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].

9月24日-25日，新城控股（601155）"2025第八届商业年会暨吾悦商管第一届悦链计划合伙人大会"在上 海西岸美高梅酒店举行，新城控股集团董事长王晓松及公司高管，与数千余位合作伙伴共同参与。年会 以"双向奔赴·共绘幸福"为主题，旨在汇聚行业力量，把握合作机遇。 本次会议，新城控股对外公布了迭代焕新后的"吾悦经营五步法"，深度展示了公司在商业运营方面的独 特思考；推出的"悦链计划"旨在联合长期合作的优质品牌及代理商伙伴，共同构建一个开放、共生的商 业生态系统。 吾悦经营五步法 深度聚焦精细化和专业化 随着线下商业的饱和供应叠加线上零售的冲击，商业地产面临着前所未有的挑战。在此背景下，立足于 对商业板块多年的经验沉淀，新城控股在此次活动中分享了迭代焕新后的"吾悦经营五步法"，即"建好 空间、组对内容、找到品牌、做高销售、分享收益"，深度聚焦商业精细化与专业化运营。 "建好空间"，指的是打造优质的空间体验，让每个消费者愿意为品质空间停留。对此，新城控股不仅建 立了对每个项目、每个铺位可视可达的空间分析，还构建了包括宣发、经营、工程、物业与安全五大方 面的全面检查体系，并将其深度纳入各区域KPI考核范畴，以标准 ...

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]

9月24日-25日，新城控股（601155.SH）"2025第八届商业年会暨吾悦商管第一届悦链计划合伙人大 会"在上海西岸美高梅酒店盛大启幕，董事长王晓松携集团高管、与数千余位合作伙伴相聚与此。活动 以"双向奔赴·共绘幸福"为主题，旨在汇聚行业力量，把握合作机遇。新城控股期待与各方伙伴加强协 作、链接资源、携手促进行业稳步迈向新篇章。 直面商业存量化竞争，新城控股凭借规模化优势和持续进阶的商业精细化和专业化运营能力，始终保持 吾悦商管的竞争优势。基于对商业的系统性思考，本次新商会上，新城控股对外公布了迭代焕新后 的"吾悦经营五步法"，深度展示了公司在商业运营方面的独特思考。 新城控股立足当下，持续推动招商服务的进阶升级，于本次活动中全新推出"悦链计划"，旨在联合全国 范围内长期合作的优质品牌及代理商伙伴，共同构建一个开放、共生的商业生态系统，从"空间运营"迈 向"生态协作"。 吾悦经营五步法深度聚焦精细化和专业化 据悉，今年的新城商业年会将实现"多方力量"的全景式汇聚。在过往新商会仅合作品牌方及行业嘉宾的 规模基础上，今年则战略性纳入代理商、轻资产合作方与资本方，这一转变也是新城商业年会进阶为行 业资源整合与 ...

Group 1 - The real estate sector showed strong performance, with the CSI 800 Real Estate Index rising by 2.68% as of 10:49 AM on September 26 [1] - Leading stocks included China Merchants Shekou, which surged by 5.53%, followed by Binjiang Group at 4.58%, and New Town Holdings at 3.26% [1] - The only ETF tracking the CSI 800 Real Estate Index, the real estate ETF (159707), saw an increase of 3.01%, with a trading volume exceeding 67 million yuan and a net subscription of 18 million units [1] Group 2 - A 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 [1] - According to Zhongyin Securities, structural policy relaxations in major cities like Beijing, Shanghai, and Shenzhen may lead to a short-term rebound in the real estate market [3] - The real estate ETF (159707) tracks the CSI 800 Real Estate Index, which includes 13 leading real estate companies, demonstrating a high concentration of top-tier firms with over 90% weight in the top ten constituents [3]