Core Viewpoint - Merko Ehitus reported a solid performance in Q2 2025, with increased revenue and net profit driven by a robust real estate market, particularly in Vilnius, while facing challenges in the overall construction market due to tight competition and low volumes [1][2][3]. Financial Performance - Revenue for Q2 2025 was EUR 82.6 million, down from EUR 122.4 million in Q2 2024, while the first half of 2025 saw revenue of EUR 167.9 million compared to EUR 203.6 million in the same period last year, marking a 17.5% decrease [9]. - Net profit for Q2 2025 was EUR 11.2 million, compared to EUR 13.1 million in Q2 2024, and for the first half of 2025, net profit was EUR 21.7 million, up from EUR 17.5 million in the same period last year [8][9]. - The pre-tax profit margin improved to 14.0% in the first half of 2025, compared to 9.0% in the same period of 2024 [7]. Real Estate Development - The share of revenue from real estate development increased, contributing nearly 30% to half-year sales revenue, with the number of apartments handed over to buyers rising by almost 85% [2][11]. - In the first half of 2025, Merko launched the construction and sale of 723 new apartments, with significant activity in Vilnius [1][5]. Construction Market Dynamics - The construction market remains competitive with low volumes, but Merko's construction contracts portfolio increased by EUR 223 million in the first half of 2025 [3]. - Major contracts signed in Q2 included the Ülemiste terminal in Tallinn worth EUR 84.8 million and the Rail Baltica mainline section valued at approximately EUR 75 million [4]. Order Book and Future Outlook - As of June 30, 2025, the secured order book stood at EUR 443.8 million, slightly up from EUR 437.5 million a year earlier, with new contracts signed amounting to EUR 172.6 million in Q2 2025 [10]. - The public sector and large energy companies are expected to remain the primary buyers of construction services in the Baltic region over the next few years [3]. Cash Position and Equity - At the end of Q2 2025, Merko had EUR 25.9 million in cash and cash equivalents, with total equity of EUR 242.3 million, representing 60.1% of total assets [12][15]. - The group's net debt was negative EUR 1.1 million, indicating a strong financial position [12].

Company Overview - Hepsor AS is a developer of residential and commercial real estate operating in Estonia, Latvia, and Canada [2] - The company has created 2,076 homes and nearly 36,300 square meters of commercial space over its fourteen years of operation [2] - Hepsor has implemented several innovative engineering and technical solutions to enhance energy efficiency and environmental friendliness in its buildings [2] - The company's portfolio includes a total of 25 development projects with a total area of 178,200 square meters [2] Leadership Changes - On 5 August 2025, Henri Laks was elected as the new Chairman of the Supervisory Board of Hepsor AS [1] - Henri Laks is a co-founder of Hepsor and has been a member of the Management Board since 2011 [1] - His mandate as a member of the Supervisory Board will be valid for three years [1] - Laks emphasized his commitment to contributing to the company's strategic and supervisory development, leveraging over 20 years of experience in the real estate sector [1] Supervisory Board Composition - As of 1 August 2025, the Supervisory Board of Hepsor AS consists of three members: Henri Laks, Kristjan Mitt, and Andres Pärloja [2]

彭博：碧桂园计划请求香港高等法院再次推迟清算呈请聆讯，以争取更多时间进行重组。此前香港高等法院法官陈静芬已将清盘呈请聆讯押后至8月11日举行，并表示希望在下次聆讯上看到“积极有用的进展”。 ...

Core Viewpoint - The appointment of Marius Žemaitis as the new director of UAB "Kvartalas" is expected to enhance the development of the "Sąvaržėlė" business center in Vilnius due to his extensive experience in real estate [1][3]. Group 1: Company Overview - UAB "Kvartalas" is developing the "Sąvaržėlė" business center located on Konstitucijos Avenue in Vilnius [1]. - Marius Žemaitis has over fifteen years of experience in real estate fund management and development [2]. Group 2: Leadership and Experience - M. Žemaitis is a board member of UAB "Lords LB Asset Management," one of the largest investment management companies in Lithuania [2]. - He also manages the Lords LB Special Fund I Subfund A, which owns the "ARTERY" business center on Konstitucijos Avenue [2]. Group 3: Future Expectations - The company anticipates that M. Žemaitis' extensive experience and knowledge will significantly contribute to the development of the "Sąvaržėlė" business center [3].

