此次双方战略合作的达成，标志着"央企助力+市场化运作"创新城市（300778）更新模式及创新发展模 式的深化实践再攀新高，实现了多方利益主体科学协作、共赢双赢的战略目标，践行了以客户为中心， 责任担当的精神。通过双方强强联合，集团将快速盘活核心存量资产，积极践行"好房子"建设理念 与"好生活"营造目标，在切实保障业主实现"安居乐业"的民生事业上再做贡献，同时有效提振市场信 心，为促进房地产市场价格稳定及健康高质量发展起到了方向标和稳定器的作用。本次合作契合集团长 期战略规划，有利于激活集团在粤港澳大湾区核心项目价值，释放现有潜力，提升产业价值，对集团未 来可持续发展具有积极且重大意义。 佳兆业集团(01638)发布公告，为贯彻落实国家关于推进"好房子"建设的政策指引，于2025年8月18日， 集团与中信城开投资集团有限公司(以下简称"中信城开")就深圳福田佳园项目签署了战略合作协议(以下 简称"协议")，双方将凝聚共识、整合资源、协同优势，组建联合工作团队，以"共同管理"模式高效推 进项目建设，全面提升项目品质与价值，致力于将深圳福田佳园项目打造成为"好房子"建设的标杆示范 项目，助力深圳中心区人居品质升级。 ...

智通财经APP讯，佳兆业集团(01638)发布公告，为贯彻落实国家关于推进"好房子"建设的政策指引，于 2025年8月18日，集团与中信城开投资集团有限公司(以下简称"中信城开")就深圳福田佳园项目签署了 战略合作协议(以下简称"协议")，双方将凝聚共识、整合资源、协同优势，组建联合工作团队，以"共同 管理"模式高效推进项目建设，全面提升项目品质与价值，致力于将深圳福田佳园项目打造成为"好房 子"建设的标杆示范项目，助力深圳中心区人居品质升级。 此次双方战略合作的达成，标志着"央企助力+市场化运作"创新城市更新模式及创新发展模式的深化实 践再攀新高，实现了多方利益主体科学协作、共赢双赢的战略目标，践行了以客户为中心，责任担当的 精神。通过双方强强联合，集团将快速盘活核心存量资产，积极践行"好房子"建设理念与"好生活"营造 目标，在切实保障业主实现"安居乐业"的民生事业上再做贡献，同时有效提振市场信心，为促进房地产 市场价格稳定及健康高质量发展起到了方向标和稳定器的作用。本次合作契合集团长期战略规划，有利 于激活集团在粤港澳大湾区核心项目价值，释放现有潜力，提升产业价值，对集团未来可持续发展具有 积极且重大意义 ...

KAISA GROUP HOLDINGS LTD. 佳兆業集團控股有限公司 * （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1638） 自願性公告 香港交易及結算所有限公司以及香港聯合交易所有限公司對本公告的內容概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 表 明 不 會 就 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 佳兆業集團控股有限公司 主 席 郭英成 香 港，二 零 二 五 年 八 月 二 十 四 日 於 本 公 告 日 期，本 公 司 的 執 行 董 事 為 郭 英 成 先 生、麥 帆 先 生、李 海 鳴 先 生、郭 曉 群 先 生、羅 婷 婷 女 士、宋 偉 先 生 及 劉 立 好 先 生；本 公 司 的 獨 立 非 執 行 董 事 為 饒 永 先 生、張 儀 昭 先 生、劉 雪 生 先 生 及 李 大 鵬 先 生。 * 僅供識別 本公告由佳兆業集團控股有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱 為「本 ...

徐州市最近发布经济"半年报"，地区生产总值增速达6.2%，实现稳增长。经济稳中向好背后，"稳 楼市"发挥了重要作用。上半年，徐州新房和二手房交易量同比保持"双增长"，总成交面积位居全省第 三。其中新建商品住宅销售371.63万平方米、同比增长15.83%，两项数据均位居全省第二。 记者调查发现，"卖旧换新"和青年人才购房补贴等政策，有效激发了购房需求。"要创造新需求， 关键是要大力提供优质供给。"徐州市住建局负责人表示，徐州以"好房子"建设为抓手，努力实现从"住 有所居"迈向"住有优居"，进一步打造幸福宜居生活。 22个"好房子"项目同步推进 今年5月20日，住建部在国新办发布会上表示推进"好房子、好小区、好社区、好城区"四好建设， 明确提出大力建设安全、舒适、绿色、智慧的"好房子"。 去年7月，省住建厅印发《江苏省改善型住宅评价细则》，明确了"好房子"具体标准——住宅层高 不小于3.1米、采用人车合理分流、与城市快速路的距离控制在100米以上……记者了解到，目前，徐州 新盛、产城、交控等多家市属、区属国企联合绿城、万科、美的等品牌房企，按照该细则同步推进22个 高标准住宅项目，总建筑面积约380万平方米，全 ...

