中指研究院5月1日发布的数据显示，4月份，中国100个城市新建住宅平均价格为每平 方米16764元(人民币，下同)，环比上涨0.14%；同比上涨2.50%。100个城市二手住宅平 均价格为每平方米13892元，环比下跌0.69%；同比下跌7.23%。 中新社北京5月1日电 (记者 庞无忌)4月份，中国主要城市房地产市场延续回稳势头。 从市场表现来看，4月，尽管房企推盘节奏有所放缓，但在部分城市优质改善项目入市 带动下，百城新建住宅价格环比保持结构性上涨。二手住宅方面，4月核心城市二手房 市场维持一定活跃度，但环比有所回落，在挂牌量较高背景下，"以价换量"仍是市场主 流。 从各主要城市来看，受优质改善项目入市带动，4月，杭州新房价格环比上涨0.95%； 上海、合肥紧随其后，涨幅分别为0.61%、0.59%；徐州、金华等7个城市新建住宅价格 环比涨幅在0.2%-0.4%。 中指研究院认为，4月末中共中央政治局会议定调后，楼市各项支持性政策有望加快落 实。需求端，城中村和危旧房改造有望加快，配合货币化安置政策，将对促进需求释 放起到积极作用；更多城市或通过降低购房门槛、加大购房补贴力度等方式激发住房 消费潜力。供应 ...

01 终于不跌了！ 历经6个月的成交持续性下滑后，刚刚结束的11月，杭州二手房止跌回升了。 杭州贝壳研究院数据显示，11月杭州十区二手房网签6561套，环比上涨10.6%。虽不及2024年（10429套）、2023年（8801套） 同期，却也是近5年里的成交第三高。 一时间，喜大普奔。"金九银十"爽约了，没想到迎来了岁末彩蛋。其实，早在预知结果的前一周，不少经纪人已在各大购房群 里狂发喜报。激动之情、溢于言表。 这"迟来的回暖"，仿佛涨的不是冰冷冷的成交数据，更像是市场、大众的信心。毕竟，行情回暖的第一步，就是成交量反弹。 02 11月杭州二手房能逆势回弹，两类房源功不可没。 一类，是低价刚需房。成交前20小区榜单里，网签均价在2万5以下的，足有16个之多。其中更是有12个，网签均价在2万以下。 除了长期霸榜的中天珺府、越秀星汇花园、桃源小镇等大盘外，钱塘区多个小区也贡献了不菲的成交量。 比如大学城北的碧桂园，上个月成交了12套；下沙沿江的保利东湾、金隅观澜时代，还有大江东的旭辉宝龙东湖城，分别有11 套成交。 杭州贝壳研究院院长上官剑表示，低价刚需房持续成交，表明远郊的房价调整已达到部分购房者预期。特别是临 ...

