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]

Company Overview - Yuexiu Property Company Limited, trading as YUPRF in the U.S., is a Hong Kong-incorporated real estate developer focused on property development, investment, and management in Mainland China [2] - The company is a core subsidiary of Yuexiu Group, which is ultimately owned by the Guangzhou Municipal Government, and it specializes in residential, commercial, and mixed-use projects in key urban centers [2] Property Development Segment - The property development segment includes the design, construction, and sale of mid- to high-end residential complexes, office towers, shopping malls, and hotels [3] Stock Performance - Shares of Yuexiu Property opened at $0.40, with a 50-day simple moving average of $0.40 and a 200-day simple moving average of $0.45 [1] - The company has recorded a 1-year low of $0.40 and a 1-year high of $0.51 [1] Short Interest - As of December 31st, Yuexiu Property experienced a significant decline in short interest, totaling 113,000 shares, which is a 23.6% decrease from 148,000 shares on December 15th [5] - The days-to-cover ratio is currently infinite due to an average daily volume of 0 shares [5]

Core Insights - The recent auction of commercial land in Hangzhou's Xiaoshan District saw a significant premium rate of nearly 200%, indicating strong market demand and competition for prime real estate [1][10] - Zhejiang Xianglv Green Development Co., Ltd. won the bid for the land, which is part of a broader strategy to enhance its existing projects in the Xianghu area [3][4] Group 1: Land Auction Details - The commercial land parcel, identified as XS160203-13, covers approximately 22,800 square meters with a floor area ratio of 0.9-1.0, and was sold for 34,435 million yuan, resulting in a floor price of about 15,094 yuan per square meter [1][2] - The auction involved 115 rounds of bidding, reflecting high interest in the property despite its relatively small size [1][2] Group 2: Market Context - In 2025, Hangzhou's land market was highlighted as one of the few "high-profile samples" nationwide, with residential land sales exceeding 140 billion yuan, placing it among the top three cities in China [6][8] - The first half of 2025 saw 68 residential land transactions, with a total sales amount nearing 116 billion yuan, indicating a robust market activity [7] Group 3: Future Outlook - Looking ahead to 2026, the land supply in Hangzhou is expected to focus on mature core areas, with an emphasis on stability and precision in land offerings [8][9] - The upcoming commercial developments, including major projects like Hangzhou Henglong Plaza and Hangzhou Kerry Center, are anticipated to enhance market expectations regarding location and long-term value [10]

Core Insights - The Chengdu new housing market in 2025 shows structural vitality amid industry adjustments, with improvement demand becoming the mainstream [1] - The average transaction area for new homes in 2025 is approximately 131 square meters, with high-end projects priced at around 10 million yuan performing exceptionally well, achieving record supply and transaction volumes [1] - Land supply is characterized by "reduced quantity and improved quality," with a year-on-year decrease in residential land supply but sustained interest in core plots [1] - New projects launching this year primarily stem from high-quality land acquired in the past two years, leading developers to invest more in product quality [1] Segment Summaries High-End Projects - Core urban projects redefine luxury living, integrating scarce resources, design, and cultural elements [1] - Jianfa Haiyao, located in the Financial City Phase III, sets a new record for Chengdu's large flat products with a price of approximately 76,900 yuan per square meter and total prices ranging from 16.4 million to 49.89 million yuan [1] - New Hope D10 Wangjiang, with a height of 224 meters, offers large flats starting from 400 square meters, ensuring every unit has a river view [3] - Guomao Chachang project features large flat units of 240, 300, and 400 square meters, designed by renowned architects to enhance high-end quality [5] - Huashang Meigui Di, located in a long-scarce supply area, plans to offer 84 units with integrated high-end services [7] Stable Choices - Large-scale projects developed by reputable brands are positioned in mature areas, catering to mainstream improvement families [1] - Jinchenyuan Guanzhu, with a sales target of approximately 3.4 billion yuan in 2025, reflects market recognition of its high quality and controllable pricing [9] - Yuexiu Tianyue Yun Cui III, part of a large-scale development, will feature low-density housing and extensive park facilities [11] - Dongcheng Jinmao Xiaotang, located near Metro Line 2, achieved sales of about 5 billion yuan in 2025, exemplifying mainstream improvement demand [13] Innovative Projects - New projects with innovative concepts are entering the market, providing fresh choices for buyers [1] - Changzhu-Tazishan Park project, with a low density of 1.5, aims to offer a rare low-density living option in the city center [16] - China Railway Construction's 95-acre project is anticipated to fill the high-end product gap in the area [16] - Yuanda Tianzhuyuanjing, designed as an ecological community, aims to create a "breathing" living environment [18] TOD Development - The TOD development model is deepening in Chengdu, with over 15 residential projects in 2025, representing a comprehensive urban living transformation [20] - The first ground vehicle base TOD project covers 330 acres and integrates various functions, setting a benchmark for efficient urban space utilization [21] - Jinzhou Road TOD project includes two plots with a total construction area of approximately 155,000 square meters, benefiting from excellent transportation links [23] - Existing TOD projects will also introduce new high-end product lines, enriching the product spectrum [25] Market Outlook - The Chengdu new housing market in 2026 will present a diverse landscape catering to various buyer needs, from high-end projects to established developments and innovative concepts [1] - Buyers are encouraged to clarify their core demands, whether for asset preservation, lifestyle enhancement, or efficiency, to make informed decisions in a differentiated market [1]

