Core Insights - The real estate market in Hainan, particularly in Haikou and Sanya, is experiencing significant growth due to the benefits of the Hainan Free Trade Port, with Haikou's housing sales soaring by 91.6% and prices increasing by 7.1% [2] Group 1: Market Performance - Haikou's residential property sales reached 410 units with a total area of approximately 54,700 square meters and a transaction value of about 1.06 billion yuan [2] - Excluding affordable housing, the market-oriented residential sales in Haikou amounted to 354 units, reflecting a month-on-month increase of 28.3% [2] - The average price of residential properties in Haikou has surpassed 20,000 yuan per square meter, now standing at 20,640 yuan [2] Group 2: Top Performing Projects - The top-selling residential project was Zhonghai Nanhai·Sanhao Yuan, with 52 units sold and an area of approximately 11,910 square meters [3][8] - Nanhai Xingfu Jiang and Dahuajinxiu Four Seasons followed, with 26 and 22 units sold respectively, covering areas of 2,830 and 2,630 square meters [4][8] - Other notable projects included Haikong Jiangxiufu and Wanhua Jiangdong Ludao, with 15 and 14 units sold respectively [4] Group 3: Commercial Property Sales - Haikou's commercial property sales recorded 88 units, with Longhu Guangnian leading with 34 units sold [2]

记者丨吴抒颖 编辑丨张伟贤 广州珠江新城马场路地块终于要来了。 广州市规划和自然资源局于近期挂牌出让天河区黄埔大道以南、马场路以东地块（马场1期地块），起 始价186.44亿元，名义起拍楼面价3.29万/平方米，预计将于2月25日10时起限时竞价。 根据出让公告，这宗地块总用地面积约19.45万平方米，出让宗地面积17.4万平方米，计容总建面56.7万 平方米，涵盖二类居住、商业、中小学等多种用地性质。此外，这宗地块还将引入一家高端时尚百货运 营企业。 马场片区项目区位图 马场路地块的挂牌，将是广州楼市今年最重磅的事件之一。关于这宗地块，还有诸多讨论仍在继续：其 一是，越秀地产作为"做地商"，能否成为这宗地块最终的归属方；其二是，作为珠江新城的"绝版地"， 马场路地块是否刷新广州土地总价的新高。 图/21世纪经济报道 无论最终的结果如何，马场路地块的出让都将是广州楼市的风向标。在市场持续承压的当下，马场路地 块承托着市场的展望和期待，其最终也有望像保利玥玺湾的热销一般，重塑广州楼市。 这是一宗备受期待的地块：它的区位优势突出、配套齐全，且位于广州CBD珠江新城，此前又多次吹 风将要引入国内的奢侈品商场，还未出 ...

广州珠江新城马场路地块终于要来了。 广州市规划和自然资源局于近期挂牌出让天河区黄埔大道以南、马场路以东地块（马场1期地块），起 始价186.44亿元，名义起拍楼面价3.29万/平方米，预计将于2月25日10时起限时竞价。 根据出让公告，这宗地块总用地面积约19.45万平方米，出让宗地面积17.4万平方米，计容总建面56.7万 平方米，涵盖二类居住、商业、中小学等多种用地性质。此外，这宗地块还将引入一家高端时尚百货运 营企业。 这是一宗备受期待的地块：它的区位优势突出、配套齐全，且位于广州CBD珠江新城，此前又多次吹 风将要引入国内的奢侈品商场，还未出场就已经赚足眼球。 马场路地块的挂牌，将是广州楼市今年最重磅的事件之一。关于这宗地块，还有诸多讨论仍在继续：其 一是，越秀地产作为"做地商"，能否成为这宗地块最终的归属方；其二是，作为珠江新城的"绝版地"， 马场路地块是否刷新广州土地总价的新高。 不过，作为公开出让的地块，马场路地块的归属是否存在变数，仍是市场关注和讨论的重点。一位广州 房企的投资部人士告诉21世纪经济报道记者，这宗地块的起拍总价较高，但从楼面价测算仍然具有一定 的利润空间，如果其它具有实力的国央 ...

