Core Insights - R&F Properties (02777) reported total sales revenue of approximately RMB 1.2 billion in October 2025, representing a year-on-year decrease of 4.76% [1] - The total sales area for the month reached approximately 117,700 square meters [1] - Cumulatively, as of the end of October 2025, total sales revenue amounted to approximately RMB 11.7 billion, reflecting a year-on-year increase of 21.31% [1] - The cumulative sales area reached approximately 1,149,100 square meters [1]

Core Insights - The article highlights a significant decline in the sales performance of China's top real estate companies, with a 41.9% year-on-year decrease in sales turnover for October 2025, despite a slight month-on-month increase of 0.1% [3][19][18]. Sales Performance Overview - In October 2025, the top 100 real estate companies achieved a sales turnover of 253 billion yuan, marking a 41.9% decrease compared to the same month last year [3][19]. - Cumulatively, from January to October 2025, these companies recorded a total sales turnover of 25,766.6 billion yuan, which is a 16% year-on-year decline, with the rate of decline increasing by 4.2 percentage points compared to the previous nine months [19][22]. Market Trends - The new housing market supply has significantly decreased, reaching its second-lowest level of the year in October 2025, with a year-on-year decline of 36% in new home transactions [17][28]. - The cumulative transaction volume in 30 monitored cities for the first ten months of 2025 was 9,825 million square meters, reflecting a 7% year-on-year decline [3][28]. City-Level Analysis - In first-tier cities, the total transaction volume remained stable compared to the previous month, but year-on-year declines were substantial, with Guangzhou leading in transactions but still experiencing a 46% drop compared to last year [28][29]. - Second and third-tier cities showed a slight month-on-month increase in transactions, but year-on-year adjustments were deep, with some cities like Qingdao showing resilience with a 30% year-on-year growth [29][31]. Sales Thresholds - The sales thresholds for the top 100 real estate companies have decreased compared to the same period last year, with the threshold for the top 10 companies dropping by 9.4% to 678.9 billion yuan [22][24]. - The sales thresholds for the top 30 and top 50 companies also saw reductions of 5.4% and 11.6%, respectively [22][24]. Future Outlook - The article predicts that the absolute volume of new home transactions will continue to fluctuate at low levels, with potential further increases in year-on-year declines due to high base effects from the previous year [18][31].

Group 1 - The company reported a revenue of approximately RMB 21.249 billion for the nine months ending September 30, 2025, representing a decline of 21.2% compared to the same period last year [1] - Operating profit for the same period was approximately RMB 0.773 billion, down 46.7% year-on-year [1] - In the third quarter of 2025, the company's revenue and operating profit were approximately RMB 6.705 billion and RMB 0.151 billion, respectively [1] Group 2 - The total contracted sales for the company and its joint ventures in the third quarter of 2025 amounted to approximately RMB 6.977 billion, covering a sales area of about 643,600 square meters [1] - Cumulative contracted sales for the nine months ending September 30, 2025, totaled approximately RMB 23.587 billion, with a sales area of about 2.116 million square meters, reflecting a year-on-year decline of 10.7% and 9.1%, respectively [1] - As of September 30, 2025, the total amount of subscribed but pending sales contracts was approximately RMB 0.546 billion, covering an area of about 46,800 square meters [1] Group 3 - During the current season, the company acquired four new land parcels in Baotou, Huizhou, and Tangshan, with a total attributable floor area of approximately 519,300 square meters and a total land cost of approximately RMB 1.822 billion [2] - As of September 30, 2025, the total buildable floor area held by the company and its joint ventures in mainland China was approximately 13.2672 million square meters, of which the company's attributable floor area was approximately 11.2296 million square meters [2]

Core Viewpoint - Zhongyuan Jianye (09982) reported a significant decline in contract sales for the nine months ending September 30, 2025, indicating challenges in the current market environment [1] Group 1: Contract Sales Performance - In September 2025, the group's contract sales for managed projects amounted to RMB 767 million, with a total sales area of 122,139 square meters [1] - For the nine months ending September 30, 2025, the group's contract sales were RMB 8.047 billion, representing a year-on-year decrease of 20.0%, with a sales area of 1,303,204 square meters, down 20.8% year-on-year [1] - The average selling price per square meter for the nine months ending September 30, 2025, was RMB 6,175, reflecting a year-on-year increase of 1.1% [1] Group 2: New Contracts and Project Management - In September 2025, the group secured one new contract project with a construction area of 8,800 square meters [1] - For the nine months ending September 30, 2025, the group had 13 new contract projects, with a total new contract area of 849,300 square meters, a decrease of 44.5% compared to the same period in 2024 [1] - As of September 30, 2025, the group managed 248 projects with a total construction area of 29,485,963 square meters and had a total of 462 signed projects with a cumulative signed construction area of 56,459,324 square meters [1]

