Group 1 - The company, Yuexiu Property, announced the acquisition of a 65.35% stake in Hangzhou Binwan Real Estate Development Co., Ltd. through its indirect non-wholly owned subsidiary, Hangzhou Yuejia, and Zhejiang Jianhang [1][2] - The total consideration for the acquisition includes a capital contribution of RMB 282.8 million, interest payable of approximately RMB 1.6378 million, and shareholder loans totaling approximately RMB 316 million [1] - The project company is specifically established for the development of a residential site located in Xiaoshan District, Hangzhou, covering a total area of 28,869 square meters [2] Group 2 - A joint venture will be established within 20 working days from the cooperation agreement date, with a registered capital of RMB 560 million, where the seller will hold 49.50% and Hangzhou Yuejia will hold 50.50% [2] - The project company will not engage in any other business apart from the residential development of the target site, which is strategically located with strong commercial, educational, and transportation infrastructure [2] - The acquisition is expected to enhance the development efficiency and resource allocation for the target site, contributing positively to the company's overall operational scale and financial performance [3]

智通财经APP讯，越秀地产(00123)公布，于2026年2月13日，公司的间接非全资附属杭州越嘉、浙江建 杭拟向杭州滨江房产集团股份有限公司收购杭州滨湾房地产开发有限公司(项目公司)合共65.35%的实际 权益。于完成后，卖方、杭州越嘉及浙江建杭将分别实益持有项目公司34.65%、35.35%及30.00%股 权，而卖方、杭州越嘉及浙江建杭向项目公司提供的股东贷款比例将分别为34.65%、35.35%及 30.00%。 总代价包括(i)预计由杭州越嘉(以合资公司实缴资本出资形式)贡献人民币2.828亿元的股权转让代价部 分;(ii)杭州越嘉应付利息(预计金额约为人民币163.78万元);及(iii)由杭州越嘉提供的股东贷款(预计金额 分别为人民币3.16亿元)。该金额乃根据杭州越嘉就总土地出让金及项目公司资金于完成后于项目公司 应占实际权益(即35.35%)，连同应付卖方的利息厘定。 据悉，项目公司由卖方特意为开发目标地块而新成立。目标地块位于中国杭州市萧山区，总地盘面积为 28,869平方米，将发展作住宅用途。除了开发目标地块发展作住宅用途出售外，项目公司预期不会参与 任何其他业务。 目标地块位于杭州市萧 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （在香港註冊成立的有限公司） （股份代號：00123） 有關收購項目公司股權的關連交易 收購事項及合作協議 董 事 會 欣 然 宣 佈 ， 於 二 〇 二 六 年 二 月 十 三 日 ， 杭 州 越 嘉（ 本 公 司 的 間 接 非 全 資 附 屬 公 司 ）與 賣 方 、 浙 江 建 杭 及 項 目 公 司 訂 立 合 作 協 議 ， 據 此 ， 在 達 成 先 決 條 件前提下，賣方同意出售，而買方同意購買項目公司合共65.35 %的實際權益。 於 完 成 後 ， 賣 方 、 杭 州 越 嘉 及 浙 江 建 杭 將 分 別 實 益 持 有 項 目 公 司 3 4. 6 5 % 、 35.35 %及30.00 %股權，而賣方、杭州越嘉及浙江建杭向項目公司提供的股東貸 款比例將分別為34.65 %、35.35 %及30.00 %。 總 代 ...

2026年以来，上市房企融资活动显著升温。新城发展、中华企业、粤海置地、越秀地产、华发股份等多 家企业近日披露融资事宜，筹资规模可观，行业融资环境呈现积极转变。 业内人士表示，在房地产金融政策发力的背景下，房企融资环境持续改善，融资目的聚焦在建项目再投 资与债务偿付，核心在于保障项目交付及规避违约风险，与当前防风险政策基调高度契合。 ◎记者 张良 房企融资环境正逐步改善 值得一提的是，华发股份披露的定增预案是今年上市房企的首单定增案例。 预案显示，华发股份本次向特定对象发行A股股票募集资金总额预计不超过30亿元，扣除发行费用后的 募集资金净额将全部用于珠海华发城建国际海岸花园二期项目、绍兴金融活力城项目、成都阅天府项 目、杭州武御林宸院项目等9个项目。华发股份表示，通过此次定增可以增加公司的所有者权益，降低 资产负债率，改善财务结构，减少偿债风险，为后续债务融资提供空间和保障。 国盛证券认为，若本次定增成功实施，将改善华发股份资产负债结构，同时募投项目聚焦核心城市的保 交房与高品质住宅建设，助力巩固其在重点区域的市场竞争力。此次大股东的强力支持，有望增强债券 投资者的信心，进一步维护和夯实融资渠道。 房企融资 ...

