本公司（連同其附屬公司，統稱「本集團」）提述相關永續證券。本公告中所用 但未定義的詞彙應具有相關永續證券的條款和條件中所賦予的相關涵義。 根據相關永續證券的條款和條件第4(d)條條件，發行人已通知所有相關永續證券 持有人，其已選擇將原定於2025年9月7日分派支付日期支付的相關永續證券的分 派遞延。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 NWD FINANCE (BVI) LIMITED ( 於英屬維京群島註冊成立之有限公司 ) (「發行人」) 1,300,000,000美元有擔保優先永續資本證券 （股份代號: 5856） （「相關永續證券」） 並由 ( 於香港註冊成立之有限公司 ) （股份代號: 0017） （「本公司」） 擔保 相關永續證券的遞延分派 承董事會命 New World Development Company Limited (新世界發展有限公司) 聯席公司秘書 劉富强 許嘉慧 香港，2025 年 8 月 22 日 於本公告 ...

Group 1: Commercial Real Estate Trends - The commercial real estate sector is experiencing a divergence, with leading companies like China Resources Land reporting a rental income of 18.56 billion yuan, a 12.2% increase, while weaker firms like China Evergrande face liquidation [2] - The average rental rate for retail properties under CapitaLand China Trust has decreased by 2.7%, yet occupancy remains high at 96.9%, indicating a scarcity of quality properties [2] - The industry is entering a new phase of competition focused on asset quality and operational capabilities, highlighting a "Matthew Effect" where the strong continue to thrive [2] Group 2: Outlet Market Developments - There is a surge in outlet development, with projects like the 3 billion yuan Panda-themed outlet in Chengdu and a 4 billion yuan "Outlet + Amusement Park" complex in Dongguan [3] - Vipshop's outlet same-store sales have seen double-digit growth, and the company is initiating a 3.48 billion yuan REIT fundraising, reflecting strong market confidence in this sector [3] - The trend indicates a rising concentration in the industry, with large-scale, themed, and experiential projects becoming the norm, putting pressure on smaller, homogeneous traditional outlets [3] Group 3: Retail Sector Transformation - Traditional retail is undergoing significant changes, with companies like Bubugao reporting a net profit of over 200 million yuan, largely due to adopting the "Fat Donglai model" which involves closing inefficient stores and revamping potential ones [4] - The first "Fat Donglai self-reform" store by Metro in Beijing has opened, confirming the replicability of this model [4] - In contrast, brands lacking differentiation and user experience, such as GU and Tsutaya Bookstore, are facing closures, indicating a shift towards user experience-centric retail [4] Group 4: Duty-Free Market Growth - The opening of the first city duty-free stores in Shenzhen and Guangzhou marks a significant development in the duty-free economy, following the implementation of new policies [5] - South Korea's announcement of visa-free entry for Chinese group tourists is expected to boost duty-free shopping, with Lotte Duty-Free strengthening partnerships with Chinese travel agencies [5] - City duty-free stores are anticipated to become a new engine for high-end consumption, creating new shopping experiences through a combination of "duty-free + consumption + experience" [5] Group 5: Consumer Spending Trends - In July, the total retail sales of consumer goods grew by 3.7%, with online retail sales increasing by 9.2% from January to July, accounting for 24.9% of total retail sales [6][7] - Companies like 361 Degrees reported a 45% growth in e-commerce business, while Moutai's net profit increased by 8.89%, indicating resilience in high-end brands [6][7] - The restaurant sector saw only a 1.1% increase in revenue, suggesting consumers are becoming more cautious with service-related spending [6][7]

Core Viewpoint - The Hong Kong Cheng family, facing a debt crisis, is negotiating a $2.5 billion financing deal with Blackstone Group, which may involve preferred/common stock investments or a joint privatization [1][4]. Group 1: Financial Situation of New World Development - New World Development announced a delay in interest payments on four perpetual bonds issued by its subsidiary, amounting to $3.4 billion [3][4]. - This marks the first debt issue for New World Development since its listing, which could lead to increased debt rates and affect refinancing negotiations with banks [4][10]. - The company's net debt ratio has risen from below 30% to around 50%, with losses and asset impairments expected in 2024 [10]. Group 2: Historical Context and Strategic Decisions - The Cheng family's strategic missteps, including aggressive expansion and misjudgment of market trends, have led to significant financial challenges [9][10]. - The transition of leadership from Cheng Yu-tung to his son Cheng Ka-shun in 2011 marked a shift in strategy, but subsequent decisions have not aligned well with market realities [6][9]. - The family's reliance on a heavy asset model, particularly in the K11 shopping mall expansion, has resulted in long payback periods and cash flow issues [9][10]. Group 3: Blackstone Group's Interest and Market Position - Blackstone Group has a history of involvement with the Cheng family, having previously sold a significant stake in a shopping center to New World Development [6][19]. - The firm has shown a keen interest in the Asia-Pacific real estate market, with a record $1.2 trillion in assets under management as of Q2 2025, and a total investment of $145 billion in the past year [14][16]. - Blackstone's investment strategy includes acquiring mature assets and optimizing operations to enhance value, as demonstrated by its successful investments in Japan and other markets [16][19].

