Summary of Conference Call on China Property Market Industry Overview - The conference call focused on the **China Property** market, specifically analyzing trends in home prices and sales dynamics in major cities across the country [1][8]. Key Points and Arguments 1. **Home Price Decline**: - Secondary home prices in major cities fell by **1.7% month-on-month (m-m)** in November, marking a **13.3% year-on-year (y-y)** decline. This is a faster decline compared to **-1.2% in October** and **-1.3% in September** [2][8]. - Over **90% of the tracked cities** experienced faster price declines, with tier 1 cities seeing a drop of **-1.8% m-m** [2][8]. 2. **Sales and Listings**: - Total listings remained stable, with a slight decrease of **0.2% m-m** in approximately **50 sample cities**. New secondary listings softened by **-3% m-m** and **-9% y-y**, with over **65% of cities** recording m-m decreases [3][8]. - Visitation to agent shops increased by **1% m-m** and **8% y-y**, indicating potential market share gains for secondary home sales due to competitive pricing [4][8]. 3. **Future Expectations**: - The expectation is for further home price declines, with housing policy remaining muted in the coming months. A potential subsidy on mortgage interest may be introduced in late **Q2/Q3 2026** if the price decline spreads to tier 2 cities [5][8]. - Sluggish home sales are anticipated to persist into **Q1 2026**, driven by high inventory levels affecting buyer sentiment [5][8]. 4. **Investment Recommendations**: - A defensive and selective approach is advised for **Private-Owned Enterprises (POEs)** due to weak sales impacting earnings and liquidity. Conversely, quality **State-Owned Enterprises (SOEs)** are recommended for accumulation, particularly **CR Land (1109.HK)** and **C&D (1908.HK)**, which are seen as long-term market consolidators with attractive dividend yields [6][8]. Additional Important Insights - The report indicates that **100% of sample cities** recorded m-m decreases in home prices, highlighting a pervasive downturn in the market [15][8]. - The analysis suggests that the current market conditions may lead to a prolonged period of cautious sentiment among home buyers, further exacerbating the challenges faced by the property sector [5][8]. This summary encapsulates the critical insights from the conference call regarding the current state and future outlook of the China property market, emphasizing the ongoing challenges and potential investment strategies.

Core Insights - The report from the China Index Academy reveals that in the first 11 months of 2025, three real estate companies in Xi'an achieved sales exceeding 10 billion yuan, namely Poly Developments, China Railway Construction, and Greentown China [1][3] Group 1: Sales Performance - Poly Developments ranked first with a sales figure of 12.07 billion yuan, followed closely by China Railway Construction at 11.88 billion yuan, and Greentown China at 11.52 billion yuan [3] - Compared to the previous month, Poly Developments saw a 13.65% increase in sales, while year-on-year, it experienced a 12.8% decrease. China Railway Construction's sales increased by 13.79% month-on-month but decreased by 16.28% year-on-year. Greentown China had an 11.8% month-on-month increase but a significant year-on-year drop of 33.68% [3] - The number of companies achieving over 10 billion yuan in sales has decreased from five in the same period last year to three this year [3] Group 2: Market Stability - The rankings of the top three companies have remained stable over the past several months, indicating consistent performance despite varying sales strategies among different firms [3] - Other companies making it into the top ten include China Jinmao, China Merchants Shekou, Joy City Holdings, Longfor Group, China Resources Land, Vanke, and Longxiang Holdings [3] Group 3: Sales Area - In terms of sales area, Poly Developments led with 740,000 square meters sold, followed by Greentown China with 699,000 square meters, and China Railway Construction with 681,000 square meters [5] Group 4: Top Projects - The top-selling project was Jinmao Puyi Dongfang, generating sales of 3.33 billion yuan, maintaining its position as the best-selling project for four consecutive months [7] - Other notable projects include Jinmao Mansion with sales of 2.94 billion yuan and Huafa Jincheng with 1.09 billion yuan [7] - High-tech and premium residential projects are performing well, with several new projects in Xi'an's market showing strong sales due to their product quality and advantageous locations [11][13]

