Core Insights - Safe and Green Development Corporation (SGD) announced a strategic acquisition of Resource Group US Holdings LLC (RSG), aimed at long-term revenue growth in engineered soils and composting [1][2] - SGD achieved its first quarter of positive Adjusted EBITDA in Q4 2024, indicating progress in financial performance [1][6] - The company is focusing on monetizing non-core assets and advancing residential development projects to support future growth [1][3] Acquisition Details - The acquisition of RSG includes two subsidiaries: RGUS, which has a patented composting and engineered soils machinery, and ZEI, a logistics and trucking business [2] - RSG generated $17.5 million in revenue in 2023 and $18.75 million in 2024, with a reduced net loss from $6.2 million to $936,000 [2] - The transaction is expected to close by Q2 2025, pending customary conditions and RSG's audit completion [2] Financial Performance - For the full year 2024, SGD reported a net loss of $8.91 million, with an Adjusted EBITDA of $(1.77) million [6] - In Q4 2024, the company recorded a net loss of $1.53 million and an Adjusted EBITDA of $38,841, marking a significant improvement [6] Strategic Initiatives - SGD sold its St. Mary's property for $1.4 million to reduce high-interest debt and reinvest in aligned initiatives [3] - The company made construction progress in its Sugar Phase I development in South Texas, completing the first five homes [4] - SGD secured up to $10 million in potential investment from Arena Investors to support its strategic growth [5]

据 天 津 市 住 房 公 积 金 管 理 中 心 发 布，今 日 （ 3 月 3 1 日 ），天 津 市 推 出 住 房 公 积 金 新 政 策，涉 及 第 二 套 住 房 最 低 首 付 款 比 例 调 整 和 还 款 方 式 变 更，新 政 自 2 0 2 5 年 4 月 1 日 起 施 行 。 第二套住房最低首付款比例由3 0%调整为2 0%。缴存人申请住房公积金贷款购买家庭第二套住房的，最低首付款比例由3 0%调 整为2 0%。贷款受理日期在2 0 2 5年3月3 1日之前（含当日）的，最低首付款比例仍按新政施行前的政策执行。贷款受理日期为 贷款银行向市住房公积金管理中心提交缴存人贷款申请之日。 偿还贷款期间可以变更还款方式。目前，我市住房公积金贷款期限在一年以内（含一年）的，实行到期一次还本付息的还款方 式；贷款期限在一年以上的，可以选择等额本息或等额本金的还款方式。新政施行后，在偿还贷款期间，借款人可以根据收入 及资金安排等情况申请将还款方式由等额本息变更为等额本金，或由等额本金变更为等额本息，提高了还款的灵活性，更符合 借款人不同时期的个性化需求。2 0 2 5年3月3 1日之前（含当日）发放 ...

Financial Data and Key Metrics Changes - Shui On Land reported a profit attributable to shareholders of RMB 180 million for the year, with total revenue of RMB 8.1 billion and net profit of RMB 810 million [4][20] - The company experienced a decline in revenue and profit primarily due to lower levels of residential completion and handover in 2024 compared to 2023 [21] - The gross profit margin improved to 64%, higher than in 2023, mainly due to a revenue composition more driven by rental income [22] Business Line Data and Key Metrics Changes - Contract sales for 2024 increased by 32%, reaching RMB 55 billion, with residential property sales of RMB 14.55 billion and commercial property sales of RMB 5.2 billion [35] - Total rental income, including joint ventures and associates, increased by 9% year on year, amounting to RMB 3.54 billion [20][22] - The commercial portfolio yielded solid rental growth, with a total rental and related income of RMB 3.5 billion, supported by new projects opened in 2023 [12][53] Market Data and Key Metrics Changes - The high-end residential market in Shanghai continued to perform well, with high-end transactions increasing by 150% year on year [16] - The overall residential market in China is undergoing a structural correction, but signs of recovery are emerging in top-tier cities [40] - The second-hand market in Shanghai saw monthly sales exceeding 20,000 units from October to December 2024, indicating a resurgence in demand [41] Company Strategy and Development Direction - The company will continue to prioritize an asset-light strategy and focus on top-tier cities, particularly Shanghai, to capture the best opportunities [8][42] - The strategy includes leveraging the Lakeview brand and expanding urban retreat communities through partnerships and innovative business models [50] - The company aims to maintain prudent capital management while expanding its portfolio without putting pressure on its financial balance sheet [18][33] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging operating environment due to economic transitions and geopolitical uncertainties but expressed confidence in maintaining profitability [4][8] - The company noted that supportive measures from the central government are beginning to shore up market confidence, particularly in the high-end residential sector [15][40] - Management remains optimistic about the future, citing strong demand in the luxury market and the successful sales launch of Lakeview 6 as positive indicators [10][16] Other Important Information - The company has fully repaid RMB 45.2 billion in foreign loans and maintained a stable net debt ratio of 52% [13][25] - Sustainability efforts have led to a 51.3% reduction in carbon emissions intensity and recognition in the Climate Leadership Award from CDP [14] - The company is focusing on urban regeneration projects and partnerships to enhance its asset-light strategy [50] Q&A Session Summary Question: What are the company's plans for future residential projects? - The company plans to launch the next phase of Lakeview 6 in late 2025, featuring low-density heritage-inspired villas and townhouses, with construction completion expected in Q2 2027 [46] Question: How is the company addressing the challenges in the office market? - The company is focusing on a refined office leasing strategy and has successfully signed over 230,000 square meters of new leases, targeting high-quality tenants [56]

