融资渠道相对畅通，财务状况整体稳健。 【拿地销售比升至0.67，新增项目销售转化率达55%】 2025上半年绿城新增拿地建面355万平，同比增长172%，新增货值同比增长172%至907亿元。按 金额计权益拿地销售比从2024年的0.4提升至0.67，拿地力度明显加大。企业预计新增项目在2025年内的销售转化率为55%，可贡献销售约500亿元。截至 2025年中期，总土地储备2724万平，总可售货值4518亿元，一二线占比80%，整体土储安全边界较高。 【计提相关资产减值损失19.33亿元，净利率大幅下降】 2025上半年结转收入496.5亿元，同比减少22.1%；期末全口径已售未结资源1987亿元，其中 1030亿元预计于2025年结转确认，可保障短期营收规模的稳定。综合毛利率为13.4%，同比微升了0.3pct，但是净利率同比降低2.5pct至2.3%，归母净利 率也同比降低了2.5pct至0.4%，毛利率微升而净利率大幅下降，主要是因为其他收入同比大幅减少46%至9.3亿元，同时企业计提了相关资产减值损失 19.33亿元。 【融资渠道相对畅通，财务状况整体稳健】 2025上半年绿城累计发行77.11亿元 ...

安萨里预计，在韩国新政策实施后，外国人离岸购房的情况明年可能降至近乎为零。 全球范围内越来越多的国家开始限制外国买家购房。 8月26日，韩国将正式实施针对外国人购房的新规。该规则不仅设立"外国人土地交易许可区"，还要求 外国购房者必须事先获得地方政府批准，并在获批后四个月内入住，购房后还需实际居住至少两年。 亚洲房产科技集团居外IQI联合创始人兼首席执行官安萨里（Kashif Ansari）向第一财经记者表示，预计 在韩国新政策实施后，外国人离岸购房的情况在明年可能降至近乎为零。 今年以来，多国陆续推出类似政策。澳大利亚政府宣布，自4月1日起禁止外国投资者购买已建成住宅， 该禁令将持续至2027年3月31日。 5月，西班牙政府向议会提交议案，拟对非欧盟买家征收100%的房产税。 而日本国民民主党预计将在今年秋季的特别国会会议上提出限制外国人购买房地产的法案。 不过，也有部分国家正朝相反方向调整政策。新西兰政府正考虑放宽外国买家禁令以吸引投资；沙特阿 拉伯则宣布自2026年1月起，将首次允许非居民外国人在特定区域购置房产，逐步开放其房地产市场。 安萨里建议，若买家计划迁往已实施外国人购房税或购房限制的国家，最好 ...

预期净亏损乃主要由于(i)中国房地产市场长期低迷，导致营业额大幅下降;(ii)投资物业公平值下降;及 (iii)本期间内为一个土地重建项目的拆迁工程预付款项及其他按金的减值损失所致。 宝新置地(00299)发布公告，集团预计本期间(截至2025年6月30日止6个月)将取得净亏损不多于2.45亿港 元，而截至2024年6月30日止6个月则取得净亏损约15.7亿港元。 ...

预期净亏损乃主要由于(i)中国房地产市场长期低迷，导致营业额大幅下降;(ii)投资物业公平值下降;及 (iii)本期间内为一个土地重建项目的拆迁工程预付款项及其他按金的减值损失所致。 智通财经APP讯，宝新置地(00299)发布公告，集团预计本期间(截至2025年6月30日止6个月)将取得净亏 损不多于2.45亿港元，而截至2024年6月30日止6个月则取得净亏损约15.7亿港元。 ...

即使这样，还有人一再提醒：别看上海远郊区房地产市场的价格很低，好像是个机会，其实，那水深得 很着呢。站在买家这边的角度，你们真觉得20万元，买一套上海远郊区的房子，是天大的好事？别逗 了，这房子除了价格便宜之外，几乎是一无是处。距离市区太远、地段偏、配套差、产业空、老破小等 等，买了，等于给自己挖了一个大坑！矛盾点很清楚：价格低不等于价值高，远郊老破小再便宜，也改 变不了"被时代抛弃"的现实。不得不说，房东们这波操作真是"聪明"，降价降得这么狠，简直是"感 动"了所有人，可惜，却感动不了市场。 "天啊，20万元就能在上海买一套房，这不就是天上掉馅饼吗？"不少人知道这个消息后拍手叫好。但也 有人冷笑："便宜没好货，这些破房子谁买谁后悔！"确实，那些价格低廉的房子，存在着明显的致命硬 伤：地段偏、配套差、产业空、老破小等。当然，如果是在中心城区的繁华闹市，恐怕每平方米也得20 万元。远郊区的房子，价格低廉，当属正常。房东割肉甩卖，买家却不买账，而是冷眼观望。 目前，上海远郊的房子价格，确实便宜得吓人。比如在松江区的老城，靠近方塔园的某个小区，半年 前，每平方米的单价还在2.2万，现在只有1.8万元。嘉定区的安亭镇 ...

