Group 1 - New City issued a $300 million three-year USD bond with a coupon rate of 11.88%, but the market price fell by 0.5-1pt from the issue price, leading to a final subscription amount of $612 million, down from $880 million [1][2] - This bond issuance is significant as it marks the first USD bond from a private real estate company in three years and is an unsecured credit bond, which helps alleviate cash outflows for the company [2][4] - The issuance timing was strategic, as the company aimed to capitalize on a favorable market window, similar to previous successful issuances by other companies like Greentown [4][10] Group 2 - New City was cautious in its approach, issuing only $300 million out of a $600 million quota, which helps mitigate repayment pressure in the future [6][7] - The company executed a quick transition from bond issuance to repurchasing maturing bonds, demonstrating careful financial planning [9][10] - The investor composition for the bond was notable, with 39% from funds and asset management companies, 55% from high-net-worth clients/private banks, and only 6% from investment banks, indicating a cautious sentiment from larger financial institutions [11]

Group 1: Real Estate Industry - The current housing policy indicates a new model for real estate development, with the implementation of immediate housing sales being orderly and effective. This is part of a long-term mechanism rather than a short-term switch [12][10] - The impact of the immediate housing sales policy includes a significant decline in investment, a reduction in land finance, and a contraction in industry demand. The average pre-sale period in first and second-tier cities has extended from 6 months to 30 months, leading to a drop in investment return rates from 30% to 6% [12][10] - The report maintains a "positive" rating for the real estate sector, emphasizing the need for policy support to stabilize the market and improve the asset-liability situation of residents [12][10] Group 2: Banking Sector - Since the end of 2023, the banking sector has experienced a recovery, with a cumulative increase of 55%, primarily driven by valuation recovery and stable earnings performance [13][11] - The report suggests that the banking sector is significantly undervalued, with an average ROE of about 10% and a PE ratio of approximately 6 times, indicating potential for systematic revaluation [15][11] - The investment strategy focuses on embracing stable, sustainable returns, with recommendations for regional banks and large state-owned banks that are expected to benefit from ongoing reforms and market conditions [15][11] Group 3: Coal Industry - The coal supply is expected to contract due to limited production recovery in Shanxi and declining import volumes, with domestic coal production primarily concentrated in Xinjiang [14][16] - The demand for thermal coal is projected to maintain positive growth in the coming years, supported by stable economic conditions and seasonal demand increases [16][14] - The report highlights that the economic viability of "Xinjiang coal transportation" depends on maintaining high coal prices, with the average price for thermal coal expected to remain between 700-750 RMB/ton [16][14] Group 4: Shipping Industry - The escalation of geopolitical tensions in the Middle East has led to significant increases in oil prices, with Brent crude exceeding 75 USD/barrel, impacting shipping routes and costs [16][3] - The report notes that the closure of the Strait of Hormuz could disrupt approximately 5% of global oil tanker capacity, significantly affecting oil transportation dynamics [16][3] - It is recommended to closely monitor the duration and expansion of the conflict, as well as changes in oil inventory and economic expectations [16][3]

Investment Rating - The investment rating for the real estate industry is "Positive" and maintained [10] Core Insights - The necessity for marginal easing in the industry is gradually increasing, with the policy goal of stabilizing the market becoming more proactive. However, since April, the marginal downward pressure has intensified [2][4] - The current position of development stocks is not high, indicating that the necessity for policy easing is increasing. Investors are advised to selectively allocate and wait for trading windows, while focusing on leading companies with stable cash flows and potential high dividends in commercial, brokerage, and property management sectors as strategic opportunities [2][4][8] Market Performance - The Yangtze River Real Estate Index decreased by 1.27% this week, with an excess return of -1.02% relative to the CSI 300, ranking 25th out of 32 industries. Year-to-date, the index is down 6.14%, with an excess return of -4.35%, ranking 30th out of 32 [5][14] Policy Developments - The State Council, led by Li Qiang, emphasized the importance of constructing a new model for real estate development to promote stable, healthy, and high-quality market growth. Policies will support the construction of "good houses" and optimize existing policies to stabilize expectations and activate demand [6][16] - Local governments, such as Shenzhen and Guangzhou, are proposing new policies to support housing purchases, including the withdrawal of purchase restrictions and lowering down payment ratios and interest rates [6][16] Sales Data - In sample cities, new home and second-hand home registrations are fluctuating at low levels. The new home transaction area in 37 cities showed a four-week rolling year-on-year decrease of 3.5%, while second-hand homes increased by 7.7% [7][18] - As of June 13, the new home transaction area in 37 cities decreased by 3.3% year-on-year, while second-hand homes increased by 11.6% [7][18] Weekly Highlights - The downward slope of the industry has been expanding since Q2, with the policy goal of stabilizing the market facing pressure. The marginal easing of industrial policies is becoming clearer, although the pace and intensity need further discussion [8][4]