Core Insights - The Shanghai real estate market is showing structural differentiation amidst adjustments, with core area premium properties continuing to sell well despite an overall decline in supply and demand [1] - The top 30 real estate companies in Shanghai achieved a total sales revenue of 439.29 billion yuan and a sales area of 6.212 million square meters from January to November 2025, indicating a high market concentration [1] - The market is gradually restoring confidence and moving towards stable development, supported by a loose policy environment [1] Sales Performance - The top 30 real estate companies in Shanghai recorded a total equity sales revenue of 295.46 billion yuan and an equity sales area of 4.207 million square meters from January to November 2025 [2] - Nine companies surpassed 10 billion yuan in equity sales, with Poly Developments leading at 28.36 billion yuan, followed by China Merchants Shekou and China Resources Land [2] - The strong performance of these companies reflects their core advantages in resource integration and project operation [2] Project Highlights - The top 10 residential projects in Shanghai achieved a combined sales revenue of 112.6 billion yuan, with a high entry threshold of 6.46 billion yuan [3] - Huangpu District emerged as a hotspot for high-end residential sales, with Shanghai One and Jinling Huating leading in sales revenue [3] - The overall market saw a decline in supply and demand in November 2025, with a total transaction area of 505.2 million square meters and 40,557 transactions from January to November [3]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $194 million, a 15% increase from $169 million in Q3 2024, marking the fifth consecutive quarter of year-over-year revenue growth [5][19] - Adjusted EBITDA for the quarter was $6.9 million compared to break-even in the prior year, indicating a notable return to profitability [26][27] - Net income for the quarter was $240,000, or $0.01 per share, compared to a net loss of $5.4 million, or $0.14 per share in the prior year [25][26] Business Line Data and Key Metrics Changes - Real estate brokerage commissions accounted for 84% of total revenue, or $162 million, a 14% year-over-year increase [19] - Private client transactions grew 24% in volume and 22% in transaction count, contributing 63% of brokerage revenue for the quarter [20] - Financing revenue grew 28% year-over-year to $26 million, driven by a 34% increase in transaction volume totaling $2.9 billion [22] Market Data and Key Metrics Changes - Transaction volume declined 2% to $8.4 billion, with nearly 1,600 transactions closed at an average commission rate of 1.9% [19] - The overall brokerage volume posted a 2% gain compared to a 17% increase in market volume, indicating a challenging comparison due to outsized growth in larger deals last year [9][19] - The market is still estimated to be 15%-20% below normal activity levels, with some regions closer to pre-pandemic trading velocities [46][47] Company Strategy and Development Direction - The company aims to expand market coverage through improved hiring and synergistic acquisitions, focusing on retail and industrial sectors for growth [16][17] - Continued investments in technology and talent retention are prioritized to enhance long-term competitiveness [25][40] - The auction division is gaining traction, accounting for an estimated 25% share of total commercial property auctions in the U.S. [12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about a new sales and financing cycle as the market resets, driven by expected interest rate reductions and improved lending conditions [14][15] - The company anticipates continued sequential improvement in business as transaction activity drivers improve, despite challenging comparisons to last year's exceptional fourth quarter [28][29] - Ongoing uncertainty around global macro conditions and inflation remains, but a more accommodative Fed is expected to drive transactional activity [28] Other Important Information - The company reported a $4 million legal reserve impacting net income, which management intends to appeal [25][26] - The balance sheet remains strong with no debt and $382 million in cash and marketable securities, reflecting a $49 million increase over the last quarter [27] Q&A Session Summary Question: Discussion on larger transaction segment dynamics - Management noted that while larger deals faced tough comparisons due to an outsized number last year, the business in the $20 million-$50 million range has remained steady [31][32] Question: Customer motivations and market alignment - Management observed increased motivation among private clients to sell due to loan maturities and operational issues, with improved price alignment in the market [35][36] Question: Auction business growth potential - The auction business is expected to grow significantly, leveraging specialized teams and pre-qualified bidders to enhance transaction efficiency [48][49] Question: Nature of litigation and future implications - Management clarified that the litigation matter is an outlier and not indicative of broader issues within the business, with strong grounds for appeal [52][53]

Core Insights - Merko Ehitus reported a revenue of EUR 74 million in Q3 2025 and EUR 242 million for the first nine months, with a net profit of EUR 15 million for Q3 and EUR 36.7 million for the nine-month period, indicating a significant increase in the number of apartments and commercial premises handed over compared to the previous year [1][2][3] Financial Performance - The pre-tax profit for the first nine months of 2025 was EUR 40.2 million, with a pre-tax profit margin of 16.6%, an increase from 13.1% in the same period of 2024 [10] - Net profit attributable to shareholders for the first nine months of 2025 was EUR 36.7 million, down from EUR 44.8 million in 2024, with a net profit margin of 15.2% compared to 11.8% in the previous year [10][11] Revenue Analysis - Revenue for Q3 2025 was EUR 73.9 million, a decrease from EUR 175.1 million in Q3 2024, while the nine-month revenue decreased by 36.1% year-on-year [11] - The share of revenue earned outside Estonia was 47.4% for the first nine months of 2025, down from 60.1% in the same period of 2024 [11] Order Book and Contracts - As of September 30, 2025, the secured order book stood at EUR 486 million, an increase from EUR 430.9 million in 2024, with new contracts signed amounting to EUR 323 million in the first nine months [12] - Major contracts included the Rail Baltica Ülemiste terminal and the Rail Baltica mainline section, indicating a focus on large-scale infrastructure projects [6][12] Real Estate Development - In the first nine months of 2025, Merko sold 315 apartments, up from 194 in the same period of 2024, generating EUR 59.7 million in revenue from these sales [13] - The company started construction on 771 new apartments and 21 commercial units, with a significant portion located in Vilnius, which remains the most active market [7][13] Market Conditions - The real estate market is most active in Lithuania, with improved conditions in Estonia and a slight upward trend in Latvia [3] - The construction market is characterized by intense competition and low service margins, with a historical high in unfinished construction work [4] Cash Position - As of September 30, 2025, the company had EUR 34.3 million in cash and cash equivalents, with equity amounting to EUR 257.3 million, representing 64.4% of total assets [14]

