◎ 文 / 房玲、洪宇桁 8月7日，龙湖集团启动针对今年12月到期的92亿港元海外银团贷款分批提前偿还计划，目前已完成首笔11亿港 元偿付。在房企，尤其是民营房企，纷纷陷入流动性困局的当下，龙湖的表现让人眼前一亮，龙湖这么做的底 气又在哪里呢？ 01 2025年至今已累计兑付超百亿公开债券 债务到期结构优化 事实上，龙湖集团除了本次宣布的92亿港元海外银团贷款分批提前偿还计划之外，2025年至今已累计兑付公开 债券超百亿元，还多次采取提前兑付策略，展现出了强大的债务管理能力。如1月份提前兑付"22龙湖01"和"20 龙湖02"合计39.77亿元，8月份提前兑付"20龙湖06"9.5亿元， 这种主动的债务管理方式可以显著增强投资者信 心，在当前的市场环境下较为少见。 在积极主动兑付债券的同时，龙湖的债务结构也在持续优化。 2027年之前集团已无境外债到期，境内债券到 期分布合理。2025年龙湖还有两笔共35亿元的中期票据到期，其中企业已经在7月底开始计划提前兑付11月到 期的20亿元中期票据，2026年和2027年每年到期债券均约为24亿元左右，这种长期、均衡的债务结构为集团提 供了更大的财务灵活性。 龙湖在2 ...

7月热点城市土拍热度不减，各地新地王频现，与此同时，住宅价格仍呈现分化行情，新房受核心城市 优质供给价格微涨，二手房则普遍"以价换量"。土地市场的火热态势能否推动楼市复苏也成为当前市场 关注的焦点。 "当下热点城市土拍热是房企追求'确定性'的直接体现。"58安居客研究院院长张波表示，今年以来的高 溢价地块，无一例外都体现在热点城市的优质板块，这些地块不但处于一二线热点城市，更重要的是多 位于产业人口密集区域，开发商预期未来入市后，在合理利润水平下，去化难度小，更充分说明房企更 倾向于在确定性高的区域布局。 中指研究院指数研究部总经理曹晶晶指出，房企是"结构性看多"，TOP10城市前七月宅地出让金占全国 比重达52%。今年以来房企拿地城市多集中在北上深、杭州、成都等核心城市，保持"聚焦深耕""精准 投资"策略，聚焦确定性高的城市及板块，但其余大多数城市土拍相对平淡。 在业内看来，专项债收储土地政策在各地加快推进，通过政府回购闲置土地再出让，缓解了部分房企资 金压力，也推动国企成为土拍主力。 土地市场火爆能否推动楼市复苏？ 土地市场火爆：各地频繁诞生新地王 多城刷新地价纪录的同时，住宅价格分化行情仍在延续。 核心 ...

Core Viewpoint - The real estate industry is undergoing a deep adjustment period, but Greentown China is demonstrating steady development and exploring breakthrough paths amidst this environment [1][12]. Group 1: Sales Performance - In the first half of 2025, Greentown China achieved a total contract sales amount of approximately 122.2 billion yuan, with a total sales area of about 5.35 million square meters [1]. - Greentown ranked second among the top 100 real estate companies in terms of sales, with four companies exceeding 100 billion yuan in sales [1]. - Multiple projects in cities like Hangzhou and Taizhou have received enthusiastic market responses, contributing to strong sales performance [1]. Group 2: Investment Strategy - Greentown China's investment strategy focuses on "high certainty," utilizing precise layouts and efficient conversions to achieve steady development [2]. - The company added 42 new projects in 2024, with a total construction area of 4.18 million square meters and a new value of 114.7 billion yuan, with 92% of the value coming from first- and second-tier cities [3]. - In the first half of 2025, Greentown's new value exceeded 80 billion yuan, supported by a comprehensive risk control mechanism in investment decisions [4]. Group 3: Product Innovation - Greentown China has established a "Good House" standard to guide product quality, which includes 226 clauses, with 189 being stricter than national and industry norms [7]. - The company focuses on addressing real-life pain points for customers, using feedback as a driving force for innovation [7][8]. - Recent projects like Hangzhou Zhilang Yuhua showcase Greentown's commitment to innovative design and high-quality delivery, receiving positive market feedback [8][10]. Group 4: Financial Stability and Governance - Greentown China successfully issued a fourth tranche of medium-term notes at a record low interest rate of 3.94%, reflecting improved credit quality and market confidence [11][12]. - The company has completed six credit bond financings in 2025, totaling 5.5 billion yuan, indicating a robust financing channel and positive long-term development expectations [12]. - The combination of precise investment strategies, continuous product innovation, and optimized governance has allowed Greentown to navigate the challenging real estate market effectively [12].