Investment Rating - The report maintains an "Overweight" rating for the real estate and property management sectors, indicating a positive outlook for the industry [6]. Core Insights - The recent State Council meeting emphasized the importance of constructing a new development model for real estate to promote stable, healthy, and high-quality market growth. The focus is on long-term strategies, maintaining stability while progressing, and establishing foundational systems in an orderly manner [4][8]. - The term "stop the decline and stabilize" has been reiterated, suggesting that further supportive policies may be introduced to enhance market stability. This reflects the central government's ongoing commitment to stabilizing housing prices and addressing the current market challenges [6]. - The "Good Housing" initiative is gaining traction, with increased support from various provinces and a shift in policy focus from mere housing availability to creating livable environments. This initiative is expected to accelerate development and improve the quality of housing [6][8]. Summary by Sections Policy Insights - The report highlights the need for a comprehensive approach to stabilize expectations, activate demand, optimize supply, and mitigate risks in the real estate market. This includes a thorough assessment of existing land and ongoing projects to refine current policies [4][6]. - The new development model aims to be a long-term mechanism rather than a short-term fix, with an emphasis on gradual implementation and avoiding abrupt changes in policy [6][8]. Market Analysis - The report notes that while transaction volumes in the primary and secondary housing markets have stabilized over the past three years, price and volume have not entered a positive cycle as expected. Therefore, it is deemed necessary to enhance policy support [6]. - The anticipated new round of supportive policies may include measures such as mortgage rate reductions, increased "Good Housing" initiatives, and optimized land storage policies, which are expected to benefit quality real estate companies [6][8]. Investment Recommendations - The report recommends focusing on quality real estate companies that are likely to lead the market recovery, including firms like China Resources Land, China Overseas Land & Investment, and Poly Developments. It also suggests monitoring second-hand housing intermediaries and property management companies for potential investment opportunities [6][11][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company successfully issued $300 million in bonds, marking the first offshore debt financing for real estate companies in three years, indicating credit recovery and sustained financing capability [7] - Rental income from shopping malls has maintained rapid growth, with a year-on-year increase of 12% from January to May 2025, and the company plans to achieve a total rental income of 14 billion yuan in 2025, a 9.3% increase year-on-year [7] - The company has adopted a "residential + commercial" dual-driven strategy, focusing on commercial real estate to create a quality growth benchmark in the expanding consumer market [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 59.665 billion yuan, with a year-on-year decrease of 33% [6] - Net profit attributable to the parent company is projected to be 848 million yuan in 2025, reflecting a year-on-year growth of 12.7% [6] - The company’s gross profit margin is expected to be 24.8% in 2025, with a return on equity (ROE) of 1.3% [6] Sales Performance - Sales revenue from January to May 2025 was 8.8 billion yuan, a year-on-year decrease of 55%, but the average selling price per square meter increased by 8% to 7,761 yuan [7] - The company has not acquired new land in 2025, with planned construction area down by 39% year-on-year [7] Debt Management - The company has a total outstanding public debt of 18.2 billion yuan, with 10.04 million USD in dollar-denominated debt, indicating a manageable debt profile [7] - The pressure of debt repayment is expected to gradually ease over the next two years [7]

