Summary of Conference Call on China Property Market Industry Overview - The conference call focused on the **China Property** market, specifically the performance of major property developers in January 2026 and expectations for the first quarter of 2026 [1][2]. Key Points Sales Performance - Contracted sales for the 25 major developers tracked fell **32% year-on-year (y-y)** in January 2026, despite a low base due to the Chinese New Year (CNY) calendar effect [1][2]. - The top 50 and top 100 developers experienced declines of **26% and 29% y-y**, respectively, in January, compared to **-22% and -29%** in December [2]. Divergence in Developer Performance - State-Owned Enterprises (SOEs) outperformed other developers with milder declines. Notable performers included: - **China Overseas Land & Investment (COLI)**: +20% y-y - **Jinmao**: +14% y-y - **CR Land**: +0.4% y-y - Conversely, developers like **Sunac**, **Shimao**, **CIFI**, **Midea RE**, and **GZ R&F** reported declines exceeding **50% y-y** [3]. Market Outlook - The physical property market is expected to continue its downtrend in 2026-27, with projected declines of **8% and 6% y-y** in secondary home prices [4]. - A meaningful nationwide housing policy is anticipated to remain muted in the coming months, contributing to fragile buyer sentiment and increased inventory [4]. Investment Sentiment - Recent sentiment-driven outperformance in the China property industry is viewed as unsustainable, with expectations of a sector pullback as results season approaches [5]. - The focus remains on quality names with credible self-help stories, such as: - **CR Land (1109.HK)** - **Seazen (601155.SS)** - **C&D International (1908.HK)**, which is seen as a consolidator in the residential market with optimized landbanks [6]. Additional Insights - The analysis indicates that home prices in tier 1 and select tier 2 cities could stabilize in the second half of 2027 if the macro environment remains resilient [4]. - The overall sentiment in the market is cautious, with expectations of continued challenges for developers, particularly those with weaker brand recognition and fewer saleable resources [5][6].

Summary of China Property Sector Conference Call Industry Overview - **Industry**: China Property Sector - **Key Focus**: Market expectations, policy changes, sales performance, and investment opportunities Core Insights 1. **Investor Positioning**: Many investors in Hong Kong, Singapore, and overseas have been underweight in the China property sector, while sectors like metals, mining, tech, and healthcare are well-owned. There is a shift towards increasing exposure in the property sector due to fear of missing out on potential recovery [1][2] 2. **Sales and Investment Trends**: Secondary sales improved in January, with a month-on-month increase compared to December. However, new home sales remain weak, with a year-on-year decline of approximately 30% expected to persist into Q1 2026 due to last year's high base [2][4] 3. **Policy Easing Expectations**: Positive market sentiment in January was driven by expectations of policy easing, including VAT cuts and adjustments to down payment requirements for commercial properties. The easing of the "three red lines" policy indicates that deleveraging targets may have been met [2][15] 4. **Opportunistic Window**: There is a belief that an opportunistic window may exist from January to March before the National People's Congress meeting and FY25 earnings reports, suggesting potential for strategic investments during this period [2] 5. **Stock Picks**: Recommended stocks include China Overseas Land & Investment (COLI), Jinmao, and Greentown, which are expected to benefit from land acquisition growth and ample saleable resources in 2026. CR Land is noted for its strong fundamentals but is already well-owned [3] 6. **Secondary Market Activity**: Secondary transaction volumes improved to approximately 26,038 units in the week ending January 25, 2026, reflecting a 19% year-on-year increase. This is seen as a positive sign for market confidence [3][9] 7. **New Home Sales Performance**: New home sales increased by 15% week-on-week but are still down approximately 30% year-on-year. The primary sales trend remains uncertain and is not yet sustainable [4][11] 8. **Land Acquisition Trends**: Significant increases in land acquisition costs were noted for several companies, with Jinmao seeing a 78% increase year-on-year. In contrast, Vanke and Longfor reported substantial declines in land acquisition values [17] Additional Important Points - **Policy Support**: Recent supportive policies include lowering the minimum down payment for commercial property mortgages and extending tax refund policies for home buyers [15][16] - **Market Sentiment**: The market's positive response to policy changes indicates a potential shift in investor sentiment towards the property sector, despite ongoing challenges in new home sales [2][4] - **Valuation Insights**: The sector's valuations are being closely monitored, with recommendations varying from buy to neutral based on individual company fundamentals [20] This summary encapsulates the key discussions and insights from the conference call regarding the China property sector, highlighting both opportunities and ongoing challenges.

