财报数据显示，2025年上半年嘉里建设实现合并收入99.54亿元，按年增长65%。其中，物业销售收入大增1.76倍至64.2亿元，物业租赁及其他收入跌6%至约 25亿元，酒店营运收入跌3%至约10亿元。 嘉里建设表示，上半年收入增长主要得益于香港缇外及海盈山发展物业项目确认销售额的提升，但部分被投资物业及酒店的合并租赁收入下降5%所抵销， 反映商业物业市场挑战持续。 合约销售额表现更为亮眼。数据显示，期内录得161.86亿港元，同比增长130%。据智通财经了解，上海金陵路项目的强劲预售成为其核心驱动力。截至今 年6月底未确认合约销售额达193亿港元（74%来自内地项目，26%来自香港项目），为未来收入确认奠定基础。 尽管收入增长显著，嘉里建设上半年的盈利指标却呈现收缩态势。数据显示，期内基础溢利9.78亿港元，同比下降30%；股东应占溢利6.12亿港元，同比下 降22%；毛利率从2024年同期的45%降至27%。 智通财经记者 | 王婷婷 "我们对香港及内地经济的长期前景保持乐观。"8月20日，马来西亚首富郭鹤年家族旗下的嘉里建设（00683.HK）也交出2025年上半年成绩单：收入大增 65%但盈利下滑22 ...

Core Viewpoint - The recent surge in Shanghai's new housing market indicates strong demand, particularly for high-end properties, with several projects experiencing rapid sales and high recognition among buyers [1][3][4]. Group 1: High-End Property Sales - The "Kangding 19" project sold out 48 units in just 12 minutes, achieving a sales value of 12.36 billion yuan, with an average price of 17,000 yuan per square meter, reflecting a slight increase from the previous batch [3]. - The "Shanghai Yihua Yuan" project sold 124 units in 2 hours, with an average price of 18.9 million yuan per square meter, marking its fourth consecutive sell-out [4]. - The "Haishang Qinghexi" project also achieved rapid sales, with 25 units sold in 18 minutes at an average price of 12.7 million yuan per square meter [4]. Group 2: Emerging Areas and Competitive Pricing - The "Runyun Jinmao Fu" project in the Putuo District sold 48 units in about 20 minutes, with an average price of 9.16 million yuan per square meter, showcasing strong performance in a non-traditional luxury area [7]. - The "Poly Tianyi" project in the Pudong Tang Town area sold 231 units in over 2 hours at an average price of 8.04 million yuan per square meter, breaking local price ceilings and indicating strong market confidence [7]. - The success of these projects highlights the growing appeal of well-designed properties in both central and peripheral areas of Shanghai [8]. Group 3: Market Outlook - Analysts predict a "stronger will remain strong" trend in the new housing market, with stable overall conditions and continued upward pressure on new home prices due to the increasing availability of non-price-restricted land [9].

Core Insights - The Shanghai new residential property market is experiencing a significant divergence, with high-end projects seeing strong sales while suburban projects struggle to sell [1][2][3] - High-end properties in core areas are driving up overall prices, with some projects achieving record sales figures [2][3][5] - The inventory of unsold new homes in suburban areas remains high, with 79% of available units located outside the outer ring of Shanghai [2][6] High-End Market Performance - Shanghai's high-end residential projects, such as Shanghai Yihua Courtyard, have seen rapid sales, with total sales exceeding 10.871 billion yuan from three batches [1][2] - The trend of "larger area, higher price" has been noted, with many high-end projects achieving record sales on opening days [2][3] - Non-local buyers, particularly from Zhejiang and Jiangsu, represent a significant portion of the high-end market, indicating strong external demand [3][4] Suburban Market Challenges - Suburban projects are facing significant challenges, with some new developments recording zero subscriptions [2][6] - The high inventory of unsold homes in suburban areas is gradually decreasing, but the absolute number remains substantial [6][7] - Factors such as lack of infrastructure and amenities in suburban areas contribute to the difficulty in selling these properties [6][7] Policy and Market Dynamics - Recent policy changes, including reductions in mortgage rates, aim to stimulate demand in the suburban market [6][7] - Developers are adopting strategies like "small batches" of releases to maintain project interest and manage inventory [4][5] - Long-term solutions for suburban inventory issues may require industrial development and improved infrastructure to attract residents [6][7]

Core Viewpoint - The luxury real estate market in Shanghai is experiencing significant demand, with high-end properties becoming a safe haven for capital amid global economic uncertainties [2][6]. Group 1: Project Launch and Sales Performance - The Greentown Chaoming Dongfang project in Shanghai launched with 120 units, achieving a total sales revenue of 6.988 billion yuan, with an average price of 195,000 yuan per square meter [2][3]. - The project received 191 valid subscriptions, resulting in a subscription rate of nearly 160%, triggering a five-year sales restriction [3]. - The project is recognized as one of the "three major luxury residences in Shanghai by 2025" [3]. Group 2: Market Trends and Analysis - The luxury housing market in Shanghai is projected to maintain an annual price increase of 3% to 5% in core areas, while prices for "pseudo-luxury" homes in suburban areas may continue to decline [2][6]. - The average transaction price for luxury homes (over 50 million yuan) in Shanghai has seen a compound annual growth rate of 15% over the past three years [6]. - In the first two months of 2025, the number of luxury homes sold for over 50 million yuan increased by 337.5% year-on-year, with an average price of 175,602 yuan per square meter, up 4.52% [6]. Group 3: Competitive Landscape - The land for the Greentown Chaoming Dongfang project was previously acquired by Xiaomi for commercial use but was later reclassified for residential development, leading to a significant increase in land price [3][4]. - The project is strategically located in the Xuhui Riverside area, which is known for its cultural and technological developments, making it a desirable location for high-end living [4][5]. - Other luxury projects, such as the Kerry Construction Jinling Huating and Shanghai One, have also reported strong sales, indicating a robust demand for high-end properties in the region [6][7].

Core Viewpoint - The recent launch of the Jinling Huating project by Kerry Properties marks a significant event in Shanghai's high-end residential market, achieving record sales and indicating strong demand for luxury properties in the area [2][3]. Group 1: Project Overview - The Jinling Huating project consists of 4 super high-rise buildings with a total of 318 units, including 158 units launched initially, with prices ranging from 40.17 million to 170 million yuan [3]. - The project is strategically located about 260 meters from the Bund, a key commercial and transportation hub in Shanghai [3]. - Kerry Properties has invested over 221 billion yuan in acquiring land for this project, making it the largest comprehensive project in mainland China for the company [4][5]. Group 2: Market Dynamics - The high-end residential market in Shanghai shows resilience, driven by the strong appreciation potential of luxury properties, attracting significant investment [2][6]. - In 2024, the supply of high-end residential projects in Shanghai is expected to increase, with 40 projects priced over 120,000 yuan per square meter, achieving a nearly 80% sales rate [6][7]. - The price gap between new and second-hand luxury properties is a key factor driving sales, as larger units offer greater overall value compared to higher-priced second-hand options [7]. Group 3: Future Outlook - The high-end residential prices are projected to continue rising, with increased competition for new projects entering the market in 2025 [6][7]. - Kerry Properties plans to release a second batch of units from Jinling Huating in the fourth quarter of 2024, which is expected to help reduce the company's debt levels [5].