以下文章来源于真叫卢俊 ，作者真叫卢俊团队 真叫卢俊 . 认认真真聊地产，实实在在谈买房。 来源丨 真叫卢俊 （ zhenjiaolujun0426 ） 图源丨Midjourney 最近有个热门话题：英皇还债天团。 主要团员是：时隔二十年重开演唱会的谢霆锋、上山下乡接商演的容祖儿、一把年纪接演偶像剧的陈伟霆 …… 这些罕见的营业统统来源于一个冰冷的数字：166亿债务。 起因是这些香港艺人所属的娱乐公司英皇集团，其旗下地产公司英皇国际面临166亿港元银行借贷逾期的债务危机。 但实际上，这样的债务在港资房企并不罕见。 这几年可能大家都有感觉到，越来越多的港资房企在收缩内地业务，最夸张的是香港置地。 前不久宣布启动终极裁员，住宅开发板块全员清退，仅保留华东商业运营团队，这几乎是一次"不留余地"的人事震动。 奇怪的是，港资房企在内地的投资操盘素来以财务稳健、现金充裕著称。 这样"断腕式"的动作，只是一次偶然的震荡。 还是说，内地地产圈的"港资时代"，真的要落幕了？ 港资在内地的存在感 确实由强变弱 今天港资房企的一举一动值得我们研究，本质上还是因为曾经真的辉煌过。 最明显的表现，是"地王"收割机一般创纪录的拿地大手笔 ...

Core Viewpoint - The article discusses the financial struggles of Hong Kong entertainment company Emperor Group, which is facing a debt crisis of HKD 16.6 billion, prompting its artists to engage in unusual promotional activities to help repay debts [1][2]. Group 1: Debt Crisis and Market Trends - Emperor Group's debt crisis is a reflection of broader challenges faced by Hong Kong real estate companies, which have been reducing their operations in mainland China [1][2]. - The article highlights a significant trend of Hong Kong real estate firms, such as Hongkong Land, downsizing their workforce and operations in mainland China, marking a shift from their previously robust presence [1][2]. Group 2: Historical Performance of Hong Kong Real Estate Firms - Hong Kong real estate companies were once known for their aggressive land acquisitions, setting records for land prices, such as Hongkong Land's acquisition of a site in Shanghai for approximately HKD 31.05 billion in 2020 [4]. - The sales performance of projects developed by Hong Kong firms has been strong, with examples like New World Development's Guangzhou project achieving a record average price of CNY 21,800 per square meter [5][6]. Group 3: Strategic Adjustments and Future Directions - Many Hong Kong real estate firms are now actively adjusting their strategies, with some opting for joint developments to leverage local expertise and resources [20]. - The shift towards a "light asset" model is emerging as a new opportunity for Hong Kong firms, allowing them to maximize their brand and operational capabilities while minimizing capital investment [23][24]. - Companies like Swire Properties and New World Development are exploring light asset collaborations to enhance their operational efficiency and financial stability [24][27]. Group 4: Market Dynamics and Competitive Landscape - The article notes that the competitive landscape in the mainland real estate market has intensified, prompting Hong Kong firms to adapt by improving their development speed and project management [16][19]. - The ongoing adjustments by Hong Kong real estate firms reflect a broader trend of market recalibration, where firms that embrace change are finding new opportunities amidst challenges [28].

