Financial Data and Key Metrics Changes - The company delivered 3,435 residential units in Q4 2025, exceeding guidance, with a total of 10,792 units delivered for the full year [4] - Net income for Q4 was $36 million, or $1.21 per diluted share, with adjusted net income at $47 million, or $1.59 per diluted share [19] - Home sales revenues for Q4 reached $1.1 billion, up 16% sequentially, while average sales price decreased by 5% to $367,000 [19][20] - The company reduced net leverage to 26% and generated cash flow from operations of over $150 million [5] Business Line Data and Key Metrics Changes - The Century Living segment contributed to revenues with the sale of a 300-unit multifamily community for $97 million [20] - The company achieved a record net new contracts of 2,702 homes in Q4, a 10% increase year-over-year and a 13% increase sequentially [9] - Direct construction costs decreased by an average of $13,000 per home, and cycle times improved to a record 114 calendar days [6][12] Market Data and Key Metrics Changes - The mortgage capture rate was 84% for both Q4 and the full year, representing records for the company [22] - Adjustable rate mortgages accounted for approximately 25% of originated mortgages in Q4, up from nearly 20% in Q3 [11] Company Strategy and Development Direction - The company plans to grow deliveries by 10% annually in 2026 and 2027 based on existing lot counts, assuming improved market conditions [6][15] - A disciplined approach will be maintained in slower market conditions, focusing on flexibility in land acquisition and development [7][15] - The company aims to deepen its market share in existing markets to drive improved margins and returns [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the spring selling season, noting improved order activity and potential consumer interest [28][30] - The company remains cautious, acknowledging that previous expectations for strong sales did not materialize last year [28][52] - Management highlighted the importance of external factors such as interest rate relief and consumer confidence in driving demand [7] Other Important Information - The company repurchased over 7% of its shares outstanding at the beginning of the year and returned a record $178 million to shareholders through dividends and share repurchases [5][23] - The average community count increased by 13% to 318 communities, with expectations for low- to mid-single-digit percentage growth in 2026 [12][14] Q&A Session Summary Question: Insights on the spring selling season and consumer behavior - Management noted that while January sales pace has been slower, order activity has improved sequentially, and there is hope for a better spring selling season [27][28] Question: Expectations for gross margin in the upcoming quarter - Management indicated that gross margins may see a slight pullback due to incentives but expect a more balanced approach moving forward [39] Question: Geographic performance trends - Management did not identify specific regions outperforming others but noted increased traffic driven by mortgage rate trends [40] Question: Remaining stock repurchase authorization - Approximately 1.5 million shares remain under the stock repurchase program [42] Question: Factors influencing SG&A as a percentage of sales - Management explained that Q1 is typically the lowest closing quarter, contributing to a higher percentage of SG&A [49] Question: Confidence in dialing back incentives - Management expressed caution, indicating that they will need to monitor market conditions closely before adjusting incentives [52]

Summary of Conference Call on China Property Industry Industry Overview - The report focuses on the China property industry, specifically analyzing the land acquisitions and sales outlook for 2025 and 2026 [1][10]. Key Findings on Land Acquisitions - **Land Purchase Growth**: The value of land purchases by listed companies increased by 15% year-over-year (yoy) to RMB 478 billion, contrasting with a 7% decline in 300 cities [2][16]. - **Acquisition Concentration**: Only 13 listed companies participated in land purchases in 2025, accounting for 43% of the total, with the top five companies responsible for 71% of the acquisitions [4][24]. - **Geographic Focus**: There was a slight increase in spending in Tier-2 cities, which accounted for 42% of total land purchases in 2025, up from 40% in 2024 [3][32]. - **Top Buyers**: The leading companies in land acquisition included COLI, Poly China, and CR Land, with significant yoy growth from COGO (+96%), Jinmao (+78%), and CMSK (+56%) [4][26]. Sales Outlook - **Sales Projections**: Estimated sales for 2026 are expected to decline by 16% yoy, following a 25% decline in 2025. State-owned enterprises (SOEs) are projected to have a smaller decline of 6%, while non-SOEs may see a 17% drop [6][19]. - **Luxury Market Resilience**: High-end properties in core cities are expected to perform better, with companies like Jinmao and Greentown projected to achieve slight sales growth [6][19]. - **Market Dynamics**: The majority of land acquisitions were made by SOEs, which accounted for 75% of land purchases in 2025, indicating a trend towards consolidation in the market [6][19]. Financial Metrics - **Attributable Sales Ratio**: Land purchases represented 33% of attributable sales, marking a new high since 2021, indicating increased investment appetite among leading companies [2][20]. - **Cost Trends**: The average land acquisition cost increased by 23% yoy, reflecting a premium for prime land in Tier-1 and Tier-2 cities [3][20]. Additional Insights - **Market Conditions**: The land market was more active in the first half of 2025, driven by a recovery in sales and a decrease in inventory levels in top cities. However, activity slowed in the second half due to declining sales and secondary price drops [19][36]. - **Strategic Focus**: Companies are increasingly focusing on acquiring high-quality land rather than engaging in indiscriminate purchases, with a notable shift towards securing resources in economically robust Tier-2 cities [15][32]. Conclusion - The China property market is experiencing a complex landscape characterized by selective land acquisitions, a focus on high-quality assets, and a challenging sales environment. The performance of leading companies will be critical in navigating these dynamics as they prepare for 2026.

