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Core Viewpoint - Billionaire investor Bill Ackman acknowledges the importance of addressing New York City's housing affordability crisis but criticizes Mayor-elect Zohran Mamdani's proposed plan as misguided [1][4]. Group 1: Housing Affordability Crisis - Mamdani's election platform focuses on making New York City more affordable, particularly through housing initiatives [2]. - Ackman emphasizes that increasing housing supply is essential to lowering rents, contrary to Mamdani's approach of reducing supply [1][4]. Group 2: Proposed Housing Plan - Mamdani's plan includes a $100 billion, decade-long initiative to build affordable housing and freeze rents on rent-stabilized units, which Ackman argues would discourage development and worsen the housing shortage [4][8]. - Ackman cites empirical data from other cities, indicating that increased construction leads to lower rents, suggesting that market-rate apartments can alleviate pressure on older units [4][6]. Group 3: Impact on Real Estate Development - Ackman warns that freezing rents sends a negative signal to real estate developers, making them less likely to invest in new construction [9]. - He argues that new apartment developments can actually reduce rents on older units, thereby enhancing overall affordability in the housing market [6][8].

Core Insights - Chengdu's Qingyang District held a public auction on November 19, 2025, for four plots of land, including two residential and two commercial service plots, using a "combined 3 supply method" for sale [1][4] - All plots were acquired by Chengdu Tianfu Chenyue Real Estate Co., Ltd., a subsidiary of Joy City Property Limited, at the starting prices [1][4] Group 1: Auction Details - The total area for residential land was approximately 97.5 acres, with a starting floor price of 17,000 yuan per square meter [1][2] - The total area for commercial service land was approximately 104.2 acres, with a starting floor price of 1,780 yuan per square meter [1][2] - The four plots are located in the Caijiao area of Qingyang District, with commercial plots adjacent to the subway Line 4 Caijiao Station exit [2][4] Group 2: Strategic Implications - The acquisition marks Joy City's official entry into the Caijiao area, aligning with a previously announced investment of approximately 11 billion yuan for projects in Qingyang District [4] - The commercial plots come with specific industrial development requirements, including total investment, brand introduction, and tax contributions, aimed at attracting high-level enterprises [4][5] - The development is expected to enhance the area's commercial consumption center status, contributing to the overall industrial upgrade in the region [5] Group 3: Market Context - The Caijiao area has seen significant residential land transactions from 2022 to 2024, with all plots sold at a premium, indicating strong demand [9] - The average total price for new homes in the area has reached 5 million yuan, with some projects exceeding 8 million yuan, establishing a high-end residential atmosphere [9] - The residential plots have a floor area ratio of 2.0-2.3 and a height limit of 80 meters, facilitating the development of high-quality residential products [9]

Core Insights - Major Indian conglomerates are increasing investments in the real estate sector, driven by post-COVID-19 growth, enhanced transparency from regulatory reforms, and attractive returns, creating new competition for traditional developers [8] - The real estate market in India, currently valued at less than $1 trillion, is projected to grow to between $5 trillion and $10 trillion by 2047, significantly contributing to the country's GDP and urban development [4][8] - The entry of conglomerates is supported by improved regulatory clarity, favorable economic conditions, and opportunities to leverage existing land holdings, making the sector more appealing to investors [5][8] Industry Dynamics - Conglomerates like Godrej, Tata, Hero, Jindal, and others have been expanding their real estate operations over the past three to four years, intensifying competition for established firms such as DLF and Lodha [8] - Amit Goyal from India Sotheby's International Realty emphasizes that competition benefits both the industry and homebuyers, as conglomerates bring trust, governance, and access to lower-cost capital [8] - Pure-play developers possess extensive expertise in land acquisition and project delivery, which remains a competitive advantage despite the influx of conglomerates [8] Investment Trends - Jindal Realty plans to launch projects worth Rs 10,000 crore, while Hero Group and Max Group have also made significant expansions and acquisitions in the real estate sector [5][8] - Shreeram Group has entered the real estate market with a Rs 500 crore investment for a luxury project in Gurgaon, indicating a trend of diversification among traditional businesses [6][8] - Lohia Worldspace has raised Rs 50 crore for its first real estate project, showcasing the growing interest from various sectors in real estate development [6][8] Future Outlook - As India aims to become a $35–40 trillion economy by 2047, real estate is expected to play a crucial role in achieving the vision of Viksit Bharat, a developed and inclusive nation [7][8]

