Core Viewpoint - Greentown China reported significant sales figures for October 2025, indicating strong performance in both self-invested and entrusted projects, with total contract sales amounting to approximately RMB 2,011 billion for the first ten months of the year [1] Group 1: Self-Invested Projects - In October 2025, Greentown Group achieved sales of 2,587 units, with a sales area of approximately 360,000 square meters and a sales amount of about RMB 12.2 billion, resulting in an average selling price of approximately RMB 33,936 per square meter [1] - For the period from January to October 2025, the total contract sales area for self-invested projects was approximately 3.51 million square meters, with a total contract sales amount of around RMB 120.4 billion, of which the equity amount attributable to Greentown Group was approximately RMB 78.8 billion [1] - As of October 31, 2025, there were additional signed purchase agreements amounting to approximately RMB 3.4 billion, with an equity amount attributable to Greentown Group of about RMB 2.2 billion [1] Group 2: Entrusted Projects - In October 2025, Greentown Group's entrusted projects achieved a sales area of approximately 850,000 square meters, with a sales amount of around RMB 10.1 billion [1] - From January to October 2025, the total sales area for entrusted projects was approximately 6.18 million square meters, with a total sales amount of about RMB 80.7 billion [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 綠城中國控股有限公司 呈交日期: 2025年11月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03900 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | 本月底法定/註冊股本總額： HKD 1,000,000,000 FF301 第 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 全部或任何部分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。 ** 當月銷售金額包括當月新增合同及當月已簽認購協議未轉銷售合同 – 1 – GREENTOWN CHINA HOLDINGS LIMITED 截 至2025年10月31日止十個月未經審核營運數據 綠城中國控股有限公司（「本公司」）董事會（「董事會」）公佈本公司與其附屬公司 連同其合營企業及聯營公司（「綠城集團」）截 至2025年10月31日止十個月若干未 經 審 核 營 運 數 據 如 下： 2025年10月，綠 城 集 團 自 投 項 目 取 得 銷 售2,587套，銷 售 面 積 約36萬 平 方 米，當 月 銷售金額**約為人民幣122億元，銷售均價約為每平方米人民幣33,936元。2025年 1-10月，綠 城 集 團 取 得 合 同 銷 售 面 積 約351萬 平 方 米，合 同 銷 售 金 額 約 人 民 幣 1,204億 元；其 中 ...

Group 1 - The article emphasizes the importance of brand communication for real estate companies during the festive seasons of National Day, Mid-Autumn Festival, and Chongyang Festival, highlighting the opportunity for brand engagement and social responsibility [2][6] - Leading real estate companies are focusing on community-centric activities, utilizing a blend of traditional and modern interactive designs to create emotional resonance, brand recognition, and value conversion [2][6] - The article notes significant leadership changes in key companies, such as Vanke's chairman transition and the criminal measures against its former president, as well as the board restructuring at Jin Ke Co., indicating ongoing turbulence in the industry [2][6] Group 2 - The top three companies in the brand communication power ranking are Poly Developments, China Resources Land, and Greentown China, followed closely by Vanke and Longfor Group [2][4] - The article highlights the role of festive seasons as a starting point for community building, with leading companies enhancing neighborly connections through service and warmth, contributing to a more meaningful ideal lifestyle [2][6] - The model of "emotional empowerment + value realization" is identified as a core driver for the continuous improvement of brand communication power [2][6]

Group 1 - The article discusses the ongoing debate in the A-share market regarding the future of high-growth technology stocks versus undervalued domestic demand sectors, highlighting the contrasting views of fund managers [2] - Fund managers are increasingly cautious about the AI sector's high valuations, with some suggesting a diversified investment approach to mitigate potential volatility [4][5] - The article notes that while some fund managers are focusing on domestic consumption, others are still optimistic about the real estate sector as a recovery opportunity, despite current market challenges [17][22] Group 2 - The performance of fund managers who missed the tech rally varies, with some expressing regret while others maintain a focus on domestic demand, particularly in the service sector [12][14] - The article emphasizes the importance of domestic consumption as a long-term investment theme, with fund managers like Zhang Kun heavily investing in traditional sectors like liquor [14][23] - The real estate sector is viewed as a potential recovery area, but current data shows it struggling to stabilize, leading to a cautious outlook among investors [23][26]

