消息人士称，中国万科提议将还款宽限期从30个交易日进一步延长至90个交易日。中国万科再次提议将 12月15日到期的人民币债券还款期限推迟一年，以特定项目的应收账款作为信用增级措施。 ...

不靠一线城市的"小镇做茶家"古茗悄悄在杭州拿了一块地。 1月12日上午，杭州钱江世纪城成交了一宗商务金融用地（杭政储出[2025]146号），拿地方是古茗技术（浙江）有限公司，成交金额4.55亿元。 当不少茶饮企业仍在聚焦"9.9元"价格大战时，一个耐人寻味的现象在行业另一端悄然上演：从蜜雪冰城、奈雪的茶到古茗，头部茶饮品牌正集体转向一 项更"重"的资产布局——拿地盖楼。 同日，盘古智库高级研究员江瀚向《每日经济新闻》记者（以下简称每经记者）分析："此举标志着行业竞争维度升级，从门店密度、产品迭代的'前端竞 争'，转向组织能力、资源整合与资本实力的'后端竞争'。当产品同质化加剧、渠道红利见顶，拥有高效总部体系的企业更能实现标准化复制与风险控制， 构筑可持续壁垒。" 每经记者试图向古茗方面了解该地块的规划与用途，但截至发稿未收到有效回复。 茶饮行业竞争维度升级 每经记者查询浙江省自然资源网上交易中心官网发现，该地块为商业用地兼容商务金融用地，出让面积12445平方米，容积率不大于6.0且不低于1.5，建筑 高度不大于190米、不小于15米，总起拍价约4.55亿元。 "建楼潮"背后，茶饮企业有何战略意图？ 江瀚分 ...

随着民企退潮，这几年，中小房企几乎集体退出了大家的视野。 行业的关注点，都聚焦到高能级城市的国央企身上。 当行业普遍认为小城市已无布局价值时，一些中 小房企却在低调生长。 这些房企，用自身的经历，谱写出了行业低谷阶段中小房企的生存秘诀。 01 在低能级城市，改善市场还有机会 在前些年地产单边上行的时代，大型房企的布局基本"全面开花"，有的甚至深入 五六线城市。 而最近四五年，规模型房企对低能级城市已集体失去"兴趣"，大家都在收缩战线，将精干力量集中投入 热点一二线城市。巨头扎堆，叠加优质地块供应放量，核心城市核心地段高价地频出，不断刷新地王记 录。 尽管三四线城市普遍不被看好， 但深入了解会发现，近几年部分本土中小房企正悄然成长。 一方面，土地出让条件友好。 土拍由卖房市场转变为买房市场，地方对房企的态度也空前友好。某房企就表示， 拿地前可先行协商 配套条件，如提前解决学位问题，待条件符合预期再 拿 地。 这样一来，地块的确定性会高很多。 另一方面，优质的供应商资源唾手可得。 再者，三四线城市依然缺好产品。 过去"三高"模式，为三四线城市带来了不少项目，但真正称得上好房子的并不多，改善市场依然存在空 间。 事 ...

来源：环球网 【环球网综合报道】1月12日，华润置地公布截至2025年12月31日止一个月未经审核营运数据。 2025年12月，华润置地实现总合同销售金额410亿元，总合同销售建筑面积为167.9万平方米，分别按年 增长28.1%及29.1%。 2025年全年累计合同销售金额为2336亿元，累计合同销售建筑面积为922.4万平方米，分别按年减少 10.5%及18.6%。 经常性收入方面，华润置地2025年12月实现经常性收入为52.9亿元，按年增长0.8%。其中经营性不动产 业务租金收入为30.1亿元，按年增长9.4%。 2025年全年累计经常性收入为511.5亿元，按年增长6.5%，经营性不动产业务租金收入累计达到329.4亿 元，按年增长12.8%。 图源：华 润置地 ...

