10月20日，上海第八批次土拍收官，3宗地块溢价成交、3宗地块底价成交，总成交金额约198.77亿元。 据中指研究院统计，本次土拍累计吸引了中海地产、保利发展、中铁建地产、滨江集团、招商蛇口等20 余家企业参与竞拍。 备受市场关注的徐汇区WS5单元188N-I-21地块最终被中海地产以44.65亿元竞得，成交楼面价14.85万元/ 平方米，溢价率10%，刷新了徐汇滨江板块住宅楼面价纪录，成为板块内的新"地王"。 专家：房企拿地趋向保守 位于徐汇区云锦路附近的WS5单元188N-I-21地块由于临近热门豪宅楼盘云锦东方，迅速成为市场关注 焦点，一度被猜测其可能成为云锦东方四期。 此前多在上海郊区布局的中铁建地产也关注该宗地，有意进军内中环核心板块。该公司旗下华东公司早 早在公开平台发布了该宗住宅用地的招标信息，预计总投资82.46亿元，其中建安费10.31亿元，开发住 宅、配套用房、地下车库等。 连近十年未出现在上海土地市场的浙系房企"一哥"滨江集团，也与招商蛇口、上海西岸开发集团组成联 合体参与竞价。 根据出让文件，徐汇区WS5单元188N-I-21地块的土地出让面积为20044.45平方米，规划建筑面积 3 ...

10月20日晚间，越秀地产在港交所公告，于2025年10月20日，透过联合体，通过公开挂牌方式以人民币 7,737,150,000元成功竞得上海市静安区C070102单元32-04地块及32-08地块地下空间地块。由公司实际 拥有95%权益的附属公司上海樾恒将会与合作方共同成立项目公司以开发上海市静安区地块，上海樾恒 于上海市静安区地块实际应占利益为20%。 ...

Core Viewpoint - The recent land auction in Shanghai indicates a stable market with a total transaction amount of 19.877 billion yuan, reflecting a rational performance in the land market that is expected to influence the new housing sales market gradually [1][2][5]. Group 1: Auction Details - On October 20, Shanghai auctioned 6 residential land plots, attracting over 20 participating companies, resulting in 3 plots sold at a premium and 3 at the base price, with a total transaction amount of 19.877 billion yuan [1][3]. - The total land area auctioned was 191,600 square meters, with a total planned construction area of 408,700 square meters and a starting price of 18.495 billion yuan [3]. - The highest floor price was recorded at 148,503 yuan per square meter for the Xuhui Binjiang plot, which set a new record for the area [2][3]. Group 2: Price and Premium Analysis - The Xuhui Binjiang plot had a starting price of 4.059 billion yuan and was won by China Overseas with a total bid of 4.465 billion yuan, resulting in a premium rate of 10% [3]. - The Jing'an Suhewan plot was acquired by a consortium for 7.737 billion yuan, with a floor price of 81,415 yuan per square meter and a premium rate of 9.03% [3][4]. - The Yangpu Dongwaitan plot was sold for 2.612 billion yuan, with a floor price of 69,958 yuan per square meter and a premium rate of 14.69% [3][4]. Group 3: Market Trends and Insights - Industry experts noted that the overall premium rate for the land auction remained below 15%, indicating a trend towards market stability [2][5]. - The participation of mainly state-owned enterprises and local investment platforms suggests a cautious approach in the current market environment [5]. - The release of quality land plots and the recent "good housing" policy are expected to enhance development potential in the Shanghai real estate market [6].

Core Viewpoint - The company, Yuexiu Property (00123.HK), successfully acquired land in Shanghai's Jing'an District for RMB 7.737 billion through a consortium, indicating a strategic investment in a prime urban area [1][2]. Group 1: Acquisition Details - The consortium, in which the company holds a 95% stake through its subsidiary Shanghai Yueheng, won the bid for the Jing'an District land, which includes two underground space plots [2]. - The total area of the acquired land is approximately 26,108 square meters, with a total buildable area of about 153,943 square meters, including residential, commercial, and cultural facilities [2][3]. Group 2: Development Plans - The project company will develop residential properties for sale, while commercial and cultural facilities will be transferred to the government after approval [3]. - The land is strategically located within the inner ring of Jing'an District, benefiting from proximity to the Suzhou River and a well-developed transportation network, including access to multiple metro lines [3]. Group 3: Surrounding Amenities - The area boasts comprehensive amenities, including educational institutions, healthcare facilities, and commercial hubs, enhancing the attractiveness of the investment [3]. - Notable nearby landmarks include Nanjing Road pedestrian street and People's Square, with significant educational and medical resources within a 2-kilometer radius [3].

