Seazen(SH:601155) Xin Jing Bao·2025-12-01 14:45Core Viewpoint - New City Holdings has launched the "Wuyue Plaza Holding Real Estate Asset-Backed Special Plan," marking the first issuance of consumer-type holding real estate ABS in China and the first by a private A-share listed company, setting a dual record in the industry [1][2]. Group 1: Issuance Details - The issuance scale of the ABS is 616 million yuan, with a corresponding debt portion of 410 million yuan, and a product term of approximately 25 years [1][4]. - The underlying asset for this ABS is the Wuyue Plaza located in the core area of the Qingpu District, which serves over 400,000 residents from more than 160 surrounding communities [2]. Group 2: Market Impact and Significance - This issuance is expected to enhance New City Holdings' asset liquidity and optimize its capital structure, providing a new financing pathway for the commercial real estate sector [2][3]. - The ABS includes a continuous fundraising mechanism, allowing for the ongoing acquisition of quality assets, thus promoting sustainable development of the product [2]. Group 3: Financial Performance - As of Q3 2025, New City Holdings has established 205 comprehensive projects across 141 cities, with 176 operational and a high occupancy rate of 97.7% [2]. - The total foot traffic at Wuyue Plaza reached 950 million, with total sales exceeding 51.5 billion yuan, both showing a year-on-year increase of 16% [3]. Group 4: Broader Financing Strategy - The issuance is part of a broader direct financing plan approved in May 2025, allowing for up to 20 billion yuan in various financing instruments, including ABS and REITs [5][6]. - New City Holdings has engaged in multiple financing activities this year to bolster liquidity, including issuing bonds and restarting dollar bond issuance to manage upcoming debt obligations [6].