保利置业 20251229 摘要 保利置业 2025 年 1-11 月全口径拿地规模达 150 亿元，拿地策略根据 市场、销售和回款动态调整，权益拿地和权益销售比值以往设定为 0.4，但会根据市场情况调整。 公司 19-21 年项目剩余货量约 400 亿元，行业调整压力较大；22-24 年项目带来利润，并帮助消化前期货量，代售货值 400 多亿；2025 年 拿地方值约 500 亿，总代售货量约 1,800 亿，好资产比例超过一半，每 年可消化 300 多亿。 保利置业在固收端表现稳定，关注市场情绪和万科事件影响。2021 年 以来，回款、销售稳定，杠杆率逐年下降。截至 2025 年 6 月底，平均 资金成本为 2.9%，现金流稳定，实现正向净现金流入。 公司有新的融资计划，若在业绩发布前完成，将增强市场信心。2026 年到期债务约 50 多亿元，公司每年有资金规划，杠杆率持续改善，经 营现金流为正，偿债风险较低。 保利置业有息负债结构中，银行贷款占比 60%，公开债券占比 35%，CMBS 等其他形式占比剩余部分。截至 2025 年底，CMBS 成本 为 3.38%，总负债 682 亿元，有抵押部分占 38 ...

地块将分为A/B/C三区进行规划，其中A区占地66959.03㎡，为二类居住用地兼容商业用地，B区和C区均为公园绿地，分别占地2167.51㎡和2987.72㎡，宗 地仅须配建社区居家养老服务设施、社区文化活动站等社区用房和物业管理用房。 12月16日上午，顺德均安一宗占地逾7.2万㎡的商住地因无人报价而最终不成交，宗地原起拍价32183万元，折合楼面价仅3204.25元/㎡。 根据出让文件显示，宗地总占地面积72114.26㎡，容积率不高于1.5，绿地率不低于30%，建筑限高80米，整宗地块须于18个月内开工，60个月内完工。 | સ્ત્રેજ | 用地面积 | 土地用途 | 容积率 | 建筑 | 绿地图 | | --- | --- | --- | --- | --- | --- | | | (m³) | 城镇住宅用地 | | 密度 | | | | | 兼容零售商业 | | | | | | | 用地、批发市 | | | | | | | 场用地、餐饮 | 高于1.0目 | | 不低于3 | | AX | 66959.03 | 用地、旅馆用 | 不高于1.5 | 不高于33% | 0% | | | | 地、商 ...

| 序号 | 项目名称 | 项目 | 土地 | 土地面积 | 计容建筑 | 权益 | 公司需支 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 区域 | 用途 | (万平米) | 面积 (万平米) | 比例 | 付价款 (万元) | | 1 | 成都市成华区理工大 CH07(070102):2025-0 | 成都市成 非区 | 住宅 | 7.04 | 14.08 | 33% | 66.438 | | | 24 地块 | | | | | | | | 2 | 南通市启东市汇龙镇 | 南通市启 | 住宅 | 5.11 | 7.67 | 83% | 38.832 | | | 25015 气象局北地块 | 东市 | | | | | | | 3 | 宜昌土网挂(2025)80 | 宜昌市东 | 住宅 | 11.47 | 22.94 | 51% | 33,028 | | | 号地块 | 山开发区 | | | | | | 来源：环球网 【环球网综合报道】12月9日，招商局蛇口工业区控股股份有限公司披露2025年11月销售及近期购得土 地使用权情况简报。 公告 ...

招商蛇口公告称，2025年11月，公司签约销售面积53.83万平方米，金额140.94亿元；1-11月累计签约销 售面积618.40万平方米，金额1701.65亿元。销售数据或与定期报告有差异。近期公司新增3个住宅项 目，分别位于成都市成华区、南通市启东市、宜昌市东山开发区，土地面积分别为7.04万平米、5.11万 平米、11.47万平米，公司需支付价款分别为66438万元、38832万元、33028万元，权益比例分别为 33%、83%、51%。 ...