Core Viewpoint - Guangzhou is set to intensify its land auction activities in December, with 20 residential plots totaling over 25.4 billion yuan being prepared for sale, aiming to boost land sale revenues before the year ends [2][3]. Group 1: Land Auction Overview - Guangzhou has only sold 49 residential plots this year, generating approximately 31 billion yuan, which is less than half of last year's 77.2 billion yuan [2][3]. - The upcoming December auction is crucial for closing the significant revenue gap of 46.2 billion yuan compared to last year [2]. - The auction will feature prime plots in both urban and suburban areas, breaking the previous supply constraints in the suburbs [3][4]. Group 2: Quality and Characteristics of Plots - The 20 plots include high-quality residential land in core urban areas and mature suburban areas [4]. - Notably, five plots in Nansha, which had been inactive for 11 months, are being offered, including a prime waterfront plot near a subway station [6]. - The auction emphasizes the construction of "good houses," with requirements for product upgrades and lower plot ratios to enhance quality [7][9]. Group 3: Market Dynamics and Developer Interest - The trend of offering "small but exquisite" plots continues, with 12 out of 20 plots covering less than 50,000 square meters, appealing to developers in the current market environment [11][12]. - This strategy alleviates financial pressure on developers and encourages land acquisition, particularly from state-owned enterprises [13]. - The auction includes several "star" plots that are expected to shape the future housing market in Guangzhou [13]. Group 4: Specific Notable Plots - In Tianhe, two premium plots in the Financial City are set to start bidding at over 40,000 yuan per square meter, the highest in this auction [14][15]. - The Huizhou area is offering a significant plot with a low plot ratio of 1.01, expected to attract high-end buyers due to its unique features [39]. - The auction also includes a plot in Baiyun New Town with a reduced plot ratio of 2.5, aimed at attracting buyers looking for larger units [36].

Core Insights - NewGenIvf Group Limited reported a net income of $17.5 million for the nine months ended September 30, 2025, a significant turnaround from a net loss of $416,400 in the same period of 2024, primarily due to strategic acquisitions and a bargain purchase gain [3][4][10]. Financial Highlights - Total revenues for the nine months ended September 30, 2025, were $3.3 million, down from $4.2 million in the same period of 2024 [10]. - Cost of revenues remained stable at $2.9 million compared to the previous year [10]. - Total other income was $23.20 million, a substantial increase from a loss of $346,748 in the prior year, mainly due to a non-cash bargain purchase gain of $23.44 million from acquisitions [10]. - Basic earnings per share improved to $96.76 from a loss of $205.97 in the same period of 2024 [4][17]. Business Highlights - The company executed a strategic pivot towards acquiring high-value intellectual property, including the acquisition of MicroSort® technology and advanced cytometry IP from Nodexus, resulting in significant bargain purchase gains [3][4][10]. - NewGen is expanding into digital assets, planning to invest up to $30 million in Solana (SOL) and engaging in tokenization of a $2 million private art collection and a $100 million tranche of gold-backed assets [4][5]. - A joint venture in UAE real estate was established, securing a 60% ownership interest in a strategic land development project [4][5]. - The company is exploring a potential reverse merger with SAXA, Inc., which would provide access to mining assets [4][5]. Strategic Initiatives - The company has authorized a share repurchase program of up to $2 million over 24 months, reflecting management's confidence in the company's intrinsic value [4][5]. - A one-for-five reverse stock split was executed on December 1, 2025, to enhance the trading value of its shares [4][5].

21世纪经济报道记者吴抒颖 2025年的最后一个季度，各地土地市场全面开仓放粮。 克而瑞数据显示，2025年11月，土地成交规模环比回升，当月土地成交建筑面积和金额分别环比增长 39%和57%。供地规模进入年末放量周期，截至11月25日，全国土地供应建筑面积2.9亿平方米，当月环 比上升250%。 进入2025年最后一个月，全国各地加速冲刺。克而瑞统计显示，今年12月，22个重点城市计划出让125 宗含宅土地，起拍总价达1723亿元。本月计划出让的土地中，底价超过100亿元城市为广州、武汉、重 庆、北京、无锡。 上海、广州等一线城市热度也持续回升，今年11月，一线城市土地成交量价同比回升。截至11月24日， 全国商住办类招拍挂成交建筑面积8604万平方米，其中一线城市上升36%。成交金额方面，一线城市同 比上升43%。 与此同时，民营企业在土地市场更趋活跃。接近年底，大华集团、佳运置业在上海落子；懋源股份也在 北京斩获一宗土地，滨江集团也持续加码土地市场，在杭州、成都等地有所收获。 今年年底土地市场热度有所回升，一方面是各地加快土地供应，另一方面则是临近年关，房企抓紧补仓 完成投资任务。从当前的市场情况来看， ...

