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。 （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○二五年九月十六日， 透過杭州越瓏房地產開發有限公司（本公司實際擁有 95%權益的附屬公司）（「杭州越瓏」），通 過公開掛牌方式以人民幣1,330,070,000元成功競得杭州市拱墅區康橋單元GS120103-09地塊 （「杭州市拱墅區康橋地塊」）。 （在香港註冊成立的有限公司） 杭州市拱墅區康橋地塊 本公司透過杭州越瓏，通過公開掛牌方式以人民幣1,330,070,000元成功競得杭州市拱墅區康 橋地塊。 杭州市拱墅區康橋地塊佔地面積約34,165平方米，總可建築面積約98,001平方米，其中計容 建築面積約64,914平方米。杭州市拱墅區康橋地塊擬為住宅用地。杭州市拱墅區康橋地塊所 建住宅物業擬用於出售。 根據規劃限制條件，杭州市拱墅區康橋地塊內配建托育機構建築面積不少於400平方米、社區 ...

Investment Rating - The industry investment rating is "Outperform the Market" [25] Core Viewpoints - In August 2025, new home prices in 70 major cities decreased by 0.3% month-on-month, while second-hand home prices fell by 0.6%. The decline in second-hand home prices has expanded compared to July [6][9] - The number of cities with declining new home prices was 57, with an average decline of 0.41%, while 69 cities saw a drop in second-hand home prices, with an average decline of 0.59% [6][12] - First-tier cities experienced a narrowing decline in new home prices, down 0.1%, while second-hand home prices remained stable, with a decline of 1.0% [6][14] - The report emphasizes the need for the real estate market to stabilize and recover from the current downward pressure on prices, with a focus on policy adjustments in major cities to boost market sentiment [6][18] Summary by Sections Price Trends - New home prices in first-tier cities decreased by 0.1%, while second-hand home prices fell by 1.0% in August [6][14] - Second-tier cities saw new home prices decline by 0.3% and second-hand prices drop by 0.6% [6][14] - Third-tier cities experienced a 0.4% decline in new home prices, while second-hand prices remained stable [6][14] Market Dynamics - The report highlights that the current price declines are the largest since November 2024, indicating significant downward pressure on the market [6][18] - Policy adjustments in cities like Beijing, Shanghai, and Shenzhen aim to improve market conditions, although the sustainability of these effects remains uncertain [6][18] Investment Opportunities - The report suggests focusing on four main lines for investment: 1. Companies with stable fundamentals and high market share in core cities, such as Binjiang Group and China Resources Land [6] 2. Smaller companies that have made significant breakthroughs in sales and land acquisition since 2024, like Poly Real Estate Group [6] 3. Companies with operational or strategic changes, such as New Town Holdings and China Vanke [6] 4. Real estate brokerage firms benefiting from the recovery in the second-hand market, including Beike and Wo Ai Wo Jia [6]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [41]. Core Views - The sales area of commercial housing continues to decline, with a year-on-year decrease of 10.6% in August, marking the lowest level for the same period since 2009 [2][10]. - The total investment in real estate development in August was 672.9 billion yuan, down 19.5% year-on-year, with the decline expanding compared to July [9][14]. - The pressure from existing housing inventory remains significant, with the broad inventory area reaching 1.61 billion square meters, and the current housing inventory accounting for 25.1% of the total inventory [3][24]. Summary by Sections 1. Commercial Housing Sales - The sales area in August was 57.44 million square meters, a year-on-year decline of 10.6%, with the sales amount at 544.9 billion yuan, down 14.0% year-on-year [2][15]. - The average selling price of commercial housing in August was 9,486 yuan per square meter, showing a month-on-month increase of 1.7% but a year-on-year decrease of 3.8% [12][2]. - The cumulative sales area from January to August was 573 million square meters, down 4.7% year-on-year, while the sales amount was 5.50 trillion yuan, down 7.3% year-on-year [2][9]. 2. Inventory of Commercial Housing - As of the end of August, the broad inventory area of commercial housing was 1.61 billion square meters, with a year-on-year decrease of 16.6% [3]. - The existing housing inventory was approximately 402 million square meters, with a year-on-year increase of 5.4% [3][24]. - The de-stocking cycle for existing housing is 19.4 months, indicating ongoing pressure in the market [3]. 3. Real Estate Development Investment, New Starts, and Completion - The development investment in August was 672.9 billion yuan, down 19.5% year-on-year, with residential development investment at 517.4 billion yuan, also down 19.1% [9][14]. - The new construction area in August was 45.95 million square meters, down 20.3% year-on-year, marking the lowest level since 2005 [9][21]. - The completion area in August was 26.6 million square meters, down 21.4% year-on-year, with cumulative completion down 17.0% from January to August [9][24]. 4. Developer Financing - The total funds available to real estate companies in August were 703.1 billion yuan, a year-on-year decrease of 11.9%, but the decline has narrowed compared to previous months [5][24]. - The funds from housing sales were 296.8 billion yuan, down 16.6% year-on-year, primarily due to a decrease in mortgage loans [5][33]. - Non-housing funds amounted to 406.3 billion yuan, down 8.1% year-on-year, with domestic loans showing a slight increase [5][34].

