Core Viewpoint - The Nanjing Jiangpu Housing Festival, running from February 1 to March 31, 2026, aims to stimulate the real estate market by offering various incentives for homebuyers, particularly targeting young talents in the region [3][4]. Group 1: Housing Festival Details - The "2026 New Spring Housing Festival" includes several participating projects such as Renheng City Xinghan, Longhu Yalun Yangqing Song, Jinling Xingtou, and Zhongyin·Zhenyuefu [3]. - Buyers who purchase new residential properties in Jiangpu during the festival and complete contract registration by June 30, 2026, can receive a "Living Gift Package" worth 6,666 yuan [3]. - The talent housing ticket policy in the Jiangbei New Area offers significant discounts: up to 352,000 yuan for PhDs, 188,800 yuan for Master's degrees, 121,600 yuan for Bachelor's degrees, and 30,000 to 60,000 yuan for vocational talents [3]. Group 2: Market Response and Trends - The Jiangpu area is strategically located between key business districts and is seen as a gateway connecting Jiangbei and the main city, benefiting from the core area development [3]. - Sales representatives report increased interest from young talents, particularly those with Master's and Bachelor's degrees, as subsidies can help cover part of the down payment, enhancing their willingness to purchase [3]. - The market is currently experiencing a recovery phase, with property prices in the Jiangbei area dropping from over 30,000 yuan per square meter to around 20,000 yuan or even slightly above 10,000 yuan, making it an opportune time for buyers [4].

Core Viewpoint - The East Xia Sha Bay area is experiencing increased attention due to the upcoming launch of two large-scale residential projects in the second half of 2025, appealing to first-time homebuyers and families seeking improvements with competitive pricing [2] Group 1: Project Details - The first project, Wan Chao of Yunqi Qianwan, is located approximately 600 meters from the Qiantang River and features a diverse product line including low-rise apartments, high-rises, townhouses, and row houses, with a starting price of 30,977 yuan per square meter for units sized between 108 and 150 square meters [2] - The second project, Chao Ying Hang Yuan, is situated at the intersection of 12th Avenue and 1st Avenue, developed by Jianhang and Binjiang, offering a range of housing types with high-rise units priced around 28,000 yuan per square meter and sizes from 105 to 130 square meters [2] Group 2: Land Acquisition and Development - A premium land parcel was sold in the East Xia Sha area, located 1.3 kilometers east of Wan Chao, at a base price of 10,500 yuan per square meter, significantly lower than the 17,255 yuan per square meter price of Wan Chao [3] - The new project by Far East Hongxin will consist of five 23-story high-rise buildings, covering a land area of 19,734 square meters with a total construction area of 69,819 square meters, featuring a building density of 22% and a green space ratio of 35.44% [3] Group 3: Architectural Design and Market Positioning - The architectural design of the Far East Hongxin project includes a closed public building facade with extensive glass and light-colored insulation panels, aiming for a luxurious and transparent aesthetic [4] - Although specific product details and pricing for the Far East Hongxin project are not yet disclosed, it is anticipated that prices may be in the "2" range, potentially dropping below 25,000 yuan per square meter based on competitive market analysis [4] - Nearby second-hand properties, such as the waterfront homes in Guanlan Times Yundie, have an average listing price of 27,259 yuan per square meter, indicating a competitive market environment [4][5]

Core Insights - Nextensa reported strong financial results for the year 2025, with a net result of €33.2 million, marking a significant recovery from a loss of €10.8 million the previous year, driven by increased profitability from development activities and reduced financing costs [4][12] Financial Performance - The company achieved a profitability increase of €33.8 million, attributed to a €1.8 million rise in development contributions and a €9.2 million decrease in financing costs, alongside a strengthened balance sheet [1][4] - The average cost of financing stabilized at 2.90%, aided by a hedging strategy and reduced financial debt [10] Capital Management - Nextensa executed targeted transactions totaling €360 million during 2024 and 2025, which helped reduce the debt ratio from 45.39% to 38.80%, enhancing financial flexibility [2] - The company has sold over €550 million in assets since its formation in 2021, further lowering the debt ratio to 38% [14] Development Projects - Key development projects include the Lake Side project and BEL Towers, with construction costs estimated at €265 million and €300 million respectively, expected to commence in 2026 [3] - The Proximus HQ at Tour & Taxis has been confirmed as the new headquarters location, with full pre-leasing of the Lake Side office project [5] Rental Income and Property Performance - Like-for-like rental income increased by over 3% year-on-year, reflecting strong performance at Tour & Taxis and contributions from major renovations [6] - The investment property portfolio remained resilient, with limited revaluations despite a volatile market [4] Strategic Outlook - Nextensa is positioned to continue creating sustainable long-term value through disciplined execution and selective investments, despite ongoing economic uncertainties [13] - The company maintains a high-quality development pipeline and sufficient financial headroom for upcoming projects [13]

