Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][31]. Core Insights - The real estate market is showing signs of recovery with a week-on-week increase in both new and second-hand property transactions, indicating a potential stabilization in the market [4][31]. - The report emphasizes the need for continued policy support to enhance market conditions, particularly in light of the ongoing inventory reduction trends [4][31]. Industry Data Summary New Housing Transactions - In the week of June 21-27, 2025, 34 key cities recorded a total new housing transaction volume of 3.792 million square meters, representing a week-on-week increase of 51.1% [5][8]. - Year-on-year, new housing transactions in June decreased by 13%, with first and second-tier cities seeing a decline of 11% and third and fourth-tier cities experiencing a 26% drop [8][9]. Second-Hand Housing Transactions - For the same week, second-hand housing transactions in 13 cities remained stable with a slight increase of 0.5%, while the cumulative transaction volume for June showed a year-on-year decrease of 5% [13][22]. Inventory and Supply - In the week of June 21-27, 2025, 15 cities launched 1.82 million square meters of new housing, with a sales-to-launch ratio of 0.85, indicating ongoing inventory management challenges [22][31]. - The total available housing inventory in these cities was 89.79 million square meters, reflecting a week-on-week increase of 0.3% [22][31]. Policy and News Tracking - The report highlights key policy developments aimed at stabilizing the real estate market, including measures to support first-time homebuyers and families with multiple children [31][34]. - Recent statements from government officials indicate a commitment to expanding domestic demand and enhancing consumer confidence in the real estate sector [31][34].

Group 1 - The controlling shareholder, Fuyue Development Group Co., Ltd., holds 1,378,000,000 shares of the company, accounting for 61.09% of the total share capital [2] - After the release of the pledge, Fuyue Development has a total pledged amount of 278,055,500 shares, which is 20.18% of its holdings [2] - The company received notification on June 27, 2025, that Fuyue Development has released its pledged shares to China Securities Finance Corporation [2] Group 2 - The company’s overseas subsidiary, NEW METRO GLOBAL LIMITED, issued a total of $300 million in green unsecured fixed-rate bonds on July 16, 2021, with a coupon rate of 4.625% [4] - On June 27, 2025, the company redeemed $50 million of the bonds early, leaving a remaining principal of $250 million due on October 15, 2025 [5] - The early redemption aligns with the company's debt repayment plan and development strategy, ensuring no adverse impact on its operational and financial status [5]

Core Viewpoint - The company has redeemed a portion of its offshore US dollar bonds to optimize its overall financing structure and ensure liquidity management, which aligns with its debt repayment plan and development strategy [1][2]. Group 1: Bond Issuance and Redemption - The company’s offshore subsidiary, NEW METRO GLOBAL LIMITED, issued US$300 million in green unsecured fixed-rate bonds on July 16, 2021, with a coupon rate of 4.625% [1]. - The bonds are set to mature on October 15, 2025, and the company provides an unconditional and irrevocable joint liability guarantee for these bonds [1]. - On June 27, 2025, the company redeemed US$50 million of the bonds ahead of schedule, leaving a remaining principal of US$250 million [1]. Group 2: Financial Impact and Strategy - The early redemption of the bonds is in line with the company's debt repayment plan and development strategy, and it is stated that this action will not adversely affect the company's operational and financial status [1]. - The company emphasizes that the redemption will not harm the interests of the company and its shareholders [1].

证券代码：601155 证券简称：新 城 控 股 编号：2025-038 本次股份解除质押后，富域发展拟将解质股份用于后续质押，公司将根据后续 实际质押情况及时履行信息披露义务。 特此公告。 重要内容提示： ? 公司控股股东富域发展集团有限公司（以下简称"富域发展"）持有本公司 股份为 1,378,000,000 股，占公司总股本的 61.09%。本次质押解除后，富域发展持 有的本公司股份累计质押数量为 278,055,500 股，占其持股数量的比例为 20.18%。 公司于2025年6月27日接到公司控股股东富域发展的通知，富域发展已将其质 押给中国证券金融股份有限公司的公司股份解除质押，具体事项如下： | 股东名称 | 富域发展集团有限公司 | | | | --- | --- | --- | --- | | 本次解质股份 | 120,000,000 股 | | | | 占其所持股份比例 | 8.71% | | | | 占公司总股本比例 | 5.32% | | | | 解质时间 2025 | 年 6 月 26 | | 日 | | 持股数量 | 1,378,000,000 | | | | 61.09% 持股比 ...

