以下文章来源于棱镜 ，作者岳家琛 棱镜 . 腾讯新闻出品栏目，《棱镜》聚焦泛财经深度记录。 谁来接班？ 来源：棱镜 文： 岳家琛 编辑： 孙春芳 2026 年 3 月，香港中环，一场关乎千亿财富命运的谈判正陷入僵局。 谈判的双方，一边是掌控着香港老牌地产帝国新世界发展的郑氏家族，另一边是全球最大另类 资产管理公司黑石集团。 其中，黑石集团计划注资 25 亿美元，通过特殊目的公司成为新世界发展的最大股东；而郑氏 家族虽愿意投入 10 亿至 15 亿美元自救，却坚决不肯放弃对这家由父亲郑裕彤亲手打造的地 产王国的控制权。 2025 年 5 月，新世界发展首次出现债务违约。为了偿债，过去一年，从上海淮海中路 K11 到瑰丽酒店集团，甚至再到公司股权，一系列资产出售的传闻似乎都传递出一个信号：能有希 望出售的资产，新世界发展似乎都有可能放上货架。 而这场与黑石集团博弈的结果，不仅关乎这个老牌商业帝国的归属，更关乎香港家族企业在当 下的命运。 这里插播一条课程资讯： 报名 「 黑马·AI 星球Agent实战营 」， 国内⾸个基于"全链路业务拆解+Agent搭建实战"的 企业级Agent实战营； 3天闭关+90天陪跑，让 ...

Group 1 - The article suggests implementing a "shopping mall digital transformation plan" that provides subsidies for the purchase of smart devices for participating malls [1] - It recommends adding senior health management centers, experience zones for age-friendly products, and planning interactive spaces for parents and children in malls [1] - Large malls are required to be equipped with barrier-free access, senior resting areas, and emergency call devices, with rental subsidies and tax refunds offered to those participating in the upgrade [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年2月28日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 新世界發展有限公司 | | | 呈交日期: | 2026年3月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 00017 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 2,516,633,171 0 2,516,633,171 增加 / 減少 (-) 0 本月底結存 2,516,633,171 0 2,516,633,171 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1) ...

Core Insights - New World Development reported a core profit of HKD 3.6 billion for the first half of the 2026 fiscal year, with contract sales reaching HKD 13.8 billion, exceeding half of the annual target [1][3] - The investment property segment recorded a 5% year-on-year growth [1] Financial Performance - Revenue for the first half of the fiscal year was approximately HKD 8.391 billion, a decline of about 50% year-on-year, primarily due to reduced construction income and fewer property deliveries in mainland China [3] - Gross profit was approximately HKD 5.038 billion, down about 25% year-on-year [3] - The company has available funds totaling approximately HKD 37.4 billion and completed a debt swap of about HKD 20 billion by December 5, 2025 [3] Market Outlook - The Hong Kong property market saw record transaction volumes in 2025, with market institutions generally optimistic about the 2026 outlook; JPMorgan raised its forecast for Hong Kong property price increases to 10% to 15% [3] - New World achieved contract sales of HKD 13.8 billion in the first half of 2026, with the Hong Kong market contributing HKD 10.3 billion, marking the highest level since 2021 [3] Project Developments - New World plans to launch over 1,300 residential units in Hong Kong in the second half of the fiscal year, including several projects in prime locations [3][4] - In mainland China, the company reported contract sales of RMB 3.2 billion, with notable projects in Guangzhou achieving high sales prices and strong buyer interest [4] - The company is also developing projects in the Northern Metropolis area, with nearly 15 million square feet of quality land reserves [4][5] Commercial Performance - The rental market for New World's core commercial and office projects is steadily improving, with high occupancy rates reported across various properties [4] - As of December 31, 2025, K11 Art Mall maintained nearly 100% occupancy, while K11 MUSEA and K11 Atelier Victoria Dockside reported occupancy rates of 98% and 99%, respectively [4]

