11月11日，中山市公共资源交易平台发布G28-2025-0126中山市翠亨新区国有建设用地使用权出让结果，中山翠亨集团有限公司所属企业中山市宏海建设投 资有限公司以86405.8976万元竞得。本次拍出的地块位于中山市翠亨新区马鞍岛西三围，出让年限为70年。根据公布地块信息，该用地将试点建设第四代住 宅（立体园林住宅）。 | | 成交信息 | | | | --- | --- | --- | --- | | 竞得人: | 中山市宏海建设投资有限公司 (竞买号: 1875) | | | | 成交参考总价： | 86405.8976万元 | | | | 成交楼面地价： | 8800元/平方米 | | | | 成交时间: | 2025-11-11 10:30:00 | | | | | 详细信息 | | | | 宗地编号: | G28-2025-0126 | 宗地位置： | 中山市翠亨新区东片区西三围 | | 土地用途: | 城镇住宅 | 用地面积: | 49094.26平方米 | | 未平整 土地现状: | | 保证等截止时间: | 2025-11-10 11:00:00 | | 出让年限: 70年 | | | | ...

10 November 2025 | 2:10PM CST Equity Research CHINA PROPERTY Trip Takeaways: A Diverging Mosaic We toured around Shenzhen and Guangzhou last week to pulse-check on local property and broader consumer markets by visiting several developers and frontline residential projects sites, high-end mall operators, financial institutions, property managers, property agents and property/consumption-related divisions of tech companies. In general, we observed contrasting trends between high-end segment and the broader m ...

Core Insights - Howard Hughes Holdings (NYSE: HHH) is a significant player in the real estate development sector, focusing on master-planned communities and income-producing properties [1] Financial Performance - On November 10, 2025, HHH reported earnings per share (EPS) of $2.02, exceeding the estimated $1.56, resulting in a 29.49% earnings surprise [2][6] - The company's revenue for the quarter ending September 2025 was approximately $390.24 million, surpassing the estimated $358 million, and reflecting a 19.3% year-over-year increase from $327.15 million [3][6] Market Position and Valuation - HHH has a price-to-earnings (P/E) ratio of 21.09, indicating strong investor confidence in its earnings potential [4][6] - The price-to-sales ratio is 2.91, and the enterprise value to sales ratio is 5.05, reflecting its market valuation relative to sales [4] - The enterprise value to operating cash flow ratio stands at 16.61, highlighting cash flow efficiency [4] Financial Leverage and Liquidity - The company has a debt-to-equity ratio of 1.43, indicating reliance on debt for financing assets [5] - A current ratio of 0.30 suggests a need for improvement in short-term liquidity [5] - Despite these challenges, HHH's earnings yield is 4.74%, demonstrating its ability to generate returns for investors [5]

Financial Data and Key Metrics Changes - The company reported a record quarter with EBT of $205 million in the MPC segment, driven by strong land sales in Summerlin [4] - Full-year EBT guidance has been raised to $450 million, up $20 million from prior guidance, indicating a strong performance [9] - Operating assets NOI grew 5% year-over-year to $68 million, with office NOI up 7% and retail NOI up 9% [6][10] Business Line Data and Key Metrics Changes - The MPC segment achieved record land sales, selling 319 acres at an average of $795,000 per acre, with a significant bulk sale at a 75% margin [4] - Multifamily NOI grew 2%, with the stabilized multifamily portfolio now 96% leased [6] - The company reached a new record with $1.4 billion in condo pre-sales, with Malia and Alima towers at Ward Village being 57% pre-sold [6][10] Market Data and Key Metrics Changes - Despite national trends indicating slower home sales, the company reported strong results in its communities, countering broader market headlines [5] - The stabilized retail portfolio remains above 90% leased, indicating strong demand in retail spaces [6] Company Strategy and Development Direction - The company is focused on transforming into a diversified holding company, with significant progress in acquiring an insurance company [12] - Cash flows generated from real estate will be reinvested into value-creating developments, enhancing future cash flows and net asset value [11][20] - The company aims to maintain a competitive edge through limited competition and a self-funding model [5][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving record-high residential land sales and pricing by year-end [5] - The company anticipates that 2025 will be another record-breaking year, although not every year will replicate this performance [9] - Management emphasized the importance of quality of life and community connectivity in driving demand for their developments [55] Other Important Information - The company has refinanced $114 million of near-term maturities, reducing 2025 maturities to $76 million [9] - The company is maintaining G&A guidance between $76 million and $86 million, with a midpoint of $81 million [10] Q&A Session Summary Question: Regarding super pad sales and their trade-off - Management explained that the recent super pad sale was a unique situation that generated significant cash flow, and future transactions will likely be at higher prices per acre [15][16] Question: Impact of the insurance company acquisition on capital - Management indicated that the acquisition will consume available cash but is expected to create significant value and flexibility for future investments [17][20] Question: Status of condo pre-sales and future projects - Management expressed satisfaction with the 57% pre-sale rate and discussed ongoing evaluations for future condo projects in The Woodlands and Summerlin [24][36] Question: Pricing trends for the Ritz-Carlton Residences - Management noted that prices have increased by approximately $350-$400 per square foot compared to initial sales, reflecting strong demand [38][39] Question: Outlook for MPC land sales in 2026 - Management stated it is too early to provide guidance for 2026 land sales, emphasizing a cautious approach based on current market conditions [52][53]

