以下文章来源于旅界 ，作者theodore熙少 旅界 . 跟踪时代浪潮，讲述文旅商业好故事。 本文来自微信公众号： 旅界 ，作者：theodore熙少，题图来自：旅界实拍（广州瑰丽酒店） 一 前两天，一则瑰丽酒店拟出售消息在酒店圈炸开了锅。 据彭博社等多家财经媒体报道，新世界发展集团背后的香港郑氏家族正在考虑出售旗下58家瑰丽酒 店里的部分资产。 这次出售范围之广令人咋舌，连同那个刚刚拿下全球最佳酒店桂冠，估值高达159亿港元的香港瑰 丽，也可能被摆上货架。 看到这条新闻，我的记忆瞬间被拉回到了十余年前。 那时候，香港四大家族排名第三的郑裕彤刚刚决定由孙女郑志雯接手家族酒店业务。 哈佛毕业的郑志雯做了一个极其大胆的决定。她不仅通过新世界集团豪掷2.29亿美元买下了瑰丽酒 店，更做出一个惊人举动，直接把全球总部从德克萨斯搬到了香港。 那时候的瑰丽，偏安于北美一隅，在全球奢华酒店版图中，声音微弱得几乎听不见，甚至有不少业内 人士断言，这不过是又一个即将被万豪、希尔顿吞并的过气名字。 但郑志雯赌赢了。 她不打算只做一个收租的房东，她想打造一个属于华人的顶级奢华酒店品牌。 2014年，她的第一张王牌打在了北京，这也是 ...

崛起于二十世纪二十年代的郑氏家族已走过百年历程，旗下拥有新世界集团与周大福珠宝集团两大核心产业，业务覆盖房地产、酒店、珠宝等多个领域。 据《福布斯》2025中国香港富豪榜显示，郑氏家族以195亿美元（约合1400亿元人民币）身家位列第三。 近年来，新世界发展面临着巨大的债务压力，目前正通过债务重组和资产出售等措施正在努力改善财务状况。截至2025年6月30日，新世界的总债务约为 1461亿港元，净债务约为1201亿港元。此次拟出售瑰丽酒店资产，被视为郑氏家族纾困动作的重要一环。 拟出售瑰丽酒店 据报道，香港郑裕彤家族正寻求买家，计划出售家族旗下高端酒店品牌瑰丽酒店集团（Rosewood Hotel Group）的部分资产，以应对旗下地产公司新世界 发展面临的流动性挑战。 知情人士表示，郑氏家族代表已与多家公司初步接洽，就瑰丽投资组合中的资产可能出售进行探讨。这些洽谈尚处于初步阶段，最终是否成事仍有变数。 多年来，瑰丽酒店集团过往多年由郑家纯女儿郑志雯（Sonia Cheng）掌舵，由家族紧密持有的投资机构周大福企业有限公司（Chow Tai Fook Enterprises Ltd.）所有。 瑰丽品牌始于19 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 | 것은 지난 | 公司 | 主要内容 | | --- | --- | --- | | 债务置换 | 新世界发展 | 债务置换要约截止,预期发行 13.62 亿美元新票据 | | 债务逾期 | 鹏博士 | 下属子公司未能如期支付美元债本息,债券余额约 2.1854 亿美元 | | 债务逾期 | 金地集团 | 截至目前公司尚未兑付公开债面值约 5.01 亿元 | | 债务逾期 | 方圆地产 | 涉诉、债务逾期及限高消费情况披露 | 【新世界发展：债务置换要约截止，预期发行13.62亿美元新票据】 新世界发展有限公司公告，其早前提出的置换部分现有永续债券及票据交换要约已于纽约时间12月2日 晚上11时59分截止。据公告，持有总额近22.93亿美元的现有永续债券持有人和近2.36亿美元现有票据持 有人接受了要约。集团预期将分别发行近11.76亿美元新永续债及近1.87亿美元新票据来置换，合计新发 行总额为13.62亿美元，达到原定发行上限19亿美元的71.7%。 半年报显示，截至2025年6月30日，新世界发展有限公司总债务达1461亿港元，净债务为1201亿港元， ...

