| 2025年12月存量房网上签约 | | | --- | --- | | 网上签约套数： | 19132 | | 网上签约面积(m²)： | 1659092.4000 | | 住宅签约套数: | 17200 | | 住宅签约面积(m²)： | 1549550.8000 | | 可售期房统计 | | 2025 年12月预售许可 | 2026/1/20] | | --- | --- | --- | --- | | 可售房屋套数: | 94839 | 批准预售许可证: 20 | 网上认购 | | 可售房屋面积(M²): 7864789.5400 | | 批准预售面积(M²)： 542294.9600 | 网上认购面积 | | 其中 住宅套数: | 39766 | 其中 1808 | 其中 住宅 | | 面积(M2): 5518097.6400 | | 面积(M2): 248019.1600 | 商积 | | 商业单元: | 240 | 18 商业单元： | 商业 | | 面积(M2): 175434.4100 | | 面积(M2): 11750.1500 | 面积 | | 办公单元： | 515 | 70 办公单 ...

多域联动，打响"清雪战"。雨雪天气来临后，浦口康居集团各点位闻令而动，分赴责任区域开展扫雪除 冰作业。在包干道路上，采用以机械扫雪为主，人工扫雪适时补充的新模式，高效推进主支干道路清 扫，确保交通通行顺畅；在建筑工地，重点对施工道路、材料堆放区、办公生活区进行清扫，铺设防滑 垫、暂停室外高空作业，对裸露的建筑构件、施工机械采取覆盖保温措施，防止设备冻损和安全事故； 在商业街区，保洁人员与安保人员协同作战，对主次通道、台阶、出入口等人员密集区域进行不间断扫 雪除冰，保障商户正常经营和消费者通行安全；在物业小区，工作人员聚焦业主出行需求，重点清扫小 区主干道、单元门口、停车场积雪，在易滑区域铺设防滑垫、撒布融雪剂，为业主开辟"安全通道"。 坚守岗位，筑牢"安全线"。在此次扫雪防冻工作中，浦口康居集团干部职工以"时时放心不下"的责任感 坚守一线、履职尽责。党员干部主动放弃休息时间，带领突击队连续作战，成为风雪中的"主心骨"；物 业小区工作人员凌晨便投入作业，除完成清扫任务外，持续加强值班值守，及时回应业主关于积雪清 理、设施维修等诉求，用贴心服务温暖业主；建筑工地、商业街区的值守人员坚守岗位，紧盯重点区域 和关键环 ...

北京商报讯（记者 王寅浩）1月20日，北京市规自委官网发布了《北京市2026年度建设用地供应计划》 （以下简称《供地计划》），明确2026年全市住宅用地计划供应750—790公顷，较去年有所减少。其 中，商品住宅用地继续采取"弹性指标"，设定为200—240公顷，以灵活应对市场变化，促进供需平衡与 楼市稳定。 本次《供地计划》的核心导向之一，是提升土地资源配置的精准性与效率。在支撑产业发展方面，《供 地计划》明确安排产业用地480—540公顷，供应规模稳中有增，并将按照不低于85%的比例推动高精尖 产业用地向重点领域和功能区集聚，重点保障北京市优势产业、未来产业及相关新型基础设施的用地需 求，为发展新质生产力提供强有力的空间要素支撑。同时，继续单列乡村产业用地指标，支持乡村业态 融合和空间复合利用。 在住房供应方面，《供地计划》全面落实"因城施策"要求，着力构建房地产发展新模式。其中，商品住 宅用地安排200—240公顷，将继续采用弹性指标，以增强供应的灵活性和适应性。供应将更加注重精准 投放，优先布局在轨道站点周边、设施较为完备地区及就业密集地区，以推动职住平衡、站城融合。计 划强调将推动"好房子"建设，提 ...

