Core Insights - Shenzhen Baonan Joy City has gained significant attention in the commercial real estate sector due to its recent announcement of a 5 billion yuan asset mortgage to secure a loan from the Bank of China, highlighting the property’s high collateral value of 61.43 billion yuan and an 81% mortgage rate [1][4] Group 1: Operational Performance - The opening day of Shenzhen Baonan Joy City saw over 420,000 visitors, generating nearly 20 million yuan in sales, excluding certain brands, indicating strong initial consumer interest [3] - The shopping center maintained a high occupancy rate of over 98% in its first month, with weekend peak foot traffic reaching 150,000, showcasing its ability to attract and retain customers [3] - Over 50% of the nearly 400 brands in the center are either flagship or customized stores, effectively catering to the demand for unique shopping experiences among younger consumers [3] Group 2: Financing Strategy - The financing strategy of Shenzhen Baonan Joy City is part of a broader trend within Joy City Holdings, which utilizes high occupancy rates and stable cash flows from commercial assets to secure low-cost funding [4][5] - The property is strategically located in a core area of Baoan, adjacent to major subway lines and surrounded by established communities, which enhances its value and resilience against market fluctuations [5] - The low interest rates on loans from state-owned banks, ranging from 3.0% to 3.45%, allow the company to replace high-cost debt, saving significant interest expenses while enabling further investment in new projects [5][6] Group 3: Market Implications - The reliance on commercial real estate as a stable cash flow source is becoming increasingly important for property developers facing cash flow challenges, as evidenced by Joy City Holdings' recent financial performance [6] - The issuance of commercial REITs, such as the Chengdu Joy City REIT, has demonstrated the liquidity value of quality commercial assets, further supporting the trend of asset securitization in the industry [6] - The success of Shenzhen Baonan Joy City serves as a signal to the market that high-quality commercial assets can provide a financial lifeline for developers amid a cooling residential market [6][7]

Group 1 - The company announced new projects from 2025 onwards, including a site in Sanya with a land area of 32,647 square meters and a total transaction price of RMB 784,100,000 [1] - The Sanya project has a total construction area of approximately 48,971 square meters, with the company's final equity interest at 63.93% [1] - In Chengdu, the company acquired four plots of land with a total area of 134,501 square meters and a total transaction price of RMB 2,650,212,983, with a final equity interest of 86.19% [1] Group 2 - A project in Qingdao covers a land area of 50,417.1 square meters, with a total transaction price of RMB 410,836,280 [2] - The Qingdao site has a total construction area of approximately 126,043 square meters, with the company's final equity interest at 43.96% [2]

Group 1 - The company announced new projects from 2025 onwards, including a residential project in Sanya with a land area of 32,647 square meters and a total transaction price of RMB 784.1 million, where the company's final equity interest is 63.93% [1] - In Chengdu, the company acquired four plots of land with a total area of 134,501 square meters and a total transaction price of RMB 2.65 billion, with a final equity interest of 86.19% [1] - A commercial land plot in Qingdao was also acquired, covering 50,417.1 square meters with a transaction price of RMB 410.84 million, where the company's final equity interest is 43.96% [2] Group 2 - For the first half of 2025, the company's revenue composition is as follows: 75.64% from residential sales and primary land development, 16.8% from investment properties and related services, 3.34% from property and other services, 3.06% from hotel operations, and 0.85% from management output [2] - The company's market capitalization is reported to be RMB 12.2 billion [3]

大悦城控股集团股份有限公司第十一届董事会公告 证券代码：000031 证券简称：大悦城 公告编号：2025-067 大悦城控股集团股份有限公司 二〇二五年十二月十五日 1 1、三亚中央商务区东岸单元 DA02-29-05A/B 地块。该项目位于三亚市吉阳 区东岸片区腊尾西路、东岸蓝湾项目以南。该地块土地出让面积为 32,647 平方 米，计容建筑面积约 48,971 平方米，土地用途为二类城镇住宅用地。地块成交 总价为人民币 784,100,000 元。公司控股子公司拥有该项目权益比例为 100%，公 司最终权益比例为 63.93%。 2、成 都 市 青 羊 区 QY09(070102):2025-052 、 QY10(070102):2025-053 、 QY11(09):2025-054、QY12(09):2025-055 共计 4 宗地块。该项目位于成都市青羊 区蔡桥街道。4 宗地块土地出让面积合计 134,501 平方米，计容建筑面积合计约 305,174 平方米，土地用途为二类城镇居住用地及二类商业服务业设施用地。地 块成交总价为人民币 2,650,212,983 元。公司控股子公司拥有该项目权益比 ...

大悦城公告称，2025年至今新增三宗房地产项目。一是三亚中央商务区地块，出让面积32,647平方米， 成交总价7.84亿元，公司最终权益比63.93%；二是成都青羊区4宗地块，出让面积合计134,501平方米， 成交总价26.50亿元，公司最终权益比86.19%；三是青岛北区地块，出让面积50,417.1平方米，成交总价 4.11亿元，公司最终权益比43.96%。未来公司项目权益比例或因引进合作方而变。 ...

