Core Viewpoint - The appointment of Marius Žemaitis as the new director of UAB "Kvartalas" is expected to enhance the development of the "Sąvaržėlė" business center in Vilnius due to his extensive experience in real estate [1][3]. Group 1: Company Overview - UAB "Kvartalas" is developing the "Sąvaržėlė" business center located on Konstitucijos Avenue in Vilnius [1]. - Marius Žemaitis has over fifteen years of experience in real estate fund management and development [2]. Group 2: Leadership and Experience - M. Žemaitis is a board member of UAB "Lords LB Asset Management," one of the largest investment management companies in Lithuania [2]. - He also manages the Lords LB Special Fund I Subfund A, which owns the "ARTERY" business center on Konstitucijos Avenue [2]. Group 3: Future Expectations - The company anticipates that M. Žemaitis' extensive experience and knowledge will significantly contribute to the development of the "Sąvaržėlė" business center [3].

Summary of Conference Call on Mainland China and Hong Kong Property Markets Industry Overview - **Mainland China Property Market**: The asking price index for tier-1 cities has reached a new low, indicating a challenging market environment. The Centaline secondary asking price index dropped from 19.7 to 19.3, marking the lowest level since May 2024 [5] - **Hong Kong Property Market**: The Financial Secretary expressed a "cautiously optimistic" outlook for retail sales, suggesting potential recovery in private consumption after four quarters of decline [5] Key Insights and Data Mainland China - **Sales Performance**: - 60-city primary sales decreased by 14% year-over-year (Y/Y), slightly improving from a 25% decline the previous week. Compared to the four-year average, sales were 68% below, improving from a 72% decline [5] - 12-city secondary sales Y/Y decline narrowed from -6% to -4% [5] - **Market Indicators**: - Centaline manager confidence index improved from 46.1 to 46.6 but remains low [5] - Property agencies' web traffic index worsened to -24% Y/Y, indicating reduced interest [5] - **Inventory Levels**: Unsold residential inventory fell by 6% quarter-over-quarter (Q/Q) to 21.2K units, the lowest since Q4 2023 [5] - **Price Trends**: Secondary home prices rose by 1% week-over-week (W/W), the highest increase since March 2025 [5] - **Top Picks**: Recommended stocks include CR Land, CR Mixc, and COLI among large-cap state-owned enterprises (SOEs), and Longfor and Jinmao among high-beta names [5] Hong Kong - **Retail Outlook**: The Financial Secretary is optimistic about June retail sales, which could positively impact Link REIT and Wharf REIC [5] - **Sales and Inventory**: - Unsold residential inventory remains at 15 months, with potential supply decreasing from 105K to 101K units over the next 3-4 years [5] - Major projects like Villa Garda III sold 77% of units after an 18% cut in average selling price (ASP) [5] - **Market Dynamics**: - The sector rose by 4% last week, outperforming the Hang Seng Index (HSI) [5] - Outperformers included NWD (+13%) and Wharf REIC (+8%), while underperformers were Champion and HKL (both -1%) [7] - **Investor Sentiment**: Investors showed caution regarding Vanke's potential nationalization and expressed concerns over Longfor's contracted sales and refinancing arrangements [7] Additional Important Points - **Web Traffic and Appointments**: The property agency web traffic index and weekend viewing appointments indicate fluctuating interest levels in the market [45][46] - **Secondary Listings**: The number of secondary listings on Centaline decreased from over 35K units in late May to 32K units last week, which may help stabilize home prices [5] - **Tourist Arrivals**: Hong Kong's tourist arrivals showed a significant increase, with 1,128,801 arrivals recorded in the last week, a 21% increase W/W [63] This summary encapsulates the critical insights and data from the conference call regarding the property markets in Mainland China and Hong Kong, highlighting both challenges and opportunities for investors.

