Core Viewpoint - China Evergrande (HK.03333) is set to be delisted from the Hong Kong Stock Exchange on August 25, 2025, following the announcement that it will not appeal the delisting decision, marking a significant event in the company's ongoing liquidation process [1]. Group 1: Delisting Process - The delisting of China Evergrande was widely anticipated in the market, seen as an inevitable outcome due to the company's inability to meet the resumption requirements after being suspended since January 29, 2024 [2]. - According to Hong Kong's listing rules, a company can be delisted if its securities are suspended for 18 months without meeting the criteria for resumption, which China Evergrande failed to do [2]. - From 2018 to June 2025, a total of 167 companies were forcibly delisted from the Hong Kong main board, with an average of over 30 companies delisted annually from 2022 to 2024 [2]. Group 2: Impact on Creditors and Operations - The delisting does not affect the rights of creditors, who can still assert their claims during the ongoing liquidation process [3]. - The delisting will not impact the operational status of Evergrande's subsidiaries, such as Evergrande Auto (HK.00708) and Evergrande Property (HK.06666), which will continue their normal operations [3]. - The liquidation process will proceed as planned, with creditors able to engage with the liquidators regarding the status of their claims [3]. Group 3: Real Estate Operations - Evergrande's management has stated that the delisting will not directly affect the company's real estate operations, and they will continue to fulfill their commitments to deliver properties [4]. - Some of Evergrande's subsidiaries have already entered bankruptcy proceedings, reflecting a market trend of eliminating companies that no longer meet listing requirements [4].

Core Viewpoint - China Evergrande is set to be delisted from the Hong Kong Stock Exchange on August 25, 2025, following the announcement that it will not appeal the delisting decision [1][3]. Group 1: Delisting Process and Market Implications - The delisting of China Evergrande was widely anticipated and is seen as a necessary outcome of market dynamics, reflecting the accelerated metabolism of the Hong Kong capital market [4][5]. - According to Hong Kong's listing rules, a company can be delisted if its securities are suspended for 18 months, which applies to China Evergrande as it has been suspended since January 29, 2024, due to a court-ordered liquidation [5]. - From 2018 to June 2025, a total of 167 companies were forcibly delisted from the Hong Kong main board, with an average of over 30 companies delisted annually from 2022 to 2024 [5]. Group 2: Impact on Creditors and Operations - The delisting does not affect the rights of creditors, as they can still assert their claims during the liquidation process, and the liquidation will continue unaffected [6]. - China Evergrande's stock will remain suspended until its delisting is finalized, and the company has been unable to find a restructuring plan to meet the requirements for resuming trading [6]. - The real estate operations of China Evergrande are not directly impacted by the delisting, as the company continues to focus on completing housing deliveries [7]. Group 3: Bankruptcy Proceedings - Some subsidiaries of China Evergrande, such as Kailong Real Estate, have entered bankruptcy proceedings, which is viewed as a natural outcome of market selection [7].

Group 1: Digital Transformation - Digital transformation has become an inevitable trend in the banking industry, especially accelerated by the pandemic, highlighting the advantages of online channels [2][3] - Major banks are prioritizing digital transformation as a key development strategy, with efforts focused on scenario finance and open banking to reduce customer acquisition costs and improve efficiency [2][4] - Agricultural Bank of China reported a daily active user count of 28 million for its mobile banking platform, indicating a significant shift towards digital interactions [3] Group 2: Protecting Housing Deliveries - Major banks have disclosed their exposure to the "protect housing deliveries" issue, with Industrial and Commercial Bank of China reporting a non-performing loan balance of 63.7 million yuan related to stalled projects, representing only 0.01% of its total mortgage loans [5][6] - Agricultural Bank of China identified 1,112 risk-laden properties, with overdue mortgage loans totaling 1.23 billion yuan, accounting for 0.023% of its personal housing loan balance [5] - The overall growth of personal housing loans among the six major banks has significantly decreased, with a total increase of 415.5 billion yuan in the first half of 2022 compared to 2.4843 trillion yuan in 2021 [6] Group 3: Pension Finance - The development of pension finance has gained momentum, with banks recognizing the urgency to enhance their offerings in this area [8][9] - Construction Bank has proposed a "1314" strategy for pension finance, aiming to provide comprehensive services throughout customers' lives [8] - Several banks, including Agricultural Bank of China, have launched pension financial products, with positive market reception and plans for further product development [9][10]

