近两月以来，从楼市监测数据来看，西安房地产市场供销两淡，有降温趋势。 在西安楼市持续调整、市场信心仍需巩固的背景下，近日，西安市四部门联合出台《关于促进房地产市 场平稳健康发展的若干措施》（以下简称《举措》），试图从供需两端协同发力，为市场注入稳定预 期。 此次新政的核心动作聚焦两个层面：首先，打通公积金使用堵点；其次，从土地供应源头保障教育、医 疗等配套设施同步建设交付，力推"交房即交证"。叠加优化交易流程、盘活商业资产等配套措施，助力 楼市保持止跌回稳态势。 21世纪经济报道记者凌晨 西安报道 "当前西安楼市分化仍在加剧。一方面是开发商绞尽脑汁的想要出货，工抵房、特价房都有，另一方面 高端改善豪宅产品十分火爆。有的项目甚至从开盘到清盘，一共才50天，四开四罄。"在西安市高新区 唐延路中介店中，负责人李刚对21世纪经济报道记者表示。 打通公积金使用堵点 西安市公积金流动性指标正迎来微妙变化。今年2月，西安市住房公积金个贷率回落到88.74%，市场对 重启"商转公"的期待再度升温。这场围绕资金池水位的博弈，凸显了政策工具与现实压力间的艰难平 衡。 在此背景下，上述《举措》中对公积金制度进行了优化组合。其中明确 ...

Core Points - Hepsor AS amended its articles of association on 12 June 2025, with the new articles registered on 25 June 2025 [1][2] - The amended articles of association are available on the company's website [2] Company Overview - Hepsor AS is a developer of residential and commercial real estate operating in Estonia, Latvia, and Canada [2] - Over fourteen years, the company has developed 2,076 homes and nearly 36,300 square meters of commercial space [2] - Hepsor is recognized as the first developer in the Baltic States to implement innovative engineering solutions for energy-efficient and environmentally friendly buildings [2] - The company currently has a portfolio of 25 development projects totaling 172,800 square meters [2]

Core Viewpoint - The article discusses the introduction of the "China Good House" evaluation by CRIC, emphasizing the importance of safety, comfort, green living, smart technology, and community environment in residential projects, aligning with national policies to promote quality housing [12][13]. Group 1: Introduction of "China Good House" Evaluation - The "China Good House" evaluation was added to the CRIC Product Power 100, with the first awards announced on June 24, 2025 [12][13]. - The evaluation criteria include expert scoring and project sales performance, reflecting market acceptance [12]. Group 2: Key Standards for "Good Houses" - The government defines "good houses" based on four major standards: safety, comfort, green living, and smart technology [12]. - The Ministry of Housing and Urban-Rural Development has implemented national standards for residential projects, making the concept of "good houses" more tangible and enforceable [12]. Group 3: Award-Winning Projects - Several projects received awards in various categories, including: - **Safety Performance**: New Hope's D10 Black Pearl in Wuhan, featuring a comprehensive security management system [14]. - **Comfortable Living**: Poly Haishangyin in Shanghai, designed for high-quality living with efficient space utilization [14]. - **Green Low-Carbon**: China Railway's Expo Cloud in Shanghai, designed for near-zero energy consumption [15]. - **Smart Technology**: Green Town's Zhenyuan in Yuyao, showcasing a fully integrated smart home system [15]. - **Community Environment**: China Merchants' Suzhou project, featuring a tranquil community environment with innovative design [16]. Group 4: Evaluation Process - The evaluation process consisted of two phases: initial selection by industry experts and a public voting phase conducted from June 17 to 23 [16][17]. - The expert evaluation included presentations from shortlisted projects, focusing on the five key aspects of safety, comfort, green living, smart technology, and community environment [16].

中国楼市：公摊面积之殇——山东业主拒收事件反思 近年来，中国房价持续高涨，一线城市北京、上海、深圳的平均房价已达每平方米6-7万元，二线城市 如杭州、武汉也至少在每平方米2-3万元，即使是三四线城市，房价也普遍过万元。如此高昂的房价， 令普通百姓望房兴叹，往往需要倾尽大半生积蓄，背负数十年房贷才能勉强购置一套住房。 近日，山东一新楼盘的交房事件引发广泛关注：110平方米的新房，去除公摊面积后，实际套内面积不 足60平方米，缩水近一半，引发全体业主集体拒收。开发商辩称高层住宅公摊面积通常较大，此种情况 属正常现象。然而，业主们对此却难以接受。原本计划的三室一厅，如今只能勉强布置成狭小的二室一 厅，每个房间空间逼仄，甚至连一张双人床都难以轻松摆放，居住舒适度大幅降低。 更令人难以容忍的是，在高昂的房价基础上，公摊面积竟占到总房价的45.45%，这意味着业主们实际 上为无法实际使用的公摊面积多付了数十万元。这种"买空气"的现象，无疑是对购房者权益的严重侵 害。 业内人士分析，此类事件多发于期房交易。由于期房尚在建设中，购房者无法准确了解实际套内面积， 只能在交房时才能发现问题。而现房则不存在此类隐患，购房者可以实地 ...

