Group 1 - The real estate market in Hefei showed significant recovery in March, with new home sales increasing by 53.04% year-on-year and nearly 10,000 second-hand homes sold [1][9] - In March, 2,092 new homes were sold in Hefei, marking an 18.8% increase compared to January 2025 and a 53.04% increase compared to March 2024 [1][5] - The number of new homes entering the market in March reached 1,226, a 42.34% increase from January 2025 and a 9.82% increase from March 2024 [1] Group 2 - The second-hand home market in Hefei is particularly active, with 9,318 transactions recorded by March 30, indicating a trend of increasing volume with stable prices [9][11] - The average weekly sales of second-hand homes remained around 2,000 units, reflecting a high level of market activity [10] - There were 38,863 price increases for second-hand homes, while the number of price reductions exceeded 56,915, indicating a significant imbalance in pricing dynamics [11][15] Group 3 - A land auction on March 28 resulted in the successful sale of four residential plots, with the floor price for one plot reaching 14,018.18 yuan/m², an increase of approximately 3,382 yuan/m² compared to previous sales [17][19] - This auction marked a departure from the trend of low-price land sales seen in recent years, suggesting a potential shift in market sentiment [19] Group 4 - The overall transaction volume in 2025 shows a marked improvement compared to the previous year, indicating a recovery in market activity [21] - The government's focus on stabilizing the real estate market is evident, with policies aimed at preventing further declines and promoting stability [21]

Core Insights - Safe and Green Development Corporation (SGD) announced a strategic acquisition of Resource Group US Holdings LLC (RSG), aimed at long-term revenue growth in engineered soils and composting [1][2] - SGD achieved its first quarter of positive Adjusted EBITDA in Q4 2024, indicating progress in financial performance [1][6] - The company is focusing on monetizing non-core assets and advancing residential development projects to support future growth [1][3] Acquisition Details - The acquisition of RSG includes two subsidiaries: RGUS, which has a patented composting and engineered soils machinery, and ZEI, a logistics and trucking business [2] - RSG generated $17.5 million in revenue in 2023 and $18.75 million in 2024, with a reduced net loss from $6.2 million to $936,000 [2] - The transaction is expected to close by Q2 2025, pending customary conditions and RSG's audit completion [2] Financial Performance - For the full year 2024, SGD reported a net loss of $8.91 million, with an Adjusted EBITDA of $(1.77) million [6] - In Q4 2024, the company recorded a net loss of $1.53 million and an Adjusted EBITDA of $38,841, marking a significant improvement [6] Strategic Initiatives - SGD sold its St. Mary's property for $1.4 million to reduce high-interest debt and reinvest in aligned initiatives [3] - The company made construction progress in its Sugar Phase I development in South Texas, completing the first five homes [4] - SGD secured up to $10 million in potential investment from Arena Investors to support its strategic growth [5]

Financial Data and Key Metrics Changes - Shui On Land reported a profit attributable to shareholders of RMB 180 million for the year, with total revenue of RMB 8.1 billion and net profit of RMB 810 million [4][20] - The company experienced a decline in revenue and profit primarily due to lower levels of residential completion and handover in 2024 compared to 2023 [21] - The gross profit margin improved to 64%, higher than in 2023, mainly due to a revenue composition more driven by rental income [22] Business Line Data and Key Metrics Changes - Contract sales for 2024 increased by 32%, reaching RMB 55 billion, with residential property sales of RMB 14.55 billion and commercial property sales of RMB 5.2 billion [35] - Total rental income, including joint ventures and associates, increased by 9% year on year, amounting to RMB 3.54 billion [20][22] - The commercial portfolio yielded solid rental growth, with a total rental and related income of RMB 3.5 billion, supported by new projects opened in 2023 [12][53] Market Data and Key Metrics Changes - The high-end residential market in Shanghai continued to perform well, with high-end transactions increasing by 150% year on year [16] - The overall residential market in China is undergoing a structural correction, but signs of recovery are emerging in top-tier cities [40] - The second-hand market in Shanghai saw monthly sales exceeding 20,000 units from October to December 2024, indicating a resurgence in demand [41] Company Strategy and Development Direction - The company will continue to prioritize an asset-light strategy and focus on top-tier cities, particularly Shanghai, to capture the best opportunities [8][42] - The strategy includes leveraging the Lakeview brand and expanding urban retreat communities through partnerships and innovative business models [50] - The company aims to maintain prudent capital management while expanding its portfolio without putting pressure on its financial balance sheet [18][33] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging operating environment due to economic transitions and geopolitical uncertainties but expressed confidence in maintaining profitability [4][8] - The company noted that supportive measures from the central government are beginning to shore up market confidence, particularly in the high-end residential sector [15][40] - Management remains optimistic about the future, citing strong demand in the luxury market and the successful sales launch of Lakeview 6 as positive indicators [10][16] Other Important Information - The company has fully repaid RMB 45.2 billion in foreign loans and maintained a stable net debt ratio of 52% [13][25] - Sustainability efforts have led to a 51.3% reduction in carbon emissions intensity and recognition in the Climate Leadership Award from CDP [14] - The company is focusing on urban regeneration projects and partnerships to enhance its asset-light strategy [50] Q&A Session Summary Question: What are the company's plans for future residential projects? - The company plans to launch the next phase of Lakeview 6 in late 2025, featuring low-density heritage-inspired villas and townhouses, with construction completion expected in Q2 2027 [46] Question: How is the company addressing the challenges in the office market? - The company is focusing on a refined office leasing strategy and has successfully signed over 230,000 square meters of new leases, targeting high-quality tenants [56]