Core Insights - Despite sluggish apartment sales, the land market remains liquid, as evidenced by two recent deals involving Landmark Properties and Middleburg Communities [1][5] Group 1: Landmark Properties - Landmark Properties, in partnership with Manulife Investment Management, acquired a 3.29-acre site in Auburn, Alabama, to develop The Mark Auburn, an 825-bed student housing property [1][2] - The project will consist of 329 units, ranging from studios to five-bedroom apartments, and is expected to open by the fall 2028 academic year [3] - The acquisition involved negotiating a four-parcel site across two zoning areas, allowing for increased density and differentiation from similar properties in the area [4] Group 2: Middleburg Communities - Middleburg Communities closed on land and construction financing for Mosby Deerbrook, a 330-unit luxury apartment community in Spring Hill, Florida [5] - The property will include 113 one-bedroom, 182 two-bedroom, and 35 three-bedroom apartments, with construction expected to commence imminently and first units delivering in early 2027 [5] - The chosen location offers wetland views and proximity to a cancer research park, which was deemed more valuable than marginally cheaper alternatives [6][7]

Group 1 - Company announced the successful acquisition of a land parcel in Hangzhou for RMB 1.33 billion on September 16, 2025, through its subsidiary, Hangzhou Yuelong Real Estate Development Co., Ltd. [1] - The acquired land in Gongshu District covers approximately 34,165 square meters with a total buildable area of about 98,001 square meters, of which the planned residential area is approximately 64,914 square meters [1][2] - The residential properties built on the land are intended for sale, and the development will include community facilities such as a childcare center, children's growth center, and community canteen, which will be handed over to the government upon completion [1] Group 2 - The land is strategically located in the central part of the Canal New City, close to the northern part of Yuhang New City, approximately 750 meters from the Grand Canal and 4.5 kilometers from the Gongshu District government [2] - The area is positioned as a northern urban sub-center, integrating residential living, business offices, trade logistics, tourism, cultural creativity, and headquarters economy [2] - The proximity to public transport, educational institutions, and healthcare facilities enhances the attractiveness of the location, with the nearest subway station about 550 meters away and various amenities within a 3-kilometer radius [2]

India's practice of luring investors with huge tracts of land has to end, writes @mihirssharma (via @opinion) https://t.co/NHNLTllvhi ...

Group 1 - The land parcel [2025] Changsha 015 was successfully bid by China State Construction Engineering Corporation and Changsha Furong Urban Construction Investment Group at a base price of 1.053 billion yuan, translating to a floor price of 5,498 yuan per square meter [1][2] - The total area of the land is 70,904.73 square meters (approximately 106.32 acres), designated for residential use with a 70-year lease term and a maximum floor area ratio of 2.7, allowing for a total constructed area of 191,400 square meters [2][4] - The land is located in the Furong District, near major roads, and is well-connected to the city's main thoroughfare, enhancing its accessibility [4] Group 2 - China State Construction Engineering Corporation, ranked 13th among the Fortune Global 500, has established a strong presence in the Changsha real estate market, being the first local company to exceed 10 billion yuan in sales in 2017 and ranking first among key real estate companies in Hunan in 2024 [6] - The Changsha Furong Urban Construction Investment Group, founded in 2000, specializes in civil engineering and has significant resource integration and operational capabilities [6] - The recent project, Taoli Jiu Zhang, developed by China State Construction in the Longping High-tech Zone, has gained popularity in the market, indicating a strong commitment to the area [6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 （在香港註冊成立的有限公司） （股份代號：00123） 公 告 收購土地 越秀地產股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈，於二○二四年十一月二十七 日，透過聯合體（定義見下文），通過公開掛牌方式以人民幣7,896,900,000元成功競得上海市 浦東楊思社區Z000602單元20B-12地塊（「上海市浦東楊思地塊」）。 上海市浦東楊思地塊 一個由本公司實際擁有95.00%權益的附屬公司杭州燚樂實業投資有限公司（「杭州燚樂」）、上 海煦臻企業管理有限公司及中能建城市投資發展有限公司基於各自獨立利益、按一般商業條款 所商議而組成聯合體（「聯合體」），該聯合體通過公開掛牌方式以人民幣 7,896,900,000元成功 競得上海市浦東楊思地塊。杭州燚樂將會與合作方共同成立項目公司以開發上海市浦東楊思地 塊，本公司於上海市浦東楊思地塊實際應佔利益為27.55%，而據董事作出一切合理查詢後所 知、所 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 北京市海淀區功德寺地塊區位優越，距離有「中國矽谷」之稱的中關村軟件園僅 200米，是北京 大信息產業的集聚高地，客源基數雄厚；距離規劃地鐵13B線軟件園站1.1公里。北京市海淀 （在香港註冊成立的有限公司） （股份代號：00123） 公 告 收購土地 越秀地產股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈，於二○二四年十一月五日， 透過武漢康景實業投資有限公司（本公司實際擁有99.638%權益的附屬公司）（「武漢康景」）， 通過公開掛牌方式以人民幣6,382,500,000元成功競得北京市海淀區功德寺棚戶區改造項目 HD-GDS-002地塊（「北京市海淀區功德寺地塊」）。 北京市海淀區功德寺地塊 本公司透過武漢康景，通過公開掛牌方式以人民幣6,382,500,000元成功競得北京市海淀區功 德寺地塊。 北京市海淀區功德寺地塊總用地面積約42,463平方米，規劃總可建築面積約143,608平方米， ...