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The market shows mixed trends across different regions and sectors in the fixed - income market. Some bonds tightened, while others widened or had price changes due to various factors such as demand, profit - taking, and company - specific news [2]. - The analysts maintain a buy rating on BBLTB's subordinated bonds, expecting the bank to call its subordinated bonds on the first call dates due to sufficient capital buffer and past redemption records [7]. 3. Summary by Relevant Catalogs Trading Desk Comments - **Chinese IG Space**: CCAMCL/ORIEAS 2 - 5yr bonds tightened 3 - 5bps due to onshore demand, AMs/prop desks bought FRESHK/ZHOSHK which tightened 1 - 3bps, LIFUNGs gained 0.1 - 0.4pt, EHICAR 26 - 27 were 0.4pt higher [2]. - **Chinese/HK Properties**: ROADKG bonds and perps rose 0.7 - 1.5pts, SHUION 29 gained 0.3pt, FUTLAN 28/LNGFOR 27 - 32s closed 0.5 - 1.2pts higher, VDNWDL/NWDEVL complex were 0.2pt lower to 0.3pt higher, VNKRLE 27 - 29 were 0.3pt higher [2]. - **KR Space**: HYNMTR FRNs tightened 3 - 5bps as onshore/offshore buyers sought loose bonds and dealer inventory dried up [2]. - **JP Space**: NTT 35/MUFG 35s/SOBKCO 35/SMBCAC 35 tightened 1 - 4bps, NOMURA 7 Perp traded 0.1pt lower, RESLIF 6.875 Perp closed 0.1pt higher [2]. - **SE Asia Space**: OCBCSP 32/35s tightened 1 - 3bps, light selling on OCBCSP 34s, KBANK 31/UOBSP 31 - 32s/BBLTB T2s were 1bp tighter to 2bp wider, ReNew Energy complex edged 0.1 - 0.3pt higher, SMCGL Perps/INDYIJ 29s/MEDCIJ 26 - 30s were unchanged to 0.2pt higher, TOPTB 6.1 Perp lost 0.1pt [2]. - **Middle East**: BSFR 35s and long - end KSAs softened 0.1 - 0.3pt lower, SECO 29 - 36s traded active two - way and closed 1 - 2bps wider, ARAMCO 30 - 31s were 1 - 2bps wider, LGFV edged a touch tighter overall [2]. - **Morning Price Movements**: JP AT1s and insurance subs had two - way flows but stable prices, HUXJDP 26 rose 0.9pt, CRNAU 29/HYSAN 4.85 Perp were 0.6 - 0.7pt higher, LNGFOR 28/FTLNHD 27/SOFTBK 31 were 0.5 - 0.8pt lower [3]. Top Performers and Underperformers - **Top Performers**: ROADKG bonds had significant price increases, with ROADKG 6.7 03/30/28 rising 1.5 to 22.9, ROADKG 5 1/8 01/26/30 rising 1.4 to 22.8, etc [4]. - **Top Underperformers**: GARUDA 6 1/2 12/28/31 fell 1.9 to 90.0, ADSEZ 5 08/02/41 fell 1.5 to 87.3, etc [4]. Macro News Recap - Last Friday, S&P was up 0.03%, Dow was down 0.58%, and Nasdaq was up 0.28%. US Jan'26 S&P Global Services PMI was 52.5 (lower than expected), Manufacturing PMI was 51.9 (as expected). UST yield was lower, with 2/5/10/30 - year yields at 3.60%/3.84%/4.24%/4.82% [6]. Desk Analyst Comments on BBLTB - FY25 investment gains offset lower NII and net fee income. Analysts maintain a buy on BBLTB 3.466 09/23/36 and BBLTB 6.056 03/25/40, expecting first - call redemptions [7]. - FY25 results softened: operating profit before tax lowered by 1% to THB56.0bn, net interest income decreased 8% to THB123.6bn, NIM dropped to 2.8% from 3.1% in FY24, net fee income decreased 2% to THB27.2bn, total operating income rose 2% to THB178.5bn, cost - to - income ratio rose slightly to 48.4% [8][9]. - Asset quality deteriorated slightly: NPL ratio increased to 3.0% as of Dec'25 from 2.7% as of Dec'24, NPL coverage ratio decreased to 324% from 334%. However, capital adequacy is solid, with standalone/consolidated CET 1 and Tier 1 ratios increasing [10]. Offshore Asia New Issues - **Priced**: Ma'aden Sukuk Ltd issued USD1000mn 10 - yr bonds with a 5.25% coupon at T + 105, rated Baa1/ - /BBB+ [12]. - **Pipeline**: The Link Finance (Cayman) 2009 plans to issue 10 - yr USD bonds at T + 105, with an issue rating of - /A/ - [13]. News and Market Color - **Onshore Primary Issuances**: 110 credit bonds were issued last Friday with an amount of RMB95bn. Month - to - date, 1,485 credit bonds were issued with a total amount of RMB1,279bn, an 11.1% yoy decrease [17]. - **Company - Specific News**: Adani Energy Solutions plans a USD500mn bond issue, Greenko Energy raised INR48bn (cUSD524mn), Road King sold property interests, Sun Hung Kai settled a tender offer, China Vanke withdrew a REIT listing application and got a loan extension, Yuexiu Property expected FY25 profit to fall 90 - 95% yoy [17].

