restrictions on home purchases and loans, setting a precedent for other cities to follow suit in removing unreasonable limitations [2] Group 3: Market Dynamics - The new housing market has seen a significant decline in overall transaction volume, dropping nearly 50% from the peak in 2021, with only ten companies achieving sales exceeding 100 billion yuan by the end of 2025 [6] - The demand for larger homes has increased, with over 30% of new home transactions in 2025 being for units larger than 120 square meters [5] - The second-hand housing market has shown a clear recovery trend, with major cities like Beijing and Shanghai seeing significant increases in high-value transactions [8] Group 4: Future Outlook - The real estate market is expected to enter a phase of "weak recovery, gradual balance, and deep differentiation" in 2026, with ongoing efforts to address structural inventory issues and stabilize market confidence [12] - The government is likely to continue implementing targeted policies to stimulate demand, particularly in areas such as urban village renovations and support for low-income homebuyers [11] - The overall housing demand in urban areas is projected to be around 4.98 billion square meters during the "14th Five-Year Plan" period, indicating potential for future growth in the real estate sector [11]

Core Insights - The luxury housing market in first-tier cities is experiencing significant growth, particularly in Shanghai, which has seen a remarkable increase in sales volume and value in 2025 [1][3][5]. Group 1: Shanghai Market Performance - In 2025, Shanghai's luxury residential market (properties priced above 30 million yuan) has surpassed 1 trillion yuan in total transaction value, with approximately 1,900 units sold [3][4]. - The average price of luxury homes in Shanghai is notably high, with the top-selling project, Shanghai Yihua Courtyard, achieving an average price of 62.23 million yuan per unit [7]. - Shanghai contributed 59.4% of the total sales volume of new homes priced above 30 million yuan across 30 major cities in the first half of 2025 [6]. Group 2: Beijing Market Dynamics - Beijing's luxury market has seen a supply of 6,240 units priced above 15 million yuan, with a year-on-year increase in transaction volume of 10.6% [11]. - The recent land auction in Beijing resulted in a total transaction value of approximately 142.74 billion yuan, indicating strong demand and high competition in the luxury segment [12]. - The introduction of new high-end projects, such as Anlan Beijing, is expected to further enhance the luxury market landscape in 2026 [15][18]. Group 3: Shenzhen Market Highlights - Shenzhen's luxury market concluded 2025 with impressive sales, particularly with the launch of three major projects that collectively generated nearly 30 billion yuan in sales [19][20]. - The recent opening of CITIC Xinyue Bay achieved a sales figure exceeding 10 billion yuan within two hours, setting a new record for non-villa residential prices in first-tier cities [19]. - The upcoming supply of luxury properties in Shenzhen is expected to exceed 1,500 units, indicating a robust market outlook for 2026 [20]. Group 4: Guangzhou Market Trends - Guangzhou's luxury market has seen over 6,000 units sold at prices exceeding 10 million yuan, reflecting a 42% year-on-year increase [21]. - The top-selling project, Poly Yuexi Bay, achieved a sales figure of 11.09 billion yuan with 256 units sold, showcasing the growing demand for high-end properties [22]. - The market is shifting towards high-end products that cater to affluent buyers, with several new luxury projects set to launch in 2026 [24][25].

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，概不對任何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的任何損失承擔責任。 China Jinmao Holdings Group Limited 茲提述中國金茂控股集團有限公司（「本公司」）日期為2025年12月23日的公告 （「該公告」），內容有關出售本公司於三亞旅業100%股權（「出售事項」）的須予披 露的交易。除文義另有所指外，本公告所用詞彙與該公告所界定者具有相同涵 義。本公司謹此提供有關出售事項之財務影響及所得款項用途的進一步資料。 根據出售事項之最終轉讓總對價人民幣2,264.6百萬元與三亞旅業於2025年3月31 日之經審核淨資產約人民幣691.29百萬元之間的差額，本公司預期將錄得出售事 項之收益約人民幣1,573.31百萬元（稅前）。本公司將自出售事項錄得之實際收益 須以本公司經審核合併財務報表為準。所得款項淨額（經扣除所有相關開支）預計 約為人民幣2,259.73百萬元。本集團擬將該等所得款項用於未來可能的合適投資 （包括參與未來的土地購買及開發、併購優 ...