30 January 2026 | 5:15PM CST Equity Research China Property: 3RL removal not new, but raise market expectations on timely policy support to strengthen YTD positive momentum On Jan 28th, onshore news reported that multiple property developers (spanning SOE/POE entities of stable/distressed operating conditions) confirmed that central regulators no longer require monthly submission of "Three-Red-Lines" ("3RL") indicator data. Our conversations with a couple of developers indicate that such monthly reporting h ...

乐居财经 王敏 2月1日，中建壹品·海宸元境拿下海淀区1月网签面积、套数、金额三冠王。 | 名次 | 项目名称 | 成交套数 | 成交面积 | 成交均价 | 成交金额 | | --- | --- | --- | --- | --- | --- | | | | | (万m²) | (元/m2) | (亿元) | | | 海宸元境 | 38 | 0.43 | 83763 | 3.63 | 据京楼销售排行榜数据，海宸元境1月成交38套，成交面积0.43万㎡，成交均价83763元/㎡，成交金额3.63亿元。 海宸元境所在海淀宝山0016地块于2025年6月5日完成出让，由中建壹品以27.78亿元总价竞得，住宅楼面价约5.68万元/㎡。 面积段99/107㎡三居；123/139/181㎡四居；另有少量建面约70/80/90㎡的顶退户型。整体得房率达到87%-93%，同面积可多得一个小房间，算得上海淀新盘 赠送天花板了。 中间户通面宽飘窗，边户外加与进深同等尺度的飘窗，全是赠送面积。99㎡户型隐藏了一个彩蛋，北边小卧室东侧也有个飘窗。 顶配181㎡户型，通过错位设计，在客厅和卧室都做出了弧面转角窗，连成一个圆润的W形。 ...

Core Insights - Millrose Properties, Inc. (NYSE:MRP) has initiated dividend payments, highlighting its financial strength and commitment to returning earnings to shareholders [2][3]. Dividend Announcements - On March 17, Millrose Properties announced its first dividend of $65 million, equating to $0.38 per share for both Class A and Class B common stock [2]. - On December 22, the company declared a quarterly cash dividend of approximately $124.5 million, with a payout of $0.75 per share for Class A and Class B common stock, indicating a significant increase in capital returned to investors [3]. Company Performance and Strategy - The CEO, Darren Richman, emphasized that the company's first year as a public entity was marked by steady growth and enhanced industry relationships, with the recent dividend increase reflecting the strength of Millrose's homesite option platform [4]. - Richman noted that well-located finished homesites are a scarce resource in housing, and Millrose's platform supports various building strategies, providing builders with essential inventory [5]. - Millrose Properties offers operational and capital solutions for homebuilders and land developers through its Homesite Option Purchase Platform, known as HOPP'R [6].

Core Viewpoint - The Shenzhen real estate market is showing signs of recovery, with significant demand for both affordable housing and commercial properties, driven by favorable policies and economic growth [1][6]. Group 1: Affordable Housing Market - The first affordable housing project of the year, Shen Tie Ming Zhu Fang, sold out on January 31, 2026, indicating strong demand for affordable housing [1][2]. - The project had 181 units available, with 662 qualifying households, resulting in a subscription ratio of approximately 1:3.6, reflecting high interest from first-time buyers [2]. Group 2: Overall Real Estate Market Performance - In January 2026, over 10,000 new and second-hand homes were signed, with second-hand home transactions increasing by 25% year-on-year and 7% month-on-month [1][6]. - The market has seen a steady increase in second-hand home transactions, with over 5,000 units sold for ten consecutive months since March 2025 [1]. Group 3: Commercial Real Estate Trends - In January 2026, new commercial property transactions accounted for 35.5% of total new home sales, while second-hand commercial property transactions made up 20.5% of total second-hand sales, both showing increases from 2022 [5]. - High-demand small apartments in prime locations are favored for their low entry barriers and high rental yields, with some properties showing rental returns exceeding 4% [5]. Group 4: Policy and Economic Support - A series of policy incentives have been introduced in 2026, including a reduction in capital gains tax for properties held for less than two years and adjustments to commercial property loan requirements [6]. - Shenzhen's GDP grew by 5.5% in 2025, with strong industrial performance, which is expected to enhance employment and income prospects, further boosting real estate demand [6].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002208 证券简称：合肥城建 公告编号：2026008 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的虚假记载、误导性陈述或者重 大遗漏承担责任。 一、本期业绩预计情况 1、业绩预告期间：2025年1月1日-2025年12月31日 2、预计的业绩：预计净利润为负值 二、与会计师事务所沟通情况 本次业绩预告相关的财务数据未经会计师事务所预审计。公司已就本次业绩预告有关重大事项与会计师 事务所进行了预沟通，双方不存在重大分歧。 三、业绩变动原因说明 本报告期公司归母净利润较上年同期下降主要原因如下： 1、本期公司联营企业参股的房地产项目（合肥华侨城空港小镇项目）计提大额存货跌价准备且发生经 营亏损；同时公司对其提供的财务资助本期新增信用减值损失。上述事项合计影响公司本期利润约2.70 亿元，具体金额以会计师事务所审计后的金额为准。 2、基于行业发展趋势、市场环境变化，秉持谨慎性原则，公司对部分存货项目计提跌价准备。 3、公司项目销售去化周期加长，销售价格不断下调，本期公司交付项目毛利率同比下滑。 4、本期公司竣工交付项目增加，营业收 ...

