Core Viewpoint - Hong Kong's Macro Properties (01243) and Macro Group (01222) announced a joint venture agreement for property acquisition, enhancing their investment portfolio and operational profits through collaboration with experienced investors [1] Group 1: Joint Venture Agreement - Macro Properties' indirect wholly-owned subsidiary, Prime Resonance, has entered into a shareholder agreement with ADPF Oregon and Harmonia Crest Limited for property acquisition [1] - The property in question is registered under multiple land lots in Kowloon, Hong Kong, currently operating as "Hotel MOKO" [1] Group 2: Strategic Benefits - The collaboration with ADPF Oregon is seen as a valuable opportunity to leverage Macro Properties' expertise in property investment and asset management [1] - The partnership aims to enhance and expand the investment property portfolio while generating operational profit shares for both Macro Group and Macro Properties [1]

Core Viewpoint - China State Construction Engineering Corporation (CSCEC) is strategically investing in real estate despite market challenges, indicating a strong belief in the long-term potential of the sector [1][3]. Group 1: Investment and Land Acquisition - CSCEC's subsidiary, China State Construction Second Engineering Bureau, has invested 7.491 billion yuan in a real estate development project in Beijing's urban sub-center [1][3]. - The project covers approximately 112,800 square meters with a total planned construction area of about 261,900 square meters, including residential and office spaces [3]. - The company aims to enhance its influence and brand recognition in the Beijing real estate market through this investment [3]. Group 2: Financial Performance and Business Segments - Real estate development is CSCEC's third-largest business, generating approximately 300 billion yuan in annual revenue with a gross profit margin of around 17% [1][4]. - From 2021 to 2024, the company's real estate revenue showed fluctuations, with 2023 sales reaching 451.4 billion yuan, a 12.4% increase year-on-year, making it the industry leader [4]. - In 2024, the real estate segment's revenue is projected to account for about 14% of total income, contributing 25.4% to gross profit [1][4]. Group 3: Market Strategy and Future Outlook - CSCEC plans to deepen its investment in core cities and regions, focusing on precise investment strategies and enhancing sales efforts [5][8]. - The company has acquired 75 new land parcels, increasing its land reserves to 77.18 million square meters, with all new acquisitions located in first-tier and strong second-tier cities [5][8]. - The real estate business aims to transition into a leading international property development and operation group, emphasizing residential development and quality commercial projects [8]. Group 4: Risk and Resilience - Despite facing challenges from market adjustments, CSCEC's real estate business has demonstrated resilience, with annual profits consistently exceeding 40 billion yuan from 2020 to 2024 [1][9]. - The company reported a 14.88% decline in net profit for 2024, primarily due to increased credit impairment losses, which reached 13.634 billion yuan [9].

2022 INTERIM RESULTS | ANALYST BRIEFING 11TH AUGUST 2022 DISCLAIMER This presentation has been prepared by Swire Properties Limited (the "Company", and together with its subsidiaries, the "Group") solely for information purposes and certain information has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the accuracy, fairness, completeness, reasonableness or correctness of the information or opinions presented herein or ...