Core Viewpoint - Recently, Xinda Real Estate Co., Ltd. announced the cancellation of its mid-term note issuance originally scheduled for December 1, involving a fundraising amount of 1.82 billion yuan due to significant market fluctuations, with plans to restart issuance at a later date [2] Group 1: Company Specifics - The cancelled note had an interest rate range set between 2.20% and 3.40%, targeting institutional investors in the interbank market, with a minimum investment threshold of 10 million yuan [2] - The intended use of the funds was to repurchase the "23 Xinda Real Estate MTN003" bond maturing on December 7, which had a term of 2+2+1 years and a coupon rate of 4.30% [2] - Xinda Real Estate's financial situation has deteriorated, reporting a revenue decline of 23% to 2.692 billion yuan and a net loss of 5.309 billion yuan for the first three quarters of 2025, primarily due to reduced deliveries and asset impairment provisions [8] Group 2: Industry Context - The cancellation of Xinda's issuance is part of a broader trend, as the real estate financing market continues to face challenges, highlighted by Vanke's debt extension announcement leading to panic in the bond market [4] - There has been a wave of cancellations in bond issuances from various state-owned and central enterprises, indicating a growing caution among investors towards real estate financing [5] - The market sentiment remains pessimistic, with investors increasingly wary of financing from weaker credit-rated issuers, particularly in light of recent difficulties faced by some real estate and city investment platforms in meeting principal and interest payments [7]