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。 股東特別大會的投票結果 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） 2025年11月19日舉行的股東特別大會投票結果 中國金茂控股集團有限公司（「本公司」）董事會（「董事會」）欣然公佈，於2025年 11月19日舉行的股東特別大會（「股東特別大會」）上提呈的決議案已由本公司獨 立股東以投票方式正式通過。 謹此提述本公司日期均為2025年11月4日的通函（「通函」）及股東特別大會通告。 除非文義另有所指，否則本公告所用詞彙應與通函所界定者具相同涵義。 1 以下董事出席了股東特別大會：陶天海先生、張輝先生、喬曉潔女士、崔焱先 生、劉文先生、陳一江先生、王葳女士、劉峰先生、孫文德先生、高世斌先生及 鍾偉先生。 承董事會命 中國金茂控股集團有限公司 就於股東特別大會上提呈的決議案的投票結果如下： | ...

Core Viewpoint - The article discusses the successful auction of two residential land parcels in Beijing, totaling a transaction price of 3.27 billion yuan, highlighting the competitive bidding environment and the implications for the real estate market in the region [1][3]. Summary by Sections Land Transaction Details - On November 19, two residential land parcels in Beijing were successfully auctioned for a total price of 3.27 billion yuan. The Tian Tan North parcel was won by Beijing Urban Construction for 2.028 billion yuan, resulting in a floor price of 116,000 yuan per square meter based on a residential construction area of 17,500 square meters, while the surrounding comparable housing price is 150,000 yuan per square meter [3][5]. - The Future Science City parcel was sold at a base price of 1.24 billion yuan, with the winning bid from Future Science City Real Estate (Changping State-owned Assets), where the saleable residential portion has a floor price of approximately 20,000 yuan per square meter, compared to a surrounding comparable housing price of 50,000 yuan per square meter [3][5]. Competitive Bidding Process - The Tian Tan North parcel underwent a competitive bidding process with two prior offers before reaching a final bid of 2.028 billion yuan after 38 rounds of bidding, resulting in a nominal floor price of 81,120 yuan per square meter and a premium rate of 4% [5][6]. Location and Development Requirements - The Tian Tan North parcel is located in a core area within Beijing's second ring, close to the North Gate of the Temple of Heaven, approximately 3 kilometers from Tiananmen Square. The area is characterized by low plot ratio and high residential comfort, with convenient transportation links and mature amenities nearby [6][9]. - The parcel consists of four sub-parcels, with specific construction requirements including a maximum height limit of 3.3 meters for certain areas and a traditional courtyard layout, prohibiting the construction of villas and private estates [9][11]. Market Context - Within a 2-kilometer radius of the Tian Tan North parcel, there are no similar projects currently for sale, with the nearest comparable project being the Jin Yu Chi parcel, which is set to be auctioned in July 2024. The surrounding market has seen significant price variations, with recent land sales in Beijing showing premium rates exceeding 10% for several parcels since 2025 [11][13].

Core Insights - The Chinese real estate industry is transitioning from new residential construction to rental asset operations, alongside the development of the REIT market, which may reshape the competitive landscape for developers and redefine long-term investment logic [1][3]. Group 1: C-REIT Expansion - Policy incentives are accelerating the expansion of C-REITs (China Real Estate Investment Trusts), with the market size expected to reach approximately $1 trillion in the long term [2][4]. - Developers are likely to benefit from this emerging long-term theme due to their large rental asset portfolios, although their participation in REIT issuance remains low [2][4]. - The analysis of developers' rental assets indicates that China Resources Land has the strongest potential for benefit from REIT spin-offs [2][4]. Group 2: Market Dynamics - Since Q3 2025, favorable policies have accelerated the issuance of domestic REITs, expanding the asset range and issuer backgrounds [6]. - C-REITs are expected to become an important asset class over the next 10 to 20 years due to their stable returns and low correlation with the stock market [6]. - The limited trading volume of C-REITs suggests that listed developers are a good entry point into this rapidly expanding theme [6]. Group 3: Key Beneficiaries - In-depth analysis shows that China Resources Land (1109.HK) has the highest short-term benefit potential, followed by New World Development (601155.SS) and Longfor Group (0960.HK) due to their large shopping center portfolios [7]. - Other companies with rich non-retail rental assets, such as China Overseas Land (0688.HK), China Merchants Shekou (001979.SZ), Vanke (2202.HK), and Poly Developments (600048.SS), may also benefit in the medium term as the REIT coverage expands [7]. Group 4: C-REIT Development History - The development of C-REITs over the past 25 years can be divided into four phases: initial preparation, gradual development, accelerated promotion, and full-speed phase [9]. - The regulatory framework for C-REITs was first proposed in the early 2000s, with significant progress made since the first public REIT was listed in mid-2021 [8][9]. Group 5: Current Market Status - As of September 2025, there are 75 publicly listed C-REITs with a cumulative issuance scale of approximately RMB 200 billion and a market value of about RMB 220 billion [10]. - Despite significant growth since the first public REITs were listed, C-REITs currently account for only 0.15% of the total market value of China's stock market [10]. Group 6: Future Potential - The potential market size for C-REITs is estimated to reach $1 trillion, which is 32 times the current market value of approximately $31 billion [15][16]. - The estimated value of commercial properties completed since 2000 is around $4.9 trillion, indicating a significant opportunity for C-REITs to capture a larger market share [14][15].