01 据彭博社等多家财经媒体报道，新世界发展集团背后的香港郑氏家族正在考虑出售旗下58家瑰丽酒店里的部分资产。 这次出售范围之广令人咋舌，连同那个刚刚拿下全球最佳酒店桂冠，估值高达159亿港元的香港瑰丽，也可能被摆上货架。 看到这条新闻，我的记忆瞬间被拉回到了十余年前。 那时候，香港四大家族排名第三的郑裕彤刚刚决定由孙女郑志雯接手家族酒店业务。哈佛毕业的郑志雯做了一个极其大胆的决定。她不仅通过新世界集团 豪掷2.29亿美元买下了瑰丽酒店，更做出一个惊人举动，直接把全球总部从德克萨斯搬到了香港。 那时候的瑰丽，偏安于北美一隅，在全球奢华酒店版图中，声音微弱得几乎听不见，甚至有不少业内人士断言，这不过是又一个即将被万豪、希尔顿吞并 的过气名字。 前两天，一则瑰丽酒店拟出售消息在酒店圈炸开了锅。 但郑志雯赌赢了。 她不打算只做一个收租的房东，她想打造一个属于华人的顶级奢华酒店品牌。 2014年，她的第一张王牌打在了北京，这也是瑰丽在全亚洲第一家酒店。 为了这张王牌，郑家拿出了自己在北京CBD最核心的资产京广中心，这栋曾经的北京第一高楼，属于新世界中国自有物业。 为了让瑰丽一战成名，郑志雯做了一个极其任性的决定，把原 ...

Core Viewpoint - The potential sale of the Rosewood Hotel Group's assets, particularly the flagship Rosewood Hong Kong, is a strategic move by the Cheng family to address financial pressures faced by New World Development amid ongoing liquidity challenges [1][3][10]. Group 1: Asset Sale and Financial Strategy - New World Development's chairman, Cheng Ka-shun, has reportedly initiated discussions with potential buyers regarding the sale of parts of the Rosewood Hotel Group, with talks currently in preliminary stages [1]. - The Rosewood Hong Kong, valued at approximately HKD 15.9 billion, is considered a core asset in this potential transaction [2]. - The timing of the sale rumors coincides with New World Development's liquidity challenges, making the asset sale a critical measure to manage financial strain [3][10]. Group 2: Financial Performance and Debt Management - As of June 30, 2025, New World Development reported total debt of HKD 146.1 billion and a net debt of HKD 120.1 billion, with a significant loss of HKD 16.3 billion in the first half of 2025, marking a 38.07% increase in losses year-on-year [4]. - The company has undertaken various financial self-rescue measures, including a debt refinancing of HKD 88.2 billion, extending repayment terms to June 2028 [6]. - A debt exchange offer was announced in November 2025, aiming to replace existing securities with new perpetual capital securities and notes, potentially reducing net debt by HKD 13 billion if fully subscribed [7][9]. Group 3: Broader Asset Liquidation Efforts - New World Development has been actively selling assets to alleviate financial pressure, including the sale of the K11 office building in Shanghai and the Rosewood Hotel in Makati, Philippines [10]. - The company is also in discussions to sell the 11SKIES shopping center at Hong Kong International Airport, with estimates suggesting a sale price exceeding HKD 10 billion [10].

Core Viewpoint - The Cheng family, one of Hong Kong's "Four Big Families," is reportedly seeking to sell part of its assets in the Rosewood Hotel Group to address liquidity issues faced by its real estate company, New World Development [1][2]. Group 1: Asset Sale and Market Conditions - The Rosewood Hotel Group is currently operational, with no formal confirmation of the asset sale in the market [1][3]. - The hotel group was acquired by New World Development in 2011 for approximately $229.5 million, and it has expanded to 33 hotels globally, with several more in the pipeline [3]. - The current market environment is favorable for the sale of quality hotel assets, with over half of hotel projects selling for less than 70% of their assessed value [6]. Group 2: Financial Challenges of New World Development - New World Development announced a delay in the payment of $3.4 billion in perpetual bonds, indicating ongoing financial strain [2][10]. - The company's total debt reached HKD 1,460 billion, with net debt at HKD 1,201 billion, highlighting the need for debt reduction [8][10]. - The company has been exploring asset sales to alleviate financial pressure, with the potential sale of the Rosewood Hotel Group being a strategic move [8][11]. Group 3: Performance Metrics - For the fiscal year ending 2023, hotel operating revenue was HKD 1.499 billion, a year-on-year increase of 8.54%, but the hotel operations incurred a loss of HKD 360 million [4]. - New World Development's revenue for the fiscal year was HKD 27.681 billion, a decline of 23%, with a loss attributable to shareholders of HKD 16.302 billion, an increase of 38.07% [7].

新世界发展是香港负债较重的大型地产开发商，为了改善流动性，新世界发展上个月宣布计划发行最多19亿美元的新债券，并通过债券交换方式进行融资， 但债券持有人可能面临高达50%的债务减记。 近期，为缓解资金压力出售旗下酒店资产的地产开发商不在少数。 11月24日，据北京产权交易所官网，金茂（三亚）旅业有限公司100%股权正在挂牌转让，挂牌底价约22.65亿元，转让方为上海金茂投资管理集团有限公 司，出售目的为资产证券化。 据智通财经，12月1日，有报道称香港富豪郑裕彤家族正为其旗下奢华酒店集团瑰丽酒店集团（Rosewood Hotel Group）的部分资产寻找买家，以应对其房地 产子公司新世界发展（00017.HK）面临的流动性危机。据知情人士称，郑裕彤家族的代表已接触多家公司，探讨出售瑰丽酒店资产的可能性，但目前讨论 尚处初步阶段，存在变数。 但据接近瑰丽酒店集团的人士表示，没听说关于出售的相关讨论，目前瑰丽旗下酒店均正常运营。 公开信息显示，瑰丽酒店集团由郑家纯的长女郑志雯领导，隶属于家族控股的周大福企业有限公司。集团旗下品牌有瑰丽酒店、新世界酒店及度假村、 Asaya及Carlyle & Co.私人会所。其 ...