海西房产网（微信公众号：fjhxfcw）消息：1月16日，福州市自然资源和规划局举行2025年年度第十三 轮土地拍卖活动。 本次拍卖共有68号、80号、138号三家竞买人报名参与。 最终，经过半小时拍卖，三幅地块全部拍出，均由左海、建总、新榕三家福州市属国企兜底拿下，总成 交金额43.11亿。 福州宗地2025-85号位于晋安区塔头路北侧，琯尾街周边出让地块三，土地用途及出让年限为住宅用地 70年、商业用地40年。 规划指标要求： 土地面积：11377平方米（合17.07亩）；容积率：1.0以上、2.23以下（含2.23，其中计容商业建筑面积 不多于1500平方米）；建筑密度：35%以下（含35%）；绿地率：30%以上（含30%）；建筑限高：100 米以下（其中住宅建筑高度21米以上）。 福州建总17.87亿竞得宗地2025-86号 2025-86름 起始价：178700万元 溢价率: 0.00% 竞价记录 序号 加价格度: 100万元 出价号牌 T 备育报价: 178700万元 138 当前报价（万元） " 178700 DST ww.h0591.com 以下是三幅地块详细出让信息： 园开安筑（左海）5.3 ...

Core Viewpoint - Invitation Homes Inc. has acquired ResiBuilt Homes, LLC for $89 million, enhancing its capacity to address the demand for attainable housing through new construction and partnerships [1][3]. Group 1: Acquisition Details - The acquisition price is $89 million, with potential additional earn-out payments of up to $7.5 million based on performance [1]. - The transaction includes 23 existing fee-building contracts and a pipeline of additional third-party fee opportunities [3]. - Invitation Homes has secured options to acquire approximately 1,500 well-located lots for future development [3]. Group 2: Company Background - ResiBuilt, headquartered in Atlanta, has delivered over 4,200 homes since its founding in 2018 and is known for quality construction and operational efficiency [2]. - The team from ResiBuilt, including Co-founder and President Jay Byce, will continue to operate under the ResiBuilt brand after the acquisition [2]. Group 3: Strategic Vision - The acquisition aligns with Invitation Homes' long-term vision to create value through a dynamic build-to-rent growth strategy [4]. - The company aims to enhance its execution capabilities and address housing affordability by adding supply in desirable markets [4]. Group 4: Future Operations - ResiBuilt's original parent company, RESICAP, will remain independent and continue its operations in various sectors, but will not compete with ResiBuilt in ground-up BTR construction [5].

Core Insights - Two companies managed by AB Tewox have received construction permits for new grocery stores in Vilnius and Pabradė [1] - Both projects have secured long-term lease agreements with the supermarket chain Iki [1] Project Details - The grocery store in Vilnius will have a gross leasable area (GLA) of approximately 2,100 sqm, with a total investment projected at around EUR 6 million, and is planned to open in the second half of 2026 [1] - The grocery store in Pabradė will also have a GLA of approximately 2,100 sqm, with a total investment projected at around EUR 5 million, and is similarly planned to open in the second half of 2026 [1]

Core Thesis - The St. Joe Company (JOE) is positioned to benefit from internal migration trends to Florida's panhandle, despite broader demographic challenges in the U.S. housing market [2] Company Performance - Average lot prices have increased from $86,000 to $150,000 over the past year, indicating strong demand for developments [3] - Sales have risen by 63%, net income has increased by 55%, and EBITDA has grown by 33%, showcasing disciplined execution and favorable market positioning [3] - The company has engaged in shareholder-friendly actions, including share buybacks and a recent dividend increase, enhancing confidence in long-term cash flow [3] Investment Perspective - JOE is characterized as a high-quality, inflation-resistant investment opportunity, particularly appealing for long-term investors seeking exposure to coastal migration and lifestyle-driven housing demand [4] - The company is viewed as a rare long-duration asset due to its strategic land portfolio in a structurally undersupplied region [4] Market Sentiment - JOE is not among the 30 most popular stocks among hedge funds, with 26 hedge fund portfolios holding JOE at the end of Q2, down from 32 in the previous quarter [6]

As filed with the U.S. Securities and Exchange Commission on January 14, 2026. Registration No. 333-290030 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Nihon Shintatsu Co., Ltd. Amendment No. 2 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (Exact name of registrant as specified in its charter) n/a (Translation of Registrant's name into English) (State or other jurisdiction of incorporation or organization) Japan 6500 Not Applicable (Primary Standard Industria ...