Core Points - Melcor Developments Ltd. held its annual general meeting (AGM) on June 24, 2025, with 24,073,887 shares voted, representing 79.59% of outstanding shares [1] - All items of business were approved by shareholders, including the election of directors with high approval rates, ranging from 96.23% to 96.37% [1] Company Overview - Melcor is a diversified real estate development and asset management company established in 1923, known for its innovation in the real estate sector [2] - The company manages the full life cycle of real estate development, including land acquisition, community planning, construction, and management of revenue-producing assets [3] - Melcor develops and manages various properties, including mixed-use residential communities, business and industrial parks, office buildings, retail centers, and golf courses [3] Commitment to Community - Melcor is dedicated to building communities that enhance the quality of life, where people can live, work, shop, and play [4]

Core Insights - OFA Group has successfully closed its IPO on May 22, 2025, and is advancing its dual-track strategy focusing on proprietary AI platforms and expansion into high-demand real estate markets [1] AI Platform Development - OFA is accelerating the development of two core AI platforms aimed at streamlining regulatory compliance and automating architectural processes [2] - The flagship compliance automation platform, PlanAId, is progressing towards deployment, which will leverage AI to interpret building codes and automate design validation, significantly reducing permit review timelines [7] - A new AI application is being co-developed to automatically generate mechanical, electrical, plumbing, and structural documentation from architectural layouts, expected to shorten turnaround times and reduce consulting costs [7] Strategic Real Estate Initiatives - OFA is initiating the development of senior assisted living communities in response to growing demographic demand, leveraging its design expertise to position itself in a resilient, high-growth segment of the real estate market [2] Long-term Growth Strategy - The company is focused on building a long-term platform that combines AI innovation with strategic development, aiming for scalable and sustainable growth [4] - OFA is committed to disciplined capital allocation and executional excellence while maintaining flexibility to pursue high-impact opportunities that align with its mission [4] Company Overview - OFA Group, through its subsidiary, provides comprehensive architectural services, including design and fit-out services for commercial and residential buildings, aiming to maximize the potential of every property [5] - The company is at the forefront of architectural innovation, developing proprietary AI technologies to enhance its architectural design services by integrating AI with human expertise [5]

"244套房源，400多组购房者参与摇号，2小时就买了8.6亿元。"6月22日，位于江岸区二七路的武汉天宸营销中心主管苏辰说，自开盘 以来不到2个月，该楼盘480套房源已经卖得只剩下50多套了。 摇号买房，开盘"秒光"在武汉多个区域出现。就在上月19日，武昌区保利沙湖嘉瑞楼盘，300多人摇号，抢155套房源，1小时内就卖了 120套，当天销售额近6亿元；本月7日，汉阳区金地大成乐楼盘，3栋楼合计234套新房，超500组购房者参与摇号，2小时内被认购一空。 楼市再现"摇号盘"，价格市场出现了积极变化。近日，国家统计局武汉调查队数据显示，5月份武汉新建商品住宅销售价格同比下降 4.2%，降幅比上月收窄0.8个百分点，同比连续7个月收窄；二手住宅销售价格同比下降7.0%，降幅比上月收窄0.3个百分点，同比连续10个 月收窄。另外，5月武汉土拍两次，合计成交8宗住宅及商服地块，核心区地块溢价率超30%。 "促进房地产市场止跌回稳政策持续显效。"国家统计局武汉调查队相关负责人称，房价降幅持续收窄，一方面是"汉九条"实施，叠加 公积金及商业贷款利率下调，对新房市场提振效果明显；另一方面是"大"房子激活改善性购房需求，5月 ...

楼市迷局：六亿房屋背后的盖楼狂潮 全国六亿栋房屋，足以容纳六十亿人口——这一官方数据，曾一度引发全国关于房产过剩的热烈争论。然而，即便考虑到数据中包含了自建房、学校、厂房 等非住宅建筑，国内房产的巨大存量依然不容忽视。 令人费解的是，在"过剩"论调甚嚣尘上的背景下，开发商们却依然保持着高强度的建房节奏，每年数 千万套新建商品房源源不断涌入市场，这究竟是为何？ 事实并非简单的供需失衡。开发商的持续建房，并非源于对市场盲目乐观，而是深陷一个错综复杂的局面，由以下四个关键因素驱动： 一、房产金融化加剧供需错配 虽然从总量上看，我国住房已达过剩，但问题的关键在于房产的金融属性。大量的房产被少数人囤积，而非用于居住或出租，这些"沉睡"的房产并未进入市 场流通。因此，市场上实际可供选择的住房仍然不足以满足刚需和改善型购房群体的需求，开发商的建房行为，很大程度上正是为了填补这一市场缺口。这 就像一个巨大的水库，虽然水量充足，但大部分水被锁在水库深处，无法被有效利用。 三、改善型住房需求持续释放 许多家庭最初只能购买小户型住房，随着经济条件改善或家庭人口增加，改善型住房需求日益旺盛。一些家庭则追求更舒适的居住体验，希望更换房 ...

Asia Pacific Equity Research June 2025 China Property Chartbook All the charts you need Karl ChanAC (852) 2800-8513 karl.chan@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited Jocelyn Gao (852) 2800-8529 jocelyn.gao@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited Venus Choi (852) 2800-8599 venus.choi@jpmorgan.com See the end pages of this presentation for analyst certification and important disclosures, inc ...

Group 1 - Safehold Inc. has acquired a ground lease for the Asher Adams hotel in Downtown Salt Lake City, enhancing its portfolio in the hospitality sector [1][2] - The Asher Adams hotel, which has 225 keys and operates under Marriott's Autograph Collection, was developed by The Athens Group and Hatteras Sky and completed in 2024 [1][2] - Safehold's portfolio now includes nearly $7 billion in ground leases across 150 properties in the U.S., indicating significant growth and diversification [2][3] Group 2 - The Athens Group, founded in 1988, specializes in luxury and lifestyle hotel development and has a portfolio that includes notable properties like Four Seasons Hualalai and Ritz-Carlton Bachelor Gulch [4] - Hatteras Sky focuses on commercial real estate development, particularly adaptive redevelopments of historic buildings, with an emphasis on multifamily and hospitality projects [5]