Core Viewpoint - The 2025 land market is characterized by a stable conclusion, with a total residential land transaction area of 620 million square meters across 300 cities and a total transaction value of 2.3 trillion yuan, reflecting a cautious tone in the market with a focus on quality over quantity in land supply [1] Group 1: Structural New Features - Feature 1: Increased bidding for core land parcels, with record-breaking floor prices in major cities such as Beijing, Shanghai, and Shenzhen. For instance, the floor price for a land parcel in Hangzhou reached 88,000 yuan per square meter with a premium rate of 115.39% [2] - Feature 2: First and second-tier cities remain the main players in the land market, with second-tier cities emerging as a core support. The share of land transaction value from first and second-tier cities rose to 57.0%, with second-tier cities accounting for 41.5% [4] - Feature 3: The volume of high-value land transactions increased, with 13 parcels sold for over 8 billion yuan each in 2025. A notable transaction involved a consortium acquiring a land parcel for 43.953 billion yuan, setting a record for total price [5] Group 2: Rational Investment Trends - The investment behavior of real estate companies has become more rational, focusing on core cities and high turnover rate land parcels. The top 20 companies accounted for 62.7% of the total land acquisition amount, indicating a shift towards prioritizing safety over scale [6] - The trend of joint ventures for acquiring high-value land parcels has become mainstream, allowing stronger companies to efficiently replenish their land banks while sharing financial pressures and market risks [5] - The shift in investment logic from "scale expansion" to "safety first" reflects a deeper adjustment in the industry, emphasizing the importance of land parcel turnover potential and profit margin calculations [6] Group 3: Market Outlook - The three new features of the 2025 land market signify a transition from "scale dividends" to "quality dividends," marking a significant shift in housing demand from mere availability to quality [7] - The alignment of supply and demand in the land market and new housing market is expected to accelerate the construction of a new development model in the real estate industry, paving the way for a more stable transition [7]

Core Insights - The company has undergone a transformational shift from real estate development to providing environmental solutions, establishing a new core operating business through the acquisition of Resource Group [2][3] - The company generated approximately $7 million in gross revenues during 2025, a significant increase from less than $500,000 in 2024, following the integration of Resource Group [4] Business Transformation - The transition to an operating platform includes revenue-generating operations, owned equipment, and an expanding infrastructure, with Resource Group as the foundation for its waste-to-value and materials processing strategy [3] - The company has made targeted investments in processing and materials-handling equipment to enhance operational capabilities and efficiency [8][9] Financial Performance - The company completed a $9 million private placement, marking the largest capital raise in its history, and eliminated all convertible debt, improving its financial flexibility [6][7] - The company is focused on disciplined execution and long-term value creation for stockholders, positioning itself for the next phase of growth [14] Product Expansion - The company plans to expand into bagged materials and engineered soils by the second quarter of 2026, which is expected to contribute to achieving cash flow positivity [10] Asset Monetization - The company is advancing monetization initiatives across its legacy real estate asset portfolio, including the restructuring of debt related to Lago Vista and plans to list the Norman Berry property for sale [12] - There are ongoing efforts related to the rezoning and monetization of the Oklahoma property, as well as evaluating opportunities related to sand reserves at the Myakka site [13]

Core Insights - The project "招商蛇口·天青府" achieved early delivery by 100 days, with a delivery rate of 95%, showcasing the efficiency of state-owned enterprises in fulfilling quality commitments [1] Group 1: Project Overview - The project is centered around the concept of "雅宋美学" (Ya Song Aesthetics), integrating the landscape aesthetics of the Song Dynasty with modern living [1] - It features a garden landscape that offers diverse visual experiences, enhancing the living environment [1] Group 2: Community Features - The community includes amenities such as an elevated clubhouse and a heated swimming pool, providing multifunctional spaces for residents [1] - It is strategically located near Metro Line 6, quality educational resources, and ecological scenic areas, adding to its attractiveness [1] Group 3: Market Response - The 175㎡ villa-style apartments are currently receiving significant market attention as the final product offering [1] - The project exemplifies a new possibility for residential upgrades and lifestyle aesthetics through its robust delivery and aesthetic practices [1]