Core Insights - The land auction in Hefei reflects a significant shift in urban value, with major developers competing for key plots, indicating a structural differentiation in the real estate market [1] - The auction features a total of 9 plots covering over 565 acres, highlighting the competitive landscape among top-tier real estate companies [1] Group 1: Core Asset Value - The Baohe plot is highly sought after due to its prime location and urban resources, including proximity to multiple subway lines and top schools, making it a "zero-defect plot" [2][4] - The development cost for the Baohe plot is approximately 15% lower than similar plots, allowing for greater profit margins and potential product premium [4] - The scarcity of residential land within the third ring road is expected to drive prices above 35,000 yuan per square meter, setting a new price ceiling for the area [5] Group 2: Luxury Market Dynamics - The introduction of low-density residential plots in the High-tech Zone marks the beginning of a "product power revolution" in Hefei's luxury market [6] - The High-tech Zone plots are expected to yield high-end residential products with total prices reaching millions, supported by a commercial complex that enhances the living environment [8] - Developers are preparing innovative residential products, such as vertical forests, indicating a shift towards more sustainable and attractive living spaces [9] Group 3: Demand Trends in Emerging Areas - The Yao Hai and Fei Xi plots represent the growing demand for affordable housing, with strategic locations near transportation hubs and new urban centers [11] - The Yao Hai plot's pricing is set at 18,000 yuan per square meter, which is significantly lower than surrounding second-hand housing, creating a strong buying signal [11] - The Fei Xi plot is expected to cater to buyers from high-end areas, with a focus on low-density housing options [12] Group 4: Future Market Trends - The Hefei real estate market is expected to see three major trends by 2025: a focus on core asset protection, a shift from location premium to product premium, and clearer pathways for first-time buyers [13] - Buyers are advised to monitor land auction results closely, particularly in Baohe and High-tech areas, to make timely investment decisions [13]

