Core Insights - The investigation into the financial transactions between New城控股 and New城悦服务 has revealed significant undisclosed related-party transactions amounting to 6.97 billion yuan, which were previously misreported as "not applicable" in financial statements [2][4][6] - The transactions were orchestrated by former executive director Yang Bo, who bypassed regulatory approval processes to address New城控股's short-term funding needs [2][7] - New城悦服务 has dismissed Yang Bo and is enhancing internal controls following the investigation's findings [3][7] Financial Transactions - New城控股 corrected its financial statements to reflect related-party borrowings of 1.8 billion yuan in 2023 and 5.17 billion yuan in 2024, totaling 6.97 billion yuan in transactions [2][4][6] - The independent audit revealed discrepancies in bank transaction records, with a total of 2.27 billion yuan in undisclosed related-party transactions identified [4][5] - The highest outstanding amounts during the year were 700 million yuan and 800 million yuan for 2023 and 2024, respectively, but all funds were repaid by year-end [6] Corporate Governance - The investigation was initiated by New城悦服务's independent committee and involved extensive data collection and interviews with key personnel [5] - The findings indicated that only Yang Bo was involved in the unauthorized transactions, while other executives were not implicated [7] - New城悦服务 has committed to strengthening its internal controls to prevent future occurrences of similar issues [7] Financial Pressure on New城控股 - New城控股 faces significant financial pressure, with 13.55 billion yuan in debts maturing within a year and a funding gap of 4.367 billion yuan [8][12] - Approximately 60% of New城悦服务's property management revenue is derived from New城控股, highlighting the dependency between the two companies [9][10] - As of June, New城控股 had a total interest-bearing debt of 52.276 billion yuan, with only 9.183 billion yuan in cash available, indicating a liquidity challenge [12] Future Outlook - New城控股 has been actively pursuing various financing options, including public REITs and asset-backed securities, to manage its debt obligations [13] - The company issued a new bond of 160 million USD at an interest rate of 11.88% to refinance its maturing offshore debt [14] - The recent exposure of related-party transactions raises concerns about New城控股's ability to maintain its zero-default record and secure future funding from related entities [15]

北京商报讯（记者 王寅浩 李晗）10月9日，新城控股（601155）发布公告称，公司境外子公司NEW METRO GLOBAL LIMITED于10月2日完成发行1.6亿美元无抵押固定利率债券，期限2年，票面年息 11.88%，每半年支付一次。 根据公告，债券募集资金主要用于偿还公司一年内到期的境外中长期债务。债券已于10月1日在新加坡 证券交易所上市。 ...

证券代码：601155 证券简称：新城控股 编号：2025-046 新城控股集团股份有限公司 关于境外子公司发行境外美元债券的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2025年5月26日，新城控股集团股份有限公司（以下简称"公司"）召开公司 2024年年度股东大会，审议通过了《关于公司开展直接融资工作的议案》，授权公 司（含控股子公司）在不超过人民币200亿元（含境外等值外币）的规模下在境内 外开展直接融资工作，并根据《股票上市规则》、《公司章程》等的相关规定为子 公司提供相应担保，详见《公司2024年年度股东大会决议公告》（编号：2025- 033）。公司控股股东富域发展集团有限公司已于2025年4月16日收到国家发展和改 革委员会出具的《企业借用外债备案登记证明》（编号为"发改办外债〔2025〕 196号"），载明公司境外特殊目的子公司可于境外发行中长期美元债券。 2025年10月2日，公司境外子公司NEW METRO GLOBAL LIMITED（以下简 称"新城環球"）完成在境外发行总额为1.60亿美元的 ...

Core Viewpoint - New Metro Global Limited, a subsidiary of the company, successfully issued USD 160 million in unsecured fixed-rate bonds with a 2-year maturity and an annual interest rate of 11.88% [1] Group 1: Bond Issuance Details - The bond issuance was completed on October 2, with a total amount of USD 160 million [1] - The bonds have a maturity period of 2 years and pay interest semi-annually [1] - The bonds are rated B- by Standard & Poor's [1] Group 2: Use of Proceeds - The funds raised from the bond issuance will primarily be used to repay the company's overseas medium to long-term debts that are due within one year [1] Group 3: Guarantee and Listing - The company and its indirect controlling shareholder, New City Development, provide unconditional and irrevocable joint liability guarantees for the bonds [1] - The bonds were listed on the Singapore Stock Exchange on October 1 [1]