Financial Data and Key Metrics Changes - The third-quarter comparable FFO was $0.57 per share, up from $0.52 per share in the same quarter last year, beating analyst consensus by $0.02 [24] - Same-store GAAP NOI for the New York business increased by 9.1% for the quarter, while same-store cash NOI decreased by 7.4% [24][25] - The net debt-to-EBITDA ratio improved to 7.3x from 8.6x at the start of the year, with immediate liquidity of $2.6 billion [28] Business Line Data and Key Metrics Changes - Vornado leased 3.7 million sq ft overall in the first nine months of 2025, with 2.8 million sq ft in Manhattan office [10] - Average starting rents for Manhattan office leasing were $99 per sq ft, with mark-to-markets of +11.9% GAAP and +8.3% cash [10] - During the third quarter, 21 New York office deals were executed totaling 594,000 sq ft at starting rents of $103 per sq ft, with mark-to-markets of +15.7% GAAP and +10.4% cash [11] Market Data and Key Metrics Changes - Midtown core better building vacancy is now down to 6.2%, indicating a shift to a landlord's market [8][9] - Manhattan office leasing activity is on pace to exceed 40 million sq ft for the year, the highest since 2019 [9] - The retail market in Manhattan is showing strength, with tenants approaching landlords for early renewals [19] Company Strategy and Development Direction - The company is focused on the Penn District as a growth engine, with plans for a 475-unit rental residential building and retail redevelopment [14][15] - Vornado aims to transform outdated retail spaces into modern offerings, enhancing the Penn District's appeal [15] - The company is actively involved in the Penn Station transformation project, supporting improvements that benefit its holdings [54][56] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for office space, noting robust tenant demand across industries [6][9] - The company anticipates significant earnings growth in 2027 as the full impact of Penn 1 and Penn 2 leases takes effect [25] - Management expects occupancy rates to increase into the low 90s over the next year [26] Other Important Information - The company acquired 623 Fifth Avenue for $218 million, with plans to redevelop it into a high-end boutique office building [16][18] - The signage business is projected to have its highest revenue year in 2025, benefiting from the company's unique control over signage in key locations [19][20] Q&A Session Summary Question: How is the leasing strategy changing at Penn 2? - Rents have increased, with average rent at $112 per sq ft, and the company is confident in securing tenants for the remaining space [32] Question: How will leasing for 623 Fifth Avenue be approached? - The company plans to market the building with high-end designs, similar to its approach with 220 Central Park South [34] Question: What is the current signed-not-open pipeline? - The company expects over $200 million in revenue from signed leases over the next couple of years, with the bulk coming in 2027 [40] Question: What is the expected trajectory of occupancy next year? - The company anticipates reaching 90% occupancy in the next quarter or two, with further increases expected [53] Question: What are the plans for proceeds from non-core asset sales? - Proceeds may be used for strengthening the balance sheet or for compelling external acquisitions, depending on opportunities [67] Question: What is the outlook for rent growth in the coming years? - The company expects rent increases to exceed 20%-25% over the next four to five years due to strong demand and limited supply [61]

Core Insights - The company experienced an active market in Q3 2025, signing 60 sales contracts, a significant increase from 31 in Q2 2025 and 32 in Q3 2024, leading to a 22% increase in contracts year-on-year for the first nine months of 2025 [1][29] - Sales revenue for Q3 2025 was EUR 5.08 million, down from EUR 7.39 million in Q2 2025 and EUR 7.06 million in Q3 2024, with a net profit of EUR 132,000 [6][11] - The company anticipates achieving sales revenue between EUR 45-50 million for 2025, depending on the timing of home handovers, with a goal of maintaining a 20% return on equity [30][31] Sales and Contracts - A total of 116 sales contracts were signed in the first nine months of 2025, with the Olemuse project and Iseära development contributing significantly to new contracts [1][4] - The sales revenue was primarily driven by the completion and handover of homes in the Iseära project's second phase, with 11 homes delivered in Q3 2025 [2][5] - The company entered Q4 2025 with 86 sales contracts for projects completing in 2025, amounting to EUR 39 million in sales revenue [4] Financial Performance - The gross profit for Q3 2025 was EUR 799,000, down from EUR 1.07 million in Q3 2024, with total revenue for the first nine months at EUR 14.4 million, compared to EUR 19.1 million in the same period last year [11][12] - The balance of cash and cash equivalents decreased to EUR 5.63 million, while total assets increased to EUR 100.18 million [7][9] - The company reported a net increase in borrowings of EUR 3.02 million, bringing total borrowings to EUR 62.56 million [8] Market Environment - The 6-month Euribor rate stabilized at 2.10% by the end of Q3 2025, following a downward trend earlier in the year [20] - Inflation in Estonia was recorded at 5.2% year-on-year in Q3 2025, higher than the euro area average, with average gross wages growing nearly 9% [22][23] - The number of residential transactions in Tallinn increased by 1.9% in Q3 2025 compared to the previous quarter, indicating a recovery in buyer activity [24] Development Projects - The company began construction on four new development projects during the quarter, including the Luuslangi and Olemuse projects, which are expected to complete in 2026 [13][14] - A new property acquisition at Linnamäe tee 21a was made for EUR 1.1 million, with an estimated investment volume of EUR 22 million planned for the development [15] - The company is actively seeking new sites and negotiating acquisitions to expand its development portfolio, which is expected to sustain operations for the next 4-5 years [34]

