观点指数 在1月22日观点指数研究院发布的《注入金融活水 | 2026年1月住房租赁发展报告》中，观点指数指出，期内中央 及地方聚焦于政策指引、金融财税、存量盘活、权益保障等方面，出台新规或举办相关工作会议，以推动住房租赁市场的 发展。 12月22日至23日，全国住房城乡建设工作会议在北京召开。其中在着力稳定房地产市场层面指出，结合城市更新、城中村 改造盘活利用存量用地，推动收购存量商品房用作保障性住房、安置房、宿舍、人才房等。优化和精准实施保障性住房供 应，实施房屋品质提升工程，有序推进"好房子"建设。 观点指数认为，全国住房城乡建设工作会议的相关部署，核心影响是推动住房租赁市场从增量补充向存量主力与品质发展 的阶段转型。通过政府收购存量房直接增加供应、结合城市更新拓宽房源渠道，以及推行"好房子"标准提升整体品质与服 务，这些措施将有效扩大租赁住房供给、优化供给结构、稳定市场价格，并引导行业向规范化、专业化、高品质的方向发 展。 同时，政策层面，期内中央及地方主要聚焦于政策指引、金融财税、存量盘活、权益保障等方面，出台新规或举办相关工 作会议，以推动住房租赁市场的发展。 | | | 2025年12月-202 ...

Global Rental Market Dynamics - The global rental market in November shows divergence, with the US market experiencing a decline in rents due to an influx of new housing supply, particularly in fast-growing areas like Austin and Denver, indicating a shift from a "landlord's market" to a tenant's market [2][3] - In the US, the median rent for 0-2 bedroom units in the top 50 cities is approximately $1,693, down 1% year-over-year, marking the 28th consecutive month of annual declines [3] - The European market continues to see high rents, while the Asia-Pacific region is steadily expanding, with centralized long-term rental companies growing despite a seasonal decline in rents [2] Regional Rental Market Developments United States - In November, the national median rent fell to $1,367, with a monthly decrease of 1.0% and an annual decrease of 1.1% [3] - Significant rent declines were observed in cities like Austin (-6.6%), Denver (-4.8%), and Birmingham (-4.6%) [3] Greece - Greece's rental market is set for a major reform starting in 2026, transitioning to bank payments for rent to combat "black rent" issues, with significant implications for landlords and tenants [4] Netherlands - The Dutch rental market is characterized by ongoing investor sell-offs of rental properties, leading to a decrease in rental housing supply, particularly for smaller units [5] Australia - From November 25, Victoria's rental market will undergo significant reforms aimed at enhancing tenant rights, including the prohibition of "no-fault evictions" and extending notice periods for rent increases [7] Singapore - In November, apartment rents slightly decreased by 0.1%, with a year-on-year increase of 2.3%, while the rental market for public housing units showed a recovery with a monthly increase of 0.5% [8] South Korea - Seoul's apartment rents increased by 3.29% from January to November, marking the highest growth since 2015, with the average monthly rent reaching 1,476,000 KRW [9] China - In November, the rental market in China's top 10 cities saw a median rent of 1,700 CNY/month, with a month-on-month decline of 5.45% [11] - Chengdu experienced the largest decline at 6.93%, while Sanya was the only city to see an increase of 0.92% [11][13] Rental Enterprise Developments - Several rental communities and hotels opened in November, including Hefei Anju Group's "Chengyu·Zhenjing" community and Wuhan's "Yuyun Chuang" youth apartment, aimed at providing quality housing options for young professionals [14][15][27] - The rental market is seeing a trend of new openings and expansions, with companies like Magic Cube Apartment and Zhenxing Apartment launching multiple new locations across key urban areas [16][17] Rental Housing Supply Dynamics - The rental housing market is actively addressing supply through various initiatives, including the introduction of affordable rental housing projects in cities like Wuhan and Quanzhou, aimed at meeting the needs of young professionals [28][30] - The market is also witnessing a trend of converting commercial properties into rental housing to enhance supply [46]

