《中国经营报》记者获悉，11月10日，广州市增城区新塘镇地铁13号线沙村站北侧18101203220A25127 号地块（以下简称"沙村站北侧地块"）成功出让，成交价格约为8.05亿元，成交楼面价约7130元/平方 米，由广州市增城区东进城市开发投资有限公司（增城城投持股100%子公司）以底价竞得。 公告显示，沙村站北侧地块为二类居住用地，宗地面积约4.52万平方米，地上容积率≤2.5，计容建筑面 积约11.29万平方米。该地块位于增城区新塘板块内，离地铁13号线沙村站约300米。 据克而瑞监测，在新塘镇，最近一次成交涉宅用地已是2022年，彼时中国铁建以12.86亿元的成交总价 竞得增城区新塘镇广园快速路南侧18101226A21188号地块，目前已转化为楼盘入市销售。 克而瑞广佛区域首席分析师肖文晓表示，近年来市场结构调整，增城区土拍成交大幅减少。"此次成交 的地块有望打造高使用率的新规产品，若能实现快速开发抓住窗口期，在产品力上对比板块内旧规存货 或有压倒性优势。" 底价成交 在建造要求上，沙村站北侧地块需建设建筑面积合计1015平方米的公共服务及市政交通设施配套，包括 1个社区服务中心、1个快递送达设 ...

Core Viewpoint - China Jinmao reported its unaudited sales data for October 2025, indicating a strong performance in signed sales and total sales volume for the year to date [1] Group 1: Sales Performance - In October 2025, China Jinmao and its subsidiaries achieved a signed sales amount of RMB 11.997 billion, with a signed sales area of 331,500 square meters [1] - From January to October 2025, the group accumulated a total signed sales amount of RMB 92.682 billion, which includes several key projects such as Changsha Meixi Lake International New City and Nanjing Qinglongshan International Ecological New City, among others [1] - The total signed sales area for the same period reached 4.006 million square meters [1] Group 2: Property Sales - As of October 31, 2025, China Jinmao recorded a subscribed (not yet signed) property sales amount of RMB 1.503 billion [1]

Core Viewpoint - China Jinmao Holdings Group Limited reported its unaudited sales data for October 2025, indicating a strong performance in property sales with significant figures in both sales amount and area sold [1][2]. Group 1: Sales Performance - In October 2025, China Jinmao and its subsidiaries achieved a contracted sales amount of RMB 11.997 billion, with a contracted sales area of 331,500 square meters [1]. - For the first ten months ending October 1, 2025, the cumulative contracted sales amount reached RMB 92.682 billion, including various significant projects across multiple cities [1]. - The total contracted sales area for the same period was 4.006 million square meters [1]. Group 2: Uncontracted Sales - As of October 31, 2025, China Jinmao recorded a subscribed (uncontracted) property sales amount of RMB 1.503 billion [2].

Summary of C-REITs Conference Call Industry Overview - The Chinese real estate industry is transitioning from new residential construction to rental asset operations, coinciding with the development of the REIT market, which may reshape the competitive landscape for developers and redefine long-term investment logic in the sector [1][3][11]. Key Points Importance of Current Developments - Since Q3 2025, favorable policies have accelerated the issuance of domestic REITs (C-REITs), expanding the range of assets and issuing entities. C-REITs are expected to become a significant asset class over the next 10 to 20 years, with a market potential of approximately $1 trillion, which is over 30 times the current size [3][9]. - The limited trading volume of C-REITs suggests that listed developers are a good entry point into this rapidly expanding theme due to their large rental asset portfolios and low participation in REIT issuance [3][9]. Beneficiaries - In-depth analysis indicates that China Resources Land (1109.HK) has the highest short-term benefit potential, followed by Seazen Holdings (601155.SS) and Longfor Group (0960.HK), due to their substantial shopping center portfolios and high pledge ratios. Other companies like China Overseas Land & Investment (0688.HK), China Merchants Shekou (001979.SZ), Vanke (2202.HK), Poly Developments (600048.SS), and Gemdale (600383.SS) also have significant non-retail rental assets that could benefit in the medium term as REIT coverage expands [4][9]. Signals to Watch - The normalization of REIT issuance, especially with private developers' participation, the expansion of covered commercial asset types, and increased flexibility in capital recycling will strengthen confidence in the mid-term investment logic [4][9]. Regulatory Framework and Market Development - C-REITs have a more stringent regulatory framework compared to mature markets like the US and Japan, including requirements on structure, holding ratios, leverage levels, and initial yield [15][19]. - The development of C-REITs has progressed through four phases over the past 25 years, with significant milestones including the first public REITs listed in 2021 and the expansion of eligible asset types [11][12]. Market Size and Performance - As of September 2025, there are 75 publicly listed C-REITs with a total issuance size of approximately RMB 200 billion and a market capitalization of about RMB 220 billion. Despite significant growth since the first listings, C-REITs currently represent only 0.15% of the total market capitalization of China's stock market [20][29]. - The average trading yield of C-REITs has compressed to 4.4%, reflecting a price increase of about 10% since IPOs, with specific sectors like water facilities and new infrastructure seeing substantial price increases [21][40]. Long-term Potential - The potential market size for C-REITs could reach between $800 billion to $1 trillion, which is 28 to 33 times the current market size, driven by the growth of commercial REITs and the completion of new properties [41][43]. - The estimated total value of commercial properties completed since 2000 is approximately $4.9 trillion, indicating a significant opportunity for C-REITs to capture a larger market share in the future [41][42]. Conclusion - The C-REIT market in China is poised for significant growth, driven by favorable policies, a shift in investment focus, and the potential for substantial market capitalization increases over the next decade. Developers with large rental portfolios are well-positioned to benefit from this emerging asset class [3][4][9].