随着2025年全国保交房任务全面收官，融创中国保交付工作正式宣告基本完成。数据显示，2022年至2025年间，融创累计交付房源超72万套，覆盖全国101 座城市，其中2025年交付5.4万套，2022年至2024年分别交付18.6万套、31.2万套和17万套，在行业深度调整期交出了规模与品质兼具的交付答卷，为房企脱 困转型提供了实践样本。 业内普遍认为，全国保交房任务的全面完成，标志着行业从"应急攻坚"向"常态提质"跃迁，产品力与服务力已成为房企实现稳健发展的核心逻辑。对于融创 而言，保交房任务的收官为企业回归正常经营奠定坚实基础。据了解，2026年融创将在北京、上海、天津、武汉等核心城市推进多个TOP级项目的品质交 付，进一步恢复市场信心，巩固高端住宅市场竞争力，加速回归健康经营正循环。 "面对行业深度调整期的复杂考验，融创全力以赴实现保质保量交付，充分展现出企业的经营韧性，也为众多房企从困难中走出来提供了重要样本。"一位业 内分析人士向记者表示。 据悉，融创超72万套交付任务的顺利落地，核心得益于"政企银"协同机制的有效运转与企业内部的高效推进。在外部协作层面，融创与各地政府专班、金融 机构保持高频对接， ...

Core Insights - The real estate industry is currently facing significant challenges, with a decline in GDP contribution from the real estate and construction sectors, dropping from 15% in 2019 to 12% in the first three quarters of 2025 [7] - The shift in housing demand from "having a house" to "having a good house" indicates a structural change in the market, with a projected annual housing demand of over 860 million square meters until 2035, primarily driven by improvement needs [7] - The report emphasizes the need for policy adjustments to address the ongoing market downturn, with potential policy directions including administrative, public fund, fiscal, urban renewal, and stock activation measures [7][9] Macro Perspective - The economy is undergoing a transformation, with a noticeable decline in the contribution of the real estate sector to GDP [7] - The population peaked in 2021 and has been declining, affecting housing demand dynamics, particularly among potential first-time buyers [7] - Employment and income expectations remain weak, impacting consumer willingness to purchase homes [7] Mid-Macro Perspective - Market transaction volumes and prices are continuously declining, with new home transactions in 100 cities down 15% year-on-year from January to November 2025 [7] - The frequency and effectiveness of local policy interventions have decreased, leading to rising inventory levels and prolonged de-stocking periods [7] - Real estate companies are experiencing significant financial strain, with funding levels dropping from 20.1 trillion yuan in 2021 to 10.8 trillion yuan in 2024 [7] Micro Perspective - Home prices in first-tier cities have seen significant declines, with second-hand home prices dropping over 35% from their peak [7] - The expectation of falling home prices is growing among residents, with 23.5% anticipating further declines as of Q3 2025 [7] - The market is witnessing a shift towards improvement-type housing, with larger units (over 120 square meters) gaining market share [7] Policy Space - Future policy adjustments are expected to focus on loosening purchase restrictions in major cities and enhancing public fund policies [9] - Fiscal measures may include subsidies for home loans and adjustments to tax policies related to property transactions [9] - Urban renewal initiatives are anticipated to expand, particularly in transforming urban villages [9] Opportunities in the Real Estate Sector - The commercial real estate sector is poised for growth by adapting to new consumer demands and creating innovative shopping experiences [9] - Residential developers focusing on core cities and high-demand housing types are likely to benefit from market shifts [9] - The report highlights the potential for real estate investment trusts (REITs) to expand, particularly in commercial properties, as the market matures [9] Investment Recommendations - The report suggests focusing on companies with strong fundamentals in core cities, such as China Resources Land and China Merchants Shekou [9] - Smaller, agile firms that have made significant sales and land acquisition strides since 2024 are also recommended for consideration [9] - Companies innovating in the commercial real estate space, such as China Resources Vientiane Life and Swire Properties, are highlighted as potential investment opportunities [9]

