Core Viewpoint - New City Holdings has successfully issued a second tranche of medium-term notes for 2025, indicating a recovery in its financing capabilities amid an improving environment for real estate companies [2][3] Group 1: Financing Activities - On September 25, New City Holdings issued medium-term notes worth 900 million yuan with a subscription multiple of 1.5 times and a coupon rate of 3.29% for a 5-year term [2] - Earlier in August, the company issued another medium-term note of 1 billion yuan with a subscription multiple of 2.28 times and a lower coupon rate of 2.68% [2] - On September 23, a wholly-owned subsidiary, New City Global, issued $160 million in senior secured notes with a 2-year term, backed by New City Holdings and its parent company [2] - In June, New City Development successfully issued $300 million in senior unsecured bonds, marking a significant return to overseas capital market financing for private real estate companies [2] Group 2: Financial Performance - For the first half of 2025, New City Holdings reported revenue of 22.1 billion yuan and a net profit attributable to shareholders of 895 million yuan, with a gross margin of 26.85%, an increase of 5.25 percentage points year-on-year [3] - The company maintained a cash balance of 10.296 billion yuan and a low net debt ratio of 52.44%, indicating a strong financial position [3] - Operating cash flow for the period was 1.512 billion yuan, reflecting efficient cash management [3] Group 3: Commercial Operations - New City Holdings achieved commercial operating revenue of 6.944 billion yuan in the first half of 2025, representing an 11.8% year-on-year growth [3] - The gross profit from property leasing and management reached 4.573 billion yuan, increasing its contribution to total gross profit from 57.21% to 77.06%, with a gross margin of 71.20% [3] - The occupancy rate of Wuyue Plaza remained high at 97.81%, setting a benchmark for operational efficiency in the industry [3] Group 4: Market Confidence - Analysts from China Galaxy noted that New City Holdings has improved its sales prices and achieved a cash recovery rate exceeding 100%, indicating effective operations [3] - The company has maintained a strong commercial performance with double-digit growth in commercial revenue and high occupancy rates [3] - Moody's upgraded the rating outlook for New City Development to positive in June, reflecting confidence in the company's performance and stable financial structure [3]

Core Viewpoint - The real estate industry is experiencing a positive shift in financing, with several companies successfully issuing bonds and notes, which is expected to enhance cash flow and restore market confidence during a period of deep adjustment [1][2][4]. Financing Developments - New City Development's subsidiary issued $160 million in secured notes, Poly Developments plans to issue up to 15 billion yuan in corporate bonds, and Wanda Group disclosed the issuance of 1 billion yuan in medium-term notes [1]. - The total bond financing for real estate companies reached 380.89 billion yuan in the first eight months of 2025, showing a slight year-on-year increase of 0.8% [1]. Credit Bond Market - Credit bonds are the mainstay of financing, accounting for 60.1% of the total financing structure, with 229.09 billion yuan raised in the first eight months [1]. - Companies are using credit bonds to replace high-interest debt, thereby reducing financing costs and alleviating debt pressure [2]. Project Financing and Support - The establishment of a "white list" mechanism for project financing has expanded the scale of financing, with over 7 trillion yuan supporting nearly 20 million housing units [2]. - The new financing model focuses on real estate projects rather than companies, ensuring reasonable financing needs are met while managing financial risks [2]. Innovative Financing Tools - The use of various innovative financing tools, such as operating property loans and public REITs, is shifting real estate financing from relying on new capital to activating existing assets [3]. - Major companies like China Merchants Shekou and Longfor Group have secured hundreds of billions in operating property loans to enhance liquidity and accelerate project delivery [3]. Overseas Financing - The successful issuance of $300 million in senior unsecured bonds by New City Holdings marked a significant step for private real estate companies in re-entering overseas capital markets [4]. - The issuance of $160 million in secured notes by New City Development's subsidiary is seen as a signal of improved market expectations for private real estate companies [4]. Future Outlook - The ongoing improvement in financing conditions is expected to support the stabilization of the real estate market and assist companies in transitioning to a dual development model of both development and operation [4]. - Companies are urged to utilize the newly available funds effectively to maintain the "guarantee delivery" principle and restore buyer confidence [4].