Strategic Transaction - Pershing Square invested $900 million in Howard Hughes Holdings Inc (HHH) to transform it into a diversified holding company[12] - Pershing Square purchased 9 million newly issued HHH shares for $100 per share, representing a 48% premium[13] - Pershing Square's beneficial ownership increased to approximately 469%, with voting power capped at 40% and beneficial ownership limited to 47%[13] - HHH will pay Pershing Square a quarterly fee of $375 million plus an incentive fee equal to 0375% of the growth in HHH's equity market capitalization[13] Portfolio Highlights - HHC's portfolio includes 72 million square feet of office space, 26 million square feet of retail space, 5,855 multifamily units, and 3,046 condos closed[23] - HHC has 7 communities and 34,000 acres of raw land[23] - Master Planned Communities (MPC) segment generated $349 million in 2024 EBT[25] - Operating Assets segment generated $257 million in 2024 NOI[30] - Strategic Developments segment generated $211 million in 2024 Adjusted Condo Gross Profit[27] Financial Performance - The company anticipates stabilized adjusted operating cash flow between $955 million and $1 billion, compared to $440 million in 2025[56] - The company's 2025 Adjusted Operating Cash Flow is comprised of $717 million Operating Assets NOI, $450 million MPC EBT, $0 million Condo Profit, ($196 million) Interest Expense, and ($81 million) Cash G&A[53, 56] - MPC Gross Asset Value increased from $37 billion in 2017 to $44 billion in 2025[49]

Core Viewpoint - NewGenIVF Group Limited has announced a share repurchase program, indicating strong confidence in its future growth and belief that its share price is undervalued [1][2][3] Company Overview - NewGenIVF Group is a diversified, tech-forward entity engaged in real estate development, digital asset management, and reproductive health solutions, operating through three strategic divisions: NewGenProperty, NewGenDigital, and NewGenSup [5] Share Repurchase Program Details - The Board has authorized a share repurchase program allowing the company to buy back up to US$2 million of its Class A ordinary shares over the next 24 months, representing over 50% of its current market capitalization [1][2] - The program will be executed in compliance with the Securities Exchange Act of 1934 and will be funded using existing cash reserves [1][3] - The timing and number of shares repurchased will depend on various factors, including stock price and market conditions, and the program may be modified or suspended at management's discretion [3][4] Management's Perspective - The CEO expressed confidence in the company's business model and strategic positioning for long-term growth, emphasizing that the repurchase program is a demonstration of commitment to enhancing shareholder returns [3]