Core Points - The company, Shouka Co., Ltd. (600376.SH), reported a total signed area of 91,500 square meters and a signed amount of 853 million yuan for September 2025 [1] - From January to September 2025, the company achieved a total signed area of 943,800 square meters and a signed amount of 14 billion yuan [1] Summary by Category Company Performance - In September 2025, the company achieved a signed area of 91,500 square meters and a signed amount of 853 million yuan [1] - For the first nine months of 2025, the total signed area reached 943,800 square meters with a total signed amount of 14 billion yuan [1]

Core Viewpoint - Times China Holdings (01233) reported a significant decline in cumulative contract sales for the nine months ending September 30, 2025, amounting to approximately RMB 3.933 billion, representing a year-on-year decrease of 37.1% [1] Group 1: Sales Performance - The cumulative contract sales (including joint venture project sales) for the nine months reached approximately RMB 3.933 billion [1] - The signed building area for the same period was about 317,000 square meters [1] - In September 2025, the contract sales amounted to approximately RMB 301 million, reflecting a year-on-year decline of 45.3% [1] Group 2: Area Sold - The signed building area in September 2025 was approximately 24,000 square meters [1]

Group 1 - The core viewpoint of the article indicates that Chinese property stocks continue to decline, with specific companies like R&F Properties and Sunac China experiencing significant drops in their stock prices [1] - Standard & Poor's forecasts a year-on-year decline in new home sales in China by 8%, estimating sales to be between 8.8 trillion to 9 trillion RMB, which is a larger drop than the previously predicted 3% in May [1] - The report suggests that if demand stabilizes in first-tier cities, it could help sustain a more consistent recovery in demand [1] Group 2 - Shenyin Wanguo predicts that the performance of real estate companies will remain under pressure in the third quarter, primarily due to continuous sales declines since 2021 leading to decreased settlements [1] - The article notes that previous price cuts and promotions have impacted current settlements, resulting in low profit margins [1] - However, it is anticipated that from 2025 to 2026, the sector's performance may see a weak recovery amidst bottoming out and that performance differentiation among companies will further intensify [1]

Core Viewpoint - Sunac China (01918) reported a contract sales amount of approximately RMB 1.29 billion for September 2025, representing a year-on-year decrease of 8.51% [1] Summary by Relevant Categories Contract Sales Performance - The group achieved a contract sales area of approximately 79,000 square meters in September 2025 [1] - The average contract sales price was approximately RMB 16,330 per square meter [1] Cumulative Sales Data - As of the end of September 2025, the cumulative contract sales amount reached approximately RMB 31.76 billion, reflecting a year-on-year decrease of 12.87% [1] - The cumulative contract sales area totaled approximately 1,001,000 square meters [1] - The average cumulative contract sales price was approximately RMB 31,730 per square meter [1]

Core Viewpoint - Shimao Group (00813) reported a significant decline in contract sales for the nine months ending September 30, 2025, with a total of approximately RMB 19.217 billion, representing a year-on-year decrease of 24.19% [1] Group 1: Sales Performance - The cumulative contract sales area for the nine months was 1.5821 million square meters [1] - The average selling price during this period was RMB 12,147 per square meter [1] - In September 2025, the contract sales amounted to approximately RMB 1.901 billion, reflecting a year-on-year decrease of 35.34% [1] Group 2: Monthly Sales Data - The contract sales area for September 2025 was 155,200 square meters [1] - The average selling price in September 2025 was RMB 12,245 per square meter [1]

Core Viewpoint - China Overseas Macro Yang Group reported a decline in contract sales and sales area for September 2025, indicating a challenging market environment [1] Group 1: Sales Performance - In September 2025, the company achieved contract sales of RMB 2.804 billion and a sales area of 251,700 square meters, representing year-on-year declines of 11.0% and 4.0% respectively [1] - For the period from January to September 2025, the cumulative contract sales amounted to RMB 23.587 billion and a sales area of 2.116 million square meters, reflecting year-on-year decreases of 10.7% and 9.1% respectively [1] - As of the end of September 2025, the cumulative subscribed but unsigned amount was RMB 546 million, with a subscribed but unsigned area of 46,800 square meters [1] Group 2: New Projects - In September 2025, the company added 2 new projects in the Lubei District of Tangshan, Hebei Province, with a total floor area of 182,942 square meters and a total land cost of RMB 909.24 million [1] - From January 1 to September 30, 2025, the company added a total floor area of 1,847,569 square meters, with a total land cost of RMB 8.009 billion [1] - The equity floor area during the same period was 1,651,124.94 square meters, with an equity land cost of RMB 7.029 billion [1]