: 香港及中国大陆房地产每日资讯：: 新闻研究重点与观点

Issuer of report:The Hongkong and ShanghaiBanking Corporation LimitedView HSBCGlobal Research at:https://www.research.hsbc.comListen to our insightsFind out moreHSBC Global Research PodcastsMichelle Kwok*Head of Asia Real Estate and HK Equity ResearchThe Hongkong and Shanghai Banking Corporation Limitedmichellekwok@hsbc.com.hk+852 2996 6918Raymond Liu*, CFAAnalyst, Asia Real Estate and ConglomeratesThe Hongkong and Shanghai Banking Corporation Limitedraymond.w.m.liu@hsbc.com.hk+852 2996 6743Oliver Yu*Analyst, Asia Real EstateThe Hongkong and Shanghai Banking Corporation Limitedoliver.y.o.x.yu@hsbc.com.hk+852 2288 2050Stephen Wang*, CFAAnalyst, Asia Real EstateThe Hongkong and Shanghai Banking Corporation Limitedstephen.wang@hsbc.com.hk+852 2284 1675Tong Yu*AssociateGuangzhou* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and isnot registered/ qualified pursuant to FINRA regulations.HK & mainland China ◆◆◆◆◆◆◆◆◆◆ Summary of newsHong KongThree ‘Top 10’ home purchase recorded in the secondarymarket over the past weekendHKEJ/HKET: According to Centaline, only three home purchasesin the secondary marketamong the “Top 10 MostPopular Housing Estates” were recorded over the weekend(24-25 May), down 57.1% w-o-w. Centaline comments that new launches recently in the primarymarkethaveseized more market focus while secondary transaction volumesarelackingsomemomentum in the short term.CCL Index down 0.3% w-o-w, to 136.24pptCentaline/HKEJ: Centaline Property’s CCL Index, which tracks home prices in Hong Kong’ssecondary market, decreased 0.3% w-o-w to 136.24ppt, hovering aroundthe136ppt level foreight consecutive weeks. Centaline comments that new launches recently have put pressure onproperty prices in secondary market. Centaline expects that property prices have not bottomedout yet in the short term and estimates that the CCLIndex may dip below 133ppt, which will bea 2.38% drop from the current level.216 units sold out at Sierra Sea Phase 1BHKEJ/HKET: SHKP announced that thecompany sold out all 216 units that were launched viaprice list at Sierra Sea Phase 1B (781 units) in Sai Sha on the first day (24 May). The units aresized at 302-807sqft and priced at HKD3.3-11.0m per unit or HKD9,951-13,761psf, after amaximum discountof 15%.Mainland China4M25residentialproperty sales valuein Fujiandown13% y-o-yGuandian: According to the Fujian Bureau of Statistics,real estate investment inthe provincedeclined 30% y-o-y duringthe firstfourmonths of 2025, with investment in residential propertydown 28% y-o-y.The commodity housing salesin Fujian declined by 12% y-o-y (residentialdeclined by 13% y-o-y)in4M25,while the GFAof commodity housingsolddecreased17%y-o-y(residential decreased 17% y-o-y). Newresidentialconstruction startsdropped37% y-o-yin4M25and completion fell39% y-o-y.Shanghai Yangpu to sell one residential plot with RMB2.3bn reserve priceGuandian: Shanghai’s Yangpu district announced to sell one land plot zoned for residential usewith a reserve price of cRMB2.3bn, or RMB76,000 per sqm. The plot has a total GFA of 21,211 sqm and a plot ratio of 1.4. Containing historic buildings to be preserved, the plot is subjectto a 12-metre height restriction. The final developer will be determined through a competitiveselection process and must have experience in historicdistrictdevelopment.Hangzhou lists three residential plots with total reserve price of RMB1.2bnGuandian: On 23 May, Hangzhou listed three land plots zoned for residential use withtotalreserve price of RMB1.2bn. The first plot, located in Qiantangdistrict, has a GFA of 31,338 sqmand a reserve price of RMB451m or RMB7,999 per sqm. The other two plots located in Linpingdistrict each has a plot ratio of 1.2 and a reserve price of RMB10,500 per sqm, and their GFAsare 31,330 sqm and 25,513 sqm,respectively.Over 70% of Country Garden debt holders join the debt Restructuring Support AgreementCompany announcement: Country Garden announced that over 70% of its offshore debtholders have joined the debt Restructuring Support Agreement (RSA) as of 23 May. Thecompanydecidesto extend theearlybird RSAconsentfeedeadlinefrom23May 2025 to6June2025,and thegeneral RSAconsentfeedeadline from6June2025 to20June2025. CIFI’ssubsidiaryproposes four debt restructuring optionsCompany announcement: CIFI Group disclosed the onshore corporate bondsrestrictingplan ofitssubsidiary, CIFI China, offering four options: (1) Bond repurchase: CIFI China repurchasesthe bonds at 18% of the face value (principal amount limit: RMB1.1bn). (2) Equity option:Convert RMB100 face value of bonds into 68 shares of CIFI China (principalamountlimit:RMB1bn). (3) Debt toassets: Convert RMB100 face value of bonds into trust units of CIFI Chinaworth up to RMB35 (principallimit: RMB6bn). (4) General debt option: Convert bonds to generaldebt with an 8.5-year extension and 1% interest rate (no principal limit). Bondholders withoutchoosing an option will default to a 9.5-year extensionand 1% interest rate. 3 4Va