Group 1 - The article highlights the resurgence of private enterprises in the real estate market, with numerous companies actively acquiring land across various regions in China, indicating a revitalization of the sector [1][4][7] - There are two main perspectives in the industry regarding this trend: one is optimistic about the potential of these companies, while the other is cautious, recalling the failures of major players like Evergrande and Country Garden [2][3] - The article notes that many private enterprises are seizing opportunities in a market that has been disrupted, with some companies focusing on smaller, manageable projects rather than large-scale expansions [3][6] Group 2 - The article identifies several active private companies, such as Bangtai Group and Wanhu Group, which are making significant land acquisitions in cities like Chengdu and Wuhan, showcasing their ambition to grow despite market challenges [7][9][15] - It discusses the competitive landscape, where private enterprises are not only competing with each other but also with state-owned enterprises that have gained more influence in the market [5][6] - The article emphasizes the importance of product quality and delivery in the current market, suggesting that both private and state-owned enterprises must focus on these aspects to succeed [18][19]

Core Insights - The opening of two commercial complexes, Xinma Wuyue Plaza and Hengtai City, in Zibo's Zhangdian District marks a significant step in optimizing the business environment and promoting high-quality economic development [1][4][7] - The Xinma Wuyue Plaza achieved over 460,000 visitors and a sales completion rate of 117% within three days of opening, showcasing its strong market reception [4] - Hengtai City aims to become a regional consumption center by offering a diverse range of services, including high-end retail, dining, and entertainment, under the principles of intelligence, scenario, and ecology [4][7] Business Environment Optimization - Zhangdian District established a coordination and support team to streamline the approval process for the new commercial projects, ensuring efficient service and timely assistance [5][7] - The district's proactive approach in facilitating project preparations has been acknowledged by business leaders, highlighting the effectiveness of the "one-stop service" model [5] Economic Development Strategy - Zhangdian District is focusing on attracting quality enterprises and resources while revitalizing underutilized land to build a modern industrial system characterized by a "2+4" framework [1][7] - The district plans to continue enhancing its economic landscape by promoting the transformation and upgrading of trade and commerce enterprises, aligning with trends in commercial evolution and consumer upgrades [7]

Core Viewpoint - New City Holdings has made significant personnel changes in its commercial management division, which contributes over 10 billion in annual revenue, indicating a strategic shift to enhance operational efficiency and management capabilities [1][2] Group 1: Personnel Changes - New City Holdings' commercial management company has undergone major personnel changes, affecting seven regional general manager positions [1] - Key appointments include Zhou Wang as the general manager for the Hu-Su region and Li Changjiang as the general manager for the Su-Zhong region [1] - The company operates over 170 projects across 13 regions, highlighting its extensive management structure [1] Group 2: Financial Performance - In 2022, New City Holdings' commercial operations revenue exceeded 10 billion for the first time, maintaining this scale since then [2] - For the year 2023, the total revenue from commercial operations reached 12.8 billion, a year-on-year increase of 13.1% [2] - The property leasing and management income was 12.03 billion, contributing 13.52% to the company's total revenue, with a gross profit of 8.44 billion and a gross profit margin of 70.17% [2] Group 3: Market Position - As of the end of 2024, New City Holdings has established 173 commercial complex projects, with the "Wuyue Plaza" covering a commercial area of 16.01 million square meters [2] - According to industry rankings, Wuyue's commercial management ranks third nationally, following Wanda and Inl Group [2]

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - New home transaction area increased on a month-on-month basis but decreased year-on-year, with a significant drop in the year-on-year rate of decline [1] - The inventory of new homes and the de-stocking cycle both decreased on a month-on-month and year-on-year basis [1] - The land market saw both volume and price increases, with a notable rise in the premium rate [1] - Domestic bond issuance by real estate companies decreased significantly, indicating tighter financing conditions [1] - The absolute return of the real estate sector increased, while the relative return compared to the CSI 300 also improved [1] Summary by Sections 1. Key City New Home Market, Second-hand Home Market, and Inventory Tracking - New home transaction area for 40 cities was 3.366 million square meters, up 37.0% month-on-month but down 25.7% year-on-year [1][18] - Second-hand home transaction area decreased by 2.7% month-on-month but saw a smaller year-on-year decline of 0.9% [1][18] - New home inventory area for 12 cities was 87.42 million square meters, down 0.3% month-on-month and down 16.3% year-on-year [1][45] 2. Land Market Tracking - Total land transaction area for 100 cities was 15.761 million square meters, up 47.9% month-on-month and up 25.6% year-on-year [1][14] - Total land transaction price reached 57.35 billion yuan, up 186.7% month-on-month and up 155.3% year-on-year [1][14] - The average floor price of land was 3,639 yuan per square meter, up 93.9% month-on-month and up 103.2% year-on-year [1][14] 3. Industry Policy Review - The report highlights ongoing government efforts to stabilize the real estate market through various supportive measures [1][6] 4. Sector Performance Review - The absolute return of the real estate sector was 3.1%, an increase of 4.8 percentage points from the previous week [1][15] - The sector's price-to-earnings ratio (PE) was 23.85X, up 0.68X from the previous week [1][15] 5. Company Announcements - The report includes a summary of key company announcements within the real estate sector for the week [1][15] 6. Bond Issuance Situation - The total bond issuance in the real estate sector was 4.79 billion yuan, down 43.0% month-on-month and down 37.1% year-on-year [1][15]

Group 1 - The investment rating for the real estate development sector is "Buy" for specific companies such as Poly Development, China Merchants Shekou, and Shanghai Lingang, while "Hold" is given to others like New Town Holdings and Binjiang Group [5][29][63] - The report highlights that the real estate sector's beta is currently weak, with significant declines in investment and new construction areas, but structural alpha opportunities are emerging due to regional and urban differentiation [3][56][59] - Key companies in the real estate development sector have shown varying performance, with New Town Holdings and Binjiang Group leading in A-shares, while Jianfa International Group and China Jinmao excelled in H-shares [21][24][29] Group 2 - The investment rating for the property service sector is also "Buy" for companies like China Resources Mixc Life and Greentown Service, while "Hold" is assigned to others [53][63] - The property service sector has shown resilience, with a slight increase in market performance, although it still lags behind the broader indices [45][48] - Key companies in the property service sector, such as Poly Property and China Overseas Property, have demonstrated strong performance in recent months, indicating a positive outlook for the sector [48][53][54]

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 ...