Company Strategy - Ayala Land 正在押注菲律宾不断壮大的中产阶级，以填满购物中心 [1] - Ayala Land 正在推行积极的多年购物中心建设扩张计划 [1] Industry Focus - Ayala Land 是菲律宾收入最高的房地产公司 [1]

Market Performance - Singapore's luxury property market faces challenges, as evidenced by the slow sales of the W Residences Marina View condominium [1] - Only 2 out of 683 units (approximately 0.29%) were booked during the initial pre-sale weekend [1] Company Information - IOI Properties Group Berhad is associated with the W Residences Marina View development [1]

Investment Rating - The report indicates an overall positive sentiment towards Hong Kong Property with specific stocks rated as Overweight (OW) such as China Resources Land, China Overseas Land, and Swire Properties [15][19]. Core Insights - There is strong interest in Hong Kong Property, particularly among onshore investors seeking stocks with yields greater than 5% and dividend certainty. Swire Properties is highlighted as the most enquired stock, followed by Henderson Land and Hang Lung Properties [1][4]. - In contrast, the sentiment towards Mainland China Property remains cautious, with investors skeptical about the effectiveness of new policy support to revive the housing market. The focus is on tactical trades, with CR Mixc, CR Land, and KE Holdings being the most sought-after names [1][7]. Summary by Sections Hong Kong Property - Investors are primarily interested in stocks yielding over 5%, with Swire Properties (~6% yield) and Henderson Land (~7% yield) being the most attractive options. SHKP is often screened out due to its lower yield [4][5]. - There is a notable shift in investor focus from Mainland China to Hong Kong, with discussions now predominantly centered on Hong Kong Property [1]. Mainland China Property - Investors express low expectations for effective policy support, believing that any new measures will not significantly impact the housing market. The focus remains on companies like CR Mixc, which is viewed as a proxy for improving consumption in China [7][9]. - There is growing interest in small and mid-cap state-owned enterprises (SOEs), with C&D and Greentown China being highlighted as attractive options [7][9].

Market Reaction - City Developments 和 UOL 的股票在新加坡收紧房地产限制后下跌 [1] Industry News - 新加坡收紧了房地产限制 [1]

Company Situation - New World 通过最后一刻的再融资协议得以继续运营 [1] Market Outlook - 香港版探讨了开发商和更广泛的房地产市场的未来发展 [1]

Financial Highlights - New World secured a HK$88.2 billion (US$11.2 billion) loan [1] Industry Context - Hong Kong property developer New World secured the loan in an eleventh-hour deal [1]

Company Crisis and Succession - New World Development faces a crisis due to delayed bond payments and succession issues, marked by two CEO changes in recent months [2] - Adrian Cheng's stepping down as CEO was unexpected, raising questions about his role as the heir apparent in the family business [3][13] - Adrian Cheng's investments, initially praised, are now viewed as overextending New World, leading to the company's first losses in two decades [14] - Other siblings, particularly Sonia Cheng, are taking on key roles, managing the family's jewelry empire and hospitality ventures [15] Financial Performance and Debt - New World is working to refinance approximately $11 billion of debt amidst China's ongoing property crisis [4] - The company's debt reached 95% of its equity by the end of 2024, surpassing its competitors [12] - Expansion plans dating back to 2017 and 2018 are seen as contributing to the company's heavy debt [12] Market and Economic Factors - Protests in Hong Kong starting in March 2019 and the subsequent national security law impacted Hong Kong's reputation and economy [9][10][11] - COVID-19 lockdowns further battered Hong Kong's economy, hindering its recovery and affecting tourism [11] - New World's debt-fueled expansion serves as a warning to other Hong Kong property tycoons [16] - Greater Bay Area accounts for 5% of China's population but 13% of its GDP [7]

Deal Overview - Frasers Property 和合作伙伴以 3.87 亿美元（$387 million）的出价竞标新加坡黄金地段 [1] Company Bidding - Charoen 旗下的 Frasers Property 参与了此次竞标 [1]

Deal Overview - Frasers Property 及其合作伙伴以 3.87 亿美元的出价竞标新加坡黄金地段 [1] Company Focus - Charoen 旗下的 Frasers Property 参与竞标 [1]

Core Viewpoint - Alset Inc. has announced a new stock repurchase program authorizing the buyback of up to $1,000,000 of its outstanding common stock, reflecting confidence in the company's long-term prospects and commitment to shareholder value [1][5]. Summary by Sections Stock Repurchase Program - The stock repurchase program is authorized to be executed until December 31, 2025, or until the full amount is utilized [2]. - The company has granted its broker complete discretion over repurchase decisions within agreed pricing and size parameters, with the option to suspend or discontinue the program at any time [3]. Company Overview - As of June 23, 2025, Alset Inc. had 11,735,119 shares of common stock issued and outstanding [4]. - Alset Inc. is a diversified holding company focused on developing smart and sustainable home communities, financial services, digital transformation technologies, biohealth activities, and consumer products [6]. Management Perspective - The Chairman and CEO of Alset Inc. stated that the current market price does not reflect the company's intrinsic value, emphasizing the diversified portfolio and strategic growth initiatives [5].