Financial Data and Key Metrics Changes - Revenue reached CNY 752.9 billion, up by 10.6% year-on-year [6] - Profit attributable to ordinary shareholders was CNY 58.2 billion, an increase of 1.1% [6] - Dividend payout ratio increased to 27.5%, with a proposed final dividend of CNY 0.36 per share [10][41] Business Segment Data and Key Metrics Changes - Financial segment revenue was CNY 279.469 billion, with profit at CNY 26.49 billion [14] - Non-financial segment revenue grew by 14.7%, contributing to a profit of CNY 14.4 billion [6][8] - Advanced manufacturing revenue increased by 50.793 billion, with profit at $865 million [22] - Advanced materials revenue for Citi Pacific Special Steel was CNY 5.1 billion, down 4.2% year-on-year [26] Market Data and Key Metrics Changes - Overseas revenue grew by 21.8%, accounting for 15.1% of total revenue [73] - International business revenue increased by 16%, ranking first in offshore Chinese bond underwriting [18] - The proportion of overseas assets reached CNY 1.15 trillion, up by 13.7% [73] Company Strategy and Development Direction - The company focuses on steady growth and resilience amid geopolitical tensions and economic challenges [5] - Emphasis on innovation-driven high-quality development, with significant investments in technology [12][13] - Plans to deepen reforms and improve management efficiency while optimizing business structure [50][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in seizing opportunities from macroeconomic policies and improving market conditions [44][45] - The company aims to enhance communication with investors and analysts to improve market evaluation [55] - Future strategies include focusing on emerging sectors and maintaining a strong dividend policy [41][52] Other Important Information - The company achieved a long-term issuer credit rating upgrade to A- with a stable outlook [13] - R&D investment was CNY 25.2 billion, accounting for 3.34% of total revenue [93] - The company has registered over 10,000 valid patents, showcasing its commitment to innovation [93] Q&A Session Summary Question: What are the plans for the dividend payout at your company? - The company has a stable dividend policy, with a payout ratio not lower than 30% by 2026 and a 2024 payout ratio of 27.5% [41] Question: What kind of work has your company done regarding market value management? - The company has seen a 27.5% growth in market value this year, with a total growth of 124% over the past four years [43] Question: What is the progress of the deepening reform and opening up? - The company is enhancing core competitiveness and focusing on financial services to outperform the market [58][60] Question: How will the company respond to geopolitical tensions and protectionism? - The company plans to deepen international collaboration and enhance its global competitiveness [66][74]

绿城中国11.6亿元竞得宁波宅地：溢价率逾20% 图片来源：中指院 据宁波晚报旗下的宁波楼市报道，今天拍出的这宗宅地，是宁波第二宗高品质住区试点地块，其中大部分住宅要求设置户属空中绿化平台——也就是俗称 第四代住宅中标志性的空中花园。 鄞州区GX08-02-14-1（高新区）地块 鄞州区GX08-02-07（高新区）地块 设置空中绿化平台的套型，住宅套内建筑面积原则上不低于110平方米。户属空中绿化平台的细化要求如下：平台层高，不应小于2个住宅自然层高度；平 台水平投影面积，不得大于套内建筑面积的25%；种植面积不应小于户属绿化平台总面积的50%，绿化覆土深度不低于0.5米；平台不得封闭，至少有两个 完整的开敞面且开敞面不少于平台周长的50%，开敞面不得设置柱、墙等围护结构，结构外挑尺寸不应大于3.6米。 此次成交地块的楼板价较一年前成交的相邻地块高出三成（32.95%）。与该地块一路之隔的鄞州区GX08-02-07（高新区）地块约一年前（2024年3月28 日）成交，竞得人同样为绿城中国旗下的公司，楼板价为20983元/平方米，溢价率2.36%。 3月24日，绿城中国（03900.HK）旗下的宁波绿城智翔置 ...

同日， 浙江省 直住房公积金中心改进住房公积金提取机制，推出了省直公积金账户余额直接冲抵公积金贷款业务。 另外， 广西桂林 调整了住房公积金使用政策，其中提出，降低购买保障性住房贷款首付比例至15%，购建自住住房 超过两年提取额度变高，支持二套住房贷款提取公积金。 近日，多地出台购房新政。 3月20日， 湖南省长沙县 发布通知，要求房企实施购房"7天无理由退订"承诺，进一步提振房地产市场信心，保障消 费者权益。 长沙县推购房7天无理由退订 3月20日，据"微星沙"公众号消息，湖南省长沙县住房和城乡建设局发布了《关于落实购房订金保护期的通知》，要 求房企实施购房"7天无理由退订"承诺，进一步提振房地产市场信心，保障消费者权益。 根据文件规定，购房者在签订认购书后的7个自然日内，可无理由申请退还订金；超过7天，订金将自动转为定金。 相关条款须明确写入认购书，确保执行透明。这一政策直击房屋交易中长期存在的"定金与订金混淆"痛点，通过设 置"冷静期"，有效缓解购房者的资金安全焦虑。 此外，长沙县同步发布"现房楼盘名单"（入选条件：已办理不动产首次登记）。业内人士指出，此举不仅倒逼房企 提升综合竞争力，还将强化购房者与 ...

