Core Viewpoint - Greentown China Holdings Limited has successfully issued its fourth phase of medium-term notes at a record low interest rate of 3.94%, reflecting positive market expectations regarding its governance optimization and shareholder support [1][3]. Financing Performance - The company has achieved a significant reduction in financing costs, with the latest issuance of medium-term notes being the lowest rate for three-year notes since July 2022 [3][4]. - In 2023, Greentown China has completed six credit bond financings totaling 5.5 billion yuan, indicating a continuous and smooth financing channel [3]. Governance and Market Perception - The recent management changes, particularly the appointment of Liu Chengyun as chairman, are seen as a signal of improved collaboration between Greentown China and its major shareholder, China Communications Construction Group [1][2]. - The market perceives that enhanced governance and credit quality will lead to further optimization of the company's credit rating and financing rates [2][3]. Competitive Positioning - Investors are comparing Greentown China with other state-owned enterprises in the real estate sector, such as China Merchants Shekou and Poly Developments, to assess its potential for more competitive financing terms [2]. - The company’s strong product capability and brand recognition have supported its creditworthiness, allowing it to maintain a high credit level even during market adjustments [2][3]. Future Outlook - The management expresses confidence that as the collaboration between Greentown China and China Communications Construction Group deepens, the company's financing costs will continue to decline, potentially aligning with the pricing levels of leading state-owned real estate firms [4].