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]

证券代码：601155 证券简称：新 城 控 股 编号：2025-036 新 城 控 股集团股份有限公司 关于公司控股股东及其一致行动人部分股份解质 的公告 二〇二五年六月四日 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 398,055,500 股，占其持股数量的比例为 28.89%。 ? 公司控股股东富域发展的一致行动人常州德润咨询管理有限公司（以下简称 "常州德润"）持有本公司股份为 137,800,000 股，占公司总股本 6.11%。本次质 押解除后，常州德润持有的本公司股份累计质押数量为 60,000,000 股，占其持股数 量的比例为 43.54%。 ? 截至公告披露日，公司控股股东富域发展及其一致行动人常州德润咨询管理 有限公司累计持有本公司股份为 1,515,800,000 股，占公司总股本 67.20%，被质押 的股份累计为 458,055,500 股，占其持有公司股份的 30.22%，占公司总股本的 公司于2025年6月 ...

证券代码：601155 证券简称：新城控股 编号：2025-036 新城控股集团股份有限公司 截至公告披露日，公司控股股东富域发展及其一致行动人常州德润咨询管理 有限公司累计持有本公司股份为 1,515,800,000 股，占公司总股本 67.20%，被质押 的股份累计为 458,055,500 股，占其持有公司股份的 30.22%，占公司总股本的 20.31%。 公司于2025年6月3日接到公司控股股东富域发展及其一致行动人常州德润的通 知，富域发展已将其质押给国泰海通证券股份有限公司的部分公司股份解除质押， 常州德润已将其质押给中信证券股份有限公司的部分公司股份解除质押，具体事项 如下： | 股东名称 | 富域发展集团有限公司 | | | | | 常州德润咨询管理有限公司 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 本次解质股份 | 13,240,500 | 股 | | 19,000,000 | 股 | | | | 占其所持股份比例 | 0.96% | | | 13.79% | | | | | 占公司总股本比例 | 0.59% | | | ...

Core Viewpoint - The sales performance of major real estate companies in China for the first five months of 2025 shows a significant decline compared to the same period in 2024, indicating a challenging market environment for the industry [1][4]. Group 1: Sales Performance - Only Poly Developments achieved over 100 billion yuan in sales, totaling 116.1 billion yuan, a decrease of approximately 15.2 billion yuan year-on-year [1]. - China Overseas ranked second with sales of 90.4 billion yuan, down 11.3 billion yuan from the previous year [1]. - China Resources Land, despite moving up one rank, reported sales of 86.9 billion yuan, a decline of 5.8 billion yuan year-on-year [1]. Group 2: Market Trends - The threshold for entering the top 10 sales list increased to 43.3 billion yuan, with Huafa Group becoming the new entry, reflecting a year-on-year increase of approximately 7.4 billion yuan [3]. - Companies like Yuexiu and Jianfa saw sales growth, while major players like China Vanke experienced a significant drop of over 44 billion yuan [3][4]. - The overall sales of the top 20 companies showed a mixed trend, with some companies like China State Construction and Greenland reporting growth, while others like Jinmao and Longfor faced declines [6][8]. Group 3: Market Dynamics - The real estate market is characterized by insufficient incremental demand, leading to intense competition among the top 100 companies [9]. - Recent price reductions by leading companies, such as China Overseas, indicate a response to market pressures despite the overarching goal of stabilizing the market [10]. - Policy changes, including interest rate cuts and reduced down payment ratios, aim to support the market, but the overall recovery remains sluggish [11].