Core Viewpoint - Recently, Citic Bank signed strategic cooperation agreements with ten real estate companies, aiming to provide comprehensive financial services and support reasonable financing needs in the real estate sector [1] Group 1: Strategic Cooperation - Citic Bank has entered into "total-to-total" strategic cooperation agreements with ten real estate enterprises, including China Overseas Land & Investment, China Merchants Shekou, and Country Garden [1] - The cooperation will leverage Citic Group's resources to offer services such as real estate development loans, acquisition loans, bond underwriting and investment, and pre-sale fund supervision guarantees [1] Group 2: Policy Alignment - The signing of these agreements is seen as a step to implement the central government's policies, emphasizing that housing is for living, not speculation [1] - The parties involved aim to promote the stable and healthy development of the real estate market and protect the legitimate rights of housing consumers [1] Group 3: Economic Support - Citic Bank is actively supporting the national strategy to stabilize the economy, focusing on ensuring housing delivery and maintaining people's livelihoods [1] - The bank is committed to meeting the reasonable financing needs of real estate companies, particularly private enterprises, in line with the requirements set by the People's Bank of China and the China Banking and Insurance Regulatory Commission [1]

中国经济网北京6月25日讯 福州市住房和城乡建设局网站6月24日发布了福州市住房和城乡建设局关于招商银行股份有限公司福州分行预售资 金监管未履责整改的通报。 通报显示，福州市"保交楼"项目世茂云浦公馆（世茂云境），在招商银行股份有限公司福州分行（以下简称招商银行福州分行）设立预售资 金监管账户（开户行：招商银行福州分行营业部）。因项目保交楼相关工作未完成，参建单位部分工程款尚未支付，购房人办证开票税款未缴 纳，福州市住房和城乡建设局提前函告要求该行加强预售资金监管账户监管、避免监管资金被划扣（根据最高【2022】12号文件精神），但在安 商房回购款1.3亿元进入监管账户不到1个小时该行已协助法院对监管账户所有资金完成划扣（保交楼项目预售资金监管账户可司法冻结、不可划 扣）。 福州市住房和城乡建设局于2025年1月对该行进行通报并要求整改，同时福州市住房和城乡建设局亦积极协调市中级人民法院，并多次函告法 院"云浦公馆"属于保交楼项目，项目未完税以及该项目已确认可支付的相关工程款信息。但法院执行账户中的1.3亿元资金，仍被华润深国投信托 有限公司（与项目公司签订《融资合同》提供债权融资）等公司申请执行全部划扣。 ...

Group 1 - The "保交楼" (guarantee delivery of housing) initiative is a significant industry and social issue, with recent criticisms directed at 招商银行福州分行 (China Merchants Bank Fuzhou Branch) and 中航信托 (AVIC Trust) for their lack of action [1][2] - The Fuzhou Housing and Urban-Rural Development Bureau issued a notice on June 24, highlighting that the "世茂云浦公馆" project faced issues due to the bank's failure to manage the pre-sale funds properly, leading to unpaid construction costs and tax obligations [1][2] - The bank was reported to have allowed a court to freeze and deduct 130 million yuan from the pre-sale funds account, despite prior warnings to prevent such actions [1][2] Group 2 - On January 2025, the Fuzhou Housing Bureau required the bank to rectify its actions and coordinated with the Fuzhou Intermediate People's Court regarding the "世茂云浦公馆" project, which was confirmed to be a "保交楼" project [2] - The bank's negligence in managing the pre-sale funds has severely impacted the project's progress, affecting social stability and leading to a suspension of the bank's new pre-sale fund management business in the city [2] - Homeowners and related construction units affected by the "世茂云浦公馆" project are encouraged to seek redress from the bank and through judicial means [2] Group 3 - On June 25, the Fuzhou Housing Bureau also criticized 中航信托 for its inaction regarding the "榕心江来" project, which is developed by 福州俊德辉房地产开发有限公司 [3] - The trust company was reported to have been uncooperative in facilitating financing efforts, which has delayed the project's progress and led to social unrest among homeowners [3] - The Fuzhou Housing Bureau condemned 中航信托 for its lack of social responsibility and failure to fulfill its obligations under the "保交楼" initiative [3]