3月过半新房同比增幅超2成 一线韧性较强近倍增 01 新房局部小阳春，沪深等热点恒热，二季度或将延续止跌企稳态势。 ◎ 文 / 俞倩倩 随着3月传统营销旺季来临，整体楼市也有复苏迹象，目前3月已度过半月有余，究竟当前小阳春成色几 何？各城市复苏有何差异化特征，基于当前市场逻辑，二季度楼市成交是否还有放量空间，哪些城市又存 在结构性机会呢？ 从项目开盘来看，目前仍处于3-4成相对高位。 据CRIC监测数据，武汉2024年去化率基本都处于3成以内 低位持稳，步入2025年以来，1月因推盘提质缩量去化率一度飙升至78%，2-3月虽略有回调，但仍在3-4成 相对高位。 从前端指 标项目来访、认购来看，节后快速反弹， 当前客户转化率仍延续增势：据CRIC监测重点项目显 示，节后来访、认购节节攀升，特别是进入3月以来，近2周单盘周均来访量均突破60组，认购量也达到了 3.2套和3.3套，显著好于去年同期。客户看房欲望有所回升，客户转化率攀升至5.2%。 据CRIC监测数据， 重点26城自2025年第5周春节周后，整体成交开始逐周回升，至第11周（2025.3.10- 3.16）已达187.32万平方米，环比由降转增，增幅 ...

The new community brings unrivaled urban living to Little Italy, offering 362 apartment homes and penthouse residencesSAN DIEGO, March 14, 2025 (GLOBE NEWSWIRE) -- Toll Brothers Apartment Living®, the rental subsidiary of Toll Brothers, Inc. (NYSE: TOL), the nation's leading builder of luxury homes, and joint venture partner PGIM Real Estate are pleased to announce the grand opening of The Lindley, a new 37-story high-rise apartment community in the heart of San Diego’s vibrant Little Italy neighborhood. Th ...

Financial Data and Key Metrics Changes - Net income for Q4 2024 decreased by 41.7% to $1.68 million or $0.09 per share compared to $2.88 million or $0.15 per share in the same period last year, primarily due to a one-time gain in the previous year [8] - For the full year, net income increased by 20.4% to $6.39 million or $0.34 per share from $5.3 million or $0.28 per share, driven mainly by improved results in the Multifamily segment [9] - Pro rata net operating income (NOI) for Q4 was up 21% to $9.1 million, and year-to-date was up 26% to $38.1 million, with a compound annual growth rate of 29.5% over the last three years [9][10] Business Line Data and Key Metrics Changes - The Commercial and Industrial segment reported total revenues of $1.3 million and NOI of $992,000, reflecting decreases of 11% and 15% respectively due to a tenant default [14] - The Mining and Royalty segment saw total revenues and NOI of $3.5 million, marking increases of 19% and 34% year-over-year [16] - The Multifamily segment reported total revenues of $14.1 million and NOI of $7.6 million, with significant contributions from new joint ventures, leading to a substantial increase compared to prior quarters [17][18] Market Data and Key Metrics Changes - The Multifamily projects are facing pressure from new deliveries in the D.C. market, impacting vacancies and revenue growth [19] - The average rental rate of expiring industrial leases was $6.55 triple net, with expectations for new rates to start in the $7 range or higher [30] Company Strategy and Development Direction - The company plans to invest approximately $71 million in equity capital in 2025, focusing on both Industrial and Multifamily developments [35][42] - The goal is to double the Industrial and Commercial segment from 800,000 square feet to 1.6 million square feet over the next five years [36] - The company is also pursuing new Multifamily developments in Florida and South Carolina, which are expected to add 810 units and an estimated $6 million in NOI upon stabilization [37] Management's Comments on Operating Environment and Future Outlook - Management expects NOI in 2025 to remain flat or slightly below 2024 levels due to vacancies in the Industrial and Commercial segment [33] - The Mining and Royalty segment is strong, but 2024 NOI was positively impacted by a one-time payment that is not repeatable [34] - Management is optimistic about the potential for re-tenanting spaces at higher rental rates, despite short-term challenges [106] Other Important Information - The company is experiencing delays in construction due to weather conditions, impacting the timeline for new projects [21] - The company is monitoring construction costs and potential impacts from tariffs on materials like steel and lumber [31] Q&A Session Summary Question: Clarification on the $71 million equity capital investment - The investment includes both Industrial and Multifamily projects, with approximately $21 million allocated for Florida industrial projects and $35 million for Multifamily developments [42][45] Question: Potential acquisitions and market focus - The company is focusing on the Southeast for acquisitions due to easier entitlements compared to Maryland, but will consider opportunities in its home state if they arise [51] Question: Impact of tariffs on construction and goods flow - Tariffs could impact the Multifamily segment more than Industrial, but the company is moving forward with projects in Florida before potential tariffs take effect [56] Question: Underwriting returns on new projects - The company targets a return on cost of 6.5% to 7% for new developments, with variations based on location and asset class [65][70] Question: Leasing velocity and tenant backfilling - The company expects challenges in backfilling spaces at Cranberry due to multiple tenant expirations, but is optimistic about achieving market rents [102][106] Question: Future Multifamily developments - The company is modifying existing plans to pursue Multifamily developments in D.C., with zoning approvals expected in Q2 2025 [113]

