智通财经记者 | 王妤涵 临近年末，万科在土地市场的动作明显加快。 11月25日，杭州3宗涉宅地出让，其中位于拱墅区石桥单元GS130202-52地块，被万科与杭州安居集团 组成的联合体以底价10.15亿元收入囊中。该地块位于华丰板块，处于康宁街与同协路交界处，建筑面 积67966平方米，是杭州首宗公交上盖商品房项目。 同一天，武汉土地市场传出消息，万科与湖北科投联合体以3.935亿元成功摘得武汉东湖高新区一宗住 宅用地。这是继6月初万科以4.69亿元拿下经开地块后，在华中市场的再次落子。 一日之内，万科在杭州、武汉双城投入超过14亿元，引发业界关注。 实际上，进入下半年后，万科一直在低调"补仓"，特别是10月下旬以来，公司的拿地速度明显加快，在 一个多月时间内接连获取7宗宅地。 万科执行副总裁李锋在股东大会上坦言公司面临的困境："地产行业经营压力尚未得到有效缓解，高毛 利项目偏少，郊区大盘去化慢的情况依然存在，物流、商业等业务同样面临着租户波动、租金下滑的压 力。" 从业绩表现来看，据万科三季度报，今年1-9月公司实现营业收入1613.9亿元；归属于上市公司股东的 净亏损为280.2亿元。房地产开发业务的税 ...

点评：金科服务的私有化之路是中国物业管理行业深度调整的缩影。博裕资本凭借其资本实力和整合经 验，有望通过退市后重组，帮助金科服务摆脱困境，实现价值重估。 NO.1 北京海淀起始价84.22亿元挂牌一综合用地 11月17日，北京海淀区上地0702街区地块正式挂牌。该综合用地由3幅子地块组成，总用地面积7.71万 平方米，规划建筑面积约22.54万平方米，起始出让总价84.22亿元，起始综合楼面价37366元/平方米。 该地块所在位置交通便利，周边有众多互联网企业、高校等教育资源。 点评：该地块出让是2025年底北京土地市场的压轴大戏，84.22 亿元的起拍价不仅体现了海淀区土地资 源的稀缺性，更彰显了市场对科技创新核心区价值的认可。无论成交价如何，该地块都将成为观察北京 高端住宅市场和产业地产发展的风向标。 NO.2 珠免集团拟55.18亿元出售格力房产100%股权 11月17日，珠免集团发布重大资产出售暨关联交易报告书（草案），计划向珠海投捷控股有限公司出售 其持有的格力房产100%股权，交易价格为55.18亿元，交易对价由投捷控股以现金方式进行支付，华发 集团提供连带责任保证担保。珠免集团表示，此次交易完成 ...

