Core Viewpoint - Real estate companies are actively seeking various financing methods to address cash flow challenges, with recent actions including share placements and high-yield overseas bonds [2][3][5]. Financing Actions - Huafa Group plans to raise up to 3 billion yuan through a private placement of A-shares, primarily to fund ongoing projects [3]. - New City Development intends to raise 469 million HKD through a discounted share placement, with proceeds aimed at future development and debt repayment [3]. - Dalian Wanda Commercial Management issued a high-yield USD bond worth 360 million USD at a coupon rate of 12.75%, marking its return to overseas debt issuance after three years [5][6]. Financing Environment - The financing environment for real estate companies remains challenging, with a significant disparity between state-owned enterprises and private firms in accessing funds [8][10]. - Recent data indicates that financing for 65 typical real estate companies totaled 240.78 billion yuan in December 2025, with an annual total of 4,143.14 billion yuan, reflecting a low level of financing activity [8]. - The introduction of a financing coordination mechanism by regulatory authorities aims to improve the financing landscape, allowing certain projects to extend loan terms significantly [8][9]. Future Trends - The "lead bank system" is emerging as a new financing model, where a designated bank or syndicate will oversee project financing, ensuring that funds are managed effectively [9][10]. - Companies that can demonstrate strong asset quality and stable cash flows are expected to benefit from improved financing conditions in the future [10].

来源：环球网 【政策要闻】 上海启动收购二手住房用于保障性租赁住房工作 2月2日，中国建设银行上海市分行牵头的上海首批二手住房收购用于保障性租赁住房项目签约仪式举 行，浦东新区、静安区、徐汇区正式启动试点实操，这是上海以市场化手段盘活存量房源的创新举措。 此次试点将与"一年内卖旧买新可退个税"政策协同，降低居民置换成本。 深圳召开城市更新现场推进会 部署高质量发展工作 2月5日，深圳市召开城市更新工作现场推进会。会议强调，城市更新是推动城市高质量发展的系统性战 略抓手，要坚持人民城市理念，落实国家和省市相关政策，因地制宜推进城市有机更新，促进结构优 化、动能转换、品质提升和绿色转型。会议要求加强全市统筹和资源要素保障，强化质量安全监管，加 快建设安全、舒适、绿色、智慧的"好房子"，打造高品质生产、生活和生态空间；同时凝聚政府、市场 和公众合力，完善多元化投融资和金融支持机制，加快构建房地产发展新模式，为"十五五"良好开局夯 实基础。 福建阶段性实施多孩家庭、商办用房等购房补助政策 2月2日，福建省住房和城乡建设厅发布《关于进一步促进房地产市场稳定发展的若干意见》，提出实施 多元化购房补贴政策。意见支持各地结合 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting the recovery potential of quality real estate companies and commercial real estate [2][31]. Core Insights - The report indicates that the real estate sector is approaching a bottom in its fundamentals after a deep adjustment, with recent central government policies aimed at stabilizing the market. The report emphasizes the importance of quality real estate companies, predicting that their profit recovery will occur sooner and be more resilient [2][31]. - The report recommends several quality real estate companies and commercial real estate firms, including Jianfa International, Binjiang Group, Greentown China, China Jinmao, and Poly Development, as well as commercial real estate firms like New City Holdings and China Resources Land [2][31]. Industry Data Summary New Home Transactions - In the week of January 31 to February 6, 2026, new home transactions in 34 key cities totaled 1.974 million square meters, a week-on-week decrease of 6.9%. The transaction volume in first and second-tier cities decreased by 3.1%, while third and fourth-tier cities saw a significant drop of 39.4% [3][4]. - Year-on-year, new home transactions in February increased by 327.2%, with first and second-tier cities up by 347.8% and third and fourth-tier cities up by 168.9% [4][10]. Second-Hand Home Transactions - In the same week, second-hand home transactions in 13 key cities totaled 1.198 million square meters, also down by 6.9% week-on-week. However, year-to-date transactions showed a 27.4% increase compared to the previous year [10][31]. Inventory and Supply - The report notes that 15 cities had a total of 290,000 square meters of new supply, with a sales-to-supply ratio of 2.62 times. The total available residential area in these cities was 88.525 million square meters, reflecting a slight decrease of 0.52% [21][31]. Policy and News Tracking - The report highlights significant policy developments, including the acceleration of commercial real estate REITs applications, with over 10 applications submitted to exchanges as of February 6, 2026. Additionally, Shanghai is advancing the acquisition of second-hand homes for rental housing, with pilot areas identified [31][32]. - Various regions, including Tianjin, Sichuan, and Hainan, have adjusted the minimum down payment ratio for commercial property loans to no less than 30% [31][32].

摩根士丹利发表研报指，新城发展宣布通过配售1.98亿股股份(稀释率2.73%)，以每股2.39港元筹集约47 亿港元；认为此举将进一步降低市场对其偿还5月份到期、约4亿美元离岸债券之流动性风险担忧，或推 动股价从目前2026、2027年经常性盈利6倍、5.6倍预测市盈率进一步上调。大摩表示，集团在低线城市 购物中心的强劲营运能力或受益于十五五消费刺激计划，并在更高市场份额下维持高单位数租金增长； 预测随着房地产销售减少，集团发展中物业对业绩的拖累将减轻，未来三年盈利将反弹。大摩予其目标 价2.81港元，评级"增持"。 ...

