Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating an expectation of better performance compared to the overall market [5]. Core Insights - In October 2025, the sales of real estate companies saw a significant decline, with a year-on-year decrease of 42% and a cumulative decrease of 20% for the year [5]. - The report highlights that the sales amount for 50 real estate companies in October 2025 was 196.7 billion yuan, a year-on-year decrease of 41.5% [5]. - The report emphasizes the need for further supportive policies to stabilize the market, as the current situation remains weak despite previous policy interventions [5]. Summary by Sections Sales Performance - In October 2025, the top three companies by sales were Poly Developments (21 billion yuan, YOY -50%), China Overseas (18.6 billion yuan, YOY -55%), and China Merchants Shekou (15.4 billion yuan, YOY -31%) [5]. - The cumulative sales from January to October 2025 for Poly Developments reached 222.7 billion yuan (YOY +22%), China Overseas at 189.1 billion yuan (YOY +21%), and China Resources at 169.6 billion yuan (YOY +17%) [5]. Policy Implications - The report notes that the government has been urged to implement stronger measures to stabilize the real estate market, with recent policies including the relaxation of purchase restrictions in major cities [5]. - The report suggests that the "good housing" policy could lead to a breakthrough in the market, promoting a recovery in core cities and shifting the operational model of real estate companies from finance to manufacturing [5]. Investment Recommendations - Recommended companies include: 1. Good housing companies: Jianfa International, Binjiang Group, China Resources Land, Greentown China, China Jinmao, Jianfa Holdings [5]. 2. Commercial real estate companies: New City Holdings, Yuexiu Property, China Merchants Shekou, Longfor Group, China Overseas Development, Poly Development, Huafa [5]. 3. Second-hand housing intermediaries: Beike-W, I Love My Home [5]. 4. Property management: Greentown Services, China Resources Vientiane, China Merchants Jiyu, Poly Property, China Overseas Property [5].

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for the industry [4]. Core Insights - October sales for real estate companies showed a significant decline, with a year-on-year decrease of 42% and a cumulative decrease of 20% for the year [4]. - The top three companies in terms of sales for October were Poly Developments (210 billion), China Overseas (186 billion), and China Merchants Shekou (154 billion), with the threshold for the top three dropping from 310 billion last year to 154 billion this year [2][4]. - The report highlights that the market is weakening further, necessitating additional supportive policies to stabilize the sector [4]. Summary by Sections Sales Performance - In October 2025, the total sales amount for 50 real estate companies was 1,967 billion, reflecting a year-on-year decline of 41.5% [4]. - The sales area for October was 10 million square meters, down 42.1% year-on-year [4]. - Cumulatively, from January to October 2025, the sales amount reached 19,384 billion, a decrease of 20.4% year-on-year [4]. Company Rankings - For October sales, the rankings were led by Poly Developments (210 billion, YOY -50%), followed by China Overseas (186 billion, YOY -55%) and China Merchants Shekou (154 billion, YOY -31%) [4]. - Cumulative sales from January to October showed Poly Developments leading with 2,227 billion (YOY +22%), followed by China Overseas (1,891 billion, YOY -21%) and China Resources (1,696 billion, YOY -17%) [4]. Investment Recommendations - The report suggests focusing on companies that are likely to benefit from favorable policies, including China Resources, Greenland, and China Jinmao, among others [4]. - It also highlights the potential for commercial real estate to be revalued positively during the current monetary easing cycle [4].

Core Viewpoint - The real estate market in October showed a mixed performance, with new home sales experiencing a slight month-on-month increase but a significant year-on-year decline, indicating a lack of confidence among buyers and a potential need for stronger policy support [2][4][8]. Market Performance - In October, new home transactions increased by 1% month-on-month but fell by 36% year-on-year. The top 100 real estate companies achieved sales of 253 billion yuan, a mere 0.1% increase from the previous month but a drastic 41.9% decrease compared to the same month last year [2][4]. - Cumulatively, from January to October, 30 monitored cities recorded a total transaction volume of 98.25 million square meters, with a year-on-year decline of 7%, worsening from a 2% drop the previous month. The top 100 real estate companies reported total sales of 25,766.6 billion yuan, down 16% year-on-year, marking the worst performance since 2019 [4][5]. Regional Insights - In Shanghai, new home sales reached 11,054 units in October, with a 0.3% month-on-month price increase and a 5.6% year-on-year increase, making it a leader in the market [8]. - Beijing's new home sales were 3,168 units, down 2.16% month-on-month and 23.09% year-on-year. The second-hand home market saw 12,087 transactions, reflecting a 23.71% month-on-month decline and a 30.4% year-on-year drop [14]. - In Shenzhen, new home sales fell by 14.09% month-on-month and 34.46% year-on-year, while second-hand home transactions decreased by 16.90% month-on-month but increased by 27.28% year-on-year [14]. Price Trends - The second-hand home price index showed a 0.84% month-on-month decline, with no cities reporting price increases in September. In contrast, new home prices rose by 0.28% month-on-month [18][20]. - High-end properties continue to perform well, with significant sales recorded in luxury segments, indicating a divergence in market performance between luxury and affordable housing [21][23]. Market Sentiment - The current market reflects a dual reality: while ordinary buyers are hesitant due to fears of falling prices, wealthy individuals are actively purchasing high-value properties, creating a stark contrast in market dynamics [25][28]. - The market is characterized by a "K-shaped" recovery, where demand for affordable housing remains weak, while demand for premium properties is robust, suggesting a complex future landscape for the real estate sector [28].

