Financial Data and Key Metrics Changes - Revenue from leasing decreased by 1% year-on-year, primarily due to the depreciation of the renminbi, while operating profit increased by 1% and underlying profit improved by 3% [9][10] - The net gearing ratio decreased to 32.7%, lower than the previous year, aided by a scrip dividend arrangement and reduced capital expenditures [30][66] Business Line Data and Key Metrics Changes - Mainland rental revenue remained flat year-on-year, with retail revenue up by 1% while office revenue faced headwinds, down by 8% overall [11][20] - In Hong Kong, rental revenue decreased by 2%, an improvement from a 4% decline in the first half of the year [10][24] - New letting increased by 15% and renewals by 5%, indicating effective tenant management [17] Market Data and Key Metrics Changes - The retail sector in Mainland China showed resilience, with a 3% increase in the second half of the year, while the office market continues to face challenges due to oversupply [11][20] - Hong Kong's retail market is stabilizing, with a notable improvement from a -9% to -2% decline in 2025 [23][24] Company Strategy and Development Direction - The company is focusing on its V3 strategy, which aims to expand with minimal capital expenditure and faster project execution, leveraging existing resources and relationships [4][7][36] - The company plans to enhance its presence in key cities like Shanghai, Hangzhou, Wuxi, and Kunming, aiming for increased market share and community engagement [5][36] Management's Comments on Operating Environment and Future Outlook - Management noted a mix of structural and cyclical corrections in the Hong Kong and Mainland markets, with cautious optimism for recovery in retail sales, particularly in non-luxury segments [8][56] - The company anticipates continued challenges in the office market for the next 18-24 months due to high supply levels [21][22] Other Important Information - The company achieved record-high footfall and sales in Q4, driven by effective tenant management and promotional events [18][19] - The company is preparing for its 66th anniversary with a focus on consumer engagement and experiential marketing [55] Q&A Session Summary Question: CEO's succession and qualities sought in a new CEO - The current CEO expressed a personal goal to retire at 55, emphasizing the importance of family time and confirming that the board has been informed well in advance [45][47] - The company is actively searching for a successor, with no specific timeline announced yet [46][52] Question: Outlook for Mainland China retail and tenant sales - Management remains cautiously optimistic about tenant sales growth, noting strong performance in non-luxury segments and a record-breaking Q4 [53][56] - January sales figures are expected to be comparable to last year, with the Chinese New Year falling later this year, which may positively impact sales [59]

Market Recovery - Hong Kong's housing market is showing signs of recovery, with home prices rising 3.25% in 2025, marking the first annual increase in four years [15] - The revival is supported by expectations for a strong fundraising year in the stock market, with international firms planning to open new branches in the city [15][1] - Mainland Chinese homebuyers have significantly contributed to clearing housing inventory, spending a record HK$138 billion in 2025, particularly in the luxury market [7][15] Residential Market Dynamics - Interest rate cuts have boosted mortgage demand and rising rents are encouraging residents to purchase homes [2][15] - Developers are regaining pricing power due to improved supply and demand dynamics, with some builders already planning to increase prices for existing projects [4][5] - Banks and property services firms anticipate residential price growth this year, with projections ranging from a 5% to a 10% increase [6][15] Commercial Real Estate Challenges - The commercial real estate market remains weak, with a vacancy rate for Grade A offices rising to 17.5% and rents falling by about 5.8% [9][15] - Investors are primarily focused on trophy assets in key business districts, while other areas struggle to attract tenants [9][10] - Commercial real estate transactions above HK$100 million increased by over 12% in 2025, the first rise since 2021, but international funds are largely absent from the market [11][12] Economic Influences - The Hong Kong Monetary Authority's interest rate cuts have alleviated loan payment pressures for builders and homebuyers, stabilizing overall asset prices [6][15] - The influx of over 230,000 new arrivals due to the government's talent program has driven residential rents to record highs, making home ownership more attractive [14][16] - The ongoing geopolitical tensions between China and the US may pose risks to the recovery, with limited catalysts for a major rebound in the property market without improvements in economic relations [8][15]

