泰国研究 公寓 2025年第二季度 knightfrank.co.th/research 由 Knight Frank 泰国对 2025 年第二季度曼谷公寓市场的综述 公寓市场持续面临购买力疲软和更广泛的经济压力带来的挑战。开 发商必须通过强调价值创造和解决真实需求来适应这种情况，从而 在高度竞争的环境中维持销量。与此同时，我们预计在本年度末市 场将逐步复苏，特别是如果政府支持措施和更宽松的利率方向发挥 作用，这将有助于恢复信心并鼓励购买决策。 市场概述 2025年第二季度，公寓市场持续处于放缓状态，仅推出两个新项目。这反映了开发商在市场仍 受多重因素压力的情况下对新增投资保持谨慎态度。此外，近期的地震对公寓市场产生了心理 影响，特别是对已建成但未售出单元的项目。与新冠疫情期间相比，所有权转移明显下降，新 项目推出数量也相应减少。因此，许多开发商不得不延长清库存时间，这可能导致管理成本上 升。此外，本季度部分开发商面临的债务偿还问题可能影响房地产整体财务状况，导致降价或 采取特殊促销策略以加速销售和收入，从而有效管理现金流和债务偿还。尽管面临多重挑战， 开发商仍不断适应并实施积极策略，以应对2025年持续的不 ...

保利发展控股集团股份有限公司 2025 年半年度报告 公司代码：600048 公司简称：保利发展 保利发展控股集团股份有限公司 保利发展控股集团股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完 整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司法定代表人、董事长刘平，董事、总经理潘志华，主管会计工作负责人王一夫及会计机构负 责人陈贤锦声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告涉及未来计划等前瞻性陈述，该等陈述不构成公司对投资者的实质承诺，请投资者 注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 本半年度报 ...

证券代码：000002 证券简称：万科 A 万科企业股份有限公司投资者关系活动记录表 | 编号：2025-002 | | --- | | 投 | 资 者 | 关 系 | □特定对象调研 | | √分析师会议 | | --- | --- | --- | --- | --- | --- | | 活动类别 | | | □媒体采访 | | □业绩说明会 | | | | | □新闻发布会 | | □路演活动 | | | | | □现场参观 | | | | | | | □其他 | | （请文字说明其他活动内容） | | 活 | 动 参 | 与 人 | 调研机构： | | | | 员 | | | 广发证券 | 郭镇 | 花旗证券 陈俊玮 | | | | | 华泰证券 | 陈慎 | 中信证券 张全国 | | | | | 中金公司 | 宋志达 | 招商证券 李盛天 | | | | | 公司人员： | | | | | | | 财务负责人：韩慧华 | | 董事会秘书：田钧 | | 时间 | | | 2025 年 8 | 月 22 日 | | | 地点 | | | 公司会议室 | | | | 形式 | | | 现场会议 | | | ...

Group 1 - Vancouver ranks first in Canada for real estate prices, with an average price of CAD 1,110 per square foot for detached homes in the West Side and CAD 1,206 per square foot for downtown condos [2] - The real estate market in British Columbia is experiencing a decline in prices and total sales due to "uncertain buyers," with downtown condo prices dropping by 4.59% and West Side home prices decreasing by 4.39% compared to the previous year [2] - There are significant price variations across different cities in the Greater Vancouver area, with North Vancouver showing strong sales and minimal price drops compared to nearby West Vancouver [2] Group 2 - Prices per square foot decrease significantly when moving away from major cities like Vancouver and Kelowna, with areas like Kitimat being less desirable for most buyers [2] - Burnaby's home prices have fallen by over 12% [2] - Investors may be selling properties due to the inability to maintain investment returns and the need for cash flow [3]

Core Insights - The Australian real estate market has regained momentum due to two interest rate cuts, with all eight capital cities experiencing simultaneous house price growth for the first time in four years [1][7][11] - Sydney's median house price has surged to an astonishing AUD 1.722 million, while Melbourne's median has reached AUD 1.064 million, marking significant quarterly increases [2][9] Price Trends - Sydney's median house price increased by AUD 43,882 (2.6%) in the last quarter, while Melbourne's rose by AUD 23,585 (2.3%) [2][9] - Brisbane, Adelaide, and Perth also recorded positive quarterly changes, with Brisbane at AUD 1.060 million (2.1%), Adelaide at AUD 1.012 million (1.1%), and Perth at AUD 954,686 (2.4%) [2][5] Market Dynamics - The interest rate cuts in February and May have boosted buyer confidence, leading to increased market activity and faster property sales [7][11] - The report indicates a shift from a market driven by affordability to one that is sensitive to interest rates, with Sydney and Melbourne showing the strongest price rebounds [7][9] Future Outlook - Economists predict that if the Reserve Bank of Australia implements further rate cuts later in the year, house prices will continue to rise [13][14] - The anticipated rate cuts are expected to create favorable conditions for a strong spring selling season, attracting more buyers into the market [13][14] Apartment Market - National apartment prices have rebounded, reaching a record high median of AUD 689,588, with Darwin leading in quarterly growth at 5.5% [5][16] - First-time homebuyers are increasingly turning to apartments due to rising prices and limited supply of standalone houses, particularly in Melbourne [16][17]