Core Viewpoint - The article discusses the significant price and transaction volume increases in older residential complexes in Shanghai's central districts, driven by expectations of urban redevelopment and potential demolition, while cautioning about the risks associated with speculative investments in these properties [3][4]. Group 1: Price Trends - In the past six months, properties in older neighborhoods like Liu Ying Road 309 and 319 in Jing'an District have seen substantial price increases, surpassing peak prices from 2021-2022 [3][5]. - Liu Ying Road 309's average listing price rose from 59,000 yuan per square meter in June 2025 to 101,000 yuan per square meter by December 2025, while Liu Ying Road 319 increased from 65,000 yuan to 90,200 yuan per square meter during the same period [5][6]. - The average transaction price for Liu Ying Road 309 reached over 81,000 yuan per square meter by the end of 2025, doubling from earlier in the year [6]. Group 2: Market Dynamics - The surge in prices is attributed to heightened expectations of redevelopment, with rumors of potential demolition plans circulating among investors [7]. - Similar trends are observed in Xuhui District, where properties like Rihui Village and Fenglin New Village have also experienced price increases, with Rihui Village's transaction price rising by 24.9% to 73,500 yuan per square meter [7][8]. - The overall transaction volume in these areas has increased by approximately 20%, despite a general downturn in the broader real estate market [8]. Group 3: Urban Renewal Policies - The article highlights a national push for urban renewal, targeting older residential complexes built before 2000, with plans for extensive renovations and expansions of urban village redevelopment [8][9]. - Shanghai is accelerating its urban renewal efforts, focusing on the transformation of old neighborhoods and industrial areas, which has attracted investor interest in older properties with potential for redevelopment [9][10]. - Other cities like Hangzhou and Suzhou are also actively pursuing urban village redevelopment, with significant investments and completed projects reported [9]. Group 4: Investment Risks - The phenomenon of "speculative demolition" is cautioned against, as many properties may not see actual redevelopment despite rising prices driven by rumors [10]. - Investors are warned that the future of urban renewal may involve various models, including renovation rather than complete demolition, which could lead to uncertain returns on investment if expectations are not met [10]. - The article emphasizes the importance of rational judgment for buyers and investors in the face of market speculation driven by rumors [10].

Core Viewpoint - Morgan Stanley believes that the market has priced in the stable recovery of the Hong Kong property market over the next two years, as several Hong Kong real estate stocks have reached or are close to historical highs [1] Group 1: Market Analysis - The potential upside for rental stocks is greater, as improvements in their commercial real estate businesses have not yet been fully reflected in stock prices, with most stock prices still over 30% lower than their peaks [1] Group 2: Stock Recommendations - The preferred stocks are Hang Lung Properties and Swire Properties, due to the continuous improvement in their retail businesses in mainland China [1] - Kowloon Development could become a dark horse if management expresses a more positive outlook on tenant sales during the earnings release in March [1] - Among developers, the preference is for Sino Land and Henderson Land, but the overall recommendation is to wait for a better entry point [1]

Group 1 - On January 19, 2026, Beijing recorded 337 new home registrations with a total area of 19,883.08 square meters, including 73 residential registrations covering 8,615.28 square meters [1] - The second-hand housing market saw 858 registrations with a total area of 73,061.85 square meters, of which 767 were residential units covering 68,555.79 square meters [1] Group 2 - As of January 19, 2026, there are 93,236 units of available pre-sale properties, with a total area of 7,698,483.46 square meters [2] - The approved pre-sale permits include 20 units, covering an area of 542,294.96 square meters, with 1,808 residential units accounting for 248,019.16 square meters [2] - There are 208,701 unsold units with a total area of 11,429,915.05 square meters, including 28,294 residential units covering 3,268,440.88 square meters [2] Group 3 - The online signing for existing homes in December 2025 reached 19,132 units, with a total area of 1,659,092.40 square meters, including 17,200 residential units covering 1,549,550.80 square meters [3]