Group 1: Computer Industry Investment Strategy - The year 2025 marks the beginning of domestic computing power industrialization, with significant advancements in domestic AI chips and server architecture, enhancing overall computing performance [10] - The gap between Chinese and American large models is narrowing, with expectations of further convergence and potential surpassing in certain areas by 2026 [10] - The software industry is entering an optimal layout window as AI revenue for many companies exceeds 10%, indicating a technological revolution [10] - Investment focus areas include Deep Research, AI programming, multi-modal applications, and industry-specific agents [10] Group 2: Real Estate Industry Investment Strategy - The real estate market is expected to structurally bottom out, with five major opportunities identified, including stabilization of residents' balance sheets and improved housing affordability [12][18] - The policy direction will focus on stabilizing demand and promoting high-quality development, which will benefit real estate companies [18] - Predictions for 2025-2026 include a decline in sales volume and prices, but core cities are expected to stabilize sooner due to healthier supply-demand relationships [18] Group 3: Pharmaceutical Industry Investment Strategy - Chinese pharmaceutical companies are increasingly leading global multi-center clinical trials, with a growing number of new drugs successfully commercialized overseas [15] - The shift from "fast following" to "innovation leading" in drug development positions Chinese companies to redefine the global pharmaceutical landscape [15] - Investment directions include biotech transitioning to biopharma and the revaluation of traditional pharmaceutical companies during their innovation transformation [15]

Investment Rating - The report rates the real estate industry as "Outperforming the Market" [1] Core Views - The real estate market is experiencing a decline in sales, with new home transaction volume turning negative year-on-year due to high base effects from the previous year and weakening policy impacts [2][3] - The "14th Five-Year Plan" emphasizes high-quality development in real estate, indicating a shift in focus from speculative investment to improving living conditions [2][3] Summary by Sections New Home Transactions - In October, new home transaction area increased by 3.6% month-on-month but decreased by 26.6% year-on-year, with a cumulative year-to-date decline of 7.2% [3][12] - First-tier cities saw a significant year-on-year decline in new home transactions, with Beijing down 28%, Shanghai down 32%, and Shenzhen down 61% [3][13] - Second-tier cities experienced a 19.5% year-on-year decline, while third and fourth-tier cities saw a 26.7% decrease [3][14] Second-Hand Home Transactions - Second-hand home transaction area decreased by 14.8% month-on-month and 30.0% year-on-year in October, with a cumulative year-to-date increase of 3.4% [20][21] - First and second-tier cities also reported negative year-on-year growth in second-hand home transactions, with notable declines in cities like Beijing and Shenzhen [20][21] Inventory and Absorption - New home inventory and absorption cycles decreased, with a total inventory area of 11,291.6 million square meters, down 1.3% month-on-month and 12.3% year-on-year [3][9] - The overall absorption cycle is 18.2 months, indicating a slight improvement in inventory management [3][9] Land Market - The land market saw a 12.5% year-on-year decline in transaction volume, with average land prices decreasing by 14.7% [3][10] - The average land premium rate was 3.5%, reflecting a slight increase from the previous month but a decrease year-on-year [3][10] Real Estate Companies - The top 100 real estate companies reported a 39.8% year-on-year decline in total sales in October, with a cumulative decline of 16.7% year-to-date [3][10] - However, land acquisition amounts increased by 8.2% year-on-year, indicating a potential recovery in land investment [3][10] Policy Developments - The "14th Five-Year Plan" emphasizes high-quality development in real estate, with specific strategies to improve housing quality and meet the needs of urban workers [3][20] - Local policies are being optimized to support the construction of quality housing, with cities like Chengdu and Guangzhou implementing new design standards [3][20] Investment Recommendations - The report suggests focusing on companies with stable fundamentals in core cities, smaller firms showing significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [3][20]