Group 1 - The first land promotion conference in Nanjing for 2026 was held on January 29, focusing on key areas such as Digital City and New Binjiang, and released an urban renewal opportunity list for Yuhuatai District [1][3] - The event attracted 15 major real estate companies, including China Resources Land and Poly Developments, as well as 10 urban renewal operators, showing strong interest in the promoted land resources and urban renewal list [3] - The promoted land resources include various types of plots, such as "small but beautiful" plots in the Yuhua core area, low-density residential land along the Qinhuai River, and high-rise residential land near schools, catering to diverse housing needs [3] Group 2 - Yuhuatai District has gathered 381 AI companies and 50,000 AI talents, aiming to create an AI and software integration zone with a target of attracting 1,000 AI companies and 100,000 AI talents, striving for a core output value of 100 billion [5] - During the discussion, participating companies engaged in in-depth exchanges regarding land indicators, area construction, cooperation models, and approval services, indicating a favorable residential supply-demand relationship in areas like Yuhua core, marking a good investment window for land [5] - Officials responded to companies' concerns, committing to enhance service guarantees and improve the "Yuhua speed" of project approvals [5]

Management framed 2025 against a “challenging” housing backdrop characterized by economic uncertainty, elevated interest rates, and affordability constraints. Hedigan said Five Point’s California footprint in supply-constrained markets supported resilience, noting that demand at The Great Park remained strong while Valencia saw more impact from affordability headwinds.Hedigan said the company received $73.6 million in distributions and incentive compensation payments from The Great Park Venture during the f ...

Vi e w p o i n t | 29 Jan 2026 01:59:47 ET │ 13 pages China Property Three Red Lines to Ease but Unlikely to Leverage Up for Investment in ST CITI'S TAKE Policies pacing up: talk of easing "three red lines" — Property firms are no longer required to report "three red lines" indicators to authorities (Bloomberg, 29 Jan). We note the "three red lines" were implemented since Aug'2020 in an aim to limit debt and encourage sector deleveraging. Indeed, after the Qiushi Journal article (link) that set a supportive ...

Photographer: Paul Yeung/Bloomberg New World Development Co.’s shares and bonds surged after people familiar with the matter said Blackstone Inc. is in advanced talks to become the single largest shareholder of the Hong Kong developer. The stock jumped as much as 12% to the highest since November 2023 before paring gains. If completed, the proposed deal would position the US investment firm to restructure the embattled developer and support its efforts to offload assets to shore up liquidity. Most Read ...

New World shares surged to a two-year high after people familiar with the matter said late Thursday that Blackstone is in advanced talks to become the single largest shareholder of the Hong Kong developer https://t.co/f6ii5fyqi5 ...

Group 1 - In 2025, Shenyang implemented precise policies to better meet residents' rigid and improved housing demands, effectively boosting buyer confidence and promoting property transactions [1] - The land market in Shenyang saw a resurgence of premium land grabbing, with many high-quality projects entering the market, making successful "first openings" a norm [1] - The top three real estate companies in Shenyang by sales volume in 2025 were Aoyuan, Yirun, and Daobuduan, with sales figures of 2,490 million m², 1,351 million m², and 1,300 million m² respectively [2] Group 2 - The top three companies in terms of registered residential area in Shenyang were China Overseas, China Resources Land, and Longfor, with China Overseas holding the title of "triple crown" in area, amount, and number of units [4] - The leading residential projects by registered area included China Resources Land's Zhonghuanyuefu, China Overseas's Tianduan, and Songming Xinghewan, indicating a shift from demand for basic housing to improved housing products [7] - In the Heping District, the top three projects by registered area were China Overseas's Lingguan No. 1, Yujing New World, and Runqi Hepingli, showcasing strong performance in the area [13] Group 3 - In the Hunnan District, the top three projects by registered area were China Overseas's Tianduan, Shenyang Xinghewan, and China Overseas's Shengjing Juzhang, with multiple new projects entering the market [19] - The top three projects in the Tiexi District were Runxi Fu, Runyue Bay, and Tianyi Jingcheng's Milan Phase II, indicating a vibrant market with new projects on the horizon [29] - The top three projects in the Yuhong District were Hongfa Huanhua Creek, Xuefu Meidi City, and Poly Heguang Yuhai, with several new projects expected to enter the market soon [32]

Core Insights - Eastern Bank has announced $15.5 million in construction financing for Causeway Development to convert a historic mill building in downtown Brockton [1] - The project will create 30 mixed-income housing units, including 10 market-rate units, 15 affordable units (up to 60% of the Area Median Income), and five Massachusetts Rental Voucher Program units (up to 30% AMI) [1] - Additionally, the development will feature three ground-level commercial spaces, including a community-oriented co-working space [1]

Nextensa NV/SA: Information on the total number of voting rights and shares In application of article 15 of the Law of 2 May 2007 on disclosure of major shareholdings, Nextensa (the 'Company') announces the following information following the loss of double voting rights attached to registered shares. Situation on 29 January 2026: Total capital : EUR 111,856,017.40 Total number of securities carrying voting rights: 10,171,130Number of securities with double voting rights: 6,174,488(1) Total number of ...