根据万科2025年半年报，截至上半年末，万科短期借款为231.46亿元，一年内到期的非流动负债为 1347.13亿元。除了股东借款以外，万科目前正通过新增融资、大宗交易、推进存量盘活及回款等多种 方式获得流动性支持。 本报记者 李昱丞 9月17日，万科企业股份有限公司（以下简称"万科"）发布公告称，第一大股东深圳市地铁集团有限公 司（以下简称"深铁集团"）向公司提供不超过20.64亿元借款，用于偿还公司在公开市场发行的债券本 金与利息，借款利率为LPR减66个基点，目前为2.34%，借款期限不超过3年。 这是深铁集团年内第9次向万科提供股东借款。据万科公告，加上本次借款，深铁集团向万科提供的借 款累计达到259.41亿元。 新增融资方面，万科发布的2025年半年报显示，上半年合并报表范围内新增融资和再融资249亿元。 来自深铁集团的借款有望帮助万科缓解在公开市场的债务压力。根据Wind数据，万科在公开市场的境 内债务金额为279亿元。其中，2025年9月份到期债券本息合计为20.64亿元，和本次万科向深铁集团借 款金额相同。未来12个月内，兑付高峰发生在2025年12月份，万科将有本息合计58.71亿元的债券 ...

Core Viewpoint - The current real estate market in China is undergoing significant adjustments, with varying conditions across different cities, leading to a complex decision-making process for potential homebuyers [1][2][12] Market Overview - In Q1 2025, the national sales area of commercial housing decreased by 8.3% year-on-year, and sales revenue fell by 10.2%. Compared to the peak in 2018, the transaction volume has shrunk by nearly 40%, indicating a deep adjustment period in the real estate market [1][4] - The inventory of commercial housing reached approximately 680 million square meters by the end of March 2025, with a depletion cycle of nearly 22 months, significantly exceeding the reasonable level of 12-18 months [4][5] Price Trends - The housing price differentiation across cities is notable, with three tiers identified: - First-tier cities (e.g., Beijing, Shanghai) have stabilized prices with slight increases in core areas, such as a 1.2% rise in Shanghai's core area in Q1 2025 [4] - Second-tier cities (e.g., Hangzhou, Nanjing) show a trend of stability with some declines, particularly in suburban areas [4] - Third-tier cities are experiencing continuous price declines, with some areas seeing drops exceeding 30% [4][5] Demographic Changes - China's population is undergoing significant changes, with a reported decline of approximately 950,000 in 2024. By 2035, over 20% of the population is expected to be over 65 years old, indicating a shift towards a deeply aging society [7] - The decrease in total population suggests a narrowing of housing demand, while the trend of population concentration in major cities continues, leading to market differentiation [7] Financial Environment - Since the second half of 2024, mortgage rates have been decreasing, with the average rate for first-time homebuyers dropping to around 3.8%, a historical low [7] - Various regions have relaxed purchasing restrictions, including lowering down payment ratios and easing purchase limits, which have somewhat boosted market confidence [7] Housing Affordability - The average housing price-to-income ratio across 50 major cities is now 8.6, down from 11.3 in 2018, indicating improved affordability. The ratios for first-tier cities stand at 12.5, while second-tier cities are at 8.2, and third-tier cities at 6.7 [7] Buyer Strategies - For first-time homebuyers with stable income, now may be a favorable time to enter the market, especially in first and second-tier cities where promotional efforts by developers are strong [9] - Existing homeowners looking to upgrade should consider a "sell first, buy later" strategy to maximize negotiation power in the current market [9] - Investors should be cautious, focusing on prime locations in first-tier and strong second-tier cities, as short-term appreciation is less likely [9][10] - Those unable to afford ideal housing or uncertain about their future location may choose to wait, but should be aware that prime resources in major cities may become scarcer [10] Key Considerations - Personal financial health is crucial, with a recommendation that monthly mortgage payments should not exceed 40% of household income [10] - Location selection is vital, as properties in quality areas tend to retain value better even during market downturns [10] - The quality of the property itself is increasingly important, with well-constructed and well-located properties showing resilience in value [10] - Awareness of urban development plans can significantly influence long-term property value, as infrastructure improvements can enhance desirability [11]

嘉定区房票政策适用的商品房类型为存量商品房等，区域限制为本区范围，目前不支持跨区使用。 继金山、青浦之后，上海嘉定区于近期正式加入房票安置试点阵营，马陆镇彭赵村（北片区）城中村改 造项目成为该区首个落地项目，涉及268户居民。这一举措不仅为动迁居民提供了多元选择，也为上海 远郊楼市注入新活力。 此前召开的彭赵村城中村改造项目居住房屋协议置换动员会中提及，嘉定此次房票安置遵循"现房+房 票"模式，动迁居民需先选购一套安置房，剩余安置面积按30590元/平方米的评估价计算基本额度，再 叠加8%奖励，综合房票单价约3.3万元/平方米。以嘉定此次动迁居民大多约200平方米核定面积，在选 购首套安置房后，剩余约100平方米安置面积，可兑换约330万元房票（基本额度+奖励额度）。 21世纪经济报道记者日前从参与多区房票安置政策探索的城市测量师行相关人士处了解到，目前浦东区 已经开始航头镇试点项目的政策制定，下一个正式启动房票试点项目的区有可能是浦东或宝山。 记者丨唐韶葵 编辑丨张伟贤 嘉定搭建"房源超市" 在房票安置试点中，为保障选择空间，嘉定区还搭建了"房源超市"。据了解，动迁居民嘉定"房源超 市"由区住房保障和房屋管 ...

