2025.08. 14 本文字数：1587，阅读时长大约3分钟 作者 | 第一财经 马一凡 近日，一场港股上市公司的要约收购，让房地产商王振华的女儿及其家族信托"浮出水面"。 8 月 11 日 ， 一 家 以 建 筑 工 程 为 主 业 的 港 股 上 市 公 司 " 中 国 新 零 售 供 应 链 集 团 有 限 公 司 （03928.HK）"宣布复牌，在约半个月前，这家公司宣布因有内幕消息待披露而短暂停牌。 在复牌前一日，谜底被揭开——一家名为"万疆资本有限公司"的要约方与中国新零售供应链公司订立 买卖协议，将以2.23亿港元现金收购中国新零售供应链公司3.6亿股股份，相当于已发行股本总额的 75%，每股约0.6189港元。 原本，这场总价2.23亿港元的收购并不会引发太多关注，但是万疆资本有限公司实在有些特殊。 根据中国新零售供应链公司公告披露，万疆资本有限公司于2025年7月11日在英属处女群岛注册成 立，由年仅26岁的王凯莉全资拥有，王凯莉是该公司的唯一股东和唯一董事。 公告披露，王凯莉为曾经的十强房企新城控股（601155.SH）创办人王振华的女儿，新城控股现任 董事长王晓松的妹妹。公告同时披露了 ...

证券代码：601155 证券简称：新城控股 编号：2025-041 新城控股集团股份有限公司 2025年7月份经营简报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 本公司董事会提醒，披露信息所有经营数据未经审计，月度经营数据与定期报告数据可能存在差异，仅 供投资者了解公司现时经营状况作参考。 一、公司2025年7月份房地产出租情况 7月份公司实现商业运营总收入约12.00亿元，比上年同期增长8.09%；1-7月公司累计实现商业运营总收 入约81.44亿元，比上年同期增长11.22%。 7月份公司物业及租金收入分区域情况如下： ■ 注：1、上海包含上海新城控股大厦B座办公楼出租情况。 2、租金收入包含租金、管理费、停车场、多种经营及其他零星管理费收入。 3、2025年7月公司商业运营总收入为12.00亿元（即含税租金收入），包含：商铺、办公楼及购物中心 的租金、管理费、停车场、多种经营及其他零星管理费收入。 二、公司2025年7月份销售情况 三、公司相关财务融资情况 公司子公司南京新城睿盛商业经营管理有限公司向天津新融苏杉企 ...

Core Viewpoint - The collaboration between New City Holdings and the Jiangsu Super League (苏超) aims to enhance cultural identity and stimulate regional consumption through sports events, positioning the company's shopping centers as key venues for fan engagement and community activities [2][3][4]. Group 1: Company Strategy - New City Holdings has integrated its shopping centers, specifically the 46 Wuyue Plazas across 13 cities in Jiangsu, into the local sports culture by becoming the official partner of the Jiangsu Super League [3][5]. - The company has developed a comprehensive marketing strategy that includes immersive fan experiences, such as live viewing areas and various consumer engagement activities, to enhance the shopping experience during the league [4][6]. - New City Holdings emphasizes a "five-sided management philosophy" that focuses on creating emotional connections between commercial spaces and urban culture, aiming to provide consumers with joy through offline shopping experiences [5][6]. Group 2: Market Impact - The partnership with the Jiangsu Super League has led to a significant increase in foot traffic and consumer engagement at Wuyue Plazas, showcasing the effectiveness of blending sports with commercial activities [3][4]. - The company has launched five major series of activities to cater to fan needs, including live viewing zones and promotional offers, thereby creating a one-stop experience for consumers [4][5]. - New City Holdings has also aligned its initiatives with local government policies, enhancing its brand image and social responsibility by actively participating in cultural events and community engagement [5][6].

