Core Viewpoint - Times China Holdings (01233) reported a significant decline in cumulative contract sales for the nine months ending September 30, 2025, amounting to approximately RMB 3.933 billion, representing a year-on-year decrease of 37.1% [1] Group 1: Sales Performance - The cumulative contract sales (including joint venture project sales) for the nine months reached approximately RMB 3.933 billion [1] - The signed building area for the same period was about 317,000 square meters [1] - In September 2025, the contract sales amounted to approximately RMB 301 million, reflecting a year-on-year decline of 45.3% [1] Group 2: Area Sold - The signed building area in September 2025 was approximately 24,000 square meters [1]

Group 1 - The core viewpoint of the article indicates that Chinese property stocks continue to decline, with specific companies like R&F Properties and Sunac China experiencing significant drops in their stock prices [1] - Standard & Poor's forecasts a year-on-year decline in new home sales in China by 8%, estimating sales to be between 8.8 trillion to 9 trillion RMB, which is a larger drop than the previously predicted 3% in May [1] - The report suggests that if demand stabilizes in first-tier cities, it could help sustain a more consistent recovery in demand [1] Group 2 - Shenyin Wanguo predicts that the performance of real estate companies will remain under pressure in the third quarter, primarily due to continuous sales declines since 2021 leading to decreased settlements [1] - The article notes that previous price cuts and promotions have impacted current settlements, resulting in low profit margins [1] - However, it is anticipated that from 2025 to 2026, the sector's performance may see a weak recovery amidst bottoming out and that performance differentiation among companies will further intensify [1]

Core Viewpoint - Sunac China (01918) reported a contract sales amount of approximately RMB 1.29 billion for September 2025, representing a year-on-year decrease of 8.51% [1] Summary by Relevant Categories Contract Sales Performance - The group achieved a contract sales area of approximately 79,000 square meters in September 2025 [1] - The average contract sales price was approximately RMB 16,330 per square meter [1] Cumulative Sales Data - As of the end of September 2025, the cumulative contract sales amount reached approximately RMB 31.76 billion, reflecting a year-on-year decrease of 12.87% [1] - The cumulative contract sales area totaled approximately 1,001,000 square meters [1] - The average cumulative contract sales price was approximately RMB 31,730 per square meter [1]

Core Viewpoint - Shimao Group (00813) reported a significant decline in contract sales for the nine months ending September 30, 2025, with a total of approximately RMB 19.217 billion, representing a year-on-year decrease of 24.19% [1] Group 1: Sales Performance - The cumulative contract sales area for the nine months was 1.5821 million square meters [1] - The average selling price during this period was RMB 12,147 per square meter [1] - In September 2025, the contract sales amounted to approximately RMB 1.901 billion, reflecting a year-on-year decrease of 35.34% [1] Group 2: Monthly Sales Data - The contract sales area for September 2025 was 155,200 square meters [1] - The average selling price in September 2025 was RMB 12,245 per square meter [1]

Core Viewpoint - China Overseas Macro Yang Group reported a decline in contract sales and sales area for September 2025, indicating a challenging market environment [1] Group 1: Sales Performance - In September 2025, the company achieved contract sales of RMB 2.804 billion and a sales area of 251,700 square meters, representing year-on-year declines of 11.0% and 4.0% respectively [1] - For the period from January to September 2025, the cumulative contract sales amounted to RMB 23.587 billion and a sales area of 2.116 million square meters, reflecting year-on-year decreases of 10.7% and 9.1% respectively [1] - As of the end of September 2025, the cumulative subscribed but unsigned amount was RMB 546 million, with a subscribed but unsigned area of 46,800 square meters [1] Group 2: New Projects - In September 2025, the company added 2 new projects in the Lubei District of Tangshan, Hebei Province, with a total floor area of 182,942 square meters and a total land cost of RMB 909.24 million [1] - From January 1 to September 30, 2025, the company added a total floor area of 1,847,569 square meters, with a total land cost of RMB 8.009 billion [1] - The equity floor area during the same period was 1,651,124.94 square meters, with an equity land cost of RMB 7.029 billion [1]

Core Viewpoint - Zhengrong Real Estate (06158) reported a significant decline in contract sales for the period ending September 30, 2025, indicating challenges in the real estate market [1] Group 1: Sales Performance - The cumulative contract sales amount for the group, including joint ventures and associates, was approximately RMB 2.97 billion, a year-on-year decrease of 47.89% [1] - The total contract sales area was about 16,900 square meters, with an average contract selling price of approximately RMB 17,600 per square meter for the period ending September 30, 2025 [1] - For the nine months ending September 30, 2025, the cumulative contract sales amount was approximately RMB 32.88 billion, reflecting a year-on-year decrease of 32.8% [1] Group 2: Sales Area and Pricing - The total contract sales area for the nine-month period was approximately 201,000 square meters, with an average contract selling price of approximately RMB 16,400 per square meter [1]

截至2025年9月30日止九个月，本集团累计合约签约销售额(连合营企业及联营企业的销售额)约为人民 币7.40亿元，同比减少49.52%，合同销售面积约为49415平方米，合同销售均价约人民币14975元/平方 米。 智通财经APP讯，景瑞控股(01862)发布公告，本集团于2025年9月的合约签约销售额(连合营企业及联营 企业的销售额)约为人民币1.17亿元，同比减少10%，合同销售面积约为7910平方米，合同销售均价约人 民币14791元/平方米。 ...

