Summary of the Conference Call Industry Overview - **Industry**: Property Market in Mainland China and Hong Kong SAR - **Key Insights**: The property market is experiencing mixed signals with leading indicators in Mainland China showing declines while Hong Kong sees strong tourist arrivals. Mainland China Property Market - **Leading Indicators**: - Centaline tier-1 cities' secondary asking price index decreased from 19.4 to 18.5, marking the lowest since May 2024 [4] - Centaline manager confidence index fell from 45 to 44, reaching a new low since October 2024 [4] - **Sales Performance**: - 60-city primary sales increased by 1% year-over-year, recovering from a previous decline of 8% [4] - Sales registrations in Beijing improved by 17% year-over-year following policy easing on August 7, but asking prices remained stable [4] - 12-city secondary sales year-over-year growth improved from 4% to 6% [4] - **Market Dynamics**: - The sector's share price rose by 3% last week, with Vanke outperforming at +9% [4] - Notable underperformers included Shimao (-14%) and A-Living (-7%) [4] - **Investment Recommendations**: - Top picks include CR Land, CR Mixc, and Jinmao, with potential upside in laggards like COLI, COPH, and Longfor [4] Hong Kong Property Market - **Tourism Impact**: - Tourist arrivals increased by 1% week-over-week to 1.24 million, the highest year-to-date, with a year-over-year growth of 19% [4] - **Residential Sales**: - Residential sell-through rates have slowed, with Blue Coast II achieving a 56% sell-through rate, lower than expected [4] - Home price index fell by 0.5% week-over-week [4] - **Market Indicators**: - Centa Valuation Index rose to 65.2, indicating banks are revising up valuations, which supports price stabilization [4] - Secondary transactions in top 35 estates increased by 52% week-over-week to 82 units [4] - **Investment Recommendations**: - Among landlords, top picks include Swire Prop, Hang Lung, Wharf REIC, and Link REIT; among developers, Henderson and Sino are favored [4] Additional Insights - **Market Sentiment**: - The overall sentiment in the property market remains cautious, with leading indicators suggesting potential challenges ahead [4] - **Credit Views**: - Vanke reported a quarterly net loss of RMB 6 billion, with net gearing rising to 90% in Q2 2025, but is not expected to default due to support from Shenzhen Metro [9] - **Share Price Movements**: - The property sector in Mainland China and Hong Kong showed varied performance, with some companies experiencing significant fluctuations in share prices [4][55] This summary encapsulates the key points from the conference call regarding the property markets in Mainland China and Hong Kong, highlighting both challenges and opportunities for investors.

Core Insights - The Chinese real estate market is undergoing significant changes, with discussions about the timing of home purchases becoming increasingly heated. The past environment of simple decision-making has transformed, and the market is entering a new development phase by 2026 [1] Policy Changes - There is a fundamental shift in policy direction, moving from strict controls like purchase limits and loan restrictions to a more supportive stance, with cities gradually easing restrictions. Even Beijing has adjusted its purchase policies in certain areas, indicating a clear intent to support the market [3] Market Dynamics - A noticeable trend of market differentiation is emerging, with core areas in first-tier cities experiencing high demand for quality housing, while some third and fourth-tier cities face price adjustment pressures. This disparity is driven by population movement, with cities attracting residents enjoying a stable real estate market [4] Buyer Sentiment - Buyer attitudes are undergoing profound changes, with a significant reduction in purchases made for investment purposes. The concept of "housing is for living, not for speculation" has taken root, leading buyers to prioritize living quality and practical factors such as school districts and transportation [6] Product Quality - The quality of housing supply is significantly improving as developers shift focus from quantity to quality to meet the increasingly discerning demands of buyers. Features like green buildings, smart homes, and healthy living spaces are becoming standard in new properties, providing more options for buyers with rigid demands [6]