Core Viewpoint - The real estate industry, once considered a "golden bowl," is now facing significant challenges, leading to a sense of despair among industry insiders and investors [1] Group 1: Current Market Conditions - The latest research from the Ministry of Housing and Urban-Rural Development and the Ministry of Finance indicates that the multi-property ownership rate among urban households has reached 43.7%, potentially exceeding 45% when including unreported properties [3] - Major cities like Beijing and Shenzhen have seen property prices drop significantly, with declines of 28.3% and 42.1% respectively, reverting to levels seen in 2015 [4] - The emergence of negative equity is concerning, with some homeowners facing substantial losses; for instance, a property bought for 3.5 million is now valued at only 2.3 million, resulting in a loss of 500,000 [4] Group 2: Market Liquidity Issues - The second-hand housing market in cities like Nanyang is experiencing a liquidity crisis, with a staggering 87,000 properties listed for sale but only 1,200 transactions in the first quarter of 2025, a 63% drop from six years ago [5] - In cities with lower income levels, such as those with an average annual income of 30,000, banks are hesitant to lend against older properties, further complicating sales [5] Group 3: Financial Struggles of Households - Many households are facing increasing debt burdens, with cases like a single mother in Wuhan carrying 370,000 in debt, leading to severe financial stress [6] - The number of mortgage defaults in third and fourth-tier cities is projected to rise by 20% by 2025, exacerbating the financial strain on homeowners [6] Group 4: Strategies for Survival - Recommendations for homeowners include selling underperforming properties while retaining essential real estate in major cities and areas with scarce resources [7] - Homeowners are advised to stay informed about policy changes that could provide financial relief, such as increased loan limits for families with multiple children [7] - Debt restructuring is suggested as a means to alleviate financial burdens, emphasizing the importance of maintaining basic living expenses during legal proceedings [7]

Core Insights - Residents in Carlingford, Sydney, are collectively selling their properties, potentially leading to significant profits due to new zoning regulations that allow for larger developments [1][3] - The New South Wales government has initiated a comprehensive urban planning reform aimed at constructing 377,000 new homes by 2029 to address housing shortages [3][7] - The trend of joint property sales has surged, with 208 transactions involving 519 properties and a total value of approximately AUD 1.7 billion expected in 2023 and 2024 [3][7] Group 1: Market Dynamics - Developers are increasingly interested in acquiring consolidated land parcels, with potential sale prices reaching AUD 2.6 million per property, which is about AUD 400,000 higher than individual sales [1][3] - The market may face an oversupply of large land parcels, as developers have numerous options, leading to concerns about whether all properties will attract interest [5][7] - The demand for properties with unique advantages, such as water views, is rising, as developers seek to differentiate their projects in a competitive market [5][7] Group 2: Government Policies and Future Outlook - The planning reforms are expected to last for a decade, with ongoing adjustments to promote high-density residential construction in central areas like Crows Nest and Homebush [7][8] - Despite concerns about an oversupply of large development sites, the New South Wales Planning Minister believes that the market is responding positively to relaxed planning restrictions [7][8] - Traders In Purple is one of the companies actively purchasing consolidated land parcels, planning to develop an AUD 260 million apartment project in the newly zoned area [8]

一、房地产项目储备情况 2025 年 4—6 月：公司无新增房地产土地储备。上年同期无新增房地产土地 储备。 二、房地产项目开、竣工情况 2025 年 4—6 月：公司无新开工面积。上年同期公司南京紫金和旭府项目新 开工面积（室外配电房）约 300 平方米。 2025 年 4—6 月：公司南京紫金和旭府项目竣工面积为 39466.18 平方米。上 年同期公司无竣工面积。 证券代码：600716 股票简称：凤凰股份 公告编号：2025—016 江苏凤凰置业投资股份有限公司 2025 年第二季度房地产项目经营情况简报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所相关规定，现将江苏凤凰置业投资股份有限公司（以下 简称"公司"或"本公司"）2025 年第二季度房地产业务主要经营数据公告如下。 五、公司收入情况 2025 年 4—6 月：公司营业收入为 12837.02 万元，较上年同期增加 144.83%， 其中，住宅、公寓、办公销售收入为 10865.23 万元，租赁收入为 1117.19 万元， 车位收入为 ...

