Core Viewpoint - The real estate industry is undergoing a deep adjustment period, but Greentown China is demonstrating steady development and exploring breakthrough paths amidst this environment [1][12]. Group 1: Sales Performance - In the first half of 2025, Greentown China achieved a total contract sales amount of approximately 122.2 billion yuan, with a total sales area of about 5.35 million square meters [1]. - Greentown ranked second among the top 100 real estate companies in terms of sales, with four companies exceeding 100 billion yuan in sales [1]. - Multiple projects in cities like Hangzhou and Taizhou have received enthusiastic market responses, contributing to strong sales performance [1]. Group 2: Investment Strategy - Greentown China's investment strategy focuses on "high certainty," utilizing precise layouts and efficient conversions to achieve steady development [2]. - The company added 42 new projects in 2024, with a total construction area of 4.18 million square meters and a new value of 114.7 billion yuan, with 92% of the value coming from first- and second-tier cities [3]. - In the first half of 2025, Greentown's new value exceeded 80 billion yuan, supported by a comprehensive risk control mechanism in investment decisions [4]. Group 3: Product Innovation - Greentown China has established a "Good House" standard to guide product quality, which includes 226 clauses, with 189 being stricter than national and industry norms [7]. - The company focuses on addressing real-life pain points for customers, using feedback as a driving force for innovation [7][8]. - Recent projects like Hangzhou Zhilang Yuhua showcase Greentown's commitment to innovative design and high-quality delivery, receiving positive market feedback [8][10]. Group 4: Financial Stability and Governance - Greentown China successfully issued a fourth tranche of medium-term notes at a record low interest rate of 3.94%, reflecting improved credit quality and market confidence [11][12]. - The company has completed six credit bond financings in 2025, totaling 5.5 billion yuan, indicating a robust financing channel and positive long-term development expectations [12]. - The combination of precise investment strategies, continuous product innovation, and optimized governance has allowed Greentown to navigate the challenging real estate market effectively [12].

Group 1: New Housing Market Performance - In the first half of the year, Hangzhou's new housing market saw a total of 27,599 units sold, a decrease of 3,805 units or 12.11% compared to the same period last year [2] - The decline in sales volume is attributed to a reduction in supply, with 24,831 new units launched, down 9.26% from 27,367 units last year [2] - Despite the drop in the number of units sold, the total transaction area decreased only by 5.37%, and total sales value fell by 7.23%, indicating a shift towards higher-priced, larger units due to the removal of price limits [2][3] Group 2: Performance of Specific Projects - The top-selling projects in the first half were predominantly limited-price projects, with seven out of the top ten in terms of sales volume [3] - The leading project, Binhang Binfeng City, sold 1,744 units at an average price of 17,600 yuan per square meter [3] - Notable limited-price projects also included Yulan Yuehua and Low Carbon Cloud City, achieving significant sales figures [3][4] Group 3: Key Players in the Market - The top three real estate companies in Hangzhou for the first half of the year were Greentown, Binjiang, and Jianfa, dominating various sales rankings [4][5] - Greentown achieved a sales volume of 241.37 billion yuan, ranking second nationally in terms of operational amount [5] - Binjiang led the overall sales ranking in Hangzhou with 286.71 billion yuan, while Jianfa maintained a strong market presence [5] Group 4: Second-Hand Housing Market Trends - The second-hand housing market in Hangzhou saw a total of 48,926 units sold in the first half, a 13% increase from 43,270 units last year [6] - However, after reaching a peak in March with 12,413 units sold, the market experienced a decline in subsequent months [6][8] - The demand for larger and higher-priced second-hand homes increased, with a notable rise in transactions for properties over 90 square meters and those priced above 4 million yuan [6][7] Group 5: Market Dynamics and Future Outlook - The introduction of new, higher-quality unlimited-price homes has begun to impact the second-hand market, leading to increased competition and price adjustments [7][8] - The market is expected to require strong macroeconomic support and timely policy assistance to maintain transaction volumes in the second half of the year [8]