Core Viewpoint - The Hong Kong real estate stocks have shown a significant upward trend, driven by recent policy optimizations aimed at supporting reasonable housing demand across various cities in China [1] Company Performance - Country Garden saw an increase of over 5% in its stock price, while China Overseas Macro Group rose by 4% and Ronshine China by 3.5% [2] - Other notable performers include Vanke Enterprises, Longfor Group, and Oceanwide Holdings, each rising nearly 3%, and China Jinmao increasing by 2% [2] Policy Developments - Multiple cities in China have recently optimized real estate policies, including Dongguan offering a subsidy of 2% of the total purchase price for eligible homebuyers, capped at 30,000 yuan [1] - Sichuan is implementing a "one city, one policy" approach to stabilize the real estate market, while Guangzhou has introduced new policies allowing property companies to sell self-held housing [1] - Major cities like Beijing, Shanghai, and Shenzhen have adjusted their purchase restrictions, indicating a broader trend of policy support for the housing market [1] - New first-tier cities are reportedly studying the latest real estate policies to further stimulate housing demand and enhance purchase support [1]

Core Viewpoint - New City Development (01030) announced the termination of a subscription agreement with the subscriber after further discussions, considering the current market conditions [1] Group 1: Subscription Agreement Termination - The company and the subscriber agreed to terminate the subscription agreement, effective from September 25, 2025 [1] - All rights, interests, obligations, and responsibilities of the parties involved in the subscription agreement will be concluded and terminated [1] - The board believes that the termination of the subscription agreement will not have any significant adverse impact on the group's business operations and financial condition [1]

Core Viewpoint - New City Development (01030) has decided not to proceed with the subscription matter after further discussions and consideration of the current market conditions [1] Group 1: Subscription Agreement Termination - On September 25, 2025, the company and the subscriber entered into a termination agreement, which stipulates that the subscription agreement will be terminated [1] - All rights, interests, obligations, and responsibilities of the parties involved in the subscription agreement will be concluded and terminated effective from September 25, 2025 [1] - The parties involved are prohibited from making any claims against each other regarding any matters arising from or related to the subscription agreement [1] Group 2: Impact on Business Operations - The board believes that the termination of the subscription agreement will not have any significant adverse impact on the group's business operations and financial condition [1]

SEAZEN GROUP LIMITED 新城發展控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 責 任 公 司） （股 份 代 號：1030） 終止認購協議 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 全部或任何部分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。 執行董事 周福東 中 國，2025年9月25日 於 本 公 告 日 期，董 事 包 括 執 行 董 事 呂 小 平 先 生、陸 忠 明 先 生 及 周 福 東 先 生，非 執 行 董 事 王 曉 松 先 生，獨 立 非 執 行 董 事 朱 增 進 先 生、鍾 偉 先 生 及 吳 科 女 士。 茲提述新城發展控股有限公司（「本公司」）日期為2025年8月31日 及2025年9月18 日 的 公 告，內 容 有 關 認 購 協 議 及 其 項 下 擬 進 行 的 交 易（「該等公告」）。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 與 該 等 公 告 所 界 定 者 ...

Group 1 - New City Development Holdings Limited issued $160 million of senior secured notes with a maturity of 2 years and a coupon rate of 11.88% [1] - The proceeds from the bond issuance will be used to repay existing debts and for daily operations [1] - This is the second dollar bond issuance by New City Development this year, following a $300 million senior unsecured bond issued in June with the same coupon rate [1] Group 2 - New City Development's parent company, New City Holdings, is likely issuing high-yield bonds to address upcoming dollar debt maturities [2] - As of the end of June, New City Holdings had non-current liabilities due within one year amounting to 13.788 billion yuan, an increase of 14.15% year-on-year [2] - New City Holdings has a remaining principal of $250 million on a public offshore bond that is due on October 15 [2]

Group 1 - Recent financing activities by real estate companies have accelerated, with New City Development issuing $160 million in guaranteed notes at an interest rate of 11.88% for a 2-year term [1] - Poly Developments plans to issue corporate bonds up to 15 billion yuan, with a maximum term of 10 years, aimed at repaying debts, supplementing working capital, and project development [1] - Wanda Group disclosed the issuance of 1 billion yuan in medium-term notes for a term not exceeding 5 years [1] Group 2 - The real estate sector is facing a debt peak in Q3 2025, with a total debt repayment of 525.7 billion yuan for the year, an 8.9% increase year-on-year, and nearly 160 billion yuan due in Q3 alone [1] - Despite a slight recovery in sales, the overall sales scale remains low, leading to cash collection pressures for real estate companies [1] - The financing cost for the industry is decreasing, with the average bond interest rate at 2.83% in the first half of 2025, and credit bonds averaging 2.61% [2] Group 3 - The successful issuance of debt instruments provides necessary liquidity for companies, alleviating the concentrated pressure of debt repayment peaks [3] - As more real estate companies attempt to restore market financing channels, overall industry confidence is expected to improve [3] - Companies with stable fundamentals and accessible financing channels are likely to alleviate pressure and reduce debt levels, while smaller firms need to be cautious with debt and investment [3]

