Group 1 - OÜ Merko Kodud, part of AS Merko Ehitus, is launching the first phase of the Leedri development project in Tartu municipality, which includes 144 apartments across six buildings [1][2] - The first phase will consist of two apartment buildings with a total of 48 apartments, scheduled for completion in May 2027 [1] - The three-storey apartment buildings will have an energy class A rating, with apartment sizes ranging from 44 to 102 square meters and starting prices at 2,830 euros per square meter [2] Group 2 - OÜ Merko Kodud is recognized as Estonia's leading residential real estate developer, managing all phases of development including planning, design, construction, sales, and warranty service [3] - AS Merko Ehitus operates in Estonia, Latvia, and Lithuania, employing 605 people and generating a revenue of EUR 539 million for the year 2024 [3]

Summary of J.P. Morgan CEEMEA 2026 Year Ahead Conference Call Industry Overview - **Focus**: CEEMEA (Central and Eastern Europe, Middle East, and Africa) and South Africa equity strategy - **Key Trends**: Weaker USD, stronger gold, weaker oil, resilient global growth, and easing from emerging market (EM) central banks expected to continue into 2026 [9][10] Core Insights - **Valuation Concerns**: Many global assets are at or near post-GFC highs, raising macro concerns for CEEMEA strategy. However, key markets like UAE, South Africa, and Poland are trading at discounts to long-term averages [9][10] - **Oil Price Forecast**: J.P. Morgan forecasts lower oil prices in 2026, which could negatively impact MENA equities. Brent crude is expected to average $58 in 2026 [10][24] - **Geopolitical Risks**: Trade tensions are anticipated to rise in 2026, particularly between the US and China, which could affect CEEMEA markets [10][15] - **Investment Recommendations**: - **Overweight (OW)**: South Africa, Greece, Poland, and UAE - **Neutral (N)**: Saudi Arabia and Türkiye [9][10][13] Key Market Calls - **MSCI EMEA Target**: - Base case target for end-2026 is 285, representing a 16% upside - Bull case target is 325 (32% upside), while bear case target is 210 (16% downside) [12][17] - **Earnings Growth**: Earnings assumptions for MSCI EMEA are 21% for 2026 and 11% for 2027 in USD terms, aligning with consensus [12] Sector-Specific Insights - **Saudi Arabia**: - Current headwinds include low oil prices, high breakeven costs, and tight domestic liquidity. The market is expected to remain under pressure until at least 2H26 [24][35] - Banks are expected to outperform due to increased lending needs and favorable funding conditions from anticipated Fed cuts [25] - **South Africa**: Strong GDP growth and a new CPI target of 3% are expected to support the ZAR and local equities [9][10] - **UAE**: Identified as the best long-term growth story in CEEMEA, with strong fundamentals supporting its market position [10][19] Top Investment Picks - **CEEMEA Strategy Top 10 Stocks**: - **UAE**: ADCB, Aldar, Emaar Properties - **EM Europe**: OTP, Piraeus Bank - **South Africa**: Nedbank, Capitec, Impala, Naspers, Anglogold [13][19] Risks to Consider - **Market Risks**: - Lower oil prices could adversely affect MENA markets - Potential reversal of gold/PGM rally - Trade wars and geopolitical tensions could impact investor sentiment [15] - **Valuation Risks**: High valuations across many asset classes could lead to corrections [15] Conclusion - The CEEMEA region presents both opportunities and risks as it navigates through a complex macroeconomic landscape. Key markets like South Africa and UAE are positioned favorably, while Saudi Arabia faces significant challenges that could hinder performance in the near term. Investors are advised to remain cautious and selective in their approach to this region.