Core Viewpoint - China Jinmao (00817) reported a year-on-year increase in signed sales amount and area for October 2025, indicating a positive trend in the company's sales performance [1] Group 1: Sales Performance - In October 2025, the company and its subsidiaries achieved a signed sales amount of RMB 11.997 billion, representing a year-on-year increase of 3.45% [1] - The total signed sales amount for the first ten months of 2025 reached RMB 92.682 billion, which is a year-on-year increase of 23.57% [1] - The total signed sales area for the first ten months was 4.006 million square meters [1] Group 2: Property Sales - As of October 31, 2025, the company had achieved a subscribed (but not yet signed) property sales amount of RMB 1.503 billion [1]

Core Viewpoint - China Jinmao (00817) reported a year-on-year increase in signed sales amount and area for October 2025, indicating a positive trend in the company's sales performance [1] Group 1: Sales Performance - In October 2025, the company and its subsidiaries achieved a signed sales amount of RMB 11.997 billion, representing a year-on-year increase of 3.45% [1] - The total signed sales amount for the first ten months of 2025 reached RMB 92.682 billion, which is a year-on-year increase of 23.57% [1] - The total signed sales area for the first ten months of 2025 was 4.006 million square meters [1] Group 2: Property Sales - As of October 31, 2025, the company had achieved a subscribed (but not yet signed) property sales amount of RMB 1.503 billion [1]

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。 China Jinmao Holdings Group Limited （於香港註冊成立的有限公司） （股票代號：00817） 公告 2025年10月未經審核銷售數據 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10 月份，本公司及其附屬公司（「本集團」）取得簽約銷售金額人民幣11,997百萬元， 簽約銷售建築面積331,460.63平方米。截至2025年10月31日止10個月，本集團累 計取得簽約銷售金額共計人民幣92,682百萬元（其中包含（如有）長沙梅溪湖國際 新城項目、南京青龍山國際生態新城項目、寧波生命科學城項目、嘉興上海之窗 智慧科學城項目、鄭州二七區馬寨新城項目、溫州鰲江國際新城項目、金華金茂 未來科學城項目及上海橫沔城市運營項目的成交銷售金額），以及累計簽約銷售建 築面積4,006,017.40平方米。 此外，於2025年10月31日，本集團已錄得已認購 ...

Market Overview - The Hong Kong stock market showed a significant recovery with the Hang Seng Index rising by 1.55%, closing at 26,649 points, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index increased by 1.9% and 1.34% respectively [1][2]. Sector Performance - Major technology stocks experienced a collective rise, with Tencent, Kuaishou, and Alibaba increasing by over 2%, while Baidu and Meituan rose by over 1% [4][5]. - Consumer-related stocks, including tourism, film, retail, leisure products, and dining sectors, showed active performance, with notable gains in new consumption concept stocks such as China Duty Free, which surged over 15% [5][7]. - Gold stocks also performed well, with companies like Chifeng Jilong Gold and China Silver Group rising over 6% [8][9]. - The oil sector saw strong performance from major oil companies, with China National Offshore Oil Corporation increasing nearly 6% [10]. Economic Indicators - The National Bureau of Statistics reported a positive signal in inflation data for October, with the Consumer Price Index (CPI) rising by 0.2% month-on-month and year-on-year, indicating a shift from decline to growth [5]. - The Ministry of Finance plans to continue implementing measures to boost consumption, particularly in key areas such as personal consumption loans [6]. Future Outlook - According to China International Capital Corporation (CICC), the Hang Seng Index is projected to have a midpoint of 28,000 to 29,000 points next year, with optimistic scenarios reaching around 31,000 points and pessimistic scenarios around 21,000 points [15]. - CICC recommends overweighting sectors such as AI software and hardware, new energy, chemicals, home furnishings, and innovative pharmaceuticals, while suggesting underweighting real estate, food retail, and personal care products [15].

| 万科企业 | 4.430 | 3.02% | | --- | --- | --- | | 2202.HK | | | | 绿城管理控股 | | | | 9979.HK | 3.190 | 2.90% | 11月10日午后，港股内房股走高，截至发稿，绿城中国涨超9%，富力地产涨超7%，华润万象生活、融 创服务涨超5%，华润置地、新城发展等个股跟涨。 | < w | 内房股(987020) | | | | | --- | --- | --- | --- | --- | | | 517.91 15.65 +3.12% | | | | | | THE THE THE REAL PAR A | | | | | 経版 成分 | 资讯 | | 相关基金 月度收益 | | | 名称 | | 现价 | 涨跌幅 ◆ | II | | 绿城中国 | | 9.010 | 9.21% | | | 3900.HK | | | | | | 华润万象生活 | | 41.880 | 5.28% | | | 1209.HK | | | | | | 建发国际集团 | | 16.580 | 4.74% | | | 1908.HK | | | | ...

Group 1 - Hong Kong property stocks experienced a rise, with notable increases in several companies' stock prices [1] - Greentown China saw a significant increase of 9.09%, reaching a latest price of 9.000 and a total market capitalization of 22.856 billion [2] - Other companies such as Oceanwide Holdings and R&F Properties also reported substantial gains of 8.65% and 7.55% respectively [2] Group 2 - Shimao Group increased by 5.77%, with a latest price of 0.275 and a market cap of 23.66 billion [2] - Companies like Jianfa International Group, China Resources Land, and China Jinmao rose over 4%, indicating a positive trend in the sector [1][2] - Year-to-date performance shows mixed results, with some companies like Oceanwide Holdings and R&F Properties down by 54.25% and 58.09% respectively [2]