截至2025年9月30日止九个月，本集团累计合约签约销售额(连合营企业及联营企业的销售额)约为人民 币7.40亿元，同比减少49.52%，合同销售面积约为49415平方米，合同销售均价约人民币14975元/平方 米。 景瑞控股(01862)发布公告，本集团于2025年9月的合约签约销售额(连合营企业及联营企业的销售额)约 为人民币1.17亿元，同比减少10%，合同销售面积约为7910平方米，合同销售均价约人民币14791元/平 方米。 ...

Investment Rating - The report does not explicitly provide an investment rating for the real estate industry in Suzhou, Changshu, Kunshan, and Taicang for the year 2025 Core Insights - In the first eight months of 2025, Suzhou's real estate market saw a total of 1.72 million square meters of new residential supply and 2.04 million square meters sold, generating a sales revenue of 51.48 billion yuan [3][4] - The top-performing real estate companies in Suzhou included Suzhou Hengtai with sales of 4.4 billion yuan and Poly Real Estate with 3.64 billion yuan [5][6] - The average sales area for the top 20 projects in Suzhou was 37,000 square meters, with an average sales amount of 1.03 billion yuan [7] - In Changshu, Hengjia Real Estate led with sales of 1.39 billion yuan, while in Kunshan, China Merchants Shekou topped the list with 1.08 billion yuan in sales [8][10] - Taicang's real estate market was led by Taicang Group with sales of 520 million yuan, followed by Yuexiu Property with 420 million yuan [18][20] Summary by Sections Suzhou Real Estate Market - Total new residential supply in Suzhou from January to August 2025 was 1.72 million square meters, with total sales reaching 2.04 million square meters and revenue of 51.48 billion yuan [3][4] - The top companies by sales revenue included Suzhou Hengtai (4.4 billion yuan) and Poly Real Estate (3.64 billion yuan) [5][6] - The average sales area for the top 20 projects was 37,000 square meters, with an average sales amount of 1.03 billion yuan [7] Changshu Real Estate Market - Hengjia Real Estate led the sales with 1.39 billion yuan, followed by China Jinmao with 480 million yuan [8][9] Kunshan Real Estate Market - China Merchants Shekou topped the sales with 1.08 billion yuan, followed by Poly Real Estate with 690 million yuan [10][14] Taicang Real Estate Market - Taicang Group led with sales of 520 million yuan, while Yuexiu Property followed with 420 million yuan [18][20]

Investment Rating - The report does not explicitly state an investment rating for the real estate industry in Wuxi for the year 2025 [1]. Core Insights - In the first eight months of 2025, Wuxi's real estate market saw a total sales area of 1,046,800 square meters and a sales amount of 24.412 billion yuan, with the top-performing company being Liangcheng Meijing, achieving sales of 2.98 billion yuan and 99,000 square meters [3][7]. - The top 20 real estate companies in Wuxi had a sales threshold of 540 million yuan and 24,000 square meters, with the total equity sales amounting to 16.67 billion yuan, accounting for 68.3% of the total sales amount in the city [7]. - The report highlights that the most popular property segment in August 2025 was the 100-110 square meter area, with 71 units sold, representing 12.52% of total sales [13]. Summary by Sections Sales Performance - In the first eight months of 2025, Wuxi's real estate companies had a total sales area of 1,046,800 square meters and a sales amount of 24.412 billion yuan [3]. - The top three companies by sales amount were Liangcheng Meijing (2.98 billion yuan), Huafa Co., Ltd. (2.02 billion yuan), and Taihu New City Group (1.95 billion yuan) [4][5]. - The top 20 projects had a sales threshold of 340 million yuan and 16,000 square meters, with Huafa Central Mansion leading with 1.56 billion yuan in sales [9]. Market Trends - The report indicates that in August 2025, the newly added area in Wuxi's residential market was 0 square meters, while the transaction area was 76,600 square meters, with a transaction amount of approximately 1.702 billion yuan [10]. - The report notes that the total number of land transactions in Wuxi from January to August 2025 was 158, with a planned construction area of 8.7205 million square meters, including 20 residential land transactions totaling 1.1388 million square meters [16]. Project Insights - The top-selling projects in terms of sales amount included Huafa Central Mansion (1.56 billion yuan) and Jiachengli (860 million yuan) [8]. - The average sales area for the top 20 projects was 22,000 square meters, with an average sales amount of 550 million yuan [9].