Core Points - A joint venture named Krulli Kodud OÜ has been established between OÜ Merko Kodud and AS Krulli Kvartal to develop residential buildings in the Krulli Quarter, Northern Tallinn [1] - The initial phase will involve the construction of three apartment buildings with a total of 23 apartments, with completion expected in 2027 [2] - The Krulli Quarter spans 10 hectares and plans to construct over 100,000 square meters of above-ground space, resulting in more than 600 homes and 3,000 workplaces over the next decade [3] Company Overview - OÜ Merko Kodud is recognized as Estonia's leading residential real estate developer, overseeing all development phases including planning, design, construction, sales, and warranty service [4] - AS Krulli Kvartal is transforming a former industrial site in Northern Tallinn into a modern urban area that integrates living and working spaces [5] - The Merko Ehitus group, which includes OÜ Merko Kodud, reported a revenue of EUR 539 million for 2024 and employed 605 people by the end of that year [5]

Summary of Key Points from the Conference Call Industry Overview - The global real estate index declined by 1.5% last month, underperforming global equities by 390 basis points [2][11] - The underperformance is attributed to concerns regarding future rate cuts by the Federal Reserve [2] - Year-to-date performance shows Asia as the best-performing region (+25.6%), followed by Europe (+18.2%) and the US (+2.8%) in USD terms [2] Regional Performance - Europe outperformed with a +1.2% return, while the US and Asia saw declines of -1.6% and -1.8%, respectively [2] - Industrial real estate led the performance for the month with a +5.3% return, driven by a rebound in logistics leasing activity [2][3] - Residential real estate lagged with a -5.9% return due to soft operations in the US and rate sensitivity in Europe [2] Company Insights - UBS has initiated coverage on UAE real estate, giving Buy ratings to Aldar and Emaar [2] - The UBS 28th Annual Global Real Estate CEO/CFO Conference is scheduled for December 2-3, 2025, in London, featuring 70 global real estate management teams [2] Valuation Metrics - The global real estate sector is estimated to have an ~11% return as of October 31, 2025, with a 6.9% discount to NAV [4] - The 2025E P/E ratio is projected at 20.3x, with a 2025E DPS yield of 3.7% and 2024-25E EPS growth of 8.8% [4] Top Picks - Notable top picks include Keppel DC REIT, CapitaLand Ascendas, and Emaar Properties among others across various regions [5] Sector-Specific Trends - In Asia, the residential property market in mainland China remains weak, while Hong Kong's office market is improving due to active hiring [37] - Private REITs in China are expected to offer greater flexibility and fewer regulatory constraints compared to public REITs, creating new capital recycling opportunities [38] - Japanese REIT sponsors are noted for facilitating external growth, often offering assets at discounts to enhance accretion [39] Australia/New Zealand Market - Australian real estate was flat over the last month, outperforming global averages by 1.5 percentage points [40] - A-REIT performance was volatile, with expectations for a rate cut affecting market sentiment [41] - Notable performers included CNI (+6.8%) and INA (+3.3%), while ARF (-5.9%) and CLW (-3.4%) underperformed [43] Singapore Market - Singapore REITs raised approximately S$4 billion in 2025 YTD, indicating strong investor confidence [52] - The residential market is seeing buyers moving up price points, suggesting a positive outlook for 2026 [53] Japan Market - Japan's real estate returned +0.4% over the last month, outperforming global averages [58] - The new Prime Minister's policies may impact the housing market, with a focus on foreign investment regulations [59] China Market - The top 100 developers in China saw contract sales decline by 41% YoY in October 2025, indicating ongoing weakness in the property market [71] - CR Mixc has been upgraded to Buy due to its ability to identify emerging brands and signs of luxury retail recovery [72] Conclusion - The global real estate sector is facing challenges due to macroeconomic factors, but certain regions and sectors are showing resilience and potential for growth. The upcoming conference and ongoing evaluations of REITs and property markets will provide further insights into investment opportunities.

