Group 1 - The 2025 China Urban Development Investment Attractiveness Ranking shows that Shanghai, Beijing, Shenzhen, and Guangzhou remain the top four cities for real estate investment attractiveness, while Hangzhou, Chengdu, Suzhou, Nanjing, Wuhan, and Xi'an rank 5th to 10th [1] - The first-tier cities maintain strong attractiveness due to their large economic scale, well-developed infrastructure, and abundant resources and talent reserves. Notably, Shenzhen and Guangzhou continue to see population growth, with increases of approximately 200,000 and 151,000 respectively, while Beijing and Shanghai experience population declines of 26,000 and 72,000 [1] - The ranking highlights the rapid development of artificial intelligence in Hangzhou, the booming high-tech industries in Chengdu, and the strong manufacturing base in Suzhou, with the new generation information technology industry expected to exceed 1 trillion yuan in output value by 2025 [1] Group 2 - The quality of industrial development is identified as a core factor influencing urban population attractiveness and residents' purchasing power. High-quality population inflow can drive both incremental housing demand and the release of local improvement housing demand [2] - Core first- and second-tier cities are expected to attract high-quality talent through their competitive industrial advantages and strong purchasing power, indicating significant potential for new housing development under the trend of improving housing markets [2] - The Yangtze River Delta cities, led by Shanghai, perform particularly well in the ranking, with cities like Hangzhou, Suzhou, and Nanjing making it to the top ten. In the Pearl River Delta, all nine cities are experiencing net population inflows, with Shenzhen and Guangzhou leading in population growth [2] Group 3 - Recent years have seen leading real estate companies converge in their investment strategies, focusing on core cities, prime locations, and plots with high absorption certainty, reflecting a consensus on urban opportunities [3] - In Shenzhen, a residential land auction resulted in a winning bid of 1.212 billion yuan, translating to a floor price of approximately 44,559 yuan per square meter, with a premium rate of 46.6%. Similarly, in Shanghai, a land parcel was sold for about 3.5 billion yuan, with a floor price of 95,529 yuan per square meter and a premium rate of 30.79% [3] - The share of land sale revenue from the top 10 cities in China rose to 54% in the first five months of 2025, up from 34% in 2024, indicating intensified competition in land auctions in core cities [3]

Core Viewpoint - China Overseas Development reported a revenue of 185.154 billion RMB for the year ending December 31, 2024, a decrease of 8.58% year-on-year, with a net profit attributable to shareholders of 15.636 billion RMB, down 38.95% year-on-year, and proposed a final dividend of 0.30 HKD per share [1] Group 1: Financial Performance - The company achieved a contract property sales amount of 310.69 billion RMB in 2024, a slight increase of 0.3% year-on-year, making it the only top ten real estate company in China to experience sales growth [1] - The company’s net profit attributable to shareholders decreased by 38.95% year-on-year to 15.636 billion RMB, with basic earnings per share at 1.43 RMB [1] - The company maintained a strong financial position with a debt-to-asset ratio of 55.8% and a net gearing ratio of 29.2% as of December 31, 2024 [3] Group 2: Market Strategy - The company focused on first-tier cities, achieving significant market share, ranking first in Beijing, Shanghai, and Shenzhen, and among the top three in Guangzhou [2] - The company launched high-end products targeting improvement housing demand, with notable sales in projects like the Jiuxu series, achieving record sales in various cities [2] - The company’s commercial property operations increased by 300,000 square meters, generating revenue of 7.13 billion RMB, a year-on-year growth of 12.1% [3] Group 3: Investment and Debt Management - The company acquired 22 land parcels in 12 cities in mainland China, with a total land acquisition amount of 80.61 billion RMB, leading the industry in new land purchases [3] - The company actively managed its interest-bearing debt, repaying 17.55 billion RMB in debt, optimizing its debt structure [3] - The average financing cost for the company in 2024 was 3.1%, placing it in the lowest range within the industry [3]