Core Insights - The article highlights that lower interest rates have enhanced borrowing capacity, leading Australian buyers to focus on both affordable and high-end property markets [1][3] - There is a trend of price growth convergence across major Australian cities, with previously high-performing markets like Brisbane, Adelaide, and Perth seeing a slowdown, while Sydney and Melbourne are experiencing more stable growth [3][6] Price Growth Trends - The fastest-growing suburbs this year are primarily in smaller, more affordable markets, with significant price increases observed [4][5] - Rangeway in Western Australia saw a 19% increase in median price over six months, reaching AUD 334,000, while other affordable suburbs like Woodroffe and Menangle also experienced notable growth [4][5] - High-end suburbs are also witnessing price increases, with areas like Menangle in Sydney seeing a 16% rise to approximately AUD 1.19 million [5][6] Buyer Demand - There is a strong demand for properties in affordable areas, with some suburbs receiving over 100 inquiries per property [8][9] - High-end markets are also seeing robust interest, with properties in Bellevue Hill averaging 122 inquiries, indicating strong confidence in the luxury segment [9][10] Sales Velocity - Many properties in Adelaide are selling rapidly, with some being purchased within two weeks, reflecting a supply-demand imbalance [11][13] - The average sales time for properties across Australia is 37 days, with faster sales observed in major cities like Sydney and Melbourne [13]

Group 1: Shanghai Office Market - The Grade A office market in Shanghai is experiencing pressure on both volume and price, with a net absorption of only 85,300 square meters in Q2 2025, down 18.4% quarter-on-quarter and 67.6% year-on-year [4] - The vacancy rate for Grade A offices has risen to 23.6% by the end of the quarter, while average rental prices have decreased to 6.99 RMB/square meter/day, reflecting a 1.9% decline [4] - Four new projects added approximately 240,000 square meters of supply, intensifying market competition, with core and emerging business districts each contributing two new projects [4] Group 2: Leasing Demand Structure - Retail trade, manufacturing, and TMT sectors dominate leasing demand, accounting for 28% and 23% respectively, with the financial sector following at 15% [5] - The biopharmaceutical sector has seen a rise in leasing demand, reaching 10% due to significant relocations by well-known domestic and international pharmaceutical companies [5] - The market is expected to face significant supply pressure in the second half of the year, with approximately 1 million square meters of new supply anticipated [5] Group 3: Retail Market Dynamics - The retail market in Shanghai shows a clear distinction between core and non-core business districts, with core districts maintaining an average rental price of 1,877 RMB/month/square meter and an occupancy rate of 94.71% [7] - New projects are focusing on experiential retail, with innovative shopping centers emerging in non-core areas to attract younger consumers [8] - The commercial market is expected to evolve into a new phase of differentiation and upgrading, driven by policy support and market dynamics [11] Group 4: Bulk Property Market - The bulk property transaction market in Shanghai recorded a total transaction value of 15.8 billion RMB in the first half of 2025, with 37 transactions completed, reflecting a significant decline compared to previous years [11] - Domestic investors are showing strong resilience, while foreign investors are strategically withdrawing, leading to a bifurcation in the market [11] - The types of properties being transacted include office, commercial, and residential, with a notable increase in interest in long-term rental apartments and public REITs [12] Group 5: Foreign Investment in Manufacturing - The number of foreign manufacturing and R&D projects in the Yangtze River Delta has slightly decreased, with Europe remaining a key source of investment, particularly from Germany [14] - Automotive and healthcare sectors are the primary focus for foreign investments, with significant projects established in Shanghai [15] - The trend indicates a shift towards larger foreign projects, while smaller enterprises are increasingly setting up in Jiangsu [15] Group 6: Financial Institutions and Project Management - Financial institutions have played a crucial role in ensuring project delivery through various mechanisms, including special loans and asset restructuring [16] - The focus is shifting from risk management to value creation in post-investment management, highlighting the importance of collaboration among government, financial institutions, and developers [16] - The ongoing "guarantee delivery" initiative is expected to enhance the operational efficiency of projects, transitioning from policy-driven support to market-driven sustainability [16] Group 7: Overall Market Outlook - Shanghai is accelerating its development as an international economic, financial, trade, shipping, and innovation center, with policies aimed at optimizing the business environment [17] - The real estate market is expected to benefit from these policies, providing fertile ground for various enterprises to invest and grow in Shanghai [17] - The company aims to leverage its expertise to attract quality projects and resources while closely monitoring policy adjustments and market trends [17]