BCDC(SH:600376) Sou Hu Cai Jing·2026-01-23 06:02Core Viewpoint - The real estate industry is undergoing a deep adjustment phase, with debt risks not fully resolved and a continued pressured financing environment. Beijing Capital Development Co., Ltd. (首开股份) successfully issued its first medium-term note for 2026, amounting to 2.1 billion yuan, setting a record for the highest issuance in the industry since December 2025, exemplifying the resilience of state-owned enterprises in financing [1][3]. Group 1 - The issuance of the medium-term note was 2.1 billion yuan, with a record high since December 2025 in the industry [1][3]. - The note included a dual-term structure: 600 million yuan with a 3.30% interest rate for a 2+2+2 year term, and 1.5 billion yuan with a 3.40% interest rate for a 3+2+2 year term, indicating strong market demand [2]. - The successful issuance reflects the company's strong credit quality and the capital market's recognition of its long-term development value, highlighting the core attractiveness of state-owned enterprises in long-term funding [2][3]. Group 2 - The company has maintained a focus on cash flow safety, actively reducing interest-bearing debt and financing costs, while ensuring smooth financing channels during a tightening industry environment [3]. - The successful issuance of the 2.1 billion yuan medium-term note not only provides certainty in funding for the company's operations but also sends a positive signal to the market, supporting the improvement of the financing environment and restoring confidence in the industry [3].