10月份，全国12个重点城市楼市继续保持韧性，"百亿大盘"的含金量仍在增加。 据中指研究院统计，1~10月，上海TOP10项目累计销售额合计1065.7亿元，不仅较1~9月（963.5亿元）增长了超100亿元，还与第二名深圳（TOP10项目销售 合计金额430.4亿元）拉开600亿元以上的差距。 值得注意的是，全部位于上海的4个"百亿大盘"——"上海壹号院""金陵华庭""翡云悦府"和"前滩公馆"仍然保持强劲销售势头，10个月累计销售额分别达到 217.8亿元、186.6亿元、139.8亿元和108.1亿元；与前9个月相比，金陵华庭单月销售额超50亿元，翡云悦府超17亿元。 前10个月，12个重点城市累计销售额超50亿元的项目达到18个，比前9个月增加4个。其中，上海10个、深圳4个、广州2个、杭州1个、成都1个。 前10个月，二线城市中的杭州TOP10项目累计销售额为430.1亿元，与深圳一同进入"第二梯队"；成都TOP10项目合计销售额约300.2亿元和广州（326.1亿 元）位列"第三梯队"；而天津、南京、重庆（中心城区）、长沙、郑州等热点城市TOP10合计销售额均未能突破150亿元。 （按第一名金额排序 ...

来源：市场资讯 （来源：上海楼市情报） 2025年8月25日，上海六部门联合印发《关于优化调整本市房地产政策措施的通知》，被市场称为"825 新政"，开启上海新一轮救市。 新政内容包括调减外环外限购、优化公积金政策、调整信贷政策和完善个人住房房产税等四大维度。政 策出台后首月，上海市外环外新房成交占全市的比重达73.45%，创下年内新高。 然而，政策效应未能持续。今年10月，上海新房市场成交面积环比下降22.7%，呈现高位回落态势。市 场在政策效应集中释放后，再现疲态。 01 上海楼市分化明显！ 上海"825新政"救市意图明显，旨在通过精准降低刚需和改善型需求的购房成本，激活市场。 政策刺激下，上海楼市呈现出鲜明的分化特征。 高端项目表现尤为抢眼。上海壹号院以217.8亿元的销售额领跑市场，金陵华庭、翡雲悦府等项目紧随 其后。内中环、中外环成交量分别同比上涨24%、18%，成交金额分别上涨22%、27%。 与核心区形成鲜明对比的是，外围区域市场承压明显。今年1-3季度，郊环外区域去化周期拉长至36个 月。外环外库存高企，去化压力巨大。 二手房市场是观察楼市真实状况的重要窗口。 政策仍有优化空间！未来… 面对当 ...

Core Market Trends - The real estate market in key cities showed a slight cooling in October after a high performance in September, with a notable divergence in market conditions [1][2] - New home prices experienced a slight increase nationally, while second-hand home prices continued to adjust downward [5][6] City-Specific Performance - In Beijing, the second-hand home transactions decreased by 23.7% month-on-month in October, with 12,087 units sold, while new home transactions were 3,453 units [2] - Shenzhen's total residential transactions (new and second-hand) fell by 10.3% in October, with new home sales down 14.1% and second-hand sales down 7.7% [2] - Shanghai's second-hand home market saw a 9.3% decrease in transactions, totaling 18,483 units, but daily sales showed a positive trend towards the end of the month [3][4] Price Dynamics - The average price of new homes in 100 cities rose by 0.28% month-on-month to 16,973 yuan per square meter, while second-hand home prices fell by 0.84% to 13,268 yuan per square meter [5][6] - In Shenzhen, the average transaction price for second-hand homes was 58,900 yuan per square meter, reflecting a slight increase of 0.3% [6] Market Outlook - The end of the year is expected to see real estate companies striving to meet performance targets, with an increase in new supply in core cities potentially supporting new home sales [7] - The second-hand home transaction volume is anticipated to continue a moderate recovery, although short-term prices may remain under pressure [7]

