香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購任何證券的邀請或要約，亦不構成就上述任何事項訂立協議的邀請，亦 不擬用作任何收購、購買或認購任何證券的要約邀請。 本公告不可直接或間接於美國境內發佈、刊發或分發（向符合美國 1933 年《證券法》第 144A 條定義的「合格機構投 資者」除外），亦不可於任何該等發布、公開或分發本公告屬違法的司法管轄區內發佈。 本公告不構成在美國或任何 該等要約、要約邀請或出售在根據國家或司法管轄區的證券法注冊或取得資格前屬違法的國家或司法管轄區內出售證 券之要約，或購買證券之要約邀請。本文所述證券並未且將不會根據美國 1933 年《證券法》（及其不時的修訂）進行 註冊，且除非根據美國證券法的註冊要求獲得豁免或交易不受註冊要求約束，不得在美國境內提供或出售。 最終提前投標結果、增加最高 PerpCo 上限及關於第二次提前投標日期以及第二次提前付款日期之經修訂 指示性時間表公告 由 及 ...

（於英屬維爾京群島註冊成立的有限責任公司） ("PerpCo") 及 本公告僅供參考，並不構成收購、購買或認購任何證券的邀請或要約，亦不構成就上述任何事項訂立協議的邀請，亦 不擬用作任何收購、購買或認購任何證券的要約邀請。 本公告不可直接或間接於美國境內發佈、刊發或分發（向符合美國 1933 年《證券法》第 144A 條定義的「合格機構投 資者」除外），亦不可於任何該等發布、公開或分發本公告屬違法的司法管轄區內發佈。 本公告不構成在美國或任何 該等要約、要約邀請或出售在根據國家或司法管轄區的證券法注冊或取得資格前屬違法的國家或司法管轄區內出售證 券之要約，或購買證券之要約邀請。本文所述證券並未且將不會根據美國 1933 年《證券法》（及其不時的修訂）進行 註冊，且除非根據美國證券法的註冊要求獲得豁免或交易不受註冊要求約束，不得在美國境內提供或出售。 初步提前投標結果及通過更改基礎交換對價延長提前交換對價公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任 ...

Core Viewpoint - The current recovery in the Hong Kong property market is driven by improved funding conditions and stronger economic expectations, which will enhance capital market sentiment and create a positive cycle between the stock and property markets [1][10]. Group 1: Market Dynamics - The rental yield in Hong Kong (3.6%) exceeds the mortgage rate (3.22%), while in mainland China's first-tier cities, the rental yield is below 2%, which is lower than the mortgage rate of 3.1% [2]. - The recent stabilization and recovery of Hong Kong property prices have raised concerns among some investors about potential capital outflows from the stock market due to the property market's recovery [2]. - Historical trends show that recoveries in overseas real estate markets do not typically lead to a substitution effect with stock markets, as seen in various global financial crises [4]. Group 2: Liquidity and Economic Factors - Hong Kong's stock market liquidity is primarily influenced by global macroeconomic factors, such as Federal Reserve policies, geopolitical issues, and mainland China's economic fundamentals, rather than the property market [10]. - The current recovery in the Hong Kong property market is linked to improved funding conditions and rising risk appetite, which are expected to further boost capital market sentiment [10]. Group 3: Policy and Economic Environment - The active property transactions in Hong Kong are supported by continuous policy easing, including tax reductions for non-local buyers and lower mortgage rates due to the Federal Reserve's interest rate cuts [13]. - The average rental yield in Hong Kong has surpassed 3.5% this year, enhancing the attractiveness of property investments [13]. Group 4: Investment Strategy - The current rise in Hong Kong stocks is underpinned by strong fundamentals, suggesting a barbell strategy in asset allocation, with a focus on dividend stocks and growth assets [15]. - There is potential for capital inflows into core assets with global competitive advantages, such as technology and renewable energy sectors, as liquidity improves in the Hong Kong stock market [15].

Group 1 - The core viewpoint of the article is that the Federal Reserve's monetary policy easing over the past year aims to support the labor market, with an estimated policy adjustment space of 50 to 75 basis points remaining [2] - The Federal Reserve has cumulatively lowered interest rates by 150 basis points over the past year to ensure the labor market remains close to full employment [2] - The Federal Reserve has maintained a wait-and-see attitude in its monetary policy meetings this year, influenced by the extensive tariff policies of the Trump administration, and has implemented rate cuts again in September and October after a noticeable cooling in the labor market [2] Group 2 - As of November 6, the two-year Chinese government bond yield is at 1.43%, while the ten-year yield is at 1.81%. In the U.S., the two-year yield has decreased by 6 basis points to 3.57%, and the ten-year yield has also decreased by 6 basis points to 4.11% [7] - The top ten gainers and losers in Chinese dollar bonds are listed, indicating significant price fluctuations in various bonds, with some experiencing gains over 42% while others saw declines exceeding 52% [10][11] - As of the end of October, China's foreign exchange reserves increased to $33,433 billion, up by $4.7 billion from the end of September, reflecting a stable economic foundation and favorable long-term trends [12]

