打通“投融管退” 新城控股发行全国首单消费类持有型ABS

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].