潮新闻客户端 记者 马梦婷 作为2025年嘉善出让的第一宗宅地，地块区位配套较佳，除万象汇外，北侧为中央公园，附近有亭桥小学、浙 师大附属嘉善实验学校初中部等教育配套。 地块最终一轮底价成交，由嘉善新杰置业以32859.3万元总价竞得，楼面价6375元/㎡。 项目区位图（来源："决策通"） 今日，嘉兴嘉善一宗宅地出让成交，是2025年嘉善出让的第一宗涉宅地。地块最终一轮底价成交，由嘉善新杰 置业以32859.3万元总价竞得，地价12750元/㎡，折合楼面价6375元/㎡。 | 2025年11月27日浙江重点涉宅地信息表 | | | | | | --- | --- | --- | --- | --- | | 出让面。 建筑面 积 积 地块名称 | 成交价 楼面价 | | 竞得单 位 | 溢价率 | | 11 16 2 2 2 1 1 2 善土储 A2023-1住 25772 51544 32859 宅地块 | | ZHILZA 6375 | 嘉善新 杰置业 | 0. 00% | | m² m² 万元 | | 元/m² | | | 嘉兴嘉善宅地低价成交 嘉善宅地位于罗星街道嘉善大道西侧、慈山路北侧，南侧即为嘉善万 ...

26 November 2025 | 11:01AM CST Equity Research China Property: Hangzhou trip takeaway: reinforced polarization On Nov 25th, we toured Hangzhou to pulse-check on the local property market, visiting a local leading developer (Binjiang Group, 002244.SZ, Not Covered, with c.30% Hangzhou market share per management) and one of the company's high-profile residential projects (Jin Shang Wan Xiang Fu). In general, we note a reinforced polarization between the uninspiring broader market and the standalone out-perfor ...

Core Viewpoint - Springview Holdings Ltd has announced a reverse share split of its Class A ordinary shares on a one-for-eight basis, effective December 2, 2025, to increase the market price per share and maintain its Nasdaq listing [1][2]. Group 1: Reverse Share Split Details - The reverse share split will combine every eight pre-split Class A ordinary shares into one post-split share, changing the par value from US$0.0001 to US$0.0008 [2]. - The total number of issued and outstanding Class A ordinary shares will decrease from 13,217,629 to approximately 1,652,204 shares [2]. - No fractional shares will be issued; any entitlement to a fractional share will be rounded up to the nearest whole share [3]. Group 2: Trading and Administrative Information - Post-split, the Class A ordinary shares will continue to trade on the Nasdaq under the symbol "SPHL" with a new CUSIP number G83761117 [2]. - VStock Transfer, LLC will act as the exchange agent for the reverse share split, and adjustments to physical stock certificates can be made upon surrender to the transfer agent [4]. Group 3: Company Overview - Springview Holdings Ltd specializes in designing and constructing residential and commercial properties in Singapore, with operations dating back to 2002 [5]. - The company offers a comprehensive range of services, including design, construction, furniture customization, project management, and post-project services [5].

Vanke was once China’s largest housebuilder before its recent financial woes - CFOTO/Getty China’s property crisis has reignited after one of its largest state-backed developers was plunged into a fresh debt spiral. Vanke, once the country’s largest housebuilder, slumped in the bond market on Wednesday amid fears it cannot pay back lenders without government support. Some of its Chinese-listed bonds plunged by more than 20pc, forcing the Shenzhen Stock Exchange to suspend trading, while its shares also f ...