带娃上学住三年五星级酒店背后的"精明算盘" 近期，一则"单亲妈妈连续三年住在北京五星级酒店、以25万元替代租房"的新闻在多个社交平台引发热 议。 故事本身并不复杂。单亲妈妈Sherry有北京户口，但在市区没有房子。孩子到了入学年龄，为了就近进 入东城区的公立学校，她必须在学校周边找到一个稳定的落脚点。摆在眼前的选项，其实也都是北京家 长耳熟能详的那几种：要么在西城、东城买一套动辄两千万元起步的老旧学区房，要么租房应付几年， 但随时面临房东涨价、收房甚至学位不确定的风险。她最终选择了第三种，住酒店。 说是"住酒店"，但并非多数人理解中的长期入住。她只在周一到周五带孩子入住，周末退房回到外婆 家，寒暑假和节假日也全部不住，一年下来实际入住时间大约150天。酒店就在学校旁边，走路可达， 生活半径被压缩到最小。房价通过长期协议谈到门市价的六到七折，淡季每晚七八百元，旺季不超过一 千元。三年算下来，总支出约25万元，平均每年八万多元。 这个数字一抛出来，舆论场最初的反应几乎是一边倒地惊讶。但仔细算账后，越来越多的人开始发现， 这笔账并不像想象中那样"奢侈"。一位网友称，25万三年，周五周六周日不住，寒暑假不住，那就是一 ...

Core Insights - The article highlights the transformation of serviced apartments in China, indicating a shift from a luxury offering for expatriates to a more accessible option for domestic consumers, driven by urbanization and changing consumer preferences [2][3][4] - Huazhu Group is positioning serviced apartments as a strategic focus, recognizing the need to address both consumer demand and the challenges faced by property owners in managing existing assets [8][11] Industry Changes - Change 1: Serviced apartments are evolving from a high-end niche market to a mainstream option, with a significant decrease in foreign residents and an increase in domestic travelers and families [3][4] - Change 2: The expansion of serviced apartments is moving from first-tier cities to second and third-tier cities, reflecting economic growth and increased travel demand in these areas [5][6] - Change 3: The rental model is shifting from long-term rentals to a combination of long and short-term rentals, allowing for greater flexibility and responsiveness to market demands [6][10] Strategic Moves by Huazhu - Huazhu is establishing serviced apartments as a key business segment, aiming to fill gaps in the market for multi-day, multi-person accommodations that traditional hotels cannot adequately serve [9][10] - The company is addressing the challenges of large property owners by offering a hybrid rental model that provides stable cash flow through long-term rentals while capitalizing on peak demand with short-term rentals [11][12] - Huazhu is also focusing on revitalizing underperforming commercial properties by converting them into serviced apartments, leveraging their adaptability to various property types [13][14] Product Innovation - Huazhu's serviced apartments are designed to meet the specific needs of Chinese consumers, featuring layouts and amenities that cater to family and group travel, which traditional hotels often lack [18][19] - The company is implementing cost-effective renovation strategies to upgrade older properties, allowing for quicker returns on investment and improved operational efficiency [15][16] Investment Model - Huazhu's serviced apartments offer a low-barrier investment model, with reduced construction and renovation costs compared to traditional hotels, making it attractive for investors [20][21] - The combination of long and short-term rental strategies provides a clear revenue model, enhancing the financial viability of serviced apartments and ensuring stable returns for investors [20][21] Operational Efficiency - Huazhu leverages its extensive membership base and digital tools to optimize operations and reduce costs, ensuring a competitive edge in the serviced apartment market [21] - The company's strategic focus on understanding local consumer needs and market dynamics positions it well for future growth in the serviced apartment sector [21]

Core Insights - Beijing Liangma River Tower recently celebrated its 35th anniversary, located in the core area of Beijing's CBD Yansha business district, adjacent to the embassy area, with comprehensive transportation and international resources [1] - The tower has a total construction area of approximately 130,000 square meters, featuring a four-star hotel, serviced apartments, Grade A smart office buildings, and a large conference center [1] - The tower is actively promoting smart construction and refined operations, focusing on space content creation and carefully planning community activities [1] Market Opportunities - The cultural tourism market has been heating up, and the tower capitalized on this by launching a themed cultural and entertainment event during the "May Day" holiday, which integrated dining, shopping, and entertainment, attracting a diverse range of guests [1] - During the event, the average hotel room occupancy rate increased by nearly 20% compared to the same period last year [1] Future Strategies - In 2025, the tower will focus on "operational efficiency, asset enhancement, project effectiveness, and strong management" as its main operational line, implementing a series of effective strategies to continuously optimize the company's brand image [2] - The tower aims to develop a dual-channel sales system combining traditional travel agency channels and digital social media to enhance customer experience while optimizing the customer base [2] - The tower plans to capture annual meeting opportunities and provide diversified services to effectively increase overall revenue, having already exceeded budgeted income and profit targets in the first half of the year [2] - Future plans include enhancing the functions of the cultural promotion center to serve as a bridge connecting the past and future, businesses and customers, hotels and society, laying a solid foundation for enhancing soft power and achieving sustainable development [2]

