Core Insights - Tapasya Fund achieved a net return of 23.5% in 2025, outperforming the S&P 500's return of 17.9% [1] - The fund's performance was bolstered by developments in Artificial Intelligence (AI) and market fluctuations due to tariffs [1] - The fund aims to mitigate sector-specific risks to protect its portfolio from broader market downturns [1] Company Insights - Howard Hughes Holdings Inc. (NYSE:HHH) experienced a one-month return of -2.64% and a 52-week gain of 14.71% [2] - As of January 8, 2026, Howard Hughes Holdings Inc. had a market capitalization of $4.891 billion, with shares closing at $82.34 [2] - The fund sold its position in Howard Hughes Holdings Inc. due to opportunity cost, despite not incurring a realized loss [3] - The decision to sell was influenced by the desire to invest in assets with higher potential returns, as HHH's stock remained flat during the holding period [3] Market Sentiment - Howard Hughes Holdings Inc. was held by 32 hedge fund portfolios at the end of Q3 2025, a decrease from 36 in the previous quarter [4] - The potential of Howard Hughes Holdings Inc. is acknowledged, but certain AI stocks are viewed as having greater upside potential and lower downside risk [4]

J P M O R G A N Asia Pacific Equity Research 22 December 2025 Property Data Monitor Mainland China: Primary sales down 45% Y/Y; HK: Home prices up 5% YTD Mainland China Hong Kong SAR See page 17 for analyst certification and important disclosures, including non-US analyst disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. I ...

Group 1 - The article discusses the expansion of projects in Hubei and Guangdong, highlighting the Ba Dong Hong Hai Jiangnan City Square with a total investment of 550 million yuan and a construction area of 170,000 square meters, positioned as a "fourth-generation residential + commercial complex" [1] - The Guangdong project, the CKBA service center, is a key supporting infrastructure for the Jingling Reservoir, which is the largest single investment water conservancy project in Zhejiang Province during the 14th Five-Year Plan [1] - The article emphasizes the company's commitment to leveraging its full industry chain advantages to deepen urban operation tracks and integrate into the Shanghai "People's City" construction and regional development [1] Group 2 - The company is responsible for project construction, utilizing years of experience in Shenzhen to ensure efficient progress and high-quality delivery [2] - The project in Chaozhou marks the first investment by the company in this city, aiming to set a new benchmark for residential cities [3] - The project in Changchun is the company's first entrusted construction project, located in the core area of the North Lake Science and Technology Development Zone, covering an area of 179 acres [4] Group 3 - The article highlights the company's innovative capabilities in project management and refined control, showcasing its ability to solve on-site management challenges through innovative processes and enhance safety management efficiency with technology [5] - The total contracted sales area for non-self-invested properties under the "He Sheng" brand is approximately 55,438 square meters, with a contracted sales amount of about 4.887 billion yuan [5] - The article lists several typical projects, including the Jin Gang Cooperation Center and the Tengzhou Beixin Road Urban Renewal Project, detailing their management methods, project volumes, and contract amounts [8]

International credit rating agency S&P Global Ratings, taking into account the structural corporate governance changes being implemented within the Vilniaus Prekyba Group, has reassessed the borrowing outlook of real estate development and management company Akropolis Group. The rating agency classified Akropolis Group as a highly strategic subsidiary of the parent company Metodika B.V. and affirmed its BB+ long-term credit rating with a stable outlook. “The BB+ credit rating assigned by international ratin ...

Core Insights - BXP signed over 1.5 million square feet of leases in Q3 2025, marking a 38% increase compared to Q3 2024 and the strongest third quarter since 2019 [1][2] - The weighted-average lease term for these leases is 7.9 years, contributing to a total leasing activity of approximately 3.8 million square feet through Q3 2025 [1] Company Overview - BXP, Inc. is the largest publicly traded developer, owner, and manager of premier workplaces in the U.S., focusing on six key gateway markets: Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC [2] - As of September 30, 2025, BXP's portfolio includes 54.6 million square feet across 187 properties, with eight properties currently under construction or redevelopment [2] Leasing Activity Highlights - In Boston's Urban Edge market, BXP executed over 200,000 square feet of leasing, all from existing vacancies [4] - In New York, BXP completed over 475,000 square feet of leasing in Midtown Manhattan, primarily extensions for existing financial services clients, including a significant lease at 399 Park Avenue [4] - In Reston, VA, a 50,000 square foot lease was signed with a technology client, achieving 98% occupancy for the office portion of Reston Town Center [4]