Core Insights - The real estate development sector experienced a decline of 1.34% on October 9, with Shen Shen Fang A leading the drop [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - Notable gainers in the real estate sector included: - Daming City (600094) with a closing price of 4.86, up 8.48% on a trading volume of 757,500 shares and a turnover of 368 million [1] - Hefei Urban Construction (002208) closed at 8.37, up 7.31% with a trading volume of 1,394,600 shares and a turnover of 1.173 billion [1] - Wolong New Energy (600173) closed at 9.45, up 5.94% with a trading volume of 897,200 shares and a turnover of 828 million [1] - Major decliners included: - Shen Shen Fang A (000029) with a closing price of 30.22, down 10.01% on a trading volume of 112,700 shares and a turnover of 348 million [2] - Zhangjiang Changke (600895) closed at 49.46, down 9.99% with a trading volume of 1,475,800 shares and a turnover of 741.5 million [2] - New Town Holdings (601155) closed at 15.32, down 5.72% with a trading volume of 357,200 shares and a turnover of 54.9 million [2] Capital Flow - The real estate development sector saw a net outflow of 882 million from institutional investors, while retail investors contributed a net inflow of 49.1 million [2] - Key stocks with significant capital flow included: - Wolong New Energy (600173) with a net inflow of 1.19 billion from institutional investors, but a net outflow of 1.05 billion from retail investors [3] - Wanfang Development (600246) had a net inflow of 89.19 million from institutional investors, but a net outflow of 75.61 million from retail investors [3] - Hefei Urban Construction (002208) saw a net inflow of 82.03 million from institutional investors, with a net outflow of 16.89 million from retail investors [3]

Group 1 - Real estate stocks experienced a decline throughout the day, with Zhangjiang Hi-Tech hitting the daily limit down, and New Town Holdings and Huafa Group dropping over 6% [1] - The real estate ETFs fell by more than 3%, indicating a broader market impact [1] Group 2 - Specific real estate ETFs reported the following prices and changes: - 159707 Real Estate ETF at 0.699, down 0.027, a decrease of 3.72% - 159768 at 0.629, down 0.024, a decrease of 3.68% [2] - Analysts suggest that the policy focus in the second half of the year will primarily be on land acquisition policies, with special bonds expected to expedite the acquisition of idle land and progress on existing housing, aligning with the goal of optimizing existing stock [2] - Urban village renovations are anticipated to accelerate inventory digestion and optimize supply-demand structure, with expectations for increased progress in the second half of the year [2]

Group 1 - The company disclosed a correction to its 2024 annual report due to staff oversight, specifically in the section regarding related party transactions [1] - The corrected section now includes details on borrowing from related parties, with a maximum daily balance of 700 million yuan in 2023 and 800 million yuan in 2024, both with a year-end balance of 0 [1] - The company emphasized that the correction will not impact its financial condition or operating results for the 2024 fiscal year [2] Group 2 - The company expressed apologies for any inconvenience caused to investors due to the correction and committed to improving the accuracy and rigor of its information disclosure in the future [2]

Group 1 - New City Holdings (601155.SH) corrected its 2024 annual report regarding related party fund borrowing, revealing that there were borrowing activities in 2023 and 2024, with a maximum borrowing balance of 700 million yuan in 2023 and 800 million yuan in 2024, but ending balances for both years were zero [1] - The company stated that all borrowings were repaid within the same month, except for one borrowing in 2023 that was repaid the following month [1] Group 2 - New City Yuyue Service Group Limited (1755.HK) announced the results of an independent forensic investigation, confirming undisclosed related party transactions totaling 1.8 billion yuan in 2023 and 5.17 billion yuan in 2024, primarily to alleviate New City Holdings' short-term liquidity needs [2] - The investigation revealed that the transactions were orchestrated by former executive director Yang Bo and a management personnel from New City Holdings, who circumvented internal electronic approval processes using paper approvals, and relevant transaction records were deliberately deleted [2] - Following the investigation, New City Yuyue Service's board dismissed Yang Bo from his positions as executive director and chief operating officer, and trading of New City Yuyue Service shares remains suspended with no set date for resumption [2]

Investment Rating - The report maintains an "Overweight" rating for the real estate and property management sectors, indicating a positive outlook for quality real estate companies in core cities [5]. Core Insights - In September 2025, the decline in sales for real estate companies narrowed, with a year-on-year decrease of 10% for monthly sales and 17% for cumulative sales, showing an improvement compared to previous months [5]. - The top three companies in monthly sales for September were Poly Developments (20.5 billion), China Overseas (20.2 billion), and China Resources (17.6 billion), with several companies like Jianfa and Jinmao showing growth against the trend [5]. - The report highlights a structural differentiation in the domestic sales market, with first and second-tier cities performing better than third and fourth-tier cities, suggesting a "structurally strong and weak overall" market outlook [5]. Summary by Sections Sales Performance - In September 2025, 50 real estate companies achieved a total sales amount of 180.2 billion, with a year-on-year decrease of 10% [5]. - Cumulative sales from January to September 2025 reached 1,740.3 billion, reflecting a 17% year-on-year decline [5]. Policy Impact - The report notes that government policies aimed at stabilizing the market have begun to take effect, leading to a significant narrowing of the sales decline in Q4 2024 [5]. - Policies include increased support for quality housing and the relaxation of purchase restrictions in major cities [5]. Investment Recommendations - The report recommends focusing on quality real estate companies such as Jianfa International, Binhai Group, China Resources, and others for potential investment opportunities [5]. - It also suggests looking into undervalued commercial real estate firms and property management companies for investment [5].

Core Viewpoint - New City Services Group Limited has faced a suspension due to an investigation into related party transactions, delaying its 2024 performance report [1] Group 1: Investigation and Findings - An independent investigation committee has submitted its report and recommendations to the board of New City Services [1] - The investigation revealed inconsistencies between transaction records of five bank accounts and internal billing records, attributed to the deletion of related party transaction records by personnel within New City Services [1]