Investment Rating - The report maintains an "Overweight" rating for the commercial real estate REITs sector, indicating a positive outlook for investment opportunities in this area [3]. Core Insights - The China Securities Regulatory Commission (CSRC) has initiated a pilot program for commercial real estate investment trusts (REITs), which is expected to significantly enhance the valuation of quality commercial assets [3]. - The potential market for public REITs in China is estimated to exceed 10 trillion yuan, with the current market size at 219.9 billion yuan, of which commercial real estate accounts for 130.9 billion yuan, indicating substantial growth potential [3]. - The pilot program aims to create a multi-tiered market for commercial real estate asset securitization, which will help in revitalizing existing assets, mitigating risks, and facilitating corporate transformation [3]. - The new model of real estate development emphasizes the operational management of existing assets rather than new construction, aligning with the broader economic goals of sustainable development [3]. Summary by Sections Pilot Program Overview - The CSRC has launched a pilot for commercial real estate REITs, which will include a wider range of underlying assets such as office buildings and hotels, thereby expanding the asset revitalization scope [3]. Market Potential - The global REIT market is characterized by a significant proportion of holding-type real estate and infrastructure assets, with market values approximately 60% and 40% respectively [3]. - The report highlights that the commercial real estate REITs pilot will complement existing infrastructure REITs, forming a complete public REITs market in China [3]. Strategic Implications - The introduction of commercial real estate REITs is seen as a critical step in transitioning the real estate sector from a developer-focused model to an asset management-oriented approach, which is essential for high-quality development [3]. - The report identifies two key opportunities: the favorable policy environment for quality housing and the strong performance of quality commercial enterprises during a period of monetary easing [3]. Investment Recommendations - The report recommends several companies for investment, including: - Commercial real estate: China Resources Land, New Town Holdings, Kerry Properties, Longfor Group, with a focus on Swire Properties and New Town Development [3]. - Quality housing companies: Jianfa International, Binjiang Group, China Jinmao, and Greentown China [3]. - Undervalued companies: Jianfa Shares, China Merchants Shekou, Yuexiu Property, China Overseas Development, and Poly Developments [3]. - Property management: China Resources Vientiane, Greentown Services, China Merchants Jinling, Poly Property, and China Overseas Property [3]. - Second-hand housing intermediaries: Beike-W, with attention to I Love My Home [3].

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。 专项计划的基本情况如下： 新城控股集团股份有限公司（以下简称"公司"或"新城控股"）于2025年3月27日召开第四届董事会第八 次会议，并于2025年5月26日召开2024年年度股东大会，审议通过了《关于公司开展直接融资工作的议 案》，同意公司（含控股子公司）进行规模不超过等额人民币200亿元（含境外等值外币）的直接融 资，包括但不限于企业债券、中期票据、短期融资券、超短期融资券、定向债务融资工具、资产支持票 据、资产支持证券、REITs、Pre-REITs、类 REITs、项目收益票据、永续债等在中国银行间交易市场、 境内外证券交易所等境内外合法的债券市场发行/举借的，以人民币或外币计价的各类权益融资及债务 融资品种。同时，为保证直接融资工作的顺利进行，股东大会同意授权董事会及其授权人士公司董事长 全权负责直接融资工作的具体事宜，包括但不限于：确定直接融资工具的种类、具体品种、具体方案、 条件和其他事宜（包括但不限于具体发行规模、实际总金额、币种、发行价格、利率或其确定方式、发 ...

