新城发展控股有限公司 新城控股集团股份有限公司 成功发行 亿美元 高级无抵押债券 发行期限:3年 票面利率:11.8% 定价日期:2026年2月26日 特别鸣谢 · ● 乐居财经 李兰 2月26日，据新城控股官微，新城发展控股有限公司（以下简称"新城发展"）、新城控股集团股份有限公司成功发行3.55亿美 元债。 本次债券为高级无抵押债券，期限为3年，票面利率为11.8%。 本次债券发行的联席全球协调人由花旗集团和海通国际担任。同时，龙石资本担任联席簿记管理人。 公开信息显示，新城发展是一家专注于幸福生活构建的产业投资运营集团，业务涵盖住宅开发、商业开发、商业运营管理以及相关企业股 权投资和资产管理。目前，"新城系"旗下拥有新城控股（601155.SH）、新城发展（01030.HK）和新城悦服务（01755.HK）三家上市公司。 新城控股集团股份有限公司 成功发行 亿美元 高级无抵押债券 发行期限:3年 票面利率:11.8% 定价日期:2026年2月26日 · 特别鸣谢 · 联席全球协调人 信用评级机构 乐居财经 李兰 2月26日，据新城控股官微，新城发展控股有限公司（以下简称"新城发展"）、新城控股集团股份有 ...

【夯实境外融资通道 #新城成功发行3.55亿美元债#】《中国经营报》记者了解到，2月26日，新城控股 （601155.SH）母公司新城发展（01030.HK）宣布，子公司新城环球有限公司成功发行3.55亿美元的优 先担保票据，发行期限3年。 在此背景下，新城作为少数成功发行美元债的民营房企，且接连实现三笔境外债的顺利发行，不仅印证 了国际资本市场对企业经营基本面、抗风险能力及长期发展价值的高度认可，更标志着公司境外融资渠 道持续畅通、融资能力稳步提升，为企业穿越行业周期、实现稳健高质量发展筑牢坚实的资金保障。 中信建投在近期研报中指出，新城控股持有的运营收入稳步提升，多层级REITS战略首单落地，公司向 资产运营深化转型取得了实质性突破，因此预测2025—2027年EPS分别为0.42元、0.52元、0.63元，维持 买入评级和21.82元的目标价不变。#房地产# 中经记者 杨让晨 石英婧 上海报道 信息显示，自2025年6月以来，新城持续打开境外融资渠道，本次美元债的成功发行，进一步夯实了公 司境外资本市场的融资根基。去年6月，新城发展成功发行3亿美元高级无抵押债券，成为近三年来首家 重启境外资本市场融资的 ...

新华财经北京2月26日电新城控股（601155.SH）母公司新城发展（01030.HK）26日宣布，子公司新城 环球有限公司完成发行3.55亿美元的优先担保票据，发行期限3年。 据了解，此次发行债券在花旗集团与海通国际的联席主导下，获得了国际投资者的积极认购。根据公 告，本次发行所得款项净额将主要用于为同步2026年购买要约提供资金、现有债务再融资及一般企业用 途。 自2025年6月以来，新城持续打开境外融资渠道，本次美元债的发行进一步夯实了该公司境外资本市场 的融资根基。去年6月，新城控股母公司新城发展发行3亿美元高级无抵押债券，成为近三年来首家重启 境外资本市场融资的民营房企；同年9月，在新城控股及新城发展的联合担保下，子公司新城环球再发 行1.6亿美元的优先担保票据，持续巩固境外融资优势。 据中指研究院数据统计，2025年房企海外债发行规模为161.45亿元人民币，占总融资规模的2.7%，发行 主体以华润、越秀等央国企为主。 业内人士表示，新城作为少数完成发行美元债的民营房企，且接连实现三笔境外债的顺利发行，不仅充 分印证了国际资本市场对企业经营基本面、抗风险能力及长期发展价值的高度认可，更标志着境内企 ...