Report Industry Investment Rating - No information provided Core Viewpoints of the Report - Maintain a buy rating on VDNWDL 9 Perp despite weaker 1HFY26 results, considering the higher certainty of coupon payments [7] - The US-Israel bombing against Iran may lead to lower UST rates and wider credit spreads in the Middle East, with varying impacts on different credit segments [13] Summary by Relevant Catalogs Trading Desk Comments - On last Friday, SUMITR Float 29s tightened 6bps, SUMITR Float 31s tightened 15bps; fixed-rate SUMITR 29s were unchanged, SUMITR 31s tightened 6bps, and SUMITR 36s widened 5bps [2] - Chinese IG space: belly-to-long-end TMT names LENOVO/XIAOMI/JD/KUAISH/MEITUA widened 1 - 6bps, while AMC space held firm; Taiwanese lifers traded 1 - 5bps wider; in HK, LINREI and HKE 36 softened up to 5bps wider; NWDEVL/VDNWDL complex leaked up to 1.1pts; NWD will defer coupon payment on USD1.3bn NWDEVL 6.25 Perp due on 7 Mar'26, and its 1H26 core operating profit dropped 18% yoy to HKD3.64bn (cUSD465.3mn) [2] - Chinese properties: FTLNHD 27 rose 1.8pts, FTLNHD 26 was 0.1pt higher, FTLNHD 29/FUTLAN 28 were 0.3 - 0.4pt lower; VNKRLE 27 - 29 dropped 2.6 - 2.9pts [2] - SE Asian space: long-end PETMK widened 6bps, OCBCSP 36 widened 3bps, GLPSP 4.5 Perp lost 1.0pts, ReNew Energy complex edged 0.1 - 0.3pt higher, VLLPM 27 - 29 recovered 1.0 - 1.4pts, SMCGL Perps were unchanged to 0.2pt higher [2] - KR space: POHANG/HYNMTR/LGENSO traded 2 - 4bps wider, lower-spread/bank-guaranteed names SKBTAM/KHFC/HYUELE closed 1 - 3bps wider, and the new issue DAESEC 31 softened to 5bps wider [2] - JP space: heavy selling on bank 10yr fixed tranches MIZUHO/SUMIBK/MUFG, which widened up to 8bps; insurance subs were 0.1pt weaker, led by RESLIF 6.875 Perp; Yankee AT1s were down by 0.4 - 0.9pt, led by UBS 7 Perp/BNP 6.875 Perp/INTNED 6.5 Perp [2] - FRN space: solid buying support for CCAMCL and EU/JP/AU bank FRNs [2] - This morning, AT1s and JP insurance subs were down another 0.1 - 0.5pt; Asian IG space initially widened 5 - 10bps and later recovered 2 - 3bps; heavy selling on XIAOMIs and TW lifers, and two-way flows on Middle Eastern names; FTLNHD 27 edged 0.3pt higher, while VLLPM 29/ACPM 4.85 Perp were 1.2 - 1.7pts lower [3] - In LGFV space, overall balanced two-way flows in moderate size across the credit curve, and prices remained largely stable [4] Last Trading Day's Top Movers - Top Performers: HMELIN 5 1/4 04/28/27 rose 2.1pts to 102.3; FTLNHD 11.88 09/30/27 rose 1.8pts to 97.4; VLLPM 9 3/8 07/29/29 rose 1.4pts to 42.0; VLLPM 7 1/4 07/20/27 rose 1.0pts to 53.2; CHGRID 4.85 05/07/44 rose 1.0pts to 103.2 [5] - Top Underperformers: VNKRLE 3.975 11/09/27 dropped 2.9pts to 44.5; VNKRLE 3 1/2 11/12/29 dropped 2.6pts to 42.0; NWDEVL 6 1/4 PERP dropped 1.1pts to 67.7; GLPSP 4 1/2 PERP dropped 1.0pts to 69.5; UBS 7 PERP dropped 0.9pts to 100.8 [5] Macro News Recap - Last Friday, S&P (-0.43%), Dow (-1.05%), and Nasdaq (-0.92%) were lower; over the weekends, US-Israel struck Iran, and Iran counterattacked across the Middle East; US Jan'26 PPI was +0.5% mom, higher than the market expectation of +0.3% mom; US Feb'26 Chicago PMI was 57.7, higher than the market expectation of 52.0; UST yield was lower on last Friday, with 2/5/10/30 year yield at 3.38%/3.51%/3.97%/4.64% [6] Desk Analyst Comments - Maintain buy on VDNWDL 9 Perp, as NWD confirmed the continued suspension of ordinary dividends and coupon payments on its USD NWDEVL Perps; it is exploring all available funding channels to optimize cash flow and has no imminent rights issues or share placements plan [7] - NWD reported weaker 1HFY26 results with core operating profit falling 18% yoy to HKD3.6bn, due to a 50% yoy decline in revenue from fewer property projects delivered in mainland China and a drop in construction revenue, partly offset by an 18% yoy decrease in G&A expenses; gross profit declined 25% yoy, and gross margin increased to 60.0%; attributable net loss narrowed to HKD3.7bn from HKD6.6bn in 1HFY25 [8] - Contract sales and non-core disposals (NCD) totaled HKD13.8bn in 1HFY26, on track to meet its FY26 target of HKD27bn; pre-sales of some projects were well received; available saleable resources in HK in 2HFY26 include Pavilia Rosa, Grand Austin Bohemian, The Pavilia Farm; 1HFY26 capex was contained at HKD3.5bn against a full-year target of below HKD12bn [9] - As of Dec'25, net debt edged up marginally to HKD131.9bn from HKD129.6bn in Jun'25 due to lower cash balance; net gearing rose to 59.7% from 