Core Viewpoint - New City Holdings is focusing on enhancing commercial operations and building a collaborative ecosystem through its "Wuyue Management Five-Step Method" and the "Yuelian Plan" to adapt to the challenges in the commercial real estate sector [1][4][6]. Group 1: Wuyue Management Five-Step Method - The "Wuyue Management Five-Step Method" emphasizes refined and professional operations in commercial real estate, consisting of "Build Good Space, Organize Content, Find Brands, Achieve High Sales, Share Profits" [2][3]. - "Build Good Space" focuses on creating quality spatial experiences, supported by a comprehensive inspection system that includes five key areas: promotion, operations, engineering, property management, and safety [2]. - "Organize Content" utilizes scientific analysis to guide project planning, ensuring a structured approach to brand placement and operational efficiency [2]. - The "Find Brands" strategy involves a high-quality recruitment team and a comprehensive brand database to streamline the leasing process [2][3]. - The "Achieve High Sales" initiative introduces the "V8 Model" to enhance sales performance across brands, while "Share Profits" promotes a positive feedback loop between sales growth and marketing investments [3]. Group 2: Yuelian Plan - The "Yuelian Plan" aims to create a sustainable ecosystem by collaborating with high-quality brands and core agents, establishing a platform for resource sharing and value co-creation [4][5]. - The plan shifts from traditional one-way recruitment to a three-way win model, linking premium brands with capable agents to optimize resource allocation [4]. - The initiative reflects New City Holdings' transition from "scale growth" to "quality co-existence," aligning operational goals with partners to enhance the vitality of commercial content [4][6]. Group 3: Business Performance and Growth - New City Holdings reported a total commercial operation revenue of 6.944 billion yuan in the first half of the year, marking an 11.8% year-on-year increase [6]. - The gross profit from property leasing and management reached 4.573 billion yuan, contributing 77.06% to the company's total gross profit, up from 57.21% in the previous year [6]. - The company has established a presence in 141 cities with 205 integrated projects, maintaining a high occupancy rate of 97.81% across its Wuyue Plaza locations [6][7].

Group 1 - The core theme of the annual conference is "Two-way Pursuit, Co-drawing Happiness," aimed at enhancing industry chain collaboration and resource integration capabilities [1] - The company introduced the "Five Steps of Wuyue Management," which includes building space, organizing content, finding brands, increasing sales, and sharing profits, to systematically improve operational efficiency [2] - The "Yuelian Plan" was launched to create a resource symbiosis platform, emphasizing a win-win and link model among agents, Wuyue, and brands [3] Group 2 - In the first half of 2025, the company's commercial operations revenue reached 6.944 billion, a year-on-year increase of 11.8%, with a gross profit margin of 71.20% [4] - The company has established 205 comprehensive projects in 141 cities, with a total opening area of 16.0814 million square meters and an average occupancy rate of 97.81% [4] - The introduction of the "Five Steps of Wuyue Management" and the "Yuelian Plan" reflects the company's strategic focus on deepening commercial operations and enhancing ecological collaboration [4]

Core Viewpoint - The real estate industry is experiencing a positive shift in financing, with several companies successfully issuing bonds and notes, which is expected to enhance cash flow and restore market confidence during a period of deep adjustment [1][2][4]. Financing Developments - New City Development's subsidiary issued $160 million in secured notes, Poly Developments plans to issue up to 15 billion yuan in corporate bonds, and Wanda Group disclosed the issuance of 1 billion yuan in medium-term notes [1]. - In the first eight months of 2025, the total bond financing for real estate companies reached 380.89 billion yuan, a slight increase of 0.8% year-on-year [1]. Credit Bond Market - Credit bonds are the mainstay of financing, accounting for 60.1% of the total financing structure, with 229.09 billion yuan raised in the first eight months [1][2]. - Companies are using credit bonds to replace high-interest debt, thereby reducing financing costs and alleviating debt pressure [2]. Project Financing and Support - The establishment of a "white list" mechanism has expanded project financing, with over 7 trillion yuan allocated to support nearly 20 million housing units [2][3]. - The new financing model focuses on real estate projects rather than companies, ensuring reasonable financing needs are met while safeguarding financial institutions' risk management [2]. Innovative Financing Tools - The use of various innovative financing tools, such as operational property loans and public REITs, is shifting real estate financing from relying on new capital to activating existing assets [3]. - Major companies like China Merchants Shekou and Longfor Group have secured hundreds of billions in operational property loans to enhance liquidity and accelerate project delivery [3]. Overseas Financing - The successful issuance of $300 million in senior unsecured bonds by New City Holdings marked a significant step for private real estate companies in re-entering overseas capital markets [4]. - The recent issuance of $160 million in secured notes by New City Development's subsidiary is seen as a signal of improved market expectations for private real estate firms [4]. Future Outlook - The ongoing improvement in the financing environment, combined with proactive corporate transformations, is expected to lead the real estate industry towards a healthier development ecosystem [5].