Summary of Conference Call on Mainland China and Hong Kong Property Markets Industry Overview - **Mainland China Property Market**: The asking price index for tier-1 cities has reached a new low, indicating a challenging market environment. The Centaline secondary asking price index dropped from 19.7 to 19.3, marking the lowest level since May 2024 [5] - **Hong Kong Property Market**: The Financial Secretary expressed a "cautiously optimistic" outlook for retail sales, suggesting potential recovery in private consumption after four quarters of decline [5] Key Insights and Data Mainland China - **Sales Performance**: - 60-city primary sales decreased by 14% year-over-year (Y/Y), slightly improving from a 25% decline the previous week. Compared to the four-year average, sales were 68% below, improving from a 72% decline [5] - 12-city secondary sales Y/Y decline narrowed from -6% to -4% [5] - **Market Indicators**: - Centaline manager confidence index improved from 46.1 to 46.6 but remains low [5] - Property agencies' web traffic index worsened to -24% Y/Y, indicating reduced interest [5] - **Inventory Levels**: Unsold residential inventory fell by 6% quarter-over-quarter (Q/Q) to 21.2K units, the lowest since Q4 2023 [5] - **Price Trends**: Secondary home prices rose by 1% week-over-week (W/W), the highest increase since March 2025 [5] - **Top Picks**: Recommended stocks include CR Land, CR Mixc, and COLI among large-cap state-owned enterprises (SOEs), and Longfor and Jinmao among high-beta names [5] Hong Kong - **Retail Outlook**: The Financial Secretary is optimistic about June retail sales, which could positively impact Link REIT and Wharf REIC [5] - **Sales and Inventory**: - Unsold residential inventory remains at 15 months, with potential supply decreasing from 105K to 101K units over the next 3-4 years [5] - Major projects like Villa Garda III sold 77% of units after an 18% cut in average selling price (ASP) [5] - **Market Dynamics**: - The sector rose by 4% last week, outperforming the Hang Seng Index (HSI) [5] - Outperformers included NWD (+13%) and Wharf REIC (+8%), while underperformers were Champion and HKL (both -1%) [7] - **Investor Sentiment**: Investors showed caution regarding Vanke's potential nationalization and expressed concerns over Longfor's contracted sales and refinancing arrangements [7] Additional Important Points - **Web Traffic and Appointments**: The property agency web traffic index and weekend viewing appointments indicate fluctuating interest levels in the market [45][46] - **Secondary Listings**: The number of secondary listings on Centaline decreased from over 35K units in late May to 32K units last week, which may help stabilize home prices [5] - **Tourist Arrivals**: Hong Kong's tourist arrivals showed a significant increase, with 1,128,801 arrivals recorded in the last week, a 21% increase W/W [63] This summary encapsulates the critical insights and data from the conference call regarding the property markets in Mainland China and Hong Kong, highlighting both challenges and opportunities for investors.

