因为债务风波以及收购传闻而备受市场关注的新世界发展，交出了一份业绩表现普通的财务报表。 2月27日，新世界发展披露2026财年上半年（截至2025年12月31日止6个月）的财报显示，报告期内，新 世界发展收入同比下降约50%至约83.91亿港元；核心经营利润同比下降约18%至约36.36亿港元；归母 净亏损约37.3亿港元，同比收窄44%。 虽然亏损额同比收窄，但无论是营收或者核心经营利润，新世界发展的业务仍在下行通道。 2025年，对新世界发展也是特殊的一年：去年年初，新世界发展提出推行七招全力减债计划，年中仍因 债务利息延期支付陷入债务漩涡。虽然后来通过再融资的方式暂时缓解财务压力，但市场对新世界发展 的未来仍然充满疑虑。 在新世界发展的业绩会上，新世界发展管理层面对投资者表示，"公司减债策略见成效，业务发展态势 持续向好。"虽然管理层似乎信心十足，但是去年再融资的债券将在2028年到期，而新世界发展目前的 业务发展情况也并不明朗，这将是悬在它头上的达摩克利斯之剑。 新世界发展管理层在回应如何应对的问题时并未直接提及方案，而是表示公司一直用务实的方式改善运 营和财务状况，公司运营也在向好发展，接下来会继续 ...

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].