Financial Highlights - Net income attributable to the company decreased by 42% to $17 million in Q4 2024[7] - Net income attributable to the company increased by 20% to $64 million YTD[7] - Pro rata NOI increased by 26% YTD, reaching $38139 million[7, 9] - Total operating profit decreased by 8% to $29 million in Q4 2024[7] - Pro rata NOI increased by 21% to $91 million in Q4 2024[7] Segment Performance - Multifamily pro rata NOI increased by 21% to $4286 million in Q4 2024[11] - Multifamily pro rata NOI increased by 34% to $18177 million YTD[12] - Industrial and Commercial segment NOI increased by 17% to $4547 million YTD[7, 18] - Mining and Royalties segment revenue increased by 19% to $3459 million in Q4 2024[22] - Mining and Royalties segment NOI increased by 23% to $14396 million YTD[22] Development Plans - The company expects to commence construction on a 200000 sq ft warehouse in Lakeland, FL, and a 182000 sq ft warehouse in Broward County, FL, in Q2 2025[7, 26]

由于广州在需求端的政策已基本落地，因而当前广州在稳楼市方面更加侧重供应端的发力。通过优质土地的热销带动市场信心的恢 复，是当前促进房地产市场止跌回稳行之有效的方法之一。 作 者丨 吴抒颖 编 辑丨包芳鸣 图 源丨2 1世纪经济报道 梁远浩 摄 "金三银四"开局，广州抓住窗口期推出优质土地。 广州市规划和自然资源局近期举办广州土地推介活动，共有3 0宗优质地块集中亮相，吸引5 0余家房地产开发企业参与。 广州此次推介的3 0宗优质地块，包括中心区2 3宗、外围区7宗，位于广州国际金融城、天河智谷、海珠创新湾、白鹅潭、白云新城 等核心区域，精准匹配企业多元化投资需求和民众多样化住房需求。 广州此次大力推介土地的市场背景是，楼市"小阳春"在即，市场出现回暖迹象，广州今年2月市场表现也有明显提振。此外，随着房 地产行业偿债高峰期接近尾声，房企投资意愿逐步回升，一线城市成为房企布局的重点。广州抓住这一时机，"趁热打铁"推出优质 土地储备，向房企释放积极信号，进一步吸引市场关注。 拿出压箱底"好货" 从广州此次推介的地块区位来看，广州继续加大中心区优质土地储备的供应以吸引房企。此次土地推介会，吸引了越秀地产、保利 发展、 ...

// 债市综述 // 1. 公开市场操作 全国和主要股份制银行一年期同业存单二级市场上最新成交在1.99%附近，较上日变化不大。 （IMM） 央行3月4日以固定利率、数量招标方式开 展了382亿元7天期逆回购操作，操作利率为1.5%。Wind数据显示，当日3185亿元逆回购到期，据此计 算，单日净回笼2803亿元。 （*数据来源：Wind-央行动态PBOC） 2.资金面 进入3月央行公开市场连两日净回笼，无碍资金面宽松。 海外方面，最新美国隔夜融资担保利率为4.39%。 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3.同业存单 （*数据来源：Wind-同业存单-发行结果） 4.银行间主要利率债收益率盘初普遍下行后震荡攀升转为上行。 | | 1Y | | ZY | | 3Y | | SY | | 7Y | | 10Y | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国债 | 1.4600 ±1.00 | 30 | 1.4000 ±2.25 | 21 | 1.4950 A1. ...

Core Viewpoint - Howard Hughes Holdings Inc. announced that its Special Committee rejected the Revised Proposal from Pershing Square Capital Management and entered into a standstill agreement to facilitate further discussions [1][2]. Company Overview - Howard Hughes Holdings Inc. owns, manages, and develops commercial, residential, and mixed-use real estate across the U.S. The company has a portfolio that includes master planned communities and various operating properties [4]. Recent Developments - The Special Committee of Howard Hughes Holdings Inc. indicated that the Revised Proposal received on February 13, 2025, is not acceptable in its current form [1]. - A standstill agreement has been established with Pershing Square, which will remain effective until March 13, 2025, unless extended [1]. - Morgan Stanley & Co. LLC is serving as the financial advisor to the Special Committee, while Hogan Lovells US LLP and Richards, Layton & Finger, P.A. are providing legal counsel [3].