美银证券发表研究报告指，香港楼市已开始复苏，相应将住宅楼价格反弹时间预测从2027年提前至2026 年下半年，预料将录得约3%升幅，并于2027年再升5%，并相信香港地产发展商盈利及派息将在2027年 恢复增长，将地产股目标价平均上调3%，今年至2027年盈利预测上调最多4%，现阶段较倾向于可持续 提供良好股息回报的股份。 该行在发展商中偏好长实与信和置业，将长实的评级从"中性"上调至"买入"，目标价由39港元上调至42 港元，以反映其估值相对落后、盈利与股息预期见底，以及于2021至2022年积极补充土地储备后，将受 惠于2026年下半年起的楼价复苏；对信置亦给予"买入"评级，目标价由9.8港元上调至10.8港元。收租股 方面，该行看好恒隆地产及太古地产，均予"买入"评级，目标价分别上调至10港元及24.5港元。 ...

Group 1 - The article discusses the taxation policies related to luxury vehicles and new energy vehicles, specifically focusing on the consumption tax implications for different types of vehicles [4][6]. - It clarifies that for new energy vehicles, only the retail stage incurs consumption tax, unlike traditional luxury cars which are taxed at both import and retail stages [4][6]. - The article emphasizes that the base price of a vehicle must exceed 900,000 yuan (excluding VAT) to be subject to consumption tax, and additional costs for optional features do not affect this threshold [4][5]. Group 2 - The article explains that second-hand luxury cars sold by taxpayers are exempt from consumption tax, provided they meet specific conditions regarding registration and ownership transfer [6]. - It outlines the tax exemption policy for individuals renting out properties, stating that if the average monthly rent does not exceed 100,000 yuan, the rental income is exempt from VAT [17][19]. - The article references the relevant tax regulations that allow for the averaging of rental income over the lease period to determine VAT applicability [19].

一场起源于传贳房的金融风暴，正让韩国楼市付出惨痛代价。曾经靠"空手套白狼"炒房的游戏，如今变成噩梦连连。 韩国首尔江南区，一位中国投资者看着手机上的房价走势图，眉头紧锁。他手中持有的三套公寓， 过去一年已缩水近40%。与此同时，他的手机不断收到 东京不动产中介发来的推荐信息。 "现在抛售已经来不及了，只能眼睁睁看着资产蒸发。"这位不愿透露姓名的投资者苦笑着说。他并非个例，在韩国楼市暴跌的浪潮中，中国买家们正在悄然 转移阵地。 全租房模式，韩国楼市的"特洛伊木马" 在韩国，一种独特的租房模式——"全租房"（又称传贳房），成为这轮楼市崩盘的导火索。这种模式看似双赢，却暗藏致命风险。 全租房规则很简单： 租客向房东支付相当于房价50%-80%的保证金，即可免费居住两年。合同到期后，房东全额返还保证金。对租客而言，相当于无租金 住房；对房东来说，则获得了一笔可观的无息贷款。 在低利率时代，这一模式风靡韩国。 20岁至40岁的租户占全租房租户总数的70%。房东们将收到的保证金投入楼市，购买更多房产，然后如法炮制，继续 出租收取保证金。 "这就像击鼓传花的游戏。"在首尔从事房屋中介工作的桂明鉁形容，"只要房价一直涨，大家 ...

在国家加快完善住房保障体系、着力解决新市民和青年人等群体住房问题的政策春风下，北京市积极推进"租购并举"住 房制度落地，持续扩大保障性租赁住房供给。作为首都国企，北京首创城市发展集团有限公司（简称"首创城发"）以高 度的政治自觉和时代担当，在北京东南五环外，总建筑面积约40万平方米的保障性租赁住房社区——首创和园·繁星社区 中，专门推出面向城市运行服务保障人员的"和嘉公寓"，共提供112套房源、756个床位，为快递员、外卖骑手、网约车 司机等新就业群体提供高品质、可负担的居住选择。 当繁星社区温暖的灯光为新就业群体点亮归家之路，便映照出首都国企在时代答卷上的初心与答案。首创城发以实际行 动践行国企责任，助力首都构建"多层次、广覆盖、惠民生"的住房保障体系，奏响一曲以安居乐业为主题的城市温情乐 章，生动诠释了国企服务民生、赋能城市的责任使命。 响应国家政策 完善首都住房保障体系 新时代的城市发展，要"面子"，更要"里子"。随着新业态经济的蓬勃发展，以快递员、外卖骑手、网约车司机等为代表 的新就业群体，已成为城市运行不可或缺的"毛细血管"。数据显示，全国新就业形态劳动者达8400万人，他们用辛勤的 劳动支撑起现代 ...