Core Insights - The Beijing real estate market saw a total of 40 residential land transactions in 2025, covering an area of approximately 3.59 million square meters, with total land sales revenue reaching 142.7 billion yuan [1] Group 1: Land Transactions - The last residential land parcel sold in 2025 was in the Huaxiang area, marking the completion of land supply for the year [2] - The Huaxiang land parcel was sold for 2.472 billion yuan, with a floor price of approximately 42,000 yuan per square meter [2] - The land market in Beijing is increasingly favoring areas near transportation hubs and well-equipped regions, reflecting market demand [4] Group 2: Regional Performance - Haidian District led in transaction volume with 7 parcels sold, followed by Changping with 6, and Fengtai and Chaoyang with 5 each [3] - Haidian and Chaoyang districts accounted for a significant portion of the total transaction value, indicating a concentration of demand in central urban areas [3] Group 3: Pricing Trends - In 2025, 14 parcels were sold at a premium, with 9 parcels having a premium rate exceeding 10%, highlighting a competitive bidding environment [5] - The highest floor price recorded was in Dongcheng District at 103,600 yuan per square meter, surpassing the previous record [5] Group 4: Joint Ventures - Joint ventures have become a dominant trend in Beijing's land market, with 14 parcels acquired through this method in 2025 [6] - The largest transaction involved a joint venture acquiring a parcel in Chaoyang for 12.6 billion yuan, indicating strong interest from developers [6] Group 5: Market Outlook - The upcoming year 2026 is anticipated to be crucial for stabilizing the real estate market, with expected policy adjustments aimed at restoring confidence and improving market conditions [6]

Core Viewpoint - The article discusses the performance and strategies of the real estate project "Man Yao" by China Jinmao in Beijing's Chaoyang District, highlighting its pricing strategy and market positioning amidst competitive pressures and challenges in the real estate market [1][5]. Group 1: Project Performance - Man Yao has accelerated the sale of over 400 unsold units by implementing price reductions, with the average transaction price dropping to a new low of 73,870 yuan/m² in December, down from 78,030 yuan/m² in June, representing a decrease of over 4,000 yuan/m² [2]. - In January, a single unit was sold for an average price of 66,889 yuan/m², indicating a significant decline in prices [2]. - The project has achieved a total of 312 signed contracts with an average transaction price of 76,700 yuan/m², resulting in a total sales amount of 30.4 billion yuan and a total absorption rate of 43.4% [4]. Group 2: Market Strategy - Man Yao differentiates itself by focusing on "quality-price ratio" rather than increasing unit sizes, targeting budget-conscious buyers [7]. - The project features a mix of unit types, primarily promoting three-bedroom units of 115/116 m² and larger four-bedroom units, with the smallest units priced under 10 million yuan, making them attractive to buyers [10]. - The 129 m² four-bedroom units have struggled in sales, with only 15 out of 170 units sold, attributed to their less favorable locations within the project [12]. Group 3: Competitive Landscape - The project competes with nearby developments, such as the "Bao Li Chao Guan Tian Jun," which has a lower absorption rate of approximately 25% and a higher average price of about 81,600 yuan/m² [23]. - Jinmao's land cost for Man Yao was 48,000 yuan/m², compared to 56,000 yuan/m² for its competitor, indicating a pricing advantage [24]. - A strategic shift occurred when Jinmao increased its stake in Man Yao to 70% while reducing its stake in the competing project, suggesting a focus on optimizing its operational efficiency [24][26].