Core Insights - Howard Hughes Holdings Inc. reported record results across all business segments for Q3 2025, leading to an upward revision of full-year guidance and reinforcing a strong long-term cash flow outlook from condominium pre-sales [3][7][17] Financial Highlights - The company achieved a net income from continuing operations of $119.4 million, or $2.02 per diluted share, compared to $96.5 million, or $1.95 per diluted share, in the prior-year period, reflecting a year-over-year increase [7][27] - Adjusted Operating Cash Flow reached $199 million, or $3.37 per diluted share, with full-year 2025 guidance raised to $440 million at the midpoint, an increase of $30 million from previous estimates [6][17] - Master Planned Community (MPC) Earnings Before Taxes (EBT) reached a record $205 million, a 42% increase from $144.8 million in the prior-year period, driven by the sale of 349 residential acres at an average price of $786,000 per acre [5][18] Sales and Revenue - The company contracted $1.4 billion in future condominium sales revenue, primarily from the pre-sale of 208 units at Melia and 'Ilima in Ward Village [6][7] - Total revenues for the quarter were $390.2 million, up from $327.1 million in the prior-year period, with significant contributions from land sales and rental revenues [26] Operating Performance - Total Operating Assets Net Operating Income (NOI) increased by 5% year-over-year to $68 million, with strong performance in office and multifamily segments [6][9] - New homes sold across communities totaled 429 units, reflecting a 13% year-over-year decline, yet demand for land remains resilient [12][18] Strategic Developments - The company is reinvesting increased free cash flow into new developments, including the Melia and 'Ilima condominium towers, which are expected to enhance community value and generate future cash flows [3][6] - Subsequent to the quarter, the company completed construction of 1 Riva Row, a luxury multifamily development expected to generate $9.9 million of incremental NOI upon stabilization [10][12] Guidance and Outlook - Full-year 2025 guidance for Adjusted Operating Cash Flow is projected to range between $415 million and $465 million, with a midpoint of approximately $440 million [17] - MPC EBT guidance has been raised by $20 million to a midpoint of approximately $450 million, reflecting a year-over-year increase of 27% to 31% [17]

Core Points - A joint venture named Krulli Kodud OÜ has been established between OÜ Merko Kodud and AS Krulli Kvartal to develop residential buildings in the Krulli Quarter, Northern Tallinn [1] - The initial phase will involve the construction of three apartment buildings with a total of 23 apartments, with completion expected in 2027 [2] - The Krulli Quarter spans 10 hectares and plans to construct over 100,000 square meters of above-ground space, resulting in more than 600 homes and 3,000 workplaces over the next decade [3] Company Overview - OÜ Merko Kodud is recognized as Estonia's leading residential real estate developer, overseeing all development phases including planning, design, construction, sales, and warranty service [4] - AS Krulli Kvartal is transforming a former industrial site in Northern Tallinn into a modern urban area that integrates living and working spaces [5] - The Merko Ehitus group, which includes OÜ Merko Kodud, reported a revenue of EUR 539 million for 2024 and employed 605 people by the end of that year [5]