Investment Rating - The report maintains a "Recommended" rating for the real estate industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [36]. Core Insights - The real estate sector saw a 6.0% increase in the week of September 8-12, 2025, ranking second among 31 primary industry sectors [8][10]. - New housing transactions in 20 cities increased by 5% week-on-week, while second-hand housing transactions rose by 19% [21][26]. - The report highlights effective policy measures, including increased housing purchase subsidies and optimized housing provident fund policies, aimed at stabilizing the real estate market [13][16]. Summary by Sections Industry Basic Data - The total market capitalization of the real estate sector is approximately 1,233.62 billion yuan, with a circulating market value of about 1,183.33 billion yuan [2]. Sales Performance - New housing transaction volume in 20 cities decreased by 1% year-on-year, while second-hand housing transaction volume increased by 8% year-on-year [21][22]. - The average daily transaction area for new homes was 23.7 million square meters, with total transactions reaching 166 million square meters for the week [20][21]. Policy News - Local governments, such as Shenzhen and Henan, have implemented measures to support housing consumption, including subsidies for first and second home purchases and increased loan limits for housing provident funds [13][16]. Company Dynamics - Notable companies reported varying sales figures, with CIFI Holdings achieving approximately 9.6 billion yuan in contract sales for August 2025, while China Jinmao reported 9.08 billion yuan [17][18]. - The report emphasizes the importance of companies with strong product moats and stable rental income from quality commercial real estate [28].

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Viewpoints - The report highlights that new home transaction volume has weakened year-on-year, while the Ministry of Natural Resources encourages market-oriented activation of idle land [3][4] - The report emphasizes that the real estate market is currently focused on stabilizing and recovering from previous downturns, with a key goal of "stopping the decline and stabilizing" [6][14] Summary by Sections New Home Market Tracking - In the week of September 6 to September 12, new home transaction volume in 40 cities was 16,000 units, a decrease of 17.9% month-on-month and an increase of 3.0% year-on-year [17] - New home transaction area was 155.5 million square meters, down 15.9% month-on-month and down 2.9% year-on-year [25] - Inventory of new homes in 12 cities was 139.7 million units, with a month-on-month decrease of 0.1% and a year-on-year decrease of 15.0% [28][30] Land Market Tracking - The total area of land transactions in 100 cities was 1,247.0 million square meters, down 19.4% month-on-month and down 19.1% year-on-year [61] - The total price of land transactions was 281.7 billion yuan, up 8.2% month-on-month and up 54.1% year-on-year [64] - The average land price was 2,259.1 yuan per square meter, up 34.3% month-on-month and up 90.6% year-on-year [63] Policy Overview - The Ministry of Natural Resources announced plans to refine standards for identifying inefficient land and promote the activation of idle land through market-oriented methods [3][102] - Local governments, such as Henan, have introduced new policies to increase housing subsidies and optimize housing fund policies [3][102] Company Performance - The absolute return of the real estate industry was 6.0%, an increase of 7.5 percentage points from the previous week [14] - The relative return compared to the CSI 300 was 4.6%, an increase of 5.3 percentage points from the previous week [14] - The price-to-earnings ratio (PE) for the real estate sector was 31.53X, an increase of 1.48X from the previous week [14]