Core Insights - Greentown China Holdings Limited achieved a sales revenue of 122.1 billion yuan, ranking second in the industry for the first half of 2025, demonstrating resilience during the real estate industry's adjustment cycle [2] - The company has established a rigorous investment logic and systematic support, focusing on core cities and lower-tier markets, providing a model for "precise investment-driven high-quality development" [2] Investment Strategy - Greentown China adheres to a "one project, one investment" requirement and a differentiated investment strategy, focusing on core cities and targeting investment opportunities in cities with potential [3] - In 2024, Greentown China launched 42 new projects with a total construction area of approximately 4.18 million square meters and a new value of 108.8 billion yuan, with 92% of the value concentrated in first and second-tier cities [3] - The company has successfully penetrated high-end markets in cities like Suzhou, Shanghai, and Nanjing, achieving significant sales and market share [3][4] Market Coverage - Greentown China has achieved "almost full coverage" in strong third and fourth-tier cities in Zhejiang, capturing 50% of the new housing market share in certain areas [4] - The company believes that even in limited-capacity markets, acquiring scarce land with healthy supply and demand can lead to benchmark projects [4] Product Quality and Innovation - The investment strategy prioritizes project safety, considering factors such as land quality, competition, and the potential for product development [5] - Greentown China has established the "Greentown Good House Standard," which includes 226 clauses, with 189 exceeding national and industry standards, ensuring high-quality project delivery [5] - The company emphasizes continuous innovation driven by customer feedback, addressing pain points to enhance product offerings [6] Strategic Resilience - Greentown China's strategic focus on "precise investment" and "one project, one investment" reflects its strong resilience and development potential amid industry challenges [6] - The company's unique strategic path serves as a reference model for the industry in the new development phase characterized by inventory competition and quality supremacy [6]

Group 1: Market Performance - In the first four months of 2025, the total sales of the top 100 real estate companies amounted to 1,119.86 billion yuan, a year-on-year decrease of 10.2%, with April sales down 16.9% compared to the previous year [1] - The number of companies in the billion-yuan category decreased by three compared to the same period last year, leaving 25 companies with an average sales of 30.82 billion yuan [2] - The average price of new residential properties in 100 cities was 16,764 yuan per square meter in April, showing a month-on-month increase of 0.14% and a year-on-year increase of 2.5% [2] Group 2: Land Acquisition Trends - The total land acquisition amount for the top 100 companies reached 360.8 billion yuan from January to April 2025, reflecting a year-on-year increase of 26.6% [4] - Major cities like Beijing, Hangzhou, and Chengdu saw significant increases in land auction prices, with residential land sales in 22 cities growing by over 40% year-on-year [4] - The Yangtze River Delta region led land acquisition among major city clusters, with the top 10 companies acquiring land worth 114.67 billion yuan [4] Group 3: Strategic Adjustments by Companies - Real estate companies are adopting a cautious approach, focusing on precise investments and prioritizing projects with high revenue certainty [3] - Companies like China Overseas are concentrating on core cities while also exploring opportunities in emerging cities [3] - Marketing strategies have been adjusted to accelerate inventory reduction, with promotional activities launched in several cities during the May Day holiday [3]