格隆汇9月29日丨锦艺集团控股(00565.HK)公布，公司间接非全资附属公司郑州龙启翔商业运营管理有 限公司作为承租人就租借龙湖物业与出租人中国东方资产管理股份有限公司安徽省分公司订立租赁协 议，为期十年，租金总计为人民币1.85亿元，龙湖物业将由承租人用於商业出租、营运及管理。 于临时安排期间，集团通过接管龙湖物业现有管理人员对承租人提供了支持，并成功培养出了一支高质 量、经验丰富的物业营运团队，节省了额外招聘及培训所需的成本及时间。现有物业营运团队与分租户 建立的稳固合作关系有助于龙湖物业持续稳定的营运。 据悉，龙湖物业为位于中国河南省郑州市龙湖镇双湖大道150号龙湖购物中心一座-105室、101室、201 室及529室的购物中心。截至2025年8月27日，龙湖物业已出租予超过120名租户，约96.9%的可出租面 积被零售店铺、餐厅及╱或娱乐休闲场所占用。龙湖物业提供广泛的服务及商品，包括KTV、超市及 便利店、珠宝及手表、美容、电器商铺、国际时尚品牌、健身、生活体验、休闲装╱运动装、母婴用 品、儿童乐园、技术学习及餐厅。 董事获悉，龙湖物业的原业主结欠出租人债务并存在还款违约情况。出租人已通过法院判决 ...

董事获悉，龙湖物业的原业主结欠出租人债务并存在还款违约情况。出租人已通过法院判决获得龙湖物 业的业权及所有权。 锦艺集团控股(00565)发布公告，承租人(本公司的间接非全资附属公司)就租借龙湖物业与出租人中国东 方资产管理订立租赁协议，为期十年。 ...

Core Viewpoint - The company remains optimistic about the resilience of the Chinese real estate market in the medium to long term, particularly in core locations of first and second-tier cities where there is a strong demand for quality housing [1][6]. Debt Management - The company plans to reduce interest-bearing debt by over 30 billion yuan by 2025, with a net reduction of no more than 10 billion yuan annually thereafter, focusing on optimizing debt structure and avoiding extensions or defaults [1][2]. - As of now, the company has repaid approximately 14.5 billion yuan in bond principal and interest this year, with all bonds maturing in 2025 already settled [2]. - The company aims to stabilize its total interest-bearing debt around 100 billion yuan in the future, with significant reductions planned for the coming years [2]. Investment Strategy - The company prioritizes financial safety over new investments, having acquired four quality land parcels in key cities this year, adding over 5 billion yuan in new value [3]. - The company maintains a substantial land reserve of 28.4 million square meters, with over 70% located in first and second-tier cities [3]. Revenue Sources - Operating and service business revenue reached 13.27 billion yuan in the first half of the year, accounting for 22.6% of total revenue, marking a historical high [3]. - The company's core profit has been impacted by declining profits in real estate development due to market adjustments, leading to pressure on gross margins [3][4]. Market Outlook - The company anticipates a gradual decrease in settlement and development volumes over the next 1-2 years, with profits expected to stabilize as inventory is reduced and new project margins improve [4]. - The company acknowledges recent challenges in the real estate market, particularly since April, due to a reduction in policy stimulus and slower-than-expected recovery efforts [5][6].

Core Viewpoint - The company remains optimistic about the resilience of the Chinese real estate market in the medium to long term, particularly in core locations of first and second-tier cities where there is a strong demand for quality housing [1][6]. Debt Management - The company plans to reduce interest-bearing debt by over 30 billion yuan in 2025, with a net reduction of no more than 10 billion yuan annually thereafter, aiming to stabilize total interest-bearing debt around 100 billion yuan [2][4]. - The company has already repaid approximately 14.5 billion yuan in bond principal and interest this year, with all bonds maturing in 2025 fully repaid [2][3]. - The company anticipates repaying 60 billion yuan in debt in 2025, with subsequent repayments of 20 billion yuan in 2026 and 2027, and a gradual decrease thereafter [2][4]. Financial Performance - The company achieved its lowest financing costs and longest average loan terms in history as of June 30, 2025, with bank financing comprising 87% of interest-bearing debt and foreign currency debt reduced to 14% [3]. - Operating and service business revenue reached 13.27 billion yuan in the first half of the year, accounting for 22.6% of total revenue, marking a historical high [4][5]. Market Conditions - The company has observed a gradual increase in the proportion of operating business income over the past two years, although profits from real estate development have declined due to market adjustments [4][5]. - The real estate market has faced downward pressure since April 2023, with the effectiveness of stimulus policies being tested in the third quarter [6]. Strategic Focus - The company emphasizes financial safety and prioritizes debt security and project delivery over new investments, while still seeking quality land acquisitions in key cities [3][5]. - The company plans to focus on 50-60 key cities and maintain a strategy that ensures quality and sustainable growth by exiting low-margin projects [5].