Summary of the Conference Call on China Property Market Industry Overview - **Industry**: China Property - **Survey Conducted**: October 24-28, 2025, with over 2,000 residents across Tier 1 to Tier 4 cities [7][11] Key Findings Housing Price Outlook - **Weaker Sentiment**: A net 42% of respondents expect home prices to fall in the next 12 months, up from 33% in July [2][15] - **Tier 1 Cities**: Confidence is particularly low, with a net 67% anticipating price declines, compared to 50% in July and 39% in April [2][15] - **Tier 2 Cities**: A net 45% expect price drops, an increase from 23% in July [15] Home Selling Plans - **Urgency to Sell**: 41% of potential sellers plan to sell within the next six months, down from 44% in July [3][18] - **Willingness to Accept Losses**: 52% of sellers are willing to take a loss on their sale, slightly down from 56% in July [3][19] - **Listing Behavior**: Increased listing volume with lower prices in the secondary market [3] Home Purchase Plans - **Weak Purchase Intent**: Only 48% of respondents are likely to consider buying property in the future, the lowest since the survey began in Q3 2023 [4][12] - **Extremely Likely Buyers**: Only 15% are "extremely likely" to purchase, down from 16% in July [4][12] - **Short-term Expectations**: Only 2% expect to make a purchase in the next 12 months [4][12] Investment Recommendations - **Cautious on POEs**: The recent industry pullback presents a potential entry point for quality State-Owned Enterprises (SOEs) [5] - **Preferred Stocks**: - **CR Land (1109.HK)**: Long-term market consolidator with attractive dividend yields [5] - **C&D International Investment Group Ltd (1908.HK)**: Strong fundamentals with a favorable valuation [26] - **Seazen Holdings Company Ltd (601155.SS)**: Noted for robust mall rental and private REIT divestment [5][27] Additional Insights - **Negative Feedback Loop**: Concerns about income and cautious buyer sentiment may exert further downward pressure on home prices [4] - **Market Dynamics**: The overall housing price outlook remains weak, particularly in Tier 1 cities, indicating a challenging environment for both buyers and sellers [17] Conclusion The survey indicates a significant decline in confidence regarding home prices in China, especially in Tier 1 cities. The urgency among sellers to divest their properties, coupled with weak buyer sentiment, suggests a challenging market ahead. Investment opportunities may arise in quality SOEs amidst the current market pullback.

Core Insights - 2025 is a pivotal year for real estate companies' debt restructuring, with significant breakthroughs achieved by leading firms [1][3] - Sunac China and Country Garden have successfully advanced their debt restructuring plans, enhancing industry confidence and risk clearance [1][10] Group 1: Debt Restructuring Progress - Sunac China has completed a total of approximately 154 billion yuan in domestic debt restructuring and recently received court approval for a 96 billion USD overseas debt restructuring plan, making it the first major real estate company to fully restructure both domestic and overseas debts [2][4] - Country Garden's recent creditor meetings received overwhelming support, with 83.71% and 96.03% of voting creditors approving the restructuring plans, indicating a high likelihood of successful debt restructuring [2][4] Group 2: Industry Impact - The successful debt restructuring of these leading firms is crucial for addressing the industry's most challenging debt issues, accelerating overall risk clearance [3][10] - A total of 42 real estate companies have disclosed restructuring plans, with 17 having completed all or part of their debt restructuring, showcasing a significant increase in activity in 2025 [4][6] Group 3: Debt Reduction Strategies - The debt restructuring model has shifted from "extension 1.0" to "deep restructuring 2.0," focusing on substantial debt reduction rather than merely extending repayment timelines [6][11] - Many companies are targeting debt reduction ratios of around 70%, with examples like Longfor Group completing a domestic debt restructuring covering 21.96 billion yuan in just 20 days [6][8] Group 4: Key Debt Reduction Figures - Sunac China aims for a 100% reduction of its 95.5 billion USD overseas debt through full debt-to-equity swaps [8] - Country Garden's overseas debt restructuring is expected to reduce approximately 52.7 billion USD of its total debt, achieving a 65% reduction [8] - Other companies, such as Shimao Group and CIFI Holdings, are also reporting significant debt reduction ratios, further illustrating the trend in the industry [8][9]

Core Insights - Vedanta Group emerged as the highest bidder for Jaiprakash Associates Ltd (JAL) with a net present value (NPV) offer of Rs 12,505 crore in early September, surpassing Adani Group [1][11] - The committee of creditors (CoC) is evaluating new resolution plans submitted by five bidders, with Adani Enterprises' plan being favored for its quicker payment timeline [5][11] - JAL is undergoing insolvency proceedings due to a default on loan payments, with financial creditors claiming around Rs 60,000 crore [7][11] Bidder Evaluation - Five bidders, including Adani Enterprises, Dalmia Cement, and Vedanta Group, submitted revised resolution plans on October 14 [2][11] - The CoC assessed these plans based on an evaluation matrix, scoring Adani's plan as the highest, followed by Dalmia Cement and Vedanta [5][11] - Adani Group proposes to pay lenders within two years, while Vedanta's payment structure extends over five years [5][11] Company Background - JAL has diverse business interests, including real estate, cement manufacturing, hospitality, and engineering & construction [6][11] - The company has significant real estate projects, such as Jaypee Greens and Jaypee International Sports City, and operates four cement plants, which are currently non-operational [8][9][11] - JAL's financial distress has affected its operations, including major projects like the Pakal Dul Dam and Srisailam Canal [10][11]