Market Overview - The debt-driven sell-off trend in the commercial real estate market is expected to continue, but merely lowering prices will not resolve the core issues [2] - The vacancy rate for Grade A office buildings remains high and shows signs of increasing differentiation, with first-tier cities experiencing overall vacancy rates between 16.9% and 27.8% [2] - Beijing has the lowest vacancy rate among first-tier cities at 16.9%, down from 18.3% at the end of 2024, indicating a potential for further decline in vacancy rates due to no new supply entering the market [2] Demand Dynamics - In Q2 2025, the TMT sector accounted for 55.2% of the leasing transaction area in Beijing's Grade A office market, driven by significant new leases from AI and telecommunications companies [3] - The TMT sector also leads leasing demand in Shanghai, Guangzhou, and Shenzhen, with respective shares of 22.7%, 37.4%, and 18.7% [3] - Other notable sectors include professional services and finance, which are also significant contributors to leasing demand in these cities [3] Asset Transactions - New World Development is reportedly selling part of the K11 office building in Shanghai, with a listing price of 2.85 billion yuan for approximately 81,000 square meters, although the company has denied these claims [4][5] - The company is focusing on asset disposals as a strategy to optimize its capital structure and alleviate liquidity pressures, planning to sell several landmark assets in mainland China [5][6] - Recent asset transactions indicate a decline in both the number of transactions and total transaction value, with only two commercial asset transactions totaling 816 million yuan during the reporting period [7] Transaction Case Studies - The largest transaction during the period was the acquisition of the Taihe Shanghai Headquarters building for approximately 660 million yuan, with a unit price of about 36,100 yuan per square meter [8] - The market is witnessing a trend of judicial auctions and debt-related transactions, with many assets being sold at significant discounts due to ongoing liquidity crises among real estate companies [8][9] - The current market mismatch is characterized by an oversupply of assets and a scarcity of quality assets, with investors favoring clear-title, well-operated properties in core urban areas [9]

Core Viewpoint - New World Development is facing financial difficulties and is reportedly in talks with Blackstone Group for a potential financing agreement, which may involve a privatization offer, although the company has denied these rumors [1][2][4]. Group 1: Financial Situation - New World Development's total debt exceeds HKD 151 billion, with short-term debt over HKD 32 billion and a net debt ratio of 57.5%, up from less than 30% in the fiscal year 2018 [10]. - The company reported a shareholder loss of approximately HKD 19.68 billion for the fiscal year 2024 and over HKD 6.6 billion for the mid-term of fiscal year 2025 [11]. Group 2: Asset Management and Financing - New World Development is seeking to improve liquidity by disposing of assets and refinancing, having signed a new refinancing agreement involving HKD 88.2 billion of existing unsecured offshore debt [12]. - The new agreement extends some debt maturities to 2028 and requires core assets as collateral [13]. - The company has accelerated the sale of its real estate projects in mainland China, including landmark buildings in Hangzhou, Shenzhen, and Shanghai, as part of the refinancing strategy [13]. - In 2024, New World sold its entire interest in Tsuen Wan's Citywalk mall and parking lot for HKD 4.02 billion to raise cash [14]. Group 3: Market Reaction - Following the denial of privatization rumors, New World Development's stock experienced significant fluctuations, with a rise of over 20% on August 7 and approximately 10% on August 8 [8].

Core Viewpoint - New World Development is facing financial difficulties and has been rumored to be in talks with Blackstone Group regarding a potential financing agreement, which may include a privatization offer, although the company has denied these claims [2][4][5]. Group 1: Financial Situation - As of the end of 2024, New World Development's total debt exceeds HKD 151 billion, with short-term debt over HKD 32 billion; the net debt ratio has reached 57.5%, compared to less than 30% in the fiscal year 2018 [11]. - The company reported a shareholder loss of approximately HKD 19.68 billion for the fiscal year 2024 and over HKD 6.6 billion for the mid-fiscal year 2025 [11]. Group 2: Asset Management and Financing - New World Development is seeking to alleviate liquidity issues through asset sales and refinancing; a new refinancing agreement was signed with bank creditors involving HKD 88.2 billion of existing unsecured offshore debt [12]. - The new agreement extends some debt maturities to 2028 and requires core assets as collateral; the company is accelerating the sale of its real estate projects in mainland China [13]. - In 2024, New World sold its entire interest in Tsuen Wan's Joy City Mall and parking lot for HKD 4.02 billion to raise cash [13]. Group 3: Market Reaction - Following the privatization rumors, New World Development's stock price saw significant increases, with a rise of over 20% on August 7 and approximately 10% on August 8 [8].