Investment Rating - The report suggests a positive outlook on the RWA (Real World Assets) sector, indicating significant potential for growth and investment opportunities in the tokenization of real estate and other assets [5][12]. Core Insights - RWA represents an upgrade of asset securitization through blockchain technology, allowing for the tokenization of both tangible and intangible assets, thus enhancing liquidity and providing new financing channels [12][13]. - The global on-chain RWA market reached approximately $26.65 billion as of August 26, 2025, with private credit and U.S. Treasury bonds being the primary assets tokenized [5][10]. - The report emphasizes that the real estate sector is poised to become a key application area for RWA, driven by its inherent asset value retention and expected cash flow [5][12]. Summary by Sections 1. Definition and Advantages of RWA - RWA allows for the tokenization of real-world assets, breaking down investment barriers and enhancing liquidity [12][17]. - The advantages of RWA include increased asset liquidity, lower investment thresholds, and enhanced transaction transparency [17][19]. 2. Development History and Market Scale - RWA has evolved from concept to market realization since 2017, entering a rapid expansion phase since 2023 [5][10]. - The total scale of global on-chain RWA has surpassed $26.65 billion, with significant growth in issuance volumes [10][12]. 3. Issuance Process and Regulatory Environment - The RWA issuance process involves asset selection, on-chain integration, issuance and trading, and ongoing management [5][18]. - Regulatory frameworks vary globally, with strict regulations in Europe and the U.S., while regions like Hong Kong adopt more flexible approaches [5][18]. 4. Tokenization of Real Estate - The report highlights the potential of RWA in real estate, suggesting it could reshape investment logic and open new financing avenues [5][12]. - Case studies, such as the tokenization of a commercial property in Hong Kong, illustrate the practical applications and benefits of RWA in real estate [5][12]. 5. Investment Recommendations - The report recommends focusing on companies with substantial real estate holdings that can leverage RWA projects to enhance liquidity and asset valuation [5][12]. - Companies with regulatory advantages are also highlighted as potential leaders in the RWA space [5][12].

大摩发布研究报告称，新城发展(01030)上半年的财务业绩以及超出预期的发展业务利润率，对其盈利 预测和目标价进行了调整。该行上调新城发展目标价由1.97港元至2.22港元，评级维持"与大市同步"。 该行将新城发展2025年的毛利润率预测下调0.3个百分点，2026年上调3.9个百分点，2027年上调5.6个百 分点，分别为19.5%、27.2%和31.6%，反映了由于物业销售预订减少，资产减值低于预期。 此外，大摩亦将2025年的核心盈利预测上调4.1%，2026年上调3.0%，2027年上调2.6%，部分被低于预 期的销售、一般及行政费用(SG&A)以及利息支出的节省所抵消。考虑到上述因素以及改善的流动性状 况，将新城发展的净资产值(NAV)预估值上调至每股3.71元。 ...

该行将新城发展2025年的毛利润率预测下调0.3个百分点，2026年上调3.9个百分点，2027年上调5.6个百 分点，分别为19.5%、27.2%和31.6%，反映了由于物业销售预订减少，资产减值低于预期。 智通财经APP获悉，大摩发布研究报告称，新城发展(01030)上半年的财务业绩以及超出预期的发展业务 利润率，对其盈利预测和目标价进行了调整。该行上调新城发展目标价由1.97港元至2.22港元，评级维 持"与大市同步"。 此外，大摩亦将2025年的核心盈利预测上调4.1%，2026年上调3.0%，2027年上调2.6%，部分被低于预 期的销售、一般及行政费用(SG&A)以及利息支出的节省所抵消。考虑到上述因素以及改善的流动性状 况，将新城发展的净资产值(NAV)预估值上调至每股3.71元。 ...

Group 1 - The core viewpoint of the article highlights that the majority of Hong Kong's property stocks experienced an increase, with notable gains from companies such as Sunac China and Country Garden, which rose over 3% [1] - Other companies in the sector, including New World Development, China Overseas Land & Investment, Vanke, and Greentown China, also saw increases exceeding 2% [1]