58.1%; NWD completed the exchange offer for USD bonds and perps in Nov'25, reducing outstanding perps and bonds by cHKD8.7bn and cHKD0.4bn respectively, totaled cHKD9.1bn; debts maturing over the next two years dropped to HKD36bn from HKD65bn; gross finance costs fell 11% yoy to HKD2.3bn in 1HFY26, and the average funding cost dropped to 3.9% from 4.7% in 1HFY25 [10][11] Quick Thoughts on US-Israel's Bombing Against Iran - Immediate impact: lower UST rates and wider credit spread of Middle East names; this morning, Asia opened with a wait-and-see tone; 10-yr UST opened 6 - 7bps lower and the decline narrowed to 3 - 4bps; credit spread of the Middle East widened 5 - 10bps; two-way flows on Middle East credits with selling in banks and buying in oil names; Brent Crude rose to cUSD77 a barrel this morning from cUSD73 on last Friday [13] - Prolonged and escalated conflict: the conflict may last longer and spill over wider than the 12-day War in last June; the key difference is the killings of Iranian supreme leader and his families; there are incentives for the US and Iran to contain the conflict, but how Iran and its allies will retaliate and how the US and Israel will respond are highly uncertain [14] - Varying impacts on credits: negative to Middle East credits in general; more negative impact on port operators, properties, and banks; higher oil and commodity prices could benefit oil and mining companies, quasi-sovereigns, and sovereigns, assuming the conflict does not materially affect oil production and FDI in GCC countries [15] Offshore Asia New Issues - No offshore Asia new issues were priced today [19] - Pipeline: Chang Development International plans a 3yr USD issue with a 5.4% coupon and a Baa2/-/- rating; Government of Mongolia plans a 6yr USD issue with a 6.3% coupon and a B1/BB-/- rating; Shaoxing Shangyu State-owned plans a 3yr USD issue with a 4.35% coupon and a -/-/BBB- rating [21] News and Market Color - On last Friday, 36 credit bonds were issued onshore with an amount of RMB21bn; in Feb'26, 1,075 credit bonds were issued with a total amount of RMB816bn, a 34.2% yoy decrease [24] - China new home prices posted the steepest drop in more than three years in Feb'26 [24] - Macau gaming revenue for Feb'26 rose 4.5% yoy to MOP20.6bn [24] - CTF Services plans full early redemption of HKD850m convertible bonds due 2027 [24] - Dalian Wanda Commercial Management sold Shanghai Zhuanqiao Wanda Plaza for RMB2.1bn (cUSD298mn) [24] - Fosun International plans to repurchase up to HKD1bn (cUSD127.8m) of its shares [24] - Minmetals Land's scheme of arrangement to take the company private became effective on 27 Feb'26 [24] - SoftBank Group will invest an additional USD30bn in OpenAI as part of a USD110bn financing round at a USD730bn pre-money valuation [24] - Swire Pacific agreed to sell a 30% stake in its Coca-Cola bottling operations in Vietnam for USD221.1m in cash [24] - China Vanke terminated its RMB15bn (cUSD2.2bn) share issuance plan initiated in 2005 [24] - HKEx is still reviewing ENN Natural Gas listing application related to ENN Energy's privatisation [24]

Core Viewpoint - New World Development reported a significant decline in revenue for the six months ending December 31, 2025, primarily due to reduced construction income and fewer property deliveries in mainland China [1] Financial Performance - Revenue decreased by approximately 50% year-on-year to about HKD 8.391 billion [1] - Gross profit fell by 25% year-on-year to HKD 5.038 billion [1] - Core operating profit declined by about 18% to approximately HKD 3.636 billion [1] - The net loss attributable to shareholders was around HKD 3.73 billion, narrowing by 44% year-on-year [1] Sales Performance - Contract sales from property development and asset disposals amounted to approximately HKD 13.8 billion [1] - Contract sales in Hong Kong were about HKD 10.3 billion, mainly from residential projects [1] - In mainland China, the attributable contract sales were approximately RMB 3.2 billion, with the southern region, particularly the Greater Bay Area, contributing around 60% [1]

