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.

Core Viewpoint - Ola Electric has appointed Deepak Rastogi as the new finance chief, effective January 20, 2026, amid challenges in sales and market share in the electric two-wheeler sector [1][5]. Group 1: Leadership Changes - Deepak Rastogi will succeed Harish Abichandani as the finance chief of Ola Electric [1]. - Rastogi previously served as the group CFO of Puravankara and has extensive experience in finance and accounting [2][4]. Group 2: Background of Deepak Rastogi - Rastogi holds an MBA in Finance and International Business from SP Jain Institute of Management & Research and is a qualified Chartered Accountant [3]. - His prior roles include President and Group CFO at Deepak Fertilisers and various senior positions at Tata AutoComp Systems, The Timken Company, and Castrol, showcasing a strong track record in finance [4]. Group 3: Company Performance and Market Position - Ola Electric has faced declining sales and market share since its public listing, prompting a revision of its fiscal 2026 revenue forecast [5]. - The company once held a 50% market share in India's e-scooter market but has been overtaken by competitors like Bajaj Auto and TVS Motor [6]. - The stock price of Ola Electric has decreased by over 50% in the past year, with a nearly 40% decline in the last six months [7].

Group 1 - The core viewpoint of the article indicates that the housing market in first-tier cities is showing signs of stabilization, with narrowing price declines in both new and second-hand homes in December 2025 [1][2] - In December 2025, new home prices in first-tier cities decreased by 0.3% month-on-month, while second-hand home prices fell by 0.9%, both showing a reduction in the rate of decline compared to the previous month [1] - The transaction volume of new homes in first-tier cities saw significant increases, with Beijing, Shanghai, Guangzhou, and Shenzhen recording month-on-month growth rates of 56%, 81%, 28%, and 21% respectively [1] Group 2 - Shanghai's new home prices increased by 0.2% in December 2025, making it the only first-tier city to experience a price rise, while its second-hand home prices decreased by 0.6%, indicating a reduction in the rate of decline [2] - The second-tier cities continue to face challenges, with new and second-hand home prices decreasing by 0.4% and 0.7% respectively, and the decline rates widening compared to the previous month [2] - The overall housing market remains under pressure for price stability, with high inventory levels and factors such as employment and consumer sentiment significantly impacting buyers' purchasing power and willingness [2] Group 3 - The analysis suggests that January 2026's market performance will be crucial for the overall first quarter, as the traditional sales lull has shifted due to the later timing of the Spring Festival [3] - There are emerging signs of market stabilization in January 2026, with recent policies aimed at lowering mortgage rates and increasing buyer engagement, particularly among targeted groups like families with multiple children [3] - The focus on "stabilizing expectations" and the effective implementation of policies will be key to the market's recovery in early 2026 [3]

Group 1: Real Estate Development Investment - In 2025, national real estate development investment reached 82,788 billion yuan, a decrease of 17.2% compared to the previous year [1][11] - Residential investment accounted for 63,514 billion yuan, down 16.3% [1][11] - Investment in office buildings and commercial properties saw declines of 22.8% and 14.0%, respectively [11] Group 2: Construction and New Projects - The total construction area for real estate development was 659,890 million square meters, a decline of 10.0% year-on-year [3][11] - New construction area was 58,770 million square meters, down 20.4%, with residential new construction area decreasing by 19.8% [3][11] - The completion area was 60,348 million square meters, a decrease of 18.1%, with residential completions down 20.2% [3][11] Group 3: Sales and Inventory of New Properties - New residential property sales area was 88,101 million square meters, down 8.7%, with residential sales area decreasing by 9.2% [4][11] - The sales revenue from new properties was 83,937 billion yuan, a decline of 12.6%, with residential sales revenue down 13.0% [4][11] - The inventory of unsold properties reached 76,632 million square meters, an increase of 1.6% [11] Group 4: Funding Situation for Real Estate Developers - The total funds available to real estate developers amounted to 93,117 billion yuan, a decrease of 13.4% [7][11] - Domestic loans were 14,094 billion yuan, down 7.3%, while foreign investment fell by 20.8% to 25 billion yuan [7][11] - Personal mortgage loans decreased by 17.8% to 12,852 billion yuan [7][11] Group 5: Real Estate Development Prosperity Index - The real estate development prosperity index (National Housing Prosperity Index) stood at 91.45 in December 2025 [9]