Core Insights - A residential and commercial land parcel in Yiwu was sold on November 6, with a total area of 18,456.27 square meters and a planned construction area of 46,140.68 square meters, achieving a starting price of 668 million yuan [1] - The land was contested through 39 rounds of bidding, ultimately acquired by Yiwu Zhexiaozhiye Co., Ltd. (Green City) for a total price of 858 million yuan, resulting in a floor price of 18,595 yuan per square meter and a premium rate of 28.44% [1] Summary by Category - **Land Details** - Total land area: 18,456.27 square meters [1] - Planned construction area: 46,140.68 square meters [1] - Land use type: Urban residential and commercial [1] - **Bidding Process** - Number of bidding rounds: 39 [1] - Starting price: 668 million yuan [1] - Final acquisition price: 858 million yuan [1] - **Financial Metrics** - Floor price per square meter: 18,595 yuan [1] - Premium rate: 28.44% [1]

Investment Rating - The report assigns a "Buy-A" rating to several companies, including New城控股 with a target price of 18 yuan, 绿城中国 with a target price of 11.7 yuan, and 中国金茂 with a target price of 2.1 yuan [5]. Core Insights - The real estate market in core cities is experiencing accelerated price declines, particularly in the second-hand housing market, with a notable drop of 4.4% since April 2025 [1][11]. - The price of newly built homes in first-tier cities has shown resilience, with a year-on-year decline of only 0.7% in 2025, significantly narrowing from a decline of 3.8% in 2024 [1][22]. - The structural contradictions in the market are being released due to previous price control policies, leading to an influx of new homes into the second-hand market, which is exerting downward pressure on prices [2][11]. Summary by Sections 1. Market Trends - Since the third quarter of 2025, the real estate market has faced increasing adjustment pressures, particularly in the second-hand housing market of core cities, which is undergoing a rapid price decline [1][11]. - The price of newly built homes in first-tier cities has shown a strong anti-decline resilience, with a year-to-date decline of only 0.6% [1][22]. 2. Price Dynamics - The price of second-hand homes in first-tier cities has dropped significantly, with a 15.1% decline in the price of newly built homes from the second quarter to the third quarter of 2025 [1][37]. - The number of new listings for second-hand homes built between 2018 and 2025 has increased by 67.7% from 2023 to 2025, indicating a significant supply influx [2][36]. 3. Policy Environment - Following the relaxation of real estate control policies in August, there was a brief improvement in sales in September, but the downward pressure on prices has continued [3][12]. - The report suggests that companies like 金地集团 and 新城控股 may benefit from the improved policy environment and sales recovery [3][12]. 4. Regional Analysis - In cities like Shanghai and Hangzhou, new home prices have increased by 2.6% and 1.8% respectively since April 2025, while second-hand home prices have faced significant declines [22][23]. - The report highlights that the price dynamics in core cities are characterized by a divergence between new and second-hand homes, with new homes maintaining relative stability while second-hand homes experience significant price drops [21][22]. 5. Future Outlook - The report anticipates that the real estate policies may further loosen by the end of the year, which could provide additional support to the market [3][12]. - The ongoing structural changes in the market, particularly the influx of new homes into the second-hand market, are expected to continue influencing price trends [2][41].

Core Viewpoint - The AH0124032 land parcel in Haizhu District is set for auction with a starting price of 2.75 billion yuan, reflecting a floor price of 19,162.8 yuan per square meter, and is expected to attract significant interest from major real estate developers [1][5]. Group 1: Land Parcel Details - The land parcel is categorized as a second-class residential land compatible with commercial and primary school use, covering an area of 42,208 square meters with a calculated floor area of 143,507 square meters and a floor area ratio of 3.4 [1][5]. - The parcel, known colloquially as the "Cui Cheng Garden East" site, has undergone regulatory adjustments, reducing the floor area ratio from 4.5 to 3.4 and the total building area from 190,000 square meters to 143,507 square meters, enhancing residential comfort [5][7]. Group 2: Development Potential - The area designated for primary school use has increased to 20,200 square meters from 17,000 square meters, with plans to retain the existing Hai Fu Primary School and potentially introduce a new campus for Changgang Middle School [7]. - The commercial area is set to have a height limit of 200 meters and an area of 27,800 square meters, allowing for the construction of a large-scale commercial complex of 200,000 square meters, which could significantly reshape the commercial landscape in Haizhu West [7][10]. Group 3: Market Interest - Several major real estate companies, including China Overseas, Poly, Yuexiu, China Resources, and Greentown, have shown interest in this land parcel, indicating strong market demand for larger and more comprehensive residential and commercial developments in the area [10].

