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GTJA: Maintains the shareholding rating for Greentown China (03900), with continued improvement in sales margins of self-funded projects in June.
The main reason for the improved performance of Greentown China (03900) in June was due to a significant year-on-year increase in the sales scale of self-investment projects.
GF Sec: Land Activation Fund Established, New Home Sales Turn Positive year-on-year in early July.
GF sec released research reports stating that the state-owned assets supervision and administration commission has set up a special fund for land consolidation with a total size of 30 billion yuan and requires central SOEs to report pilot projects to try to solve the problem of long-term high inventory in the real estate market. On the local policy side, this week still mainly focuses on relaxing housing provident fund policies and providing housing subsidies to boost demand, and various regions are still exploring new policies to stimulate demand.
Greentown China Logs Sales of 17.4 Billion Yuan in June; Stock Prices Drop by 3% in Rece
Greentown China Holdings (HKG:3900) recorded sales, including contracted and subscription sales, of about 17.4 billion yuan in June, reflecting an average selling price of 32,531 yuan per square meter
htsc: The land market supply and demand continues to be weak, focusing on real estate companies with core urban resources.
The land market is still weakly running in the first half of 2024, and the trend of shrinking volume continues, while the previously maintained rising transaction average price also decreased year-on-year in the first half of the year.
Greentown China's contract sales in the first six months amounted to approximately RMB 126.5 billion, a decrease of 5.74% year-on-year.
On June 2024, Greentown Group's self-funded project obtained 3,743 sales and the sales area was approximately 0.53 million square meters, with a sales amount of approximately RMB 17.4 billion and an average sales price of approximately RMB 32,531 per square meter. From January to June 2024, Greentown Group reached a contract sales area of approximately 2.8 million square meters and a contract sales amount of approximately RMB 85.4 billion, of which the equity amount attributable to Greentown Group was approximately RMB 60.8 billion. As of June 30, 2024, there were also approximately RMB 4 cumulative signed subscription agreements waiting to be converted into sales contracts.
Greentown China has fully repurchased the 5.95% preferred notes with a total principal amount of $0.15 billion due in 2024.
Greentown China (03900) announced that, with respect to the 5.95% Senior Notes due 2024 in the principal amount of USD0.15 billion, as of the date of this announcement, the Company has repurchased all outstanding Notes. The repurchased Notes will be cancelled in accordance with their terms. The Company will continue to monitor market conditions and may consider further repurchases of any Bonds of the Company at an appropriate time. The Board of Directors of the Company fully supported the above-mentioned repurchase and believes it demonstrates confidence in the Company's prospects.
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