关于公司控股股东部分股份解质的公告 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。 重要内容提示： 公司控股股东富域发展集团有限公司（以下简称"富域发展"）持有本公司 股份为 1,378,000,000 股，占公司总股本的 61.09%。本次质押解除后，富域发展持 有的本公司股份累计质押数量为 278,055,500 股，占其持股数量的比例为 20.18%。 公司于2025年6月27日接到公司控股股东富域发展的通知，富域发展已将其质 押给中国证券金融股份有限公司的公司股份解除质押，具体事项如下： 证券代码：601155 证券简称：新城控股 编号：2025-038 | 股东名称 | 富域发展集团有限公司 | | | --- | --- | --- | | 本次解质股份 | 120,000,000 股 | | | 占其所持股份比例 | 8.71% | | | 占公司总股本比例 | 5.32% | | | 解质时间 | 年 月 2025 6 | 日 26 | | 持股数量 | 1,378,000,000 | | | 持股比例 | 6 ...

新城控股集团股份有限公司（以下简称"公司"）境外子公司 NEW METRO GLOBAL LIMITED（以下简称"新城環球"）于2021年7月16日在境外完成发行了 本金总额为3亿美元，票面年息为4.625%的绿色无抵押固定利率债券（以下简称 "本期债券"），由公司提供无条件的不可撤销的连带责任保证担保，详见《公司 关于境外子公司发行境外美元债券的公告》（公告编号:2021-042）。本期债券将 于2025年10月15日到期。 为统筹优化整体融资结构，公司根据自身流动性安排，于 2025 年 6 月 27 日提 前赎回了 50,000,000 美元的本期债券，并于同日根据相关规定及债券条款注销已赎 回的美元债券。本期美元债券截至本公告日剩余本金 250,000,000 美元，公司将于 2025 年 10 月 15 日到期还本付息。 本次提前赎回部分境外美元债券符合公司偿债计划及发展战略，不会对公司经 营情况和财务状况产生不利影响，不会损害公司及全体股东的利益。 证券代码：601155 证券简称：新城控股 编号：2025-039 新城控股集团股份有限公司 关于赎回部分境外美元债券的公告 本公司董事会及全体董事 ...

Group 1 - Several real estate companies have made positive progress in debt restructuring, with companies like Kaisa, Sunac, and Jinlun Tian Di receiving creditor approval for their overseas debt restructuring [1] - Longguang has optimized its bond restructuring plan, providing a more diversified and fair approach to bondholders, which includes 21 company bonds and asset-backed securities [1] - The total debt maturity for real estate companies is projected to be 482.8 billion yuan in 2024 and 525.7 billion yuan in 2025, with overseas debt significantly reduced from its peak [1] Group 2 - New City Development, a private real estate company, has successfully issued $300 million in senior notes due in 2028, marking a significant step for private real estate companies in overseas financing [2] - The issuance is expected to restore market confidence in private real estate companies and may encourage more quality firms to restart overseas financing [2] - The financing landscape remains challenging, with high costs associated with overseas debt limiting the sustainability of such financing for companies under pressure [2] Group 3 - The overall demand for overseas debt financing among real estate companies may change as market conditions evolve, with sales continuing to face pressure [3] - The top 100 real estate companies saw a 10.8% year-on-year decline in sales in the first five months of 2025, indicating ongoing challenges in the market [3] - Concerns over the U.S. fiscal situation and global financial market risks may increase volatility in the dollar bond market, impacting the stability of overseas debt issuance for private companies [3]

Core Viewpoint - New City Holdings plans to open five new Wuyue Plazas this year, targeting a total commercial operating revenue of 14 billion yuan [1] Group 1: Project Overview - The newly opened Zibo Xinma Wuyue Plaza is the third urban complex in Zibo, integrating local night economy elements and offering a vibrant commercial hub [1][2] - The project features a 24-hour immersive consumption experience, combining traditional market charm with modern trends [2][3] Group 2: Business Strategy - New City Holdings has successfully introduced 54 first-store and innovative brands, along with 63 benchmark dining brands, to enhance the consumer experience [3] - The company focuses on a dual strategy of "residential + commercial" to drive the scale development of Wuyue Plazas, with 200 plazas planned across 136 cities by the end of 2024 [4] Group 3: Operational Excellence - The company emphasizes strong operational capabilities to fulfill commitments to partners, with 173 plazas currently in operation [4] - New City Holdings aims to leverage refined operations and innovative management systems to create a differentiated competitive advantage [5]