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - The 2026 real estate market is expected to experience a "front low and back high" trend, with two significant turning points anticipated throughout the year [2] - The overall sales volume and price are projected to face pressure in Q1, with potential policy adjustments by the end of Q1 to stabilize the market in Q2 [3][24] - The report emphasizes the need for policy measures to support demand and stabilize investment, particularly focusing on the financial pressures faced by developers [8][19] Sales Forecast - The report forecasts a total sales area of 810 million square meters in 2026, representing a year-on-year decrease of 8% - The average sales price is expected to be 9,144 yuan per square meter, down 4% year-on-year - The total sales amount is projected to be 7.4 trillion yuan, reflecting a 12% decline compared to the previous year [3][22][21] Development Investment - Real estate development investment is anticipated to reach 6.9 trillion yuan in 2026, a decrease of 16% year-on-year, although the rate of decline is expected to narrow compared to 2025 [4][21] - The report indicates that the decline in new construction area is expected to be 18% year-on-year, with a total of 480 million square meters [4][21] Completion Forecast - The report predicts that the completion area will be 490 million square meters in 2026, down 19% year-on-year, continuing the trend of cyclical contraction [5][21] Market Dynamics - The report highlights that the main contradiction in the real estate market has shifted from "shrinking transaction volume" to "continuing price declines," particularly affecting the second-hand housing market [9] - It suggests that the market's recovery will depend on effective policy measures and the stabilization of developer financing [8][19] Investment Recommendations - The report recommends focusing on three main lines for investment: 1. Developers with stable fundamentals and high market share in first and second-tier cities 2. Smaller developers showing significant breakthroughs in sales and land acquisition 3. Commercial real estate companies exploring new operational models in the new consumption era [9][21]

Investment Rating - The report rates the real estate sector as "Outperform" [6] Core Insights - The real estate market is experiencing significant year-on-year growth due to a low base from the previous year, particularly during the Spring Festival period, but there is a month-on-month decline in transactions [1][6] - The Shanghai pilot program for purchasing second-hand homes for rental housing is expected to positively influence market expectations and confidence if implemented effectively [2][6] - The new housing transaction area has shifted from positive to negative month-on-month, with a narrowing year-on-year growth rate [6][17] - The inventory of new homes is decreasing both month-on-month and year-on-year, while the de-stocking cycle has decreased month-on-month but increased year-on-year [6][46] Summary by Sections New Housing Market Tracking - In the week of January 31 to February 6, 2026, new housing transaction volume in 40 cities was 17,000 units, a month-on-month decrease of 4.3% and a year-on-year increase of 225.1% [18][19] - The new housing transaction area was 163.1 million square meters, with a month-on-month decline of 9.6% and a year-on-year increase of 203.0% [18][27] - The transaction volume and area for first, second, and third/fourth-tier cities showed varying month-on-month and year-on-year growth rates [20][21][22] Second-Hand Housing Market Tracking - The transaction area for second-hand homes in 18 cities was 174.1 million square meters, with a month-on-month decline of 4.7% and a year-on-year increase of 349.7% [6][19] - The month-on-month decline in transaction volume for second-hand homes is more pronounced in first-tier cities compared to second and third/fourth-tier cities [6][19] Inventory and De-stocking Cycle - The inventory of new homes in 12 cities was 11,235 million square meters, with a month-on-month decrease of 0.7% and a year-on-year decrease of 6.4% [46][47] - The de-stocking cycle for new homes is 17.4 months, showing a month-on-month decrease but a year-on-year increase [46][47] Land Market Tracking - The total area of land transactions across 100 cities was 1,188.4 million square meters, with a month-on-month increase of 74.1% and a year-on-year increase of 582.1% [6][14] - The average land price per square meter decreased month-on-month and year-on-year, indicating a cooling in land prices [6][14] Investment Recommendations - The report suggests focusing on companies with stable fundamentals in core cities, those that have made significant breakthroughs in sales and land acquisition, and commercial real estate companies exploring new consumption scenarios [7][6]

