Core Viewpoint - Meilun Group (01200.HK) reported a revenue of HKD 2.518 billion for the six months ending June 30, 2025, representing a year-on-year decrease of 24.1% [1] - The profit attributable to equity holders for the same period was HKD 151 million, down 13% year-on-year, with basic earnings per share at HKD 0.2112 [1] Financial Performance - Revenue for the first half of 2025 was HKD 2.518 billion, a decline of 24.1% compared to the previous year [1] - Profit attributable to equity holders decreased to HKD 151 million, reflecting a 13% reduction year-on-year [1] - Basic earnings per share stood at HKD 0.2112 [1] Market Context - Despite the absence of significant changes in real estate policies during the reporting period, the company's performance remained stable [1] - The stability in performance is attributed to the company's proactive restructuring, resilient and flexible business model, and its ability to adapt to new trends in the Hong Kong real estate market [1]

Group 1 - The average housing price in Mongolia for the first half of 2025 is 3.8 million Tugrik per square meter (approximately 7630.52 RMB), while luxury residential properties average 6.6 million Tugrik (approximately 13253.01 RMB) [1] - Real estate agencies completed 5466 transactions with a total area of 2.2937 million square meters and a total value of 1.39 trillion Tugrik (approximately 27.91 billion RMB), representing year-on-year increases of 2.7% and 10.3% respectively [1] - The transaction structure shows that land accounts for 82.5%, residential properties 14.8%, commercial real estate 1.7%, and industrial real estate 1% [1] Group 2 - In the rental market, real estate agencies completed 3979 rental transactions with a total area of 313,300 square meters and a total value of 125.6 billion Tugrik (approximately 2.52 billion RMB), with area decreasing by 0.3% year-on-year but value increasing by 21.7% [1] - The highest proportion of rental housing is in the 51 to 100 square meter category, accounting for 33.5% [1] - There are currently 303 licensed real estate agencies in Mongolia, a decrease of 8 from the previous year, with total assets of 225.5 billion Tugrik (approximately 4.53 billion RMB), of which current assets are 167.5 billion Tugrik (approximately 3.36 billion RMB) [1]

Core Insights - The article discusses the challenges in China's real estate market, particularly in the second-hand housing sector, where sellers struggle to sell, buyers are picky, and agents are overwhelmed. The CEO of Ziroom, Xiong Lin, emphasizes a shift in the market from viewing houses as investment assets to considering them as living spaces, reflecting a significant change in consumer attitudes and transaction logic [2][5]. Group 1: Market Dynamics - The traditional model of agents serving both buyers and sellers is becoming unsustainable, necessitating a new approach centered on professional consulting, segmented services, and product innovation [3]. - The market is experiencing a profound transformation, with over 90% of companies not adequately recognizing these changes, presenting an opportunity for Ziroom [5][9]. - The demand for second-hand housing is rapidly evolving, requiring new teams, capabilities, and models to meet these changes [8]. Group 2: Ziroom's Strategy - Ziroom's approach includes single-sided service for clients, a focus on high-quality housing, and a 50% reduction in buyer commissions [4][21]. - The company aims to enhance transaction efficiency and reduce hidden costs through productized renovations, categorizing them into three types: "Renewed Good Houses," "Clean Water Houses," and "Heart Home Houses" [16]. - By providing tailored consulting and advisory services, Ziroom seeks to facilitate smoother transactions for both buyers and sellers, addressing the increased complexity of the market [10][11]. Group 3: Industry Transformation - The shift from a seller's market to a buyer's market necessitates professional advisory services to assist sellers in making the selling process easier and buyers in navigating their choices [13]. - The company believes that the current market conditions are fertile ground for new business models to emerge, as selling homes becomes more challenging [6][14]. - The focus on high-quality housing and efficient transactions is seen as a way to save both time and money for buyers and sellers alike [20]. Group 4: Future Outlook - Ziroom's long-term strategy is to provide comprehensive lifecycle services centered around home living, adapting to the evolving real estate landscape [24]. - The company aims to establish a sustainable and healthy development model for the industry, emphasizing the importance of adapting to market changes [25][28]. - The integration of various services—rental, sales, home decoration, and family services—aims to create a cohesive offering that meets customer needs throughout their housing journey [27].