Core Insights - The transaction involving the purchase of a luxury apartment by the chairman of Kerry Properties has stirred significant interest in the real estate sector, highlighting the ongoing demand for high-end properties in Shanghai [1][3]. Market Phenomenon Analysis - The sale of the apartment occurred shortly after the launch of the second phase of the Jinling Huating project, which set a record for new home prices in Shanghai at 326,800 RMB per square meter for a duplex unit [3]. - In September, 14 new luxury residential projects were launched in Shanghai, with a total supply of 1,619 units and an overall absorption rate of 72% [3]. - The market shows a stark contrast in performance, with some projects experiencing over 400% subscription rates while others struggle to attract buyers, indicating a unique operational logic in the high-end residential market [3]. Product Value Analysis - The Jinling Huating project, located in Huangpu District, represents a significant investment of 22.1 billion RMB by Kerry Properties, covering a total development area of 655,000 square meters [5]. - The average price for the second phase of the project reached 205,000 RMB per square meter, reflecting a notable premium over surrounding second-hand properties [6]. - Buyers are increasingly attracted to the project's rare location and future development potential, with limited available land for development around the Bund area [6]. Buyer Demographics - Among the 227 effective subscriptions for the second phase, 31.7% of buyers are local to Shanghai, with a significant portion also coming from the Yangtze River Delta region and some international clients [6]. - The changing asset allocation needs of high-net-worth individuals are reshaping the transaction logic in the luxury housing market, with buyers prioritizing liquidity and value retention over mere residential functionality [6]. Corporate Strategy - Since taking over as chairman in 2022, the chairman has been actively advancing Kerry Properties' strategic positioning in Shanghai, with substantial investments in key projects [8]. - The company has made significant land acquisitions, including a 13.3 billion RMB purchase for the Jinling Road project and an additional 8.783 billion RMB for related land [8]. Market Mechanism Analysis - The luxury housing market in Shanghai remains active despite a general decline in the national real estate market, with a reported 12% year-on-year decrease in sales area for commercial housing nationwide [10]. - The trend of high-end properties becoming a safe haven for capital is emerging, as investors seek stability amid uncertain returns in stock and bond markets [10]. Regional Value Analysis - Huangpu District is a focal point for urban renewal, with new developments adhering to a "retain, modify, and demolish" approach that preserves historical architecture while introducing modern amenities [11]. - The area is recognized for its historical significance and is undergoing significant urban renewal efforts, enhancing the overall value of new projects [11]. Industry Impact Assessment - The performance of the luxury market is influencing real estate developers' strategic choices, with many firms indicating a shift towards high-end products in prime locations [13]. - The competitive landscape for land acquisition in core urban areas remains robust, while suburban land has seen instances of sales at minimum prices, reflecting a structural adjustment in the industry [13]. - The contrasting dynamics between the luxury and ordinary residential markets raise questions about the rationality of property valuations and the implications of capital concentration in the real estate sector [13].

Core Viewpoint - The recent purchase by Guo Konghua, the chairman of Kerry Properties, of a luxury apartment in Shanghai has stirred significant interest in the high-end real estate market, highlighting both personal investment strategies and broader market dynamics [2][11]. Group 1: Transaction Details - Guo Konghua acquired a four-bedroom unit in the Shanghai Jinling Huating project for RMB 117 million (approximately HKD 127.7 million), with a construction area of about 449 square meters [2]. - The transaction price per square meter was approximately RMB 260,300, surpassing the registered price of RMB 206,000 per square meter for other units in the same project [4]. - The sale is expected to generate a net profit of around RMB 23 million for the company, indicating a profit margin of approximately 19.66% for this transaction [6]. Group 2: Market Context - The Jinling Huating project has received a pre-sale permit for 40 units, with an average price of RMB 206,000 per square meter, while some units are priced significantly higher, reaching RMB 326,800 per square meter [5]. - The overall sales performance of Jinling Huating has been strong, with a total sale of approximately HKD 9.922 billion (around RMB 90.1 billion) for 147,700 square meters of saleable area in the first half of the year [10]. - The high-end real estate market in Shanghai is experiencing a supply shortage, with a reported decline of over 50% in the supply of luxury homes priced above RMB 30 million from January to October [14]. Group 3: Strategic Implications - Guo Konghua's personal investment in the luxury property serves as a strong endorsement for the project, effectively acting as a marketing strategy that enhances visibility and credibility in the high-end market [11]. - The trend of developers purchasing their own luxury properties is becoming more common, reflecting a strategic move to secure high-quality assets amid a tightening supply environment [13]. - The luxury market is entering a phase of "stock game," where competition for existing high-quality assets intensifies, potentially leading to new strategies for asset securitization and liquidity management among developers [16].