Core Viewpoint - The real estate industry is still in an adjustment period, with performance among companies continuing to diverge. Some companies may see a turning point in gross margins as quality projects are recognized. Sales may face pressure in Q4 due to high base effects from policy stimuli, but core city land sales are expected to provide some support [1] Financial Performance - In the first three quarters of 2025, 23 sample real estate companies reported a 12.5% year-on-year decline in operating revenue, a narrowing decline compared to the full year of 2024. Net profit attributable to shareholders fell by 161.6%, with companies like Binjiang Group and Urban Construction Development achieving positive growth, while Zhonghua Enterprise turned a profit. The overall gross margin was 13.0%, down 0.3 percentage points from 2024, while state-owned enterprises saw a recovery in gross margins. The overall selling and administrative expense ratio was 5.5%, down 0.1 percentage points from 2024. Total contract liabilities amounted to 1.2069 trillion yuan, a year-on-year decrease of 28.7%, with the coverage ratio of contract liabilities to operating revenue dropping to 1.4 times. Total assets decreased to 7.4 trillion yuan, down 10.5% year-on-year, and the asset-liability ratio rose to 77.0%, up 0.7 percentage points, indicating continued balance sheet contraction and accelerated industry divergence [1] Sales Performance - In the first three quarters of 2025, the cumulative sales amount of commercial housing nationwide decreased by 7.9% year-on-year, while the cumulative sales area fell by 5.5%, with a smaller decline compared to the full year of 2024. The top 100 real estate companies reported a cumulative sales amount of 2.4948 trillion yuan, down 12.8% year-on-year. Among the top 10 companies, sales amounted to 1.2102 trillion yuan, a decline of 11.7%, although companies like Jianfa Real Estate, China Jinmao, and Yuexiu Property achieved growth of 12.1%, 27.3%, and 2.0% respectively. In terms of land transactions, the cumulative transaction area of residential land in 300 cities was 29.766 million square meters, down 7.6% year-on-year, while the cumulative transaction amount was 1.3304 trillion yuan, up 11.9%. Leading state-owned enterprises and improvement-oriented companies showed stable land acquisition performance, with companies like China Overseas Property, Greentown China, and Poly Development actively acquiring quality land in core cities [2] Financing Environment - The bond issuance scale for real estate companies rebounded in 2025, indicating a gradual recovery in market confidence. In the first three quarters of 2025, the total bond issuance by real estate companies increased by 3.9% year-on-year, with the average issuance interest rate declining from 5.5% in 2021 to 2.8% in the first half of 2025, further dropping to 2.5% in July and August, before slightly rising to 2.7% in September. As of the end of September 2025, the bond balance for real estate companies was 2.1409 trillion yuan, with 70.4% being credit bonds. The bond maturity balance for Q4 2025 is 143 billion yuan, while the maturity scale for 2026 reaches 664.1 billion yuan, indicating significant repayment pressure. Companies like Shimao Group, China Resources Land, and Poly Development have the largest bond balances, reflecting ongoing liquidity divergence in the industry [3]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the real estate industry [7] Core Insights - The real estate industry is experiencing a low-level adjustment with accelerated differentiation among companies, where the overall revenue of sample companies decreased by 12.5% year-on-year, and net profit attributable to shareholders dropped by 161.6% [4][8] - The sales decline is narrowing, with top companies like Jianfa Real Estate, China Jinmao, and Yuexiu Property achieving growth against the trend [4][9] - The land market is showing a trend of quality improvement and reduced volume, with core city premium land transactions supporting a year-on-year increase in transaction value [4][9] Summary by Sections 1. Financial Performance: Weakness Continues, Differentiation Among Companies - In the first three quarters of 2025, the overall revenue of 23 sample companies decreased by 12.5% year-on-year, with state-owned enterprises showing a growth of 6.1% while private and mixed-ownership companies faced declines of 17.1% and 27.8% respectively [16] - The net profit attributable to shareholders for these companies fell by 161.6%, with state-owned enterprises experiencing a decline of 1595.6% [16][22] - The overall gross margin for the sample companies was 13.0%, a decrease of 0.3 percentage points compared to the full year of 2024, while state-owned enterprises saw a recovery in gross margin [22][40] 2. Operational Performance: Sales Under Pressure, Land Market Quality Improvement - In the first three quarters of 2025, the cumulative sales amount of commercial housing nationwide decreased by 7.9% year-on-year, with a decline in sales area of 5.5% [9][43] - The top 100 real estate companies reported a cumulative sales amount of 24,948 billion, down 12.8% year-on-year, with the top 10 companies showing a decline of 11.7% [49][52] - The land market is characterized by a reduction in supply and an increase in transaction value, with the cumulative transaction amount reaching 13,304 billion, up 11.9% year-on-year [54][57] 3. Financing Environment: Marginal Improvement, State-Owned Enterprises at an Advantage - The bond issuance scale for real estate companies has stopped declining, with a year-on-year increase of 3.9% in the first three quarters of 2025 [10] - The average bond issuance interest rate has decreased from 5.5% in 2021 to 2.8% in the first half of 2025, indicating a recovery in market confidence [10][57] - The liquidity pressure remains, with significant differences in the financial health of various companies [10][57] 4. Investment Recommendations: Focus on Leading Companies in Core Areas - The report recommends focusing on leading companies that continue to acquire land in core areas of first-tier and strong second-tier cities, such as Greentown China, Jianfa International Group, and China Overseas Development [11][57] - Attention should also be given to companies with potential turnaround opportunities and those with core competitive advantages in the real estate intermediary sector [11]

点评：短期来看，房企需适应更严格的合规要求，购房者将受益于更透明的交易环境；长期来看，政策 将推动福州房地产市场向"品质优先、信用为本"的新发展模式演进。 NO.1福州发布新政严管商品房销售和房企信用 11月7日，福州市印发《关于进一步加强商品房销售管理的通知》《关于进一步加强房地产开发企业信 用评价和分类管理的通知》两项楼市新政，要求房企申请预售许可前须制定并公示包含项目基本情况、 建设进度、价格区间、销售计划、投诉纠纷处置预案、签约付款流程及物业服务方案等8项内容的预售 方案等；同步落地的信用评价办法明确，鼓楼、台江、仓山、晋安、马尾五城区房企每两年接受一次信 用评分，结果直接挂钩预售与资金监管。 11月7日，上海世茂建设公告称，今年10月上海世茂建设有限公司新增涉及金额5亿元以上的未决诉讼情 况，原告为中国中信金融资产管理股份有限公司深圳市分公司等，被告为上海世茂建设有限公司。案由 为合同纠纷，一审受理时间为今年9月30日，一审受理法院为广东省高级人民法院，标的金额为112.91 亿元，诉讼程序尚未开庭。 点评：对世茂而言，需在加速资产处置的同时，与债权人保持密切沟通，探索多元化债务化解路径。投 资者与 ...

