董事会认为，本期间预期录得净亏损主要由以下因素综合影响所致(i)本期间住宅物业交付物业面积大幅 减少及数据中心一项租约到期，导致收入及毛利分别减少约4.30亿港元及2.18亿港元;(ii)因上述物业销售 收入减少，销售开支相应减少约1.60亿港元;及(iii)本期间发展中投资物业重估产生之公允价值收益显着 减少，仅录得约40万港元，相较截至2024年9月30日止六个月则录约2560万港元。 智通财经APP讯，佳明集团控股(01271)发布公告，预期本集团于截至2025年9月30日止六个月将录得净 亏损约2500万港元至约3000万港元，而截至2024年9月30日止六个月则录净溢利约5260万港元。 ...

Core Viewpoint - The U.S. Federal Reserve has announced a 0.25% interest rate cut, marking the second reduction this year, which aligns with market expectations. This has led to a corresponding decrease in Hong Kong's base rate, impacting borrowing costs and potentially stimulating the housing market [1][5]. Group 1: Interest Rate Changes - The Federal Funds rate target range has been lowered to 3.75% to 4% following the recent cut [1]. - Hong Kong's Monetary Authority has reduced its base rate to 4.25%, with local banks adjusting their prime rates and savings rates accordingly, albeit at a smaller margin [1][6]. - The cumulative interest rate hikes in the U.S. from 2022 to 2023 reached 5.25%, while Hong Kong's banks only increased rates by 0.875% [1]. Group 2: Impact on Housing Market - The reduction in interest rates is expected to lower borrowing costs, easing the financial burden on homebuyers and enhancing their purchasing power, particularly for first-time buyers [1][2]. - For a mortgage of 5 million HKD over 30 years, the monthly payment decreases by approximately 344 HKD with the new interest rate of 3.25%, making it easier for middle-class families to meet bank mortgage requirements [2]. - The rental market is also benefiting, with rental yields in Hong Kong surpassing those in major mainland cities, attracting more investment [2][3]. Group 3: Market Sentiment and Future Outlook - The low-interest environment is anticipated to support the recovery of the Hong Kong property market, with rising rental indices further enhancing investment attractiveness [2][3]. - Recent sales of new properties have been strong, indicating improved buyer confidence following the interest rate cuts [3][4]. - However, the secondary market has seen a decline in transactions as buyers shift focus to new developments, suggesting a potential imbalance in market activity [4][5]. Group 4: Predictions and Economic Indicators - Experts predict that property prices may see a slight increase of 2-3% in 2025, with a potential recovery of 5% next year, although current market conditions may limit significant price rebounds [5][6]. - The upcoming Federal Reserve meeting in December is being closely monitored for further interest rate decisions, which could influence Hong Kong's economic landscape [5][6]. - The consensus among industry analysts is that the interest rate reduction cycle in Hong Kong may be nearing its end, with banks unlikely to follow further U.S. cuts due to high funding costs [6][7].

Core Viewpoint - Yuexiu Property (00123.HK) successfully acquired two residential land parcels in Guangzhou and one in Chengdu through public bidding, indicating a strategic expansion in key urban areas in China [1][2]. Group 1: Guangzhou Land Acquisition - Yuexiu Property, through its subsidiary Guangzhou Tianyue Real Estate Development Co., successfully bid for two adjacent land parcels in Guangzhou's Tianhe District for RMB 12.78 billion and RMB 22.05 billion [1]. - The land parcels in Guangzhou Tianhe District, referred to as "Guangzhou Tianhe Guotang Land," have respective areas of approximately 19,670.68 square meters and 33,467.77 square meters, with total construction areas of about 62,452.37 square meters and 105,491.11 square meters [1]. - The planned use for the Guangzhou Tianhe Guotang land is residential, with the properties intended for sale [1]. Group 2: Chengdu Land Acquisition - The Chengdu land parcel, acquired through Chengdu Yuesui Real Estate Development Co., was successfully bid for RMB 13.2 billion, located in the Chenghua District [2]. - The Chengdu land parcel covers an area of approximately 40,038.52 square meters, with a total construction area of about 115,173.66 square meters and a planned construction area of approximately 80,077 square meters [2]. - This Chengdu site is strategically located near the core of the Chenghua District, close to established commercial and medical facilities, enhancing its attractiveness for residential development [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之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 （在香港註冊成立的有限公司） （股份代號：00123） 公 告 收購土地 本公司透過成都樾穗，通過公開掛牌方式以人民幣1,321,270,500元成功競得成都市成華區舜 和家園地塊。 成都市成華區舜和家園地塊佔地面積約40,038.52平方米，總可建築面積約115,173.66平方 米，其中計容建築面積約80,077平方米。成都市成華區舜和家園地塊擬為住宅用地。成都市 成華區舜和家園地塊所建住宅物業擬用於出售。 成都市成華區舜和家園地塊位於成華區崔家店核心，緊鄰本公司天悅雲萃一期及二期項目。地 塊位於成華樞紐經濟集聚區。地塊周邊配套較為成熟，鄰近成都萬象城、龍湖濱江天街等優質 商業配套及成都新生堂婦女兒童醫院、成都市成華區第七人民醫院等醫療配套。地塊距離約 300米到達成都7號線的雙店路站，距離約6km到達天府廣場及春熙路。 越秀地產股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈，於二○二五年十 ...