Core Insights - The luxury housing market in first-tier cities is experiencing significant growth, particularly in Shanghai, where sales of high-end properties have surged in 2025, with total sales exceeding 100 billion yuan [3][4][5] - In Guangzhou, the luxury market is also thriving, with the Poly Yuexi Bay project achieving a record sales figure of approximately 106 billion yuan on its opening day [2][21] - Shenzhen's luxury market has seen remarkable sales, with three major projects collectively generating nearly 300 billion yuan, indicating strong demand and high prices [3][17][19] Shanghai Market Overview - In 2025, Shanghai's luxury residential market has shown a clear structural differentiation, with over 1,300 units sold at prices above 40 million yuan, totaling over 800 billion yuan [4][5] - The average price for luxury properties in Shanghai is significantly higher than in other cities, with the top projects achieving average prices exceeding 6 million yuan per unit [7][9] - The market is characterized by a concentration of high-value transactions, with Shanghai contributing 59.4% of the total sales of new homes priced above 30 million yuan across 30 major cities [6] Beijing Market Overview - Beijing's luxury market has seen a supply of 6,240 units priced above 15 million yuan, with a year-on-year increase in transaction volume of 10.6% [11][16] - The recent auction of land in Beijing yielded a total of approximately 1,427.42 billion yuan, reflecting strong demand and high premium rates [12] - The introduction of new high-end projects, such as the Anlan Beijing, is expected to further stimulate the market, with prices ranging from 15.4 million to 18 million yuan per square meter [13][16] Shenzhen Market Overview - Shenzhen's luxury market concluded 2025 with impressive sales figures, particularly with the launch of the CITIC Xinyue Bay project, which achieved over 100 billion yuan in sales within two hours [17][19] - The average transaction price for luxury units in Shenzhen has reached record levels, with some units selling for as high as 38 million yuan per square meter [17] - The upcoming supply of luxury properties in Shenzhen is expected to continue, with several key projects set to launch in 2026 [20] Guangzhou Market Overview - Guangzhou's luxury market has seen a significant increase in transactions, with over 6,000 units sold at prices exceeding 10 million yuan, marking a 42% year-on-year increase [20][21] - The Poly Yuexi Bay project has set a new benchmark for sales in Guangzhou, with total sales reaching 110.89 billion yuan [21] - The market is shifting towards high-end products that cater to affluent buyers, reflecting a change in consumer demand from basic needs to improved living standards [23][24]

Core Insights - The Beijing land auction market in 2025 experienced significant changes, including land type adjustments, last-minute modifications, and various strategies to attract bidders, resulting in a total of 40 residential land transactions generating 142.7 billion yuan, a year-on-year decline of 8.17% [44][47]. Group 1: Land Auction Dynamics - The land auction market in Beijing is characterized by a variety of strategies, including "fat and thin" combinations to facilitate the sale of commercial land alongside residential plots [9][10]. - The introduction of new land parcels often involves last-minute changes, such as the replacement of residential plots with commercial ones, which can impact the bidding process [4][11]. - The trend of combining residential and commercial land parcels has been noted, with examples from various districts, indicating a shift in land use strategy [18][22]. Group 2: Land Characteristics and Changes - Specific land parcels have undergone significant changes in their characteristics, such as adjustments in land area, building height limits, and usage types, which can affect their marketability [6][29]. - The total area for a new land parcel in Shunyi New National Exhibition is 59,700 square meters, with a planned above-ground construction area of 128,600 square meters, where residential use accounts for 64% and commercial use for 36% [6][7]. - The practice of adjusting land use types has been prevalent, with some parcels transitioning from industrial to residential use, reflecting a strategic response to market demands [37][40]. Group 3: Market Trends and Future Outlook - The 2025 land auction market has shown a tendency towards uncertainty, with various methods employed to sell land, including adjustments in regulations and land types [44][45]. - The overall performance of the land auction market in 2025 was less favorable compared to 2024, indicating potential challenges ahead for developers and investors [47]. - The hope for 2026 is to see a reduction in the complexity of land auction strategies, which could restore confidence in the market [47].

