Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - The new SHUION 29 rose 0.6pt from RO at 98.423 yesterday, while the existing SHUION 26 retraced 0.2pt [2] - KUAISH 31 - 36s and TW lifers tightened 1 - 3bps this morning, and FUTLAN 28/VLLPM 29 rose 0.6 - 0.9pt [3] - In 2025, the cumulative contracted sales of 31 Chinese developers dropped 21.5% yoy to RMB1,757.6bn [3][8] - A new round of demand - driven stimulus on the property market may come in 1Q26, but the recovery will likely remain slow due to weak homebuyers' confidence [9] - CMBI economic research expects a 10bp cut in LPR in 1Q26, followed by an additional 10bp LPR cut in 3Q26, which should support the weak housing market [9] Group 3: Summary by Related Catalogs Trading Desk Comments - Yesterday, new issues like KUAISH 31 - 36s tightened 2bps earlier in the day but closed unchanged, and TW lifers closed 2 - 5bps wider [2] - In Greater China, beta IG name ZHOSHK 28 closed 1bp wider, and CHIOIL 26 was 0.1pt lower [2] - In HK, FAEACO 12.814 Perp rose 1.1pts, while LIFUNG 5.25 Perp dropped 2.8pts [2] - In Chinese properties, LNGFOR 27 - 32 were 0.4pt lower to 0.3pt higher, and FUTLAN 28/FTLNHD 26 - 27 were unchanged to 0.3pt lower [2] - In KR, financial and corporate names faced selling pressure, with spreads widening 1 - 3bps [2] - In JP, 10yr bonds NTT 35/MUFG 35 - 36s/SOBKCO 35/SMBCAC 35/TACHEM 35 were 5 - 6bps wider [2] - In SE Asia, BBLTB/OCBCSP T2s widened 1 - 6bps, and TOPTB 6.1 Perp/IHFLIN 27 - 30s was 0.1pt lower [2] - In the Middle East, KSA/QATAR long - end bonds were down 0.3 - 0.5pt [2] - In the overall IG FRN space, lower - beta names were 1 - 2bps wider [2] Macro News Recap - On Tuesday, S&P (-2.06%), Dow (-1.76%), and Nasdaq (-2.39%) were lower, triggered by Trump's Greenland tariff threat and Japan's political situation [6] - UST yield was higher on Tuesday, with 2/5/10/30 year yield at 3.60%/3.86%/4.30%/4.91% [6] Desk Analyst Comments - In Dec'25, 31 developers reported contracted sales of RMB186.2bn, a 15.3% yoy decrease from RMB219.9bn in Dec'24 [7] - Only 2 out of 31 developers reported yoy increase in contracted sales in 2025: CHJMAO and GRNLGR with 16% and 7% increases respectively [8] - The bottom performers in 2025 were GEMDAL, JINGRU, and CIFIHG, with their contracted sales dropping 56%, 55%, and 52% yoy respectively [8] Offshore Asia New Issues (Priced) - The Republic of the Philippines issued 500mn/1500mn USD bonds with 5.5yr/10yr tenors, 4.25%/5.0% coupons, and issue ratings of Baa2/BBB+/BBB [11] - Toyota Finance Australia issued bonds with various tenors and coupons, including a 3.25yr bond at SOFR + 60 and a 25yr bond at 5.75% [11] - Woori Bank issued 300mn/300mn USD bonds with 3yr/5yr tenors, SOFR + 48/4.125% coupons, and an issue rating of A1/A+/- [11] Offshore Asia New Issues (Pipeline) - Korea Development Bank plans to issue bonds with 3yr/5yr/5yr/10yr tenors and coupons like SOFR + 41/SOFR + 52/SOFR Equiv/SOFR + 70, with an issue rating of Aa2/AA/AA - [12] News and Market Color - Yesterday, 93 credit bonds were issued onshore with an amount of RMB84bn, and month - to - date, 1,134 credit bonds were issued with a total amount of RMB934bn, a 24.5% yoy decrease [13] - China Oil & Gas postponed its USD Reg S 3NC2 bond offering due to market volatility [3][13] - Seazen Group agreed to sell Seazen Resources Securities for HK 62.8mn [13]