运营商财经网 章少霞/文 在国内众多房企中，建发房产作为闽系房企新龙头，一向是市场关注的焦点。近日，运营商财经网注意 到建发房产总经理林伟国，拟升任建房房产董事长，并同步兼任联发集团董事长。本文试图揭秘他的过 往经历。 大家首先要搞清楚联发集团与建发集团的关系。 建发集团是联发集团的控股股东，联发集团是建发集团地产开发板块的核心平台。两者在项目开发上分 工明确，例如建发房产侧重高端产品定位和品牌输出，联发集团则负责工程管理和供应链。说白了，建 发房产是房地产开发商，联发集团是建筑企业。 根据中指数据，王文怀上任不到一年，整个2025年全年拿地权益金额123亿元，在2025年中国房地产企 业权益拿地金额TOP100中排名第十四；而在2024年中国房地产企业权益拿地金额TOP100的排名中并没 有联发集团。 日前，建发股份对外宣布，预计2025年度归母净利润为负值，原因之一是房地产业务子公司联发集团年 内结算利润为负、存货跌价准备计提增加。 现在卖房这么难，王文怀还去花那么钱拿地，财报能好看吗？ 根据联发集团三季度财报，经营性现金流量净额为-53.29亿元。资产负债率为73.71%。财务出生的林伟 国是否能够有效 ...

Accessible version China Property (H/A) Investor feedback: "wait-and-see" to skepticism; FY25 earnings preview Price Objective Change From "wait-and-see" to skepticism on policy outlook Investor feedback to our sector outlook report (YA report dated 08 January 2026), in which we expressed our contrarian positive view on the sector, has ranged from a broadly "wait- and-see" stance to skepticism. The strong performance of other sectors (especially tech) has also reduced any perceived urgency to reposition. Ke ...