Summary of Conference Call on China Property Industry Industry Overview - The conference call focused on the **China Property** industry, specifically the performance of major property developers in July 2025 [1][7]. Key Points and Arguments 1. **Sales Decline**: - Contracted sales of 30 major developers declined by **25% year-on-year (y-y)** in July 2025, indicating a continued sluggishness in the market [1][2]. - The top 50 and top 100 developers experienced deeper declines of **28% and 27% y-y**, respectively, compared to **-26%** in June [2]. 2. **Year-to-Date Performance**: - Year-to-date (YTD) sales for the top 50 and top 100 developers have declined by **13% y-y** as of July 2025 [2]. - The YTD sales for the 30 major developers tracked have fallen to **-26% y-y** [2]. 3. **Sales Performance Divergence**: - State-Owned Enterprises (SOEs) outperformed other developers, with Jinmao and Yuexiu showing increases of **49% and 19% y-y**, respectively [3]. - Conversely, several developers, including Zhongnan and Seazen, reported declines exceeding **40% y-y** [3]. 4. **Market Sentiment and Policy Response**: - The July Politburo meeting showed little focus on the property sector, suggesting a muted policy response until housing prices decline significantly [4]. - High inventory levels in both primary and secondary markets are contributing to cautious consumer sentiment regarding home prices [4]. 5. **Investment Strategy**: - Analysts recommend a defensive and selective investment approach, favoring quality SOEs with good visibility, such as CR Land and CR Mixc, as well as high-dividend-yield plays like C&D International and Greentown Management [5]. Additional Important Insights - The **43% and 38% month-on-month (m-m)** sales declines for the top 50 and top 100 developers in July were weaker than historical averages [2]. - The overall market is expected to remain weak in the coming months, influenced by factors such as trade negotiations and high inventory levels [4]. - The report emphasizes the importance of brand strength and resource availability in top-tier cities for SOEs, which contributed to their better performance compared to private developers [3].

Summary of the Conference Call on China Property Market Industry Overview - **Industry**: China Property - **Date**: August 3, 2025 - **Key Focus**: Home price trends, sales performance, and market sentiment in the Chinese property sector Key Points Home Price Trends - Secondary home prices in major cities experienced a slight decline in July, with a month-on-month (m-m) drop of 1.1% and a year-on-year (y-y) decrease of 9.8% across approximately 50 tracked cities [2][15] - 87% of the cities reported m-m price decreases, slightly better than the 93% recorded in June [2][17] - Secondary listing prices fell by 0.5% m-m in July, with 55% of cities showing downward adjustments [2][16][18] Sales Performance - Total listings increased by 0.6% m-m in July, with 76% of cities reporting increases, compared to 71% in June [3] - New secondary listings softened by 5% m-m, indicating a potential slowdown in market activity [3] - Visitations to agent shops dropped by 7% m-m but increased by 20% y-y, suggesting seasonal trends affecting market engagement [4][19] Market Sentiment and Future Outlook - The Politburo meeting in July showed little focus on the property industry, indicating a muted policy response until significant price declines are observed [5] - High inventory levels in both primary and secondary markets, coupled with softening sales, are likely to maintain a cautious sentiment among residents regarding home prices [5] - Expectations for home sales in the second half of the year remain weak, with potential further declines in prices anticipated [5] Investment Recommendations - A defensive and selective investment approach is advised due to weakening leading indicators affecting developers' sales, margins, and liquidity [6] - Suggested stocks include: - **Consumption beneficiaries**: CR Land (1109.HK) and CR Mixc (1209.HK) - **High-dividend-yield plays**: C&D (1908.HK) and Greentown Management (9979.HK) [6] Additional Insights - The report highlights the importance of monitoring the competitive pricing of secondary home sales, which may gain market share due to fewer new primary home launches [4] - Analysts maintain a cautious view on the property market, emphasizing the need for quality investments amidst ongoing challenges [6] Conclusion The Chinese property market is currently facing significant challenges, with declining home prices and weak sales performance. Investors are advised to adopt a defensive strategy, focusing on quality companies that can weather the current market conditions.

Core Insights - In July 2025, both supply and demand for new residential properties in Beijing weakened, with a total of 365,600 square meters signed online [1] - The Beijing land market saw a slowdown in supply, with only two plots sold, located in Changping and Yanqing, totaling a planned construction area of 126,500 square meters and a land transfer fee of 1.929 billion yuan, with an average floor price of 15,254 yuan per square meter [1][9] Sales Performance - From January to July 2025, the top 20 real estate companies in Beijing achieved a total sales revenue of 195.08 billion yuan and a total sales area of 3.747 million square meters [2][3] - China Overseas Land & Investment, China Resources Land, and Yuexiu Property ranked as the top three companies by sales revenue, with sales of 27.99 billion yuan, 22.43 billion yuan, and 19.58 billion yuan respectively [2][3] Market Conditions - The new housing market in Beijing experienced a decline in both supply and demand during the traditional off-season, with new supply of 189,300 square meters and total online signed transactions of 365,600 square meters in July [7] - The land market in Beijing saw a total of two plots sold in July, with a combined land transfer fee of 1.929 billion yuan and a floor price of 15,254 yuan per square meter [9] Policy Developments - On July 31, 2025, the Beijing Municipal Government issued a notice to improve housing support policies, emphasizing the need to increase the supply of affordable housing and provide priority allocation for families with multiple children [6]