另外，根据19日国家统计局发布的2025年12月全国70城的房价指数，三亚新建商品住宅销售价格指数实 现0.1%的涨幅。 "全岛封关为海南房地产市场加快筑底企稳和高质量发展提供了良好契机。"吴刚表示，海南自贸港封关 标志着海南改革开放发展迈入新阶段、迎来新机遇，相信随着一系列自贸港"利好"政策持续出台和红利 释放，海南必将不断集聚产业和人口，房地产作为支撑性产业将发挥重要作用，叠加前期政策效应持续 释放和近期市场平稳回暖等良好因素，"我们对2026年以及'十五五'期间全省房地产市场的发展充满信 心"。 近年来，海南房地产市场因城施策、精准施策，全力稳市场、提信心、强预期，取得了积极成效。总体 来看，海南房地产市场运行保持平稳，呈现房价稳、需求总量稳、核心区域稳、好房子受欢迎等特点。 近几年，海南房地产市场与全国同步处于深度调整期，市场走势备受关注。在19日举行的海南自贸港封 关进展情况新闻发布会上，海南省住房和城乡建设厅副厅长吴刚说，今年1月以来，海口新建商品房销 售均价同比增长2%、环比增长8%，呈现较好的修复趋势。 据介绍，海南全省新建商品房+二手房销售总量近两年基本保持平稳增长态势，刚性和改善性住房需求 ...

Core Insights - The first residential land parcel in Harbin's land trading market has seen intense competition, with two plots in Xiangfang District sold for 60.6% and 56.3% above their starting prices [1][2] Group 1: Land Transaction Details - The large plot at the Harbin Axle Factory site has a planned area of 43,664.47 square meters and a floor area ratio of ≤1.8, while the smaller plot has a planned area of 27,289.85 square meters and a floor area ratio of ≤1.1 [1] - Both plots are located near the second ring road of Harbin and the Anbu business district, surrounded by several new residential complexes and mature living facilities [1] Group 2: Economic and Demographic Trends - Xiangfang District has implemented four strategic initiatives: "Industrial Strengthening, Innovation Driving, Reform Empowerment, and Open Cooperation," leading to steady economic growth and enhanced urban functionality [2] - The district has seen a continuous increase in population, making it an attractive area for real estate developers, as evidenced by the competitive bidding for the two land parcels [2] - The two plots were sold after receiving 184 and 74 bids respectively, highlighting the strong appeal of the Xiangfang area to investors [2]

Core Viewpoint - JBG SMITH will report its fourth quarter and year-end 2025 financial results on February 17, 2026, after market close [1] Company Overview - JBG SMITH is a prominent owner, operator, and developer of mixed-use properties in the Washington, DC market, focusing on amenity-rich, Metro-served submarkets [2] - The company has a significant presence in the National Landing submarket, with approximately 75.0% of its holdings located there, driven by key demand factors such as Amazon's headquarters and Virginia Tech's $1 billion Innovation Campus [2] - JBG SMITH's portfolio includes 11.8 million square feet of multifamily, office, and retail assets, with 98% being Metro-served [2] - The company has a development pipeline of 8.7 million square feet, primarily focused on mixed-use and multifamily opportunities [2] - JBG SMITH is dedicated to developing green, smart, and healthy buildings [2]

Group 1 - The Trump family has increased its crypto-linked wealth by approximately $1.4 billion since January 20, 2025, while Trump Media & Technology Group (DJT) is currently trading at $14.67, reflecting a 2.81% increase after a prolonged decline [1] - World Liberty Financial (WLFI) economics facilitate cash flows to a Trump-affiliated entity, with DT Marks DeFi, LLC and affiliates, including Donald J. Trump, receiving 22.5 billion WLFI tokens and 75% of net protocol revenues [2] - The family holds founder tokens valued at around $3.8 billion, which are excluded from net-worth calculations due to being locked [3] Group 2 - The Trump Organization and Dar Global announced a tokenization of the Trump International Hotel Maldives, aiming for an end-of-2028 opening with an initial plan of approximately 80 villas [4] - Trump Media's quarterly disclosure indicated revenue of $972,900 for the quarter ending September 30, 2025, with rising costs associated with content licensing and data center leases [5] - Institutional trading desks are navigating a complex arbitrage between WLFI's liquidity and broader policy risks, with the token grant and revenue-sharing agreement closely tied to regulatory conditions [6] Group 3 - Analysts are monitoring the March 2026 unlock schedule, which could significantly impact liquidity and re-price the ecosystem due to concentrated governance among a few wallets [7] - DJT equity often reacts to news regarding token distributions and regulatory changes, indicating a correlation between the token float and the listed equity [8]