每一个楼花，都是独一无二的。这里是楼花网。 这块地的起始价为31亿元，综合楼面价6.13万元/㎡——住宅6.77万元/平米，商业2.4万元/平米。 该来的，总是会来。 8月27日，北京太阳宫0627地块正式上架土拍。一天前，它才进入用地预申请环节。 它的买家，将在9月30日诞生，喜迎国庆。 那就是，离地铁太近，地铁10号线和17号线换乘站太阳宫站。 三年前，它东面的中建玖合府，起拍楼面价约7.67万元/㎡，最终溢价15%达8.825万元/㎡，成交房价11.7万元/平米。 从表面上看，0627地块住宅楼面价，比中建玖合府低了0.9万元/平米，但它背了1.3万平米商业的包袱——允许整售。 0627地块的门槛蛮高的，即便之前减负过。（详见《太阳宫地块调规，自揭其短》） 有人将0627地块称为"王炸"地块。它位于东北三四环之间，确实是三年来罕见的核心地段地块。 这是一柄双刃剑。 家门口的地铁，确实方便，但它至少带来两个烦恼：1、人多且杂，共享自行车占地；2、地铁震动引发的噪音问题。 花姐了解到，除了深耕北京的中海地产、华润置地和中建智地等，还有不少外地开发商也盯着它。 一个月后，0627地块会拍出什么价呢？ 花姐不好 ...

Core Viewpoint - Kadestone Capital Corp. reported a net loss of CAD 2,485,124 for the first half of 2025, reflecting an increase in losses compared to the same period in the previous year, primarily due to higher operating expenses [2][3]. Financial Results - The net loss for the six months ended June 30, 2025, was CAD 2,485,124, or CAD 0.05 per share, compared to a net loss of CAD 1,703,048, or CAD 0.04 per share, for the same period in 2024 [2]. - Major contributors to the increased loss included consulting fees of CAD 973,393, salaries and wages of CAD 909,080, and interest expense of CAD 517,310 [2]. - Income from associates totaled CAD 541,275, and income from an investment in a mortgage fund amounted to CAD 199,484, which partially offset the losses [2]. - Net cash used in operating activities rose to CAD 2,733,134 for the six months ended June 30, 2025, compared to CAD 1,767,546 in the prior year, indicating a higher level of operational spending [3]. Company Overview - Kadestone Capital Corp. is a vertically integrated property company focused on the investment, acquisition, development, and management of residential and commercial income-producing properties, as well as the procurement and sale of building materials [5]. - The company operates five complementary business lines, including building materials procurement and supply, property development and construction, construction finance, asset ownership, and property management, aiming to become a market-leading vertically integrated property company [5].

The main business activity of Trigon Property Development AS is real estate development. As at 30.06.2025, AS Trigon Property Development owned one development project with an area of 13.2 hectares in the City of Pärnu, Estonia. A commercial, industrial and logistics park is planned on this area. The Company’s objective is to find companies willing to bring their business activities (industry, logistics) to the development project area of AS Trigon Property Development in Pärnu, which would add value to the ...

Financial Data and Key Metrics Changes - The company achieved a black zero in Q2 2025, indicating a return to profitability is expected in the second half of the year [4][6] - Earnings before tax improved by 47% in the first half of 2025, with an equity ratio back above 30% [6][7] - The successful issuance of a green hybrid increased equity above EUR 350 million, while net debt remained below EUR 550 million [7] Business Line Data and Key Metrics Changes - Residential sales doubled in the first half of 2025, with 208 apartments sold compared to 97 in the same period last year [8] - The company has a pipeline of 2,800 apartments over the next four years, ensuring steady income [9] Market Data and Key Metrics Changes - Newly started residential construction projects in Germany decreased by 85% since Q4 2022, leading to forecasts of fewer than 200,000 new apartments in 2025 [11] - Residential prices in Q2 2025 rose by 3.8% in Germany, 4% in Austria, and 17% in the Czech Republic, indicating a tightening supply [12] Company Strategy and Development Direction - The company emphasizes the importance of ESG (Environmental, Social, and Governance) factors, which are expected to drive future growth in Europe [16][19] - The company aims to maintain its industry leadership in sustainability and is considering potential project rezoning from office/light industrial to residential to address the supply-demand imbalance [55] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to profitability, citing a flight to real assets and a significant market shakeout as positive indicators [21][23] - The company anticipates a continued demand for residential properties due to a shortage of supply and rising prices [50] Other Important Information - The company has successfully managed its liquidity, with EUR 168 million available against repayment obligations of EUR 102 million for 2025 [13] - The hotel segment output was reported at EUR 43 million, with a different mix of contributions compared to the previous year [34] Q&A Session Summary Question: Update on sales in Mainz - The company sold two apartments in Q2, maintaining a 50% sales rate, with ongoing reservations pending bank financing [29] Question: Letting process for Timber Pioneer in Frankfurt - The letting process is slow due to summer breaks, but management expects positive news in September [32] Question: Hotel segment performance - The hotel segment output is on par with last year, with Poland performing better, while Germany faced challenges due to the absence of extraordinary events [35] Question: Update on residential projects - The company plans to start construction on new residential projects next year, with a focus on smooth sales [36] Question: Potential reallocation of projects from office to residential - The company is considering rezoning projects based on market conditions and demand for residential properties [55] Question: Update on Kopinski Jockberg hotel sale - Exclusivity has been granted to one party for the sale, but no final agreement is expected before year-end [56] Question: Office lease lead times - Lead times for office leases have extended significantly, with management agreeing that it could take up to nine or ten months [68] Question: Personnel costs outlook - Personnel costs are expected to decrease in the second half due to a reduction in the workforce, potentially supporting overall results [76]