Core Viewpoint - The Chinese property sector is experiencing a significant decline, with sales and investment decreasing at an accelerating rate, leading to a pessimistic outlook for the second half of the year despite initial hopes for recovery [1][3][4] Property Sector Performance - Property prices in tier one cities have dropped by 30%, while in tier two cities, the decline is between 40% to 50% or more [5] - The government announced a 300 billion yuan bailout fund to address unsold inventories, but this amount is insufficient compared to the sector's annual sales of approximately 7 trillion to 8 trillion yuan [5][6] - The ongoing issues in the property sector have persisted for nearly five years, with many developers facing financial difficulties and investigations due to past aggressive expansion and illicit activities [4][7] Economic Dichotomy - There is a noticeable divide in the Chinese economy, with high-end manufacturing and AI sectors performing well and gaining market share, while the property sector continues to struggle [2][3] - The property sector's contribution to overall economic growth is diminishing, leading to a perception that its weaknesses can be overlooked [3][4] Market Sentiment and Reactions - Investors appear to be more comfortable with the ongoing property market issues, possibly due to a belief that policymakers will prevent a complete collapse that would affect other economic sectors [4][6] - The current market sentiment reflects a shift towards equities, as investors may be reallocating capital away from the struggling property sector [8] Future Outlook - The potential for a government bailout remains uncertain, as there is a concern about creating moral hazards and the sheer scale of financial support needed to effectively stabilize the property sector [6][7] - The experience of Japan's prolonged economic stagnation is cited as a possible parallel for China's property sector challenges, suggesting a drawn-out recovery process [7]

今年以来，多所高校下场购买存量房"爆改"学生宿舍，尝试另辟蹊径，解决宿舍短缺问题的同时，盘活 周边存量房。 除了买房之外，租房也是高校解决宿舍短缺、盘活存量用房的探索方向。据中国政府采购网，今年以来 浙江大学、中国政法大学等拟租赁周边存量房屋，用作学生宿舍。 （文章来源：21世纪经济报道） 近日，中国矿业大学（徐州）拟斥资2.93亿元，购置存量房地产用作学生宿舍一事引热议。实际上，湖 北大学才是"第一个吃螃蟹的人"。今年2月，湖北大学拟花费近两亿元，收购武汉城建·水岸352套存量 商品房用作学生宿舍。9月初，城建·水岸学生宿舍已投入使用，新增学生床位2800个，学生床位紧张问 题得到解决。 ...

除了联投中心书城外，合肥还有多个烂尾楼官宣复活！ 本月，原宝能城项目举行复工仪式，三大地块均会同时动工。在现场，红色背景大牌上"滨湖启新篇 安徽新主场"大字醒目。 住宅由绿城管理和中铁置业联合代建，并汇聚了包括GAD、奥雅设计、真工设计及CCD(香港郑中)等国内外顶尖设计团队进行整体设计，以绿城顶尖产品 系为基准，立面品质对标潮鸣系东方美学与月华系现代风格，打造合肥首个万方三大会所集群，创新融合全龄段生活场景：纵深超120米峡谷沉浸式景观 带、结合全地块抬高、新计容标准设计，打造滨湖高端人居封面标杆。 目前，项目住宅地块规划已批前公示！ 根据公示内容来看，住宅地块共规划31栋楼，以大高层为主，搭配部分小高层，房源总套数为1603套。 根据此前消息，A地块为纯居住用地，是环湖CBD板块仅剩的未开发的居住用地。 C地块商业由华润万象生活专业运营，打造万象系列购物中心，C地块酒店会引入豪华品牌兰博基尼首进合肥。 D地块为商办用地，以办公类产品为主，并搭配少量配套商业、以及写字楼等。 从现场可以看到，工人们正在有条不紊的进行工作，挖土机正在作业，伴随着"轰隆"闷响，大块泥土已堆成了小山。现场钢筋敲打声、工人交谈声、工 ...

