Summary of Conference Call Notes Industry Overview: China Property Key Points on Sales Performance - Top 100 developers' contract sales declined by **21% YoY** in June 2025, worsening from **-10% in May 2025** due to: 1. Higher base in June 2024 from policy easing in mid-May 2024 2. Lack of policy easing support [2][6] - On a **MoM basis**, contract sales increased by **17%**, lower than the average **30%** from 2020 to 2024 [2][7] - In the first half of 2025, combined sales for top 100 developers fell by **11% YoY**, compared to **-8% YoY** in May 2025 [2][6] Performance of Luxury Projects - Demand for luxury projects remained strong, exemplified by Sunac's Shanghai One Central Park selling out in **2 hours**, significantly boosting Sunac's contract sales in June 2025 [2][6] Regional Developer Performance - Regional developers (e.g., Jinmao, C&D International, Yuexiu Property, Greentown China) outperformed the sector average, focusing on tier 1 and core tier 2 cities, benefiting from resilient luxury demand [2][6] Future Outlook - Expectations for top 100 contract sales to improve YoY in **3Q25** due to a lower base effect [2][6] Secondary Market Insights - As of June 25, 2025, secondary listings in **50 cities** increased by **9.5% YoY** and **8.6% YTD**; Tier-1 cities saw a **4.4% YoY** and **5.3% YTD** increase [3][9] - Secondary transaction volume for **12 cities** increased by **4% YoY** on a 30-day moving average, down from **7% in May 2025** [3][9] Implications for Property Listings - The rise in secondary listings is attributed to: 1. Slowing secondary transactions 2. Upgraders selling existing homes to purchase luxury new homes [3][9] Developer Performance Comparison - SOE developers' contract sales in June declined by **23% YoY**, similar to the **21% YoY** decline of top 100 developers; semi-SOE and POE developers saw declines of **33%** and **11%** respectively [4][25] - Current market shares: SOE developers at **58%**, POE developers at **31%** [4][25] Sales Data Highlights - Top 100 developers' combined gross contract sales value dropped by **21% YoY** in June, compared to **-10% YoY** in May [18][20] - The combined attributable contract sales GFA decreased by **35% YoY** in June, worsening from **-20% YoY** in May [13][20] Risks and Opportunities Downside Risks - Government policies restricting demand and mortgage lending - Tight financing conditions for developers - Lower-than-expected residential growth in China's economy [31] Upside Risks - Potential policy loosening that could boost residential property sales and prices - Large-scale asset disposals at fair prices by developers to ease liquidity pressures [31]

Summary of J.P. Morgan Japan Equity Strategy Conference Call Industry Overview - The conference call primarily discusses the **Japanese corporate sector**, focusing on the findings from the **June BOJ Tankan survey** regarding business sentiment and corporate earnings forecasts. Key Points and Arguments Impact of US Tariffs - The June BOJ Tankan indicates that **US tariffs have not significantly dampened corporate sentiment**, with a business conditions diffusion index (DI) for large manufacturers remaining steady at **13 points**, surpassing the Bloomberg consensus of **10 points** [1][4] - However, corporate earnings forecasts predict a **10% drag on net profit**, particularly affecting the **manufacturing sector**, especially **automobiles** and other processing industries [1][4] Corporate Earnings Forecasts - The FY2025 net profit growth forecast for large enterprises is revised to **-5.3%**, down from **-1.3%** in the March survey, aligning with the broader TSE Prime constituents' forecast of **-5.8%** [1][4] - **Manufacturers** lowered their profit growth forecast to **-9.8%**, while **non-manufacturers** raised theirs to **-0.8%** from **-2.0%** [1][4] Sales and Capital Expenditure (Capex) - Both manufacturers and non-manufacturers have increased their sales forecasts, with capex plans revised sharply upward to **+11.5% YoY** overall for large enterprises, driven by investments in **semiconductors**, **automation**, and **power transmission/distribution** [1][5] - Capex growth for manufacturers is projected at **+14.3%**, while non-manufacturers expect **+9.9%** [5] Foreign Exchange and Inflation Outlook - The corporate forex estimate for FY2025 is set at **¥145/$**, indicating a **4% YoY strengthening of the yen**, which is expected to negatively impact EPS by approximately **2 percentage points** [5][30] - The inflation outlook has slightly decreased, with companies expecting general prices to rise by **2.4%** in one year, down from **2.5%** previously [5][31] Sector-Specific Insights - Business conditions DI worsened in sectors more exposed to US tariffs, such as **automobiles** and **machinery**, while sectors like **materials** (paper & pulp, steel, oil & coal) and **construction** showed improvement [4][5] - The market consensus appears more cautious than company outlooks in sectors like **steel**, **services**, and **paper & pulp**, while being relatively optimistic for **electric & gas utilities**, **real estate**, and **communications** [4][5] Overall Corporate Sentiment - Despite the challenges posed by tariffs, corporate earnings remain resilient, particularly in domestic non-manufacturing sectors, which aligns with the investment strategy focusing on domestic demand sectors and potential upside in **semiconductors** and **machinery** [1][5] Additional Important Information - The report highlights the **limited impact of tariffs** on business conditions, with a flat DI for manufacturers and slight deterioration for non-manufacturers, which was in line with market expectations [4][5] - The report also notes that the **FY2025 TOPIX consensus EPS** has seen downward revisions in overseas demand sectors, particularly **automobiles**, which have been lowered by **18%** over the past three months, yet still shows a modest **+3.3% YoY profit growth forecast** as of end-June [4][5] This summary encapsulates the critical insights from the conference call, providing a comprehensive overview of the current state of the Japanese corporate sector and its outlook amidst external pressures.

