自11月18日以来公司已连续10日进行回购，合计回购828.90万股，累计回购金额5237.58万港元。 其间 该股累计上涨1.57%。 今年以来该股累计进行51次回购，合计回购2535.50万股，累计回购金额1.61亿港元。（数据宝） 证券时报·数据宝统计，碧桂园服务在港交所公告显示，12月1日以每股6.430港元至6.460港元的价格回 购68.70万股，回购金额达442.54万港元。该股当日收盘价6.470港元，上涨1.41%，全天成交额4540.29 万港元。 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.01 | 68.70 | 6.460 | 6.430 | 442.54 | | 2025.11.28 | 100.00 | 6.400 | 6.390 | 639.80 | | 2025.11.27 | 15.00 | 6.370 | 6.370 | 95.55 | | 2025.11.26 | 69.00 | 6.550 | 6.480 | 450.22 ...

来源：观点地产网 观点网讯：12月1日，碧桂园服务控股有限公司（以下简称"碧桂园服务"）根据香港联合交易所有限公 司证券上市规则第13.51B(2)及13.51(2)(n)条发布公告。 公告提及，碧桂园服务注意到碧桂园控股有限公司于2025年11月27日发出公告，内容提及到（其中包 括）腾越建筑科技集团有限公司，于近期收到中国证券监督管理委员会广东监管局出具的《行政监管措 施决定书》。 鉴于按照碧桂园控股公告所述，相关违规乃由于腾越建筑因客观原因未能及时披露其变动，董事会（杨 惠妍女士除外）认为无理由对杨惠妍女士的诚信及能力存疑，杨惠妍女士继续担任本公司主席兼非执行 董事为合适。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 由于腾越建筑未能及时披露公司名称变动、三分之一以上董事、三分之二以上监事、总经理变动以及腾 越建筑被列为失信被执行人及重大诉讼、仲裁事项，广东监管局对腾越建筑、腾越建筑时任董事长杨惠 妍女士（彼为碧桂园服务主席兼非执行董事）及负责确保腾越建筑遵守披露责任的其他被指名人士采取 出示警示函措施。 碧桂园服务董事会已就上述事宜向杨惠妍女士查询并审阅《决定书》及 ...

智通财经APP讯，碧桂园服务(06098)发布公告，于2025年12月1日该公司斥资442.54万港元回购68.7万 股，回购价格为每股6.43-6.46港元。 ...

碧桂园服务(06098)发布公告，于2025年12月1日该公司斥资442.54万港元回购68.7万股，回购价格为每 股6.43-6.46港元。 ...

碧桂园服务(06098.HK)12月1日耗资442.5万港元回购68.7万股 碧桂园服务(06098.HK)11月28日耗资640万 港元回购100万股 相关事件 格隆汇12月1日丨碧桂园服务(06098.HK)发布公告，2025年12月1日耗资442.5万港元回购68.7万股，回购 价格每股6.43-6.46港元。 ...