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation of 118.5 billion yuan at a fixed rate of 1.40%, with a total bid amount of 118.5 billion yuan and a successful bid amount of 118.5 billion yuan [1] - Additionally, a 14-day reverse repurchase operation of 300 billion yuan was conducted using a fixed quantity and multi-price bidding method [1] - On the same day, 354 billion yuan of reverse repos matured, resulting in a net injection of 64.5 billion yuan, or a net withdrawal of 235.5 billion yuan if excluding the 14-day operation [1] Group 2: Market Liquidity - The interbank market liquidity remains stable but slightly loose, with the weighted average rate of DR001 staying around 1.32% [3] - Overnight quotes in the anonymous click (X-repo) system are around 1.3%, indicating ample supply; non-bank institutions are borrowing overnight against credit bonds at rates around 1.5% or slightly lower [3] - The latest overnight financing rate in the U.S. is reported at 3.69% [3] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is around 1.60%, showing a slight decline from the previous day [6] Group 4: Bond Market Overview - Major interest rate bonds in the interbank market have generally seen a decline in yields [8] - The closing prices for government bond futures indicate a rise, with the 30-year main contract up by 0.38%, the 10-year main contract up by 0.08%, the 5-year main contract up by 0.07%, and the 2-year main contract up by 0.04% [14] Group 5: Recent News and Developments - The Ministry of Finance, General Administration of Customs, and State Taxation Administration jointly issued a notice regarding tax exemptions for residents of Hainan Free Trade Port on imported goods within specified limits [12] - The U.S. has officially formed a critical minerals alliance, emphasizing the importance of maintaining a stable and secure global supply chain for critical minerals [12] - U.S. Treasury Secretary Basant noted continued significant inflows of foreign capital into U.S. Treasury bonds and the stock market [15]

摩根士丹利券发布研报称，新城发展(01030)宣布通过配售1.98亿股股份(稀释率2.73%)，以每股2.39港元 筹集约47亿港元。认为此举将进一步降低市场对其偿还5月份到期、约4亿美元离岸债券之流动性风险担 忧，或推动股价从目前2026、2027年经常性盈利6倍、5.6倍预测市盈率进一步上调。予以目标价2.81港 元，评级为"增持"。 大摩表示，集团在低线城市购物中心的强劲营运能力或受益于"十五五"消费刺激计划，并在更高市场份 额下维持高单位数租金增长。预测随着房地产销售减少，集团发展中物业对业绩的拖累将减轻，未来三 年盈利将反弹。 ...

智通财经APP获悉，摩根士丹利券发布研报称，新城发展(01030)宣布通过配售1.98亿股股份(稀释率 2.73%)，以每股2.39港元筹集约47亿港元。认为此举将进一步降低市场对其偿还5月份到期、约4亿美元 离岸债券之流动性风险担忧，或推动股价从目前2026、2027年经常性盈利6倍、5.6倍预测市盈率进一步 上调。予以目标价2.81港元，评级为"增持"。 大摩表示，集团在低线城市购物中心的强劲营运能力或受益于"十五五"消费刺激计划，并在更高市场份 额下维持高单位数租金增长。预测随着房地产销售减少，集团发展中物业对业绩的拖累将减轻，未来三 年盈利将反弹。 ...

知情人士称，新城控股旗下一笔本金4亿美元的境外债券将于今年5月到期，该公司观察是否有部分以新 换旧的可能性，据悉目前以交流公司经营情况为主，没有确切的发债计划。 新城发展成，本次认购事项所得款项净额约4.69亿港元，拟用于本集团的未来发展、偿还本公司日后到 期的债务及用作本集团一般营运资金。 与此同时，智通财经独家获悉，新城发展和其控股的新城控股（601155.SH）将于下周初在中国香港举 行非交易性质的路演活动，交流对象为基金、银行等金融机构，意在了解目前市场和政策面回暖的形势 下，境外投资者对民营房企外币融资的态度。 来源：智通财经 2月5日，新城发展（01030.HK）发布公告，与控股股东富域香港投资有限公司及配售代理订立配售及 认购协议，将通过先旧后新方式配售1.98亿股现有股份，配售价为每股2.39港元。 公告显示，配售价较公告前最后交易日2.81港元的收市价折让14.95%；较协议日前最后5个连续交易日 每股2.62港元的均价折让8.85%；较协议日前最后10个连续交易日每股2.45港元的均价折让2.45%。 公开信息显示，2025年新城系合计发行三笔美元债。去年6月，新城控股母公司新城发展发行3 ...

从投资人方面获悉，2月5日，新城发展向9名机构投资者配售1.98亿股，每股配售价2.39港元，共募集资 金4.73亿港元。本次募集资金主要用于未来业务发展及日常营运需求，以改善公司流动性。 来源：滚动播报 ...

新城发展(1030.HK)盘中放量大跌超14%至2.41港元。消息面上，公司拟以先旧后新方式配售1.98亿股股份，占扩大后股本约2.73%；每股配股价2.39港 元，较昨日收市价2.81港元折让14.95%，集资4.73亿港元。公司拟将所得款项净额约4.69亿港元，用于集团的未来发展、偿还公司日后到期的债务及用作 一般营运资金。 ...