Core Insights - The Chengdu real estate market experienced a significant recovery in September 2025, with a total of 19,581 second-hand homes sold, marking an 11.45% increase from August and a 28.7% year-on-year growth compared to the same month last year [6][7][12]. Sales Performance - In September 2025, new home sales reached 7,093 units, while second-hand home transactions totaled 19,581 units, indicating a notable rebound in the market [7]. - Cumulatively, over 180,000 second-hand homes have been sold in Chengdu from January to September 2025, reflecting a much higher trading activity compared to the previous year [10]. - The second-hand home market has maintained high trading activity throughout the year, with the third quarter's sales volume of 57,000 units being comparable to the previous year's peak quarter [12]. Price Trends - The average transaction price for second-hand homes has shown a decline across most unit types, with the three-bedroom units experiencing the most significant drop [26]. - The proportion of homes sold in the price range of 1 to 1.5 million yuan has decreased to 25.5%, while 43.6% of transactions involved three-bedroom units [23]. - The average area of second-hand homes sold in September was approximately 95.19 square meters, with slight variations between central and suburban areas [20]. Regional Analysis - The central urban area accounted for the majority of transactions, with 16,471 second-hand homes sold, while suburban areas contributed 3,320 units [18]. - The average prices along various metro lines have generally decreased, with specific lines showing notable drops in average price per square meter [31][32]. Inventory and Market Dynamics - The number of new listings in September reached 34,000 units, indicating a high inventory level that could pressure prices further, especially for older properties [18]. - The market is currently dominated by small-sized, affordable products, which continue to be the mainstay of second-hand home transactions [20]. Notable Developments - Certain newly built communities have also seen price declines, suggesting a broader market adjustment [32]. - The report highlights a list of neighborhoods with significant price increases, indicating pockets of resilience within the overall market [36].

Group 1 - In September, the sales revenue of China's top 100 real estate companies increased by 11.9% month-on-month, indicating a recovery in the market [1] - The total sales amount for the top 100 real estate companies reached 252.78 billion yuan in September, with a month-on-month increase of 22.1% and a year-on-year increase of 0.4% [1] - A total of 72 out of the top 100 real estate companies reported month-on-month sales growth in September, with 45 companies experiencing growth rates exceeding 30% [1] Group 2 - From January to September, the total land acquisition amount by the top 100 real estate companies was 727.8 billion yuan, reflecting a year-on-year increase of 36.7% [2] - The increase in land acquisition was supported by significant joint acquisitions, such as the Shanghai Xuhui Dong'an urban renewal project by China Overseas Land & Investment, China Merchants Shekou, and China Travel Investment [2] - The industry is expected to focus on stabilizing the market, with core cities likely to see a mild improvement in new housing supply, which will support real estate market and company sales [2]

Core Viewpoint - The new real estate policy implemented in Shenzhen has significantly increased the demand for new homes, with a notable rise in both pre-sale and current sale registrations in September 2025 [1]. Group 1: Policy Impact - Shenzhen's housing and construction bureau, along with the People's Bank of China Shenzhen branch, issued a notification to optimize real estate policies, effective from September 6, 2025 [1]. - The new policy has led to a marked increase in the number of pre-sale and current sale registrations, with a total of 2,282 registrations for new homes in September [1]. Group 2: Market Activity - From September 1 to 28, there were 1,482 pre-sale registrations and 800 current sale registrations for new homes in Shenzhen [1]. - The second-hand housing market also saw activity, with 4,323 registrations by the end of September, and the total is expected to exceed 6,000, marking a recent high [1]. Group 3: Upcoming Events - A series of high-quality real estate events are scheduled to take place in Shenzhen, coinciding with the National Day and Mid-Autumn Festival, aimed at facilitating home purchases [1]. - The "Vibrant Shenzhen, Livable Future" holiday event will occur from October 1 to 8, featuring nearly 30 projects [3]. - The "Futian Good House Appreciation Meeting" is set for September 29, showcasing various projects in the Futian area [4]. - The "Nanshan Good House Festival" will also take place from October 1 to 8, highlighting available properties in the Nanshan district [6]. - The "Autumn Good House, Double Festival Celebration" event in Luohu will run from October 1 to 8, featuring multiple projects [7].