Core Viewpoint - Terreno Realty Corporation has announced the completion of a development project in Hialeah, Florida, which is expected to enhance its portfolio and operational capacity in the region [1] Group 1: Company Developments - The completed development consists of a 100,000 square foot industrial building located on a 5.5-acre site [1] - The project is strategically positioned to serve the growing demand for logistics and distribution facilities in South Florida [1] - This development is part of Terreno Realty's ongoing strategy to expand its footprint in key markets across the United States [1] Group 2: Market Implications - The completion of this facility is anticipated to attract a diverse range of tenants, thereby increasing rental income potential for the company [1] - The industrial real estate sector in South Florida has been experiencing significant growth, driven by e-commerce and supply chain demands [1] - This project aligns with broader trends in the real estate market, where demand for industrial spaces continues to outpace supply [1]

Core Viewpoint - Beijing's 2026 land supply plan aims to enhance urban development by providing a structured approach to land supply, focusing on quality and efficiency in land use [1] Group 1: Land Supply Overview - The plan anticipates a total land supply of approximately 3,240 to 3,740 hectares for construction in 2026 [1] - An additional supply of 3,040 to 3,540 hectares is planned, with over 200 hectares allocated for the revitalization of inefficient industrial and commercial office land [1] Group 2: Implementation Directives - The plan emphasizes five key directives: reducing land supply while improving quality, activating existing land stock, ensuring precise support for new productive forces, aligning supply with the new real estate model, and enhancing public service guarantees [1] - Industrial land is allocated between 480 to 540 hectares, while residential land is set at 200 to 240 hectares, and land for affordable housing is designated at 350 hectares [1]

Summary of China Property Monthly Tracker Industry Overview - The report focuses on the **Chinese property market**, highlighting significant declines in property sales, construction activities, and investment trends as of December 2025 and forecasts for early 2026. Key Market Indicators - **Primary Sales**: - Volume declined by **-16%** year-over-year (yoy) and value by **-24%** yoy in December 2025, leading to a full-year decline of **-9%** in volume and **-13%** in value [2][10] - **New Starts**: - New construction starts fell by **-19%** yoy in December, with a full-year decline of **-20%** [10][11] - **Completions**: - Completions also saw a decline of **-18%** yoy, which was below expectations [10][11] - **Fixed Asset Investment (FAI)**: - FAI reached its lowest level since 2012, declining by **-36%** yoy in December and **-17%** for the full year [10][11] - **Secondary Transactions**: - Secondary transaction volume in 15 cities dropped by **-30%** yoy in December, leading to a full-year decline of **-2%** [10][11] Price Trends - **Average Selling Price (ASP)**: - The nationwide ASP in December was **-0.4%** month-over-month (mom) and **-9.5%** yoy, indicating continued price weakness [10][24] - **Secondary ASP**: - The secondary ASP index also fell by **-0.7%** mom in December [10][24] Developer Activity - Developers' land acquisition pace slowed significantly, with only **8%** of contract sales allocated to new land purchases in December [11][61] - The average project-level gross profit margins (GPM) for developers was **25%**, with a focus on Tier-1 and Tier-2 cities [11][61] Future Expectations (Jan-Feb 2026) - Continued price weakness is anticipated, with expected declines in sales volume and value in the mid-single digits (MSD) to high-single digits (HSD) yoy [3][12] - Completions and new starts are expected to decline further, reflecting ongoing liquidity challenges for developers [18][19] Policy Considerations - Potential reforms in the Housing Provident Fund and large-scale mortgage interest subsidies are being monitored as they could impact market stability [4][10] - The report highlights the need for policy support to address mortgage delinquencies and stimulate demand through urban renewal programs [4][10] Additional Insights - The report notes a significant decline in developer financing, with new funding sources down **-41%** mom and **-46%** yoy in December [37] - The land market remains under pressure, with land sales volume and value declining by **-12%** and **-11%** yoy, respectively [30][10] Conclusion - The Chinese property market is experiencing significant challenges, with declining sales, construction, and investment activities. The outlook for early 2026 remains cautious, with expectations of continued price weakness and the need for supportive policy measures to stabilize the market.