以下文章来源于克而瑞产品测评 ，作者产品力研究中心 克而瑞产品测评 . 聚焦房地产产品、交付研究及产品力、交付力测评 2025年，地产行业正在经历转向高质量发展的重要时期，得益于此，房价、土拍热度、项目去化等都持续调整并时有亮点， 供求压力持续转好。 随着"好房子"风向进一步强化、《住宅项目规范》正式落地；四中全会指出"推动房地产高质量发展"也为未来至少五年行业发 展奠定基调。对地产企业而言，开发让人民群众喜闻乐见的"好房子"成为实现穿越周期、实现健康可持续发展的根本。 历时两个多月的综合数据筛选、产品调研、产品力模型测评等环节， 2025中国房企产品测评全国入围项目正式揭晓！ 入围榜发布 | 绿城 · 宁波凤栖云庐 | 绿城中国 | 宁波 | | --- | --- | --- | | 18815 瑞玺 | 招商蛇口 花海量地 | 南京 | | 厦门保利安控御宸天悦 | 保利发展 | 厦门 | | 深圳湾漂玺 | 交润量抑 中海地产 | 深圳 | | 天越云颂 | 国贸地产 | 厦门 | | 越秀 · 华发 华越 | 越秀地产 华发股份 | 广州 | | 越秀运河越 | 越秀地产 | 杭州 | | 中粮 · ...

Core Insights - Binjiang Group successfully acquired the land use rights for a state-owned construction site in Hangzhou, marking a significant step in its strategic layout in the core area of the city [1] - The land, designated for residential use, covers an area of 26,008 square meters with a total transaction price of 136.119 million yuan, reflecting the company's confidence in the land's value and the local real estate market [1][4] - The economic development in Hangzhou High-tech Zone (Binjiang) is robust, with a projected GDP exceeding 280 billion yuan in 2024, contributing 13.2% to the city's economy despite occupying only 0.5% of its land area [2] Land Acquisition Strategy - The company's strategy focuses on securing high-quality land, particularly in prime areas of Hangzhou, demonstrating a commitment to valuable land resources [2][4] - Prior to this acquisition, the company spent 2.462 billion yuan to secure two other prime residential plots in Hangzhou, indicating a proactive approach to land acquisition [2] - The recent land acquisition in the Pujiang area is part of a broader strategy to deepen its presence in high-potential urban areas [4] Financial Health - Binjiang Group has seen a continuous decline in financing costs, from 5.2% in 2020 to 3.4% in 2024, with an average financing cost of 3.1% as of mid-2025 [3] - The company has a substantial credit reserve, with total bank credit reaching 129.02 billion yuan, of which 97.9 billion yuan remains available, providing ample liquidity for future projects [3] - The company has registered an unissued short-term financing bond quota of 3.3 billion yuan, allowing for flexible financing based on market conditions [3] Market Position and Outlook - In the first three quarters, the company acquired land worth 35.26 billion yuan, with a land acquisition rate of 45%, primarily in Hangzhou and Jinhua [4] - The company's land reserves are heavily concentrated in Hangzhou, accounting for 73% of its total, which positions it favorably for sustainable growth [4] - The strong economic momentum and comprehensive living facilities in Binjiang District provide a favorable environment for future project development, enhancing the company's prospects for high-quality growth [4]

Core Viewpoint - Macro Properties (01243) reported an increase in revenue but also faced significant losses for the six months ending September 30, 2025, indicating challenges despite revenue growth [1] Financial Performance - The company achieved revenue of HKD 608 million, representing a year-on-year increase of 37.55% [1] - The loss attributable to equity holders of the parent amounted to HKD 384 million, compared to a profit of HKD 96.9 million in the same period last year [1] - Basic loss per share was HKD 0.0253 [1] Revenue Drivers - The increase in revenue was primarily due to higher sales and successful delivery of completed residential projects during the reporting period [1] Loss Factors - The loss attributable to equity holders was mainly due to losses from the sale of partial interests in joint ventures, write-downs of properties held for sale, and a decrease in share of profits from joint ventures [1]