Core Insights - The land market in core cities has remained active in 2023, with record high land prices in cities like Beijing, Hangzhou, and Chengdu in Q1, and further price increases in Q2 and July [1][15] - The government has implemented "regulatory adjustments" to enhance land value, which has been positively received by the market [1][6] - The overall real estate market is stabilizing, but further policy support is needed to maintain this trend, as emphasized in a recent State Council meeting [1][10] Land Market Performance - In Q3, the trend of reduced land supply continued, with land transfer fees increasing year-on-year, but the growth rate has slowed [2][4] - For the period from January to August 2025, the total residential land area launched in 300 cities decreased by 20.3%, while the transaction area fell by 7.0% [4] - Core cities have seen significant increases in land transfer fees, with first-tier cities experiencing over 40% growth [5][13] Regulatory Adjustments - "Regulatory adjustments" have been used to reintroduce previously unsold land, enhancing its attractiveness and facilitating successful sales [7][9] - Examples include Shenzhen's Bao'an District, where a land parcel was successfully auctioned after adjustments increased its residential proportion [8][10] Investment Trends - Real estate companies are focusing on high-quality land in core cities, with a notable increase in bidding activity for premium plots [11][15] - The competitive landscape for land acquisition is intensifying, particularly in first- and second-tier cities, where high premium land transactions are common [15][17] Policy Direction - The central government has prioritized the revitalization of idle land and commercial properties, providing a framework for regulatory adjustments [9][10] - Recent policies emphasize the supply of high-quality residential land, aligning with market demand and supporting the construction of "good houses" [18][20] Market Outlook - The trend of high premium land sales is expected to continue, particularly in core cities, as developers remain optimistic about market recovery [15][21] - The focus on quality housing and strategic land acquisition is seen as essential for navigating current market challenges [21]

新华财经北京8月16日电（记者高婷、何丰伦）从年初首次被写入政府工作报告起，"好房子"就成为房地产领域的热词。记者在调研中了解到，今年以来， 各地不断加大"好房子"建设力度，不仅将新房子打造成"好房子"，也将更多老房子改造成"好房子"。更多小区搭建了风雨连廊，更多社区搭载了智慧大屏， 更多安全、舒适、绿色、智慧的"好房子"成为城市高质量发展的深刻内涵。 近日，住房和城乡建设部印发《"好房子"建设经验做法（第一批）》的通知（以下简称"通知"），从出台推动政策、加强技术支撑、打造示范样板、强化科 技赋能、优化物业服务、健全产业体系六方面总结了各地经验做法。受访专家认为，"好房子"建设是各地楼市从粗放式增长转向高质量发展的重要契机，需 求变化是各地大力推进"好房子"建设的内因；"好房子"建设被纳入城市更新机制，能够有效引导市场供给结构调整，推动城市空间优化，提升区域宜居度和 竞争力，从而为楼市带来更稳健的增长动力。 需求变化是各地政策发力的内因 "'好房子'建设是各地楼市从粗放式增长转向高质量发展的重要契机。通过因城施策，结合本地需求优化住宅设计、公共配套与社区功能，不仅能够提升居 民居住品质，还能满足日益多样化的 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company reported a revenue of 2.078 billion yuan in H1 2025, a year-on-year decrease of 11.3%, and a net profit attributable to shareholders of 271 million yuan, down 20.25% year-on-year. The Q2 revenue was 1.18 billion yuan, reflecting a year-on-year decline of 12.2% but a quarter-on-quarter increase of 32.1% [7] - The real estate sector continues to exert pressure on the company's demand, with a 14.8% decline in completed real estate area in the first half of the year. Despite this, the company maintained a gross margin of 40.5% and a net margin of 13.1%, indicating strong profitability [7] - The company plans to distribute a mid-term dividend of 157 million yuan, maintaining a high payout ratio of 57.9%, and expects better performance in the second half of the year due to potential improvements in retail business and new initiatives [7] Financial Data and Earnings Forecast - Total revenue forecast for 2025 is 6.643 billion yuan, with a year-on-year growth rate of 6.0%. The net profit attributable to shareholders is projected to be 1.021 billion yuan, reflecting a year-on-year increase of 7.2% [6] - The company’s earnings per share (EPS) for 2025 is estimated at 0.64 yuan, with a projected price-to-earnings (P/E) ratio of 17 [6] - The company has maintained a low debt-to-asset ratio of 22.93% and a strong cash position, with net cash inflow from operating activities of 581 million yuan, up 99.1% year-on-year [7]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - Since September 2024, the central government's clear requirement has been to "stabilize the real estate market and the stock market" to boost social expectations and facilitate domestic demand circulation. The emphasis on building quality housing and high-quality residential projects is expected to lead to a development wave in this sector [5][51] - The report suggests focusing on real estate companies with strong land acquisition capabilities and product strength in core cities, as well as second-hand housing intermediaries and property management companies [5] Market Performance - The Shanghai Composite Index rose by 2.1%, the Shenzhen Component Index by 1.2%, the ChiNext Index by 0.5%, and the CSI 300 Index by 1.2%. The real estate sector (Shenwan) increased by 2.2% during the week [5][8] - The top five stocks in terms of growth were: Heimu Dan (+18.1%), *ST Rong Control (+16.7%), Yatong Co. (+14.9%), Huali Family (+13.5%), and Shangshi Development (+12.9%). The bottom five were: Zhujiang Co. (-6.8%), Haitai Development (-3.5%), *ST Jinke (-2.1%), Jintou Chengkai (-1.7%), and Hainan Airport (-1.0%) [5][8] Data Tracking New Housing Transactions - In the week of August 2-8, 2025, 42 key cities saw a total new housing transaction of 1.41 million square meters, a decrease of 31.2% week-on-week and a decrease of 19.2% year-on-year. The cumulative new housing transaction for August (up to the week of August 8) was 1.64 million square meters, down 11.2% month-on-month and down 22.3% year-on-year [5][15][22] - In the same week, first-tier cities accounted for 330,000 square meters, second-tier cities for 825,000 square meters, and third and fourth-tier cities for 259,000 square meters [15] Second-Hand Housing Transactions - In the week of August 2-8, 2025, 21 key cities recorded a total second-hand housing transaction of 1.72 million square meters, a decrease of 7.8% week-on-week and a decrease of 4.4% year-on-year. The cumulative second-hand housing transaction for August (up to the week of August 8) was 2.02 million square meters, down 5.8% month-on-month and down 3.2% year-on-year [5][33][37] Industry News - Beijing has canceled the purchase limit for properties outside the Fifth Ring Road and optimized the housing provident fund policy in four aspects: first home recognition, second home quota, accumulation speed, and down payment usage. Shanghai is promoting high-quality urban development through discussions on the "14th Five-Year Plan" [47] - The Jiangsu provincial government held a special meeting to promote consumption, focusing on stabilizing the real estate market and enhancing the supply of quality housing [47] - New regulations in Hunan Province limit the height of high-rise residential buildings to 26 floors and set a maximum floor area ratio of 3.1. Chengdu has introduced guidelines for quality housing design, while Suzhou has implemented new regulations for the self-renewal of private housing [47]