Summary of Conference Call on China Property Industry Industry Overview - The conference call focused on the **China Property** industry, specifically the performance of major property developers in July 2025 [1][7]. Key Points and Arguments 1. **Sales Decline**: - Contracted sales of 30 major developers declined by **25% year-on-year (y-y)** in July 2025, indicating a continued sluggishness in the market [1][2]. - The top 50 and top 100 developers experienced deeper declines of **28% and 27% y-y**, respectively, compared to **-26%** in June [2]. 2. **Year-to-Date Performance**: - Year-to-date (YTD) sales for the top 50 and top 100 developers have declined by **13% y-y** as of July 2025 [2]. - The YTD sales for the 30 major developers tracked have fallen to **-26% y-y** [2]. 3. **Sales Performance Divergence**: - State-Owned Enterprises (SOEs) outperformed other developers, with Jinmao and Yuexiu showing increases of **49% and 19% y-y**, respectively [3]. - Conversely, several developers, including Zhongnan and Seazen, reported declines exceeding **40% y-y** [3]. 4. **Market Sentiment and Policy Response**: - The July Politburo meeting showed little focus on the property sector, suggesting a muted policy response until housing prices decline significantly [4]. - High inventory levels in both primary and secondary markets are contributing to cautious consumer sentiment regarding home prices [4]. 5. **Investment Strategy**: - Analysts recommend a defensive and selective investment approach, favoring quality SOEs with good visibility, such as CR Land and CR Mixc, as well as high-dividend-yield plays like C&D International and Greentown Management [5]. Additional Important Insights - The **43% and 38% month-on-month (m-m)** sales declines for the top 50 and top 100 developers in July were weaker than historical averages [2]. - The overall market is expected to remain weak in the coming months, influenced by factors such as trade negotiations and high inventory levels [4]. - The report emphasizes the importance of brand strength and resource availability in top-tier cities for SOEs, which contributed to their better performance compared to private developers [3].

Summary of the Conference Call on China Property Market Industry Overview - **Industry**: China Property - **Date**: August 3, 2025 - **Key Focus**: Home price trends, sales performance, and market sentiment in the Chinese property sector Key Points Home Price Trends - Secondary home prices in major cities experienced a slight decline in July, with a month-on-month (m-m) drop of 1.1% and a year-on-year (y-y) decrease of 9.8% across approximately 50 tracked cities [2][15] - 87% of the cities reported m-m price decreases, slightly better than the 93% recorded in June [2][17] - Secondary listing prices fell by 0.5% m-m in July, with 55% of cities showing downward adjustments [2][16][18] Sales Performance - Total listings increased by 0.6% m-m in July, with 76% of cities reporting increases, compared to 71% in June [3] - New secondary listings softened by 5% m-m, indicating a potential slowdown in market activity [3] - Visitations to agent shops dropped by 7% m-m but increased by 20% y-y, suggesting seasonal trends affecting market engagement [4][19] Market Sentiment and Future Outlook - The Politburo meeting in July showed little focus on the property industry, indicating a muted policy response until significant price declines are observed [5] - High inventory levels in both primary and secondary markets, coupled with softening sales, are likely to maintain a cautious sentiment among residents regarding home prices [5] - Expectations for home sales in the second half of the year remain weak, with potential further declines in prices anticipated [5] Investment Recommendations - A defensive and selective investment approach is advised due to weakening leading indicators affecting developers' sales, margins, and liquidity [6] - Suggested stocks include: - **Consumption beneficiaries**: CR Land (1109.HK) and CR Mixc (1209.HK) - **High-dividend-yield plays**: C&D (1908.HK) and Greentown Management (9979.HK) [6] Additional Insights - The report highlights the importance of monitoring the competitive pricing of secondary home sales, which may gain market share due to fewer new primary home launches [4] - Analysts maintain a cautious view on the property market, emphasizing the need for quality investments amidst ongoing challenges [6] Conclusion The Chinese property market is currently facing significant challenges, with declining home prices and weak sales performance. Investors are advised to adopt a defensive strategy, focusing on quality companies that can weather the current market conditions.

Core Insights - In July 2025, both supply and demand for new residential properties in Beijing weakened, with a total of 365,600 square meters signed online [1] - The Beijing land market saw a slowdown in supply, with only two plots sold, located in Changping and Yanqing, totaling a planned construction area of 126,500 square meters and a land transfer fee of 1.929 billion yuan, with an average floor price of 15,254 yuan per square meter [1][9] Sales Performance - From January to July 2025, the top 20 real estate companies in Beijing achieved a total sales revenue of 195.08 billion yuan and a total sales area of 3.747 million square meters [2][3] - China Overseas Land & Investment, China Resources Land, and Yuexiu Property ranked as the top three companies by sales revenue, with sales of 27.99 billion yuan, 22.43 billion yuan, and 19.58 billion yuan respectively [2][3] Market Conditions - The new housing market in Beijing experienced a decline in both supply and demand during the traditional off-season, with new supply of 189,300 square meters and total online signed transactions of 365,600 square meters in July [7] - The land market in Beijing saw a total of two plots sold in July, with a combined land transfer fee of 1.929 billion yuan and a floor price of 15,254 yuan per square meter [9] Policy Developments - On July 31, 2025, the Beijing Municipal Government issued a notice to improve housing support policies, emphasizing the need to increase the supply of affordable housing and provide priority allocation for families with multiple children [6]