Core Viewpoint - New World Development, under the Cheng Yu-tung family, announced the issuance of $1.9 billion in new debt, including $1.6 billion in perpetual bonds and $300 million in notes maturing in 2031, with interest rates significantly higher than current market rates and the company's average financing rate [1][2] Group 1: Debt Issuance and Financial Strategy - The company faces immense short-term debt pressure, necessitating the issuance of new debt to maintain liquidity [2][6] - New World Development's recent debt issuance is part of a broader strategy to replace maturing short-term debts, with a total of HKD 882 billion in refinancing achieved in the first half of the year [6][8] - The issuance of high-interest perpetual bonds is viewed as a necessary but risky financing choice, described as "drinking poison to quench thirst" [8][17] Group 2: Financial Performance and Challenges - The company's core operating profit for the fiscal year 2025 is projected at HKD 60 billion, indicating some operational resilience despite a significant net loss of HKD 163 billion due to asset impairment [12][15] - Asset impairment losses have notably impacted net profits, with a one-time impairment of HKD 85 billion accounting for half of the total annual loss [15] - The company has successfully achieved its sales target of HKD 260 billion for fiscal year 2025, with contributions from both Hong Kong and mainland China [5] Group 3: Debt Structure and Risks - The reliance on perpetual bonds has increased the company's debt burden, with a significant portion of existing debt facing interest rate reset risks [7][16] - The restructuring proposal for existing debts offers bondholders a "half-price" exchange for new high-interest bonds, potentially reducing the company's debt load significantly [11][17] - The high-interest perpetual bonds, while providing immediate liquidity, may lead to a cycle of increasing debt burdens if cash flow does not improve [16]

Core Insights - The third quarter of 2025 sees a peak in commercial openings, driven by the "National Day" holiday, with 89 new projects totaling approximately 6.93 million square meters [2][5] - The Eastern China region, particularly Jiangsu, Zhejiang, and Shanghai, dominates the commercial project openings, accounting for over 80% of the total [5][7] - High-tier cities maintain their market position, while lower-tier cities, especially county-level markets, show increased commercial activity [7][9] Summary by Sections Opening Statistics - A total of 89 commercial projects opened in Q3 2025, with a commercial area of about 6.93 million square meters. September alone accounted for 59 projects, representing 66% of the quarterly total [2] - Among the new openings, 15 projects were renovations of existing properties, contributing approximately 1.37 million square meters [2][14] Regional Distribution - The Eastern region leads with 32% of openings, with Jiangsu, Zhejiang, and Shanghai contributing significantly [5] - Central and Southern China follow, with Central China having 8 openings and Southern China 15 openings, primarily in Guangdong [5] Market Tier Analysis - High-tier cities account for over 70% of new projects, with first-tier cities at 27%, second-tier at 10%, and a notable activity in fourth-tier cities [7] - County-level commercial projects are becoming more active, with several notable openings in various regions [9] City-Specific Highlights - Hangzhou leads with 8 new projects, followed by Chongqing and Wuhan with 6 each. Notable projects include the Hangzhou Asian Games Village and several large-scale developments in Chongqing [11][12] - Beijing and Shanghai also saw significant openings, focusing on urban renewal and high-end commercial spaces [12][15] Major Developers and Projects - Leading commercial management companies like China Resources, Longfor, and Wanda opened multiple projects, with China Resources launching 6 projects, including several in lower-tier cities [13] - High-profile projects include Shenzhen Bay MixC Phase II and Guangzhou's K11 Select, both featuring innovative designs and a mix of retail and cultural spaces [18][19][20] Renovation Projects - The quarter saw 15 renovation projects, with a total area of approximately 1.37 million square meters, indicating a trend towards upgrading existing properties [14] - Examples include the transformation of previously stalled projects into successful commercial spaces, such as the Hohhot MixC [25]