Summary of Hong Kong Property Sector Conference Call Industry Overview - **Industry**: Hong Kong Property - **Key Focus Areas**: Residential demand/supply, home price/rent outlook, sector re-rating upside [1][2] Core Insights 1. **Investor Sentiment**: Positive outlook on Hong Kong property, with a preference for developers over central office and luxury retail sectors. Non-discretionary retail has disappointed investors [1][2] 2. **Home Price Forecast**: Anticipated upcycle in home prices by 2026, with a projected increase of 5-10%. However, uncertainty exists for 2027/28 due to factors like pent-up demand and potential moderation in rental yields [2][3] 3. **Valuation Methodology Shift**: Transition from yield-based valuation to NAV-based valuation observed, driven by home price recovery and improved asset turnover. Investors are looking for company-specific growth indicators [3][4] 4. **Central Office Demand**: Optimism regarding demand and rent for central offices, with expectations of a 2-5% increase. Concerns about new supply affecting rents in decentralized areas [4] 5. **Retail Sector Challenges**: Notable deceleration in luxury retail and declines in non-discretionary retail, which did not meet investor expectations [4] Company-Specific Feedback 1. **Long Positions**: - **SHKP**: Positioned well for EPS and DPS upgrades from FY27E [5] - **HKLD**: Increased buyer interest under Singapore's EQDP deployment [5] - **Hang Lung Properties**: Benefiting from a rebound in China luxury retail [5] - **Swire Properties**: Positive consensus on DPS growth, but less sensitive to market beta [5] 2. **Debates**: - **Sino Land**: Increased investment viewed positively, but concerns about net cash position in a declining rate environment [5] - **Henderson Land**: Investor worries about potential DPS cuts due to earnings decline [5] - **Hysan**: Retail gaining market share, but uncertainty about office rents [5] 3. **Underweights**: - **Link REIT**: Concerns over prolonged negative reversion and DPU due to changing spending patterns [5] - **Wharf REIC**: Soft guidance and performance issues at Marco Polo hotel raise concerns [5] - **New World Development**: Unlikely to participate in market despite recent share price spike [5] Additional Insights - **Investor Positioning**: Many investors already hold positions and are evaluating further investments, particularly in SHKP, HKLD, and Hang Lung [1][5] - **Market Dynamics**: The property sector is experiencing a shift in investor focus towards specific companies that can demonstrate growth and resilience in a changing market environment [3][4] This summary encapsulates the key points discussed during the conference call regarding the Hong Kong property sector, highlighting investor sentiment, market forecasts, and company-specific insights.

(Bloomberg) — Saudi Arabian developers’ shares jumped the most in four months as the kingdom began implementing new laws allowing foreigners to own a wider range of local real estate assets, including in the holy cities of Mecca and Madinah. The Tadawul Real Estate Management & Development Index rose 4.5% on Sunday, with every one of its 17 members in the green. Makkah Construction & Development Co. led with gains of about 10%, followed by Dar Al Arkan Real Estate. Most Read from Bloomberg The sectoral ...

Group 1 - Howard Hughes Holdings Inc. is acquiring Vantage Group Holdings for $2.1 billion, marking its expansion into the specialty insurance sector [2][3] - The acquisition aims to diversify Howard Hughes Holdings' operations beyond real estate development, positioning it similarly to Berkshire Hathaway [2][4] - The funding for the acquisition will come from cash reserves and a loan of up to $1 billion from Bill Ackman's hedge fund, Pershing Square [3] Group 2 - The company is focused on developing large-scale, mixed-use master-planned communities and commercial and residential real estate across the U.S., with significant projects in Las Vegas, Houston, and Honolulu [5] - The strategy involves acquiring controlling stakes in smaller businesses in various sectors to enhance diversification [3]

Group 1: Policy Environment - The Shanghai real estate market in 2025 is expected to operate steadily under a backdrop of continuous policy easing, product quality upgrades, and increasing market differentiation [1][2] - No major new policies are anticipated for the year, with a focus on continuity in stimulus measures [1] - Key policy changes include the lifting of purchase limits for non-residents in August and the introduction of the "Good House" regulations in September, which aim to enhance housing quality [1][9][14] Group 2: Land Market - The land market is characterized by a "rise then fall" trend, with overall transaction volumes expected to remain stable compared to 2024 [1][17] - In the first half of the year, premium land parcels in core areas were sold at high premiums, with 17 parcels exceeding a 20% premium rate [1][20] - The second half saw a return to rationality in the market, with bottom-price transactions becoming the norm, led by state-owned enterprises [1][23] Group 3: Residential Market - The supply-demand ratio in the residential market has decreased to 0.94, marking a five-year low, indicating effective inventory reduction [2] - The average transaction price has structurally increased to 80,600 yuan per square meter, primarily driven by luxury properties in central urban areas [2] - The market is dominated by demand for 90-110 square meter units and properties priced between 3 million to 7 million yuan, with a notable increase in sales of high-quality products [2][12] Group 4: Developer Landscape - State-owned enterprises like China Overseas and Jinmao dominate the market, with China Resources, Poly, and China Merchants ranking among the top three in sales [2] - The collaboration among real estate companies is stabilizing, indicating a shift towards more strategic partnerships [2] - The overall outlook for the Shanghai real estate market in 2025 suggests a gradual recovery supported by policy optimization and supply structure adjustments [2]