Core Viewpoint - Vanke has actively participated in land acquisition despite previous inactivity in the market, indicating a strategic approach to maintain investment strength while managing debt obligations [1][2][4] Group 1: Land Acquisition - Vanke, in partnership with Hubei Changtou, won a residential land plot in Wuhan for a total price of 469 million yuan, with a floor price of 6,966 yuan per square meter [1][2] - The land in Wuhan covers approximately 26,900 square meters with a planned construction area of 67,300 square meters, indicating a high investment value in the area [2][3] - In Zhengzhou, Vanke's consortium acquired a land plot for 528 million yuan, with a floor price of 3,934 yuan per square meter, aimed at urban village redevelopment [3][4] Group 2: Financial Support and Debt Management - Vanke's major shareholder, Shenzhen Metro Group, has provided substantial financial support, totaling approximately 148.52 billion yuan in loans this year to assist with debt repayment [4][5] - The latest loan of up to 3 billion yuan from Shenzhen Metro Group is intended for repaying bond principal and interest, with favorable terms including a low interest rate of 2.34% [5][6] - Vanke has also initiated the sale of 22 million shares of treasury stock to enhance liquidity, raising approximately 146 million yuan [6] Group 3: Market Position and Strategy - Vanke's strategy includes leveraging its brand strength in collaboration with local enterprises to enhance project viability and market positioning [2][3] - The company is focused on ensuring cash flow safety amidst a challenging industry environment, with ongoing efforts to manage assets and optimize liquidity [6]

Core Insights - The report from the Perspective Index Research Institute indicates that the competition for land acquisition among leading real estate companies in major cities has intensified, particularly for high-quality core plots, often resulting in joint acquisitions [2][8]. Group 1: Land Acquisition Trends - In the first four months of the year, the top 50 real estate companies added a total of 4.54 million square meters of land, representing a month-on-month increase of 30.85% [2]. - Leading companies in land acquisition include Poly Developments, China Overseas Land & Investment, and Greentown China, with land reserves of 1.46 million square meters, 1.28 million square meters, and 1.27 million square meters, respectively [5]. - The companies with the highest investment in land acquisition during this period were Greentown China, China Overseas Land & Investment, and Binjiang Group, with equity acquisition amounts of 29.14 billion, 27.29 billion, and 26.97 billion yuan, respectively [5]. Group 2: New Land Value - The companies that saw the most significant increase in land value from January to April were China Jinmao, Yuexiu Property, and China Overseas Land & Investment, with new land values of 55.96 billion, 54.47 billion, and 53.79 billion yuan, respectively [5]. - In April, Poly Developments acquired four plots in Hangzhou, Xiamen, and Shijiazhuang, with an equity land area of 454,100 square meters and an equity price of 12.8 billion yuan [5]. Group 3: Market Dynamics - State-owned enterprises dominated the land acquisition market in April, accounting for 58.7% of the total equity acquisition amount, followed by private enterprises at 23.54% [8]. - Many companies are actively negotiating with local governments for cooperation in land development and urban renewal, aiming to increase market share in less penetrated areas [8]. - The land auction market in some regions is primarily led by local developers, which has created a competitive advantage for these companies [8]. Group 4: Key City Transactions - Between April 21 and May 19, 2025, a total of 17 residential land plots were sold in six key cities, with a total transaction value of 37.21 billion yuan and an area of 668,200 square meters [13]. - In Beijing, a consortium including China State Construction and China Jinmao won a plot in Chaoyang District for 12.6 billion yuan, setting a new record for land prices in the area [9][10].

Group 1 - The issuance of special bonds for land storage has accelerated significantly since March, with nearly 3,000 proposed land acquisition projects totaling over 1.33 million square meters and exceeding 350 billion yuan in total value [1] - In April alone, over 1,500 land parcels were publicly announced, surpassing the total from January to March, with a total value exceeding 170 billion yuan [1] - The increase in special bond applications is driven by new policies from the Ministry of Natural Resources and the Ministry of Finance, which have encouraged local governments to utilize special bonds for acquiring idle land [1][2] Group 2 - Special bonds for land storage are primarily used for recovering idle land and land reserves, and can also be used for developing unsold land or converting existing properties into affordable housing [2] - From the beginning of the year to May 21, the total issuance of special bonds for land storage reached 96.4 billion yuan, accounting for 7.5% of newly issued project special bonds [2] - The recovery of idle land through special bonds can enhance liquidity for real estate companies, optimize land resource allocation, and stimulate related industries [2][3] Group 3 - Approximately 50% of the proposed land parcels have a recovery price to transaction price ratio between 0.8 and 1.0, with about 30% in the range of 0.9 to 1.0, and around 18% between 0.7 and 0.8 [3] - Over 80% of the proposed land parcels for recovery belong to local state-owned enterprises, with several parcels from central enterprises like Poly and Overseas Chinese Town also included [3] - Recommendations include establishing a special loan center under policy banks to support the recovery of idle land and inventory properties, with a focus on directing a certain proportion of support to private enterprises [3]