Group 1 - The real estate industry has seen positive financing news since September, with several companies successfully issuing bonds and notes, indicating a potential recovery in market confidence [1][2] - Credit bonds are the mainstay of financing, accounting for 60.1% of the total financing in the first eight months of 2023, which supports the reduction of the industry's asset-liability ratio [1][2] - The issuance of credit bonds allows companies to replace high-interest debt, thereby reducing financing costs and easing debt repayment pressures [2][3] Group 2 - A new financing model focusing on project-based funding rather than company-based funding has been established, with a "white list" mechanism facilitating the financing of over 7 trillion yuan for housing projects [2][3] - Innovative financing tools such as operating property loans and public REITs are being widely utilized, shifting the focus from increasing new financing to activating existing assets [3][4] - The reopening of overseas financing channels for private real estate companies, although limited in scale, signals an improvement in market expectations and creditworthiness [3][4] Group 3 - The successful issuance of bonds by New City Development marks a significant step for private real estate companies in accessing international capital markets, enhancing their credit profile [4] - The ongoing improvement in financing conditions and proactive transformation efforts by companies are expected to lead the real estate industry towards a healthier development ecosystem [5]

Core Insights - The event held by Xincheng Holdings focused on collaboration and opportunities in the commercial sector, introducing the "Yuyue Management Five-Step Method" to enhance operational strategies [2][3] - The newly launched "Yuelian Plan" aims to create an open and symbiotic commercial ecosystem by partnering with quality brands and agents across the country [2][6] Group 1: Yuyue Management Five-Step Method - The five-step method includes "Build Good Space," "Group Content," "Find Brands," "Increase Sales," and "Share Profits," emphasizing refined and professional commercial operations [3][5] - A significant investment of 400 million yuan has been made this year for space renovation and quality improvement across 88 projects [3][4] - The method aims to standardize management and enhance the quality of commercial spaces, ensuring a better experience for consumers [3][5] Group 2: Yuelian Plan - The Yuelian Plan seeks to establish a sustainable resource connection and value co-creation platform by selecting top brands and core agents [6][7] - It transforms traditional one-way recruitment into a three-way win model, linking quality brands with capable agents [6][7] - The first phase will involve selecting 10 certified brands and 80 strong agents to ensure high-quality collaboration [6][7] Group 3: Financial Performance - In the first half of the year, Xincheng Holdings achieved a total commercial operation revenue of 6.944 billion yuan, marking an 11.8% year-on-year increase [7] - The gross profit from property leasing and management reached 4.573 billion yuan, with its contribution to total gross profit rising from 57.21% to 77.06% [7] - The gross profit margin reached 71.20%, showcasing the company's resilience and leadership in the commercial sector [7]