据中指研究院数据统计，2025年房企海外债发行规模仅为161.45亿元人民币，占总融资规模的2.7%，发 行主体以华润、越秀等央国企为主，民营房企境外融资依旧承压。 在此背景下，新城作为少数成功发行美元债的民营房企，且接连实现三笔境外债的顺利发行，不仅充分 印证了国际资本市场对企业经营基本面、抗风险能力及长期发展价值的高度认可，更标志着公司境外融 资渠道持续畅通、融资能力稳步提升，为企业穿越行业周期、实现稳健高质量发展筑牢坚实的资金保 障。 中信建投在近期研报中指出，新城控股持有运营收入稳步提升，多层级REITS战略首单落地，公司向资 产运营深化转型取得了实质性突破。为此，预测2025-2027年公司EPS分别为0.42/0.52/0.63元，维持买入 评级和21.82元的目标价不变。 2月26日，新城控股（601155.SH）母公司新城发展（01030.HK）宣布，子公司新城环球有限公司成功 发行3.55亿美元的优先担保票据，发行期限3年。 此次发行债券在花旗集团与海通国际的联席主导下，获得了国际投资者的积极认购，彰显了资本市场对 新城稳健经营及未来发展的广泛认可。根据公告，本次发行所得款项净额将主要用于为 ...

Core Viewpoint - The stock price of Shinhan Financial (SHG.N) has shown strong performance, reaching a record high and significantly outperforming the broader market and banking sector [1][3]. Company Fundamentals - The company's main business is banking, accounting for 76.48% of revenue, followed by credit cards at 13.59% and insurance at 10.96%. As of December 31, 2024, total assets are projected to reach 724.50 trillion KRW, with a 15% year-on-year increase in net profit expected for 2025. In July 2025, the company issued $500 million in 5-year senior unsecured bonds with a coupon rate of 4.50% [2]. Stock and Capital Performance - The stock has experienced significant volatility, with a 31.65% fluctuation over the past month and high trading activity. During the same period, the U.S. banking sector declined by 0.27%, and the Dow Jones index fell by 0.19%, indicating that this stock has performed notably better than both the industry and the market [3]. Future Development - Following continuous record highs, the stock may face technical adjustment pressures, and macroeconomic factors such as interest rate policies and global economic fluctuations could impact the performance of financial stocks [4].

Group 1 - New City Group completed the issuance of the third phase of medium-term notes for 2025, with a scale of 1.75 billion yuan and a term of 5 years at a coupon rate of 4% [2] - The company has issued a total of 3.65 billion yuan in medium-term notes this year, all backed by full guarantees from China Bond and rated AAA [2] - In the overseas market, New City Development issued $300 million in senior unsecured bonds in June, marking the first private real estate company to restart overseas capital market financing in three years [2] Group 2 - New City Group innovated financing paths by issuing a real estate asset-backed special plan based on the Shanghai Qingpu Wuyue Plaza, with a scale of 616 million yuan, setting records in the industry [3] - The company has established a mechanism for expansion, reserving a channel for public REITs, which lays a solid foundation for the long-term value release of held commercial assets [3] - The financing breakthroughs of New City Group reflect the continuous improvement of the financing environment for private real estate companies, driven by policy support and corporate efforts [3]

Group 1 - New City Holdings completed the issuance of the third phase of medium-term notes for 2025, with a scale of 1.75 billion yuan and a term of 5 years at a coupon rate of 4% [1] - The company has issued a total of 3.65 billion yuan in medium-term notes this year, all receiving full guarantee from China Bond and a dual AAA rating, maintaining relatively low interest rates [1] - In the overseas market, New City Development issued $300 million in senior unsecured bonds in June, marking the first private real estate company to restart overseas capital market financing in three years [1] Group 2 - New City Holdings innovatively financed through high-quality commercial assets, issuing a real estate asset-backed special plan with a scale of 616 million yuan, setting records in the industry [2] - The company established a mechanism for expansion and reserved a channel for public REITs, laying a solid foundation for the long-term value release of held commercial assets [2] - The financing breakthroughs of New City Holdings reflect the continuous improvement of the financing environment for private real estate companies, driven by policy support and corporate efforts [2]

Core Viewpoint - China Resources Land has resumed its issuance of US dollar bonds after a six-year hiatus, signaling a positive development in the context of cautious overseas financing by domestic real estate companies [1][3]. Group 1: Company Actions - China Resources Land has applied to the Hong Kong Stock Exchange for a US$3.9 billion medium-term note program, which is set to be listed within 12 months after November 10, 2025, and will be issued only to professional investors [1]. - This marks the first issuance of US dollar bonds by a leading state-owned enterprise in three years, with the last issuance by China Overseas Land in 2019 [3]. - The US$3.9 billion issuance is one of the largest among real estate companies, reflecting market confidence, as other state-owned enterprises typically issue less than US$1 billion [3]. Group 2: Financial Implications - The proceeds from the bond issuance will be used to optimize the debt structure, primarily for debt repayment [4]. - Moody's has assigned a "Baa1" investment-grade rating to the proposed notes, indicating that the issuance will enhance China Resources Land's liquidity and financial flexibility [4]. - The company's financial metrics remain strong, with a cash position of CNY 120.24 billion and a net debt ratio of 39.2%, which is low compared to industry standards [5]. Group 3: Market Context - The real estate sector has seen a recovery in overseas financing, with companies like Greentown China and New City Development successfully issuing bonds earlier this year [6]. - The market's acceptance of US dollar bonds from Chinese real estate companies has improved, as evidenced by the successful issuance of senior unsecured bonds by various firms [6][7]. - Domestic financing has also shown signs of recovery, with a significant year-on-year increase in bond financing in October 2025 [8][9].