Core Insights - The demand structure in Shanghai's rental market is undergoing significant changes, with an increasing preference for larger apartment types, particularly two and three-bedroom units, indicating a rise in family-oriented rental needs [1][3][5] - Shanghai leads the national rental market, with a diverse demand landscape driven by policy guidance and market needs, resulting in a substantial scale of approximately 410,000 units in centralized apartments by July 2025 [2][12] - The rental market is transitioning from a phase of scale expansion to structural optimization, reflecting a more mature market with stable demand from families and high-end service apartments [12] Demand Trends - The market share of two-bedroom and larger units in centralized apartments reached 44.6% by June 2025, a 7.1 percentage point increase from the previous year [3] - The proportion of two-bedroom units specifically increased by 5.1 percentage points year-on-year, highlighting a shift towards larger living spaces [3][4] - Over 55% of new centralized apartment projects opened in 2024 featured two and three-bedroom configurations, with a significant portion focusing on two-bedroom units as the primary offering [5] Rental Preferences - The trend of "renting instead of buying" is becoming more common among families, as larger, well-equipped units better meet their needs in a market where real estate is viewed primarily for living rather than investment [8] - Younger renters are shifting their priorities from cost-effectiveness to comfort, preferring whole-unit rentals over shared accommodations, indicating a change in living standards [8] Rental Pricing Dynamics - Overall rental prices in Shanghai are under pressure, with the average rent per square meter for personal housing at 101.83 CNY, reflecting a 1.77% month-on-month decline and the largest year-on-year drop among 55 cities [9] - Despite the overall decline, high-end service apartments are experiencing stable demand and rising rental prices, particularly from high-net-worth individuals seeking premium living conditions [9] - The demand for high-end features, such as smart home technology and concierge services, is increasing among affluent renters, who also expect high-quality surrounding amenities [9]

Financial Data and Key Metrics Changes - The core rental business saw a decline of 3%, which was anticipated at the beginning of the year, with hopes for improvement in the second half [7][8] - Overall revenue contribution from property sales and hotel business accounted for 33% of total revenue, down 6% [8] - The Mainland China rental revenue decreased by 1% in renminbi terms, but due to RMB depreciation, it was down by 2% in Hong Kong dollars [9][10] - Hong Kong rental revenue decreased by 4%, with the core rental business representing 94% of total operations [10][11] - Net gearing stood at 33.5%, with a slight increase of 0.1% compared to December [35] Business Line Data and Key Metrics Changes - Rental revenue in Mainland China improved from a decline of 4% in 2024 to a decline of 1% in 2025 [11] - Retail business remained flat compared to a decline of 3% in 2024, with seven out of ten projects showing positive growth [12] - The hotel business was reclassified under property, contributing to the overall revenue decline [10] - New letting increased by 36%, indicating strong demand despite market challenges [17] - The occupancy rate improved from 83% to 88% in certain properties, reflecting effective management strategies [19] Market Data and Key Metrics Changes - The retail landscape in Mainland China has evolved, with athleisure brands performing better than luxury brands [16] - The company is focusing on enhancing customer experience through events and tenant management to adapt to changing consumer behavior [16] - The luxury retail segment saw a decline of 12%, while other segments showed resilience [90] Company Strategy and Development Direction - The company aims to leverage its strengths and adapt to market changes, focusing on customer-centric strategies and enhancing tenant offerings [16][18] - Plans to launch a national program to improve operational efficiency and attract foot traffic in second-tier cities [16] - The company is exploring hybrid models for expansion, particularly in cities where it already has a presence [61] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the stability and potential uplift in the market, with expectations for mild growth in the second half of the year [6][62] - The sentiment in the property sector has stabilized, contributing to improved occupancy and traffic [66] - Management acknowledged the challenges posed by competition and the need for differentiation in the retail space [76] Other Important Information - The company is committed to sustainability, with 80% of projects in Mainland China powered by renewable energy [39] - The company is focusing on maintaining a strong balance sheet and managing finance costs effectively [36][38] Q&A Session Summary Question: Future expansion using high room property models - Management indicated that expansion will only occur when there is demand and synergy with existing projects [60] Question: Tenant sales trend in the next twelve months - Management anticipates a potential improvement from negative sales to mild growth in the second half of the year [62] Question: Reasons for improvement in the second quarter - Factors included improved occupancy, traffic, and external market conditions stabilizing [66] Question: Dividend guidance for the full year - Management intends to maintain a flat dividend, with discussions ongoing regarding future cash dividends [83][84] Question: Potential issuance of convertible bonds - Management is cautious about dilutive instruments and is monitoring the market but does not plan to issue convertible bonds at this time [72][73] Question: Transition progress in specific projects - Management reported improvements in occupancy and traffic, with a focus on enhancing the tenant mix and customer experience [74][75]