Core Viewpoint - The real estate market is showing signs of recovery, particularly in first-tier cities like Shanghai and Shenzhen, with expectations for continued stabilization and potential growth in the second quarter of 2025 [1][17]. Group 1: Market Recovery Indicators - As of mid-March 2025, new home sales in key cities have seen a significant increase, with a 28% week-on-week rise and a 16% year-on-year growth [4]. - First-tier cities are leading the recovery, with weekly sales volumes in Shanghai and Shenzhen matching the average levels of the second half of 2024, driven by policy stimuli and the introduction of appealing properties [4][5]. - The overall new home transaction volume in March is expected to exceed a 20% year-on-year increase, indicating a robust recovery trend [3][4]. Group 2: City-Specific Trends - Shanghai and Shenzhen are experiencing a "quality over quantity" approach in new home launches, resulting in high sales rates, with Shanghai's sales rate reaching 74% and Shenzhen's at 66% as of mid-March 2025 [6]. - Cities like Guangzhou, Tianjin, and Wuhan are showing signs of gradual recovery, with transaction levels returning to those of the previous year, particularly in Wuhan where sales have increased by 34% year-on-year [8][11]. - Conversely, cities such as Zhengzhou and Nanjing are witnessing increased visitor numbers but declining conversion rates, indicating a lack of purchasing momentum [14][15]. Group 3: Future Outlook - The overall market is expected to maintain a high level of activity, particularly in first-tier cities, as promotional efforts and new listings are anticipated to increase supply and demand [17]. - Core second-tier cities like Tianjin and Wuhan are projected to experience a recovery in transaction volumes following previous adjustments, with a steady upward trend expected [17].

Summary of Key Points from J.P. Morgan Asia Pacific Credit Research Call Industry Overview - **China Property Sector**: - Anticipated average earnings decline of **30% YoY** for developers in FY24, attributed to margin squeeze from price cuts and impairments, particularly for distressed companies like Vanke [2][6] - SOE property managers expected to see earnings growth slow from **30% YoY** in FY23 to **13% YoY** in FY24 due to mild margin squeeze and lackluster community services [2][6] - Private property managers forecasted to experience an average earnings drop of **16% YoY** due to weak top-line growth and impairments [2][6] Company-Specific Insights - **AIA**: - Net income slightly missed consensus expectations, but the report supports the credit profile [3] - Downgraded to **Neutral** from Overweight due to concerns over solvency ratio decline, despite stable fundamentals [3][7] - New business value (NBV) rose **18%** to **$4,712 million**, with significant growth in Hong Kong (**23%**) and Mainland China (**20%**) [4][7] - Underlying Contractual Service Margin (CSM) grew **9.1%** to **$56.2 billion** [7] - **Swire Properties**: - Reported FY24 results with a **11% YoY** drop in recurring underlying profit due to lower rental income and increased SG&A/financing costs [8] - Management remains pessimistic about Hong Kong office market, expecting weakness for the next **1-2 years** due to oversupply [8] - Optimistic outlook for Mainland China retail, expecting growth driven by improved domestic demand and renovations [8] Additional Insights - **Market Performance**: - J.P. Morgan Asia Credit Index showed varied performance across segments, with JACI YTD return at **2.1%** and JACI IG at **1.9%** [10] - The credit research ratings distribution indicates **26%** Overweight, **58%** Neutral, and **16%** Underweight across the global credit research universe [26] Risks and Considerations - AIA faces downside risk from a potential further decline in solvency ratio, although management is expected to manage this effectively [3][7] - Swire Properties' outlook on Hong Kong retail remains cautious due to challenges from strong HKD and increasing Mainland-bound consumption [8] This summary encapsulates the critical insights from the J.P. Morgan Asia Pacific Credit Research call, focusing on the China property sector, specific company performances, and broader market trends.

Core Viewpoint - The Harbin Municipal Housing and Urban-Rural Development Bureau has issued a notification to standardize the public disclosure of sales area by real estate developers, aiming to protect consumer rights and enhance transparency in property transactions [1] Group 1: Regulatory Changes - The new notification requires real estate developers to prominently display the building area and usable area of each property in sales offices [1] - Developers must also disclose the public area and its corresponding area, along with the basis for calculating the shared area for each unit [1] - The implementation of this notification is effective immediately, indicating a swift regulatory response to improve market practices [1]