Core Insights - The acquisition of Galio Group by Akropolis Group has been positively evaluated by Fitch Ratings, reaffirming a long-term borrowing rating of BB+ with a stable outlook [1][6] - The CEO of Akropolis Group emphasized the responsible growth and diversification of the portfolio, which enhances trust in the company's long-term growth prospects [2] Financial Performance - Following the acquisition, Akropolis Group's real estate portfolio value increased by approximately 30%, rising from EUR 1.1 billion to EUR 1.4 billion, and the number of income-producing properties surged from 5 to 60 [4] - The concentration of shopping centers in the portfolio decreased from 96% to 73% of the total portfolio value, indicating improved diversification [4] - Consolidated rental income for the first half of 2025 reached EUR 46.3 million, reflecting a 5.4% increase compared to the same period in 2024, while EBITDA was EUR 44.3 million, up 3.4% year-over-year [7] Market Position and Outlook - Fitch Ratings noted the financial stability of Akropolis Group, attributed to a better average cost of debt and sustainable financial indicators [3] - The positive performance metrics include growing rental income, increased tenant sales, stable footfall in shopping centers, and low vacancy rates [5]

Core Viewpoint - S&P Global Ratings has affirmed Akropolis Group's BB+ rating with a stable outlook for the fourth consecutive year, indicating confidence in the company's strategic acquisition of Galio Group and its potential to enhance financial stability and growth in the Baltic real estate market [1][2]. Group 1: Acquisition Impact - The acquisition of Galio Group is expected to increase Akropolis Group's property portfolio value by approximately 30%, rising from €1.1 billion to €1.4 billion [3]. - The number of income-producing assets will expand significantly from 5 to 60, which will reduce concentration risk and enhance portfolio diversification [3]. - Following the acquisition, shopping centers will constitute 73% of the total portfolio value, a decrease from the current 96%, indicating improved diversification [3]. Group 2: Financial Performance - Akropolis Group's consolidated rental income for the first half of 2025 reached €46.3 million, reflecting a 5.4% increase compared to the same period in 2024 [5]. - Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the same period amounted to €44.3 million, marking a 3.4% year-on-year growth [5]. Group 3: Market Outlook - S&P Global Ratings anticipates that Akropolis Group's operating fundamentals will remain stable over the next 12 months, supported by strong demand across all asset classes [4]. - The agency expects the company to achieve consistent growth in rental income and maintain high occupancy levels post-acquisition [4].

Core Points - Kilroy Realty Corporation announced a regular quarterly cash dividend of $0.54 per common share, payable on October 8, 2025, to stockholders of record on September 30, 2025 [1] - The declared dividend translates to an annual rate of $2.16 per share [1] Company Overview - Kilroy Realty Corporation is recognized as a leading U.S. landlord and developer, with operations primarily in San Diego and Los Angeles [1]

Group 1 - Guomao Real Estate has obtained the construction project for the Tasting Headquarters site in Fuzhou, marking a significant step in expanding its commercial office construction management in new regions [7] - Xuhui Construction Management has successfully signed 7 projects in July, indicating a strong performance in project acquisition [1] - The project in Nanyang, a comprehensive experiential commercial complex, is set to open in November with an expected annual foot traffic of over 10 million [9] Group 2 - The project in Hong District plans to create the first fourth-generation low-density community in the area, with a total planned construction area of approximately 77,500 square meters [6] - The insurance building project, commissioned by Xinhua Life Insurance Co., has a total investment of about 3 billion yuan and will feature a landmark building with a height of 180 meters and a total construction area exceeding 130,000 square meters [8] - The project in Fuzhou will introduce a mixed-use development covering commercial, healthcare, and office spaces, with a total planned construction area of about 300,000 square meters [1] Group 3 - The management department's headquarters is collaborating with product experts for training focused on enhancing professional capabilities and integrating sales strategies [1] - The project in Nanjing is designed to meet diverse family housing needs, offering six types of units with areas ranging from 89 to 139 square meters, all delivered fully furnished [8] - Green City Management has expanded its area by 13.9% year-on-year in the first half of the year, while Xuhui Construction Management has established a presence in over 80 cities [12]

Company Developments - Tengyun Zhike signed a strategic cooperation agreement with Inspur Smart Building [1] - Longfor Longzhizao signed a digital design service contract for the XDG-2024-93 land parcel in Wuxi [3] - Longfor Longzhizao also signed a project management and sales service contract for the FX202422 land parcel in Hefei [4] - Greenland Zhizao successfully won the bid for the future coastline project in Pattaya, Thailand, with a total saleable area of 30.16 million square meters and a total value exceeding 20 billion THB [6] - Runzhi Management and China Resources Cultural and Sports jointly won the consulting service for the Ningbo Olympic Sports Center, with a project value of approximately 59.7 billion [7] Project Highlights - Jindi Management launched the "Qinglan" product brand and the "Qinglan Song" project [1] - The project aims to promote technology and product replication, focusing on smart buildings and smart living services [2] - The project in Zhangzhou High-tech Zone covers an area of approximately 164.8 acres, with a total construction area of about 220,000 square meters and nearly 1,000 planned beds [13]