Core Viewpoint - Yuexiu Property (00123) successfully acquired the underground space of the Shanghai Jing'an District land for RMB 7.737 billion through a consortium, enhancing its land reserves and strategic position in Shanghai [1][3]. Group 1: Acquisition Details - The consortium, in which the company's subsidiary Shanghai Yueheng holds a 95% stake, won the bid for the Jing'an District land through a public listing [1]. - The total area of the Jing'an District land is approximately 26,108 square meters, with a total buildable area of about 153,943 square meters, including residential, commercial, and cultural facilities [2]. Group 2: Land Use and Development Plans - The land is designated for residential and cultural use, with residential buildable area of approximately 65,213 square meters and commercial area of about 5,200 square meters [2]. - The project company will develop residential properties for sale, while commercial and cultural facilities will be transferred to the government after approval [2]. Group 3: Location and Strategic Importance - The Jing'an District land is located within the inner ring of Jing'an, benefiting from the Suzhou River waterfront and proximity to major commercial and transportation hubs [3]. - The area is positioned as a world-class waterfront new economy headquarters cluster, focusing on finance, technology, professional services, and cultural industries [3]. - The board believes that acquiring the land at a reasonable cost will enhance the company's quality land reserves and strengthen its strategic position in Shanghai [3].

Core Viewpoint - The company successfully acquired the Shanghai Jing'an District land through a consortium for RMB 7.737 billion, enhancing its land reserves and strategic position in Shanghai [1][3]. Group 1: Acquisition Details - The company, through its subsidiary Shanghai Yueheng, holds a 20% interest in the consortium that won the bid for the land [1]. - The total area of the acquired land is approximately 26,108 square meters, with a total buildable area of about 153,943 square meters [2]. - The land is designated for residential and cultural use, with specific allocations for residential, commercial, and public service facilities [2]. Group 2: Location and Strategic Importance - The land is located within the inner ring of Jing'an District, benefiting from prime riverfront views along the Suzhou River [3]. - The surrounding area is well-equipped with transportation options, including proximity to multiple metro lines and major commercial districts [3]. - The acquisition is expected to strengthen the company's land reserves and reinforce its strategic position in the competitive Shanghai real estate market [3].

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之內容概不負責，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之任何損失承擔任 何責任。 （在香港註冊成立的有限公司） （股份代號：00123） 公 告 收購土地 越秀地產股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈，於二○二五年十月二十日， 透過聯合體（定義見下文），通過公開掛牌方式以人民幣7,737,150,000元成功競得上海市靜安 區C070102單元32-04地塊及32-08地塊地下空間地塊（統稱「上海市靜安區地塊」）。 上海市靜安區地塊 一個由本公司實際擁有95%權益的附屬公司上海樾恒企業管理有限公司（「上海樾恒」）與平湖 招陸置業有限公司、南通瑞宏置業有限公司、蘇州星盛榮企業管理有限公司及蘇州星泰益置業 有限公司，基於各自獨立利益、按一般商業條款所商議而組成聯合體（「聯合體」），通過公開 掛牌方式以人民幣7,737,150,000元成功競得上海市靜安區地塊。上海樾恒將會與合作方共同 成立項目公司以開發上海市靜安區地塊，上海樾恒於上海市靜安區地塊實際應佔利益為 20%， ...

