Core Insights - The Berkeley Group reported a credible performance in a challenging trading environment for the first half of the year ending October 31, 2025 [2] - The company is positioned uniquely in the London development market, leveraging its scale, experience, and expertise to support government housing targets [3] - The Berkeley 2035 strategy is designed to create long-term shareholder value through agile capital allocation [2] Company Performance - The company aims to increase housing starts tenfold to over 80,000 per annum in London and GBP 1.5 million across the country during the current parliamentary term [4] - Government policies since 2015 have viewed property ownership as a revenue source, leading to higher corporate and development taxes, which constrain investment viability [4] Government Relations - The company expresses support for recent government policy initiatives aimed at reducing regulation, including the Homes for London initiative [5]

Core Viewpoint - The successful auction of the B405-0308 land parcel in Shenzhen's Futian District by China Railway Real Estate for 792 million yuan, with a high premium of 65%, indicates a structural recovery in the Shenzhen real estate market [2][9]. Group 1: Land Auction Details - The B405-0308 land parcel was sold for a total price of 792 million yuan after 148 competitive bids, resulting in a floor price of 42,695 yuan per square meter [2][4]. - The land area is 4,994.02 square meters, with a planned construction area of 18,550 square meters, including 15,380 square meters for residential use, categorized as a "mini residential land" [4][8]. - The auction required that all residential units be sold as completed properties, prohibiting pre-sales, which raises the entry threshold for developers [4][9]. Group 2: Market Reaction and Implications - The high premium of 65% for the land parcel signifies a structural recovery in the Shenzhen real estate market, with the acceptance of the "completed property sales" model likely influencing future land sale policies [9][10]. - The shift towards high-quality competition over high turnover among developers may enhance buyer confidence and stabilize market expectations [9][10]. - The scarcity of land in core areas of Shenzhen is expected to continue supporting prices, with projections indicating that the city will maintain market activity through the release of a limited number of quality land parcels in 2026 [9][10]. Group 3: Industry Outlook - The Shenzhen land auction market is showing signs of recovery, with significant transactions occurring recently, reflecting strong demand for quality land among developers [10]. - Current real estate policies are anticipated to focus on stabilizing the market, including measures to reduce purchasing costs and promote housing demand [10]. - The successful acquisition of the Futian land parcel by a state-owned enterprise underscores the strong position of central enterprises in the land market and contributes to the structural recovery of the Shenzhen real estate sector [10].

J P M O R G A N Asia Pacific Equity Research 07 December 2025 Mainland China/Hong Kong Property Investor feedback from recent marketing Over the past month, we have spoken with >80 investors across different regions, and we summarize the key investor feedback below. Relatively, stock-picking interest in Hong Kong Property is much higher. Within Mainland China Property, the most enquired stocks remain CR Land and CR Mixc. Among HK property companies, we received more enquiries on SHKP, Link REIT, Henderson, ...

How do you convert office buildings into homes. New York City is showing how it's done. Take 753rd, a 35-story office building in Midtown East.The sixth floor looked like your typical open office space with room for desks, cubicles, bathrooms, and elevators. 38 apartments are set to be created on the sixth floor alone for a total of 680 across the whole building under a plan that will be completed in 2029. The bedrooms are designed to be near the windows of each unit in order to bring in sunlight.Bathrooms ...

Core Insights - The recent land auction in Shenzhen saw intense competition, with the total sales amounting to 39.52 billion yuan for two residential plots, indicating strong demand for prime real estate in the area [2][10]. Group 1: Auction Details - On December 8, two residential plots were successfully auctioned in Shenzhen, located in Nanshan and Guangming districts, with a starting total price of 30.02 billion yuan [2]. - The Nanshan plot was won by China Overseas Land & Investment for 31.86 billion yuan after 95 rounds of bidding, resulting in a floor price of approximately 77,400 yuan per square meter and a premium rate of 42.49% [2][4]. - The Guangming plot was acquired by Longfor Group at the base price of 7.66 billion yuan [2]. Group 2: Market Context - The Nanshan plot is strategically located near major corporate headquarters and has a compact size of approximately 11,800 square meters, with a total construction area of about 41,184 square meters [4]. - The area has limited residential offerings, with the only new housing project priced at an average of 133,000 yuan per square meter, while second-hand listings range from 140,000 to 180,000 yuan per square meter [6]. - China Overseas has now secured two residential plots in the Shenzhen Bay Super Headquarters Base area, reinforcing its position in the high-end market [6][8]. Group 3: Overall Land Supply Trends - Shenzhen has successfully auctioned 11 residential plots this year, covering an area of 229,400 square meters and generating over 28 billion yuan in total sales [10]. - The highest premium rate recorded was 86.1% for a plot in Qianhai, while the highest total price was 8.64 billion yuan for a plot in Bao'an, indicating a competitive land market [10]. - The overall trend in land supply across the country shows a reduction in quantity but an increase in quality, with a 16% year-on-year decrease in residential land transactions in 300 cities from January to November [12].