Core Viewpoint - The real estate market in China is experiencing a downturn, with a significant decline in land acquisition activities among major companies, reflecting a cautious investment attitude due to reduced land supply and market pressures [15][16][30]. Group 1: Land Acquisition Trends - In October, over half of the 30 monitored companies did not engage in land acquisition, with only four companies acquiring land worth over 5 billion yuan [16]. - The total land acquisition value for the top 100 real estate companies reached 19,443 billion yuan, with a year-on-year increase of 27% [24]. - The average premium rate for land transactions in October was 2.7%, marking the lowest level of the year [18]. Group 2: Market Performance Metrics - The total area of land sold through public bidding in China was 60.57 million square meters, a 13% decrease month-on-month and a 25% decrease year-on-year [18]. - The total transaction amount for land was 151.9 billion yuan, reflecting a 20% month-on-month decline and a 35% year-on-year decrease [18]. - The threshold for the top 100 companies in terms of new land value decreased by 5% year-on-year to 4.28 billion yuan [21]. Group 3: Investment Behavior - The investment amount of the top 100 companies increased by 45% year-on-year, indicating a rebound in land acquisition despite the overall market decline [23][24]. - The land acquisition ratio for the top 100 companies was 0.29, with the top 10 companies showing a higher ratio of 0.42, indicating more aggressive investment strategies [26]. - Companies are focusing on acquiring quality land in core first- and second-tier cities, maintaining a rational approach to avoid overpaying [30][33]. Group 4: Future Outlook - The fourth quarter is expected to see continued cautious and rational land acquisition strategies, with over 40% of the top sales companies likely to maintain zero new land reserves [33]. - Central government policies are anticipated to optimize land supply, focusing on improving housing quality and urban renewal projects [33].

Core Insights - The total sales of the top 100 real estate companies in China for the first ten months of 2025 reached 289.67 billion yuan, representing a year-on-year decline of 16.3%, with the decline rate widening by 4.1 percentage points compared to the first nine months of the year [1] - The sales performance in October showed a slight month-on-month recovery, with a total sales amount of 253 billion yuan, reflecting a 0.1% increase from the previous month [6] Group 1: Sales Performance by Company Tier - The average sales for the top 10 real estate companies was 143.09 billion yuan, down 15.0% year-on-year [4] - The average sales for companies ranked 11 to 30 was 35.51 billion yuan, down 17.8% year-on-year [4] - The average sales for companies ranked 31 to 50 was 17.21 billion yuan, down 16.6% year-on-year [4] Group 2: Company Breakdown - There are 7 companies in the 100 billion yuan and above tier, with sales figures of 222.7 billion yuan, 201.1 billion yuan, 189.1 billion yuan, 169.6 billion yuan, 156.0 billion yuan, 114.6 billion yuan, and 106.5 billion yuan respectively [4] - The second tier (500-1000 billion yuan) has 7 companies, down 2 from the previous year, with sales figures of 92.6 billion yuan, 92.1 billion yuan, 86.3 billion yuan, 68.7 billion yuan, 62.1 billion yuan, 55.7 billion yuan, and 55.3 billion yuan respectively [4] - The third tier (300-500 billion yuan) has 6 companies, down 3 from the previous year, with sales figures of 43.8 billion yuan, 43.5 billion yuan, 41.5 billion yuan, 33.9 billion yuan, and 32.7 billion yuan respectively [4] Group 3: Market Trends - In October, first-tier cities recorded a total transaction volume of 1.68 million square meters, remaining flat month-on-month but down 41% year-on-year [6] - The total transaction volume in 26 second and third-tier cities was 7.91 million square meters, with a slight month-on-month increase of 1% but a year-on-year decline of 35% [6] - The city of Chengdu led in monthly transactions with 800,000 square meters, followed by Qingdao, Wuhan, and Xi'an [6] Group 4: Policy Implications - The recent "14th Five-Year Plan" emphasizes boosting consumption and may lead to the relaxation of housing purchase restrictions in major cities [7] - The industry anticipates that as year-end performance targets approach, supply in key cities may improve, providing some support to the market [7] - A more comprehensive approach from the central government is needed to stabilize the industry and break the negative cycle [7]