Investment Rating - The report maintains an "Outperform" rating for the real estate sector, indicating a positive outlook despite current challenges [1]. Core Insights - The report highlights the competitive landscape of Hong Kong commercial real estate, emphasizing that Hong Kong developers dominate the high-end market in mainland China, with significant advantages in sales per square meter compared to domestic developers [2][17]. - It notes that the real estate market is showing signs of stabilization, with policies expected to support demand and mitigate risks, particularly in first-tier cities [3]. - The report suggests that the financial health of Hong Kong developers is generally robust, with a focus on high-end commercial properties, which positions them well to benefit from increased consumer spending in mainland China [6][28]. Summary by Sections 1. Hong Kong Commercial Real Estate Landscape - Hong Kong developers like Hang Lung, Swire, and Sun Hung Kai dominate the high-end commercial sector, capturing a significant market share in major cities such as Shanghai, Beijing, and Guangzhou [2][17]. - The average sales per square meter for Hong Kong high-end projects (8.6 billion/10,000 sqm) significantly outperforms domestic counterparts (5.6 billion/10,000 sqm) [20]. 2. Market Performance - The report indicates that both A-shares and Hong Kong real estate stocks underperformed the broader market, with A-shares down 0.72% and Hong Kong real estate down 0.95% [3]. - The issuance of real estate credit bonds totaled 17.84 billion, with a net financing amount of 11.50 billion, reflecting ongoing challenges in the sector [4]. 3. REITs Market - The REITs index showed a slight decline of 0.11%, with the property-type REITs index at 118.22 points and the franchise-type REITs index at 118.85 points [4]. - The report notes that REITs have outperformed the CSI 300 index over the past month by 2.92 percentage points [4]. 4. Housing Market Trends - New and second-hand housing transaction volumes have seen significant year-on-year declines, with new housing down 34.37% and second-hand housing down 19.46% [6]. - The report anticipates a gradual recovery in the second-hand housing market, while new housing metrics are expected to stabilize [6]. 5. Land Market Dynamics - The report highlights a substantial increase in land supply and transaction volumes across major cities, with a 144.35% increase in supply and a 40.81% increase in transactions [5]. - The premium rate for land transactions has shown a slight increase, indicating a competitive bidding environment [5]. 6. Policy Outlook - The report outlines expectations for future policies aimed at stabilizing the housing market, including potential adjustments to purchase restrictions in first-tier cities and measures to alleviate inventory pressures [3].

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: | 2025年11月30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: | 2025年12月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 ...

Core Viewpoint - The Hong Kong real estate market is experiencing a surge in new home sales, driven by favorable conditions such as reasonable property prices, declining mortgage rates, and rising rental costs, with significant contributions from mainland buyers [1][2][4]. Group 1: Market Dynamics - The demand for new homes in Hong Kong has increased significantly, with projects like New World Development's residential project in Yau Ma Tei receiving over 1,200 applications for 63 units, resulting in an oversubscription rate of 18 times [2]. - The proportion of mainland buyers and "Hong Kong drifters" in the market exceeds 60%, indicating a strong interest from these groups [2]. - The number of transactions by mainland buyers has risen for two consecutive quarters, with 3,797 transactions recorded in Q3, a nearly 7% increase from Q2 [4]. Group 2: Investment Appeal - The rental yield in Hong Kong remains attractive, with some areas offering yields above 4%, which is appealing to long-term investors [2][5]. - The overall property registration volume in Hong Kong has reached 70,245 this year, a 3.3% increase from last year, with total registration amounts surpassing 536.83 billion HKD [5]. - The combination of lower property taxes and declining mortgage rates has stimulated demand, leading to a positive reassessment of property values in the market [5][7]. Group 3: Future Outlook - Analysts predict that the Hong Kong real estate market is entering an upward cycle, with expectations of sustained growth over the next six years, from 2025 to 2031 [7]. - The influx of capital, particularly from the booming IPO market, is expected to further enhance the attractiveness of the Hong Kong real estate sector [6][7]. - Major financial institutions, including Morgan Stanley and Citigroup, anticipate a recovery in the Hong Kong property market post-2025, indicating a positive long-term outlook [7].