Core Viewpoint - The company successfully acquired a residential land parcel in Panyu District, Guangzhou, for RMB 1.194 billion, enhancing its land reserves and strategic position in the region [1][2]. Group 1: Acquisition Details - The company, through its subsidiary Guangzhou Xinyue, won the bid for the land parcel located in Panyu District, Guangzhou, on October 28, 2025 [1]. - The land parcel covers an area of approximately 29,777 square meters, with a total construction area of about 114,771 square meters, including a buildable area of approximately 77,419 square meters [1]. - The land is designated for residential use, with plans to sell the residential properties developed on it [1]. Group 2: Location and Strategic Importance - The land parcel is situated in a densely populated area with a vibrant living atmosphere, located west of the New Light Expressway and north of the South Dagan Line [2]. - It is approximately 700 meters from the nearest subway stations, providing quick access to key areas such as Zhujiang New Town and Guangzhou South Station [2]. - The acquisition is viewed as a strategic move to bolster the company's quality land reserves and strengthen its position in Guangzhou [2].

Core Insights - Veris Residential (VRE) reported revenue of $73.44 million for Q3 2025, marking a year-over-year increase of 7.7% [1] - The company's EPS for the same period was $0.20, a significant improvement from -$0.10 a year ago, with an EPS surprise of +33.33% compared to the consensus estimate of $0.15 [1] - The reported revenue fell short of the Zacks Consensus Estimate of $74.99 million, resulting in a surprise of -2.06% [1] Revenue Breakdown - Other income was reported at $1.4 million, slightly below the two-analyst average estimate of $1.44 million, but showed a year-over-year increase of 11.8% [4] - Management fees were reported at $0.52 million, significantly lower than the average estimate of $0.75 million, reflecting a year-over-year decline of 34.1% [4] Stock Performance - Over the past month, Veris shares have returned -6.8%, contrasting with the Zacks S&P 500 composite's increase of +1.1% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Insights - The Central Plains City Leading Index (CCL) is currently at 139.94 points, reflecting a weekly decline of 0.22%, influenced by the government's policy report and the upcoming U.S. interest rate decision [1] - Despite a slight retreat in second-hand property prices after three weeks of increases, the CCL remains at a high level not seen since early August 2024, indicating a positive short-term outlook for property prices [1] - The CCL's target for the fourth quarter is set at 143.02 points, with a current gap of 3.08 points or 2.20% [1] Summary by Category CCL Performance - The CCL has shown a recovery since May, with a 3.54% increase from the low of 135.16 points, and a 1.67% cumulative increase in property prices for 2025 [2] - The CCL Mass index is at 141.24 points, down 0.45% weekly, while the CCL for small units is at 139.90 points, down 0.43% [2] - The CCL for large units has risen to 140.14 points, marking a 0.89% weekly increase and reaching a new high since February 2025 [2] Regional Price Trends - Among four regions, three experienced price declines while one saw an increase; the CCL Mass for Hong Kong Island dropped 3.08%, the largest decline in eight weeks [3] - The New Territories East CCL Mass index increased by 3.05%, the highest rise since June 2021, after two weeks of decline [3] - In the third quarter of 2025, all major price indices showed increases, marking the first occurrence since the first quarter of 2023, with the CCL rising 2.48% [3]