Core Viewpoint - Gyrodyne, LLC has entered into a purchase and sale agreement for approximately 49 acres of vacant land in St. James, New York, with a projected sale price of up to $28.74 million, which is expected to enhance the company's asset value and align with community needs for assisted living facilities [1][2][3]. Group 1: Agreement Details - The purchase price range for the property is set between $24 million and $28.74 million, with the final amount estimated at $28.74 million based on current conditions [2]. - The agreement includes customary representations, warranties, and covenants, and has been filed with the SEC [4]. Group 2: Strategic Implications - The CEO of Gyrodyne stated that this agreement is a significant milestone in executing the company's strategic plan and aims to maximize shareholder value [3]. - The transaction is expected to enhance the marketability and value of the adjacent industrial park at Flowerfield, while also addressing the community's need for assisted living facilities [3]. Group 3: Financial Impact - Following the agreement, Gyrodyne estimates its net asset value (NAV) in liquidation as of June 30, 2025, to be approximately $32.6 million, reflecting an increase of $1.8 million or $0.84 per share, which is a 6% increase from the previous NAV [3]. Group 4: Company Overview - Gyrodyne, LLC owns and manages a diversified portfolio of real estate properties, including office, industrial, and service-oriented properties in the New York metropolitan area [5]. - The company is actively seeking value-enhancing entitlements for its properties, including a medical office park in Cortlandt Manor, New York [5].

Core Viewpoint - Lead Real Estate Co., Ltd has engaged in significant transactions with Samurai Capital, selling long-term stay hotels and condominiums, indicating a strategic move to enhance its portfolio and operational capabilities in the luxury residential market in Japan [1][2][3]. Group 1: Transaction Details - The company has sold two long-term stay hotels, "Ent Terrace Akihabara" and "Ent Terrace Asakusa," and entered into trust beneficiary right purchase agreements for two condominiums, "Excelsior Shakujii-Koen" and "Excelsior Yokohama Enokicho," totaling approximately 5.3 billion yen in this round of transactions [2][3]. - The initial engagement with Samurai Capital began with a business alliance agreement on May 30, 2024, which included the first round of transactions worth over 4 billion yen [2]. Group 2: Future Prospects - On June 30, 2025, the company signed a memorandum of understanding for preferential negotiations regarding three long-term stay hotels currently scheduled for construction, indicating plans for future growth and development in the hospitality sector [4]. - The company aims to provide integrated services from planning to operation, enhancing customer satisfaction through a one-stop service model [4]. Group 3: Property Overviews - "Ent Terrace Akihabara" is an eight-room hotel in Chiyoda, Tokyo, featuring a building area of 4,870 square feet and designed for groups or families [6]. - "Ent Terrace Asakusa" is a nine-room hotel in Taito, Tokyo, with a building area of 8,719 square feet, offering both Japanese-style and Western-style rooms [9]. - "Excelsior Shakujii-Koen" is a 22-unit property in Nerima, Tokyo, with a building area of 13,021 square feet, located near Shakujii-Koen Station [11]. - "Excelsior Yokohama Enokicho" is a 30-unit property in Yokohama, Kanagawa, with a building area of 18,955 square feet, ideal for families due to its proximity to schools and parks [14]. Group 4: Company Overview - Lead Real Estate Co., Ltd specializes in luxury residential properties, including single-family homes and condominiums, across Tokyo, Kanagawa Prefecture, and Sapporo, and also operates hotels in Tokyo [15]. - The company's mission focuses on providing stylish, safe, and luxurious living, while its vision emphasizes continuous improvement and leveraging its strong market position in luxury residential properties [16].