Core Insights - New City Holdings (601155.SH) reported stable and positive operational performance driven by its "residential + commercial" dual strategy as of September 2025 [1] Financial Performance - In September, New City Holdings achieved total commercial operating revenue of approximately 1.173 billion yuan, a year-on-year increase of 10.13% [1] - From January to September, the company accumulated total commercial operating revenue of approximately 10.511 billion yuan, reflecting a year-on-year growth of 10.82% [1] - Analysts suggest that the company is likely to exceed its annual target of 14 billion yuan in commercial operating revenue [1] - In terms of residential sales, the company recorded a contract sales amount of approximately 1.484 billion yuan in September, with a sales area of about 211,300 square meters [1] - For the first nine months, the cumulative contract sales amount reached approximately 15.050 billion yuan, with a total sales area of about 1,959,100 square meters [1] Financing Activities - New City Holdings has successfully achieved results in both domestic and international financing markets this year [1] - On September 23, the wholly-owned subsidiary New City Global issued $160 million in senior secured notes under the guarantee of New City Holdings and its parent company [1] - Earlier in June, New City Development issued $300 million in senior unsecured bonds, becoming the first private real estate enterprise to restart overseas capital market financing in nearly three years [1] - In August, the company successfully issued the first phase of medium-term notes for 2025 with a scale of 1 billion yuan, achieving a subscription multiple of 2.28 times and a coupon rate of only 2.68% [2] - On September 25, the company issued another medium-term note of 900 million yuan, both notes received full guarantee from China Bond and a dual AAA rating from China Chengxin International [2] - In the third quarter, the company repaid 1 billion yuan of public market bonds, maintaining a good record of early or on-time repayment of all debts [2]

Core Viewpoint - New City Holdings has successfully issued a second tranche of medium-term notes for 2025, indicating a recovery in its financing capabilities amid an improving environment for real estate companies [2][3] Group 1: Financing Activities - On September 25, New City Holdings issued medium-term notes worth 900 million yuan with a subscription multiple of 1.5 times and a coupon rate of 3.29% for a 5-year term [2] - Earlier in August, the company issued another medium-term note of 1 billion yuan with a subscription multiple of 2.28 times and a lower coupon rate of 2.68% [2] - On September 23, a wholly-owned subsidiary, New City Global, issued $160 million in senior secured notes with a 2-year term, backed by New City Holdings and its parent company [2] - In June, New City Development successfully issued $300 million in senior unsecured bonds, marking a significant return to overseas capital market financing for private real estate companies [2] Group 2: Financial Performance - For the first half of 2025, New City Holdings reported revenue of 22.1 billion yuan and a net profit attributable to shareholders of 895 million yuan, with a gross margin of 26.85%, an increase of 5.25 percentage points year-on-year [3] - The company maintained a cash balance of 10.296 billion yuan and a low net debt ratio of 52.44%, indicating a strong financial position [3] - Operating cash flow for the period was 1.512 billion yuan, reflecting efficient cash management [3] Group 3: Commercial Operations - New City Holdings achieved commercial operating revenue of 6.944 billion yuan in the first half of 2025, representing an 11.8% year-on-year growth [3] - The gross profit from property leasing and management reached 4.573 billion yuan, increasing its contribution to total gross profit from 57.21% to 77.06%, with a gross margin of 71.20% [3] - The occupancy rate of Wuyue Plaza remained high at 97.81%, setting a benchmark for operational efficiency in the industry [3] Group 4: Market Confidence - Analysts from China Galaxy noted that New City Holdings has improved its sales prices and achieved a cash recovery rate exceeding 100%, indicating effective operations [3] - The company has maintained a strong commercial performance with double-digit growth in commercial revenue and high occupancy rates [3] - Moody's upgraded the rating outlook for New City Development to positive in June, reflecting confidence in the company's performance and stable financial structure [3]