Core Viewpoint - New City Holdings (601155) is expanding its financing channels by promoting the issuance of real estate asset-backed special plans (ABS) using its owned Wuyue Plaza [1] Financing Plans - The planned issuance amount is approximately 1 billion yuan, with over 500 million yuan coming from equity financing, expected to be completed by the end of August or early September [1] - This week, New City Holdings and the plan manager, Guojin Securities Asset Management Co., have organized roadshow activities for investors, involving insurance companies, brokerage self-managed asset management plans, and bank wealth management funds [1] Additional Financing Initiatives - New City Holdings is also advancing a medium-term note with additional collateral from China Bond, with an expected amount between 1 billion to 2 billion yuan [1] - Concurrently, the company is promoting corporate bonds with a planned issuance amount of 6 billion yuan, with the first phase amounting to 700 million yuan, which has already been accepted by the exchange [1]

Group 1 - The 2025 Jiangsu Super League (referred to as 'Su Super League') has become a significant cultural and commercial event, transcending its role as a mere sports competition [1] - New City Holdings (601155.SH) has actively engaged in the integration of culture, commerce, tourism, and sports, leveraging the rising popularity of the Su Super League to enhance consumer participation [1][2] - The company has organized a series of promotional activities under the theme "Wuyue Loves Jiangsu," transforming its marketing strategy to become an official partner of the Su Super League [1][2] Group 2 - New City Holdings has established a network of 46 Wuyue Plazas across 13 cities in Jiangsu, which serve as venues for various consumer activities linked to the Su Super League [2][3] - The company has implemented a unified action plan across its Wuyue Plazas, providing services such as free parking, viewing refreshments, and support materials for fans [2][3] - During the weekend of July 5-6, New City Holdings organized 62 high-definition event broadcasts, attracting 12,000 fans, significantly exceeding initial registration numbers [3] Group 3 - The integration of sports and commerce has activated urban consumption, with Wuyue Plazas conducting localized promotional activities that reflect regional characteristics [3][4] - New City Holdings has collaborated with local governments to align commercial services with public policies, enhancing the overall effectiveness of their initiatives [4][5] - The company has reported a double-digit increase in average daily sales and foot traffic during the promotional period, indicating a strong boost to the local economy [5][6] Group 4 - New City Holdings aims to achieve a commercial operating revenue target of 14 billion yuan by the end of 2024, with plans to open five new Wuyue Plazas [6] - The collaboration with the Su Super League represents a breakthrough in the company's commercial operations, creating new consumer engagement scenarios [6] - The company is committed to continuing its efforts in integrating urban culture with commercial development, contributing to the economic growth of the regions it serves [6]

Core Viewpoint - New City Holdings has made significant personnel changes in its commercial management division, which contributes over 10 billion in annual revenue, indicating a strategic shift to enhance operational efficiency and management capabilities [1][2] Group 1: Personnel Changes - New City Holdings' commercial management company has undergone major personnel changes, affecting seven regional general manager positions [1] - Key appointments include Zhou Wang as the general manager for the Hu-Su region and Li Changjiang as the general manager for the Su-Zhong region [1] - The company operates over 170 projects across 13 regions, highlighting its extensive management structure [1] Group 2: Financial Performance - In 2022, New City Holdings' commercial operations revenue exceeded 10 billion for the first time, maintaining this scale since then [2] - For the year 2023, the total revenue from commercial operations reached 12.8 billion, a year-on-year increase of 13.1% [2] - The property leasing and management income was 12.03 billion, contributing 13.52% to the company's total revenue, with a gross profit of 8.44 billion and a gross profit margin of 70.17% [2] Group 3: Market Position - As of the end of 2024, New City Holdings has established 173 commercial complex projects, with the "Wuyue Plaza" covering a commercial area of 16.01 million square meters [2] - According to industry rankings, Wuyue's commercial management ranks third nationally, following Wanda and Inl Group [2]

Core Viewpoint - New City Holdings plans to open five new Wuyue Plazas this year, targeting a total commercial operating revenue of 14 billion yuan [1] Group 1: Project Overview - The newly opened Zibo Xinma Wuyue Plaza is the third urban complex in Zibo, integrating local night economy elements and offering a vibrant commercial hub [1][2] - The project features a 24-hour immersive consumption experience, combining traditional market charm with modern trends [2][3] Group 2: Business Strategy - New City Holdings has successfully introduced 54 first-store and innovative brands, along with 63 benchmark dining brands, to enhance the consumer experience [3] - The company focuses on a dual strategy of "residential + commercial" to drive the scale development of Wuyue Plazas, with 200 plazas planned across 136 cities by the end of 2024 [4] Group 3: Operational Excellence - The company emphasizes strong operational capabilities to fulfill commitments to partners, with 173 plazas currently in operation [4] - New City Holdings aims to leverage refined operations and innovative management systems to create a differentiated competitive advantage [5]

