Group 1 - The core viewpoint of the article indicates that Heimu Dan (600510.SH) has reported a significant decline in both contracted area and contracted amount for the fourth quarter of 2025 compared to the previous year [1] Group 2 - The contracted area achieved is 32,400 square meters, representing a year-on-year decrease of 82.17%, with the equity contracted area at 25,000 square meters, down 77.11% [1] - The contracted amount reached RMB 418 million, which is a year-on-year decrease of 71.05%, while the equity contracted amount is RMB 327 million, reflecting a decline of 61.13% [1]

2025年12月单月，集团合约销售(包括合营企业及联营公司的合约销售)金额约为人民币8.5亿元，同比减 少42.95%，合约销售面积约为8.6万平方米，合约销售均价约为人民币9800元╱平方米。 中梁控股(02772)发布公告，2025年1月至12月，集团累计合约销售(包括合营企业及联营公司的合约销 售)金额约为人民币120.7亿元，同比减少32.68%，累计合约销售面积约为115.9万平方米，合约销售均价 约为人民币1.04万元╱平方米。 ...

智通财经APP讯，中梁控股(02772)发布公告，2025年1月至12月，集团累计合约销售(包括合营企业及联 营公司的合约销售)金额约为人民币120.7亿元，同比减少32.68%，累计合约销售面积约为115.9万平方 米，合约销售均价约为人民币1.04万元╱平方米。 2025年12月单月，集团合约销售(包括合营企业及联营公司的合约销售)金额约为人民币8.5亿元，同比减 少42.95%，合约销售面积约为8.6万平方米，合约销售均价约为人民币9800元╱平方米。 ...

Investment Rating - The report indicates a stable investment outlook for the Shanghai real estate market, with a focus on the resilience of the TMT sector and emerging consumer trends [4][14]. Core Insights - The Shanghai office market saw a net absorption of approximately 390,000 square meters in 2025, a year-on-year increase of 76.6%, driven primarily by the TMT sector, which accounted for 20% of the demand [7][14]. - The retail market experienced a total net absorption of 678,000 square meters, with fashion and outdoor brands leading the growth, while the logistics sector achieved a historical high in net absorption at 1.07 million square meters [17][26]. - The investment market showed signs of recovery with 97 transactions recorded, totaling 47.4 billion RMB, despite a year-on-year decline in transaction volume and value [43][49]. Office Market Summary - In 2025, the Shanghai office market recorded 11 new projects with a total area of 792,000 square meters, but the overall pre-leasing rate was below 10%, leading to a vacancy rate increase of 1.2 percentage points to 23.3% [7][9]. - The TMT sector surpassed the financial industry in demand, with significant contributions from gaming, e-commerce, and AI companies [7][10]. - Major districts such as Lujiazui and Wujiaochang showed strong demand, with Lujiazui accounting for 7.8% of the market share [8][11]. Retail Market Summary - The retail market saw 708,000 square meters of new supply, with fashion apparel driving 43.4% of the demand, particularly from outdoor and Korean brands [17][18]. - The dining sector maintained a steady demand, accounting for 21% of the market, with a notable rise in health-oriented food options [18][19]. - The market is expected to see over 1.29 million square meters of new supply in 2026, driven by policies promoting smart experiences and health consumption [22]. Logistics Market Summary - The logistics market continued its high supply trend with 9 new projects totaling 899,000 square meters, despite a 43% year-on-year decrease in new supply [26]. - Net absorption reached a historical high of 1.07 million square meters, primarily driven by e-commerce and third-party logistics [26][27]. - The average rental price in the logistics sector decreased by 17.3% to 1.19 RMB per square meter per day [28]. Investment Market Summary - The investment market recorded a total of 97 transactions in 2025, with a total value of 47.4 billion RMB, reflecting a 26% year-on-year decline [43][49]. - Institutional investors led the market with a 40% share of transaction value, focusing on both office and rental residential assets [44]. - The market is transitioning towards a more refined focus on asset quality, with the introduction of commercial real estate REITs enhancing liquidity [49].

Group 1 - The article discusses the significant real estate bubble in China, which has led to a massive wealth extraction from residents and a steep increase in macro leverage over the past decade [2][4]. - There is a large amount of unsold real estate inventory, including various types of distressed properties, indicating that the debt transfer to residents is still a pressing issue and a soft landing is far from being achieved [4][5]. - The article highlights the dangers of a rapid decline in property prices, which could trigger a vicious cycle similar to the stock market crash in 2015, where liquidity issues could lead to severe financial risks [5][6]. Group 2 - The current housing market is viewed as overpriced based on rental yield ratios, suggesting that prices in cities like Beijing may need to be halved to reach a more reasonable level [7][11]. - Despite the decline in property values, consumer spending in certain areas remains robust, indicating that while wealth has decreased, it has not severely impacted overall consumption behavior [11]. - The article emphasizes the long-term implications of declining birth rates on the real estate market, suggesting that fewer potential buyers could lead to prolonged market stagnation [13]. Group 3 - The government appears to prefer a gradual decline in property prices rather than a sharp drop, as this would allow resources to flow into the technology sector instead of real estate speculation [16]. - A general decline of around 30% in property prices could lead to significant challenges for major real estate companies, indicating that the current situation may not be a soft landing but rather a hard landing [17].

招商蛇口公告，2025年12月，公司实现签约销售面积97.72万平方米，实现签约销售金额258.44亿元。 2025年1-12月，公司累计实现签约销售面积716.12万平方米，累计实现签约销售金额1960.09亿元。 ...

人民财讯1月9日电，首开股份（600376）1月9日公告，根据公司初步测算，公司2025年全年业绩将出现 亏损情况，但公司本报告期内亏损规模较去年同期收窄。 ...

人民财讯1月9日电，保利发展（600048）1月9日公告，2025年12月，公司实现签约面积69.71万平方 米，同比减少19.33%；签约金额121.64亿元，同比减少18.94%。2025年1—12月，公司实现签约面积 1235.34万平方米，同比减少31.24%；签约金额2530.30亿元，同比减少21.67%。 ...

保利发展公告，2025年12月，公司实现签约面积69.71万平方米，同比减少19.33%；签约金额121.64亿 元，同比减少18.94%。2025年1-12月，公司实现签约面积1235.34万平方米，同比减少31.24%；签约金 额2530.3亿元，同比减少21.67%。 ...

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） 证券代码：601155 证券简称：新城控股 编号：2026-002 新城控股集團股份有限公司 2025年12月份及第四季度經營簡報 海外監管公告 本公告乃由新城發展控股有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第13.10B條 而 作 出。茲 載 列 於 本 公 告 附 件 為 本 公 司 旗 下 一 間 於 上 海證券交易所（「上交所」）上 市（股 份 代 號：601155）的A股 附 屬 公 司，新 城 控 股 集 團 股 份 有 限 公 司，於2026年1月9日在上交所網站(www.sse.com.cn)刊登的《新 城 控 股集團股份有限公司2025年12月 份 ...