Core Insights - Pure Cycle reiterated its fiscal 2026 guidance range of $26 million to $30 million in revenue and $0.43 to $0.52 in earnings per share, with variability in industrial water sales to oil and gas operators being a significant factor [1][7] - The company reported a strong Q1, achieving approximately $9 million in revenue and about $6.2 million in gross profit, which is ahead of internal forecasts [3][4][7] Financial Performance - Pure Cycle achieved about a third of its fiscal-year revenue forecast and approximately 37% of its full-year guidance for net income and earnings per share through the first quarter [2][7] - The water utility business showed recurring growth with a 22% customer compound annual growth rate (CAGR), although industrial water revenue was softer this quarter due to timing issues related to oil and gas activity [5][11] Land Development Progress - The land development segment, particularly Phase 2D, is ahead of schedule, with roads approximately 80% complete, five to six months earlier than planned [6][8][9] - Phase 2E is planned to include about 159 lots, with grading expected to start in the spring [8][9] Water Utility Segment - The water utility segment includes recurring service revenues to residential customers and industrial water deliveries, primarily to oil and gas operators [11] - Despite a strong quarter, the water segment was described as "a little bit softer than normal" due to timing issues with building permits and oil and gas deliveries [12] Future Outlook - Management expects activity in the oil and gas sector to pick up later in the fiscal year, with wells drilled and completed expected to begin fracking soon [13] - The company anticipates that fiscal 2027 will not be a "breakout year," with more significant growth expected post-interchange development and commercial lot sales likely in 2028 and beyond [20] Strategic Initiatives - Pure Cycle is optimistic about strategic land acquisitions and is currently more aggressive in pursuing land than water acquisitions [21] - The company has engaged commercial and industrial brokers to explore potential commercial uses for Sky Ranch, leveraging its water assets and site readiness [19]

Core Viewpoint - Howard Hughes Holdings Inc. will release its fourth quarter earnings for 2025 on February 19, 2026, and will hold a conference call on February 20, 2026, at 10:00 AM Eastern Time [1]. Group 1 - The earnings release will be available on the Investors section of the Company's website prior to the conference call [1]. - Listeners can participate in the earnings call via a live webcast and may join the Q&A session by pre-registering on the Company's earnings call registration webpage [2]. - An on-demand replay of the earnings call will be accessible on the Company's website for one year following the live call [2]. Group 2 - Howard Hughes Holdings Inc. is a holding company focused on long-term shareholder value through its real estate platform [3]. - The Company owns, manages, and develops commercial, residential, and mixed-use real estate across the U.S., including notable properties like The Woodlands, Summerlin, and Ward Village [3]. - Howard Hughes Holdings Inc. is publicly traded on the New York Stock Exchange under the ticker symbol HHH [3].

Summary of China Property Conference Call Industry Overview - The commentary from Qiushi, the official magazine of the CCP, suggests a potential shift in the official narrative regarding the housing market in China for 2026, following a lack of meaningful policy in 2025 [1][3] - The housing market has been experiencing deteriorating home prices and sales since the second half of 2025, prompting speculation about new policy directions [1][3] Key Messages from Qiushi Commentary 1. **Supply/Demand Dynamics**: There has been a significant shift in the supply and demand dynamics within the real estate market [3][20] 2. **Importance of Real Estate**: The sector remains vital to the national economy and household wealth, accounting for 13% of GDP and employing over 70 million people [21][22] 3. **Urbanization Support**: Urbanization and demand for housing upgrades are expected to continue supporting market demand [3][21] 4. **Transition in Development Model**: The traditional high-leverage development model is deemed unsustainable, necessitating a transition to a new model [3][21] 5. **Policy Coordination**: Policymakers are urged to provide decisive and coordinated support, with a call for policies to be introduced all at once rather than piecemeal [3][4][25] 6. **Supply Control**: There is a need for well-controlled supply management to stabilize the market [3][26] 7. **Expectation Management**: The government must strengthen information management to counter misinformation and monitor key industry indicators [3][27] Market Performance and Forecasts - The real estate sector has consistently underperformed since 2021, with a forecasted 7% drop in sales and a 5% decline in home prices for 2026 under the base case scenario [1][3] - In 2025, national sales value dropped by 11% year-over-year, while the top 100 developers saw an 18% decline [5][20] - The MSCI China Real Estate index rose by 1% in 2025, marking the first positive return since the liquidity crisis in 2021, but underperformed relative to MSCI China by 28% [5][10] Tactical Investment Insights - **Top Picks**: - **CR Land (1109 HK)**: Emerging as the largest commercial asset manager with attractive valuations [5][6] - **CR Mixc (1209 HK)**: Expected to see tenant sales growth of 5-10% in 2026 [5][6] - **Jinmao (817 HK)**: Notable for positive sales growth of 16% in 2025 [5][6] - **Longfor (960 HK)**: Considered a tactical play with potential upside amid policy-induced rallies [5][6] Conclusion - The commentary from Qiushi indicates a potential shift in policy direction for the housing market, with a focus on decisive and coordinated support to stabilize the sector. The current market conditions present both risks and opportunities for investors, particularly in selected stocks that are well-positioned to benefit from any forthcoming policy changes [1][3][5]