Asia Pacific Equity Research September 2025 Hong Kong Property Chartbook All the charts you need Hong Kong Property Karl ChanAC (852) 2800-8513 karl.chan@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited Venus Choi (852) 2800-8599 venus.choi@jpmorgan.com Jocelyn Gao (852) 2800-8529 jocelyn.gao@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking ...

记者观察发现，上海外环外房源的咨询量和成交量有明显提升，尤其在近几周的周末成交量呈现一波小高 峰。"因为有VR看房功能，上班族平时线上看房、线上咨询比较多。'沪六条'新政出台后，我们平台上线的外环 外房源浏览量同比增长22%，咨询量同比增长26%。"浦东新区世纪公园地铁站附近一链家门店业务员表示。 家住杨浦区的市民唐女士告诉记者，婚后一直有换房需求，但由于此前的限购政策，只能卖掉原有房子才能置换 新房。"沪六条"新政出台之后，目前住所就不着急出手了，可以等有了合适的房子之后再出售用以还贷。 此外，"沪六条"新政的公积金政策得到多重优化。购买二星级及以上新建绿色建筑住房的，住房公积金最高贷款 额度上浮15%。首套最高贷款额度从160万元提高至184万元，多子女家庭首套可达216万元。新政还支持提取住房 公积金支付购房首付款，并允许"又提又贷"。这意味着购买上海市新建预售商品住房的缴存人，可提取本人及配 偶的公积金支付首付款，且不影响公积金贷款额度计算。 央广网上海9月17日消息（记者林馥榆）8月26日，上海出台被称为"沪六条"的房地产新政，对住房限购、公积 金、住房信贷和住房税收等进行六项调整。紧接着，9月15 ...

Group 1 - The rental market in major cities in China is experiencing a significant cooling, with landlords actively lowering prices and tenants having more choices [2][5][10] - In cities like Shanghai and Hangzhou, rents have decreased by nearly one-third and 15% respectively, indicating a shift in market dynamics [5][10] - This change reflects a return of "housing choice rights" for workers, who are now prioritizing living quality and convenience over merely securing a place to live [6][8] Group 2 - The decline in rents is attributed to two main factors: the government's push for affordable rental housing and changing market expectations [10][12] - Over 7 million affordable rental units have been introduced, typically priced at around 60% of the market rate, which has pressured landlords to adjust their pricing [10][12] - The shift from a speculative housing market to a more rational one is seen as a positive development, allowing tenants and landlords to focus on living conditions rather than investment returns [14][21] Group 3 - The economic landscape is transitioning from a reliance on real estate profits to one driven by technology and innovation, marking the beginning of a "wealth creation era" [15][19] - The success of technology companies in China is drawing attention from international financial institutions, indicating a shift in economic strength from real estate to tech [17][19] - Ordinary individuals are encouraged to adapt to this new economic environment by engaging in services related to technology industries, rather than relying solely on real estate investments [19][21]

Core Viewpoint - Shanghai Fengli Shang Industrial Co., Ltd. has been established with a registered capital of 200,000 RMB, indicating a new player in the real estate and property management sector [1] Company Summary - The legal representative of the company is Xuan Yongfang [1] - The company’s business scope includes non-residential real estate leasing, property management, parking services, and wholesale of hardware products [1] - Additional activities include sales of daily necessities, office supplies, stationery, metal products, plastic products, and construction materials [1] - The company is also involved in landscaping engineering construction and various technical services such as consulting, development, and transfer [1] Industry Summary - The company operates under general project categories, which allows for a wide range of business activities without needing specific approvals, except for licensed projects [1] - Licensed projects include construction engineering and residential interior decoration, which require approval from relevant authorities before commencement [1]

