9 December 2025 Daily dose of HK & mainland China Real Estate Research Focus and Views on the News HK & mainland China Highlights of the day Hong Kong Mainland China Research focus China Real Estate: 2026: Time to move on from analysis paralysis Michelle Kwok* Head of Asia Real Estate and HK Equity Research The Hongkong and Shanghai Banking Corporation Limited michellekwok@hsbc.com.hk +852 2996 6918 Analyst, Asia Real Estate and Conglomerates The Hongkong and Shanghai Banking Corporation Limited raymond.w.m ...

Summary of the Conference Call on China Property Sector Industry Overview - **Industry**: China Property Sector - **Event**: Central Economic Work Conference (CEWC) held on December 10-11, 2025 Key Points and Arguments 1. **Risk Management and Market Stabilization**: - The conference emphasized the need to take proactive steps to defuse risks in key areas and stabilize the property market through city-specific policies aimed at controlling new supply, reducing inventory, and optimizing existing supply [1][2][7] - The focus is on encouraging inventory purchases for social housing and deepening the reform of the housing provident fund [1][7] 2. **Policy Tone and Intentions**: - Compared to previous meetings, the tone in December 2025 is seen as more proactive than in April and July 2025, but less decisive than in December 2024 [2] - The language used indicates a shift from a strong push for stabilization to a more moderate approach, recognizing the imbalance of weak domestic demand against strong supply [2] 3. **Local Stimulus and Monetary Policy**: - A new round of local demand-side stimulus is anticipated, including home purchase and mortgage interest subsidies, although these are not expected to significantly alter home price expectations due to abundant supply [3] - There is a low likelihood of targeted monetary easing or pro-leverage initiatives in the near term, but urban renewals and REIT approvals are expected to accelerate [3] 4. **Market Reactions and Sales Outlook**: - The property sector experienced a share price correction in early December due to weak sales and price declines, particularly in Tier 1 cities, alongside expectations of policy easing following Vanke's debt extension [4] - A short-lived policy-driven rebound in share prices is expected, with continued soft sales projected for Q4 2025 and limited improvement in household confidence [4] 5. **Investment Recommendations**: - Analysts suggest late December as a better entry point for reviewing the sector after the recent price corrections, with top picks including Jinmao, C&D, and CRL [4] Other Important Insights - The conference highlighted the importance of stabilizing investment and resolving local government debt risks while maintaining a necessary fiscal deficit and ensuring stable economic growth [1][7] - The need for a moderate recovery in price levels and stabilization of investment from further decline was acknowledged, indicating a cautious approach to future developments in the property market [2][3] This summary encapsulates the critical discussions and insights from the conference call regarding the current state and future outlook of the China property sector, emphasizing risk management, policy intentions, and market dynamics.

Asia Pacific Equity Strategy and Quantitative Research 10 December 2025 China Property Rmb400bn mortgage subsidies? On 10th December, the sector rallied 3% (HSI: +0.4%) on the back of market speculation about policymakers considering providing mortgage subsidies. This market speculation is not new as it was already reported by Bloomberg on 20th November (more), although the latest version includes the potential size (Rmb400bn). Generally, we believe this policy direction is possible. However, we do not thin ...

China Vanke made a renewed effort to muster bondholder backing for an onshore debt repayment due this week and avoid a default after the state-backed developer's plan was rejected, rekindling concerns... ...

Core Viewpoint - China Vanke Co., the last major developer in China to avoid default, faces significant challenges as creditors rejected its proposal to delay a bond payment, highlighting the ongoing real estate debt crisis in the country [1][3]. Company Summary - Vanke failed to secure the necessary support for its plan to delay a 2 billion yuan bond payment due on December 15, with all proposals falling short of the required 90% approval [2]. - The company must find funds to pay the bond by the end of Monday or within a five-business-day grace period, or risk default [4]. - Vanke has historically relied on support from its largest shareholder, state-owned Shenzhen Metro Group, which provided over 30 billion yuan in shareholder loans [5][6]. - Recent scrutiny of Shenzhen Metro's borrowing terms has led to a decline in Vanke's securities, raising concerns about its financial stability [6]. Industry Summary - The ongoing real estate debt crisis in China has persisted for five years, resulting in record defaults and restructurings among major property developers like Country Garden and Evergrande [3]. - Policymakers have pledged to stabilize the housing market but have not implemented measures deemed necessary by some economists to revive the sector [3]. - Market analysts suggest that a full-scale debt restructuring for Vanke is likely, as temporary extensions would not resolve the underlying financial issues [9].