Core Viewpoint - The recent purchase of a luxury apartment by Guo Konghua, son of Malaysia's richest man, has stirred significant interest in Shanghai's high-end real estate market, revealing a potential strategy of asset retention and market positioning by the company [1][2]. Company Summary - Guo Konghua acquired a four-bedroom unit in the Shanghai Jinling Huating project for RMB 1.17 billion (approximately HKD 1.277 billion), with a construction area of about 449 square meters, while the unit is still under construction [2][3]. - The transaction is expected to generate a profit of approximately RMB 23 million for the company, indicating a profit margin of about 19.66% for the sale of this property [5][6]. - The Jinling Huating project has a sales average of around RMB 19,000 per square meter, with the highest unit price reaching RMB 32,680 per square meter, setting a new record for new home prices in Shanghai [6][7]. Industry Summary - The luxury real estate market in Shanghai is experiencing a significant supply reduction, with a reported 50% decrease in the availability of properties priced over RMB 30 million from January to October this year [14]. - The market is shifting towards a "stock game" phase, where high-end properties are becoming increasingly scarce, leading to intensified competition among developers for quality assets [16]. - The recent easing of purchase restrictions in Shanghai has led to a resurgence in high-end property transactions, with a 184% year-on-year increase in sales for properties priced over RMB 30 million in the first half of 2025 [16].

Core Viewpoint - The influx of global capital into Shanghai's luxury real estate market is exemplified by the recent purchase of a luxury apartment by the chairman of Kerry Properties, highlighting the strong demand for high-end properties in the area [1][5]. Group 1: Company Actions - Kerry Properties announced the purchase of a 449 square meter luxury apartment in Huangpu District for approximately 117 million yuan, with an expected profit of about 23 million yuan after costs [1][5]. - The company has invested a total of 22.1 billion yuan in land acquisition in Huangpu District, with a total development area of 655,000 square meters [1][5]. Group 2: Project Details - The Jinling Huating project, developed by Kerry Properties, has seen significant sales success, with the first phase selling out 158 units within three hours, generating a total sales amount of 9.234 billion yuan [6][12]. - The second phase of the project offered 120 larger units, achieving an average price of 205,000 yuan per square meter, with a record-breaking unit price of 326,800 yuan per square meter for a top-floor duplex [6][12]. Group 3: Market Analysis - The luxury real estate market in Shanghai is experiencing high demand due to limited supply and a large base of high-net-worth individuals seeking premium properties [12]. - In September, 14 new luxury projects were launched in Shanghai, with a total of 1,619 units available, achieving an overall absorption rate of 72% [12].

Core Insights - Kerry Properties (00683.HK) announced the acquisition of a 449 square meter residential unit in Shanghai for approximately 117 million yuan, with expected gains of about 23 million yuan from the transaction [1] - The proceeds from the sale will be utilized for the company's general operating funds [1] - The property is part of the Jinling Huating project, which is one of the most anticipated luxury residential projects in Shanghai for 2025 [1] Sales Performance - The first batch of 158 luxury units at Jinling Huating sold out within three hours at an average price of 189,000 yuan per square meter, generating a total revenue of 9.234 billion yuan [1] - The second phase of the project achieved an average price of 205,000 yuan per square meter, setting a record for high-rise residential prices in Shanghai for 2025, with total sales reaching 9.843 billion yuan in a single day [1] - The third phase of Jinling Huating has been approved and will offer 39 units of approximately 370 square meters and one penthouse of about 730 square meters, with an average price of 206,000 yuan per square meter, reflecting an increase of about 1,000 yuan per square meter compared to the previous batch [2]