OCT Group A: September Contract Sales 730M Yuan, 4.94M Visitors

The absence of land acquisitions in September, alongside a modest monthly contracted sales figure, points to a developer prioritising balance-sheet discipline over expansion — a notable stance in a sector where land banking has historically signalled confidence. The real signal sits in the tourism numbers: 4.94 million monthly visitors and 57.14 million year-to-date show the cultural-tourism leg is now the steadier earnings engine relative to property sales. Whether that visitor momentum holds into the fourth quarter, and whether the no-land-buying posture persists, is the open question.