确实，我们身边不少人都听说过"4楼、13楼、14楼、18楼不能买"的说法。前段时间，网上还流传着一份"买房避开这些楼层"的攻略，阅读量高达300万+。 可问题是，这些说法到底有没有科学依据呢？今天，我们就来聊聊，购房时真正应该避开的楼层是哪些，以及选择楼层时应该考虑的实际因素。 先说4楼。很多人避开4楼，主要是因为"4"的发音和"死"相近，被视为不吉利的数字。但从实用角度看，4楼既不是最低层受潮、蚊虫多，也不是顶层怕漏 水、温差大，反而是个不错的选择。根据我调研的数据，4楼的房价通常比同户型的其他楼层便宜5%-8%，可以说是性价比很高的选择了。 再说13楼。西方文化中确实有对13的忌讳，但这在中国并没有什么特别的含义。有意思的是，据某房产网站2024年底的统计，13楼的房屋在二手房市场上的 周转率反而比平均水平高出约6.3%，说明这种"忌讳"对实际交易影响并不大。 至于14楼，因为粤语中"14"发音类似"实死"而被避讳，但这种区域性的语言禁忌显然不该成为全国购房者的顾虑。18楼被某些人避开，则是因为"18"谐音"要 发"，有人认为住在这里会破财。说实话，我真搞不懂这种逻辑——既然"要发"，那不是好事吗？ 前几 ...

9月17日，万科集团官网完成了组织架构及管理团队信息的更新。新的架构显示，万科撤销了原有的开发经营本部，将"5+2+2"架构（5大区域公司、2个 总公司、2个直管公司）调整为16个地区公司由总部直接管理。 这是万科近年来最大规模的组织架构调整，也是今年初深铁集团全面接管万科后的首次大型组织变革。经过此次调整，万科彻底打破了沿用近二十年的三 级架构，转向两级管控体系。 万科最新组织架构。图片来源：万科集团官网 具体来看，万科新组织架构分为三大板块：集团总部、地区公司和事业部。 同时，16个地区公司的新负责人也已全部就位，包括北京公司李刚、浙江公司陈灏、广佛公司周轶群、华中公司易平安等。 在架构调整落地的同时，大股东深铁集团持续为万科提供资金支持。 9月16日，万科公告宣布深铁集团向其提供不超过20.64亿元借款，借款期限不超过3年，利率为2.34%。 据统计，这已是深铁集团年内第9次向万科提供借款支持，累计借款已达259.41亿元。 从行业看，万科此次组织架构调整并非孤例。近年来，包括金茂、招商蛇口在内的多家头部房企均已对区域公司组织架构展开类似调整。这些调整的共同 特点是弱化区域公司职能，改组为"总部-城市公 ...

地产收储与土地购置 20250917 摘要 2025 年上半年全国土地楼面均价同比上涨 30%，达 3,638 元/平方米， 其中一线城市涨至 3 万元/平方米，但土地总供应界面同比下滑近 20%，成交界面同比下滑约 9%，反映出市场结构性分化。 2025 年上半年全国样本城市土拍平均溢价率为 6.1%，同比上涨 2.3 个 百分点，一二线城市溢价率显著高于三四线城市，上海、杭州、苏州、 成都等核心城市地块溢价率超过 10%，表明房企对核心城市未来销售回 稳抱有信心。 2025 年上半年，头部房企拿地积极性提升，以央国企为主导，前十名 企业新增货值占比达 73%，区域布局集中于核心一二线城市，反映房地 产行业集中度提升趋势。 核心 22 城土地出让金占全国比重从 2020-2024 年的 42%-48%飙升至 2025 年上半年的 62%，但商品房销售面积比重维持在 18%-21%左右， 表明重点城市土地市场更具代表性与直观价值。 2025 年上半年，全国公示拟收储土地面积不到 2 亿平方米，总金额约 4,759 亿元，60%为二季度新增供应，主要集中在广东、重庆、河南、 浙江和福建，但专项债发行规模仅占拟收 ...