中信证券股份有限公司关于 大悦城控股集团股份有限公司 取消监事会及监事的临时受托管理事务报告 股票简称：大悦城 股票代码：000031.SZ 债券简称：25 大悦 04 债券代码：134377.SZ 债券简称：25 大悦 03 债券代码：134376.SZ 债券简称：23 大悦 01 债券代码：148174.SZ 债券简称：22 大悦 02 债券代码：148141.SZ 债券简称：22 大悦 01 债券代码：148102.SZ 发行人 深圳市宝安区新安街道 3 区龙井二路 3 号中粮地产集团中心第 1 层 签署日期：2025 年 12 月 声明 本报告依据《公司债券发行与交易管理办法》《深圳证券交易所公司债券 上市规则》《大悦城控股集团股份有限公司 2022 年面向专业投资者公开发行公 司债券受托管理协议》《大悦城控股集团股份有限公司 2022 年面向专业投资者 公开发行公司债券债券持有人会议规则》《大悦城控股集团股份有限公司 2025 年面向专业投资者非公开发行公司债券（第二次）受托管理协议》《大悦城控 股集团股份有限公司 2025 年面向专业投资者非公开发行公司债券（第二次）债 券持有人会议规则》及其它相 ...

股票简称：大悦城 股票代码：000031.SZ 债券简称：25 大悦 04 债券代码：134377.SZ 债券简称：25 大悦 03 债券代码：134376.SZ 债券简称：23 大悦 01 债券代码：148174.SZ 债券简称：22 大悦 02 债券代码：148141.SZ 债券简称：22 大悦 01 债券代码：148102.SZ 中信证券股份有限公司关于 大悦城控股集团股份有限公司 重大资产抵质押的临时受托管理事务报告 发行人 深圳市宝安区新安街道 3 区龙井二路 3 号中粮地产集团中心第 1 层 101 室 受托管理人 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 签署日期：2025 年 12 月 声明 本报告依据《公司债券发行与交易管理办法》《深圳证券交易所公司债券 上市规则》《大悦城控股集团股份有限公司 2022 年面向专业投资者公开发行公 司债券受托管理协议》《大悦城控股集团股份有限公司 2022 年面向专业投资者 公开发行公司债券债券持有人会议规则》《大悦城控股集团股份有限公司 2025 年面向专业投资者非公开发行公司债券（第二次）受托管理协议》《大悦城控 股集团股份有限公司 2 ...

Group 1 - Xiangyuan Holdings is facing overdue repayment issues related to financial products linked to its real estate projects, with the company and its chairman Yu Faxiang taking joint guarantee responsibility and communicating with relevant parties about the situation [1] - Three listed companies under Xiangyuan Holdings, including Xiangyuan Cultural Tourism, Haichang Ocean Park, and Jiaojian Co., have issued statements clarifying that they are not responsible for any repayment or guarantee obligations related to the overdue financial products [1] Group 2 - New城控股 reported a total commercial operating revenue of approximately 12.85 billion yuan from January to November, reflecting a year-on-year growth of 10.36% [2] - In November alone, the company achieved a commercial operating revenue of about 1.16 billion yuan, an increase of 8.96% compared to the same month last year [2] - The total contract sales amount for the company from January to November reached approximately 17.92 billion yuan, with a total sales area of about 2.35 million square meters [2] Group 3 - Shanghai Disneyland will implement a tiered refund policy for its theme park tickets starting January 12, 2026, allowing for different refund conditions based on the timing of the refund request [3] - Under the new policy, full refunds can be requested up to seven days before the visit, while a service fee will apply for refunds requested closer to the visit date [3] Group 4 - Swire Properties announced the launch of Qiantan Place in Shanghai, which includes two Grade A office buildings, with a total construction area of approximately 125,600 square meters [4] - The project is part of the expansion of the Qiantan Taikoo Li integrated development and is expected to be completed by the end of 2026 [4] Group 5 - The Ministry of Culture and Tourism emphasizes the importance of developing smart tourism to enhance the experience and comfort of tourism products, aiming to enrich the supply of high-quality tourism products [5] - The focus is on improving the design and development of tourism products, promoting the renewal of tourist attractions, and cultivating leisure and specialty tourism products [5]

截至2025年9月30日抵押物业账面价值61.43亿元。 12月11日，大悦城（000031）发布公告称，因业务经营需要，大悦城及其下属公司中粮地产发展(深圳) 有限公司和深圳市宝安三联有限公司拟作为借款人向中国银行股份有限公司深圳宝安支行作为牵头行的 银团申请最高不超过人民币50亿元的固定资产银团贷款并签署相应的银团贷款合同，银团贷款的贷款期 限为180个月。 据悉，大悦城及下属公司以其分别持有的深圳宝安大悦城商业中心的物业设立抵押，并由大悦城及下属 公司分别基于相关抵押物业产生的所有经营收入等设立应收账款质押，在银团贷款存续期内为全部银团 贷款及相关应付款项提供增信；截至2025年9月30日抵押物业账面价值61.43亿元。 ...

大悦城公告，因业务经营需要，公司及其下属公司中粮地产发展（深圳）有限公司和深圳市宝安三联有 限公司拟作为借款人向中国银行股份有限公司深圳宝安支行作为牵头行的银团申请最高不超过人民币50 亿元的固定资产银团贷款，贷款期限为180个月。大悦城及下属公司以其分别持有的深圳宝安大悦城商 业中心的物业设立抵押，并由大悦城及下属公司分别基于相关抵押物业产生的所有经营收入等设立应收 账款质押，在银团贷款存续期内为全部银团贷款及相关应付款项提供增信。截至2025年9月30日抵押物 业账面价值61.43亿元。 ...