Core Viewpoint - A dispute between a central enterprise-backed real estate company and a local state-owned real estate company has been resolved through mutual agreement, highlighting the competitive dynamics in the Beijing real estate market [1][8]. Group 1: Project Development and Collaboration - The Beijing Huangshanmu store project, also known as Zijing Chenyuan and Puyue, is a joint development by Guangzhou Yuexiu Real Estate, Beijing Xingding Real Estate, and Beijing Fangxing Yicheng Real Estate, with a total land acquisition cost of 12.6 billion yuan [1][2]. - The three companies have agreed to collaborate on marketing and project development, adhering to principles of professionalism, transparency, and better service delivery to clients [1][9]. - The shareholding structure shows that Beijing Xingchang Real Estate (Zijing Chenyuan project) is 50.1% owned by Zhongjian Zhidi, 32.9% by China Jinmao, and 17% by Yuexiu Real Estate [2]. Group 2: Market Competition and Pricing Issues - Allegations of unfair competition were raised by Zhongjian Zhidi against Yuexiu Real Estate, claiming that the latter's marketing strategies led to customer loss and disrupted pricing order in the market [5][6]. - The pricing strategy for both projects was supposed to follow a unified standard based on core dimensions such as unit type and location, but discrepancies arose during the marketing process [4][5]. - The competitive environment is intense, with both projects targeting high-end improvement customers, leading to significant media attention and market discussions [6][7]. Group 3: Sales Performance - Zijing Chenyuan achieved sales of 5.65 billion yuan shortly after its launch, while Puyue reported sales of 4.565 billion yuan, indicating strong market interest [3][6]. - As of November 16, Zijing Chenyuan had 111 units signed at an average price of approximately 98,000 yuan per square meter, while Puyue had 117 units signed at around 99,600 yuan per square meter [6]. Group 4: Future Market Outlook - The Huangshanmu store area is positioned as a prime location for residential development, with plans for 30 high-quality residential land resources to be released in Chaoyang District over the next three years [7]. - The collaboration between these companies is seen as a strategy to mitigate risks and enhance competitiveness in a challenging real estate market [6].

Core Viewpoint - The dispute between China State Construction Intelligent Land (中建智地) and Yuexiu Group (越秀) regarding two projects in Beijing has escalated, leading to a joint statement that lacks specific details on the consensus reached between the parties involved [1][2]. Group 1: Project Background - The Beijing Chaoyang Huangshanmu Store project, also known as Zijing Chenyuan and Puyue, is a collaboration between Beijing Xingding Real Estate Development Co., Beijing Fangxing Yicheng Real Estate Co., and Guangzhou Yuexiu Huacheng Real Estate Co. [1] - The project was won by a consortium that includes China State Construction Intelligent Land, Jinmao, and Yuexiu, with the southern plot managed solely by China State Construction and the northern plot by Jinmao and Yuexiu [1][2]. - The northern plot, Puyue, is managed by Beijing Maoyue Real Estate Co., with shareholding structures indicating that Yuexiu, despite having the smallest stake, holds significant marketing power [2]. Group 2: Sales and Market Dynamics - Both projects, Zijing Chenyuan and Puyue, opened for sales in October, with Zijing Chenyuan recording 120 contracts and Puyue 133 contracts, indicating a competitive market environment [2]. - The projects are designed to attract different buyer demographics, but their proximity and similar positioning lead to inevitable competition [2][3]. - A joint marketing strategy was initially in place, but underlying tensions have surfaced, leading to accusations of malicious competition from both sides [3][5]. Group 3: Escalation of Dispute - On November 10, China State Construction sent a letter to Yuexiu demanding the cessation of what it termed malicious attacks and the transfer of marketing responsibilities for the northern plot [3]. - Following failed negotiations, China State Construction escalated the situation by filing a formal complaint against Yuexiu's leadership for alleged abuse of power and causing significant losses to state assets [3][5]. - The complaint claims that Yuexiu engaged in organized marketing tactics that undermined the sales of Zijing Chenyuan, leading to a projected loss of approximately 365 million yuan [6]. Group 4: Market Implications - The ongoing dispute reflects broader issues in joint development projects, where differing interests can lead to conflicts, especially in a declining market [8]. - The competitive dynamics between the two projects may erode buyer confidence, impacting sales performance and overall market perception [8][9]. - Both companies have experienced rapid growth in the Beijing market, with China State Construction achieving a sales amount of 18.78 billion yuan in the first ten months of the year, while Yuexiu reached 12.02 billion yuan [10][12].