扬子晚报网1月30日讯（记者 姜天圣）1月30日，公开资料显示，镇江市五洲山路以南、站前路以西（绿地中央广场项目8-7地块1#商办楼）的459套不动 产即的拍卖因无人出价，已经流拍。 公告 整幢房屋总建面约75855.48m ，本次评估房屋总建面约68950.77m ，估价对象具备供水、供电、供气等设备。并且本次拍卖的68950.77m 资产，尚未完成 竣工验收。此次起拍价约2.16亿，评估价达到了约3.09亿！拍卖时间为1月29日。 此前，记者在现场探访过，这栋建筑周边长满了杂草，显然已经长时间无人打理，入口处贴着查封公告及警示牌，提醒注意高空坠物。 据悉，绿地商业中心是169米超高层办公商业综合体，楼体高度169米，超高层总高40层，地上38层，地下2层，1-3层国际名品商业，4-38层办公楼，地下 1-2层：停车场。镇江绿地中央广场是由绿地集团开发的综合性城市项目，位于主城区西南，南徐新城中心区的核心位置。北依白龙潭公园、体育会展中 心，南接京沪高铁（601816）镇江南站，西望十里长山。 项目总投资额超过 140亿元 ，总建筑面积约 200万平方米 ，定位为高铁枢纽型城市综合体，紧 邻镇江高铁南站，交 ...

Core Insights - Lead Real Estate Co., Ltd (LRE) was featured in a sponsored editorial report by Newsweek International, highlighting its Jinryu Hotel Series and its role in Japan's evolving hospitality sector [1][2] Company Overview - Lead Real Estate Co., Ltd is a Japanese developer specializing in luxury residential properties, including single-family homes and condominiums, primarily in Tokyo, Kanagawa Prefecture, and Sapporo [3] - The company also operates hotels in Tokyo and leases apartment units in Japan and Dallas, Texas [3] Company Mission and Vision - The company's mission is to provide stylish, safe, and luxurious living environments [4] - The vision includes adopting a Kaizen (continuous improvement) approach to enhance operations and leverage its award-winning luxury homes to create a global transaction platform for prime Japanese and overseas condominiums [4]

今年，雨花台聚焦城市发展和民生改善需求，推出了位于数字城、新滨江等重点功能片区的多幅重点土地资源，地块指标设置坚持"差异化定位、精准化 匹配"原则。既有在雨核片区挖潜推出的"小而美"地块，也有秦淮河边的低密宅地，还有学校边的高层住宅用地，可满足多元化的住房需求。推介会上， 雨花台区同步推出了雨花新村二化机厂、粮仓π.数字文旅产业园、三山片区等一批待更新项目，涵盖了城镇老旧居住区域改造、老旧街区(厂区)更新改造 等多个类型，将进一步推动存量空间提质增效。 座谈交流环节，与会企业围绕土地指标、片区建设、合作模式、审批服务等话题展开深入交流，并就地块出让策略等提出了意见建议。区领导及相关部门 负责人现场回应企业关切，表示将全程做好服务保障，进一步提档工程审批的"雨花速度"。通讯员喻华轩扬子晚报/紫牛新闻记者张昊 1月29日下午，2026年南京首场土地招商推介活动在雨花台区智慧城市软件产业基地召开。活动以"数字赋能智造兴城"为主题，聚焦雨花台区的产业发展 优势和土地资源价值，现场集中推介了多幅优质地块，并发布了雨花台区城市更新机会清单。 本次活动上，雨花台区倾听企业诉求、共商发展合作。华润置地、保利发展（600048 ...