Core Viewpoint - Bank of America Securities reports that New World Development's performance for the first half of the fiscal year ending December 2026 is largely unremarkable, maintaining a "underperform" rating due to the stock trading at a 10% discount to its revalued net asset value (RNAV) and lacking any dividends [1] Financial Performance - For the first half of 2026, New World Development reported a net loss of HKD 3.73 billion, an improvement from a loss of HKD 6.63 billion in the first half of 2025, but significantly worse than Bank of America's expectation of a HKD 200 million loss [1] - The company has considerable short-term sellable resources, such as the sale of the third phase of Tai Wai Park, expected to generate approximately HKD 6.5 billion [1] Debt and Capital Management - Bank of America anticipates that the company will undergo another round of debt restructuring in the second half of 2026, despite the potential for third-party investor interest [1] - The target price set by Bank of America for the company is HKD 4.8, based on a 60% discount to net asset value, which is 0.5 standard deviations higher than the average discount since 2018, reflecting uncertainties in bank financing due to high leverage [1]

Market Performance - The Hang Seng Index closed at 26,630, up 0.95% for the day and up 3.90% year-to-date [1] - The Hang Seng Tech Index closed at 5,137, up 0.56% for the day but down 6.86% year-to-date [1] - The Shanghai Composite Index closed at 4,162, up 0.39% for the day and up 4.89% year-to-date [1] - The Dow Jones Index closed at 48,977, down 1.05% for the day and up 1.90% year-to-date [1] Currency Performance - The Renminbi Index is at 97.810, down 0.74% over the last month but up 1.84% over the last six months [2] - The US Dollar Index is at 97.744, up 1.58% over the last month but down 0.50% over the last six months [2] - The exchange rate for Renminbi to USD is 0.146, down 1.38% over the last month and down 4.09% over the last six months [2] Commodity Performance - Brent crude oil is priced at $71.39 per barrel, up 7.21% over the last month and up 7.92% over the last six months [3] - Gold is priced at $5,179.43 per ounce, down 0.02% over the last month but up 52.45% over the last six months [3] - Silver is priced at $89.872 per ounce, down 19.82% over the last month but up 132.83% over the last six months [3] Company News - NIO (09866.HK) has signed a strategic cooperation agreement with Bosch, focusing on core technologies for smart electric vehicles [22] - New World Development (00017.HK) reported a narrowed interim loss of HKD 37.3 billion, with a core operating profit decline of 17.7% [23][24] - The Hong Kong Monetary Authority reported a 1.1% increase in M2 and M3 money supply in January [17][18] Economic Indicators - Hong Kong's overall export value in January increased by 33.8% year-on-year, exceeding market expectations [14][16] - The Hong Kong government recorded a surplus of HKD 879 billion in the first ten months of the fiscal year, with fiscal reserves increasing to HKD 7,422 billion [19]

Core Viewpoint - New World Development has reported a significant decline in revenue and core operating profit for the first half of the 2026 fiscal year, amidst ongoing debt issues and acquisition rumors, although the net loss has narrowed compared to the previous year [1][2]. Financial Performance - For the first half of the 2026 fiscal year, New World Development's revenue decreased by approximately 50% to about HKD 8.391 billion, while core operating profit fell by about 18% to approximately HKD 3.636 billion. The net loss attributable to shareholders was around HKD 3.73 billion, a 44% reduction year-on-year [1][5]. - The company reported a total debt reduction of HKD 1.7 billion to approximately HKD 144.3 billion by the end of 2025, with available funds totaling about HKD 37.4 billion, including cash and bank balances of