Summary of Pershing Square Holdings Investor Meeting (February 11, 2026) Company Overview - **Company**: Pershing Square Holdings (OTCPK:PSHZ.F) - **Key Speaker**: Ryan Israel, Chief Investment Officer - **Chairman**: Rupert Morley Core Industry Insights - **Market Context**: The current market environment is seen as fascinating for public market investors, with significant updates across the portfolio and broader business strategies being discussed [1][3]. Key Financial Performance - **2025 Performance**: - Net Asset Value (NAV) grew by **20.9%** - Total shareholder return was **33.9%** - Compound growth in NAV and share price over 8 years is **23%** [9][10]. - **Share Buybacks**: In 2025, **6.6 million shares** were repurchased for approximately **$370 million**, totaling **$1.8 billion** in buybacks since inception [12]. - **Dividends**: The company has paid out **$666 million** in dividends, with an **86%** increase since the dividend policy was amended in 2022 [11][12]. Strategic Updates - **Howard Hughes Holdings**: - Acquired **$900 million** worth of shares, increasing ownership to **46.9%** [8][9]. - Committed to purchasing up to **$1 billion** in preferred securities to facilitate the acquisition of Vantage, an insurance company [9][22]. - The transformation aims to turn Howard Hughes into a diversified holding company akin to Berkshire Hathaway [17][20]. Investment Strategy - **Investment Focus**: The strategy emphasizes acquiring high-quality, durable growth companies, with a focus on long-term value creation [17][20]. - **Recent Investments**: - New investments in **Hertz**, **Amazon**, and **Meta** were disclosed, with a focus on companies with strong growth potential [43][46]. - Exited positions in **Chipotle**, **Canadian Pacific**, and **Nike** due to underperformance [44][41]. Market Analysis - **S&P 500 Performance**: The S&P 500 has seen a **112%** increase over the last six years, with earnings growth being the primary driver [53][56]. - **Top Companies**: The top 10 companies in the S&P 500 are expected to grow earnings at **25%**, significantly influencing overall market growth [58][59]. - **Valuation Insights**: Current market multiples are seen as potentially undervalued given the expected earnings growth, suggesting optimism for future performance [59][60]. Organizational Updates - **Team Expansion**: New hires include Jordan Aguiar-Lucander, Jill Chapman, and Lucas Richards, enhancing the investment and legal teams [49][50]. - **Investment Philosophy**: The firm maintains a concentrated investment strategy, focusing on a select number of high-quality businesses while keeping a library of potential investment opportunities [52][60]. Conclusion - **Future Outlook**: The firm is optimistic about navigating the current market environment, leveraging its investment strategy and organizational strengths to capitalize on emerging opportunities [45][51].

Core Viewpoint - The launch of commercial real estate investment trusts (REITs) in China represents a significant new option for investors, enhancing the asset allocation landscape and promoting the efficient utilization of existing social assets [2][4]. Group 1: Introduction of Commercial Real Estate REITs - The China Securities Regulatory Commission (CSRC) announced the pilot program for commercial real estate REITs on December 31, 2025, marking a key step in expanding public REITs to encompass a wider range of underlying assets [2]. - The first batch of commercial real estate REITs projects was disclosed by the CSRC and exchanges at the end of January 2026, indicating a growing market interest and the transition of public REITs into a more diversified phase [2][3]. Group 2: Value Creation and Market Opportunities - China has accumulated a substantial amount of quality commercial real estate, which holds significant value potential, especially as the economy shifts towards efficiency and innovation [3]. - The first batch of commercial real estate REITs projects has shown stable cash flows and strong historical performance, particularly from state-owned enterprises in key urban areas [3][4]. Group 3: Industry Transformation and Financial Innovation - The introduction of commercial real estate REITs is seen as a pivotal opportunity for the real estate industry to transition from a high-leverage development model to a more sustainable asset management approach [5]. - REITs provide a crucial "pricing anchor" for the commercial real estate market, enhancing price transparency and enabling better asset valuation through public market mechanisms [5][6]. Group 4: Demand and Supply Dynamics - The ongoing low-interest-rate environment has shifted the asset allocation logic, creating favorable conditions for the adoption of commercial real estate REITs, which can meet the demand for stable, long-term income assets [6][7]. - The market has seen a rational adjustment in valuations for quality commercial properties, providing a foundation for REITs to acquire or consolidate assets at reasonable costs [7][8]. Group 5: Regulatory Framework and Compliance - The development of commercial real estate REITs is guided by a commitment to market-oriented and legal principles, ensuring compliance while fostering innovation [9][10]. - Regulatory bodies emphasize the importance of balancing compliance with market needs, allowing for a constructive approach to project approvals and asset management [10]. Group 6: Future Outlook - The launch of commercial real estate REITs is expected to enhance the multi-tiered capital market system in China, facilitating better financing channels for the real economy and contributing to high-quality economic development [11].