Economic Overview - In Q2 2025, Hong Kong's GDP grew by 3.1% year-on-year, an increase of 0.1 percentage points from Q1, and a quarter-on-quarter growth of 0.4% [3][5] - Private consumption expenditure rose by 1.9% year-on-year in Q2 2025, recovering by 3.1 percentage points compared to Q1 [3][5] - Local fixed capital formation increased by 2.8% year-on-year in Q2 2025, with machinery and equipment investment accelerating [3][5] Domestic Demand - Consumer spending showed signs of recovery, ending a four-quarter decline, supported by a recovering financial market and stabilizing real estate market [7] - Durable goods consumption fell by 6.2% year-on-year, while non-durable goods consumption increased by 3.1% [7][8] - Investment in machinery and equipment surged by 38.4% year-on-year in Q2 2025, reflecting a stable business environment [8] External Demand - Hong Kong's merchandise exports grew by 11.5% year-on-year in Q2 2025, with a notable increase in exports to emerging markets [9][10] - Service exports rose by 7.5% year-on-year, driven by a recovery in tourism services and sustained growth in financial services [10] Employment and Inflation - The unemployment rate in Hong Kong slightly increased to 3.5% in Q2 2025, with a further rise to 3.9% by August 2025 [12] - The overall consumer price index (CPI) increased by 1.8% year-on-year in Q2 2025, with a slight rise in private housing rent CPI [13] Financial Market - The Hong Kong dollar initially strengthened but later weakened in Q2 2025, influenced by increased trading activity and changes in interest rates [15][16] - The benchmark interest rate remained unchanged in Q2 2025, while HIBOR rates fluctuated significantly [16][21] - The stock market continued its upward trend, with the Hang Seng Index rising by 4.1% in Q2 2025 [21][25] Real Estate Market - Total transaction volume in Hong Kong's real estate market decreased by approximately 21% year-on-year in Q2 2025, but showed a quarter-on-quarter increase [26][28] - The average rent for private residential properties rose by 3.5% year-on-year in Q2 2025, indicating a potential increase in rental yield [28] - The number of new residential units completed in Q2 2025 was 4,577, reflecting a year-on-year increase of 116% due to a low base effect [33] Banking Sector - HIBOR rates declined significantly in Q2 2025, leading to a decrease in net interest margins for banks [4][51] - Customer deposits in the banking sector grew by 4.0% quarter-on-quarter, with a notable increase in foreign currency deposits [38][42] - The asset quality of banks showed slight improvement, with a decrease in the non-performing loan ratio to 2.13% [53]

Core Viewpoint - The overall property registration in Hong Kong has increased in September, indicating a potential recovery in the real estate market driven by favorable economic conditions and expectations of interest rate cuts by the Federal Reserve [1] Property Registration Summary - As of September 15, a total of 3,512 property registrations were recorded, representing a 6.3% increase from 3,304 registrations in the same period last month [1] - The projected total for September could exceed 7,000 registrations based on current trends [1] - The registration activity in September primarily reflects the market conditions of August due to the time lag between signing contracts and registration [1] Residential Property Summary - In the residential sector, there were 3,086 registrations for both new and second-hand residential properties, marking a 7.8% increase from 2,863 registrations in the same period last month [1] - This increase in residential property registrations has been a key driver for the overall rise in property registration volume [1] Non-Residential Property Summary - For non-residential properties, there were 169 registrations for commercial properties, showing a slight decrease of 0.6% from 170 registrations last month [1] - Conversely, registrations for parking spaces and other properties totaled 210, reflecting an 11% decrease from 236 registrations in the same period last month [1]

Core Viewpoint - Hong Kong real estate stocks experienced an afternoon rally, driven by market expectations of favorable government policies in the upcoming 2025 policy address [1] Group 1: Stock Performance - New World Development (00016) rose by 4.33% to HKD 97.55 - Hang Lung Properties (00101) increased by 2.33% to HKD 8.8 - Hysan Development (00012) gained 2.07% to HKD 27.6 - Henderson Land Development (00014) climbed 1.71% to HKD 16.08 [1] Group 2: Government Policy Expectations - The Hong Kong government is set to announce the 2025 policy address on Wednesday, 17th - UBS anticipates the government will reduce stamp duty on residential properties valued between HKD 4 million to HKD 6 million - Proposed initiatives include a "Home Purchase Fund" plan, further relaxation of capital investor entry qualifications, and measures to attract more mainland visitors [1] Group 3: Impact on Real Estate Developers - The new policy address is expected to benefit developers such as Hysan Development, New World Development, and Sino Land - Increased mainland visitor traffic is likely to support regional mall owners, including Wharf Real Estate Investment and Hysan Development - Accelerated development in the Northern Metropolis may pose negative implications for MTR Corporation due to rising capital expenditure concerns, but could positively impact land reclamation for Henderson Land Development [1] Group 4: REITs and Market Outlook - UBS predicts that the inclusion of Real Estate Investment Trusts (REITs) in the mutual market connectivity will have a positive effect on Link REIT [1]