Financial Performance - Total revenue reached RMB3138 billion, with property development contributing RMB2648 billion and mall operations RMB385 billion[9] - The gross profit margin was 315%[9] - Profit attributable to owners amounted to RMB245 billion[9] - Total debt was RMB63092 million, broken down by debt type, onshore/offshore, and debt maturity[51, 52] - Cash and bank balance was RMB11808 million[49] Land Bank and Sales - Total land bank GFA reached 274 million sq m, with a saleable value of RMB2828 billion[10] - Contracted sales reached RMB4095 billion, with an average selling price of RMB15032/sq m[10, 13] - 740% of contracted sales were in the Yangtze River Delta region[10, 13] - Land bank in the Yangtze River Delta accounted for 671% of the total[15] Commercial Operations - 8 new commercial projects opened in 2022, with a total GFA of 650000 sq m[10, 27] - 11 newly contracted projects from third-party expansion with GFA 104 million sq m[10, 34] - Average occupancy rate of commercial properties was 926%[10]

◎ 作者 / 沈晓玲、洪宇珩 核 心 观 点 【回款率维持较高水平，集团排名稳定前20强】 2024年中交地产实现销售金额156.43亿元，销售面积85.32万平方米，分别同比减少58.13%和52.51%， 销售权益相较于2023年降低了6个百分点至67.2%。实现销售回款247.07亿元，回款率达到了158%，继续保持着较高的水平。2024年中交房地产集团（剔 除绿城中国）实现整体销售额435.1亿元，位列全口径排行榜第20位，和2023年持平。 【土地储备质量相对较高，总土储近七成位于一二线城市】 截至2024年底，中交地产共拥有117个项目，总计容建面约为2263.2万平方米，其中在建及待 建面积771.37万平方米。在建及待建总土储69%位于二线城市，整体看来企业的土地储备质量相对较高。 【地产营收同比下降，主要由于计提减值所致】 2024年中交地产实现营业收入183.02亿元，同比减少44.59%，其中地产销售收入171.81亿元，同比减少 46.69%。整体毛利率约为7.59%，同比下降3.17个百分点。净利润亏损63.96亿元，归母净利润亏损51.79亿元，净利润的亏损一方面是由于交付项目的毛 ...

Core Viewpoint - The article discusses the reintroduction of special bonds for land reserves in China after a five-year suspension, highlighting the reasons for the initial halt and the current economic context that necessitates this move [1][2]. Group 1: Historical Context of Land Reserve Bonds - The land reserve system in China was established in 2001, with funding sources evolving through various phases, including the initial reliance on loans, the introduction of special bonds in 2017, and the suspension of these bonds from September 2019 to October 2024 [2][5][9]. - The special bonds for land reserves were first launched in 2017 and saw significant issuance until their suspension in 2019, which was aimed at regulating the real estate market and directing funds towards infrastructure [10][14]. Group 2: Characteristics of the Current Land Reserve Bonds - The current round of land reserve special bonds is distinct from previous issuances, focusing on acquiring idle land that has been supplied but not developed, particularly from enterprises unable or unwilling to continue development [25][36]. - The issuance of these bonds is intended to alleviate financial pressure on local governments and stabilize the real estate market by optimizing land resource allocation from "incremental expansion" to "stock optimization" [25][36]. Group 3: Issuance and Progress of Land Reserve Bonds - As of April 17, 2025, only nine bonds related to land reserves have been issued, totaling approximately 850.97 billion yuan, with 516.74 billion yuan specifically allocated for land reserves [27][30]. - The slow issuance pace is attributed to the recent establishment of detailed guidelines for the bonds and the concurrent issuance of debt to replace hidden liabilities, which has crowded out the issuance window for land reserve bonds [27][36]. Group 4: Analysis of Land Acquisition - The proposed land for acquisition primarily includes mixed-use, residential, and commercial properties, with a significant portion of the land being targeted for acquisition by state-owned enterprises and local government financing platforms [36][41]. - The average discount rate for land acquisition is approximately 12%, with state-owned enterprises receiving lower discounts compared to private enterprises, which face higher acquisition costs [46].

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○二四年十二月三 日，透過廣州樾海房地產開發有限公司（本公司實際擁有95.475%權益的附屬公司）（「廣州 樾海」），通過公開掛牌方式以人民幣1,900,790,000元成功競得廣州市海珠區東曉路東側 AH0215007地塊（「廣州市海珠區東曉路地塊」）。 廣州市海珠區東曉路地塊 本公司透過廣州樾海，通過公開掛牌方式以人民幣1,900,790,000元成功競得廣州市海珠區東 曉路地塊。 廣州市海珠區東曉路地塊總用地面積約20,851平方米，規劃總可建築面積約88,790平方米， 其中計算容積建築面積約59,035平方米。廣州市海珠區東曉路地塊性質擬為二類居住用地。 廣州市海珠區東曉路地塊所建住宅物業擬用於出售。 廣州市海珠區東曉路地塊須配建社區居委會等行政辦公場地 ...