Core Viewpoint - Hefei Hexin Real Estate Leasing Co., Ltd. has been established with a registered capital of 50 million yuan, primarily focusing on property management, land use rights leasing, hotel management, and real estate consulting, among other services. The company is wholly owned by Poly Developments and Holdings Group Co., Ltd. [1] Company Information - The legal representative of Hefei Hexin Real Estate Leasing Co., Ltd. is Qiu Honggang [1] - The company is registered with a capital of 50 million yuan and is classified as a limited liability company [2] - The business scope includes property management, land use rights leasing, hotel management, non-residential real estate leasing, housing leasing, and real estate consulting [1][2] Shareholding Structure - The company is wholly owned by Anhui Poly Real Estate Development Co., Ltd., which is a state-owned enterprise [2] - Poly Developments and Holdings Group Co., Ltd. holds 100% of the shares in Anhui Poly Real Estate Development Co., Ltd. with a registered capital of 500 million yuan [2]

Group 1 - A new company, Hefei Hexin Real Estate Rental Co., Ltd., has been established with a registered capital of 50 million yuan [1] - The legal representative of the new company is Qiu Honggang [1] - The business scope of the company includes property management, land use rights leasing, hotel management, non-residential real estate leasing, housing leasing, and real estate consulting [1] Group 2 - The company is indirectly wholly owned by Poly Development (stock code: 600048) [1]

Core Viewpoint - The Hong Kong property market is expected to see a 2% increase in prices in the third quarter of 2023, with both rental and property prices rising simultaneously for the first time in four years [1] Group 1: Property Prices - The "Mei Lun Property Index" surpassed the end of last year's figures in late July, indicating a shift from decline to growth in property prices [1] - Factors driving the increase in property prices include low interest rates, a rising stock market, and a reduction in supply [1] - The market sentiment among buyers has become more positive, contributing to the recovery in property prices [1] Group 2: Rental Market - Rental prices in Hong Kong have continued to break previous highs and are expected to rise alongside property prices [1] - The demand for rental properties remains strong, further fueling the upward trend in both rental and property prices [1] Group 3: Market Outlook - The company anticipates that both rental and property prices will record increases for the entirety of 2023, marking a significant recovery in the market [1] - The expected 2% increase in property prices for the third quarter represents the highest level seen since the first quarter of 2023 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Zhong Jia Guo Xin Holdings Company Limited 中加國信控股股份有限公司 （於百慕達註冊成立之有限公司） （股份代號：899） 自願性公告 業務最新情況 本公告乃由中加國信控股股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）自 願公佈，旨在向本公司股東（「股東」）及潛在投資者提供本集團最新業務發展情況。 本公司董事（「董事」）會（「董事會」）謹此通知根據截至二零二五年三月三十一日止年 度的年度報告，集團曾於二零二四年四月一日作出預測（「預測」），預期截至二零二五年 三月三十一日止年度將實現租金收入約1027萬港元及礦產銷售約1302萬港元。而實際該年度 租金收入約755萬港元，礦產銷售為0港元，較預測值分別出現約29.57%（「租金差額」）及 100%（「礦產差額」）的差額（統稱「差額」）。 公司本預期，在新冠疫情限制措施解除後，中國經濟將在2024年有所好 ...

Group 1 - The implementation of the Housing Rental Regulations on September 15, 2025, allows tenants to enroll their children in local schools with a registered rental contract, fundamentally disrupting the previous logic of purchasing school district properties [1] - Empirical research in Guangzhou shows that the premium for school district properties has begun to decline following the implementation of the rental purchase rights policy [1] - Landlords are facing significant income reductions due to the new regulations, with one landlord's monthly rental income dropping from 12,000 yuan to 7,500 yuan, resulting in an annual income loss of 60,000 yuan [1] Group 2 - The disappearance of shared rental housing is directly impacting low-income workers, with rental prices for shared accommodations rising significantly, from 2,500 yuan to 6,000 yuan in some cases [2] - The reduction of low-end rental options is leading to increased living costs, with rental prices in Shanghai's Minhang District rising from 1,200 yuan to 1,800 yuan, reaching the maximum allowable increase of 5% [2] - Approximately 70% of individual landlords in Shanghai are exiting the market due to increased regulatory pressures and costs [2] Group 3 - New rental regulations are creating a more favorable environment for tenants, with features such as government-regulated deposit accounts and criminal liability for misappropriating rental funds [4] - The rental market is experiencing a dual dynamic, with some areas seeing rent increases due to school access, while others experience declines; for example, a two-bedroom apartment in Beijing's Financial Street saw rent rise from 15,000 yuan to 18,000 yuan [4] - The supply structure of rental properties is influencing rental prices, with areas that have sufficient affordable housing seeing rent suppressed, while areas with limited supply maintain high prices [4] Group 4 - Shanghai has introduced a rental price guideline, with limits set for different areas, such as 5,500 yuan for a one-bedroom apartment in the inner ring [6] - The transformation of the rental market is reshaping the landscape, with new projects being quickly rented out at government-guided prices, indicating strong demand [6] - The changes are causing mixed reactions among stakeholders, with property owners seeing declines in property values while renters face increased annual rental costs [6]