深房中协的数据显示，市民购房意愿持续增强。图为深铁珑境Ⅱ云赋项目。(资料图片) 深圳商报首席记者李秀瑜 临近岁末，深圳房地产市场暖意渐显。深房中协的数据显示，今年第49周(12月1日—12月7日)，全市新房、 二手房交易量双双环比上升，刚需、改善性需求活跃，豪宅市场也呈现出强劲购买力，年底"翘尾"行情正逐 步显现。 新房周成交807套，环比增长4.8% 市房地产信息平台统计，今年第49周，全市新房(预售+现售)成交807套，环比增长4.8%。其中住宅成交608 套，环比增长7.4%，市场热度稳步抬升。二手房方面，经深房中协统计，全市二手房(含自助)录得量1419 套，环比增长6.2%，实现12月首周"开门红"。 值得一提的是，需求端同步回暖，数据显示，上周新增委买合同需求量环比增长4.8%，市民购房意愿持续增 强。 新房二手房周成交量环比双升，豪宅购买力强劲释放 深房中协的相关负责人介绍，整体来看，性价比是当前深圳普通购房者的核心决策因素，而龙岗正是这一趋 势的集中体现。 记者从乐有家研究中心获悉，上周乐有家门店二手签约量环比上涨17.9%，而看房量也环比上涨5.3%，处于 相对高位。"成交上涨一方面由于年底 ...

Core Insights - KARL LAGERFELD and AARK Developers have partnered to develop the KARL LAGERFELD Residences, a luxury beachfront project in Ras Al Khaimah, valued at over USD 1.4 billion, with completion expected in 2028 [1][3][5] Project Overview - The project will feature 663 sea view residences ranging from one to four bedrooms, including private pools for select units, 20 podium villas, 10 sky villas/penthouses, and 11 beachfront villas, each with its own private pool [3] - Amenities will include two signature cafés and restaurants, a beach club, a sky bar with an infinity pool, and a 1000ft private beach, emphasizing architectural excellence and resort-style living [3] Market Context - Al Marjan Island is positioned as a luxury hub for tourism, hospitality, and entertainment, further enhanced by the upcoming Wynn Al Marjan Island integrated resort, set to open in 2027 [4] - This project represents KARL LAGERFELD's second branded initiative in the Middle East, with a launch event planned in Dubai for Q1 of 2026 [5] Company Background - KARL LAGERFELD is expanding its presence in hospitality and branded living, with existing projects including hotels in Macau and Marbella, and residences in Dubai and Lisbon [6] - AARK Developers is recognized for its design-led approach and has delivered projects worth over AED 5 billion, focusing on quality and long-term value [10]

冬意渐浓，位于镇江市润州区的全省首批改善型住宅——朱方·恒顺里销售中心内却暖流涌动。"我 们一直想换个地段好、环境也好的房子，这里完全符合我们的期待！"11月30日，刚完成签约的市民陈 女士满脸笑意。销售中心人气火热，当天首次推出的80套房源1小时全部售罄，实现销售额2.58亿元。 "好房子"不仅是居住空间，更是幸福载体。截至目前，镇江市共有11个项目通过省改善型住宅项目 预评价，数量位列全省第二。从"住有所居"到"住有宜居"，镇江正以扎实行动书写着让更多家庭在"好 房子"里安放美好生活的民生答卷。镇江市委书记马明龙表示，要坚持以人民为中心推进改革，推动改 善型住房建设、商品房"以旧换新"等政策落地，在提供高品质住宅的同时着力拓展公共服务空间，让群 众有更多获得感。 精准施策，筑牢"好房子"根基 走进朱方·恒顺里项目展示区，近3000平方米的园林景观已初具规模，儿童活动区与休闲功能区一 应俱全。"我们提供全系改善户型，覆盖不同家庭结构，全面提升住宅性能与舒适度。"镇江城建集团旗 下朱方开发建设集团总经理陈其荣介绍。 作为主城区唯一以房地产开发为主业的市属国企，镇江城建集团坚定"城市产业综合运营服务商"战 略定 ...

HAVERTOWN, Pa., Dec. 12, 2025 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of $1,200,000, or $0.22 per diluted share, for its 2026 fiscal second quarter ended October 31, 2025 compared to net income of $4,042,000, or $0.75 per diluted share, for the same period of the prior year. For the first six months of 2026, AMREP had net income of $5,892,000, or $1.09 per diluted share, compared to net income of $8,106,000, or $1.51 per diluted share, for the same period of 2025. Revenues ...

12月12日，昆明市五华区黑林铺街道办事处6宗城镇住宅用地成功底价出让，共计揽金约4.6亿元。 | | | 十地 | 面积 | 出让 | | 规划设计条件 | | 出让 | 交易 | 竞买 | 竞价阶 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 地块编号 | 位置 | | 用途 | | 建筑 | 绿地率 | 年限 | 起价 | 保证金 | 相 | | | | | | | 容积率 | 密度 | (%) | | | | | | | | | (平方米) | | | (%) | | (年) | | (万元) | | | | KCWH2024-2- | 五华区黑林铺街道办 | 15077.90 | 二类城镇住宅用 | >1月≤2.7 | ≤25 | ≥40 | 70 | 5044.26 | 1010 | રેર | | | A1号 | 事处 | | 地 | | | | | | | | | 2 | KCWH2024-2- | 五华区黑林铺街道办 | 9752.99 | 二类城镇住宅用 | >1 ≤2. ...