Group 1 - The Investment Company AB Tewox has commenced construction of two shopping centers in Klaipėda and Vilnius, scheduled for completion in early 2026 [1] - The investment amounts to approximately EUR 5 million for the Klaipėda project and EUR 4.7 million for the Vilnius project, with building areas of 2,000 sq. m and 1,800 sq. m respectively [2] - The construction is being executed by Baltijos pašvaistė, while the projects are developed by the Investment Company's subsidiaries UAB Lairina and UAB Janonio 27 [2] Group 2 - UAB Janonio 27 has also started construction on another site in Klaipėda for a "Lidl" store, with an estimated investment of around EUR 6 million and a building area of approximately 2,000 sq. m [3] - This additional project is also expected to be completed in 2026 [3]

August 27, 2025 10:58 AM GMT China Resources Land Ltd. | Asia Pacific Solid Results; Robust Outlook Reaction to earnings We see CR Land's solid 1H results as another good proof of balanced growth, while management visioned positive outlook on property sales, recurring income and business transformation. Reiterate as Top Pick. Key Takeaways 4Q sales likely to accelerate: CR Land has prepared ~Rmb390bn of saleable resources for 2H (88% in top-tier cities and 43% from new launches), implying a 39% sell-through ...

Core Insights - The article discusses the recent performance and adjustments of the residential project "Yuanqi" by China State Construction, highlighting its market position and design changes aimed at improving living quality [1][2][5]. Sales Performance - As of August 26, the Yuanqi project has signed 165 contracts, leading the sales chart for new properties in Beijing for August, with a total area of 16,500 square meters and a net signing amount of approximately 880 million yuan, which is about 18% of the land acquisition cost [1]. - The project received its pre-sale certificate on August 28, 2024, and officially opened three days later, offering 1,052 residential units with a sales guide price of 66,000 yuan per square meter [2]. Design Adjustments - The project underwent a design adjustment to enhance residential quality, introducing features like south-facing balconies and north-facing platforms, which are considered modern amenities [5][11]. - The total number of units increased from 1,052 to 1,065, with the building count rising from 19 to 21, while maintaining the overall layout [11][36]. Market Context - The project is situated in a competitive market in Daxing, where several new developments are incorporating similar features like balconies, indicating a trend towards enhancing living conditions [36]. - The adjustments made to Yuanqi are in response to public demand for better housing quality, with feedback indicating a preference for features that improve safety and comfort [14][36]. Community Features - The project includes a shared community space of nearly 100 square meters, enhancing social interaction among residents, alongside existing outdoor facilities like reading rooms and running tracks [33]. - The design also features two main entrances and a commercial service area, creating a comprehensive community environment [33].

Group 1 - The core viewpoint of the article emphasizes that "confidence" is a key term in the real estate industry during a period of deep adjustment, highlighting the challenges faced by private real estate companies and their strategies to overcome these obstacles [1][4] - Private real estate companies are focusing on "adding value" through increased investment and improved quality, as demonstrated by Sunshine City's project in Nansha District, which aims to reshape corporate credibility and explore future development paths [1][3] - Sunshine City has invested over 20 million yuan in its "9+3 product upgrade plan" for the Lijing Peninsula project, enhancing various features to exceed expectations and reinforce the company's commitment to delivering quality housing [3] Group 2 - The delivery capability of real estate companies, especially private ones, is described as their "lifeline," with Sunshine City planning to deliver over 3,000 units across six projects in five cities in South China in 2024, aiming for both timely delivery and quality exceeding expectations [3] - Other private real estate companies, such as Sunac, Longfor, and CIFI, are also actively ensuring delivery and striving for quality, replacing short-term value with a long-term approach, which contributes to market stability [3] - The recovery of the real estate market requires both policy support and proactive actions from companies, with private firms encouraged to focus on product quality and service to rebuild market trust and inject confidence into the industry [4]