Group 1 - The core viewpoint of the article is the issuance of a notification by multiple departments in Yantai to strengthen the management of "self-media" in the real estate brokerage sector, aiming to create a healthy and orderly online environment in the real estate field [1][2] - The notification outlines five key areas for improvement: standardizing information release content, clarifying the responsibilities of industry participants, enhancing self-regulation, strengthening the collection of violations, and conducting legal and regulatory rectifications [1] - Real estate brokerage institutions are required to implement a registration system for both the institutions and their "self-media" accounts, ensuring timely registration with local housing and urban-rural development departments [1][2] Group 2 - The notification mandates that "self-media" accounts must display the institution's registration certificate number, the professional qualification management number of real estate agents, and the real-name registration number of personnel on their homepage [1] - There is a requirement for rigorous review and oversight of the topics, releases, interactions, and live broadcasts conducted by "self-media" accounts, ensuring that the content accurately reflects real estate policies and market conditions [1][2] - The real estate brokerage association is tasked with improving industry self-regulation mechanisms and developing a self-discipline agreement for "self-media" operations, while also enhancing training to raise legal awareness and professional standards among practitioners [2]

8月12日中美同意再延长征关税暂缓期90天，13日香港金管局11度承接港元沽盘，累接1165.94亿港元， 恒指重上25000点以上收市，14日中小型银行推出全新H按低息方案，15日启德维港．湾畔1B期临海门 首轮价单发售62个单位，美俄元首在阿拉斯加会晤，16日大埔上然3期次轮销售共139个单位，对香港本 地二手楼价的影响将于2025年9月初公布的CCL才开始反映。 本周CCL反映的是7月21日香港政府终止位于元朗及洪水桥两幅产业工厦用地的招标工作，22日恒指升 穿25000点关口收市，创逾3年半新高，25日黄竹坑站港岛南岸第5B期滶晨II首轮价单发售88个单位，将 军澳日出康城凯柏峰III价单发售200个单位，27日中美展开在瑞典举行第三轮经贸会谈当周市况。 自5月起拆息回落，楼价见底微升，CCL近11周八升三跌，较今年5月H按息再度低于封顶息当周的 135.16点低位升2.57%，2025年香港楼价暂时累升0.72%。指数较2025年3月财案前134.89点低位升 2.77%，较2024年9月首次减息前135.86点低位升2.04%，较2021年8月191.34点历史高位跌27.55%。 智通财经APP ...

至于7月十大屋苑账面获利比率录约82.6%，较大市账面获利比率高出约20.5个百分点;当中太古城及丽 港城齐以约92.9%的账面获利比率，双双成为十大屋苑中账面获利比率最高的屋苑;紧随其后的是康怡花 园及海怡半岛，齐录约85.7%账面获利比率;即使十大屋苑中账面获利比率最低的映湾园，亦有逾7成个 案账面获利，高于大市。 智通财经APP获悉，香港置业研究部董事王品弟表示，据香港置业资料研究部综合土地注册处资料显 示，根据已知上手购入价的二手私宅注册个案，并扣除已知内部转让、特殊成交个案等计算，7月账面 获利比率录约62.1%，与6月相近。今年获利比率呈横行走势，相信与期内香港楼价止跌回稳有关。 若以18区划分二手私宅账面获利比率，南区成为18区中获利比率最高的地区，达75.9%，账面获利个案 较多来自海怡半岛;其次为离岛，该区有约75%个案账面获利，账面获利个案较多来自愉景湾;葵青有约 72.2%个案账面获利，账面获利个案较多来自盈翠半岛。 ...

Core Viewpoint - Shanghai Lianjia and Beike have officially hidden all historical transaction prices of second-hand houses in Shanghai, following similar actions in over ten cities including Wuhan, Hefei, Nanjing, and Beijing [2][6]. Company Summary - The transaction prices for all second-hand houses in Shanghai are now displayed as "no transaction price available" on the Lianjia and Beike apps, while details such as area and floor information remain visible [6]. - The largest brokerage firm in Shanghai, Lianjia, holds a market share of 70% in listings and approximately 25% in transactions [6]. Industry Summary - The decision to hide transaction prices may lead to more nuanced price negotiations between buyers and sellers, especially in a market where prices are declining [7]. - The lack of transparency in transaction prices could exacerbate information asymmetry, weakening the bargaining power of both buyers and sellers, and potentially leading to a loss of trust in the market [7]. - Since July 1, Lianjia has implemented a new service model separating agents' roles to focus solely on either buyers or sellers, which has raised concerns about service transparency [7].

