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]

Core Insights - The real estate market in Wuhan is experiencing a surge in demand, with properties selling out quickly during lottery draws, indicating a strong recovery trend in the sector [1][7][8] - Recent statistics show a narrowing decline in new and second-hand residential prices, suggesting that government policies aimed at stabilizing the market are having a positive effect [8][12] Group 1: Sales Performance - The Wuhan Tianchen project sold 400 million yuan worth of properties in just 2 hours, with only 50 out of 480 units remaining after less than 2 months of opening [1] - The Poliyun Lake project in Wuchang saw 300 participants in a lottery for 155 units, selling 120 units within an hour and generating nearly 600 million yuan in sales [7] - The Jindi Dachengle project in Hanyang had over 500 participants for 234 units, selling out in 2 hours [7] Group 2: Market Trends - In May, new residential prices in Wuhan decreased by 4.2% year-on-year, with the decline rate narrowing by 0.8 percentage points compared to the previous month, marking the seventh consecutive month of reduced decline [8] - Second-hand residential prices fell by 7.0% year-on-year, with a narrowing decline of 0.3 percentage points, continuing a trend for ten months [8] - The land auction in May resulted in the sale of 8 residential and commercial plots, with core area plots achieving over 30% premium rates [8] Group 3: Expert Insights - Experts suggest that the real estate market is still in an adjustment phase, with developers using lottery sales to better meet diverse buyer needs [12] - There is a call for further implementation of supportive real estate policies to balance the supply of existing and new housing, aiming to stimulate both rigid and improved housing demand [12]

Group 1 - The core argument is that despite the perception of housing surplus in China, developers continue to build due to a complex interplay of factors, including financialization of real estate, ongoing urbanization, improving housing demands, and survival pressures on developers [1][8]. Group 2 - The financialization of real estate has led to a mismatch in supply and demand, with many properties being hoarded rather than utilized for living or renting, resulting in a shortage of available housing for genuine buyers [1][8]. Group 3 - Urbanization continues to drive housing demand, with China's urbanization rate at 66.16%, indicating significant room for growth compared to developed countries, thus creating ongoing housing needs as rural populations migrate to cities [2][8]. Group 4 - There is a sustained release of demand for improved housing as families seek larger or more modern living spaces due to better economic conditions or changes in family size, providing a stable market for developers [6][8]. Group 5 - Developers face survival pressures that compel them to continue acquiring land and developing projects; halting construction could disrupt their financing chains and increase the risk of financial instability [7][8].

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]

Core Insights - The "Chengdu Housing and Urban-Rural Development Real Estate Supermarket" has officially launched, aiming to provide a transparent and efficient platform for home buyers [2][4] - The platform integrates real estate resources, offering policy updates, project information, and promotional activities to enhance the home buying experience [2][3] - The supermarket features 59 available new housing projects, allowing buyers to filter options based on various criteria such as area, price, and layout [2][3] Group 1: Platform Features - The Chengdu real estate supermarket serves as a one-stop shop for home buying, providing comprehensive policy and activity information, as well as tools like mortgage calculators and AI-assisted home selection [3] - Each new housing project on the platform is detailed with information such as floor area ratio, decoration status, and visual representations, along with clear pricing and developer details [2][4] - The platform's pricing is presented as original prices, with potential discounts available upon in-person transactions, indicating a competitive pricing strategy [4] Group 2: Market Dynamics - The Chengdu real estate market remains robust, with new residential sales prices showing a month-on-month increase of 0.1% in May [5] - The average price of new homes in Chengdu reached 19,570 yuan per square meter in May, reflecting a 7% increase compared to the previous month [6] - Recent land auctions in Chengdu have seen high competition, with significant premium rates, indicating strong interest from developers and a healthy land market [6][7]