Core Viewpoint - The PVC market is expected to experience low-level fluctuations in the near term, with recommendations to short-sell during high points [1] Supply and Demand Dynamics - Upstream calcium carbide prices remain stable, while PVC operating rates decreased by 0.53 percentage points to 78.09%, which is relatively high for this time of year [1] - Downstream operations continue to decline slightly, with cautious procurement observed [1] - Social inventory has increased slightly but remains at a high level, indicating significant inventory pressure [1] Policy and Market Influences - India's BIS policy has been postponed for six months until December 24, 2025, which may impact PVC exports from China due to the upcoming rainy season and anti-dumping measures [1] - Taiwan's Formosa Plastics raised its July prices by $10 to $25 per ton, but high-priced exports are facing challenges [1] Real Estate Sector Impact - Real estate data showed slight improvement from January to May 2025, but year-on-year figures remain negative, with significant declines in investment, sales, and completed area [1] - The weekly transaction area of commercial housing in 30 major cities has rebounded but is at the lowest level for the same period in previous years, indicating that real estate recovery will take time [1] Price Trends and Futures Market - In June, PVC maintenance increased, leading to slightly higher operating rates, but weak support from calcium carbide prices and lack of substantial demand keep PVC under pressure [1] - The PVC 2509 futures contract saw a downward trend with a minimum price of 4807 yuan/ton and a closing price of 4821 yuan/ton, reflecting a decline of 2.09% [1] - As of July 1, the mainstream price of calcium carbide method PVC in East China dropped to 4720 yuan/ton, with a basis of -101 yuan/ton, indicating a low level [1]

Core Viewpoint - The article analyzes the fiscal revenue and expenditure situation of various provinces in China for the first five months of 2025, highlighting the growth in public budget revenues in some provinces despite overall economic challenges [1]. Group 1: Fiscal Revenue Growth - Among the 17 provinces that disclosed their fiscal data, 15 experienced growth in general public budget revenue, with Jilin Province showing the highest growth rate of 15% [2]. - Jilin's non-tax revenue increased by 30.6%, driven by the activation of state-owned assets, particularly in resource utilization, which saw a 104.6% increase in revenue from the paid use of state resources [2]. - Qinghai Province followed Jilin with a revenue growth rate of 7.4%, also attributed to a significant rise in non-tax revenue, which grew by 60.2% [2]. Group 2: Challenges in Revenue Growth - Other provinces, such as Jiangsu and Beijing, reported modest revenue growth of less than 3%, primarily due to economic pressures, a sluggish real estate market, and complex foreign trade conditions [3]. - National tax revenue decreased by 1.6% in the first five months, reflecting broader economic challenges, although the decline has been narrowing month by month [3]. Group 3: Expenditure Trends - Despite low revenue growth, public budget expenditures in 17 provinces generally maintained an upward trend, with Shanghai recording the highest growth rate of 14.2% [5]. - The increase in expenditures is primarily focused on social welfare, education, and healthcare, indicating a prioritization of human investment [5]. - The fiscal imbalance is evident as expenditures in 16 provinces exceeded revenues, a situation that is expected to be addressed through central government transfers and debt financing [5][6]. Group 4: Land Sales and Government Fund Revenue - Government fund revenues, heavily reliant on land sales, have declined due to a sluggish real estate market, with land transfer income dropping by 11.9% year-on-year [7]. - Provinces like Shaanxi and Jilin experienced significant declines in land sale revenues, with decreases of approximately 42.3% and 33.5%, respectively [7]. - Analysts suggest that without new policies, the short-term outlook for government fund revenue will remain bleak, as the real estate market continues to show downward trends [7].