展望未来，银河国际将博纳产业2025至2027财年的每股收益预测上调了25.9%。博纳产业预计，2025年 全年新私宅销量将达到8000至9000套，同比增长24%至39%；同时，私宅价格预计将上涨3%至4%，政 府组屋转售价格预计上涨4%至5%。 该机构认为，潜在的评级上调催化剂包括强于预期的住宅市场表现和公司市场份额的进一步扩大。 同 时，报告也提示了相关风险，例如宏观经济前景走弱和抵押贷款利率飙升，这些因素可能抑制购房需 求，从而影响公司盈利。 （文章来源：新华财经） 新华财经新加坡8月13日电（记者刘春涛）银河国际（CGS International）在13日发布的最新研报中指 出，由于项目营销业务贡献强于预期，新加坡房地产经纪公司博纳产业（Propnex Ltd）2025财年上半年 业绩超出预期。该机构重申对博纳产业的"增持"评级，并将其目标价从1.25新元上调至1.77新元。 根据研报，博纳产业2025财年上半年营收同比增长73.3%至5.989亿新元，税后净利润同比大增122.4%至 4230万新元。 每股收益为5.71新加坡分，达到了银河国际对其全年预测的67.3%。 公司拟派发每股5新 加坡 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $22.15 [1][5][29] Core Insights - The real estate industry is experiencing a slowdown in growth, with the company expected to see a 12% year-on-year revenue increase in Q2 2025, reaching 26.3 billion RMB [5] - The adjusted net profit is projected to decline by 33% year-on-year to 1.79 billion RMB in Q2 2025, primarily due to the overall slowdown in the real estate sector [5][10] - Despite the challenges, the company is expected to improve its operating profit margin sequentially, driven by enhanced efficiency in stores and agents, as well as the continued advantages in its home decoration business [5][10] Revenue and Profit Forecast - Revenue projections for the company are adjusted downwards for 2025-2027, with expected revenues of 102.59 billion RMB, 115.78 billion RMB, and 128.57 billion RMB respectively, reflecting a decrease of 10.8%, 12.5%, and 14.1% from previous estimates [4][25][27] - The adjusted net profit for 2025 is revised to 7.02 billion RMB, down 14.6% from earlier forecasts, with further adjustments for 2026 and 2027 [25][27] Business Segment Performance - The company anticipates a 14% year-on-year growth in its home decoration business in Q2 2025, with a potential for breakeven in quarterly earnings due to increased order volumes and cost efficiencies [8][9] - The real estate transaction services are expected to show mixed results, with existing home transaction services projected to decline by 3%, while new home transaction services are expected to grow by 13% [5][10] Market Conditions - The report highlights a weakening in the real estate market, with inventory pressures and a prolonged de-stocking cycle affecting sales [6][14] - Recent policy changes in Beijing aimed at easing purchase restrictions are expected to temporarily boost transaction activity, particularly in the outer districts [7][23]

Core Viewpoint - The recent policy adjustment in Beijing's real estate market aims to stimulate activity by easing restrictions on home purchases for both local and non-local residents, particularly for properties outside the Fifth Ring Road, which has led to increased market activity and interest from buyers [1][2][12]. Policy Changes - On August 8, the Beijing Municipal Housing and Urban-Rural Development Commission and the Beijing Housing Provident Fund Management Center announced a significant policy change allowing local residents and non-local residents who have paid social insurance or income tax for over two years to purchase an unlimited number of homes outside the Fifth Ring Road [1][3]. - This marks a major policy shift after a 10-month period of stagnation in the real estate market, with the new regulations optimizing housing provident fund policies across the city [1][4]. Market Response - Following the announcement, there was a noticeable increase in market activity, with many new housing projects reporting a surge in inquiries and visits from potential buyers [1][6]. - Real estate agents noted a rise in both buyer and seller inquiries, with some homeowners looking to capitalize on the new policy by listing their properties for sale [1][5]. Sales Data - In July, the number of second-hand residential transactions in Beijing fell to a new low of 12,784 units, a decrease of 15.6% month-on-month and 17.9% year-on-year, indicating a need for policy intervention [4]. - The first weekend following the new policy saw new residential properties registering 83 and 92 transactions, while second-hand homes recorded 178 and 116 transactions, although the actual impact of the policy on sales volume remains to be fully assessed due to delays in registration data [9][10]. Buyer Behavior - The new policy has particularly benefited properties outside the Fifth Ring Road, where over 80% of new residential sales occurred in the first seven months of the year [6]. - Analysts observed that many buyers who had previously hesitated are now more confident in making purchases, with some new projects experiencing a 20% to 30% increase in sales compared to previous weekends [10][11]. Future Outlook - Experts suggest that while the new policy has provided a short-term boost to the market, the long-term recovery will depend on broader economic conditions and improvements in residents' income expectations [12]. - The policy is viewed as a "phase adjustment" aimed at reducing inventory and stabilizing market expectations, with potential for further optimizations depending on market conditions [12].