Core Insights - Beijing is intensifying efforts to develop into an international consumption center city, showcasing diverse consumption scenarios and significant achievements in various sectors [1][8] Group 1: Economic Performance - Since 2019, Beijing has attracted over 5,000 first stores, establishing 12 global launch centers, with Chaoyang District leading by introducing nearly 2,800 first stores [2] - The "first store economy" has become a key driver of consumption in Beijing, with notable contributions from local brands like Pop Mart and Xiao Xian Stewed [2] Group 2: Tourism and Cultural Consumption - From January to October this year, Beijing received over 300 million tourists, generating over 600 billion yuan in tourism spending, marking year-on-year increases of 5.4% and 7.2% respectively [3] - The city has recognized over 100 new performance spaces and hosted over 50,000 commercial performances, attracting more than 12 million viewers and generating ticket sales of 4.5 billion yuan [3] Group 3: Community Convenience - By November 2025, Beijing aims to establish 850 community convenience circles, achieving 100% coverage, with Chaoyang District leading in the number of circles [4] - The city’s overall index for building an international consumption center is projected to reach 109.9 in 2024, reflecting a 19.6 increase since the end of 2020 [4] Group 4: Business Environment - Beijing has implemented reforms to enhance the business environment, including a streamlined registration process for foreign enterprises and the introduction of a bilingual registration guide [5][6] - The city has also upgraded its enterprise credit information system and launched initiatives to restore good credit for over 270,000 businesses [5] Group 5: Policy Support for Cultural and Tourism Consumption - The city has introduced reward measures for new cultural and tourism consumption projects, distributing over 62 million yuan in rewards and stimulating nearly 1 billion yuan in related consumption [7] - The "Beijing Gift" brand has expanded to include 141 quality enterprises and 932 unique products, becoming a significant cultural and tourism consumption hotspot [7] Group 6: Future Development Plans - Beijing plans to focus on service quality, product innovation, and ecological optimization to further enhance its international consumption center status [8][9] - The city will support the development of new consumption scenarios and improve the international consumption environment, including enhancing payment services and tax refund processes for foreign visitors [9][10]

Financing Overview - In November, the total bond financing in the real estate sector reached 62.04 billion yuan, marking a year-on-year increase of 28.5% [1][2][7] - The financing structure included 26.22 billion yuan from credit bonds (down 1.6% year-on-year, accounting for 42.3%), 6.42 billion yuan from overseas bonds (10.3%), and 29.4 billion yuan from ABS (up 36% year-on-year, accounting for 47.4%) [2][8] - From January to November 2025, total bond financing for real estate companies was 550.28 billion yuan, a 10.5% increase year-on-year [2][8] Credit Bond Issuance - Credit bond issuance saw a slight year-on-year decline, primarily from state-owned enterprises, with major issuers including China Merchants Shekou and Poly Developments, each issuing over 3 billion yuan [3][9] - The average issuance term for credit bonds was 3.56 years, with a focus on 1-3 year and over 3-year bonds [3][9] ABS Issuance - ABS issuance totaled 29.4 billion yuan, showing significant growth, with class REITs being the largest category at 51.7% of the total [4][10] - Recent successful ABS projects include the "Huatai-Shanghai Zhongjian Plaza" and "CITIC Securities-Yuexiu Commercial" plans, which support the development of operational business models for real estate companies [4][10] Financing Costs - The average bond financing interest rate was 2.66%, a slight year-on-year decrease of 0.07 percentage points, but an increase of 0.1 percentage points from the previous month [5][11] - The average interest rate for credit bonds was 2.23%, down 0.55 percentage points year-on-year, while overseas bonds had an average rate of 2.97% [5][11] Corporate Financing Dynamics - China Merchants Shekou had the highest issuance amount at 5.04 billion yuan, while Suzhou High-tech had the lowest financing cost at 1.73% [6][12] - Key companies such as China Jinmao, China Resources, and Poly Developments reported new financing activities, while Sunac and Times China had their overseas debt restructuring plans approved [6][12]

证券代码：000031.SZ 证券简称：大悦城 债券代码：148141.SZ 债券简称：22 大悦 02 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（第二期）（品种一） 2025年付息及回售部分债券兑付公告 本公司及董事会全体成员保证信息披露的真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示： 债券名称：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（第二期）（品种一）（以下简称"本期债券"） 债券代码：148141.SZ 债券简称：22 大悦 02 债权登记日：2025 年 12 月 18 日 债券付息日：2025 年 12 月 19 日 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 （第二期）（品种一）将于 2025 年 12 月 19 日开始支付自 2024 年 12 月 19 日至 2025 年 12 月 18 日期间（以下简称"本年度"）的利息和回售部分债券的兑付资 金。为保证本次付息和回售部分债券兑付工作的顺利进行，方便投资者及时领取 1 利息和回售部分债券兑付资金，根据《大悦城控股集团股份有限公司 ...

证券代码：000031.SZ 证券简称：大悦城 债券代码：148141.SZ 债券简称：22 大悦 02 发行人决定于2025年12月22日至2026年1月20日按照相关规定对本次回售债 券进行转售，本期债券回售转售将通过深交所交易终端"回售转售"栏目完成 债券转售业务申报，拟转售债券数量不超过10,300,000张。发行人承诺本次转售 1 符合相关规定、约定以及承诺的要求，转售完成后将注销剩余未转售债券。 大悦城控股集团股份有限公司 关于"22 大悦 02"回售结果的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 特别提示： 本次"22大悦02"回售部分债券的本金及利息已于2025年12月17日足额支 付至中国证券登记结算有限责任公司深圳分公司指定银行账户，并将于回售资 金到账日2025年12月19日划付至投资者资金账户。 根据《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（第二期）募集说明书》的约定，"22大悦02"的债券持有人在回售登记 期内（2025年11月7日至2025年11月11日）选择将其所持有的"22大悦02"全部 ...

股票简称：大悦城 股票代码：000031.SZ 债券简称：22 大悦 02 债券代码：148141.SZ 中信证券股份有限公司关于"22 大悦 02"回售结果 及转售事项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》《公司债券受托管理人执业行 为准则》《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》及其它相关公开信息披露文件以及大悦城控股 集团股份有限公司（以下简称"大悦城控股"或"发行人"）出具的相关公告、 说明文件等，由大悦城控股集团股份有限公司发行公司债券的受托管理人中信证 券股份有限公司（以下简称"中信证券"）编制。 （一）本期债券回售实施办法 1、债券代码：148141。 2、债券简称：22 大悦 02。 3、回售登记期：2025 年 11 月 7 ...

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。 ...