Core Viewpoint - New housing supply has increased by 16% month-on-month, with cities like Guangzhou, Suzhou, Dongguan, and Changzhou seeing significant growth [1][3][4] - New home transactions have shown a slight increase in Guangzhou, while third and fourth-tier cities like Xuzhou and Huizhou have rebounded significantly [1][9][10] - The average project sell-through rate has increased by 3 percentage points to 35%, with cities like Tianjin, Suzhou, and Ningbo exceeding 60% [1][12][13] - Inventory has slightly decreased by 1% due to a supply-demand ratio of 0.82, with one-third of cities improving their sell-through cycles [1][16][17] - The second-hand housing market saw a 14% month-on-month increase in transaction area, with cities like Shanghai, Chengdu, and Wuhan experiencing significant growth [1][19][20] Group 1: New Supply - In November, the expected new supply in 30 key cities reached 6.69 million square meters, marking a 16% month-on-month increase [4] - Guangzhou's supply doubled month-on-month to 610,000 square meters, while second and third-tier cities saw a 14% increase in supply, driven by cities like Xi'an and Suzhou [4][10] - The overall supply in first-tier cities increased by 23%, with a total of 1.49 million square meters [4] Group 2: New Home Transactions - The total transaction area for new homes in 30 monitored cities was 8.15 million square meters in November, with a cumulative total of 10.65 million square meters for the first eleven months [10] - Guangzhou's transaction volume increased by 2% month-on-month, while cities like Chengdu and Xi'an maintained high transaction volumes [10][20] - The transaction volume in second-tier cities reached 670,000 square meters, with cities like Hefei and Zhuhai showing signs of recovery [10] Group 3: Project Sell-Through Rates - The average sell-through rate for new projects in 30 key cities was 34% in November, reflecting a slight month-on-month increase of 3 percentage points [12][13] - Cities like Tianjin, Suzhou, and Ningbo had sell-through rates exceeding 60%, benefiting from the launch of popular projects [12][13] - Major cities like Shanghai and Guangzhou are seeing a steady recovery in sell-through rates, while previously sluggish cities like Wuhan and Zhengzhou are also showing improvement [12][13] Group 4: Inventory and Supply-Demand Ratio - The inventory in 30 cities slightly decreased to 21.89 million square meters, down 1% month-on-month and 5% year-on-year [17] - The supply-demand ratio improved from 0.6 to 0.82, indicating a more balanced market [16][17] - One-third of cities have improved their sell-through cycles, with some cities like Xuzhou and Huizhou experiencing a decrease in their sell-through periods [16][17] Group 5: Second-Hand Housing Market - The transaction area for second-hand homes in November was approximately 17.04 million square meters, reflecting a 14% month-on-month increase [20] - First-tier cities saw a 10% month-on-month increase in transaction volume, while second-tier cities experienced a 13% increase [20] - Cities like Chengdu and Wuhan showed significant month-on-month growth, with some third and fourth-tier cities doubling their transaction volumes [20] Group 6: Land Market - The land transaction area and amount increased by 39% and 57% month-on-month, respectively, with an average premium rate showing signs of recovery [22][23] - The total land supply for November reached 290 million square meters, marking a 250% increase month-on-month [23] - First-tier cities experienced a 36% increase in land transaction volume, with notable sales in high-demand areas [23][25] Group 7: Corporate Sales Performance - In November, 38 real estate companies reported a month-on-month increase in sales, with 15 companies achieving growth rates exceeding 30% [27][28] - Major companies like China Overseas Land, China Resources Land, and Greenland Holdings saw significant increases in their sales figures [28][29] - The overall sales performance reflects a positive trend in the real estate market, with leading companies maintaining strong sales momentum [28][29]

| 小区名称 | 商营 | 2024年成交均 价 | 2025年成交均 价 | 2025年新增 成交总价中位数 | 成交价差 | 房价同比 | | --- | --- | --- | --- | --- | --- | --- | | | | 71./ m2 ) | 71. / m2 ) | (万) | (7L/ m | 涨幅 | | 春意江南名邸 | 大江东 | 12451 | 17418 | 104 | 4967 | 39. 89% | | 如意公寓 | 大江东 | 9626 | 11230 | 160 | 1604 | 16. 66% | | 宏景元 | 大江东 | 7655 | 8671 | 105 | 1016 | 13. 27% | | 融创 · 杭望云潮城 | 白杨 | 26347 | 28499 | 338. 4 | 2152 | 8.17% | | ○观澜时代云邸苑 | 沿江南 | 19772 | 21259 | 350 V | 1487 | 7.52% | | 枫漫小筑 | 大江东 | 16944 | 18088 | 228 | 1154 | 6.81% | | 绿城 · 燕语春风居 | ...