| 可售期房统计 | | 2025 年12月预售许可 | | 2026/1/19期 | | --- | --- | --- | --- | --- | | 可售房屋套数: | 93236 | 批准预售许可证: | 20 | 网上认购: | | 可售房屋面积(M²): 7698483.4600 | | 批准预售面积(M²)： 542294.9600 | | 网上认购面积( | | 其中 | 38859 | 其中 住宅套数: | 1808 | 其中 住宅 | | 面积(M2): 5376309.5700 | | 面积(M2): | 248019.1600 | 面积( | | 商业单元： | 240 | 商业单元: | 18 | 商业! | | 面积(M2): 175434.4100 | | 面积(M²): | 11750.1500 | 面积( | | 办公单元： | 515 | 办公单元: | 70 | 办公! | | 面积(M2): 502547.8300 | | 面积(M²): | 126127.7300 | 面积( | | 车位个数： | 43430 | 车位个数: | 5251 | 车位· | | 面积( ...

Group 1 - The core view of the report is that Swire Properties (01972) is expected to see a 21% year-on-year increase in shareholders' attributable and a 5% decrease in recurring underlying profit for 2025 [1] - The company is anticipated to show stable and improving operational performance in the second half of 2025 compared to the first half, with the execution speed of its capital recycling plan exceeding expectations [1] - The company is expected to maintain its dividend commitment, with a projected total annual dividend of HKD 1.15 per share, corresponding to a 5% dividend yield [1] Group 2 - The forecast for Swire Properties' recurring underlying profit for 2026 has been raised by 11% to HKD 7.99 billion, indicating a 30% year-on-year growth, reflecting the impact of sales settlements at 6 Deep Water Bay Road [1] - A new forecast for 2027 recurring underlying profit of HKD 7.12 billion has been introduced, representing an 11% year-on-year decline, primarily due to conservative estimates for property development settlements [1] - The property investment segment is expected to achieve growth through natural increases from existing projects and the opening of new projects [1]

Core Viewpoint - CICC forecasts that the retail sales growth of Hang Lung Properties (00101) in mainland China will continue to recover throughout the year, leading to a narrowing of the decline in property leasing income, which fell by 3% year-on-year in the interim [1] Group 1: Financial Performance - The expected year-on-year decline in basic net profit attributable to shareholders for the full year is projected to narrow to 4%, compared to a 9% decline in the interim [1] - CICC has adjusted the target price upward by 10% to HKD 10.4, reflecting a 17 times price-to-earnings ratio for 2026 and a 5% dividend yield, indicating a 10% upside potential [1] - The forecasts for basic net profit attributable to shareholders for 2025 and 2026 have been reduced by 3% and 4% to HKD 2.97 billion and HKD 3.04 billion, respectively, reflecting a 4% year-on-year decline and a 2% increase [1] Group 2: Dividend and Capitalization - The company is expected to declare a total annual dividend of HKD 0.52 per share, maintaining the same level as in 2024, with HKD 0.12 already distributed in the interim [1] - If considering the adjusted capitalized interest for property leasing basic net profit, the company's operating performance and dividend capacity are expected to continue to recover at a single-digit percentage annual rate starting from 2026 [1]

Core Viewpoint - CICC forecasts that the retail sales growth of Hang Lung Properties' mainland shopping malls will continue to recover throughout the year, leading to a narrowing of the decline in property leasing income, which is expected to decrease by 3% year-on-year in the mid-term [1] Group 1: Financial Performance - The expected year-on-year decline in the basic net profit attributable to shareholders is projected to narrow to 4% for the full year, compared to a 9% decline in the mid-term [1] - The total expected dividend per share for the year is 52 Hong Kong cents, with an interim dividend of 12 Hong Kong cents already distributed, maintaining the same level for 2024 [1] Group 2: Market Outlook - CICC maintains a "outperform the industry" rating for the group and raises the target price by 10% to HKD 10.4, reflecting a 17 times price-to-earnings ratio for 2026, a 5% dividend yield, and a 10% upside potential [1] - The adjustments in the target price primarily reflect changes in market risk appetite [1]