Core Viewpoint - The real estate market is in a stabilization phase, and while there are fluctuations in related indicators, it is essential to maintain strategic determination and timely policy adjustments to promote recovery and stability in the market [2][3]. Group 1: Market Conditions - The real estate market is experiencing downward pressure despite some marginal improvements in indicators, leading to pessimistic sentiments among some stakeholders [2]. - The real estate sector is a crucial pillar of the national economy, directly impacting over 70,000 workers in Yantai and influencing 42 upstream and downstream industries [2]. Group 2: Policy and Development Direction - The Central Urban Work Conference has outlined a new phase of urbanization, emphasizing the importance of quality, efficiency, sustainability, and safety in real estate development [3]. - Confidence is identified as the foundation for the industry to navigate through cycles and stabilize [3]. Group 3: Demand and Supply Dynamics - The core of breaking through the real estate challenges lies in the construction of "good houses," which aligns with the upgraded demand in the market [4]. - There is a significant potential for improving housing supply to stimulate and meet the demand for better living conditions, thereby boosting consumer confidence [4]. Group 4: Economic Impact and Innovation - Focusing on "good house" construction can activate the market and drive upgrades across the entire industry chain, leading to new demands such as old house renovations and age-friendly designs [4]. - The construction of "good houses" is seen as a key driver for innovation in the construction industry and related sectors, introducing new technologies and services that can contribute to economic growth [4]. Group 5: Strategic Recommendations - The real estate market's recovery and long-term health depend on maintaining confidence, proactive measures, and a combination of policies aimed at stabilizing the market and promoting housing supply [5].

Core Viewpoint - Local governments have significantly increased the frequency of policies aimed at stabilizing the real estate market, with 18 announcements made in the past week, marking a shift to a "high-frequency output" mode for market stabilization since July 2025 [1][2][12]. Policy Trends - The frequency of local "stabilization" policy announcements has remained at 18 for the past week, consistent with the previous week. This marks a notable increase since the central urban work conference in mid-July 2025, indicating a proactive approach to stabilize the market [2][3]. - The most frequently mentioned policy type is the optimization of housing provident fund policies, with 7 mentions in week 32, accounting for over one-third of all stabilization policies [3][6]. Recent Developments - Beijing has introduced multiple supportive measures, including the unbinding of purchase restrictions outside the Fifth Ring Road, an increase in loan limits, and a reduction in down payment ratios for provident fund loans [12][13]. - The focus on "good housing" has increased, with 5 mentions in the past week, as cities like Fujian and Chengdu have issued new regulations to enhance housing quality [3][14]. Housing Quality and Urban Development - Recent policies emphasize high-quality urban development, with cities implementing measures to improve housing quality and meet new housing demands. This includes the introduction of guidelines for high-quality housing design in Fujian [14]. - The housing security measures have been expanded in cities like Chengdu and Xi'an, addressing the needs of specific groups and enhancing the overall housing market [14]. Summary of Local Policies - In the past week, 17 provinces and cities have issued 18 stabilization policies, with significant changes in Beijing's housing policies expected to benefit a large portion of new housing supply [12][13]. - Other cities have also optimized their provident fund policies, allowing for greater flexibility in loan terms and usage [13].