越秀地产(00123)发布公告，根据《广州市城市建设开发有限公司2026年面向专业投资者公开发行公司 债券(第一期)发行公告》，广州市城市建设开发有限公司2026年面向专业投资者公开发行公司债券(第一 期)(以下简称"本期债券")发行规模不超过7.00亿元(含7.00亿元)，本期债券分为2个品种，品种一为3+2 年期;品种二为5+2年期。 本期债券发行工作已于2026年2月10日结束，品种一取消发行;品种二发行规模为7亿元，品种二票面利 率为2.18%，认购倍数为1.67倍。 ...

本期债券发行工作已于2026年2月10日结束，品种一取消发行;品种二发行规模为7亿元，品种二票面利 率为2.18%，认购倍数为1.67倍。 智通财经APP讯，越秀地产(00123)发布公告，根据《广州市城市建设开发有限公司2026年面向专业投资 者公开发行公司债券(第一期)发行公告》，广州市城市建设开发有限公司2026年面向专业投资者公开发 行公司债券(第一期)(以下简称"本期债券")发行规模不超过7.00亿元(含7.00亿元)，本期债券分为2个品 种，品种一为3+2年期;品种二为5+2年期。 ...

（在香港註冊成立的有限公司） （股份代號：00123） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 越秀地產股份有限公司 余達峯 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 獨立非執行董事： 余立發、李家麟、劉漢銓及張建生 广州市城市建设开发有限公司 2026 年面向专业投资者公开发行公司债券 （第一期）发行结果公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没 有虚假记载、误导性陈述或者重大遗漏。 经中国证券监督管理委员会"证监许可〔2025〕1504 号"文同意注册，广 州市城市建设开发有限公司获准向专业投资者公开发行面值不超过人民币 96.00 亿元公司债券。 根据《广州市城市建设开发有限公司 2026 年面向专业投资者公开发行公司 债券（第一期）发行公告》，广州市城市建设开发有限公司 2026 年面向专业投资 者公开发行公司债券（第一期）（以下简称"本期债券"）发行规模不 ...

Investment Rating - The report maintains a "Buy" rating for the real estate sector, indicating a positive outlook for investment opportunities in this area [4]. Core Insights - The "old-for-new" policy is being reintroduced in Shanghai, which is expected to effectively stabilize housing prices and stimulate market activity [10][26]. - The policy focuses on acquiring second-hand homes to address inventory issues and enhance market liquidity, with specific criteria for eligible properties [10][26]. - The anticipated financial impact includes a potential market transaction increase of approximately 1,080 billion yuan, representing a 9% boost to total market transactions and a 24% increase in new home sales [3][10]. Summary by Sections 1. Background of the "Old-for-New" Policy - The central government has emphasized the need for policies that control inventory and improve supply, with the "old-for-new" initiative aligning closely with these goals [10][11]. 2. Historical Experience of "Old-for-New" - The "old-for-new" model is categorized into acquisition and assistance types, with the acquisition model being more effective in driving sales [16][21]. - The acquisition model has been implemented in over 20 cities, with a total of 14,520 units identified for trial [16][21]. 3. Shanghai's "Old-for-New" Policy - The policy aims to stabilize housing prices by focusing on second-hand homes, with specific requirements for properties built before 2000 and under 400 million yuan [3][10]. - The estimated funding requirement for the acquisition of 27,000 units is approximately 54 billion yuan, leveraging a 1:2 replacement ratio to maximize market impact [3][10]. 4. Feasibility of the Latest "Old-for-New" Policy - Shanghai is positioned as a key city for the implementation of this policy due to its strong government credibility and market stability [3][10]. - The second-hand housing market in Shanghai has shown signs of stabilization, with a reduction in the average transaction cycle to 22.2 months and a 2% month-on-month price rebound [3][10]. 5. Investment Recommendations - The report suggests that the current environment, characterized by improving transaction volumes and prices in the second-hand market, presents significant investment opportunities [3][10].