Group 1 - The real estate sector showed resilience, with the CSI 800 Real Estate Index rising nearly 1% to reach a new high for the year, driven by significant gains in stocks like China Merchants Shekou (+3.86%) and Binjiang Group (+2.29%) [1] - The only ETF tracking the CSI 800 Real Estate Index (159707) saw a peak increase of 3% during the day, closing up 1.15% with a trading volume of nearly 80 million yuan, indicating strong investor interest with a net subscription of 23.5 million units [1] Group 2 - The new round of housing market regulation in Shanghai has shown significant short-term effects, with new home transaction volumes increasing by over 30% in the first week and a total increase of 19% compared to the previous month [3] - Analysts from Zhongyin Securities suggest that structural policy relaxations in major cities may lead to a short-term rebound in the housing market, highlighting the potential for high-quality real estate companies to outperform [3] - Guotou Securities anticipates improved new home sales due to increased supply from developers and the release of pent-up demand from relaxed regulations in core cities, alongside expectations of interest rate cuts [3] Group 3 - The CSI 800 Real Estate Index currently has a price-to-book (PB) ratio of only 0.8, indicating a significant undervaluation at the 22nd percentile over the past decade, suggesting substantial room for valuation recovery [4] - Analysts recommend accumulating real estate stocks, particularly focusing on central state-owned enterprises and high-quality developers, due to the low valuation levels and potential liquidity boosts from anticipated interest rate cuts [4] Group 4 - The real estate ETF (159707) tracks the CSI 800 Real Estate Index and includes 13 leading real estate companies, showcasing a high concentration of top-tier firms, with the top ten constituents accounting for over 90% of the index [6][7] - The presence of central state-owned enterprises in the ETF enhances its resilience amid industry challenges, positioning leading real estate firms for greater flexibility and potential recovery [7]

Core Viewpoint - New City Holdings successfully issued its second tranche of medium-term notes for 2025, raising 900 million yuan with a subscription multiple of 1.5 times and a coupon rate of 3.29% [1] Financing and Market Environment - The issuance of medium-term notes is supported by the "Second Arrow" policy, which focuses on the reasonable financing needs of private enterprises, enhancing market confidence in their creditworthiness [1][2] - The People's Bank of China and regulatory bodies have continuously improved the financing environment for private real estate companies, emphasizing support for compliant and stable enterprises [2][3] Company Performance - In the first half of 2025, New City Holdings reported revenue of 22.1 billion yuan and a net profit attributable to shareholders of 895 million yuan, with a gross profit margin of 26.85%, up by 5.25 percentage points year-on-year [3] - The company maintained a cash balance of 10.3 billion yuan and a low net debt ratio of 52.44%, indicating a solid financial structure [3] Commercial Operations - The commercial segment generated total revenue of 6.944 billion yuan, reflecting a year-on-year growth of 11.8%, with a gross profit margin of 71.20% [3] - The occupancy rate of Wuyue Plaza remained high at 97.81%, showcasing the operational efficiency of the commercial sector [3] Market Recognition - Moody's upgraded the rating outlook for New City Development to positive, reflecting market recognition of the company's strong performance and stable financial structure [4] - The successful issuance of medium-term notes and the supportive policies signify a positive trend for private real estate companies in regaining access to capital markets [4]

Core Insights - The core theme of the event was "Two-way Efforts, Co-creating Happiness," focusing on collaboration and resource linkage within the industry [1][6] - The company introduced the "Five-Step Management Method" for its commercial operations, emphasizing refined and professional management practices [2][3] Group 1: Event Overview - The 2025 Eighth Commercial Annual Conference and the First "Yue Chain Plan" Partner Conference were held in Shanghai, attended by the chairman and thousands of partners [1] - The event aimed to gather industry forces and seize cooperation opportunities, marking a strategic shift towards resource integration and value enhancement [1][4] Group 2: Five-Step Management Method - The "Five-Step Management Method" includes: "Build Good Spaces," "Group Content," "Find Brands," "Increase Sales," and "Share Profits," focusing on refined and professional commercial operations [2][3] - The company has invested 400 million yuan in 88 projects for space renovation and quality improvement this year [2] - The method aims to transform qualitative management into quantitative results, enhancing operational efficiency and accountability [3][6] Group 3: Yue Chain Plan - The "Yue Chain Plan" was launched to create an open and symbiotic commercial ecosystem by collaborating with high-quality brands and agents nationwide [1][4] - The plan emphasizes a three-way win model, linking brands, agents, and the company to foster trust and sustainable resource connections [4][5] - The first phase of the plan will select 10 certified brands and 80 core agents to ensure quality collaboration [5] Group 4: Business Performance - In the first half of the year, the company achieved a total commercial operating revenue of 6.944 billion yuan, a year-on-year increase of 11.8% [6] - The gross profit from property leasing and management reached 4.573 billion yuan, with a gross profit margin of 71.20%, indicating strong operational resilience [6] - The company has established 205 integrated projects across 141 cities, with a stable occupancy rate of 97.81% for its shopping centers [6][7]