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].

Investment Rating - The report assigns a "Buy" rating to CRL, C&D, China Jinmao, and KE Holdings, indicating a positive outlook for these companies in the real estate sector [8][9]. Core Insights - The recent property tour in Beijing suggests a return to normalcy in the market, with healthy visitation levels and a stabilized market backdrop, indicating that the effects of the recent property crisis have faded [2][4]. - Developers that have upgraded their products are experiencing solid sell-through rates of 60-80%, with a notable increase in the price ceiling for new homes, suggesting a competitive environment driven by product quality [3][4]. - There is a growing expectation for additional policy support to stabilize the market, although concerns about secondary home price weakness appear to be exaggerated [4]. Summary by Sections Market Overview - The property tour in Beijing reaffirmed confidence in the market, with project visits indicating a normalized backdrop and healthy visitation levels [2]. - The primary market is expected to decouple from the secondary market in terms of pricing and product quality [2]. Developer Performance - High-end developers are seeing strong sales, with C&D achieving approximately RMB 6 billion in sales at a recent project, indicating robust demand in the luxury segment [3]. - Developers are expected to benefit from a consistent flow of high-profile projects, which will help revive market sentiment [3]. Policy Expectations - There is a calibrated rise in policy expectations, with market participants anticipating support for sales momentum while being cautious of potential overstimulation by the government [4]. Stock Preferences - The report highlights CRL, C&D, China Jinmao, and KE Holdings as the best-positioned stocks to benefit from price appreciation in the new home market, with specific target prices indicating significant upside potential [5][9]. - C&D is particularly noted for attracting investor interest due to its clear pipeline of new projects [5].

Summary of the Conference Call on China Real Estate Equities Industry Overview - The focus is on the **China property sector**, which is experiencing a resurgence in interest from both onshore and offshore insurance funds, indicating a shift in investor sentiment towards the sector [2][8]. Key Insights 1. **Investor Sentiment**: There is a notable increase in interest from large insurance funds that were previously inactive in the market. Investors are now seeking external validation for their positive views on the sector, which presents an opportunity for capitalizing on the expected structural market recovery [2][8]. 2. **Market Expectations**: Housing sales have shown a slight decline in April due to rising trade tensions, but May sales are described as respectable. Investors have adjusted their expectations for lower sales, which could lead to upside surprises as policy expectations are gradually rebuilt ahead of the July politburo meeting [3]. 3. **Next Opportunities**: The market is preparing for a potential resurgence in sales around July, with expectations of positive data points from the pre-sale season in June. This period is seen as a strategic window for investors to build positions [4]. 4. **Stock Recommendations**: Key stock picks include **CRL**, **China Jinmao**, **C&D**, and **Beike**. Among these, **C&D International** is highlighted as a particularly interesting and under-researched state-owned enterprise (SOE) with a strong growth outlook due to proactive landbanking [5][8]. Financial Metrics and Valuations - **C&D International**: Current price at HKD 13.54 with a target price of HKD 21.20, indicating a potential upside of 56.6%. The company is benefiting from a favorable market in Xiamen, with a 17% landbank exposure [5][19]. - **CR Land**: Current price at HKD 25.25 with a target price of HKD 36.30, suggesting a 43.8% upside. The valuation reflects strong sales momentum and recurrent income [19]. - **China Jinmao**: Current price at HKD 1.03 with a target price of HKD 1.60, indicating a 55.3% upside, supported by an ambitious sales target for 2025 [19]. Risks and Challenges - Key risks identified include the inability to maintain sales momentum, lower-than-expected margins, and uncertainties related to macroeconomic and property-specific policies [19]. Additional Insights - The report emphasizes the importance of upcoming policy support to stabilize the housing market and the potential for increased investment relevance in the sector as investor sentiment shifts [2][8]. - The strategic positioning of investors for potential upside surprises is a critical theme, highlighting the dynamic nature of the current market environment [3][4]. This summary encapsulates the essential points discussed in the conference call regarding the China real estate sector, focusing on investor sentiment, market expectations, stock recommendations, financial metrics, and associated risks.

Core Points - The Company will hold its annual general meeting on June 20, 2025, at 10:00 AM Estonian time [1] - The agenda includes the approval of the annual report for the financial year 2024, which shows a balance sheet value of €1,873,680 and a net profit of €167,409 [2] - The net profit for 2024 is proposed to be carried to accumulated profit [2] - AS PricewaterhouseCoopers is proposed to be appointed as the auditor for the financial year 2025 [3] - A one-off payment of €2,400 and a monthly fee of €200 will be paid to Supervisory Board member Aivar Kempi starting from June 21, 2025 [3] Meeting Participation - Shareholders entitled to participate will be determined as of June 13, 2025 [4] - Registration for the meeting starts at 09:00 AM on the meeting day [4] - Individual shareholders must present an identity document, while corporate shareholders must provide additional documentation [5] Proxy and Voting - Shareholders can notify the Company of the appointment or revocation of a representative via email or in person by June 19, 2025 [6] - A template for power of attorney is available on the Company's website [7] - Shareholders holding at least 1/20 of the share capital can demand additional agenda items if requested by June 5, 2025 [8] Draft Resolutions - Shareholders can submit draft resolutions for agenda items by June 17, 2025 [9] - The Management Board is obligated to provide information on the Company's activities unless it may cause significant damage to the Company [10] Documentation - Documents related to the general meeting, including the annual report and auditor's report, will be available for examination on the Company's website and at its office [11] - As of May 30, 2025, the Company's share capital is divided into 4,499,061 shares, each granting one vote [12]

Investment Rating - The report assigns a "Buy" rating to key stocks including C&D International, CR Land, and China Jinmao, while other stocks are rated as "Hold" [8][17]. Core Insights - There is a growing interest in the China property sector, particularly from large onshore and offshore insurance funds, indicating a potential structural market recovery [2][8]. - Investors are currently underweight in China real estate, presenting opportunities for capitalizing on the expected recovery [2]. - Market expectations have reset, with lower sales anticipated, but this could lead to upside surprises as policy support is expected to stabilize the housing market [3][4]. Summary by Sections Market Sentiment - Interest in the China property sector is increasing, with investors seeking validation for their positive views [2]. - The sentiment has shifted from resistance to a more favorable outlook, particularly from institutional investors [8]. Sales and Policy Expectations - Housing sales showed a slowdown in April but are expected to stabilize in May, with investors adjusting their expectations accordingly [3]. - Anticipation of supportive housing policies ahead of the July politburo meeting could reinforce market stabilization [3]. Investment Opportunities - July is viewed as a potential window for investment as positive data from the pre-sale season in June may emerge [4]. - C&D International is highlighted as a hidden gem with a strong growth outlook due to proactive landbanking and favorable market conditions in Xiamen [5][8]. Key Stock Picks - Top picks include C&D International, CR Land, China Jinmao, and Beike, with C&D International receiving particular attention for its growth potential [5][8]. - C&D International has a target price of HKD 21.20, implying a 56.6% upside from its current price of HKD 13.54 [17].