Core Viewpoint - The new residential project "Hai Chen Yuan Jing" in Haidian District has obtained its pre-sale license, offering a total of 396 units with a starting price of 8.5 million yuan for a three-bedroom unit, making it an attractive option for buyers in the area [1][2][4]. Project Overview - The project consists of 10 buildings, with a total of 414 units planned, and covers an area of approximately 2.4 hectares with a total above-ground construction area of about 50,400 square meters [5][6]. - The average selling price is set at 92,300 yuan per square meter, with unit sizes ranging from 99 square meters to 181 square meters [3][4]. Pricing and Unit Features - The smallest unit starts at 8.5 million yuan, and with promotional offers, a three-bedroom, two-bathroom unit can be acquired for around 800,000 yuan [4]. - The project boasts a high usable area ratio of 87%-93%, providing additional space compared to similar offerings in the market [8]. Architectural Design - The project features a mix of three and four-bedroom units, with innovative designs such as corner windows and generous storage options [9][11][13]. - The luxury 181 square meter unit includes private elevators and expansive living spaces, with a price nearing 98,000 yuan per square meter [15]. Location and Accessibility - Located in the southwestern part of the Siqinqing Town, the project is well-positioned near major roads and the subway, making it accessible while offering a lower entry price compared to other recent developments in Haidian [19]. Developer Information - The project is developed by Beijing Jinglu Yasun Real Estate Development Co., Ltd., which is fully owned by China State Construction Engineering Corporation [21]. - The marketing strategy for the project will be directly managed by the headquarters of China State Construction, led by a seasoned marketing manager with extensive experience in the real estate sector [21].

Core Insights - The Vanke Urban Light project in Fuzhou successfully passed completion acceptance on November 19, marking a significant milestone for the development [2] - The project is a large-scale transit-oriented development (TOD) located above the Hongtang parking lot of Metro Line 4, with a total construction area of approximately 450,000 square meters [2][4] - The project includes 40 high-rise residential buildings, with a total of 2,268 marketable residential units and 528 social rental housing units [4] Group 1 - The project aims to create an open, multi-functional commercial experience space, revitalizing the area's commercial vitality and presenting a new living environment for residents [2] - The development covers an area of 265 acres, divided into southern and northern zones, with the southern zone containing 31 buildings and the northern zone containing 9 buildings, including 3 public rental housing units [4] - The residential buildings range from 18 to 27 stories, with unit sizes between 89 to 165 square meters, offering three to four-bedroom options [4] Group 2 - The project is positioned as a key development in the main urban area, contributing to the integration of residential, commercial, and recreational spaces [2][4] - The Fuzhou Real Estate Registration and Transaction Platform indicates that the total number of residential units in the project is 2,680, with a total residential area of approximately 278,507.47 square meters [5] - As of the latest data, 2,609 units have been sold, with a total sold area of approximately 256,974.22 square meters, indicating strong market demand [5]

Core Insights - The first Trump-branded hotel in the Maldives will be tokenized, allowing regular investors to buy digital tokens representing ownership before construction [1][2] - The resort is expected to open by the end of 2028 and will feature approximately 80 ultra-luxury beach and overwater villas, located 25 minutes by speedboat from Malé [1] - Dar Global, a Saudi luxury real estate developer, has partnered with the Trump Organization for this project, marking a pioneering collaboration in luxury hospitality and financial innovation [2] Investment Mechanism - The project aims to transform investment in hospitality by allowing everyday investors to participate in luxury hotel development [3] - Investors' shares will be recorded on a digital blockchain, which tracks cryptocurrency transactions [3] - There is currently no clarity on whether investors will receive a share of the profits once the hotel opens, which is unusual for such high-stakes real estate deals [4] Market Potential - The concept of tokenizing real estate investments is not unique to this project, with the market for tokenized real estate projected to grow to $4 trillion by 2035 from under $300 billion currently [5]

Core Insights - Since June 2023, Weihai has hosted 11 promotional events for high-quality real estate projects, aiming to enhance market penetration and recognition in key cities within the province [1][3] - An upcoming exhibition titled "Weihai International Coastal Travel Destination Good House Exhibition" will take place in Jinan on November 28-29, featuring 8 premium real estate projects from 6 local developers [1][3] Group 1: Event Details - The exhibition is guided by the Shandong Provincial Department of Housing and Urban-Rural Development and supported by the Shandong Real Estate Association, with participation from various local real estate companies [3] - Featured projects include five major developments: Wuzhu River Ecological City, Shengde Feili Tianxi, Poly Mingyue Fenghua, Poly Hanlin Garden, and others [3] Group 2: Market Dynamics - Jinan is identified as a significant source of customers for Weihai, with a steady increase in property purchases by Jinan residents in recent years [3] - The efficient transportation link between Jinan and Weihai, with high-speed trains taking as little as 2.5 hours, has contributed to the perception of Weihai as a second home for Jinan residents [3] Group 3: Financial Incentives - Jinan residents without housing in Weihai can apply for public housing fund loans and commercial loans, with the maximum loan amount reaching 1.3 million yuan and a minimum down payment of 15% for commercial loans [4] - Weihai aims to attract Jinan residents with open policies, quality projects, and comprehensive services, promoting the integration of "mountain-sea romance" and "delicate warmth" [4]