新城控股集团股份有限公司 关于国金资管-吾悦广场持有型不动产资产支持专项计划成立的公告 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。 新城控股集团股份有限公司（以下简称"公司"或"新城控股"）于2025年3月27日召开第四届董事会第八 次会议，并于2025年5月26日召开2024年年度股东大会，审议通过了《关于公司开展直接融资工作的议 案》，同意公司（含控股子公司）进行规模不超过等额人民币200亿元（含境外等值外币）的直接融 资，包括但不限于企业债券、中期票据、短期融资券、超短期融资券、定向债务融资工具、资产支持票 据、资产支持证券、REITs、Pre-REITs、类 REITs、项目收益票据、永续债等在中国银行间交易市场、 境内外证券交易所等境内外合法的债券市场发行/举借的，以人民币或外币计价的各类权益融资及债务 融资品种。同时，为保证直接融资工作的顺利进行，股东大会同意授权董事会及其授权人士公司董事长 全权负责直接融资工作的具体事宜，包括但不限于：确定直接融资工具的种类、具体品种、具体方案、 条件和其他事宜（包括但不限于 ...

Core Points - New City Holdings announced plans for direct financing not exceeding 20 billion yuan [1] - The company will hold board and shareholder meetings on March 27 and May 26, 2025, to approve the financing proposal [1] - Guojin Securities Asset Management plans to issue a real estate asset-backed special plan with a scale of 616 million yuan [1] - As of the announcement date, all subscription funds have been transferred to the special plan's custody account, meeting the target fundraising scale [1] - The special plan officially established on November 28, 2025 [1]

Core Viewpoint - New City Holdings has successfully issued the first consumption-type real estate asset-backed securities (ABS) in China, marking a significant milestone in the industry with a total issuance scale of 616 million yuan and a debt portion of 410 million yuan, with a term of approximately 25 years [2][3][4]. Group 1: Asset and Market Position - The underlying asset for the ABS is the Wuyue Plaza located in the core area of the Qingpu District, which benefits from a large customer base of over 400,000 residents from more than 160 surrounding communities [3]. - Since its opening in 2014, Wuyue Plaza has maintained a high occupancy rate and has seen steady growth in key metrics such as foot traffic, revenue, and profit, establishing itself as a regional commercial leader [3][4]. - New City Holdings has a strategic presence in 141 cities with 205 comprehensive projects, achieving a high occupancy rate of 97.7% across 176 operational and managed properties [5][6]. Group 2: Financial Performance and Growth - In the first three quarters of the year, New City Holdings reported a total commercial operating revenue of approximately 10.511 billion yuan, reflecting a year-on-year growth of 10.82% [6]. - The total foot traffic at Wuyue Plaza reached 950 million visits, a year-on-year increase of 16%, with total sales exceeding 51.5 billion yuan, also up by 16.5% [6]. Group 3: Strategic Initiatives and Future Outlook - The issuance of the ABS aligns with New City Holdings' strategic shift from "real estate development and sales" to "asset operation," optimizing its asset-liability structure and enhancing the management of commercial real estate [4]. - The company has established a robust mechanism for continuous fundraising through the ABS, allowing for the acquisition of quality assets and promoting sustainable product development [5]. - The successful issuance of this ABS serves as a benchmark for private real estate companies, showcasing New City Holdings' leading capabilities in asset operation and innovative financing [4].

人民财讯11月28日电，11月28日，国金资管-吾悦广场持有型不动产资产支持专项计划(简称"吾悦广场 持有型ABS")在上交所成功设立，该项目发行规模6.16亿元，是全国首单消费类持有型不动产ABS，也 是全国首单A股上市民营企业发行的持有型不动产ABS。据悉，该项目由新城控股（601155）发行，底 层标的资产为上海青浦吾悦广场购物中心项目。 ...

专项计划的基本情况如下： 证券代码：601155 证券简称：新城控股 编号：2025-053 新城控股集团股份有限公司 关于国金资管-吾悦广场持有型不动产 资产支持专项计划成立的公告 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。 新城控股集团股份有限公司（以下简称"公司"或"新城控股"）于 2025 年 3 月 27 日召开第四届董事会第八次会议，并于 2025 年 5 月 26 日召开 2024 年年度股 东大会，审议通过了《关于公司开展直接融资工作的议案》，同意公司（含控股子 公司）进行规模不超过等额人民币 200 亿元（含境外等值外币）的直接融资，包括 但不限于企业债券、中期票据、短期融资券、超短期融资券、定向债务融资工具、 资产支持票据、资产支持证券、REITs、Pre-REITs、类 REITs、项目收益票据、永 续债等在中国银行间交易市场、境内外证券交易所等境内外合法的债券市场发行/ 举借的，以人民币或外币计价的各类权益融资及债务融资品种。同时，为保证直接 融资工作的顺利进行，股东大会同意授权董事会及其授权人士公 ...