IRVINE, Calif.--(BUSINESS WIRE)--Five Point Holdings, LLC ("Five Point†or the "Company†) (NYSE:FPH), an owner and developer of large mixed-use planned communities in California, today announced the formation of a new residential land banking investment partnership executed by its Hearthstone Residential Holdings platform ("Hearthstone†), with funds managed by Blue Owl Capital Inc. ("Blue Owl†) (NYSE: OWL). The investment partnership is designed to support the acquisition of residential homesit. ...

Core Viewpoint - Belpointe PREP, LLC announced that its flagship asset, Aster & Links, has successfully leased approximately two-thirds of its residential units, indicating strong demand for high-quality rental housing in downtown Sarasota [1][2]. Company Overview - Belpointe OZ is a publicly traded qualified opportunity fund listed on NYSE American under the symbol "OZ" and has over 2,000 units in its development pipeline across four cities, with a total project cost exceeding $1.0 billion [7]. Project Details - Aster & Links is a premier 424-unit mixed-use luxury apartment community located in downtown Sarasota, offering spacious one-, two-, and three-bedroom apartments, many with additional features for entertaining [3][6]. - The community includes approximately 60,000 square feet of curated retail space with existing and upcoming retailers, enhancing the living experience for residents [4]. Market Insights - The leasing milestone at Aster & Links reflects the ongoing strength of the Sarasota residential market, as the property continues its transition toward stabilization [2][4].

Company Overview - Tejon Ranch (TRC) is currently in the early stages of its development, with significant progress made in leasing out Terra Vista, which is part of the TRC portfolio [2] - The company is set to open a casino, which is expected to increase traffic and subsequently boost earnings [2] Investment Strategy - The Valkyrie Trading Society consists of analysts who focus on high conviction and obscure developed market ideas that are downside limited and likely to yield non-correlated and outsized returns in the current economic environment [2] - The Value Lab, led by the Valkyrie Trading Society, offers a portfolio with real-time updates, 24/7 chat support, regular global market news reports, feedback on member stock ideas, new trades monthly, quarterly earnings write-ups, and daily macro opinions [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 SEAZEN GROUP LIMITED 新城發展控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 責 任 公 司） （股 份 代 號：1030） 2026年1月未經審核營運統計數據 新城發展控股有限公司 房地產出租情況 於2026年1月，本 集 團 房 地 產 出 租 物 業 共179個，總 建 築 面 積 約1,652.40萬 平 方 米； 2026年1月份租金收入*約人民幣11.20億 元，商 業 運 營 收 入**約人民幣12.01億 元 （即 含 稅 租 金 收 入）。 *： 租 金 收 入 包 含 租 金、管 理 費、停 車 場、多 種 經 營 及 其 他 零 星 管 理 費 收 入。 **： 商 業 運 營 收 入 即 含 稅 租 金 收 入。 – 1 – 上 ...

十年未供应住宅用地的成都攀成钢板块，终于"上新"了！ 2月10日，成都春节前最后一场土拍落槌，锦江区攀成钢板块一宗纯住宅用地成功出让。 地块位于二环路东四段以东、绿地·锦天府南侧，面积约17.9亩，容积率2.5，起拍楼面价16500元/㎡。现场吸引4家房企竞拍，多轮竞价后，由锦江统建以 20300元/㎡竞得，溢价率约23%。值得一提的是，该地块为攀成钢板块自2015年以来的首宗住宅用地。 配套方面，宗地距地铁8、13号线净居寺站约600米；1公里范围内有锦华万达、文华广场、光环购物中心等商业体；教育归属锦江三区，区域内有龙舟路 小学、盐道街中学、七中育才汇源校区等优质学校（具体以教育局划分为准）。地块西侧毗邻加油站，北靠带底商住宅，东、南两侧为老旧小区，生活氛 围浓厚，但城市界面尚有提升空间。 图据寻圭云图 攀成钢板块上一次出让的住宅用地成交于2015年5月8日，距今日地块约500米，面积约22.57亩，由蓝润地产以楼面价7900元/㎡竞得，即现蓝润·泷门项 目。 板块内二手房供应充足，均价约3万元/㎡，不同项目价格分化显著：仁恒滨河湾三期、伊泰天骄等项目均价可超4万元/㎡，而刚需老旧小区均价约1万元/ ㎡左 ...