Core Viewpoint - The real estate industry is undergoing a prolonged adjustment phase, entering a "bottoming" stage, with tightening external financing conditions and accelerated deleveraging processes posing significant challenges [1] Group 1: Company Performance - New World Development (0017.HK) reported strong performance in both Hong Kong and mainland markets, with a 12% year-on-year increase in foot traffic at K11 MUSEA during the National Day holiday, setting a record since its opening [1] - The company achieved a revenue of HKD 27.68 billion and a core operating profit of HKD 6.01 billion for the fiscal year 2025, demonstrating resilience amid market fluctuations [2] - New World has raised its sales target for fiscal year 2026 to HKD 27 billion, reflecting a proactive approach to market conditions and a commitment to high-quality development [2][3] Group 2: Sales and Market Dynamics - The company successfully completed its sales target of HKD 26 billion for fiscal year 2025, with contract sales contributions of HKD 11 billion from Hong Kong and RMB 14 billion from mainland China [3] - In the mainland market, projects like "Guangyue Guandi" achieved sales of RMB 2 billion upon opening, indicating strong market demand [4] - The "PAVILIA COLLECTION" series in Hong Kong has outperformed the market, with significant sales figures reported for various projects [3][4] Group 3: Investment Properties - New World Development's investment properties generated stable income, with total investment property revenue of HKD 5.055 billion, supported by high occupancy rates at K11 MUSEA and office buildings [6][7] - The company is expanding its investment property portfolio, with new projects like the second K11 commercial complex in Guangzhou expected to contribute to future revenue [7][8] Group 4: Debt Management and Financial Health - New World is actively implementing a "seven-pronged debt reduction plan," significantly reducing its short-term debt from HKD 73.8 billion to HKD 29 billion over two years [9][11] - The company secured a commitment for a loan of up to HKD 5.9 billion from Deutsche Bank, enhancing its financial flexibility [2][11] - Average financing costs have decreased to 4.8%, resulting in a reduction of total financing costs from HKD 8.7 billion to HKD 7.4 billion [11]

Core Viewpoint - Tianjin Jintou Urban Development Co., Ltd. plans to divest its real estate development business by transferring related assets and liabilities to Tianjin Urban Operation Development Co., Ltd. for a nominal price of 1 yuan, with the assessed value of the assets at approximately -239 million yuan as of December 31, 2024 [1][4][5]. Group 1: Company Overview - Tianjin Jintou Urban Development Co., Ltd. is a state-controlled listed company with a history dating back to 1981, primarily engaged in real estate development and sales [4]. - The company has accumulated significant experience in land assessment, product design, and operational delivery over the years [4]. - The divestiture aims to allow the company to focus on lighter assets and more stable operations, particularly in property management [4][5]. Group 2: Financial Implications - Following the transaction, the company expects a significant reduction in total assets and liabilities, while net assets and net profits are projected to increase substantially, improving asset quality and capital structure [8]. - The company reported a net profit of -54,255.02 million yuan for the first half of 2025, indicating a 100.29% increase compared to the previous period, while total revenue dropped by 92.62% [8]. Group 3: Industry Context - The real estate sector is undergoing significant adjustments, with several companies divesting from real estate development due to operational pressures [9][10]. - The market is experiencing a decline in new housing sales and investment, leading to increased financial strain on developers [10]. - Analysts suggest that the role of real estate in driving economic growth is shifting, with the industry transitioning from a primary growth driver to a supportive role in urban development and housing stability [10].

