保障房和回迁房接近九成的住宅，注定是个很挑客户的新盘了。 保障房、回迁房占「九成」 位于深圳龙华观澜的竹村城市更新项目，无疑是深圳改造项目中相对幸运的。 一方面，经历十多年的更新改造，最终货币补偿都能做到付清，另一方面，施工进程加速并未沦落到需村民自掏腰包筹资自建的境地。 要知道，如果是晚几年才启动，恐怕是另一番景象了。近日《中共中央国务院关于推动城市高质量发展的意见》对外公布，且明确提到支持老旧住房自主 更新、原拆原建，而深圳也有备受关注的红岗花园的自筹改造案例。 所以，早早完成了改造的更新项目，多少都吃到了时代的一些红利。 其次项目的规划细节，宜居性的短板暴露无遗，似乎和美宅还有一定落差。 毕竟不少新住宅项目也带了回迁和保障性房源，但占比这么高的还是比较少见。 而竹村城市更新改造项目最近有了新动态，改造后成为的不仅开放了营销中心和展示空间，也开启了转介，一些中介渠道也都在渲染整个项目，预计9月 入市。 根据实地的动态，项目已经是封顶状态。 项目位于龙华观澜的竹村站D出口处，分为2期2个地块开发，总占地面积约8.55万㎡，总建筑面积约38.79万㎡，综合容积率4.53，总规划2661户，由住宅 +写字楼+商 ...

Core Viewpoint - The manufacturing PMI declined in July, influenced by seasonal factors and the implementation of "anti-involution" policies aimed at capacity management in key industries, which has led to an increase in raw material prices. Additionally, weak real estate demand has negatively impacted domestic demand [1]. Manufacturing Sector - In July 2025, the manufacturing PMI was 49.3%, a decrease of 0.4 percentage points from the previous month. The construction business activity index was 50.6%, down 2.2 percentage points, while the services business activity index was 50.0%, a slight decline of 0.1 percentage points [2]. - The marginal decline in manufacturing PMI aligns with seasonal trends, with some regions experiencing supply and demand disruptions due to extreme weather conditions. There is a notable divergence in PMI performance between large and small enterprises [2]. - Production has entered a low season, with demand showing a greater-than-seasonal slowdown. Certain sectors, such as railway, shipping, aerospace, and computer communication, continue to see new orders in the expansion zone, likely due to ongoing equipment upgrade policies. Conversely, sectors like chemical raw materials and non-metallic mineral products remain below the critical point due to insufficient end-demand amid real estate pressures [2]. Services Sector - The service sector remains stable, supported by seasonal factors. The tourism-related industries have seen increased activity due to summer holiday effects, with transportation, postal, and entertainment sectors maintaining high business activity indices. However, real estate and residential services are in contraction zones, indicating weaker performance [3]. - The construction industry has experienced a greater-than-seasonal decline in activity, primarily due to weak real estate demand and a slowdown in fiscal spending on infrastructure projects. Future improvements in construction activity are anticipated, supported by major projects like the Yarlung Tsangpo River hydropower project, with a total investment of approximately 1.2 trillion yuan [3]. Policy and Investment Outlook - The central political bureau meeting in July emphasized the need for sustained macro policy efforts and timely enhancements. The focus should be on three main lines: first, the "anti-involution" policies are expected to adjust supply-side dynamics in certain industries, potentially boosting price levels; second, 69 billion yuan in special long-term bonds for consumer upgrades will be allocated in July, with remaining funds to be disbursed in October, supporting consumption; third, urban renewal projects are likely to enhance investment, particularly in municipal infrastructure and the renovation of old urban areas [4].

Core Viewpoint - New World Development has successfully completed a refinancing agreement with its bank creditors, covering approximately HKD 88.2 billion of existing unsecured financial debt, temporarily alleviating its short-term financing concerns [1][2]. Group 1: Debt and Financial Situation - The refinancing agreement was reached just before triggering default clauses, indicating the urgency of the situation [1]. - New World Development's total debt as of December 31, 2024, was approximately HKD 124.63 billion, with a net debt ratio of 57.5% [7]. - The company has faced significant financial challenges, including a loss of approximately HKD 19.683 billion for the fiscal year 2024, marking its first loss in nearly 20 years [6]. Group 2: Management Changes - The resignation of Zheng Zhigang, the company's executive director and vice chairman, marks a significant shift in leadership as he steps away to focus on personal matters [1][2]. - Zheng's departure follows a series of operational challenges and financial losses, reflecting the company's struggle to manage its debt effectively [6][7]. Group 3: Business Strategy and Operations - New World Development has aggressively pursued urban renewal projects, with 43.6% of its land reserves dedicated to such initiatives, totaling 1.622 million square meters [3][4]. - The company has faced difficulties in converting these urban renewal projects into effective revenue streams, with long development periods and uncertain timelines [4]. - Despite efforts to reduce debt, the company continues to experience delays in interest payments on perpetual bonds, raising concerns among creditors about its operational stability [9]. Group 4: Market Context - The real estate market remains under pressure, and New World Development's challenges serve as a cautionary tale for other firms in the industry, emphasizing the need for a more cautious approach to expansion and investment [10].