Investment Rating - The report maintains an "Overweight" rating for the real estate development and real estate services sectors [7]. Core Insights - The new housing value-added tax policy, effective from January 1, 2026, aims to lower transaction costs by reducing the tax rate from 5% to 3% for properties held for less than two years, which is expected to enhance the efficiency of second-hand housing transactions and stabilize the real estate market [1][2][3]. - The policy reflects the central government's commitment to stabilizing the real estate market and is anticipated to create opportunities for capable real estate companies by improving the demand-side replacement chain and optimizing supply-side quality [1][4]. Summary by Sections Tax Rate and Policy Adjustments - The new policy significantly reduces the short-term holding tax rate from 5% to 3%, representing a 40% decrease in transaction costs. For a property priced at 1 million (excluding tax), the tax burden decreases from 53,000 to 31,000 [2]. - The policy eliminates regional differences in tax exemptions, standardizing the exemption period to two years nationwide [2]. Market Dynamics and Demand - The adjustment primarily targets properties held for less than two years, which currently have low transaction willingness due to self-use demand. However, the policy is seen as a signal to stabilize demand and relax restrictions on short-term transactions [3]. - The report notes a shift in the market from new housing to second-hand housing, with a 5% year-on-year increase in second-hand housing transactions, while new housing transactions have decreased by 4% [4]. Investment Recommendations - The report recommends several real estate companies based on their creditworthiness, product quality, and operational capabilities. Key recommendations include: - Companies with strong credit and product quality such as China Overseas Development, China Resources Land, and Longfor Group [5][9]. - Companies with robust cash flow management during market adjustments like New City Holdings and Longfor Group [5]. - Local Hong Kong real estate firms benefiting from market recovery, such as Sun Hung Kai Properties and Link REIT [5]. - Property management companies with stable cash flow and dividend advantages like Greentown Service and China Resources Vientiane Life [5].

近年来，随着"真如境"项目从"蓝图"变实景，红旗村完成了从城中村到城市新地标的华丽蝶变，城市界面持续焕新。今年，继"真如翠谷"板块启动土地供 应和住宅用地开发之后，真如城市副中心核心版图最后一块重要拼图——"真如之心"控规也已获批，即将挂牌入市。如何进一步提升城市建设品质，打造 高端产业与城市烟火融合的典范，成为当前关键议题。 此次沙龙通过平等、开放的交流，为真如城市副中心下一步发展提供了多元思路。随着核心地块陆续推出，真如城市副中心在各方协作下，即将焕发更璀 璨的光彩、书写更加辉煌的发展篇章。 "真如之心"规划效果示意图 "真如板块规划起点高，随着近年商业、办公、轨交配套逐步完善，吸引了不少高素质就业人群，发展确定性增强。"来自房地产评估行业咨询机构的资深 技术总负责人从土地价值发掘方面对真如板块重点地块的发展潜力给予了肯定。房地产市场领域专业研究机构资深从业人士则立足当前行业发展挑战和房 地产市场大环境，结合近几年普陀土地供应和房屋销售数据，重点对真如及周边板块进行了深度剖析，为各方把握市场脉搏、谋划发展方向提供专业参 考。 来自中海、华润、金茂、上海城建等中央、地方国企以及香港瑞安、太古、新鸿基等知名房 ...