Nearly all of Pat Neal's $1.2 billion fortune is parked in his company Neal Communities. Here's why. https://t.co/u3RaSvW7tu (Photo: Guerin Blask For Forbes) https://t.co/gxBuFsXnxa ...

RealEstate网站7月6日报道，一处位于墨尔本华人区Glen Waverley的房产以170万 澳元的价格售出，这 得益于房产中介扮演西班牙斗牛士的独特宣传营销。 BigginScott的Ming Xu及其合作伙伴Eric Liu身着这些斗牛士和公牛的服装拍摄了 挂牌视频。 受该房产西班牙传教士风格外观的启发，视频中展现了斗牛士战胜公牛的场景。 他们在周末的拍卖会上再次穿上这些服装。最 终，这处位于2 Callaghan Ave的五 居室房产在3名注册竞拍者的竞争下，最终被一对年轻夫妇拿下。 （图片来源：RealEstate） Xu表示："我认为创意营销策略在很多方面都起到了作用，包括制作社交媒体视频 来吸引人们的关 注。" "当买家在网上浏览20、30处甚至更多的房产时，这样的营销手法会让我们的房源 在他们心中留下深刻 印象。" Xu表示，该房产的起拍价为165万澳元。 据悉，这并不是他第一次采取如此新颖的营销活动。 今年2月，他曾负责Mulgrave一处房产的销售，卖家是一名助理导演的家人，他们 认识好莱坞演员Liam Neeson。 （图片来源：RealEstate） 于是便邀请Neeson为该房 ...

In the case of REITs ( XLRE ), I think in the next few years, investors will see some nice price appreciation as the sector sees tailwinds from lower interest rates.Contributing analyst to the iREIT+Hoya Capital investment group. The Dividend Collectuh is not a registered investment professional nor financial advisor and these articles should not be taken as financial advice. This is for educational purposes only and I encourage everyone to do their own due diligence. I'm a Navy veteran who enjoys dividend ...

There are different ways to use dividends when it comes to selecting investments. Often, dividend investors focus all their attention on the highest-yielding stocks. But you can also buy stocks with a history of attractive dividend growth. And right now, you can purchase these two dividend growers with well-above-market yields of as much as 4.2%. Here's what you need to know.1. Prologis is a giant industrial REIT that's still growing quicklyWith a nearly $100 billion market cap, Prologis (PLD -0.25%) is one ...

RealEstate网站7月5日报道，最新数据显示，7月是悉尼多个地区购入房产的最佳 时机。 购房者有机会利用这一有利时机和本月可能的再次降息，在更有利的条件下 进入房市。 Ray White的分析衡量了过去10年内每月的平均价格，并与全年其它时间的销售情 况进行了对比，以确 定在各个城区买卖房产的最佳时机。 总体而言，秋季是卖家卖房的最佳时机，而夏季则对买家更为有利。不过，在一些 市场中，冬季也对 买家更有利。 其中包括悉尼127个城区——约占全市所有城区的七分之一。 在这些地方，7月的购房 者通常能以全年最低的价格成交，主要是由于买家竞争较少。 （图片来源：RealEstate） Ray White Economics的数据显示，其中有许多是悉尼最受欢迎的购房城区，如 Castle Hill、Blacktown、 Greystanes和华人区Epping。 其它值得关注的城区包括东区的Randwick、Bondi Junction和Paddington，北海滩 的Avalon Beach和 Newport，以及西南区的Liverpool。 （图片来源：RealEstate） 这些地区的季节性低价可能会因7 ...