Core Insights - The article highlights the rapid evolution of duplex villas in Hangzhou, showcasing innovative designs and features that cater to market demands [1][4][5] Product Innovation - New duplex villas in Hangzhou are incorporating unique features such as private gardens, basements, and rooftop gardens, enhancing their appeal [1][2] - The height of the indoor spaces in some duplex villas has reached 3.9 meters, with basements as high as 7.1 meters, surpassing many traditional row houses [2] - Recent designs include four-bedroom layouts with southern exposure and open elevator access to terrace levels, maximizing sunlight and convenience [2] Market Dynamics - The competition in the duplex villa market has intensified, especially after the lifting of price restrictions, prompting developers to innovate rather than replicate existing models [4][5] - The trend towards larger duplex villas, with sizes starting at 200 square meters and some nearing 300 square meters, is driven by the need for innovative design and higher market value [5] Buyer Demographics - The primary buyers of duplex villas are middle to upper-class individuals in Hangzhou, who seek quality living but are cautious with their spending [6] - In city centers, duplex villas are seen as a viable option due to the scarcity of row houses, attracting affluent buyers willing to invest [7] Pricing and Sales - Non-core area duplex villas face challenges as larger sizes lead to higher prices, making them less accessible to potential buyers [6] - Successful sales of duplex villas in desirable locations, such as the sold-out launch of 18 units in a new development, indicate strong market demand despite competitive pricing [8]

Core Viewpoint - The recent auction of a residential land plot in Chaoyang District, Beijing, reflects a significant increase in market competition and expectations for future property prices, with the winning bid reaching 50.24 billion yuan and a premium rate of 18.21% [1][2]. Group 1: Auction Details - The land plot, located between the East Third and Fourth Ring Roads, covers approximately 28,900 square meters with a planned construction area of 80,800 square meters and a plot ratio of 2.8, starting at a base price of 4.25 billion yuan [2]. - The auction involved seven real estate companies and lasted for two hours, resulting in a total of 166 bidding rounds, showcasing intense competition [2]. - The final bid by Maoyuan at 50.24 billion yuan indicates a strong willingness to acquire land in a market with limited supply [2]. Group 2: Market Context - The Chaoyang area has not seen new residential land supply for two consecutive years, leading to a scarcity of new housing and a predominance of older properties in the secondary market [1][5]. - The surrounding second-hand housing market primarily consists of older units, with many properties over 30 years old, which has suppressed demand for improved housing options [1][5]. - The anticipated future price for the new project on the acquired land is expected to exceed 100,000 yuan per square meter, reflecting the high demand and limited supply in the area [4][5]. Group 3: Location Advantages - The land plot is strategically located near Beijing University of Technology and has excellent transportation links, being only about 100 meters from the North Gongda West Gate subway station, with future access to a second subway line [3]. - The area is well-equipped with commercial facilities, including multiple shopping complexes and quality medical institutions, enhancing its attractiveness for potential residents [3]. - Educational resources in the vicinity include several schools covering all educational stages, further increasing the area's appeal for families [3]. Group 4: Future Market Outlook - The current market conditions indicate a structural mismatch between aging housing stock and the demand for improved living conditions, with the new project expected to offer larger units of 120-180 square meters to meet this demand [5]. - The overall market for new residential properties in the CBD area remains constrained, with no new land supply expected until 2025, which may lead to continued upward pressure on prices [4][5].

Group 1 - The article does not provide any specific content or key points related to a company or industry [1]

Core Viewpoint - WANG ON GROUP (01222) reported a decline in revenue and a significant loss for the six months ending September 30, 2025, primarily due to reduced property sales in China and a decrease in gross profit from completed residential projects [1] Financial Performance - The company achieved revenue of HKD 1.208 billion, a year-on-year decrease of 1.79% [1] - The loss attributable to equity holders of the parent company was HKD 354 million, compared to a profit of HKD 85.571 million in the same period last year [1] - Basic loss per share was HKD 0.025 [1] Revenue Changes - The revenue fluctuation was mainly due to an increase in sales and delivery of completed residential projects in Hong Kong, offset by a decrease in property sales in China [1] Loss Drivers - The loss attributable to equity holders was primarily due to: - A loss from the sale of a 20% stake in a hotel project [1] - A decrease in share of profits from joint ventures, mainly due to a continued downturn in the commercial real estate market [1] - Reduced gross profit from the delivery of completed residential projects [1] - Realized losses from debt investments measured at fair value, partially offset by lower financing costs due to interest rate declines [1]