Group 1 - New City Holdings completed the issuance of the third phase of medium-term notes for 2025, with a scale of 1.75 billion yuan and a term of 5 years at a coupon rate of 4% [1] - The company has issued a total of 3.65 billion yuan in medium-term notes this year, all receiving full guarantee from China Bond and a dual AAA rating, maintaining relatively low interest rates [1] - In the overseas market, New City Development issued $300 million in senior unsecured bonds in June, marking the first private real estate company to restart overseas capital market financing in three years [1] Group 2 - New City Holdings innovatively financed through high-quality commercial assets, issuing a real estate asset-backed special plan with a scale of 616 million yuan, setting records in the industry [2] - The company established a mechanism for expansion and reserved a channel for public REITs, laying a solid foundation for the long-term value release of held commercial assets [2] - The financing breakthroughs of New City Holdings reflect the continuous improvement of the financing environment for private real estate companies, driven by policy support and corporate efforts [2]