Core Insights - The recent land auction in Shanghai showed a significant cooling trend, with 9 plots sold for a total of 173.33 billion yuan, indicating a shift in market dynamics [1][9] - The participation of private enterprises increased, while several leading developers were absent, suggesting a diversification in the bidding landscape [1][9] Group 1: Auction Details - The auction included 9 plots located in various districts, with a starting total price of approximately 169.11 billion yuan and an average transaction floor price of 31,366 yuan per square meter [1] - Among the 9 plots, 7 were sold at the base price, while 2 plots were sold at a premium, with the highest premium being 15.76% for the Pudong Chuansha plot, acquired by Jiayun Real Estate for 24.75 billion yuan [1][3] - The auction attracted 16 participating companies, including 3 central enterprises and 8 state-owned enterprises, indicating a competitive environment [1] Group 2: Key Players - Jiayun Real Estate, a local developer with 26 years of experience in Shanghai, successfully acquired the Pudong plot, demonstrating its long-term commitment to the region [3] - Baoye Group, another private enterprise, won the Qingpu plot with a premium of 5.17%, highlighting the demand for well-located residential land [4][5] - Pangu Real Estate, a foreign-funded company, secured a plot in Jiading at the base price, marking its third acquisition in the area in nearly 20 years [6][7] Group 3: Market Trends - The overall participation of private enterprises in the auction indicates a shift in market dynamics, with many leading developers opting for a more cautious approach due to year-end financial considerations [9] - The auction results reflect a more balanced and diversified bidding landscape, as private companies continue to play a significant role in land acquisition [9]

Core Viewpoint - Daxiyucheng Real Estate has received approval for privatization, with plans to delist from the Hong Kong Stock Exchange effective November 27, 2023, due to market performance pressures and liquidity issues [1][4]. Group 1: Company Overview - Daxiyucheng Real Estate, a subsidiary of COFCO Group, focuses on the development, operation, sales, leasing, and management of mixed-use and commercial properties, including shopping centers, hotels, and office buildings. It was listed on the Hong Kong Stock Exchange in 2013 [4]. - As of mid-2025, Daxiyucheng Real Estate has established a presence in 24 cities across mainland China and Hong Kong, managing 32 commercial projects and developing residential and hotel projects [4]. Group 2: Financial Performance - In 2024, Daxiyucheng Real Estate reported revenue of 19.83 billion yuan, a year-on-year increase of 49.42%. However, it recorded a net loss of 290 million yuan, marking its first loss in many years [4]. Group 3: Privatization and Market Impact - The privatization plan involves a share buyback totaling approximately 2.932 billion Hong Kong dollars, aimed at enhancing the company's equity and improving overall operational efficiency and market competitiveness [4]. - As of November 18, 2023, Daxiyucheng Real Estate's stock price was 0.615 HKD per share, with a market capitalization of 8.8 billion HKD [5].

Core Viewpoint - Wang On Group (01222) anticipates a loss attributable to equity holders of the parent company of not more than approximately HKD 360 million for the six-month review period ending September 30, 2025, compared to a profit of approximately HKD 85.8 million for the six-month period ending September 30, 2024 [1] Summary by Relevant Categories Financial Performance - The expected loss for the review period is primarily due to several factors, including a loss from the sale of a 20% stake in a hotel project [1] - The decrease in profit attributable to joint ventures is mainly due to the ongoing downturn in the commercial real estate market [1] - There is a reduction in gross profit from the delivery of completed residential projects [1] - The realized loss from the sale of debt investments measured at fair value through other comprehensive income during the review period is partially offset by a decrease in financing costs compared to the same period in 2024 due to lower interest rates [1]