Core Insights - The eighth batch of land auctions in Shanghai for 2025 concluded on October 20, with a total of 6 plots offered, resulting in a total transaction amount of 19.877 billion yuan, with 3 plots sold at a premium and 3 at the base price [1][3] - The auction reflects a rational return and market differentiation during a deep adjustment period in the real estate market, highlighting the strong resilience of scarce land in core cities [1][8] - The auction attracted over 20 major real estate companies, including China Overseas, Poly Developments, and China Merchants Shekou, indicating a competitive landscape [1][7] Auction Performance - Out of the 6 plots, 3 achieved premium sales, with premium rates below 20%, while the overall premium level remained within a rational range, with a total land area of 408,700 square meters [3][4] - The residential portion accounted for approximately 305,100 square meters, with the final transaction amount rising by 7.47% from the starting price [3][4] Key Highlights - Notable plots such as the Xuhui Riverside residential land and the Jing'an commercial-residential land set new price records for their respective areas [4][5] - The Xuhui Riverside plot was sold at a record floor price of 148,500 yuan per square meter, surpassing the previous record by 17.7% [5][6] - The Jing'an Suhe Bay plot was acquired by a consortium at a floor price of 81,400 yuan per square meter, reflecting its high development value due to surrounding luxury properties [6][10] Market Trends - The auction showcased a clear "hot and cold" differentiation in land value, with core urban areas being the main battleground for real estate companies [5][8] - The trend of joint bidding among companies is becoming more common, especially in core areas, as firms seek to mitigate risks and leverage each other's strengths [8][9] - The recent policy changes, including the removal of the minimum ratio for small units in new housing, align with the current market demand for improved housing products [10][11] Future Outlook - The market is expected to transition from a focus on quantity supply to quality supply, driven by policy optimization and product upgrades [11][12] - Core areas are likely to maintain a certain level of heat, but premium space will be constrained by new housing sales expectations [11][12] - The cautious return of private enterprises like the Binjiang Group indicates a potential increase in participation if sales continue to improve [10][12]

Investment Rating - The report maintains an "Overweight" rating for the real estate development and real estate services sectors [5]. Core Views - The "Good House" concept is expected to reshape the supply structure in the real estate market, emphasizing product quality as a core competitive advantage for real estate companies [1][4]. - The demand for housing is shifting from "having" to "quality," indicating a transition to a quality-driven market [2][14]. - The "Good House" initiative is a systematic project aimed at improving housing quality, with significant implications for both supply and demand sides [9][10]. Summary by Sections Investment Rating - The report recommends a continued focus on "three good" real estate stocks characterized by good credit, good cities, and good products, specifically highlighting companies like China Overseas Development and China Resources Land [1][7]. Housing Quality and Market Dynamics - The "Good House" concept was introduced in 2022 and officially implemented in 2025, marking a shift towards a quality-oriented housing market [2][9]. - There is a notable improvement in buyer preferences, with larger units (over 120 square meters) seeing increased sales, indicating a trend towards higher-quality living spaces [20][21]. Government Policies and Standards - The government has outlined four key characteristics of a "Good House": safety, comfort, green standards, and smart technology, which are now integral to new housing project regulations [3][30]. - The report details the evolution of housing standards in China, culminating in the 2025 release of the "Residential Project Standards," which aims to enhance overall housing quality [40]. Market Performance and Company Recommendations - Companies that have adopted the "Good House" framework have shown better sales performance, with many achieving sales rates above 70% for new projects [25][21]. - The report emphasizes the importance of product iteration in the real estate sector, drawing parallels with the smartphone and automotive industries, where product quality drives market dynamics [4][36]. Regional Policy Implementation - Various cities have begun implementing local policies aligned with the "Good House" standards, focusing on aspects like building quality, community amenities, and environmental considerations [12][13].

Investment Rating - The report maintains an "Overweight" rating for the real estate development and real estate services sectors [6]. Core Insights - The industry is still in a bottoming and stabilizing phase, with a more optimistic view on real estate companies in core cities with abundant resources. The report highlights that while the marginal improvement in construction and sales is noted, housing prices still face downward pressure [1][2]. - The report recommends real estate stocks that align with the "good credit, good city, good product" logic, as well as leading property management companies with stable dividends and performance [1]. Summary by Sections Real Estate Development - In September, real estate development investment saw a year-on-year decline of 21%, which is a 1.8 percentage point increase in the decline compared to August. Cumulatively from January to September, the year-on-year decline is 14% [2]. - The land market showed marginal improvement in September, with transaction area and transaction amount down by 1% and 7% year-on-year, respectively, compared to declines of 25% and 31% in August [2]. - New construction in September decreased by 14% year-on-year, but the decline narrowed by 6 percentage points compared to August [2]. Sales Performance - The sales amount in September saw a year-on-year decline of 12%, which is a 2 percentage point narrowing from August. Cumulatively, from January to September, the year-on-year decline is 8% [3]. - The new housing price index in 70 cities decreased by 2.7% year-on-year in September, with a 0.3 percentage point narrowing from August [3]. Cash Flow Situation - In September, the cash inflow for real estate companies decreased by 12% year-on-year, although the decline narrowed by 0.4 percentage points compared to August. Specifically, deposits and prepayments fell by 9% year-on-year, while personal mortgage loans decreased by 11% [4]. - The overall cash flow situation for real estate companies remains to be improved, as domestic loans saw a significant decline of 15% year-on-year in September [4].