Report Industry Investment Rating - No information provided on the industry investment rating Core Viewpoints - Maintain buy on FAEACO 12.814 Perp due to its decent risk - return profile, larger cushion against the covenanted adj. net gearing ratio, and expected cash inflow from project deliveries in Australia and the UK [2] - Maintain buy on MEITUA 3.05 10/28/30 and MEITUA 0 04/27/28 (CB) as Meituan's overall credit profile remains robust with a strong net cash position, despite near - term headwinds [9] Summary by Related Catalogs Trading Desk Comments - Last Friday, there was small better buying on JP/AU financial names and TW lifers; balanced two - way flows on Chinese AMCs 2 - 5yr notes which closed 1 - 2bps tighter; MEITUAs were unchanged to 3bps wider [2] - In FRN space, PBs were buying Chinese banks, leasing, and SEA names, while AM flippers were taking profit; FAEACO 12.814 Perp dropped 5.6pts; LASUDE 26 increased 0.5pt; CWAHK 26 - 30 edged 0.1 - 0.5pt firmer [2] - In Chinese properties, VNKRLE 27 - 29 lowered 0.8 - 1.3pts; LNGFOR 29 was 1.7pts lower; ROADKG 28 edged 0.6 - 0.9pt higher; AMs were buying ZHHFGR and selling CPDEV [2] - Yankee AT1s were 0.1pt firmer, Japanese AT1s and insurance subs were largely stable, ACPM 5 1/8 Perp was 0.6pt higher; in SE Asia, some bonds were unchanged to 0.5pt higher [2] - This morning, BBLTB senior and JP financials tightened 1 - 2bps; VNKRLE 27 - 29 recovered 0.5 - 1.2pts; some bonds were 0.6 - 1.1pts higher, while others were 0.7 - 1.0pt lower [4] - MEITUAs were unchanged to 3bps wider post 3Q25 results announcement last Friday and unchanged this morning; IDASALs were unchanged this morning [4] Macro News Recap - Last Friday, S&P (+0.54%), Dow (+0.61%), and Nasdaq (+0.65%) were higher; UST yield was higher, with 2/5/10/30 year yield at 3.47%/3.59%/4.02%/4.67% [7] Desk Analyst Comments on Meituan - Meituan's 3Q25 adj. EBITDA dropped to negative RMB14.8bn due to the price war in China's food delivery market, with intense competition weighing on profitability [8] - The aggressive price war has eroded sector - wide margins, and the pressure is expected to persist until the competitive landscape becomes more rational, possibly through regulatory intervention [8] - Meituan's overall credit profile remains robust with a net cash position of RMB90.0bn as of Sep'25, which should cushion near - term earnings impact; near - term pressure on MEITUAs is expected, but further volatility presents better entry opportunities [9] Meituan's Financial Performance - Meituan's 3Q25 total revenue increased 2% yoy to RMB95.5bn, with core local commerce segment revenue decreasing 2.8% yoy to RMB67.4bn and turning into an operating loss of RMB14.1bn; new initiative segment revenue rose 15.9% yoy to RMB28.0bn, but segment loss increased 24.5% yoy to RMB1.3bn [12] - In 3Q25, selling and marketing expenses increased 90.1% yoy to RMB34.3bn, and R&D expenses increased 31.0% to RMB6.9bn; Meituan reported an operating loss of RMB19.7bn and negative adj. EBITDA of RMB14.8bn [13] - Meituan expects losses in the core local commerce segment and at the consolidated level to continue in 4Q25; the operating loss in the new initiative segment is expected to widen in 4Q25 for overseas expansion [13] - Meituan's liquidity position remained solid with a net cash position of RMB90.0bn as of Sep'25, down from RMB106.7bn as of Dec'24, and it had an average net cash position of RMB70.6bn in the past five years [14] Offshore Asia New Issues - No offshore Asia new issues were priced today [17] - Agricultural Bank of China Limited Tokyo Branch has a pipeline issue of 3 - year tenor with a coupon of SOFR + 100 and an issue rating of A1/-/- [18] News and Market Color - Last Friday, 70 credit bonds were issued onshore with an amount of RMB59bn; in Nov'25, 2,133 credit bonds were issued with a total amount of RMB2,286bn, a 17.8% yoy increase [22] - China Jinmao pledged a Shanghai property asset valued at RMB4.8bn as collateral for RMB9.9bn of syndicated loans [22] - China Water Affairs 1HFY26 EBITDA dropped 18.6% yoy to HKD2.2bn [22] - eHi Car 3Q25 fleet utilization rate rose 4.9 pct pt to 72.3% [22] - Seazen issued RMB616mn ABS backed by a Shanghai shopping mall [22] - HD Hyundai Heavy and its partner failed to win Poland's KRW8tn submarine project [22] - Mineral Industri Indonesia repurchased USD95.8mn of IDASAL 6.53 11/15/28 [22] - Melco Resorts Finance 9M25 operating revenue was up 14% yoy, and Studio City 9M25 operating revenue was up 10% yoy [22] - A Hong Kong tycoon seeks to sell some Rosewood Hotels [22] - Vedanta Resources is looking to raise USD600mn bank loan for refinance and secure INR20bn via INR - denominated NCDs at its subsidiary [22] - Vanke provided its entire stake in its property management arm as loan collateral to its controlling shareholder [22]

Market Observation - Data on the total sales of the top 100 real estate developers nationwide for November was not released as scheduled [1] - Concerns arose in the market due to Vanke's proposal to delay payment on a domestic bond, leading to a sell-off of Chinese real estate stocks [1] Company Actions & Financial Health - Vanke's stock and bonds experienced a sharp decline due to rumors of tightened lending by Shenzhen Metro and potential debt restructuring, with Hong Kong shares falling over 5% [1] - Vanke acquired two land parcels in Wuhan and Hangzhou for over 140 million USD, signaling a focus on its core real estate business [1]