Core Insights - The real estate industry is facing significant challenges, with many companies experiencing a sharp decline in fortunes due to market cooling and high land acquisition costs, leading to a situation where selling properties results in losses while holding them leads to cash flow issues [1] - Successful real estate companies, particularly private enterprises, have managed to survive by minimizing errors and maintaining high-quality products, allowing them to generate cash flow even during market downturns [3][4] Group 1: Financial Challenges and Market Dynamics - The real estate sector has a fundamental flaw where properties cannot be produced on an order basis, requiring substantial upfront investment in land and construction before sales can occur, exposing risks only at the point of sale [3] - Companies that have survived the downturn typically possess strong product lines and have been able to sell properties regardless of market fluctuations, with examples like Luhuk and He Sheng demonstrating resilience [4][5] Group 2: Importance of Quality Products - High-quality products not only sell well but also help companies save costs, as evidenced by the rapid sales rates of successful projects like Luhuk and the consistent demand for He Sheng's products [6][7] - The speed of sales directly impacts financing costs, with quicker project turnover leading to significant savings in interest payments [5] Group 3: Strategic Adaptation and Business Models - Companies that have avoided the "slaughter line" share common traits, including a focus on financial discipline and strategic consistency, which have allowed them to navigate market fluctuations effectively [8] - Successful firms often develop secondary revenue streams through commercial operations and light asset businesses, providing a stable cash flow that supports their primary real estate activities [9][10] Group 4: Long-term Viability and Market Positioning - The current market environment necessitates a shift in strategy, where companies must focus on core competencies and profitable business lines to ensure long-term survival rather than rapid growth [12][15] - The industry's competitive landscape is tightening, emphasizing the importance of maintaining strong product offerings and operational efficiency to thrive in a contracting market [14][15]

Group 1 - The Hong Kong stock market opened positively on January 13, with the Hang Seng Index rising by 1.32%, the State-Owned Enterprises Index increasing by 1.25%, and the Tech Index up by 1.93%, driven by strong AI application trends [1] - The S&P Hong Kong Stock Connect Low Volatility Dividend Index followed the market's upward trend, with the Hong Kong Stock Connect Low Volatility Dividend ETF (159118) showing more gains than losses, led by companies such as Wharf Real Estate Investment, Henderson Land Development, and Sun Hung Kai Properties [1] - The Huatai Strategy Hong Kong Stock Sentiment Index indicated that it officially entered the "panic zone" last Friday, suggesting a 100% win rate for those positioning in Hong Kong stocks since the end of 2023 [1] Group 2 - The AH premium index has risen to a peak of 122.7, indicating that Hong Kong stocks may enter a relative return period as the sentiment score for Hong Kong stocks has reached a historical low compared to the rapid gains in A-shares [1] - The upcoming Chinese New Year holiday may replicate the trend seen in September-October, where Hong Kong stocks follow the upward momentum of A-shares [1] - The Hong Kong Stock Connect Low Volatility Dividend ETF (159118) closely tracks the S&P Hong Kong Stock Connect Low Volatility Dividend Index, which has historically outperformed the Hang Seng Index and other dividend-related indices, with a focus on large-cap value stocks in the real estate, utilities, and banking sectors [1]

| 可售期房统计 | | 2025 年12月预售许可 | | 2026/1/12其 | | --- | --- | --- | --- | --- | | 可售房屋套数: 94066 | | 批准预售许可证: | 20 | 网上认购 | | 可售房屋面积(M2)： 7713986.2800 | | 批准预售面积(M²): 542294.9600 | | 网上认购面积 | | 其中 | 39345 | 其中 住宅套数: | 1808 | 其中 住宅 | | 面积(M2): 5413548.4800 | | 面积(M2): 248019.1600 | | 面积 | | 商业单元: | 240 | 商业单元: | 18 | 图业 | | 面积(M2): 175434.4100 | | 面积(M2): 11750.1500 | | 面积 | | 办公单元： | રાર | 办公单元： | 70 | 办公 | | 面积(M²): 502547.8300 | | 面积(M2): 126127.7300 | | 面积 | | 车位个数: 43674 | | 车位个数: | 5251 | 车位 | | 面积(M²): 119 ...

北京商报讯（记者 李晗）北京市住建委官网数据显示，2026年1月12日北京新房网签203套，网签面积13500.83平方米，其中住宅网签82套，网签面积 9334.73平方米；二手房网签711套，网签面积60393.11方米，其中住宅网签637套，网签面积56117.08平方米。 | 商品房数据统计 | | --- | | 可售期房统计 | | 2025 年12月预售许可 | | 2026/1/12其 | | --- | --- | --- | --- | --- | | 可售房屋套数: | 94066 | 批准预售许可证: | 20 | 网上认购 | | 可售房屋面积(M²): 7713986.2800 | | 批准预售面积(M2):542294.9600 | | 网上认购面积 | | 其中 住宅套数: | 39345 | 其中 住宅套数: | 1808 | 其中 住宅 | | 面积(M²): 5413548.4800 | | 面积(M2): 248019.1600 | | 面积 | | 商业单元: | 240 | 商业单元: | 18 | 商业 | | 面积(M²): 175434.4100 | | 面积 ...