approximately HKD 21.5 billion [4]. Debt Management - New World Development has implemented a "seven-pronged" debt reduction strategy, which includes selling development projects and non-core assets, optimizing land value, and improving rental returns. Despite some success, the company still faces significant debt obligations, with a refinancing deal of HKD 88.2 billion completed in mid-2025 [2][3][4]. - The company successfully completed an exchange offer for approximately HKD 20 billion in perpetual securities and secured notes, reducing the scale of perpetual debt by HKD 8.7 billion [4]. Business Outlook - Despite the ongoing losses, management claims that the debt reduction strategy is showing results, and the company is focusing on improving operational efficiency, enhancing sales performance, and controlling expenses [6]. - New World Development plans to launch several key projects in the upcoming fiscal years, including multiple residential developments in Hong Kong, which may benefit from the recovery of the local property market [6][7][8]. - The company has achieved over 50% of its sales target for property development and asset sales, amounting to approximately HKD 13.8 billion since 2025, although this is still insufficient to significantly alleviate its debt burden [8].

Core Insights - New World Development reported a core profit of HKD 3.6 billion for the first half of the 2026 fiscal year, with contract sales reaching HKD 13.8 billion, exceeding half of the annual target of HKD 27 billion [2] - The Hong Kong market achieved contract sales of HKD 10.3 billion, marking the highest level since 2021, driven by strong demand and effective government policies [2] - The investment property segment showed stable performance, with a year-on-year growth of 5% after excluding the impact of sold and newly opened assets [2][4] Hong Kong Market Performance - The Hong Kong residential market has seen a significant increase in activity, with the government’s policies boosting market confidence and leading to a forecasted price increase of 12% for 2026 [2] - Key projects such as the West Kowloon high-speed rail cultural and commercial district and the Kowloon City residential project sold out quickly, reflecting the market's ongoing demand for high-quality residences [2] Mainland Market Performance - In the mainland market, contract sales amounted to approximately RMB 3.2 billion in the first half of the fiscal year, with notable projects like the Triumph New World in Guangzhou achieving a record signing price of RMB 21,800 per square meter [3] - The successful delivery of the first phase of the Guangzhou Yaosheng Zunfu and the launch of new products in the Bai'e Tan business district indicate a shift in consumer expectations towards quality living [3] Investment Property Growth - The "expand domestic demand" strategy is enhancing the role of consumption in economic development, with commercial real estate benefiting from this trend [4] - The K11 projects in Hong Kong and mainland China are attracting significant foot traffic and sales, with K11 MUSEA in Hong Kong seeing over 10 international luxury brands entering or expanding by 2026 [4][5] Office Rental Performance - Office rental performance is improving, with the K11 Atelier Victoria Dockside in Hong Kong maintaining a 99% occupancy rate, and other projects in mainland cities showing high occupancy rates above 90% [5] - The strong rental performance reflects the operational capabilities of the projects and the long-term value of quality commercial assets in core cities [5] Strategic Outlook - New World Development is positioned to navigate market fluctuations with a clear strategic layout and solid operational capabilities, focusing on both property sales and investment properties [6] - The real estate industry is transitioning from scale expansion to quality-driven growth, with companies that balance development efficiency and operational depth likely to lead in the upcoming market reshuffle [6]