Summary of Key Points from the Conference Call Industry Overview - The global real estate index declined by 1.5% last month, underperforming global equities by 390 basis points [2][11] - The underperformance is attributed to concerns regarding future rate cuts by the Federal Reserve [2] - Year-to-date performance shows Asia as the best-performing region (+25.6%), followed by Europe (+18.2%) and the US (+2.8%) in USD terms [2] Regional Performance - Europe outperformed with a +1.2% return, while the US and Asia saw declines of -1.6% and -1.8%, respectively [2] - Industrial real estate led the performance for the month with a +5.3% return, driven by a rebound in logistics leasing activity [2][3] - Residential real estate lagged with a -5.9% return due to soft operations in the US and rate sensitivity in Europe [2] Company Insights - UBS has initiated coverage on UAE real estate, giving Buy ratings to Aldar and Emaar [2] - The UBS 28th Annual Global Real Estate CEO/CFO Conference is scheduled for December 2-3, 2025, in London, featuring 70 global real estate management teams [2] Valuation Metrics - The global real estate sector is estimated to have an ~11% return as of October 31, 2025, with a 6.9% discount to NAV [4] - The 2025E P/E ratio is projected at 20.3x, with a 2025E DPS yield of 3.7% and 2024-25E EPS growth of 8.8% [4] Top Picks - Notable top picks include Keppel DC REIT, CapitaLand Ascendas, and Emaar Properties among others across various regions [5] Sector-Specific Trends - In Asia, the residential property market in mainland China remains weak, while Hong Kong's office market is improving due to active hiring [37] - Private REITs in China are expected to offer greater flexibility and fewer regulatory constraints compared to public REITs, creating new capital recycling opportunities [38] - Japanese REIT sponsors are noted for facilitating external growth, often offering assets at discounts to enhance accretion [39] Australia/New Zealand Market - Australian real estate was flat over the last month, outperforming global averages by 1.5 percentage points [40] - A-REIT performance was volatile, with expectations for a rate cut affecting market sentiment [41] - Notable performers included CNI (+6.8%) and INA (+3.3%), while ARF (-5.9%) and CLW (-3.4%) underperformed [43] Singapore Market - Singapore REITs raised approximately S$4 billion in 2025 YTD, indicating strong investor confidence [52] - The residential market is seeing buyers moving up price points, suggesting a positive outlook for 2026 [53] Japan Market - Japan's real estate returned +0.4% over the last month, outperforming global averages [58] - The new Prime Minister's policies may impact the housing market, with a focus on foreign investment regulations [59] China Market - The top 100 developers in China saw contract sales decline by 41% YoY in October 2025, indicating ongoing weakness in the property market [71] - CR Mixc has been upgraded to Buy due to its ability to identify emerging brands and signs of luxury retail recovery [72] Conclusion - The global real estate sector is facing challenges due to macroeconomic factors, but certain regions and sectors are showing resilience and potential for growth. The upcoming conference and ongoing evaluations of REITs and property markets will provide further insights into investment opportunities.

Summary of the Conference Call on China Property Market Industry Overview - **Industry**: China Property - **Survey Conducted**: October 24-28, 2025, with over 2,000 residents across Tier 1 to Tier 4 cities [7][11] Key Findings Housing Price Outlook - **Weaker Sentiment**: A net 42% of respondents expect home prices to fall in the next 12 months, up from 33% in July [2][15] - **Tier 1 Cities**: Confidence is particularly low, with a net 67% anticipating price declines, compared to 50% in July and 39% in April [2][15] - **Tier 2 Cities**: A net 45% expect price drops, an increase from 23% in July [15] Home Selling Plans - **Urgency to Sell**: 41% of potential sellers plan to sell within the next six months, down from 44% in July [3][18] - **Willingness to Accept Losses**: 52% of sellers are willing to take a loss on their sale, slightly down from 56% in July [3][19] - **Listing Behavior**: Increased listing volume with lower prices in the secondary market [3] Home Purchase Plans - **Weak Purchase Intent**: Only 48% of respondents are likely to consider buying property in the future, the lowest since the survey began in Q3 2023 [4][12] - **Extremely Likely Buyers**: Only 15% are "extremely likely" to purchase, down from 16% in July [4][12] - **Short-term Expectations**: Only 2% expect to make a purchase in the next 12 months [4][12] Investment Recommendations - **Cautious on POEs**: The recent industry pullback presents a potential entry point for quality State-Owned Enterprises (SOEs) [5] - **Preferred Stocks**: - **CR Land (1109.HK)**: Long-term market consolidator with attractive dividend yields [5] - **C&D International Investment Group Ltd (1908.HK)**: Strong fundamentals with a favorable valuation [26] - **Seazen Holdings Company Ltd (601155.SS)**: Noted for robust mall rental and private REIT divestment [5][27] Additional Insights - **Negative Feedback Loop**: Concerns about income and cautious buyer sentiment may exert further downward pressure on home prices [4] - **Market Dynamics**: The overall housing price outlook remains weak, particularly in Tier 1 cities, indicating a challenging environment for both buyers and sellers [17] Conclusion The survey indicates a significant decline in confidence regarding home prices in China, especially in Tier 1 cities. The urgency among sellers to divest their properties, coupled with weak buyer sentiment, suggests a challenging market ahead. Investment opportunities may arise in quality SOEs amidst the current market pullback.