Core Insights - Otis Worldwide Corporation will provide and install 76 elevators at the Riverside Crescent project by Sobha Realty, which is a luxury real estate developer [1] - The elevator systems include 50 Otis Skyrise®, 12 Otis Arise™, and 14 machine-roomless Otis Gen2® elevators, aimed at enhancing tenant living experiences [1] Company Overview - Otis is a global leader in elevator and escalator manufacturing, installation, and service, moving 2.4 billion people daily and maintaining approximately 2.4 million customer units worldwide [6] - Sobha Realty is a leading backward-integrated real estate developer based in Dubai, known for setting quality benchmarks in the industry with over 50 years of experience [5] Project Details - The Riverside Crescent project is located in Sobha Hartland II and features 6 high-rise residential towers, each reaching 71 stories and 249 meters in height [3] - The elevators will operate at speeds up to 6 m/second and are equipped with EMS Panorama™ 2.0 for enhanced control and visibility [3] Strategic Collaboration - Sobha Realty emphasizes safety and quality in project development, and the collaboration with Otis reflects a commitment to innovation and reliability [4] - Otis has been serving the UAE for over 50 years, aligning its commitment to safety, innovation, and quality with Sobha Realty's vision for the Riverside Crescent [4]

Core Insights - Infortar's sales volumes increased significantly in Q2 2025, reaching €505 million, a 150% increase compared to the previous year [1] - The company successfully acquired Estonia Farmid, enhancing its position in the agricultural sector and contributing to the bioeconomy [2] - Infortar invested €38 million in various projects, including renewable energy initiatives and infrastructure developments [3] Sales and Financial Performance - In the first half of 2025, Infortar's consolidated revenue rose by €275.73 million to €951.869 million, largely due to the consolidation of Tallink Grupp's results [11] - The EBITDA for the energy segment improved to €19.929 million in Q2 2025, compared to a loss of €0.845 million in Q2 2024 [13] - The consolidated net loss for the first half of 2025 was €-14.4 million, a significant decline from a net profit of €73.017 million in the same period of 2024 [14] Segment Performance - The maritime transport segment saw an increase in passenger numbers to 1,488,128, a 2.5% rise from Q2 2024, while cargo units transported decreased by 22.8% [4] - The energy segment's gas and electricity sales reached 4.9 TWh, a 25% increase year-over-year, with a market share of 27.7% in the Finnish-Baltic market [6] - In real estate and infrastructure, Infortar completed the Pärnu bridge and continued work on the Rail Baltica mainline, valued at €67.2 million [7] Investments and Projects - Infortar's investments in the first half of 2025 totaled approximately €38 million, focusing on renewable energy and infrastructure projects [15] - The company is constructing one of Estonia's largest biomethane plants and a new solar power plant in Latvia [3] Financial Position - As of June 30, 2025, Infortar's total liabilities amounted to €941.747 million, with net debt at €795.379 million [16] - The net debt to EBITDA ratio was reported at 3.4, indicating the company's leverage position [16] Dividends - Infortar plans to pay a dividend of €3 per share for the 2024 financial year, with the first payment made on July 15, 2025 [17]

Core Insights - The Wuhan real estate market is showing signs of recovery, with significant increases in new housing transactions in July compared to the previous year [1][4] - High-quality residential projects are attracting buyers, leading to a positive feedback loop between good properties and land market activity [4][5] Group 1: Market Performance - In July, Wuhan recorded 10,405 new commercial housing contracts, a 13% increase year-on-year, while new residential housing contracts reached 8,212, up 5% from the previous year [1] - The sales performance of high-quality projects, such as the Huashang City Tianhui, indicates a strong demand, with significant foot traffic and sales activity even during the traditionally slower month of July [2][3] Group 2: Buyer Behavior - Buyers are motivated by favorable policies, including tax exemptions and low down payment requirements, making it an opportune time to purchase homes [3] - The appeal of new projects is driven by their quality, location, and amenities, with buyers prioritizing factors like school districts and community features [3] Group 3: Land Market Dynamics - The land market in Wuhan is experiencing intense competition for high-quality plots, with a notable premium on core areas, such as a 54.36% increase in land prices for key locations [4] - Recent changes in land supply strategies have led to a focus on lower-density, high-quality land offerings, which are crucial for the market's positive shift [5] Group 4: Industry Trends - The average building area for residential land plots in Wuhan has nearly halved compared to 2021, indicating a shift in developer focus from profit-driven models to user-centric approaches [5] - The market is transitioning from a competition based on quantity to one focused on quality, with an emphasis on comprehensive living experiences, including good housing, amenities, and services [5]