在墨尔本，家庭为购买优质公立学校学区房支付的溢价高达35%。 维州房地产研究所（REIV）的分析显示，热门学区内的房屋售价比学区外平均高出 至多50万澳元。 | School | Better | Premium | In-zone | 1 km outside | | --- | --- | --- | --- | --- | | | Education | difference | median | catchment | | | rank | | | | | Williamstown | 21 | 35.1 pc | $1,905,000 | $1,410,000 | | High School | | | | | | Glen Waverley | | | | | | Secondary College | 9 | 29.7pc | $2,100,000 | $1,619,000 | | Frankston High | 24 | 19.9pc | $965,000 | $805,000 | | School | | | | | | Auburn High | 32 | 18.8pc | $2,850 ...

Core Viewpoint - Annaly Capital Management offers an ultra-high dividend yield exceeding 14%, while Toronto-Dominion Bank provides a more stable yield of 4.1%, making TD Bank a more reliable choice for dividend growth and reliability [1][9]. Group 1: Annaly Capital Management - Annaly Capital is a mortgage-focused real estate investment trust (REIT) that invests in pooled mortgages, functioning more like a mutual fund than a traditional landlord [3]. - The company has a history of cutting its dividend, which affects its total return; thus, reinvesting dividends is crucial for investors [4][5]. - The volatility of Annaly's dividend and stock price is significant, indicating that spending dividends rather than reinvesting may lead to disappointing outcomes [5]. Group 2: Toronto-Dominion Bank - Toronto-Dominion Bank is recognized for its reliability in dividend payments, having maintained its dividend during economic downturns, including the Great Recession [7]. - Despite facing regulatory challenges, TD Bank has consistently increased its dividend, showcasing its strong commitment to shareholders [8]. - The bank's yield of 4.1% is above the average yield of U.S. banks (2.6%) and the S&P 500 (1.3%), making it an attractive option despite the lower yield compared to Annaly [9]. Group 3: Regulatory Environment and Investment Timing - The strict banking regulations in Canada contribute to a conservative approach within TD Bank, reinforcing its strong market position [10]. - Recent performance of TD Bank's stock has improved as regulatory concerns have diminished, suggesting it is a favorable time to invest [11]. - For investors seeking long-term income stability, TD Bank presents a stronger option compared to the riskier business model of Annaly Capital [12].

其次，高层住宅的"高龄化"问题日益突出。随着时间的推移，建筑结构和设备老化，一旦面临拆迁，则 困难重重。高昂的拆迁成本和巨额的重建投资，使得开发商望而却步，甚至可能面临亏损，因此老旧高 层住宅的拆迁几无可能。 近年来，国内城市高耸入云的高层住宅鳞次栉比，其背后是开发商逐利的本能驱使。高层建筑在有限地 块上最大化容积率，从而实现利润最大化，这与多层住宅有限的房源数量和收益形成鲜明对比。然而， 高层住宅并非完美无瑕，其固有的缺陷正导致越来越多居民选择搬离。 首先，高昂的公摊面积令人诟病。多层住宅公摊面积通常在10?5%之间，而高层住宅则高达20?0%，甚 至更高。更令人费解的是，业主们需要为这些实际并未享用的公摊面积支付物业费，这无疑加重了业主 的经济负担。 再次，电梯依赖性是高层住宅的另一大痛点。上下楼依赖电梯，在高峰时段，漫长的等待时间令人抓 狂。此外，电梯的频繁使用导致其易于老化，维修保养费用高昂，最终由业主承担，这无疑增加了业主 的经济压力，驱使他们寻求更便捷舒适的居住环境。 正是鉴于高层住宅的诸多弊端，2021年9月，住建部发布了《关于加强超高层建筑规划建设管理的通知 （征求意见稿）》，明确要求从202 ...