Group 1 - Private real estate companies are attempting to restart overseas financing, with New World Development (01030.HK) planning to issue USD bonds between USD 250 million and USD 300 million [2] - New World Development has selected four brokers for the bond issuance, including Guotai Junan International, Haitong International, Citigroup, and CICC [2] - The company has conducted non-public roadshows in Hong Kong and Singapore to gauge overseas investors' attitudes, indicating proactive preparation for the bond issuance [2] Group 2 - New World Development is the first private real estate company to restart overseas capital market financing this year, following the issuance of USD 150 million priority notes by Greentown China (03900.HK) in February [3] - Successful overseas financing for private real estate companies could signal a positive shift in international capital market perceptions, aiding in credit recovery and improving cash flow for the real estate sector [3] - The company is also in discussions for medium-term notes guaranteed by China Bond Insurance, with an issuance amount of approximately CNY 1.5 billion to CNY 2 billion [2]

Core Insights - The article discusses the significant divestment of Wanda Plaza by Wang Jianlin, with 85 plazas sold in two years, representing nearly one-fifth of the total 498 plazas at peak by the end of 2023 [2] - A consortium including TPG, Tencent, and JD.com has acquired 48 Wanda Plazas, with market predictions estimating the transaction value at approximately 50 billion yuan [6] - This marks the third large-scale asset disposal by Wanda in 2023, following the sale of over 30 plazas in the previous two years, including 32 sold in 2024 alone [6] Market Trends - The shift towards a "sell-sell-sell" strategy indicates Wanda's complete transition to a light-asset operation model, with the sold plazas located in competitive first and second-tier cities [8] - In contrast, the performance in county markets is strong, with significant foot traffic and sales reported in newly opened Wanda Plazas [8] Competitive Landscape - Wang Jianlin had anticipated higher rental returns in third and fourth-tier cities since 2015, but competitors like New City Holdings and China Resources are expanding rapidly, posing a threat to Wanda's market position [10] - Continuous asset sales may impact Wanda's brand reputation, as the lower-tier market becomes increasingly competitive, necessitating a demonstration that asset divestiture is a strategic pivot rather than an endpoint [10]

Core Viewpoint - The article discusses the strategic decision of Wanda Commercial Management to sell high-value, easily liquidated assets in first and second-tier cities while retaining projects in lower-tier markets, which may be the most advantageous choice for the company amid liquidity challenges [2][11]. Group 1: Asset Sales and Financial Strategy - Wanda Commercial Management is undergoing a significant asset sale, with a recent transaction involving the acquisition of 48 Wanda Plaza companies by a consortium including Tencent, reportedly valued at 50 billion yuan [2][5]. - Over the past two years, Wanda has sold more than 30 Wanda Plazas, with seven sold at the beginning of this year alone, indicating a focused strategy to alleviate financial pressures [2][3]. - The company is prioritizing the sale of assets in first and second-tier cities due to their higher asset values, which can quickly generate cash flow to address debt issues [11][19]. Group 2: Market Position and Competitive Landscape - The sold Wanda Plazas are primarily located in first, new first, and second-tier cities, where competition in commercial real estate has intensified, leading to a perception of these properties as outdated [5][11]. - In contrast, Wanda Plazas in lower-tier cities remain highly valued, with the company holding a leading position in these markets, having established nearly 30 projects in the top 100 counties in China [11][14]. - The article highlights the changing consumer landscape, where lower-tier cities are experiencing economic growth and increased consumer spending, benefiting Wanda's early investments in these markets [14][15]. Group 3: Future Challenges and Competition - The competition for consumer attention in lower-tier markets is intensifying, with other players like Wuyue Plaza and China Resources' Mixc entering the fray, posing a challenge to Wanda's market dominance [18][19]. - As Wanda continues to divest from first and second-tier cities, maintaining its competitive edge in lower-tier markets will be crucial for the company's long-term success [19].