Summary of Real Estate Market Conference Call Industry Overview - The real estate market in November 2025 continued to show signs of weakness, with significant pressure persisting due to high base effects from the previous year [2][3] - The new housing market is gradually cooling down, with new regulation products performing better than old ones, but overall pressure is increasing [4] Key Market Data - November new housing supply decreased by 40% year-on-year, with significant month-on-month increases in first-tier cities like Beijing and Guangzhou, which saw growth rates of 70% and 160% respectively [5] - First-tier cities experienced a year-on-year transaction volume drop of approximately 55%, with only Guangzhou showing a month-on-month increase due to new regulation products [6] - The overall new housing absorption rate in November was 35%, down 8 percentage points year-on-year, with Beijing and Shanghai performing particularly poorly [8] Sales Performance - Real estate companies' sales trends mirrored city-level data, with a cumulative decline of 12% over the first ten months of the year [3] - The second-hand housing market saw a month-on-month recovery of 12% in November, ending a seven-month decline, but still faced a year-on-year drop of 22% [12] Supply and Demand Dynamics - Real estate companies are hesitant to increase supply due to concerns over market confidence and the challenges of adjusting prices for old regulation products [7] - The inventory level in November slightly decreased by 1% to 218 million square meters, with a year-on-year decline of about 5% [11] Future Outlook - The sales scale for 2026 is expected to continue the downward trend of 2025, with a projected decline of around 5% [14] - The effectiveness of potential interest rate cuts remains uncertain, and their implementation could significantly impact market dynamics if they are substantial and cover existing mortgage loans [15] Regional Insights - In second-tier cities, the average absorption rates were notably high, with cities like Changsha reaching 84% due to the introduction of new regulation products [10] - The housing prices in northwestern cities like Lanzhou and Xi'an may remain stable due to structural factors, although second-hand prices could decline [18] Additional Considerations - The recent public relations incident involving Vanke has not yet significantly impacted market sales confidence [16] - Despite a large amount of land reserves reported by some real estate companies, the current market conditions do not support new construction, indicating a disconnect between land reserves and new project launches [17]

Core Insights - Country Garden Services has been actively repurchasing its shares, with a total of 1 million shares bought back on November 28 at a price range of HKD 6.390 to HKD 6.400, amounting to HKD 6.398 million [2] - The stock has seen a total of 760.20 million shares repurchased since November 18, with a cumulative repurchase amount of HKD 47.95 million, while the stock price increased by 0.16% during this period [2] - Year-to-date, the company has conducted 50 repurchase transactions, totaling 24.668 million shares and a cumulative repurchase amount of HKD 157 million [3] Repurchase Details - The repurchase details for November 28 include 100,000 shares at a maximum price of HKD 6.400 and a minimum price of HKD 6.390, with a total expenditure of HKD 639.80 thousand [3] - The repurchase activity has been consistent, with multiple transactions occurring in the days leading up to November 28, including 15,000 shares on November 27 and 69,000 shares on November 26 [3][4] - The highest repurchase price recorded during this period was HKD 6.570 on November 25, while the lowest was HKD 6.150 on several occasions [4]

Core Viewpoint - Country Garden has successfully passed a critical milestone in its debt restructuring process, which is seen as a turning point for the company as it embarks on a "second entrepreneurship" phase despite ongoing challenges in restoring its financial health [3][10]. Debt Restructuring Progress - Country Garden's offshore debt restructuring plan, involving approximately $17.7 billion, received over 75% approval from creditors in two separate groups, with 83.71% and 96.03% of the respective debt amounts voting in favor [4][5]. - The restructuring plan aims to reduce the company's interest-bearing debt by about $11.7 billion, achieving a debt reduction ratio of approximately 66% [5][10]. - The company has also successfully restructured approximately 13.3 billion yuan of domestic bonds within a short timeframe of 10 days [4][5]. Financial Performance and Challenges - In the first ten months of the year, Country Garden and its joint ventures reported a total sales amount of 27.96 billion yuan, reflecting a year-on-year decline of 31.3% [3][12]. - The company faced significant financial losses, with a projected net loss of approximately 19.65 billion yuan for the first half of 2023, compared to a net loss of 15.06 billion yuan in the same period the previous year [13]. - As of June 30, 2025, Country Garden's total liabilities amounted to 885.41 billion yuan, with current liabilities making up a significant portion, while cash and cash equivalents were only 6.28 billion yuan [13]. Strategic Reforms - To address its financial difficulties, Country Garden has initiated multi-dimensional reforms, including organizational restructuring and cost control measures, resulting in a reduction of marketing and administrative expenses by 18.9% [14]. - The company is focusing on enhancing its operational efficiency and adapting to market changes to ensure sustainable development [16]. Market Environment - The real estate market remains challenging, and the recovery process for real estate companies is expected to be slow, potentially taking several years [16]. - Successful navigation through both debt reduction and market adaptation is crucial for Country Garden to return to a stable operational state [16].