Core Insights - Stratus Properties Inc. reported a net loss of 62 cents per share for Q3 2025, a significant increase from a net loss of 5 cents per share in the same quarter last year [1] - The company's revenues fell 44% to $5 million from $8.9 million in Q3 2024, primarily due to the absence of real estate sales [2] - Stratus incurred a net loss attributable to common stockholders of $5 million, compared to a net loss of $0.4 million in the prior year [2] Financial Performance - EBITDA turned negative at $5.5 million for the quarter, down from a modest $0.01 million in Q3 2024 [3] - Real estate operations posted a segment loss of $4.5 million, worsening from a $1.4 million loss in the previous year [3] - Leasing operations remained stable with revenue flat at $4.9 million, but segment profit decreased significantly from $3.3 million in the year-ago period [4] Management Commentary - The CEO highlighted the strategic repositioning efforts and announced an agreement to sell Lantana Place – Retail for approximately $57.4 million, which will help repay a project loan [5] - The company maintains a strong liquidity profile with a cash balance of $55 million and no outstanding draws on its revolving credit facility as of September 30, 2025 [6] Factors Influencing Results - The decline in revenues and profits was primarily driven by a sharp decrease in property sales, with real estate operations generating only $0.05 million in revenue compared to $4 million in the prior year [7] - The termination of a potential development project resulted in a $2.9 million write-off of previously capitalized planning costs [8] - General and administrative expenses rose to $3.9 million from $3.4 million, reflecting higher compensation and overhead costs [8] Other Developments - In October 2025, Stratus entered into an amended agreement to sell Lantana Place – Retail, expected to close in Q4 2025, with proceeds used to repay a project loan of $29.8 million [10] - The company repurchased 180,899 shares at an average price of $21.59 per share, totaling $3.9 million, with $21.1 million remaining under the share repurchase authorization [11]

Skanska (OTCPK:SKBS.Y) 2025 Capital Markets Day November 18, 2025 11:00 AM ET Company ParticipantsClaes Larsson - EVPNone - Video NarratorAnders Danielsson - President and CEOAntonia Junelind - SVP of Investor RelationsRichard Kennedy - EVPLena Hök - EVPJonas Rickberg - EVP and CFOStåle Rød - EVPConference Call ParticipantsNone - AnalystErik Granström - AnalystGraham Hunt - Managing Director and Equity AnalystKeivan Shirvanpour - Equity Research AnalystNone - AnalystAntonia JunelindA warm welcome to Skanska ...

Report Industry Investment Rating - No information provided Core Viewpoints - The Asia IG space was 1 - 2bps wider this morning, with better selling on KR/JP/HK T2s [4]. - Tactical buyers continued to pick up cheaper offers in higher - yielding LGFV names in preparation for next year, while lower - yielding CNH issues remained under selling pressure [3]. - The report maintains a buy rating on PCORPM 7.35 Perp due to better carry, trading liquidity, smooth access to diverse funding channels, and notably lower refinancing pressure [11]. Summary by Relevant Catalogs Trading Desk Comments - There was better selling on Japanese names such as NOMURA/JERA/KUB/MITCO/MIZUHO/MUFG. Small selling on the BBLTB curve occurred due to news of new USD issues. PBs were buying Asia/Yankee FRNs with wider spreads. Mixed two - way flows were seen on AU/KR lower - spread names. Chinese onshore accounts were buying FRNs of leasing/security houses. Macau gaming names had price changes ranging from unchanged to 0.2pt lower, LIHHK 26 was 0.5pt higher, the NWDEVL complex was unchanged to 0.9pt lower, LASUDE 26 was down by 0.7pt. In Chinese properties, VNKRLE 27 was 0.2pt lower while VNKRLE 29 was 0.2pt higher, and some other property papers had price drops [2]. Analyst Comments - PCORPM's net leverage improved due to lower net working capital. Its revenue declined by 10% yoy in 9M25, mainly due to lower sales volume and selling price. However, gross profit increased by 15% yoy, EBITDA grew by 11% yoy, and net profit surged 37% yoy. Free cash flow jumped 361% from 9M24 to PHP47bn. The report maintains a buy on PCORPM 7.35 Perp [8][9][11]. - WESCHI proposes to issue a new USD bond to fund a tender offer for WESCHI 26 at 101.238. Holders of WESCHI 26 who subscribe to the new bond may get priority in the tender offer and preferential allocation. The offer expires on 28 Nov '25 5pm CET, and WESCHI 26 was 0.4pt higher this morning [4]. Top Performers and Underperformers - Top performers include PTTTB 4 1/2 10/25/42 (price 88.7, change 0.6), CRNAU 9 1/4 10/01/29 (price 92.4, change 0.6), CQSXGU 6.95 08/07/28 (price 99.1, change 0.6), LIHHK 4.8 06/18/26 (price 94.9, change 0.5), ROADKG 6 03/04/29 (price 19.5, change 0.5) [5]. - Top underperformers include NWDEVL 5 1/4 PERP (price 45.1, change - 0.9), TENCNT 3.68 04/22/41 (price 85.5, change - 0.9), NWDEVL 6 1/4 PERP (price 44.7, change - 0.8), LASUDE 5 07/28/26 (price 68.1, change - 0.7), NWDEVL 10.131 PERP (price 48.3, change - 0.6) [5]. Macro News Recap - On Monday, S&P (-0.92%), Dow (-1.18%), and Nasdaq (-0.84%) were lower, and UST yield was lower. The 2/5/10/30 - year yield was at 3.60%/3.72%/4.13%/4.73% [7]. Offshore Asia New Issues - Priced: Guilin ETDZ Holding Group issued a 3 - year USD40mn bond with a 5.0% coupon at 5.0% and is unrated [15]. - Pipeline: Sichuan Kaizhou Development Holding plans a 3 - year bond with a 6.5% coupon and is unrated; The Hong Kong Mortgage Corporation plans a 5 - year bond at T + 50 with a rating of Aa3/AA+/- [16]. News and Market Color - 98 credit bonds were issued onshore yesterday with an amount of RMB120bn. Month - to - date, 1,027 credit bonds were issued with a total amount of RMB1,115bn, a 27.9% yoy increase. S&P upgraded Bharti Airtel to BBB from BBB - and Del Monte Pacific 2QFY26 sales rose 10% yoy to USD234.9mn [17]. - Danantara will restore all grounded Garuda Indonesia aircraft by next year. Geely Automobile seeks a USD1.5bn - equivalent one - year loan for ZEEKR take - private. S&P downgraded Longfor to BB - from BB. NWD announced early tender results of its USD bonds and perps. Rio Tinto pauses a AUD215mn (cUSD140mn) BioIron green steel project. Transurban launches tender offers for TCLAU 3.375 03/22/27 and EUR bonds due 2028 and 2030 [23].

