Financial Risks in Real Estate - Holding 100% of reserves in dollars is considered financial suicide for real estate investors [1] - Operating costs are increasing at a faster rate than rents, impacting profitability [1] - Vacancies and tenant improvements are draining cash flow [1] Bitcoin Treasury as a Solution - A Bitcoin Treasury enables real estate owners to increase purchasing power [1] - Bitcoin Treasury helps build and maintain adequate reserves for maintenance and capital expenditures (capex) [1] - Bitcoin Treasury can improve creditworthiness for real estate owners [1] Call to Action - The industry needs to discuss and challenge the traditional financial strategies in real estate [1]

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Summary of Greentown China Holdings Conference Call Company Overview - **Company**: Greentown China Holdings (3900.HK) - **Industry**: Real Estate Development Key Financial Performance - **1H25 Net Profit**: Declined by 90% year-on-year (yoy) to Rmb0.2 billion, aligning with profit alert [1] - **Revenue**: Decreased by 23% yoy to Rmb53.368 billion in 1H25 [9] - **Gross Profit**: Dropped by 21% yoy to Rmb7.159 billion [9] - **Core Profit**: Excluding distribution to PCS, fell by 67% yoy to Rmb1.635 billion [9] - **Impairment Loss**: Increased to -Rmb1.9 billion in 1H25 from -Rmb1.7 billion in 1H24 [1][8] - **Debt Structure**: Total debt increased by 4% from end-24 levels, but short-term debt coverage ratio improved to 2.9X [1][6] Management Guidance and Strategic Outlook - **Contract Sales Guidance**: Revised up for 2025E to approximately flat yoy, supported by Rmb176 billion saleable resources planned for 2H25 [2] - **New Land Acquisitions**: Expected to contribute Rmb50 billion in sales from Rmb91 billion saleable resources [2] - **Portfolio Optimization**: Aimed to fully de-stock Rmb140 billion unsold inventory over the next 3-5 years [2] - **Sales Forecast**: 2025E contract sales forecast raised to Rmb171 billion, flat yoy, with potential upside risk due to new launches [5] Operational Highlights - **Sell-Through Rate**: First-time launched projects achieved an 80% sell-through rate in 1H25, with strong pricing performance [6] - **Land Banking**: Greentown added 35 new projects in 1H25, ranking No.3 nationwide by saleable resources [6] - **Gross Profit Margin (GPM)**: Improved to 12.7% in 1H25, up 1 percentage point yoy [6] Risks and Challenges - **Revenue Contraction**: DP revenue contracted by 22% yoy due to smaller GFA booking [7] - **High SG&A Expenses**: Increased ratio of SG&A expenses against revenue due to low revenue booking [8] - **Impairment Losses**: Continued negative impact from aged inventory sales and impairments [5] Investment Thesis - **Rating**: Buy rating maintained, with a 12-month target price of HK$13.8, based on a 15% discount to end-25E NAV [10][12] - **Market Position**: Greentown is positioned to be among the top-10 companies by profit in China's property sector by 2026E [10] Conclusion - Greentown China Holdings is navigating a challenging environment with significant declines in profit and revenue, but management's strategic focus on land acquisition, sales optimization, and debt management presents a recovery outlook. The company remains a potential investment opportunity with a maintained Buy rating.

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Residency & Investment - Buying a home in six countries can lead to residency abroad, offering increased freedom and opportunities [1]

Gaining residency abroad can unlock a better lifestyle of more freedom and possibilities. In these six countries, buying a home makes you eligible for residency. (Photo: Getty Images) https://t.co/WtzuSLdL7F https://t.co/2nitEHBict ...

Residency & Investment - Buying a home in certain countries can lead to residency abroad, offering increased freedom and possibilities [1] - Six countries offer residency eligibility through home purchase [1]

Core Viewpoint - MacKenzie Realty Capital, Inc. has acquired over 6% of its outstanding shares, indicating confidence in the company's value exceeding its market price despite economic challenges [1][2]. Company Developments - The company successfully refinanced its Hollywood multifamily property and an office property in Napa, CA, and received the first certificate of occupancy for its multifamily development, Aurora at Green Valley [2]. - On August 21, 2025, MacKenzie received confirmation from Nasdaq that it is back in compliance with the $1.00 minimum bid price requirement for continued listing [2]. Company Profile - MacKenzie Realty Capital, Inc. is a West Coast-focused REIT, founded in 2013, aiming to invest at least 80% of its total assets in real property, with a portfolio consisting of approximately 50% multifamily and 50% boutique class A office properties [3]. - The current portfolio includes interests in 4 multifamily properties, 8 office properties, and 2 multifamily developments [3].

Residency Opportunities - Buying a home in certain countries can lead to residency abroad, offering increased freedom and possibilities [1] - Six countries offer residency eligibility through home purchase [1]