Summary of China Property Market Conference Call Industry Overview - **Industry**: China Property Market - **Key Data**: - Real Estate Investment (REI) recorded a significant decline of **-35.8% year-on-year** in December, marking the largest drop since December 2009 [1] - New home prices decreased by **-3.0% year-on-year** in December, while secondary home prices fell by **-6.1% year-on-year** [1] - The overall residential sales volume dropped by **-26% year-on-year** in December [1] Core Insights - **Investment Trends**: - REI for FY25 is projected at **Rmb8.3 trillion**, a **-17.2% year-on-year** decline, falling below residential sales of **Rmb8.4 trillion** [2] - New housing starts are at a **21-year low**, with **588 million sqm** started, down **-20% year-on-year** [2] - The area under construction decreased by **-10%**, reaching **6.6 billion sqm** [2] - **Market Conditions**: - The market is expected to face a structural decline into 2026 unless liquidity improves, with anticipated REI dropping by **-13% year-on-year** [3] - National sales are projected to decline by **-11% year-on-year**, with new home average selling prices expected to fall by **-3% year-on-year** [3] - **Policy Impacts**: - Recent government policies aim to stabilize the market, including a reduction in the down payment for commercial properties from **50% to 30%** and extending tax refunds for home sellers [4] - The easing measures are seen as risk control rather than a direct boost to the market [4] Additional Important Points - **Sales and Earnings Outlook**: - Weak sales and earnings downgrades are anticipated, with a potential short-lived rebound in share prices driven by policy expectations [5] - The luxury retail sector showed positive same-store sales growth in Q4, but December results were below expectations [5] - **Land Sales**: - Land sales in 300 cities decreased by **-9% in area** and **-23% in value**, reaching an 18-year low [2] - The government land revenue for the first 11 months of 2025 was down **-11%** [1] - **Macro Economic Indicators**: - China's GDP growth for FY25 is projected at **+5.0% year-on-year**, with a slight deceleration in retail sales growth to **+0.9% year-on-year** in December [1] This summary encapsulates the critical insights and data points from the conference call regarding the current state and future outlook of the China property market.

Summary of China Property Industry Conference Call Industry Overview - The conference call focused on the **China Property** industry, highlighting the challenges faced in the real estate market as of December 2025 and expectations for 2026. Key Points Home Sales and Market Performance - Home sales in December 2025 experienced a milder year-on-year (y-y) decline, with a **24% drop in value** and a **16% drop in volume**, compared to **25% and 17% declines in November** respectively. This brought the full-year 2025 decline to **12.6% in value** and **8.7% in volume** [2][3] - The **NBS 70-city home price index** continued to decline, with a **0.4% month-on-month (m-m)** drop in primary markets and **0.7% m-m** in secondary markets in December [2] Construction Activity - Construction activity remained sluggish, with **completions down 18% y-y** in December, widening the full-year decline to **18.1%**. New starts fell **19% y-y** in December, slightly narrowing the full-year decline to **20% y-y** [3] - Real estate investment (REI) saw a significant decline of **36% y-y** in December, dragging the full-year decline to **17% y-y**. High inventory levels and cautious developer sentiment are expected to keep construction activity and REI lackluster in 2026 [3] Market Sentiment and Policy Outlook - The physical market is expected to take longer to stabilize, with a continued downtrend anticipated into 2026, albeit at a softer pace. A high single-digit percentage drop in secondary home prices is expected [4] - The outlook for meaningful nationwide housing policy remains muted, with fragile resident sentiment contributing to ongoing challenges in the market [4] Investment Opportunities - There is expected to be a divergence in share prices between the overall industry and quality names with credible self-help stories in 2026. Companies such as **CR Land** and **Seazen A** are favored for their robust mall operations and potential benefits from policy initiatives aimed at boosting consumption [5] - **C&D** and **COLI** are identified as residential market consolidators, with optimized land banks supporting margin and earnings recovery [5] Financial Metrics - Total sales value for 2025 was **Rmb 8,394 billion**, down **12.6%** from 2024. Residential sales value was **Rmb 7,334 billion**, down **13.0%** [10] - Total real estate investment for 2025 was **Rmb 8,279 billion**, down **17.2%** from 2024 [10] Additional Insights - The analysis indicates that home prices in tier 1 and select tier 2 cities could stabilize in the second half of 2027 if the macro environment remains resilient [4] - The report emphasizes the importance of monitoring inventory digestion and market sentiment as key indicators for future performance in the property sector [4] This summary encapsulates the critical insights from the conference call regarding the current state and future outlook of the China Property industry, highlighting both challenges and potential investment opportunities.