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]

Group 1 - The company, New City Development, announced plans for an international issuance of US dollar-denominated senior notes, targeting institutional investors through a series of roadshows [2] - The pricing of the notes, including the total principal amount, issue price, and interest rate, will be determined by a consortium of financial institutions [2] - The proceeds from the proposed note issuance are intended to fund a simultaneous cash offer to repurchase outstanding notes maturing in July 2025 and October 2025 [2] Group 2 - New City Development is the parent company of New City Holdings, a private real estate enterprise, and is reportedly preparing to issue US dollar bonds with an expected issuance amount between $250 million and $300 million [3] - The company has applied for the notes to be officially listed and quoted on the Singapore Exchange [2] - The notes are expected to receive a B- rating from Standard & Poor's Rating Services [2]

新城发展在港交所公告，公司建议进行美元计值优先票据的国际发售，并将向机构投资者展开一连串推 介会。公司拟将建议票据发行所得款项用于为同步购买要约提供资金。 ...