Core Viewpoint - The debate between Robert Kiyosaki and Dave Ramsey highlights contrasting philosophies on debt and investment strategies, with Kiyosaki advocating for leveraging debt to build wealth while Ramsey promotes a debt-free lifestyle [1][5]. Group 1: Investment Strategies - Kiyosaki claims to be $1.2 billion in debt, using it as leverage to invest in real estate, specifically owning 15,000 rental homes [1][3]. - Ramsey manages a family office with approximately $600 million in property, all purchased in cash without any mortgages [2]. - A new investment platform, Arrived, allows individuals to buy fractional shares of rental properties starting at $100, providing a middle ground between Kiyosaki's debt-heavy approach and Ramsey's cash-only model [4]. Group 2: Financial Philosophy - Kiyosaki believes that for financially educated individuals, using debt can be a more effective strategy for wealth accumulation [2]. - Ramsey's philosophy is that living debt-free is the smarter choice for most people, especially those with lower financial acumen [2]. - The tension between the peace of being debt-free and the potential for higher returns through leverage resonates with many Americans who may not be billionaires [3][5].

Summary of Key Points from Conference Call Records Industry Overview - The records focus on the **Chinese real estate market**, particularly the rental yield trends in first and second-tier cities, and the impact of macroeconomic factors on housing investment opportunities. Core Insights and Arguments 1. **Rental Yield Trends**: - Rental yields in China's first-tier cities have increased from approximately **1.5% to 1.7%-1.9%**. However, due to low or negative CPI growth, the actual investment opportunities remain pessimistic [1][4]. - The rental yield plus CPI in first-tier cities has shown a declining trend, with historical lows reached in cities like Beijing, Shanghai, Guangzhou, and Shenzhen [1][8]. 2. **Impact of CPI and Housing Costs**: - The low housing holding costs in China are attributed to long-term monetary easing, lack of property taxes, and expectations of rising property prices, leading residents to prefer buying over renting [1][6]. - The need to increase actual rental yields necessitates either raising rents or lowering housing costs. The primary method to enhance yields is through reducing property prices, especially as global inflation slows and GDP growth in China declines [1][7]. 3. **Challenges for Rental Enterprises**: - Rental companies face challenges due to rising property prices and stagnant rent growth, leading to reduced profitability and cash flow pressures. The rental yield may fall below financing costs, causing operational difficulties [1][10]. - The capitalized rates for commercial real estate have decreased, indicating asset valuation issues, which further complicates expansion capabilities for rental enterprises [1][10]. 4. **Second-tier Cities Performance**: - In contrast to first-tier cities, second-tier cities like Changsha and Wuhan are showing signs of stabilization, with rental yields plus CPI expected to rise starting in 2024 [1][9]. 5. **Policy Incentives**: - Government policies, including low-cost land supply, tax incentives, and financial subsidies, are actively promoting the development of affordable housing, thereby reducing operational costs for companies and expanding market demand [2][12]. Additional Important Insights 1. **International Comparison of Rental Yields**: - Rental yield is a crucial metric for assessing property investment value, and when adjusted for inflation, China's first-tier cities' yields are comparable to international averages [3][4]. 2. **Institutional Rental Housing Growth**: - By the end of 2024, institutional rental housing projects in 16 hotspot cities are expected to see a **35% year-on-year increase** in room supply, indicating a growing trend despite a slowdown compared to previous years [13][14]. 3. **Differences in GDP Contribution**: - The real estate value added to GDP in the U.S. is significantly higher than in China, primarily due to differences in statistical methods used to account for residential housing [15]. 4. **Changes in Economic Accounting Standards**: - China has shifted its method of calculating the value of self-owned housing services from a cost-based approach to a market rent-based approach since 2016, improving the accuracy of GDP calculations [16][18]. This summary encapsulates the critical insights from the conference call records, highlighting the current state and future outlook of the Chinese real estate market, particularly in relation to rental yields and the impact of macroeconomic factors.