Group 1: Land Market - A residential and commercial land parcel of approximately 23.4 acres in Chengdu's Jinniu District will be auctioned on November 21, with a starting price of 13,900 yuan/m² [2] - Three residential land parcels were transacted in the greater Chengdu area this week, totaling approximately 203.6 acres [4] Group 2: New Housing Sales - From October 24 to October 30, Chengdu's new housing sales totaled 1,782 units, with a total area of 232,777.94 m² [5] - The weekly breakdown shows significant sales activity, particularly on October 27, with 354 units sold, totaling 46,131.56 m² [5] Group 3: Second-Hand Housing Sales - The total number of second-hand housing transactions in Chengdu for the week reached 4,237 units, covering an area of 403,222.89 m² [8] - The highest daily sales occurred on October 28, with 881 units sold, amounting to 80,634.48 m² [8] Group 4: New Pre-Sales - A total of 39 new pre-sale permits were issued this week, with 29 projects including residential units [9] - Notable projects include the launch of high-rise products by Vanke in the High-tech Zone, achieving an 80% sales rate, and the successful opening of the China Railway Boya Art City [9] Group 5: Major Events - The "14th Five-Year Plan" was released, emphasizing the need for high-quality development in the real estate sector, marking a shift from scale expansion to quality and safety [12] - Chengdu has revised its management measures for online signing and filing of new housing contracts, enhancing convenience for developers and buyers [12]

签约（重庆开发协会供图） 此前，璧山推出了《璧山区推动房地产高质量发展若干措施（试行）》，从土地出让、规划布局、配套建设、预售支持等11个方面提出支 持房地产行业具体举措。 10月27日，在2025年璧山区城市价值暨高品质建设用地推介会上，璧山11宗高品质地块，吸引了保利、金茂、龙湖、绿城、海成、新希望 等50余家品牌房企前来交流洽谈。 据介绍，本次推介会重点推出11宗优质地块，总面积834亩，涵盖居住、商业、文化设施等类型，均位于核心发展板块，区位优越、配套 成熟，具备巨大的发展潜力。玉泉湖活力核心区依托玉泉湖生态资源与多维度交通，适宜建设高端住宅及文化地标；枢纽TOD潜力区域凭 借轨交优势，打造"轨交上的品质居住区"；成熟板块商业明珠位于秀湖生态区，适合布局酒店、会议中心等商业配套；生命健康板块聚焦 康养住宅与复合型社区商业；科学城潜力板块与来凤文旅秘境则分别瞄准科创服务与文旅康养新需求。 活动现场（重庆开发协会供图） 推介会上，璧山高新区管委会、服务业发展区管委会与相关企业分别签订合作开发和投资开发协议。（来源：重庆开发协会） ...

Group 1 - The core point of the article is that China Jinmao (00817) announced its financial results for the nine months ending September 30, 2025, reporting a revenue of 21.378 billion yuan and a net profit attributable to the parent company of 1.334 billion yuan [1]

Group 1 - The core point of the article is that China Jinmao (00817) reported its financial results for the nine months ending September 30, 2025, highlighting significant revenue and net profit figures [1] Group 2 - The company’s wholly-owned subsidiary, Shanghai Jinmao, achieved a revenue of 21.378 billion yuan [1] - The net profit attributable to the parent company’s owners was 1.334 billion yuan [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 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） 暫停辦理股份過戶登記手續及釐定出席股東特別大會 並於會上投票的權利的記錄日期 茲提述(i)中國金茂控股集團有限公司（「本公司」）日期為2025年9月29日的公告， 內容有關(1)本公司與中化財務訂立補充協議二，以進一步修訂經補充協議一修訂 的中化金融服務框架協議的部分條款及(2)本公司與平安成員企業訂立經續期平安 金融服務框架協議；及(ii)本公司日期為2025年10月23日的公告，內容有關延遲 寄發通函（「該等公告」）。除本公告另有界定者外，本公告所用詞彙與該等公告所 界定者具有相同涵義。 誠如該等公告所披露，一份當中載有關於補充協議二及經續期平安金融服務框架 協議的詳情、獨立董事委員會函件、獨立財務顧問函件的通函（「通函」），連同股 東特別大會 ...