Group 1 - The company, New City Development, announced plans for an international issuance of US dollar-denominated senior notes, targeting institutional investors through a series of roadshows [2] - The pricing of the notes, including the total principal amount, issue price, and interest rate, will be determined by a consortium of financial institutions [2] - The proceeds from the proposed note issuance are intended to fund a simultaneous cash offer to repurchase outstanding notes maturing in July 2025 and October 2025 [2] Group 2 - New City Development is the parent company of New City Holdings, a private real estate enterprise, and is reportedly preparing to issue US dollar bonds with an expected issuance amount between $250 million and $300 million [3] - The company has applied for the notes to be officially listed and quoted on the Singapore Exchange [2] - The notes are expected to receive a B- rating from Standard & Poor's Rating Services [2]

智通财经6月10日电，从知情人士处获悉，新城控股的母公司新城发展正在推进美元发行工作，预计发 行额度在2.5亿美元至3亿美元之间。知情人士介绍，目前新城方面已经选定四家券商，包括国泰君安国 际、海通国际、花旗、中信里昂。 (智通财经) 新城发展拟发行美元债 额度2.5亿至3亿美元 ...

Group 1 - Private real estate companies are attempting to restart overseas financing, with New World Development (01030.HK) planning to issue USD bonds between USD 250 million and USD 300 million [2] - New World Development has selected four brokers for the bond issuance, including Guotai Junan International, Haitong International, Citigroup, and CICC [2] - The company has conducted non-public roadshows in Hong Kong and Singapore to gauge overseas investors' attitudes, indicating proactive preparation for the bond issuance [2] Group 2 - New World Development is the first private real estate company to restart overseas capital market financing this year, following the issuance of USD 150 million priority notes by Greentown China (03900.HK) in February [3] - Successful overseas financing for private real estate companies could signal a positive shift in international capital market perceptions, aiding in credit recovery and improving cash flow for the real estate sector [3] - The company is also in discussions for medium-term notes guaranteed by China Bond Insurance, with an issuance amount of approximately CNY 1.5 billion to CNY 2 billion [2]

证券代码：601155 证券简称：新城控股 编号：2025-037 新城控股集团股份有限公司 2025 年 5 月份经营简报 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。 本公司董事会提醒，披露信息所有经营数据未经审计，月度经营数据与定期报 告数据可能存在差异，仅供投资者了解公司现时经营状况作参考。 | 省份 | 月份销售金额（万元） 5 | 5 | 月份销售面积（平方米） | | --- | --- | --- | --- | | 江苏 | | 57,207 | 64,422 | | 天津 | | 30,881 | 22,551 | | 山东 | | 21,872 | 32,296 | | 广东 | | 14,929 | 20,692 | | 重庆 | | 14,654 | 19,223 | | 福建 | | 11,004 | 9,501 | | 湖北 | | 10,040 | 20,524 | | 河南 | | 7,830 | 11,742 | | 浙江 | | 7,258 | 12,292 | | 其他 | | 21, ...

Core Insights - The 2024 China Shopping Center Enterprise TOP100 list has been released, highlighting the leading companies in the industry [1][2] - The industry is transitioning from a development-driven model to an operation-driven model, with over 400 new shopping centers expected to open nationwide in 2024 [2] Group 1: Industry Overview - The top ten companies in the 2024 China Shopping Center Enterprise TOP100 include Zhuhai Wanda Commercial Management Group, Injoy Group, New Town Wuyue Commercial Management Group, China Resources Vientiane Life, and others [1] - As of December 31, 2024, the TOP100 companies operate 3,067 shopping centers, covering a total construction area of approximately 33.906 million square meters, with an average project size of 105,000 square meters [1] Group 2: Market Dynamics - The concentration of leading shopping center enterprises is increasing, with the top four companies each operating over 100 shopping centers, collectively accounting for 33.4% of the total projects in the TOP100 [2] - The top five groups for new shopping center openings in 2024 are Zhuhai Wanda (25 centers), China Resources Vientiane Life (21 centers), New Town Wuyue (15 centers), Longfor Group (10 centers), and China Merchants Commercial Management (10 centers) [2] - For 2025, the companies with the highest planned openings include Zhuhai Wanda (30 centers), Aegean Group (13 centers), Longfor Group (12 centers), China Merchants Commercial Management (10 centers), and Injoy Group (9 centers) [2]