Core Viewpoint - The real estate market in Guangzhou, particularly in the Zhu Village and Zengcheng areas, is experiencing significant price declines, with some properties seeing reductions of over 60% from their peak prices [8][10][11]. Price Decline Analysis - Zhu Village's Kewai Garden has dropped from 22,000 yuan per square meter to 7,511 yuan per square meter, indicating a drastic price reduction [1]. - The overall trend shows that many properties in Zengcheng are facing substantial price drops, with over 20 properties experiencing declines exceeding 45% [11]. - Specific examples include the Bi Gui Yuan Yun Ding in Phoenix City, which has seen a 61.22% drop, and the Tian He Garden in Zhu Village, which has decreased by 52.86% [10][11]. Market Dynamics - The decline is attributed to an oversupply in the market, particularly in suburban areas where demand has not kept pace with housing supply [11][12]. - The influx of new housing developments has led to a situation where second-hand properties lack competitiveness, forcing owners to lower prices significantly to attract buyers [11][12]. - The opening of new transportation infrastructure, such as subways, has increased foot traffic in Zengcheng by approximately 30%, providing some potential for future market recovery [12]. Economic and Structural Factors - Zengcheng's economic structure is primarily based on traditional manufacturing, lacking high-end industries that could support property value growth [14]. - The region has seen ample land supply, which, in a stable demand environment, may suppress price increases due to excess inventory [15]. - Despite the challenges, Zengcheng's attractive natural environment and lower price points continue to draw first-time homebuyers, sustaining some level of demand [15].

Core Viewpoint - Poly Developments reported a significant quarterly loss despite maintaining its position as the top sales performer in the industry, highlighting the challenges faced due to market fluctuations and inventory pressures [2][3]. Financial Performance - In the first three quarters of the year, Poly Developments achieved a contract amount of 201.73 billion yuan, a year-on-year decrease of 16.53%, and a signed area of 10.10 million square meters, down 25.13% [2]. - The company reported a revenue of 56.87 billion yuan in the third quarter, a year-on-year increase of 30.65%, but a total profit of -60.08 million yuan, a decline of 102.37%, and a net profit attributable to shareholders of -782 million yuan, down 299.19% [2]. - The trend of declining profitability has persisted since 2021, with net profit attributable to shareholders decreasing from 27.39 billion yuan in 2021 to 5.00 billion yuan in 2024, reflecting a continuous decline over four years [3]. Inventory and Market Conditions - The company faces significant pressure from existing inventory, which has hindered profitability improvements despite ongoing investments in new projects [4]. - To address inventory issues, Poly Developments has adopted a strategy of price reductions in various cities, which has negatively impacted profit margins [4]. - The management indicated that there may be potential impairments on certain finished products due to current market conditions, leading to provisions for impairment based on testing results [4]. Investment Strategy - Poly Developments is focusing on optimizing its sales and profit structure through investments in high-quality land in core urban areas, with 51% of new investments located in key regions of first-tier cities [5]. - The company has 549 ongoing and planned projects, with a total construction area of 44.83 million square meters and a planned development area of 45.16 million square meters [5]. - Analysts maintain a positive outlook for Poly Developments, citing its strong financing advantages and focus on core cities, which are expected to improve profit margins as land acquisition gross margins recover [5].

Core Viewpoint - In the first half of the year, China Enterprises Co., Ltd. reported significant revenue growth and profitability, but faces challenges with project reserves and short-term debt pressure, particularly concerning the management of a key "land king" project in Shanghai [2][6][11]. Financial Performance - The company achieved a revenue of 6.679 billion yuan, a substantial increase of 526.09% compared to the same period last year, primarily due to an increase in products eligible for revenue recognition [3][4]. - Profit before tax reached 1.336 billion yuan, up from a loss of 333 million yuan in the previous year, while net profit attributable to shareholders was 521 million yuan, compared to a loss of 352 million yuan last year [4]. Business Structure - Real estate remains the main revenue driver, contributing 6.099 billion yuan, while property management and commercial revenues were 412 million yuan and 151 million yuan, respectively [4]. - The agricultural sector showed stable gross margin growth, with new clients including major companies like Tesla, and a 100% renewal rate for catering services [4]. Project and Debt Management - The company has a limited project reserve, with only four main development projects and no new projects initiated or completed recently, raising concerns about future revenue streams [6]. - As of June, the company had 6.496 billion yuan in non-current liabilities due within one year, a 414.08% increase from the previous year, primarily due to the reclassification of bonds [6]. Key Project: "Land King" - The company has taken on the management of a significant project in Shanghai, which is seen as both an opportunity to boost income and a test of its ability to restore market trust due to past quality issues [7][11]. - The project involves the construction of residential buildings on a site acquired for 8.35 billion yuan, with a floor price of approximately 12.6 million yuan per square meter [7]. Strategic Adjustments - The company plans to adjust its development pace and strategies in response to market changes, focusing on maintaining a stable operational rhythm while seizing policy opportunities [10]. - Emphasis will be placed on enhancing product quality and customer satisfaction through improved management systems and standardized processes [10].