Core Insights - In July 2025, the top 50 property service companies in China added approximately 50.48 million square meters of new contract area, with an average of 1.01 million square meters per company, indicating continued expansion among leading firms [1][9] Group 1: New Contract Area - The top three companies by new contract area are Shimao Services Holdings Limited with over 3.3 million square meters, Shanghai Yongsheng Property Management Co., Ltd. with 3.43 million square meters, and China Merchants Jinling Industry Co., Ltd. with significant growth [1][2] - The total new contract area for the top 50 companies reached approximately 50.48 million square meters, with an average of 1.01 million square meters per company [1][8] Group 2: Third-Party Market Expansion - The total area expanded in the third-party market by the top 50 property service companies was approximately 42.56 million square meters, with an average of 0.85 million square meters per company [7][8] - The leading companies in third-party market expansion include Shimao Services Holdings Limited with 4.11 million square meters and Shanghai Yongsheng Property Management Co., Ltd. with 3.38 million square meters [5][6] Group 3: Associated Area Undertaking - The top 50 companies undertook approximately 9.63 million square meters of associated area, with an average of 0.19 million square meters per company [13] - Leading firms such as Wuhan Urban Services Group Co., Ltd. and Poly Property Services Co., Ltd. are expected to add over 800,000 square meters of managed area due to support from parent companies [9][13] Group 4: Bidding Performance - Shenzhen Jindi Property Management Co., Ltd. achieved a notable bidding amount of 64.45 million yuan, followed by Greentown Property Service Group Co., Ltd. with 35.23 million yuan [14] - Other companies like Guangdong Hongde Technology Property Co., Ltd. and Shenzhen Xinghe Zhishan Life Co., Ltd. also secured significant projects in the urban services sector [14]

Core Viewpoint - The current state of China's real estate market in 2025 shows that despite relaxed policies and attractive mortgage rates, housing prices are not increasing as expected, with significant declines in some areas [1][3]. Policy Changes - As of 2025, 132 cities have relaxed housing policies, with down payments reduced to 15% and first-home mortgage rates as low as 3.25% [3]. - In Hefei, the complete removal of purchase restrictions resulted in only a 7% increase in residential transactions compared to April, significantly lower than the 30% increase seen in 2020 [3]. Market Performance - A project launched in 2023 with 1,200 units sold only 312 units over two years, resulting in a sales rate of less than 26% [5]. - Nationwide, there is a housing inventory of 782 million square meters, which, at the current sales pace, would take 14 months to sell out, with inventory increasing by 5.2% monthly [5]. Price Disparities - In major cities like Beijing and Shanghai, slight price increases were observed, with Dongcheng and Huangpu districts seeing increases of 0.3% and 0.5%, respectively, due to limited new supply [7]. - In contrast, cities like Dongguan and Changzhou experienced significant price drops, with new home prices falling by 18.3% compared to their peak in 2023 [7]. Buyer Sentiment - First-time homebuyers and investors have differing perspectives, with first-time buyers more concerned about price guarantees and developers' reliability [9]. - Data indicates that the average time to resell a property has increased to 6.8 years in 2025, compared to 3.2 years in 2019, making short-term profit from property sales unlikely [9]. Developer Trust Issues - Ongoing issues with delayed property deliveries have led to buyer skepticism, with 23 cities still facing unresolved overdue delivery projects as of June 2025 [11]. - This lack of trust in developers has diminished the effectiveness of policy measures, with transaction volume increases significantly lower in 2025 compared to 2020 [11]. Future Outlook - Core cities may see slight price increases, while third and fourth-tier cities are likely to experience further declines [13]. - The era of significant wealth accumulation through real estate investment may be over, although first-time buyers may benefit from more negotiating power [13].