Core Viewpoint - Chengdu held a public auction for three land parcels on November 25, with a total area of approximately 71.8 acres, resulting in one successful bid and two failures [1] Group 1: Auction Results - The two residential land parcels in Wuhou New City (parcels 1 and 2) were unsold due to failure to attract bids [1] - The commercial and residential land parcel in Chenghua Shibanqiao was also withdrawn from sale [1] - The residential land parcel in Pidu District (parcel 4) started with a floor price of 4,300 yuan/m² and was successfully acquired by Chengdu Zhenchen Yipin Real Estate Development Co., Ltd. at a final price of 6,000 yuan/m², reflecting a premium rate of approximately 39.5% [1][2] Group 2: Company Insights - Chengdu Zhenchen Yipin, the winning bidder, is an affiliate of local real estate company Jiahe Xing, which has been active in the Chengdu second-tier land market in recent years [5] - In May 2023, Jiahe Xing acquired a residential land parcel in Pidu District at a starting price of 4,550 yuan/m², with a final price of 7,250 yuan/m², resulting in a premium rate of about 59.3% [6] - Jiahe Xing has secured a total of six land parcels in Chengdu's Wenjiang, Xindu, Shuangliu, and Longquanyi districts this year, making it the most active private real estate company in terms of land acquisition [6] Group 3: Market Position - In the first half of 2025, Jiahe Xing achieved a sales amount of 3.162 billion yuan, ranking 17th among the top 50 real estate companies in Chengdu, and second among private firms in terms of sales revenue [7][9]

Core Insights - The main business activity of Trigon Property Development AS is real estate development, focusing on a 13.2-hectare project in Pärnu, Estonia, aimed at creating a commercial, industrial, and logistics park [1] - The company aims to attract businesses to enhance the value of its land plots, with the primary goal of selling existing land [1] Financial Performance - For the first nine months of 2025, Trigon Property Development reported a net loss of -76,185 euros, with earnings per share at -0.01693 EUR [3] - Revenue for the first nine months of 2025 was 0 euros, compared to 31,920 euros in the same period of 2024 [5] - Administrative and general expenses increased to -83,302 euros in 2025 from -26,846 euros in 2024 [5] Financial Position - As of September 30, 2025, total assets were 1,824,030 euros, with equity comprising 97.51% of the total balance sheet at 1,778,590 euros [3] - Current assets decreased from 1,873,680 euros as of December 31, 2024, to 1,824,030 euros [4] - Total liabilities remained low at 45,441 euros as of September 30, 2025, compared to 18,906 euros at the end of 2024 [4]

Investment Rating - The report indicates a strong investment opportunity for the TOD project in Zhengzhou, highlighting its impressive sales performance and market interest [1][5][20] Core Insights - The project is the first TOD development in Zhengzhou, located in a prime area with comprehensive amenities, achieving nearly 60% sales in a challenging market [1][5] - The project has maintained a high housing search interest, consistently above 100, indicating strong buyer engagement and demand [5][19] - The project effectively meets the market demand for three and four-bedroom units, aligning with the needs of first-time and upgrading homebuyers [8][9][20] Summary by Sections Project Overview - The project covers approximately 96,000 square meters with a total construction area of about 371,300 square meters, featuring 2,343 residential units [1] - The average selling price is around 12,800 CNY per square meter, which is competitive compared to surrounding developments [16] Market Performance - The project has seen a monthly average sales rate of about 47 units over the last six months, demonstrating strong market performance [1][5] - The project’s housing search heat index peaked at 115 during its initial launch, reflecting high buyer interest [5] Competitive Analysis - The project ranks high in competitive strength, particularly in housing search heat and unit type matching, significantly outperforming competitors [4][5] - The customer overlap with competing projects is relatively low, indicating a strong market position with minimal competitive pressure [19] Product Offering - The project offers a variety of unit sizes, primarily targeting the 101-119 square meter three-bedroom and 132-144 square meter four-bedroom segments, which are in high demand [8][9] - The design of the units is functional, catering to the essential needs of buyers without unnecessary embellishments [9] Location and Amenities - Located within the third ring road, the project benefits from good transportation links, including proximity to a metro station and major roads [14][16] - The area has essential amenities such as schools, parks, and commercial facilities, enhancing its attractiveness to potential buyers [14][15] Pricing Strategy - The project’s pricing strategy effectively compensates for its location drawbacks, offering a price point that is significantly lower than the average in the surrounding areas [16] - The project is delivered as a shell, allowing buyers flexibility in renovation costs, which further enhances its appeal [16]