Financial Data and Key Metrics Changes - The core rental business revenue decreased by 3%, which was anticipated at the beginning of the year, with hopes for improvement in the second half [8][10] - Overall revenue contribution from property sales and hotel business accounted for 33% of total revenue, down by 6% [9][10] - The net gearing of Hang Lung Properties stood at 33.5%, reflecting a slight increase of 0.1% compared to December [35] Business Line Data and Key Metrics Changes - Rental revenue in Mainland China decreased by 1% in the first half of 2025, an improvement from a 4% decline in 2024 [12][10] - Retail business remained flat compared to a 3% decline in 2024, with seven out of ten projects showing positive revenue growth [13][14] - The office segment continued to face challenges, with a decline of 4% in rental revenue [28][30] Market Data and Key Metrics Changes - Hong Kong's rental revenue saw a decline of 4%, but residential and service apartment rentals improved by 11% [32][30] - The overall sales in Hong Kong decreased by 2%, which is better than the market average decline of 4% [33][32] - The luxury retail segment reported a decline of 12%, while non-luxury sales increased by 8% [97] Company Strategy and Development Direction - The company is focusing on enhancing its retail offerings and tenant management to adapt to the evolving retail landscape [17][19] - A national program is being launched to improve operational efficiency and attract customers in second-tier cities [17] - The company is exploring hybrid models for expansion, particularly in cities where it already has a presence [65] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the stability and potential uplift in the market, particularly in the second half of the year [6][10] - The sentiment in the property sector has stabilized, which may lead to mild growth in tenant sales [66][71] - The company is committed to maintaining its dividend policy, with intentions to return to a cash dividend structure after the Westlake 66 Mall opens [88][89] Other Important Information - The company has increased its focus on renewable energy, with 80% of its projects in Mainland China now powered by renewable sources [41] - The company is actively working on several projects, including the Westlake 66 Mall, which is expected to enhance its market position [44][49] Q&A Session Summary Question: Future expansion using asset-light models - Management indicated that future expansions will depend on demand and synergy with existing projects, emphasizing a holistic approach [64][65] Question: Tenant sales trends in the next twelve months - Management anticipates a potential improvement in tenant sales, moving from a negative trend to mild growth in the second half of the year [66][71] Question: Reasons for improvement in the second quarter - The improvement was attributed to increased occupancy and traffic, along with external factors such as stock market stabilization [70][71] Question: Dividend policy for the full year - Management intends to maintain the current dividend structure, with a focus on not cutting dividends unless absolutely necessary [76][88] Question: Thoughts on issuing convertible bonds - The CFO expressed caution regarding dilutive instruments, noting that the company is not considering issuing convertible bonds at this time [78][79] Question: Progress on transitioning properties - Management reported improvements in occupancy rates and is focused on enhancing the tenant mix to attract customers [79][82]