Core Viewpoint - The article discusses the complexities and risks associated with purchasing abandoned real estate properties, highlighting a specific case in Guilin where a previously unsold property was auctioned for a significantly lower price, but with substantial hidden costs and obligations involved in the acquisition process [1][3][5]. Group 1: Auction Process and Costs - A property in Guilin was auctioned for 20.3 million, down from a previous price of over 60 million, but the buyer must pay a 5 million performance deposit, which is non-refundable if the project fails to meet inspection standards for two consecutive months [3][5][6]. - The property is an abandoned residential complex that requires resolving issues for 13 households, with additional costs totaling approximately 2.13 million, leading to a total upfront cost of 7.13 million before any construction begins [5][6]. - There are strict timelines for starting construction within two months and completing delivery within nine months, with financial liabilities falling on the buyer if these deadlines are not met [6][8]. Group 2: Risks of Purchasing Abandoned Properties - The article emphasizes that purchasing abandoned properties is not straightforward, as seen in a case in Beijing where a factory was auctioned for only 18,000, but the court later canceled the sale due to creditor objections [8][9]. - Factors such as unclear property rights, creditor disputes, and multiple mortgages can complicate the acquisition process, often leading to the cancellation of sales to protect creditor interests [9][10]. - The article illustrates that the government plays a crucial role in facilitating the sale of abandoned properties, as demonstrated by the successful auction of the Fengdan Liyuan property in Guilin, which involved government intervention to attract buyers through financial incentives [12][14][16]. Group 3: Government Initiatives and Market Dynamics - The Guilin government has actively sought to address the issue of abandoned properties by implementing strategies to revitalize these assets, including adjusting commercial-residential ratios and providing financial support for redevelopment [14][16][20]. - The article notes that the problem of abandoned properties is widespread across China, with various provinces, including Hunan, facing similar challenges and implementing measures to ensure the delivery of housing projects [20][22]. - The "guarantee delivery" initiative in Hunan aims to address the backlog of undelivered housing units, highlighting the need for collaborative efforts among stakeholders to resolve the abandoned property crisis [22].

Core Viewpoint - China Enterprise Co., Ltd. plans to issue A-shares to specific investors to raise funds for real estate projects, responding to national policies aimed at stabilizing the real estate market and supporting housing needs [6][9][10]. Group 1: Issuance Overview - The company intends to issue A-shares with a total fundraising target of up to 1.33 billion RMB (133,000 million) [15]. - The funds will primarily be allocated to two real estate projects: "Zhongqi Yupin · Yinhu Bay" and "Zhongqi Yun Cui Forest" [25][21]. - The issuance will not change the company's control structure, with Shanghai Real Estate (Group) Co., Ltd. remaining the controlling shareholder [16][27]. Group 2: Market Context - The real estate sector is a crucial pillar of China's economy, contributing 6.1% to GDP in 2022 [6][7]. - Recent government policies have focused on stabilizing the real estate market and ensuring housing supply, particularly for residential needs [9][10]. - The company aims to leverage these policies to enhance its financial strength and support ongoing projects [9][10]. Group 3: Financial Impact - The issuance is expected to improve the company's capital structure, reduce debt ratios, and lower financial risks [10][29]. - The funds raised will help maintain cash flow stability and support project development, enhancing the company's operational capabilities [25][29]. - The company plans to use the funds to mitigate risks associated with project financing and ensure timely delivery of housing projects [9][10][25]. Group 4: Project Details - "Zhongqi Yupin · Yinhu Bay" project has a total investment of 1.083 billion RMB, with 930 million RMB expected to be funded from the issuance [21][25]. - "Zhongqi Yun Cui Forest" project has a total investment of 1.141 billion RMB, with 400 million RMB planned from the issuance [25][21]. - Both projects are positioned to meet the demand for affordable housing, with a significant portion of units designed for first-time buyers [20][21].