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [3] Core Views - The real estate sector is a crucial asset allocation and investment direction for Chinese households, with stable housing prices being significant for facilitating economic circulation. The 20th Central Committee's Fourth Plenary Session emphasized promoting high-quality development in real estate, indicating potential policy support [4][48] - There is an anticipated wave of development for high-quality housing due to policy guidance and changes in supply-demand structure, with a focus on core cities and strong land acquisition capabilities [4][48] Market Performance - The Shanghai Composite Index rose by 0.1%, the Shenzhen Component Index rose by 0.7%, and the ChiNext Index rose by 0.5%. The real estate sector (Shenwan) fell by 0.7% during the week [4][7] - In the new housing market, 42 key cities recorded a total transaction of 2.43 million square meters, a week-on-week increase of 4.8%, but a year-on-year decrease of 41.1% [14][18] - For the month of October, new housing transactions in 42 key cities totaled 8.43 million square meters, a year-on-year decrease of 34.6% [18][19] Data Tracking New Housing Transactions - In the week of October 25-31, new housing transactions in 42 key cities totaled 2.43 million square meters, with a year-on-year decrease of 41.1% [14] - For October, new housing transactions totaled 8.43 million square meters, a year-on-year decrease of 34.6% [18] Second-Hand Housing Transactions - In the week of October 25-31, second-hand housing transactions in 21 key cities totaled 2.05 million square meters, a year-on-year decrease of 23.6% [30] - For October, second-hand housing transactions totaled 7.32 million square meters, a year-on-year decrease of 21.2% [33] Industry News - The Ministry of Housing and Urban-Rural Development is promoting a system of selling existing homes to mitigate delivery risks. Additionally, five departments issued a plan to support qualified commercial real estate projects in issuing Real Estate Investment Trusts (REITs) [45] - Guangzhou has released guidelines for constructing quality housing, emphasizing green construction and energy-efficient appliances [45] - Policy adjustments in housing provident funds have been made, including increasing the maximum ratio of monthly repayments to family income from 55% to 60% in Hainan [45] Company Announcements - In Q3 2025, several companies reported their net profits, with notable figures including China Vanke at -16.07 billion yuan (a year-on-year decrease of 98.6%) and China Merchants Shekou at 1.05 billion yuan (a year-on-year decrease of 11.4%) [48][50] - Financing activities include a loan agreement where Shenzhen Metro Group will provide up to 22 billion yuan to China Vanke [48][50]

随着新房市场竞争态势的加剧，一方面长沙房企通过特价房、工抵房等直接的价格优惠形式吸引购房 者；另一方面，楼盘通过户型设计创新，努力提升得房率和性价比获取客源。 价格没有最低，只有更低。 从10月均价8000元/平方米，到如今一口价特惠房源7080元/平方米。不仅是湖南建投向江徕项目持续降 价促销，长沙卓越朗宋、建发观云、万科松湖天地等项目也提前启动"双十一"优惠促销活动，首付更 低，买房送万元购物卡，认购住宅限时抽奖汽车等。 克而瑞、中原发布的研究报告称，上周长沙新房市场供销齐涨，商品住宅供应579套、7.79万平方米， 环比增长30%，供应量达到近四周峰值；成交575套、8.31万平方米，环比增长70%。 "受'双十一'节点更大力度促销带动，长沙房企通过特价房、限时折扣等多种方式加速去化，新房市场 一定程度释放了市场需求，供销回升明显。"长沙中建博萃府项目营销人士表示。 据介绍，中建博萃府项目于10月26日首开推出的116套建筑面积100平方米、120平方米刚需低门槛住 宅，累计认筹约225组，客筹比1.9：1，首开89折优惠后的成交单价仅12400元~13500元/平方米，开盘 当日去化率达95%，剩下的 ...