Core Viewpoint - Gyrodyne, LLC has entered into a purchase and sale agreement for approximately 49 acres of vacant land in St. James, New York, with a projected sale price of up to $28.74 million, which is expected to enhance the company's asset value and align with community needs for assisted living facilities [1][2][3]. Group 1: Agreement Details - The purchase price range for the property is set between $24 million and $28.74 million, with the final amount estimated at $28.74 million based on current conditions [2]. - The agreement includes customary representations, warranties, and covenants, and has been filed with the SEC [4]. Group 2: Strategic Implications - The CEO of Gyrodyne stated that this agreement is a significant milestone in executing the company's strategic plan and aims to maximize shareholder value [3]. - The transaction is expected to enhance the marketability and value of the adjacent industrial park at Flowerfield, while also addressing the community's need for assisted living facilities [3]. Group 3: Financial Impact - Following the agreement, Gyrodyne estimates its net asset value (NAV) in liquidation as of June 30, 2025, to be approximately $32.6 million, reflecting an increase of $1.8 million or $0.84 per share, which is a 6% increase from the previous NAV [3]. Group 4: Company Overview - Gyrodyne, LLC owns and manages a diversified portfolio of real estate properties, including office, industrial, and service-oriented properties in the New York metropolitan area [5]. - The company is actively seeking value-enhancing entitlements for its properties, including a medical office park in Cortlandt Manor, New York [5].

Core Viewpoint - Lead Real Estate Co., Ltd has engaged in significant transactions with Samurai Capital, selling long-term stay hotels and condominiums, indicating a strategic move to enhance its portfolio and operational capabilities in the luxury residential market in Japan [1][2][3]. Group 1: Transaction Details - The company has sold two long-term stay hotels, "Ent Terrace Akihabara" and "Ent Terrace Asakusa," and entered into trust beneficiary right purchase agreements for two condominiums, "Excelsior Shakujii-Koen" and "Excelsior Yokohama Enokicho," totaling approximately 5.3 billion yen in this round of transactions [2][3]. - The initial engagement with Samurai Capital began with a business alliance agreement on May 30, 2024, which included the first round of transactions worth over 4 billion yen [2]. Group 2: Future Prospects - On June 30, 2025, the company signed a memorandum of understanding for preferential negotiations regarding three long-term stay hotels currently scheduled for construction, indicating plans for future growth and development in the hospitality sector [4]. - The company aims to provide integrated services from planning to operation, enhancing customer satisfaction through a one-stop service model [4]. Group 3: Property Overviews - "Ent Terrace Akihabara" is an eight-room hotel in Chiyoda, Tokyo, featuring a building area of 4,870 square feet and designed for groups or families [6]. - "Ent Terrace Asakusa" is a nine-room hotel in Taito, Tokyo, with a building area of 8,719 square feet, offering both Japanese-style and Western-style rooms [9]. - "Excelsior Shakujii-Koen" is a 22-unit property in Nerima, Tokyo, with a building area of 13,021 square feet, located near Shakujii-Koen Station [11]. - "Excelsior Yokohama Enokicho" is a 30-unit property in Yokohama, Kanagawa, with a building area of 18,955 square feet, ideal for families due to its proximity to schools and parks [14]. Group 4: Company Overview - Lead Real Estate Co., Ltd specializes in luxury residential properties, including single-family homes and condominiums, across Tokyo, Kanagawa Prefecture, and Sapporo, and also operates hotels in Tokyo [15]. - The company's mission focuses on providing stylish, safe, and luxurious living, while its vision emphasizes continuous improvement and leveraging its strong market position in luxury residential properties [16].