小县城的房产市场，一直是个让人捉摸不透的谜团。一方面，似乎购房者寥寥无几，门可罗雀；另一方面， 房价却像扎了根一般，纹丝不动，这究竟是为何？近日，一位业内人士终于吐露了其中的玄机。 当然，任何事物都不是绝对的。小县城的房价也并非铁板一块，坚不可摧。随着时间的推移，以及小县城自 身的发展变化，房价或将迎来新的波动。因此，对于那些对小县城房产感兴趣的人来说，切莫盲目跟风，务 必深入了解当地的政策导向和市场动态，审时度势，方能做出最明智的抉择。毕竟，购房是人生大事，谨慎 思考，才能避免日后追悔莫及。 p n D PERSON 然而，不可否认的是，小县城在就业机会、教育资源和医疗条件等方面，与大城市相比仍存在明显差距。这 导致大量人口选择外出发展，人口外流加剧了房产市场的冷清。同时，小县城的投资渠道相对匮乏，也使得 人们在购房问题上更加谨慎，甚至望而却步。即使有心置业，也可能因为经济实力不足，或者考虑到未来的 升值空间有限而放弃。 究其原因，小县城房产的需求并非表面上那般惨淡。相对稳定的需求，加之有限的房产供给，构成了支撑房 价的基本盘。更何况，地方政府往往会出台一些扶持政策，为房地产市场保驾护航。此外，当地经济虽然 ...

Exclusive: Palm Beach is getting another super-pricey residential listing. The longtime home of the late real-estate developer Murray Goodman and his wife, Joanie Goodman, is coming on the market for $185 million. https://t.co/Y7DyX0v7X4 ...

Real Estate Development - Investors plan to construct luxury condo towers in South Florida after purchasing land for $180 million [1] - Miami-Dade County officials are attempting to halt the project due to concerns about the local economy [1]

3Q25 Earnings Release Disclaimer This presentation has been prepared by KT Corp.(the "Company") in accordance with K-IFRS. This presentation contains forward-looking statements, which are subject to risks, uncertainties, and assumptions. This presentation is being presented solely for your information and is subject to change without notice. No presentation or warranty, expressed or implied, is made and no reliance should be placed on the accuracy, actuality, fairness, or completeness of the information pre ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the transition of China's property industry from new construction to rental asset operations, driven by the emergence of the C-REIT (China Real Estate Investment Trust) market, which is expected to reshape the competitive landscape and long-term investment thesis of the industry [2][12][31]. Core Insights - **C-REIT Market Potential**: The C-REIT market is projected to reach a market capitalization of approximately US$1 trillion, which is over 30 times larger than its current size. This growth is anticipated to attract long-term yield investors [4][11]. - **Policy Support**: Since the third quarter of 2025, supportive policies have accelerated the issuance of onshore REITs, expanding the asset scope and issuer background, which is crucial for the growth of C-REITs [4][11]. - **Investment Strategy**: Listed developers are seen as a viable way to access the expanding C-REIT theme due to their large rental portfolios and strategic commitment to divesting mature properties into REITs [5][11]. Key Beneficiaries - **Short-term Beneficiaries**: CR Land (1109.HK) is identified as the primary beneficiary in the short term, followed by Seazen (601155.SS) and Longfor (0960.HK), due to their substantial but highly pledged malls [6][11]. - **Medium-term Beneficiaries**: Other developers such as COLI (0688.HK), Vanke (2202.HK), and Poly (600048.SS) may benefit from the expansion of REIT coverage due to their rich non-retail rental assets [6][11]. Market Dynamics - **Transition Drivers**: The transition is driven by diminishing housing demand due to aging demographics and regulatory changes that have lowered development returns on equity (ROE) [13][21][23]. - **Regulatory Changes**: The introduction of the "three red lines" policy has tightened leverage for developers, leading to a shift towards a dual-track housing supply system focusing on public and rental housing [22][23]. Competitive Landscape - **Shift to Rental Focus**: Developers are increasingly focusing on recurring income from rental properties as the attractiveness of traditional property development diminishes. This shift is expected to reshape the competitive landscape and investment thesis of the industry over the next 10-20 years [29][31]. - **Challenges in Transition**: The transition to a rental-focused model is slow due to the asset-heavy nature of rental businesses, slow asset turnover affecting ROE, and limited exit channels for unlocking asset value [29][30]. Long-term Investment Thesis - **Evolving Investment Logic**: The investment logic is expected to shift from high leverage and turnover models to a focus on stable recurring income and dividend visibility, reflecting a more balanced growth approach [31][35]. - **Future Focus on REITs**: As developers transform into landlords and the C-REIT market matures, the focus may shift from developers to REITs with strong recurring income assets, similar to trends observed in developed markets [35][41]. Regulatory Framework for C-REITs - **Development Stages**: The development of C-REITs has progressed through four stages: initial preparation, gradual progress, increased promotion, and full acceleration, with significant regulatory milestones achieved since 2021 [43][44]. - **Regulatory Characteristics**: C-REITs have stringent regulations compared to developed markets, including requirements for shareholding, leverage, and cash distribution [46][48]. Conclusion - The transition in China's property industry towards a rental-focused model and the growth of the C-REIT market present significant investment opportunities. Developers with strong rental portfolios are well-positioned to benefit from this shift, while the evolving regulatory landscape will further facilitate the growth of C-REITs in the coming years [4][11][31].