Core Viewpoint - The article discusses the acceleration of "existing house sales" in Shenzhen, highlighting the city's proactive approach compared to other first-tier cities in China, which have not yet implemented such measures extensively [1][4]. Group 1: Current Developments - Shenzhen's Planning and Natural Resources Bureau has recently listed a piece of land for full existing house sales, located in the Futian Meilin area, with a land area of 4,994 square meters and a starting price of 480 million yuan [1][3]. - This is not the first instance of Shenzhen promoting existing house sales; the city has been a pioneer since 2016, with multiple land parcels designated for this purpose in recent years [2][3]. Group 2: Market Context - The current market environment favors existing house sales as it allows buyers to see the product before purchase, thus facilitating decision-making [2][4]. - The proportion of existing house sales is increasing in Shenzhen, with 30.9% of new residential sales in the first half of the year being existing houses, indicating a shift in buyer preferences [7]. Group 3: Industry Implications - The shift towards existing house sales imposes higher operational requirements on real estate companies, as it affects cash flow and financing costs, favoring more stable and professional firms [2][4]. - The ongoing exploration of existing house sales aligns with national policies aimed at reforming real estate development and sales systems to enhance buyer protection and reduce delivery risks [5][6]. Group 4: Future Outlook - The trend of promoting existing house sales is expected to continue, particularly in cities with high inventory levels, while areas with lower inventory may face challenges in supply-demand balance [8]. - Experts suggest that existing house sales could boost market confidence, especially in high-quality projects in hot urban areas, while also addressing issues in regions with high inventory and weak buyer confidence [7][8].

Core Viewpoint - The joint development dispute over the Huangshanmu store site has been resolved through a reconciliation announcement, signaling the need for improved cooperation mechanisms among real estate companies to avoid future conflicts and ensure long-term collaboration [1][16]. Group 1: Background of the Joint Development - In April 2025, a consortium including China State Construction Intelligence, China Jinmao, and Yuexiu Real Estate won the bid for the Huangshanmu store site in Beijing's Chaoyang district for 12.6 billion yuan [3]. - The site was divided into two parts for development: the southern part "Zijing Chenyuan" managed by China State Construction Intelligence and the northern part "Puyue" managed by Yuexiu Real Estate, with China Jinmao focusing on product design [3][4]. Group 2: Shareholding Structure and Management - The shareholding structure shows that China State Construction Intelligence holds 50.1% in the southern project, while Yuexiu holds 17%, indicating a potential imbalance in decision-making power [4]. - The northern project has shareholdings of 49.9% for China State Construction Intelligence, 33.1% for China Jinmao, and 17% for Yuexiu, further complicating the management dynamics [4]. Group 3: Initial Cooperation and Marketing Strategy - The companies initially agreed on differentiated product strategies to avoid direct competition, with specific housing types planned for each project [5]. - A unified pricing strategy was established to maintain price consistency across both projects, leading to significant initial sales success [6]. Group 4: Emergence of Conflicts - Tensions arose when China State Construction Intelligence accused Yuexiu of engaging in malicious competition, undermining the agreed pricing logic and damaging overall project interests [8][11]. - Specific allegations included unreasonable pricing strategies and targeted marketing attacks that led to customer losses for the southern project [11][14]. Group 5: Resolution and Future Outlook - The reconciliation announcement on November 16 indicated that the companies reached a new agreement on key issues such as rights and responsibilities, allowing the project to resume normal operations [16]. - The effectiveness of the new cooperation model and the prevention of similar conflicts in the future remain to be seen [16].

来源：环球网 【环球网综合报道】11月16日晚，北京兴鼎房地产开发有限公司（中建智地+朝阳城开）、北京方兴亦 城置业有限公司（中国金茂）、广州越秀华城房地产开发有限公司（越秀地产）发布联合声明。 声明显示，北京朝阳黄杉木店项目（推广名紫京宸园、璞樾）是由北京兴鼎房地产开发有限公司、北京 方兴亦城置业有限公司与广州越秀华城房地产开发有限公司三家联合竞得并合作开发的项目。 各股东方经过坦诚协商、充分共创、达成共识，将秉持专业、阳光、公开、透明的原则，推进项目开发 经营各项工作，向社会及客户提供更好的产品和服务。 感谢社会各界的关注，也感谢广大客户朋友的理解与包容。 据悉，4月28日，黄杉木店地块由中建智地+中国金茂+越秀地产+朝阳城发联合体以126亿元的底价摘 得。项目包括南、北两幅住宅地块，南地块紫京宸园由中建智地主导营销，北地块璞樾则由越秀负责营 销与物业。 图源：中 建智地在北京 ...