Core Viewpoint - Aviva Plc is seeking a partner to fund a new skyscraper project in London's insurance district, betting on a rise in office rents despite current market uncertainties [1][3]. Group 1: Project Details - Aviva's investment management arm has engaged broker Knight Frank to sell a stake in the 130 Fenchurch Street project, which received planning approval in September [2]. - The development will feature over 600,000 square feet (57,500 square meters) of office space, along with a public garden terrace and ground floor retail options [9][10]. - Demolition of the existing building, Fountain House, is expected to complete next year, with the new tower potentially finished by 2030 [10]. Group 2: Market Context - Higher construction costs are making many projects unprofitable unless they achieve significantly higher rents, leading developers to delay new projects [3]. - Companies are hesitant to commit to long-term leases due to rising costs and uncertainties about future space needs, exacerbated by flexible working arrangements and the impact of artificial intelligence [4][5]. - There are indications of accelerating rental inflation, exemplified by Proskauer Rose LLP agreeing to a record rent of £140 ($186.82) per square foot for office space in the City of London [7]. Group 3: Competitive Landscape - BlackRock Inc. is exploring options for a new London headquarters despite having a decade left on its current lease, highlighting the scarcity of available office space [8].

Core Insights - Kairoi Residential has acquired a prominent corner in LoHi for $39 million, planning to develop a 5-story, 429-unit apartment complex [2][3] - The purchase price was $231 per square foot for the 4 acres of land, which includes the site of the closed Residence Inn by Marriott hotel [2] - The estimated construction cost for the new apartment complex is projected at $65.6 million [2] Company Details - Kairoi Residential is based in San Antonio, Texas, and has previously developed six other projects in the local area, including Westminster and RiNo [4] - The company has recently closed on a development site in Lakewood, indicating ongoing expansion efforts [4] Market Context - The LoHi area is experiencing significant demand for apartment construction, with nearby projects including a 189-unit development by Carmel Partners and a 282-unit project by a new Aspen-based firm [5]

Core Insights - DarGlobal and Art District Real Estate Development have partnered to develop the Marine, Art & Digital District (MAD) in Muscat, Oman, covering over 1.5 million square meters with a gross development value of OR1.6 billion ($4.2 billion) [1][2] - The project aims to create an integrated location combining residential, hospitality, cultural, retail, and business facilities, supporting Oman's economic diversification strategy [2][3] Group 1 - The MAD project will be developed in multiple phases over the next 12 years [1] - The district will feature international art exhibitions, digital business incubators, a financial center, and a year-round program of cultural events [4] - The initiative is designed to attract foreign investors and entrepreneurs, fostering new business models related to property ownership and digital enterprises [5] Group 2 - DarGlobal's portfolio includes developments in 14 cities across nine countries, with an international development pipeline exceeding $19 billion [6] - The company recently acquired 28,800 square meters of land for a mixed-use project in Jeddah, Saudi Arabia [6] - The CEO of DarGlobal emphasized that MAD will empower enterprise, attract global talent, and unlock new economic value for Oman [3][5]

RMZ, one of India’s biggest developers, is considering an IPO that may raise as much as $1 billion https://t.co/XJevoekdei ...

Core Points - The Huizhou Zhongkai High-tech Zone Public Resource Trading Center has listed three commercial and residential land parcels in the Chenjiang Baiyun area, with a total starting price of approximately 393 million yuan and a starting floor price of about 3,059 yuan per square meter [1][4] - The listed land parcels are designated for the construction of resettlement housing as part of a village renovation project, with the overall repurchase to be conducted by a state-owned enterprise [1][4] Group 1 - The three land parcels, identified as ZKB-036-18-03, ZKB-040-09-02, and ZKB-040-10-03, are located in the northern area of Chenjiang Light Rail Station and are part of the urban village renovation project [4] - The total land area for the three parcels is approximately 41,000 square meters, with a total planned construction area of about 128,000 square meters and a minimum of 1,088 residential units [4] - The project includes specific housing type ratios, with 22.5% for units of 85-89 square meters, 22.5% for units of 100-105 square meters, 35% for units of 118-123 square meters, and 20% for units larger than 140 square meters [4] Group 2 - The project is required to include a certain proportion of commercial building area and must not include service-type apartments, while also providing public service facilities such as property service rooms, elderly care facilities, and community sports activity areas [4] - The total repurchase price for the project is capped at 1.15 billion yuan, with a repurchase price of 8,650 yuan per square meter for residential and commercial properties, and 30,000 yuan per parking space [7] - This land supply is a key initiative for promoting urban renewal in the Zhongkai central area, aiming to efficiently and steadily ensure the resettlement of villagers while enhancing the urban landscape and functionality [9]