Core Viewpoint - The article discusses the recent land sales in Hangzhou, highlighting the competitive bidding and the implications for the real estate market in the region, particularly in the low-density residential sector [2][5][12]. Group 1: Land Sales Overview - On September 16, two low-density residential plots were sold in Hangzhou, with the Gongshu District plot sold for 1.33 billion yuan, won by Yuexiu Property at a 25.5% premium [2][5]. - The Qiantang District plot was sold for 790 million yuan, with a 1.28% premium, won by Xingyao Property [2][5]. Group 2: Detailed Land Information - The Gongshu District plot has an area of 34,165 m² and a planned building area of 64,913.5 m², with a starting price of 1.06 billion yuan and a final price of 1.33 billion yuan, resulting in a floor price of 20,490 yuan/m² [5][6]. - The Qiantang District plot covers 38,629 m² with a planned building area of 81,120.9 m², starting at 780 million yuan and selling for 790 million yuan, leading to a floor price of 9,773 yuan/m² [5][6]. Group 3: Market Dynamics - The Gongshu District plot is located in a prime area with good transportation links and strong educational and medical facilities, contributing to its high demand and rapid sales [5][10]. - The surrounding new housing market has shown strong performance, with recent projects achieving 100% sales on the day of launch, indicating a robust demand in the area [10][14]. Group 4: Price Trends - In August, Hangzhou's new home prices saw a month-on-month increase of 0.4%, ranking first nationally, while the second-hand home price index was at 99.9, second only to Changchun [12][14]. - The article notes that over the past year, the new home absorption cycle in the area has remained around one month, with all projects selling out within the launch month [14][15].

Group 1 - Kaisa Group's stock surged over 35% in early trading on September 16, closing with a gain of 28.75% as all conditions for the restructuring of its offshore debt have been met and the restructuring plan is now fully effective [1][2] - Other Hong Kong property stocks also experienced a strong rally in early trading, with companies such as CIFI Holdings, R&F Properties, and Yuexiu Property seeing increases [1]

9月16日早盘， 港股佳兆业集团一度涨超35%，截至发稿，该股涨28.75%。消息面上，公司所有境外债务重组条件均已获达成，重组方案已全面生 效。 此外， 港股内房股盘初集体走强，旭辉控股集团、富力地产、越秀地产等跟涨。 | W | 佳兆业集团(1638) | | | | --- | --- | --- | --- | | | 09-16 09:45:09 | | | | 0.206 | 额 496万 | 股本 91.15亿 市盈 -0.06 | 万得 | | | | | | | 0.046 28.75% | 换 0.27% 市值1 19亿 | 市净 -0.03 | | | 时间 9:38 | 价格 0.217 | 涨跌 0.057 | | | 涨跌幅 35.63% | 均价 0.202 | 成交量 320.8万 | | | 叠加 09:38 | | | 盘口 成交 | | 0.217 | | 35.63% | 卖10 0.215 18.90万(3) | | | | ラブタ | 0.214 1.00万(1) | | | | 卖8 | 0.213 10.40万(2) | | | | ST / | 0.212 2 ...

Group 1 - The Hong Kong property stocks showed strong performance at the beginning of trading, with Kaisa Group rising over 30% [1] - Other companies such as CIFI Holdings, R&F Properties, and Yuexiu Property also experienced gains [1]

Group 1 - Hong Kong property stocks showed strength at the beginning of trading on September 16, with Kaisa Group rising over 34% [1] - CIFI Holdings increased by more than 4%, while R&F Properties, Greenland Hong Kong, and Yuexiu Property also experienced gains [1]