Core Viewpoint - The real estate industry is undergoing a significant adjustment, with many companies facing challenges in inventory reduction, debt reduction, and transformation. Companies with strong financial health and a long-term vision are becoming industry benchmarks [1][3]. Financial Performance - New World Development reported a revenue of HKD 27.681 billion and a core operating profit of HKD 6.016 billion for the fiscal year ending June 30, 2025. The company completed bank refinancing of HKD 88.2 billion, with total debt and net debt both decreasing [3][17]. - The company achieved a positive cash flow of HKD 11.916 billion, with total debt reduced by approximately HKD 5.7 billion and net debt reduced by approximately HKD 3.5 billion during the fiscal year [17]. Market Performance - New World Development set a property sales target of HKD 26 billion for the fiscal year 2025, achieving strong performance in both Hong Kong and mainland markets. The Hong Kong property development revenue was HKD 2.696 billion, while mainland property development revenue was HKD 12.344 billion [5][9]. - The company’s projects in Hong Kong, such as the "滶晨" project, have seen significant sales, with total contract sales exceeding HKD 11.4 billion since its launch in May [5][7]. Strategic Focus - The company emphasizes high-quality development strategies, balancing short-term gains with long-term growth through quality sales projects and operational assets [1][3]. - New World Development plans to increase its sales target for fiscal year 2026 to HKD 27 billion, focusing on both Hong Kong and mainland markets, with strategic projects in key areas [9][10]. Investment and Innovation - The investment segment, particularly the K11 brand, continues to provide stable cash flow, with property investment revenue reaching HKD 5.055 billion. K11's performance in Hong Kong and mainland markets has shown growth, with a 4% year-on-year increase [10][11]. - K11 has adapted to changing consumer demands by enhancing the shopping experience through cultural and artistic elements, achieving record foot traffic and sales during peak periods [10][14]. Debt Management - The company has implemented a "seven measures to reduce debt" strategy, resulting in a decrease in debt levels and improved liquidity, which supports core business development [15][17]. - The focus on debt reduction and cash flow management is crucial for maintaining daily operations and financial health [17].

Core Viewpoint - The future trajectory of the Hong Kong real estate market in the next six months may depend on the unemployment rate in Hong Kong, with indications of a market recovery observed recently [4][20]. Market Recovery Indicators - Real estate agents in Hong Kong report an increase in client activity and transactions, suggesting signs of recovery in the market [4][5]. - The CCL index from Centaline Property, which reflects Hong Kong property prices, has shown a recovery from a low of 135 points in May 2023 to 141 points currently [5][7]. - New home sales have increased significantly, with the third quarter of 2023 recording 5,530 transactions worth over 610 billion HKD, marking a 7.5% increase in volume and a 30.3% increase in sales value compared to the previous quarter [7]. Mainland Buyers' Influence - Mainland buyers have shown renewed interest in the Hong Kong property market, with nearly 1,000 billion HKD spent on properties in the first nine months of 2023 [7][9]. - In the third quarter, mainland buyers accounted for 38.7% of new home purchases, with a total expenditure of 500 billion HKD, nearing 70% of the half-year total [9][10]. - The trend indicates that over 80% of luxury properties sold in October were purchased by mainland buyers, highlighting their dominance in the high-end market [10][11]. Luxury Market Dynamics - The luxury property market is increasingly driven by younger mainland buyers, with many transactions occurring for properties priced over 50 million HKD [11][12]. - The "Tian Yu" project has been particularly popular among mainland buyers, with significant sales recorded in October [12][13]. - The shift in buyer demographics is attributed to local wealthy individuals being constrained by declining commercial property values, leading to a "blood transfusion" in the luxury market [15][16]. Economic Factors and Future Outlook - The overall sentiment in the market is optimistic, with expectations of continued rental price increases and a favorable rental yield attracting investors [18]. - The stock market's performance has positively influenced the real estate market, with the Hang Seng Index reaching new highs [19]. - However, there remains a divergence of opinions regarding whether the market has truly bottomed out, with some analysts suggesting that the unemployment rate will be a critical factor in determining future market conditions [20].

Core Insights - The company is optimistic about the future of the real estate market, emphasizing the importance of quality in products and services to seize development opportunities [2][3] - The company has successfully secured a record refinancing of HKD 88.2 billion, marking the largest loan of its kind in Hong Kong's history [1] - The company aims to enhance cash flow stability by increasing sales, driven by favorable market conditions such as interest rate cuts and a stabilizing Hong Kong property market [1] Financial Performance - The company achieved a contract sales amount of over HKD 11.4 billion for the Yau Chan project, making it the top performer in Hong Kong's new housing market for 2025 [1] - The company projects a total contract sales amount of approximately HKD 14 billion in mainland China for the 2025 fiscal year, with the southern region, particularly the Greater Bay Area, contributing nearly 52% [3] Strategic Focus - The company is implementing a dual strategy of "sales properties + operating assets" to balance short-term revenue and long-term growth [5] - The company is focusing on urban renewal projects to acquire land, particularly in the Greater Bay Area and Yangtze River Delta regions, which are seen as having strong development potential [2][3] Market Outlook - The company expresses confidence in the demand support from both the Hong Kong and mainland markets, with a particular focus on the ongoing talent attraction initiatives in Hong Kong [2] - The company plans to concentrate investments in residential properties, aiming for a balance between cash input and output for long-term and short-term returns [3] Operational Strategy - The company is enhancing its operational management by integrating the operations of its Hong Kong and mainland subsidiaries, focusing on cost control and profit maximization [5][7] - The company is committed to improving cash flow, managing debt, and optimizing operational efficiency in the upcoming fiscal year [7]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新世界發展有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00017 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,516,633,171 | | 0 | | 2,516,633,171 | | 增加 / 減少 (-) | | | 0 | | | | | | 本月底結存 | | | 2,516,633,171 | | 0 | | 2,516,633,17 ...