Report Industry Investment Rating - Not provided Core Viewpoints - The market effectively absorbed new bond supplies, with strong demand for 5-year duration bonds, while lower-yielding front-end papers faced selling pressure [2]. - Asian IG credits tightened by 1 - 3bps this morning, driven by flows into 5-year duration issues and FRNs with spreads over 90 [4]. Summary by Relevant Catalogs Trading Desk Comments - The new CASHLD 6.25 Perp rose 0.9pt from RO at 99.965; the new FRESHK 29 tightened 10bps from RO at T+178; existing FRESHK 26 - 28s tightened 5bps; EIBKOR 29 - 36s opened 1 - 2bps tighter but retraced and closed flat to 1bp wider; RESONA 31, SWIPRO 31, MITHCC 31s, CLFCAP 31 and BAYFIM 29 tightened 3 - 6bps; new NAB 29 - 31s and STANLN 30 - 37s traded 1 - 2bps inside ROs; EBIUH 31 rose 0.4pt while EBIUH 29 closed around RO; KSA 56s had profit - taking selling and KSA 36s closed 0.1pt higher [2]. - In the secondary market, there was demand for higher - spread FRNs of EU/Chinese/Japanese banks; Japanese/Yankee insurance subs, AT1s, and HYSAN Perps rose 0.3pt; NWDEVL/VDNWDL complex moved 0.2pt lower to 0.7pt higher; EHICARs were down 0.2 - 0.6pt; Macau gaming complex moved 0.1pt lower to 0.2pt higher; VNKRLE 27 - 29 dropped 2.6 - 2.8pts; FUTLN 28/FTLNHD 26 - 27 were unchanged to 0.1pt lower; VLLPM 27 - 29 rose 1.3 - 1.9pts; INDYIJ 29s rose 0.3pt; MEDCIJ 26 - 30s were unchanged to 0.2pt lower [3]. - PMBROV 30/NUFAU 30/EHICAR 26 were 0.7 - 0.9pt lower; LNGFOR 28 27 - 28 were 0.6 - 0.8pt higher; SJMHOLs were unchanged and other Macau gaming bonds were unchanged to 0.1pt lower; TOPTBs/PTTGCs were unchanged to 0.1pt higher [4]. Last Trading Day's Top Movers - Top Performers: CFAMCI 4.95 11/07/47 rose 2.4, VLLPM 7 1/4 07/20/27 rose 1.9, VLLPM 9 3/8 07/29/29 rose 1.3, CHGDNU 4.8 09/11/48 rose 1.1, NWDEVL 5 7/8 06/16/27 rose 0.7 [5]. - Top Underperformers: VNKRLE 3.975 11/09/27 dropped 2.8, VNKRLE 3 1/2 11/12/29 dropped 2.6, FZSZJJ 7 12/27/27 dropped 1.3, EHICAR 12 09/26/27 dropped 0.6, GWFOOD 3.258 10/29/30 dropped 0.5 [5]. Macro News Recap - On Wednesday, S&P was down 0.34%, Dow was down 0.94%, and Nasdaq was up 0.16%. US Dec'25 ADP Nonfarm Employment change was +41k (lower than expected +49k), ISM Non - Manufacturing PMI was 54.5 (higher than forecast 52.2), and Crude Oil Inventories were -3.932mn (lower than expected -1.2mn). UST yield was lower, with 2/5/10/30 year yields at 3.47%/3.70%/4.15%/4.82% [7]. Desk Analyst Comments SJMHOL - The FV of the new SJMHOL 31 is expected to be low - mid 6% vs IPT of 6.875%. The net proceeds will fund a tender offer for USD500mn SJMHOL 4.5 01/27/26 at par and for general corporate purposes. The new bond is puttable at par under certain conditions and has a Change of Control put at 101%. Holders of SJMHOL 26 subscribing to the new bond may get priority acceptance and preferential allocation. The tender offer expires on 12 Jan'26 at 4pm London Time [8]. - As of Sep'25, SJM had HKD3.4bn cash and short - term deposits and HKD2.7bn undrawn facilities. Its LTM adj. property EBITDA was HKD3.7bn. Budgeted capex was HKD2bn in 2025, HKD1.5 - 1.8bn in 2026, and below HKD1bn in 2027. Moody's/Fitch changed the outlook to negative and affirmed Ba3/BB - rating. Eight of nine satellite casinos ceased operation by 2025, and SJM acquired L'Arc Hotel