Core Viewpoint - The real estate market is showing signs of stabilization and recovery, with various regions implementing policies to support housing demand and improve market conditions [1][2][3] Group 1: Market Performance - In the first eight months of the year, the sales area of new commercial housing decreased by 4.7% year-on-year, but the decline has narrowed by 13.3 percentage points compared to the same period last year [1] - The sales revenue of commercial housing fell by 7.3%, with a reduction of 16.3 percentage points compared to the previous year [1] - The year-on-year decline in new residential prices has also narrowed, with first, second, and third-tier cities showing reductions of 0.2, 0.4, and 0.5 percentage points respectively in August [1] Group 2: Financial and Inventory Improvements - From January to August, the funds available to real estate developers decreased by 8%, but this decline is 12.2 percentage points less than the same period last year [2] - The inventory of commercial housing has been reduced for six consecutive months, with a decrease of 3.17 million square meters from July to August [2] - The supply-demand balance in the real estate market is improving, as local governments are reducing new land supply to prevent further imbalance [2] Group 3: Future Potential and Demand - The ongoing urbanization in China and the large stock of existing housing (approximately 35 billion square meters) indicate significant future demand for new construction [2] - There is a continuous increase in demand for "good houses," as urban development shifts from expansion to quality improvement [3] - The risk for real estate companies is gradually decreasing, with progress in debt restructuring and risk management for troubled firms [3]

Group 1 - The real estate market is showing signs of stabilization due to various policies implemented to support housing demand, leading to a narrowing decline in sales prices and inventory reduction [1][2] - From January to August, the sales area of new commercial housing decreased by 4.7% year-on-year, a reduction of 13.3 percentage points compared to the same period last year, while sales revenue fell by 7.3%, narrowing by 16.3 percentage points [1] - In August, the majority of cities saw a reduction in the year-on-year decline of new residential prices, with first, second, and third-tier cities experiencing a decrease of 0.2, 0.4, and 0.5 percentage points respectively [1] Group 2 - Real estate companies are experiencing improvements in funding and inventory, with funding down by 8% year-on-year, but the decline is narrowing compared to previous years [2] - The inventory of unsold commercial housing has decreased for six consecutive months, indicating a significant alleviation of supply-demand imbalance in the market [2] - The total scale of real estate development and market remains substantial, with urbanization continuing and a significant stock of existing housing, leading to an annual demand for approximately 7 million square meters of new construction [2][3] Group 3 - There is a growing demand for "good houses," as urbanization shifts from rapid growth to stable development, focusing on quality improvement of existing housing stock [3] - The risk for real estate companies is gradually decreasing, with progress in debt restructuring for troubled firms and efforts to ensure housing delivery [3] - Continued efforts are needed to promote high-quality urban renewal and develop new models for real estate growth to ensure a stable and healthy market [3]

今年以来，各地区、各部门因城施策稳定房地产市场，出台政策推动房地产市场止跌回稳，积极促进刚 性和改善性住房需求释放。前8个月，房地产市场虽有所波动，但商品房销售价格和住宅价格同比降幅 还在收窄，去库存成效继续显现，房地产市场仍朝止跌回稳方向迈进。近期，部分城市进一步调整优化 住房政策，效果有所显现，市场交易出现改善。市场短期波动不改止跌回稳大势，我们应该对房地产市 场保持回稳势头有信心。 近期房地产市场有一定波动，但也呈现一些积极因素：房地产市场销售降幅收窄。今年以来，各地区各 部门积极支持居民刚性和改善性住房需求释放，带动商品房销售降幅收窄。1月份至8月份，全国新建商 品房销售面积同比下降4.7%，降幅比去年同期收窄13.3个百分点，比去年全年收窄8.2个百分点。商品 房销售额下降7.3%，降幅比去年同期收窄16.3个百分点，比去年全年收窄9.8个百分点。 新建商品住宅价格同比降幅收窄。8月份，70个大中城市中多数城市商品住宅销售价格同比降幅有所收 窄，其中一、二、三线城市新建商品住宅销售价格同比降幅比上月分别收窄0.2个、0.4个和0.5个百分 点。 房地产企业资金和库存有所改善。从资金来源看，1月份至8 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [5][6]. Core Insights - The real estate market is still in a destocking trend, with new housing market dynamics showing signs of stabilization. The report emphasizes the importance of maintaining stable housing prices for both the real estate sector and consumer confidence [5][6]. - The report highlights that the central government is expected to increase policy support for the real estate sector, including measures such as mortgage rate cuts and promoting the sale of quality housing [5][6]. Industry Data Summary New Housing Transactions - In the week of May 24-30, 2025, new housing transactions in 34 key cities totaled 2.76 million square meters, a decrease of 3% week-on-week. First and second-tier cities saw a 5% decline, while third and fourth-tier cities experienced a 34% increase [5][6]. - In May, the total transaction volume for new homes in 34 cities was 10.03 million square meters, a year-on-year decrease of 7%. First and second-tier cities saw a 9% decline, while third and fourth-tier cities recorded a 7% increase [9][10]. Second-Hand Housing Transactions - In the week of May 24-30, 2025, second-hand housing transactions in 13 key cities totaled 1.27 million square meters, a decrease of 1% week-on-week. Cumulatively, transactions in May were down 5% year-on-year [14][5]. Inventory and Supply - In the week of May 24-30, 2025, 15 key cities launched 1.07 million square meters of new housing, with a corresponding transaction volume of 1.15 million square meters, resulting in a transaction-to-launch ratio of 1.07. The available residential area in these cities was 89.27 million square meters, a slight decrease of 0.1% [23][5]. Policy and News Tracking - The People's Bank of China reported that as of the end of Q1 2025, the balance of real estate loans was 53.54 trillion yuan, a year-on-year increase of 0.04%. The report also outlines various local government initiatives aimed at stabilizing the housing market, including adjustments to housing loan policies and tax rates [33][34].

业绩报告显示，九龙仓集团的业务包括香港和内地的投资物业、发展物业和酒店。其中，投资物业组合 包括商场、写字楼及服务式住宅，主要位于内地。 九龙仓集团由盈转亏 公司称静待下个周期来临 本报记者 陈婷 赵毅 深圳报道 近期，九龙仓集团（0004.HK）发布2024年年报。报告期内，公司收入受内地发展物业业务影响同比下 降36%，营业盈利同比下降18%。计入投资物业重估减值（约60亿港元）后，九龙仓集团录得股东应占 亏损32.24亿港元，公司2023年盈利9.45亿港元。 但对于内地写字楼市场，九龙仓集团方面则表示："内地写字楼的供应可谓无穷无尽，这是问题症结所 在，业主只能跟着大势走。"并且九龙仓集团方面认为，内地写字楼市场行情暂时不见得会有所改善。 业绩报告显示，2024年，九龙仓集团内地投资物业整体收入同比下降4%至45.71亿港元，营业盈利同比 下降6%至29.83亿港元。报告期内，受持续供应过剩、需求疲弱影响，写字楼的出租率和租金水平继续 承压。 对于整体内地市场的发展前景，九龙集团方面对记者表示，内地政策成效逐步显现，但重建消费者信心 仍然是一大挑战。基于过去几年的大环境，现阶段任何投资都要加倍谨慎。" ...