海南：推动优化离岛免税政策 拓宽"即购即提"商品清单目录 8月4日，海南省人民政府办公厅发布关于印发《海南省加快构建具有特色和优势现代化产业体系三年行 动方案（2025-2027年）》的通知。《通知》提到，做好"三篇境外消费回流文章"。打赢免税购物主动 仗，推动优化离岛免税政策，拓宽"即购即提"商品清单目录。擦亮"留学海南"品牌，持续招引境外优质 教育资源，打造"1+3+N"学科专业核心竞争力，力争2027年陵水黎安国际教育创新试验区师生人数达到 18000人。加快推进境外医疗消费回流，持续推动临床真实世界数据应用试点工作走深走实，每年力争 2-4个真实世界研究试点产品获批国内上市，争取每年引进国际创新药械不少于40种，到2027年医疗旅 游人数突破150万人次。 上海虹桥前湾印象城MEGA将于年底正式亮相 8月4日消息，广东中山南区希尔顿花园酒店将于本月启幕迎客。该酒店坐落于南区街道城南一路1号， 楼高17层，内含174间豪华客房（含2间套房、16间家庭房）。据悉，希尔顿花园酒店是希尔顿集团旗下 高端精选服务酒店品牌的全新升级之作。此前，该版本已在重庆、三亚、哈尔滨等城市亮相。（中山发 布、中山南区） 京东 ...

Core Viewpoint - New World Development's stock surged over 20% on August 7, indicating a potential recovery in the Hong Kong real estate market, driven by negotiations for a $2.5 billion financing deal with Blackstone Group [1][2]. Group 1: Financing and Market Response - New World Development and its controlling shareholder, the Cheng family, are in talks with Blackstone Group regarding a potential financing deal that could involve preferred or common stock [1][2]. - The company's dollar bonds saw a significant increase, with some rising approximately 2 cents, and the price of its 4.5% notes maturing in 2030 reaching about 53 cents, marking the largest increase in two months [2]. - The negotiations are still in the early stages, and the outcome remains uncertain [2]. Group 2: Market Conditions and Performance - New World Development has faced a challenging few years in the Hong Kong and mainland real estate markets, accumulating a high debt burden and reporting its first loss in 20 years for the fiscal year ending June [3]. - The company has delayed interest payments on four perpetual bonds and has secured bank commitments for refinancing HKD 87.5 billion in loans [3]. - The Hong Kong real estate sector has shown signs of recovery, with a 40% increase since early April, and recent reports indicate a rise in transaction volumes for both new and second-hand residential properties [4]. Group 3: Future Outlook - Analysts suggest that if Blackstone intervenes in New World's debt restructuring, it could provide a significant boost to the Hong Kong property market [4]. - In June, the number of new private residential transactions in Hong Kong increased by 28% month-on-month, while second-hand transactions rose by 11% [4]. - The total value of property transactions in July was HKD 54.6 billion, down 17.8% from June but up 28% year-on-year [5]. - The Hong Kong government is considering easing restrictions on fund transfers for mainland talent buying property, which could further stimulate the market [5].

Core Viewpoint - New World Development has clarified that there have been no acquisition offers from its major shareholder or Blackstone Group, despite media speculation regarding potential privatization [2] Group 1: Asset Sales and Financial Situation - Recent reports indicate that New World Development is in discussions to sell its 11SKIES shopping center at Hong Kong International Airport to alleviate liquidity issues, with an estimated sale price exceeding HKD 10 billion [4][5] - The 11SKIES complex spans approximately 380,000 square feet and is a significant commercial asset near the Hong Kong-Zhuhai-Macao Bridge [5] - Additionally, there are rumors of New World Development seeking to sell the office portion of its K11 property on Huaihai Middle Road in Shanghai, with a total sale price of approximately CNY 2.85 billion [5][6] Group 2: Financial Performance and Debt Management - For the fiscal year ending June 2024, New World Development reported a significant loss, marking its first loss in nearly 20 years, with revenue declining by 34% to HKD 35.8 billion and a net loss of HKD 171 billion [7] - The company's debt-to-asset ratio stood at 49.33%, failing to meet its target of below 40%, with total debt amounting to HKD 151.6 billion, of which HKD 41.6 billion is short-term debt [8] - In May 2024, New World Development announced a delay in interest payments on four perpetual bonds totaling USD 3.4 billion, leading to a decline in both stock and bond prices [9] - The company successfully refinanced HKD 88.2 billion in loans by June 2024, with the earliest maturity date set for June 30, 2028, temporarily alleviating financial pressures [9]

本公司谨此澄清，尚未有任何人士(包括本公司控股股东及黑石集团)就收购本公司股份的要约与本公司 接触。 公司将根据上市规则、证券及期货条例(第571章)及╱或其他适用法律法规的披露要求，适时另行刊发 进一步公告。 本公司将根据上市规则、证券及期货条例(第571章)及╱或其他适用法律法规的披露要求，适时另行刊 发进一步公告。 兹建议股东、其他证券持有人及潜在投资者不要依赖有关本集团的市场传言。有关本集团的任何资讯仅 应以本公司的官方公告为准。股东、其他证券持有人及潜在投资者于买卖本公司证券时务请审慎行事。 8月7日，新世界发展发布公告称，本公司获悉部份媒体报导揣测本公司控股股东及黑石集团可能对本公 司提出私有化要约。 ...