for HKD1.75bn in Dec'25. The firm is neutral on SJMHOLs and prefers MPELs/STCITYs [9]. TOPTB - The FV of the new PerpNC5.25 is expected to be low 6% vs IPT at 6.625%. The coupon resets in Apr'31, steps up by 25bps in Apr'36, and another 75bps in Apr'51. Coupon payment is cumulative and can be deferred, with restrictions on shareholder distributions [13]. - Proceeds will fund a tender offer for up to USD550mn of 5 USD bonds. An early tender premium of 5pts is provided for tenders on or before 20 Jan'26 5pm EST [14]. - Thai Oil is a leading integrated refining and petrochemical company in Thailand, with a refining capacity of about 275k barrels per day (c22% of total in Thailand). PTT and PTT Oil and Retail are its main customers and PTT is the main feedstock supplier [15]. Offshore Asia New Issues Priced - Riyad Bank issued USD1000mn 10NC5 bonds with a 5.805% coupon at T+210, rated -/BBB -/BBB [20]. Pipeline - Korea Housing Finance Corporation plans to issue 3yr/5yr bonds, sized in USD, with coupons of SOFR+77/CT5+63, rated Aa2/AA - [21]. - SJM International Limited plans to issue 5NC2 bonds in USD with a 6.875% coupon, rated B1/-/BB [21]. - Thaioil Treasury Center Company Ltd plans to issue PerpNC5.25 bonds in USD with a 6.625% coupon, rated Ba2/BB -/- [21]. Onshore Primary Issuances - Yesterday, 79 credit bonds were issued with an amount of RMB64bn. Month - to - date, 258 credit bonds were issued for a total of RMB205bn, a 23.9% yoy decrease [26]. - Dalian Wanda Commercial sold Changde Wanda Property; Emperor International shareholders approved a HKD1.16bn sale of a Hong Kong commercial building to OCBC; Minmetals Land will repurchase USD251.174mn of MINMET 4.95 07/22/26; New World Development expects to redeem 2026 - 2027 bonds with internal cash after selling a project for HKD1.16bn; China Vanke will hold a noteholders' meeting on 21 Jan'26 for RMB3.7bn 22WankeMTN005 notes to vote on maturity extension [26].

Group 1 - The core objective of Yinchuan City is to achieve high-quality development by 2026, focusing on the "project-oriented" approach with a total of 1,236 projects planned, amounting to a total investment of 351.5 billion RMB, and an annual planned investment of 103.76 billion RMB [1] - The projects are categorized into four main sectors: industry, infrastructure, social welfare, and real estate, with industry projects numbering 407 and an annual planned investment of 46.76 billion RMB, accounting for 45% of the total annual investment [1] - Infrastructure projects total 519, with an annual planned investment of 27.78 billion RMB, representing 27% of the total annual investment [1] Group 2 - The social welfare sector includes 230 projects with an annual planned investment of 12.04 billion RMB, while real estate projects consist of 80 projects with an annual planned investment of 17.18 billion RMB [1] - Among the projects, 256 have total investments exceeding 100 million RMB, with an annual planned investment of 76.78 billion RMB, which constitutes 74% of the total annual investment [2] - To ensure the smooth progress of these projects, Yinchuan City will utilize the "two debts and one fund" leverage effect, focusing on key projects like urban underground pipelines and village renovations, while prioritizing funding and expediting project approvals [2]