Investment Rating - The report assigns an "Overweight" rating to the real estate sector [1] Core Insights - The real estate market in May continued to show stability, aligning with the government's efforts to stabilize the market and prevent further declines [3][60] - Key indicators such as sales area and sales amount showed narrow fluctuations compared to April, with sales area declining by 4.6% year-on-year and sales amount decreasing by 7.1% [5][60] - The report anticipates that urban renewal will be a significant focus, with an emphasis on "building good houses" as a consensus in the industry [61][62] Summary by Sections 1. Industry Performance - In May, the real estate market maintained a steady state, with most data showing narrow fluctuations compared to April [5][60] - Year-on-year sales area decreased by 4.6%, while sales amount fell by 7.1% [5][60] - The report notes that the overall trend is expected to continue, with a focus on stabilizing the market [3][60] 2. Investment Trends - The cumulative real estate development investment from January to May 2025 was 36,234 billion yuan, a year-on-year decrease of 10.7% [12] - New construction area saw a year-on-year decline of 22.8%, while completed area decreased by 17.3% [18][26] - The report suggests that the focus should shift from year-on-year growth rates to absolute levels, with a projected total real estate development investment of 10 trillion yuan for 2024 [61][62] 3. Sales Performance - From January to May 2025, the total sales area of commercial housing was 35.3 million square meters, with a year-on-year decline of 2.9% [26][28] - The sales amount for commercial housing was 34,091 billion yuan, reflecting a year-on-year decrease of 3.8% [10][26] - The report highlights a mismatch in supply and demand in first-tier cities, with sales showing significant strength [33] 4. Funding Sources - Total funding sources for real estate reached 40,232 billion yuan from January to May 2025, down 5.3% year-on-year [45][47] - Domestic loans accounted for 16.6% of funding sources, with a year-on-year decrease of 1.7% [47][49] - The report indicates that self-raised funds decreased by 7.2%, while foreign investment saw a significant increase of 49% [47][56] 5. Investment Recommendations - The report recommends several companies for investment, including Vanke A, Poly Development, and China Overseas Development in the development category [62] - For commercial and residential sectors, companies like China Resources Land and Longfor Group are highlighted [62] - The report emphasizes that companies with lower burdens will have a more significant advantage in the current structural market [62]

Core Viewpoint - The article highlights the recent positive developments in the financing landscape for the real estate industry, particularly focusing on New City Holdings as a pioneer in breaking the ice for private real estate companies to access dollar bond financing and domestic corporate bonds [2][9][12]. Financing Developments - New City Holdings issued a $300 million dollar bond, marking it as the first private real estate company to successfully tap into dollar bond financing in recent years [2]. - On June 16, New City had a corporate bond registration application of 6 billion yuan accepted by the Shanghai Stock Exchange, indicating a potential shift in the financing capabilities of private real estate firms [4][5]. Industry Context - Since the credit contraction in the real estate sector in 2022, corporate bonds have become scarce, with only a few companies able to issue them without guarantees [6][10]. - The issuance of corporate bonds has significantly decreased, with New City being one of the few companies still attempting to secure financing through this method [7][10]. Strategic Moves - New City is strategically applying for corporate bond issuance to broaden its financing options and prepare for future opportunities, demonstrating proactive management in a challenging environment [9][12]. - The company is leveraging the "three before and six after" rule for corporate bonds, allowing it to manage its debt effectively by refinancing existing obligations [9]. Financial Position - New City Holdings has a manageable total debt of approximately 10 billion yuan, with a diversified maturity structure from 2025 to 2029 [10]. - The company possesses significant assets, including 25 unencumbered Wuyue Plazas valued at around 19 billion yuan, providing ample room for financial maneuvering [10]. Market Sentiment - The successful issuance of dollar bonds has instilled confidence among investors, with New City expressing satisfaction with the quality of long-term funding received [11]. - The article suggests that the willingness of investment institutions to engage with companies like New City could signal a broader recovery in the real estate sector [13][14].