12 December 2025 | 7:25AM CST Equity Research CHINA RESOURCES MIXC LIFESTYLE (1209.HK) Consolidator with high-visibility runway; Buy We reiterate our Buy rating on CR Mixc given its competitive edge in commercial management and a highly visible, multi-year growth runway. We believe the company is poised for robust expansion via third-party mall management, which would drive significant scale and margin improvement through operating leverage. This is complemented by a strategic, quality focused approach in i ...

12 December 2025 | 7:28AM CST Equity Research GREENTOWN SERVICE (2869.HK) Sector-leading margin recovery; Buy We reiterate our Buy rating on Greentown Services. Post its effective portfolio optimization and business restructuring during this downturn, we expect GTS to deliver an average 10% p.a. scale ramp-up pace (double that of coverage overall) and, more importantly, given its strong focus on portfolio quality and efficiency enhancement, we see GTS standing out among coverage PMs in terms of its profitab ...

12 December 2025 | 6:59AM CST Equity Research CHINA PROPERTY MANAGEMENT 2026 Outlook: Back to basics to enhance growth/FCF visibility We expect PM coverage fundamentals to stabilize/improve in the coming years, despite the still challenging macro and housing market outlook. This is owing to: 1) multi-year efforts by companies to reduce their reliance on related developers and build a stronger capability for 3P project acquisitions and new segment expansion (2G). We expect related DPs' contribution for new b ...

SANTA BARBARA, Calif., Dec. 10, 2025 (GLOBE NEWSWIRE) -- AppFolio (NASDAQ:APPF), the technology leader powering the future of the real estate industry, in partnership with the National Apartment Association (NAA), today released the 2025 Performance Ecosystem Report, revealing critical insights into the challenges and opportunities shaping property management performance. Surveying nearly 2,000 real estate industry professionals, the report is a wake-up call for operators, highlighting the risks of not adap ...

LOS ANGELES--(BUSINESS WIRE)--Rently, the resident lifecycle management platform designed for single- family and multifamily operators, today announced its integration with AppFolio, the technology leader powering the future of the real estate industry. Rently's property listing and touring solution is now available in the AppFolio Stackâ"¢ Marketplace to streamline leasing operations, automate showings and improve lead tracking for both single-family and multifamily properties. The integration allows AppFo ...

Group 1 - The Adams County Board of Equalization faces multiple appeals regarding property valuations, including a significant $705,152,187 valuation for the Gaylord Rockies Resort & Convention Center [2] - Several plaintiffs, including dryland millet farms, are contesting the classification of their farmland as vacant rather than agricultural due to crop failures [3][5] - A notable appeal involves the valuation of airplane hangars at the Colorado Air and Space Port, which has increased by 152% compared to the previous year [4][6] Group 2 - Construction-related disputes are prevalent, with claims for unpaid materials and services, such as L&W Supply Corp. seeking $19,042 and SRS Distribution Inc. claiming $37,004 [7][8] - Mechanic's lien foreclosures are being filed for unpaid work, including a case involving RMI Enterprises Inc. for $183,109 [14] - The Colorado Department of Labor is actively fining companies for wage violations, with fines of $30,150 and $48,625 issued to GRP Contractors LLC and Plumbing Tree LLC respectively [21]

ab 28 November 2025 Global Research China and HK Property Takeaways from 19 companies in Property Corporate Day China residential: accelerating price decline 19 property companies attended our APAC Financial, Fintech, Property Corporate Day. In China's residential market, most developers turned more negative compared to three months ago when they reported 1H25 results, due to accelerated property price declines in the past few months. Hence, they see margin and earnings pressure in 2025 (potential for more ...

China Vanke has pledged all of the shares it holds in a listed property management unit to Shenzhen Metro Group, giving the state shareholder one of its best assets as default fears pile up https://t.co/AR8tlEzmqb ...

Summary of Conference Call Notes on CR Land and CR Mixc Company Overview - **Companies Involved**: CR Land (1109.HK) and CR Mixc (1209.HK) - **Industry**: Real Estate and Property Management in China Key Points Business Development and Strategy - CR Land has a significant presence in Northern China, with 19% of its contract sales and 23% of its land bank located in this region as of 1H25 [1][3] - CR Mixc's managed malls in Northern China account for 21% of its operations, 31% of registered members, and 18% of non-commercial property management projects [1][3] Property Development (DP) - The DP business has been scaled down to focus on profitability, targeting higher-end residential markets with average project net margins of 9%-15%, compared to a group-level net margin of 6% for 2024 [3][8] - New projects like Hohhot Rui Fu and Taiyuan Rui Fu have achieved strong performance, with Taiyuan Rui Fu reporting a 93% sell-through rate and an anticipated cash net margin of 11%-13% [9][10] Mall Operations (IP) - CR Land and CR Mixc have successfully replicated their coastal success in less developed regions, with rental yields in these areas surpassing low-teens percentages [3][27] - The companies have introduced localized designs and a brand incubation model to enhance mall appeal and consumer engagement [3][30] Property Management (PM) - CR Mixc focuses on non-residential PM, leveraging SOE partnerships and expertise to win tenders for business parks, hospitals, and schools [4][40] - The Beijing region reported a 27% CAGR in managed GFA from 2021-24, indicating robust growth in property management [40] Financial Performance and Valuation - CR Land maintains a Buy rating with a 12-month NAV-based price target of HK$38, while CR Mixc also holds a Buy rating with a price target of HK$40 [4][48] - Key risks include revenue booking and rental profitability falling below expectations, as well as potential delays in mall openings due to macroeconomic pressures [5][49] Market Position and Future Outlook - CR Land is positioned to strengthen its leadership in property development and shopping mall operations during the industry downturn, with expectations of maintaining a top-5 ranking in sales [47] - CR Mixc is recognized for its strong margin sustainability and is expected to accelerate market share gains in the residential segment [48] Additional Insights - The companies are focusing on high-end luxury projects and densely populated urban districts to capitalize on housing upgrade demand [10][30] - Management emphasized the importance of a unified membership program to enhance customer loyalty and drive marketing precision, with ambitious profit growth targets for 2025 [31][30] Conclusion The conference call highlighted CR Land and CR Mixc's strategic focus on profitability, market expansion, and innovative approaches in property development, mall operations, and property management. Both companies are well-positioned to navigate the current market challenges while aiming for sustainable growth and enhanced shareholder value.

Core Viewpoint - The article highlights the efforts of the Ganyu District in Lianyungang City to improve property management through community involvement and innovative governance models, emphasizing the importance of resident autonomy in urban renewal [1][5]. Group 1: Community Involvement - The Ganyu District has established a collaborative governance system involving homeowners' committees, property service agencies, and industry organizations, achieving a homeowners' committee formation rate of 54.3% with 75 committees established [5]. - The district has implemented a "one community, one strategy" model to enhance property management, ensuring transparency in service fees and financial operations through both online platforms and public announcements [9]. Group 2: Resident Autonomy - The establishment of homeowners' committees has empowered residents, allowing them to actively participate in decision-making regarding property management, which has led to the collection and processing of 70 suggestions for community improvement [9]. - The district aims for full coverage of homeowners' committees across all 15 towns, significantly enhancing grassroots governance effectiveness [11]. Group 3: Financial Transparency and Improvements - Property companies have been required to publicly disclose service fee expenditures, with one community investing 1.6 million yuan in renovations and upgrades, resulting in improved community aesthetics and increased resident satisfaction [9].