Core Insights - Shanghai Chengtou's subsidiary, Chengtou Kuan Ting, has achieved a rental income scale exceeding 500 million yuan for 2024, marking a nearly tenfold increase compared to 2021 [1] - As of the first half of this year, the Chengtou Kuan Ting rental housing REIT has accumulated a distributable amount of 63.37 million yuan, with an annualized cash distribution rate of 4.19%, and a market value of 4.272 billion yuan [1] - The board of directors of Shanghai Chengtou announced an expansion plan on August 5, involving infrastructure projects including two affordable rental housing projects [1] Company Developments - Chengtou Kuan Ting has established a presence in nine major areas of Shanghai with 19 projects, managing over 27,000 housing units and serving nearly 50,000 individuals [1] - The company has launched a new high-end serviced apartment product line called Kuan Lan, with three projects already on the market or soon to be launched [1] Strategic Initiatives - The expansion is seen as a driving force for the continuous development of the Chengtou Kuan Ting REIT, with the inclusion of new assets expected to enhance operational efficiency and brand management [1]

买不起别墅，他们却总有办法住得起。 "这个4层的独栋别墅有9个房间，月租金1.8万元，算下来每个房间月租金仅2000元。"近期，有深圳房 产中介向《每日经济新闻》记者介绍。 近几年，深圳别墅法拍价屡创新高，去年华侨城纯水岸独栋别墅法拍单价突破50万元/平方米，沙河高 尔夫别墅20年总价翻32倍；但另一方面，买不起别墅的人，已经开始将目光投向了远郊别墅租赁，甚至 出现了"人均2000元住独栋"的合租模式。 从城中村搬到别墅区 深圳远郊的独栋别墅，正成为很多人的"梦中情房"，刘生夫妇的故事颇具代表性。 8月5日下午，广东省城乡规划院住房政策研究中心首席研究员李宇嘉通过微信向每经记者表示，普通工 薪阶层如果为了舒适性而选择租住远郊别墅，首先需要考虑的是通勤成本，得有车，或者房源离地铁口 不是太远。 三年前，他们从深圳福田的城中村搬进沙井别墅区，与事业合作伙伴一家人合租了独栋别墅，人均月租 不到2000元，但换来了独立空间、花园和车库。 "以前住在城中村，虽然通勤便利，但平时噪声很大，现在虽然通勤距离远了一些，但生活品质明显提 升。"刘生坦言，因为自己从事跨境电商行业，对通勤要求没那么高，所以租住别墅反而性价比更高。 ...

"这个4层的独栋别墅有9个房间，月租金1.8万元，算下来每个房间月租金仅2000元。"近期，有深圳房产中介向《每日经济新闻》记者介绍。 近几年，深圳别墅法拍价屡创新高，去年华侨城纯水岸独栋别墅法拍单价突破50万元/平方米，沙河高尔夫别墅20年总价翻32倍；但另一方面，买不起别 墅的人，已经开始将目光投向了远郊别墅租赁，甚至出现了"人均2000元住独栋"的合租模式。 8月5日下午，广东省城乡规划院住房政策研究中心首席研究员李宇嘉通过微信向每经记者表示，普通工薪阶层如果为了舒适性而选择租住远郊别墅，首先 需要考虑的是通勤成本，得有车，或者房源离地铁口不是太远。 从城中村搬到别墅区 深圳远郊的独栋别墅，正成为很多人的"梦中情房"，刘生夫妇的故事颇具代表性。 三年前，他们从深圳福田的城中村搬进沙井别墅区，与事业合作伙伴一家人合租了独栋别墅，人均月租不到2000元，但换来了独立空间、花园和车库。 "以前住在城中村，虽然通勤便利，但平时噪声很大，现在虽然通勤距离远了一些，但生活品质明显提升。"刘生坦言，因为自己从事跨境电商行业，对通 勤要求没那么高，所以租住别墅反而性价比更高。 每经记者注意到，这种选择并非个例，越来越多 ...

Core Viewpoint - The company is participating in the expansion of the Guotai Junan Chengtou Kuan Ting REIT, which focuses on affordable rental housing projects in Shanghai [1][2]. Group 1 - The company announced that its wholly-owned subsidiary, Shanghai Chengtou Housing Rental Co., Ltd., is the original rights holder initiating the establishment of the Guotai Junan Chengtou Kuan Ting REIT, which was listed on the Shanghai Stock Exchange on January 12, 2024 [1]. - The board of directors approved the proposal to participate in the expansion of the Guotai Junan Chengtou Kuan Ting REIT and to acquire new infrastructure projects [2]. - The company will use two rental housing projects located in Shanghai's Minhang District, namely the Pujiang Community and the Jiuxing Community, as underlying assets for the REIT expansion [2].

Group 1: Core Business Performance - The Hong Kong office market is facing significant challenges, with a vacancy rate rising to 13.6% in the first half of 2025, indicating an oversupply situation [2] - The rental rate for the company's Hong Kong office properties has declined from 93% at the end of 2024 to 91% by the end of Q2 2025, with specific declines of 1% for Taikoo Place and 3% for Taikoo Square [2] - Rental rates for the two core properties have decreased by 14% and 15% respectively, reflecting competitive market conditions [2] Group 2: Retail Market Performance - In contrast to the office sector, the company's retail properties have shown stable growth, with key projects maintaining a 100% occupancy rate [4] - Notable sales growth was observed in Shanghai's Taikoo Hui, which increased by 13.5%, and Beijing's Sanlitun Taikoo Li, which grew by 6.8% [4] - The performance disparity among retail projects is influenced by local economic conditions and operational factors, necessitating targeted strategies for maintaining retail business stability [4] Group 3: Future Development Projects - Several new projects, including Beijing Taikoo Place and Xi'an Taikoo Li, are under construction and are expected to be completed between 2026 and 2027, which will provide new growth momentum for the company [5]