Market Overview - The real estate development sector experienced a decline of 0.44% on November 26, with China Wuyi leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Stock Performance - Notable gainers in the real estate sector included: - Wantong Development (600246) with a closing price of 12.68, up 9.97% [1] - Zhangjiang Hi-Tech (600895) at 42.37, up 5.24% [1] - ST Zhongdi (000609) at 13.31, up 4.97% [1] - Major decliners included: - China Wuyi (000797) at 3.44, down 6.78% [2] - Caixin Development (000838) at 3.43, down 4.99% [2] - Binhai Group (002244) at 10.07, down 4.73% [2] Capital Flow - The real estate development sector saw a net outflow of 509 million yuan from institutional investors, while retail investors contributed a net inflow of 342 million yuan [2] - The detailed capital flow for selected stocks showed: - Zhangjiang Hi-Tech (600895) had a net inflow of 3.75 billion yuan from institutional investors [3] - Wantong Development (600246) saw a net inflow of 3.14 billion yuan from institutional investors [3] - Tianjian Group (000090) had a net inflow of 4383.86 million yuan from institutional investors [3]

Core Viewpoint - The A-share market has seen a decline in real estate stocks, with several companies experiencing significant drops in their share prices [1] Group 1: Company Performance - Binjiang Group and China Wuyi both fell over 5% [1] - Caixin Development dropped nearly 5% [1] - I Love My Home, Sanxiang Impression, and Hefei Urban Construction all decreased by over 3% [1] - Huaxia Happiness, Jindi Group, Te Fa Service, China National Trade, China Merchants Shekou, New Town Holdings, and Vanke A all saw declines exceeding 2% [1]

Investment Rating - The report maintains an "Outperform" rating for the real estate industry [6] Core Insights - The real estate market is experiencing significant downward pressure on both volume and price, necessitating new policy measures to boost confidence [16][20] - Short-term policies such as mortgage interest subsidies and personal income tax deductions are expected to be implemented to alleviate the current market downturn [39] - The report highlights a potential for structural recovery in the housing market, particularly in first-tier cities, if purchasing restrictions are fully lifted [39] Summary by Sections 1. Market Overview - The real estate market is facing increased downward pressure, with sales volume and prices declining significantly. In October 2025, cumulative sales area decreased by 6.8% year-on-year, and sales value dropped by 9.6% [16] - The report notes that the sales area for new homes in 45 cities totaled 2.72 million square meters, with first-tier cities experiencing a year-on-year decline of 43.19% [5] 2. Policy Directions - The report anticipates policy measures focusing on loosening purchase restrictions, providing mortgage interest subsidies, and implementing personal income tax deductions to stimulate demand [28][31] - There is a growing expectation for the central government to engage in large-scale market-oriented housing stockpiling to stabilize the market [37] 3. Stock Market and Credit Bonds - The A-share real estate sector underperformed the market, with a decline of 5.83%, while the Hong Kong real estate sector outperformed with a decline of 4.94% [41][53] - As of November 21, 2025, the cumulative issuance of real estate credit bonds reached 3,815.39 billion, with a net financing amount of -421.33 billion [41] 4. REITs Market - The REITs index experienced a decline of 1.12% this week, with transaction volumes decreasing by 8.80% [3][12] 5. Land Market - The report indicates a significant increase in land supply and transaction area across major cities, with a 92.79% increase in supply and a 24.37% increase in transaction area [4] 6. Investment Recommendations - The report suggests focusing on three areas within the real estate sector: commercial real estate (e.g., New Town Holdings, China Resources), property management (e.g., Greentown Service), and real estate brokerage (e.g., Beike, Wo Ai Wo Jia) [40]