Financial Performance - Hang Lung Properties (HLP) - HLP's total revenue decreased by 19% year-over-year to HK$4968 million in 1H25[8] - Rental revenue for HLP decreased by 3% year-over-year to HK$4678 million in 1H25[8] - HLP's sales revenue significantly decreased by 87% year-over-year to HK$161 million in 1H25[8] - Revenue from HLP's hotel operations increased by 84% year-over-year to HK$129 million in 1H25[8] - HLP's underlying profit decreased by 9% year-over-year to HK$1587 million in 1H25[8] Financial Performance - Hang Lung Group (HLG) - HLG's total revenue decreased by 18% year-over-year to HK$5202 million in 1H25[10] - Rental revenue for HLG decreased by 3% year-over-year to HK$4912 million in 1H25[10] - HLG's sales revenue significantly decreased by 87% year-over-year to HK$161 million in 1H25[10] - Revenue from HLG's hotel operations increased by 84% year-over-year to HK$129 million in 1H25[10] - HLG's underlying profit decreased by 7% year-over-year to HK$1191 million in 1H25[10] Mainland China Rental Performance (HLP) - Mainland China rental revenue decreased by 1% year-over-year to RMB 2941 million in 1H25[14] - Retail rental revenue in Mainland China was flat year-over-year at RMB 2412 million in 1H25[17] - Office rental revenue in Mainland China decreased by 5% year-over-year to RMB 528 million in 1H25[62] Hong Kong Rental Performance (HLP) - Hong Kong rental revenue decreased by 4% year-over-year to HK$1488 million in 1H25[65] - Retail rental revenue in Hong Kong decreased by 7% year-over-year to HK$874 million in 1H25[65] - Office rental revenue in Hong Kong decreased by 1% year-over-year to HK$502 million in 1H25[65] - Residential & serviced apartments rental revenue in Hong Kong increased by 11% year-over-year to HK$112 million in 1H25[65] Financial Position (HLP) - Net gearing ratio stood at 335% as at June 30 2025[77] - Net debt increased by HK$08 billion to HK$479 billion as at June 30 2025[78] - Gross finance costs decreased by 7% year-over-year to HK$988 million in 1H25[78] Sustainability - Eight of the company's Mainland China properties are powered by renewable energy[132] - Over 80% of the company's certified floor area is certified to LEED/BEAM Plus Gold or above[134]

Core Viewpoint - Minsheng International (00938) reported a revenue of HKD 138 million for the fiscal year ending March 31, 2024, reflecting a year-on-year growth of 8.95%, while the net loss attributable to shareholders increased to HKD 592 million from HKD 552 million in the previous year [2] Financial Performance - The company achieved a revenue of HKD 138 million, marking an 8.95% increase year-on-year [2] - The net loss attributable to shareholders was HKD 592 million, compared to a loss of HKD 552 million in the previous year [2] - The net cash flow from operating activities was -HKD 5.85 million, an improvement from -HKD 45.88 million in the previous year [2] - Basic earnings per share were -HKD 0.92 [2] Valuation Metrics - As of July 29, the price-to-book ratio (TTM) was approximately -0.25 times, and the price-to-sales ratio (TTM) was about 2.72 times [2] Business Segments - The company operates through four main segments: 1. Chongqing Property Division, focusing on residential apartments, serviced apartments, and shopping malls [10] 2. Property Management Services Division, offering property management, housekeeping, and landscaping services [10] 3. Renovation and Decoration Division, involved in the decoration of hotels, malls, offices, schools, and hospitals [10] 4. Japanese Hotel Operations Division, managing resort hotels in Hokkaido, Japan [10] Cash Flow Analysis - The net cash flow from financing activities was HKD 147.23 million, a decrease of HKD 296.01 million year-on-year [21] - The net cash flow from investing activities was -HKD 4.067 million, compared to -HKD 3.364 million in the previous year [21] Asset and Liability Changes - Investment properties decreased by 12.49% compared to the previous period, with a 1.42 percentage point drop in total asset proportion [30] - Contract assets increased by 113.56%, contributing to a 0.47 percentage point rise in total asset proportion [30] - Accounts payable and notes payable surged by 663.04%, increasing their proportion of total assets by 48.5 percentage points [33] - Short-term borrowings rose by 7.5%, with a 12.11 percentage point increase in total asset proportion [33] Liquidity Ratios - The current ratio was 0.13, and the quick ratio was 0.03 [36]