Core Viewpoint - The real estate market has been increasingly sluggish over the past two years, with high property prices in major cities leading to a lack of buyers and a significant number of unsold properties [1][4][35]. Group 1: Market Challenges - The real estate market faces three major challenges: the issue of vacant properties, the surge in foreclosed properties, and the problem of unfinished buildings [2][6][16]. - The number of vacant properties in China is approximately 130 million, which could theoretically accommodate 300 to 400 million people, highlighting a significant waste of resources due to speculative buying [8][10]. - The increase in foreclosed properties has been dramatic, with over 1.6 million in 2021, rising to over 3 million in 2022, and projected to exceed 3.5 million in 2023, driven by economic uncertainty and rising defaults [17][19][21]. Group 2: Economic Implications - The rise in vacant and foreclosed properties is causing a strain on banks, leading to increased operational costs and potential liquidity issues, which could further destabilize the financial system [23][41]. - The unfinished buildings, or "zombie projects," are a result of developers mismanaging funds and facing tightening financing conditions, which negatively impacts urban development and the overall economy [27][29][39]. Group 3: Market Dynamics - The current real estate environment is characterized by a shift back to the fundamental value of housing, with location becoming a critical factor, while the overall market remains oversupplied [33][41]. - The government is attempting to stimulate the market by expanding the buyer pool and reducing restrictions, but significant disparities between property prices and income levels persist, complicating recovery efforts [35][43].

Core Viewpoint - The Chinese real estate market faced a significant downturn in 2022, with a sharp decline in both new and second-hand housing sales, reflecting a shift from a previously booming market to a state of "poor operation" [1][3]. Group 1: Market Conditions - From January to July 2022, the sales area of commercial housing decreased by 23.1% year-on-year, totaling 780 million square meters [1]. - The second-hand housing market also showed weakness, with over 13 cities experiencing more than 100,000 listings [1]. Group 2: Demand Factors - The pandemic and economic pressures have led to a slowdown in household income growth, causing many families to abandon their home-buying plans. The central bank's survey indicates a significant increase in savings willingness, while investment and consumption intentions have weakened [3]. - Urbanization rate in China has reached 64%, limiting future growth potential in the housing market. The transition from large-scale shantytown renovations to old city renovations has diminished the purchasing incentives previously provided by demolition compensation [3]. Group 3: Price and Supply Issues - In August, the average housing price in 60 key cities reached 17,593 yuan per square meter, with typical homes costing between 2 to 3 million yuan. This high price level severely restricts purchasing power, especially as the average monthly income for ordinary residents ranges from 3,000 to 6,000 yuan [6]. - The housing ownership rate in China is as high as 96%, with 41.5% of families owning two or more properties. An estimated 10 million vacant homes exist nationwide, indicating a saturated market where demand has been largely met [6]. Group 4: Demographic Trends - The continuous decline in marriage rates and birth rates has further weakened housing demand. From 2013 to 2021, the marriage rate dropped from 9.9‰ to 5.4‰, significantly impacting the need for housing as high property prices and child-rearing costs deter young people from marrying and buying homes [8]. - The combination of high housing prices, low income, oversupply, and demographic changes has created a complex situation for the real estate market, indicating that future challenges will require collaborative efforts from the government, businesses, and individuals to achieve sustainable development [8].

Market Overview - The Toronto real estate market is experiencing a slow summer due to buyer hesitation and prolonged negotiations, with a significant increase in inventory compared to last year [1] - May typically marks the peak of the spring market, yet sales in Toronto remain at historical lows [1] Price Trends - The average price of a condominium in downtown Toronto in May was CAD 758,214, representing an 8% decrease from May of the previous year [4] - Condominium sales in downtown Toronto fell by 21% during the same period, while active listings increased by 14% [4] Buyer Behavior - Buyers are exhibiting strong negotiation tactics due to the abundance of available properties, leading to prolonged listing periods [5][8] - Some buyers are making offers significantly lower than previous bids, indicating a shift in market dynamics [8][10] Seller Challenges - Sellers are facing pressure as buyers perceive them to be in a difficult position, although many sellers are not in immediate distress [9][10] - There is a belief among some sellers that they can still achieve prices similar to those in 2021, despite current market conditions [11] Market Predictions - The number of new condominium listings is expected to slow down in the summer, with some sellers optimistic about the fall market [12] - Economic indicators such as potential interest rate cuts could stabilize the market, but the foundation for a strong rebound is considered weak [12][15] Economic Context - The current market conditions are described as the lowest since the 2008-2009 period, with a significant drop in sales compared to historical peaks [15] - The overall sales volume in May was 29% lower than the peak in November, despite an 8.4% increase from April [15] Buyer Sentiment - Many buyers are cautious due to economic and political uncertainties, despite having financing ready [16][20] - Concerns about job security are impacting buyer confidence, with some potential buyers experiencing job loss [19][20]