Core Viewpoint - The government work report emphasizes the construction of "good houses," marking a shift towards high-quality residential development, which is reshaping the market landscape in Hangzhou post-price control era [1] Group 1: Market Dynamics - The competition for high-quality residential products is intensifying, with Hangzhou entering a "land king" era by the second half of 2025, leading to a refresh in product capabilities and transaction price ceilings [1] - Major projects like the "Yuanqi Guanchaofu" are gaining attention as they embody the "good house strategy," which aims to lead residential innovation through central projects [3] Group 2: Company Strategy - China Resources Land has been active in Hangzhou for 20 years, adopting a strategy of "epoch-making" contributions to the city, which is evident in their recent project launches [1][3] - The company is focusing on "central narrative" in its developments, as seen in the Xi'an CCBD project, which integrates various urban functions and reflects a deep understanding of urban development [5] Group 3: Project Highlights - The Xi'an Three Centers project, which includes the International Conference Center and the International Exhibition Center, aims to enhance both urban and living values through large-scale events [7] - Upcoming projects like the West Lake Lotus Pool TOD project are set to redefine the area, integrating transportation and urban development to create a new growth hub in West Lake District [18][20] Group 4: Future Vision - The West Lake Lotus Pool TOD project is positioned as a comprehensive living solution, aiming to redefine regional consumption and lifestyle, moving beyond traditional residential offerings [20] - The company believes that even in a decentralized era, urban development will still require central leadership, which will be driven by continuous upgrades and iterations from China Resources Land [22]

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]