Core Viewpoint - JPMorgan's report indicates that New World Development Holdings (01030.HK) is proposing to issue US dollar-denominated senior notes, potentially marking the first issuance of US dollar bonds by a non-state-owned developer in two years, suggesting a possible reopening of the offshore bond market for non-state-owned developers [1] Group 1 - The issuance of US dollar bonds by New World Development Holdings is seen as a directional positive for the industry, indicating a potential recovery in the offshore bond market for non-state-owned developers [1] - JPMorgan views this move as symbolic rather than a comprehensive solution to the company's challenges, emphasizing that improving operational cash flow is a more sustainable method for recovery [1] - The report suggests that new policies stimulating real estate sales would be more encouraging for the industry [1]