6月份华润置地继续积极补仓，在北京、西安及合肥收购了4幅地块，总楼面面积约268556平方米。集团就该等土地收购应付的权益对价约为19.8亿元。 据此计算，2025年上半年，华润置地共收购18幅地块，总楼面面积148.19万平方米，权益对价约为332亿元。与去年同期相比，2024年上半年华润置地共收 购11幅地块，新增土储储备202万平方米，权益对价约为183.3亿元，今年上半年华润置地的拿地动作更积极。 近日，华润置地（01109.HK）披露6月份及上半年销售情况。数据显示，6月份华润置地及其附属公司实现总合同销售金额约234.5亿元，同比减少26.7%；总 合同销售建筑面积约89.7万平方米，同比减少27.1%。 根据华润置地披露的1—6月销售数据，2025年上半年累计合同销售金额约1103亿元，同比减少11.6%；总合同销售建筑面积约411.9万平方米，同比减少 21%。据此前克而瑞研究中心统计的数据显示，2025年上半年，华润置地以1103亿元的销售额位居销售榜单第三名。 总体来看，虽然6月份的销售大幅下滑，但是华润置地上半年的销售整体回稳，销售降幅同比收窄。 尤为值得关注的是，6月单月销售额同比下滑 ...

Core Viewpoint - China Resources Land experienced a significant decline in sales in June after five months of stabilization, with total contract sales amounting to approximately RMB 234.5 billion, representing a year-on-year decrease of 26.7% [1] Sales Performance - In June 2024, China Resources Land achieved total contract sales of approximately RMB 320.0 billion, a year-on-year increase of 19.0%, while the total contract sales area decreased by 8.1% [2] - For the first half of 2025, the cumulative contract sales amounted to approximately RMB 1,103.0 billion, a year-on-year decrease of 11.6%, with the total contract sales area down by 21.0% [2] - Despite the decline in June, the company managed to maintain a trend of stabilization in sales for the first half of the year, with the total sales decline narrowing by 15.1% compared to the previous year [2] Market Comparison - Among the top 100 real estate companies, the cumulative equity sales amount for the first half of the year was RMB 11,821.94 billion, a year-on-year decrease of approximately 13.23% [3] - China Resources Land ranked fifth in total sales with RMB 1,103 billion, following Poly Developments, Greentown China, and China Overseas Land [3][4] Land Acquisition - In June 2025, China Resources Land continued its aggressive land acquisition strategy, purchasing four plots of land with a total floor area of approximately 268,556 square meters for a consideration of about RMB 19.8 billion [5] - The company acquired a total of 18 plots of land in the first half of 2025, with a total floor area of 1,481,900 square meters and a total consideration of approximately RMB 332 billion [6] Revenue Generation - In June 2025, the company reported regular income of approximately RMB 41.6 billion, remaining stable year-on-year, with rental income from operational real estate increasing by 8.6% to RMB 25.9 billion [7] - For the first half of 2025, cumulative regular income reached approximately RMB 246.0 billion, a year-on-year increase of 8.0%, with rental income from operational real estate growing by 12.1% to RMB 158.7 billion [7]

Core Viewpoint - The company maintains a strong sales performance, ranking third in the industry, with stable rental income growth and a "buy" rating from the institution [1][2] Sales Performance - In May 2025, the company achieved total contract sales of 18.35 billion yuan, a year-on-year decrease of 11.4% but a month-on-month increase of 6.1% - The total contract sales area was 649,000 square meters, down 26.6% year-on-year - From January to May, cumulative contract sales amounted to 86.85 billion yuan, a year-on-year decline of 6.3%, with a total sales area of 3.222 million square meters, down 19.0% - The average sales price reached 26,955 yuan per square meter, reflecting a year-on-year increase of 15.8% [1] Land Acquisition - The company ranked fourth in land acquisition amount from January to May, with a total of 33.16 billion yuan, representing a year-on-year increase of 53% - The newly acquired land has a value of 65.03 billion yuan and a building area of 10.57 billion square meters, with an average acquisition price of 31,381 yuan per square meter, which is higher than the sales price - The land acquisition is primarily concentrated in high-tier cities such as Beijing, Shanghai, Hangzhou, and Ningbo, indicating a significant improvement in land quality [2] Regular Income Growth - In May 2025, the company's regular income was 4.09 billion yuan, up 6.2% year-on-year, with rental income from operational real estate reaching 2.69 billion yuan, an increase of 13.0% - From January to May, cumulative regular income was 20.44 billion yuan, a year-on-year increase of 9.6%, with cumulative rental income of 13.28 billion yuan, up 12.9% - The company plans to sell the Nanxiang Wucai City project in Jiading District, Shanghai, with an expected sale price of 300 to 400 million yuan, focusing on core quality assets by exiting low-efficiency assets [2]