Core Insights - Shenzhen's luxury real estate market is experiencing a significant boost with the introduction of four major high-end projects, attracting high-net-worth individuals and increasing market activity [1][2] Group 1: Market Trends - In November, Shenzhen's second-hand housing transaction volume increased by approximately 17%, with luxury homes priced over 15 million yuan accounting for 2.3% of total transactions, up 0.6% from October [1] - The concentration of high-end projects entering the market is expected to activate potential buyer demand and accelerate transactions among high-net-worth clients [2] Group 2: Project Details - The four major luxury projects include: - Shenzhen Bay Lingxi: 348 units, with main areas ranging from 209 to 1180 m², pre-sale approved on November 24 [2] - CITIC Xinyue Bay: 407 units, main areas from 210 to 510 m², showroom opening at the end of November [2] - Lian Tai Chaozong Bay: 136 units, main areas from 303 to 1000 m², showroom and model room opened [2] - Houhai Zhaoshang Xi: 348 units, main areas from 186 to 247 m², showroom opened [2] Group 3: High-Net-Worth Demographics - According to Hurun Research Institute, Guangdong continues to lead in the number of high-net-worth families, with Shenzhen having 77,200 such families, ranking fourth nationally, providing a stable customer base for the luxury housing market [2]

Group 1 - OÜ Merko Kodud, part of AS Merko Ehitus, is launching the first phase of the Leedri development project in Tartu municipality, which includes 144 apartments across six buildings [1][2] - The first phase will consist of two apartment buildings with a total of 48 apartments, scheduled for completion in May 2027 [1] - The three-storey apartment buildings will have an energy class A rating, with apartment sizes ranging from 44 to 102 square meters and starting prices at 2,830 euros per square meter [2] Group 2 - OÜ Merko Kodud is recognized as Estonia's leading residential real estate developer, managing all phases of development including planning, design, construction, sales, and warranty service [3] - AS Merko Ehitus operates in Estonia, Latvia, and Lithuania, employing 605 people and generating a revenue of EUR 539 million for the year 2024 [3]

Summary of J.P. Morgan CEEMEA 2026 Year Ahead Conference Call Industry Overview - **Focus**: CEEMEA (Central and Eastern Europe, Middle East, and Africa) and South Africa equity strategy - **Key Trends**: Weaker USD, stronger gold, weaker oil, resilient global growth, and easing from emerging market (EM) central banks expected to continue into 2026 [9][10] Core Insights - **Valuation Concerns**: Many global assets are at or near post-GFC highs, raising macro concerns for CEEMEA strategy. However, key markets like UAE, South Africa, and Poland are trading at discounts to long-term averages [9][10] - **Oil Price Forecast**: J.P. Morgan forecasts lower oil prices in 2026, which could negatively impact MENA equities. Brent crude is expected to average $58 in 2026 [10][24] - **Geopolitical Risks**: Trade tensions are anticipated to rise in 2026, particularly between the US and China, which could affect CEEMEA markets [10][15] - **Investment Recommendations**: - **Overweight (OW)**: South Africa, Greece, Poland, and UAE - **Neutral (N)**: Saudi Arabia and Türkiye [9][10][13] Key Market Calls - **MSCI EMEA Target**: - Base case target for end-2026 is 285, representing a 16% upside - Bull case target is 325 (32% upside), while bear case target is 210 (16% downside) [12][17] - **Earnings Growth**: Earnings assumptions for MSCI EMEA are 21% for 2026 and 11% for 2027 in USD terms, aligning with consensus [12] Sector-Specific Insights - **Saudi Arabia**: - Current headwinds include low oil prices, high breakeven costs, and tight domestic liquidity. The market is expected to remain under pressure until at least 2H26 [24][35] - Banks are expected to outperform due to increased lending needs and favorable funding conditions from anticipated Fed cuts [25] - **South Africa**: Strong GDP growth and a new CPI target of 3% are expected to support the ZAR and local equities [9][10] - **UAE**: Identified as the best long-term growth story in CEEMEA, with strong fundamentals supporting its market position [10][19] Top Investment Picks - **CEEMEA Strategy Top 10 Stocks**: - **UAE**: ADCB, Aldar, Emaar Properties - **EM Europe**: OTP, Piraeus Bank - **South Africa**: Nedbank, Capitec, Impala, Naspers, Anglogold [13][19] Risks to Consider - **Market Risks**: - Lower oil prices could adversely affect MENA markets - Potential reversal of gold/PGM rally - Trade wars and geopolitical tensions could impact investor sentiment [15] - **Valuation Risks**: High valuations across many asset classes could lead to corrections [15] Conclusion - The CEEMEA region presents both opportunities and risks as it navigates through a complex macroeconomic landscape. Key markets like South Africa and UAE are positioned favorably, while Saudi Arabia faces significant challenges that could hinder performance in the near term. Investors are advised to remain cautious and selective in their approach to this region.