Vi e w p o i n t | 14 Nov 2025 02:31:20 ET │ 15 pages China Property Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Certain products (not inconsistent with the author ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **China Real Estate** sector, highlighting the current market dynamics and sentiment shifts within the industry [2][6]. Core Insights and Arguments 1. **Market Sentiment**: The property market is experiencing softened sentiment, particularly in the high-end housing segment, indicating potential instability despite previous recovery efforts [2][6]. 2. **Government Policy Impact**: The effectiveness of government policies aimed at improving living standards and housing demand is questioned, suggesting that these measures may not be sufficient to stabilize the new home market [2][6]. 3. **Investor Outlook**: Investors are advised to remain vigilant for potential supportive housing market policies that could act as catalysts for stock performance, especially during periods of low policy expectations [2][6]. 4. **Earnings Visibility**: Companies such as CRL, C&D, and Seazen are highlighted as key picks due to their strong fundamentals and higher earnings visibility compared to peers [3][6]. 5. **Home Price Trends**: Recent data indicates a decline in home prices in tier-1 cities like Beijing and Shanghai, which may improve affordability and rental yields, potentially leading to market stabilization [7][6]. 6. **Project Launch Strategies**: Developers are delaying project launches due to subdued sales momentum, with selective price adjustments expected to facilitate sales and capital recycling [7][6]. 7. **Regional Resilience**: Low-tier cities, particularly tier-3 cities in Fujian Province, are showing greater resilience compared to top-tier cities, emphasizing the importance of product positioning [7][6]. 8. **Market Recovery Expectations**: Beike has indicated a potential housing market turnaround by the end of 2026 or early 2027, with a projected normalized Gross Transaction Value (GTV) of RMB 15 trillion [7][6]. Additional Important Points 1. **Sell-Through Rates**: The sell-through rates of key projects launched by various developers are provided, indicating varying performance levels across different companies [15][16]. 2. **Valuation Metrics**: The report includes valuation metrics for several property developers, with target prices and upside potential highlighted for CR Land, C&D International, and Seazen [27][27]. 3. **Risks Identified**: Key risks to the outlook include the inability to maintain sales momentum, lower-than-expected margins, and uncertainties related to macroeconomic and property-specific policies [27][27]. This summary encapsulates the essential insights and data points discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the China Real Estate sector.

The Trump Organization, the real estate firm tied to the U.S. President's family, is putting a new luxury resort in the Maldives onchain. The Trump International Hotel Maldives will be built in partnership with Saudi real estate development firm Dar Global, which said it plans to tokenize the development itself, letting investors buy digital shares tied to the project from the early stages. The resort, about 25 minutes by speedboat from the island nation's capital Malé, will include 80 beach and overwate ...