Summary of China Resources Land Conference Call Company Overview - **Company**: China Resources Land - **Industry**: Real Estate Development and Commercial Operations Key Points Development Business Performance - China Resources Land's sales for the first eight months reached RMB 137 billion, a year-on-year decline of 12%, outperforming the average decline of 14%-15% among top 100 real estate companies [7] - The company has been actively acquiring land, with total land acquisition amounting to nearly RMB 80 billion in the same period, achieving an investment intensity close to 60% [7] - The company has recognized a total impairment of approximately RMB 260 billion over the past five years, indicating sufficient exposure to impairment risks [7] Commercial Operations Advantages - The company operates 94 high-quality shopping centers, leading in foot traffic, retail sales, rental income, and same-store growth, exceeding expectations [2][8] - China Resources Land plans to open six shopping centers annually over the next three years, with rental income expected to maintain a growth rate of over 10% [2][14] - The company is the largest commercial real estate developer in China in terms of luxury shopping malls, owning 12 luxury shopping centers [8] Future Growth Potential - The company has a robust pipeline of projects, with a significant portion of its inventory located in first and second-tier cities, expected to account for 70% of its sales by mid-2025 [10] - The projected development settlement performance for 2025 to 2027 is estimated between RMB 8.3 billion and RMB 11 billion, with a median of RMB 9.7 billion [10] - The company is expected to achieve a solid and high realization rate of development performance [11] Valuation and Market Outlook - The minimum market value of China Resources Land is estimated at RMB 170 billion, with a reasonable market value between RMB 200 billion and RMB 210 billion, targeting RMB 300 billion by 2030 [2][15] - The valuation considers potential increases in dividends and optimistic expectations if the real estate market stabilizes [3][18] - The company’s core net profit for 2024 is projected to be RMB 25.4 billion, with a significant contribution from both development and commercial operations [4][15] Investment Considerations - The company is viewed as a strong investment opportunity due to its dual business model in real estate and commercial sectors, with a leading position in the market [4][9] - The potential for increased dividends and recovery in the real estate sector could enhance the company's sales scale, market share, and net profit beyond current pessimistic assumptions [3][18] Additional Insights - The company has successfully issued consumer REITs, indicating a strategic shift towards becoming a major asset management operator [8] - The operational data from flagship shopping centers shows a strong internal growth logic, with rental growth rates remaining robust even after years of operation [12] This summary encapsulates the key insights from the conference call, highlighting the strengths, future prospects, and valuation considerations for China Resources Land in the real estate industry.

Core Viewpoint - Vanke has announced its largest organizational restructuring in recent years, marking a significant change following the full acquisition by Shenzhen Metro Group [1] Organizational Structure Changes - Vanke has shifted from a three-tier management model to a two-tier model, eliminating regional management levels and creating 16 city companies directly managed by the headquarters [3] - The previous regional companies, such as East China, Southern, Beijing, Southwest, and Central China, have been restructured into city-specific entities [3] - The headquarters has established eight business divisions focused on operational activities, including property, commercial and hotel, long-term rental apartments, and logistics [3] Management Changes - Key management personnel remain unchanged, including Chairman Xin Jie and several executive vice presidents, but a new financial director, Bu Lingqiu, has been appointed [3] - Bu Lingqiu has a background in finance from Shenzhen Metro Group and has previously held positions in various municipal engineering companies [4] Financial Support and Borrowing - Shenzhen Metro Group has provided Vanke with a loan of up to 2.064 billion yuan to repay bond principal and interest, with a borrowing rate of 2.34% [4] - This marks the ninth instance of Shenzhen Metro providing loans to Vanke within the year [4] - As of the end of July, Vanke reported short-term borrowings of 23.146 billion yuan and non-current liabilities due within one year of 134.713 billion yuan [7]

具体来看，今日上榜的营业部中，沪股通为第一大买入营业部及第三大卖出营业部，买入金额为 4273.42万元，卖出金额为2839.78万元，合计净买入1433.64万元。 资金流向方面，今日该股主力资金净流出6553.08万元，其中，特大单净流出2831.04万元，大单资金净 流出3722.05万元。近5日主力资金净流出229.30万元。 8月28日公司发布的半年报数据显示，上半年公司共实现营业收入7.36亿元，同比下降61.52%，实现净 利润-1984.62万元。（数据宝） 香江控股9月17日交易公开信息 香江控股(600162)今日涨停，全天换手率10.48%，成交额8.87亿元，振幅7.38%。龙虎榜数据显示，沪 股通净买入1433.64万元，营业部席位合计净卖出4061.56万元。 上交所公开信息显示，当日该股因日涨幅偏离值达9.71%上榜，沪股通净买入1433.64万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交3.08亿元，其中，买入成交额为1.41亿 元，卖出成交额为1.67亿元，合计净卖出2627.92万元。 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | ...

上交所公开信息显示，当日该股因日振幅值达19.57%上榜，营业部席位合计净买入8075.80万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交2.59亿元，其中，买入成交额为1.70亿 元，卖出成交额为8932.57万元，合计净买入8075.80万元。 具体来看，今日上榜营业部中，第一大买入营业部为联储证券股份有限公司杭州环城北路证券营业部， 买入金额为6921.08万元，第一大卖出营业部为国泰海通证券股份有限公司毕节开行路证券营业部，卖 出金额为3960.00万元。 津投城开(600322)今日涨停，全天换手率16.56%，成交额5.50亿元，振幅19.57%。龙虎榜数据显示，营 业部席位合计净买入8075.80万元。 8月27日公司发布的半年报数据显示，上半年公司共实现营业收入5.17亿元，同比下降41.87%，实现净 利润-5.19亿元。（数据宝） 津投城开9月17日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 联储证券股份有限公司杭州环城北路证券营业 ...