时隔6年，华润置地再启美元债融资。 华润置地近日发布公告称，已向香港联交所申请批准39亿美元中期票据计划于2025年11月10日后12个月上市，仅以向专业投资者发行债务的方 式发售，安排行及交易商包括中国银行、星展银行、汇丰、农银国际、建银国际、美银证券。 在内地房企境外融资愈发慎重的当下，头部央企重启发行美元债，是具有积极意义的信号。华润置地上一次发行美元中期票据是2019年11月， 其时，华润置地向联交所申请批准39亿美元中期票据计划上市，票据仅向专业投资者发行。 今年以来，房企境外融资在经历短暂停滞后，出现了转机。今年2月，绿城中国成功发行5亿美元债，新城发展也紧随其后在今年6月、9月分别 发行美元债，目前运营状况相对良好的房企在境外发行美元债的渠道已经基本重启。 央企下场试水 华润置地此次发行的中期票据，在头部央企阵营中也是近三年来的首次。中海地产上一次发行美元债是在2019年，保利发展、招商蛇口则几乎 未在境外进行美元债融资。 从发行规模来看，华润置地39亿美元的额度也在房企所发行的美元债中数一数二。横向对比其他房企，中海地产、越秀地产等国央企在境外发 行美元债通常额度不超过10亿美元，华润置地此次 ...

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]

Core Viewpoint - New City Holdings successfully issued its second tranche of medium-term notes for 2025, raising 900 million yuan with a subscription multiple of 1.5 times and a coupon rate of 3.29% [1] Financing and Market Environment - The issuance of medium-term notes is supported by the "Second Arrow" policy, which focuses on the reasonable financing needs of private enterprises, enhancing market confidence in their creditworthiness [1][2] - The People's Bank of China and regulatory bodies have continuously improved the financing environment for private real estate companies, emphasizing support for compliant and stable enterprises [2][3] Company Performance - In 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 profit margin of 26.85%, up by 5.25 percentage points year-on-year [3] - The company maintained a cash balance of 10.3 billion yuan and a low net debt ratio of 52.44%, indicating a solid financial structure [3] Commercial Operations - The commercial segment generated total revenue of 6.944 billion yuan, reflecting a year-on-year growth of 11.8%, with a gross profit margin of 71.20% [3] - The occupancy rate of Wuyue Plaza remained high at 97.81%, showcasing the operational efficiency of the commercial sector [3] Market Recognition - Moody's upgraded the rating outlook for New City Development to positive, reflecting market recognition of the company's strong performance and stable financial structure [4] - The successful issuance of medium-term notes and the supportive policies signify a positive trend for private real estate companies in regaining access to capital markets [4]

Group 1 - Since September, real estate companies have accelerated their financing activities, indicating a potential recovery in industry confidence as more firms attempt to restore market-based financing channels [1] - New City Development Holdings Limited's wholly-owned subsidiary successfully issued $160 million in senior secured notes with a 2-year term and an interest rate of 11.88%, marking the second dollar bond issuance by New City this year [1] - Poly Developments announced plans to issue corporate bonds not exceeding 15 billion yuan, with a maximum term of 10 years, aimed at repaying debt, supplementing working capital, and project construction [1] Group 2 - According to the China Index Academy, the total bond financing in the real estate sector for August 2025 was 55.31 billion yuan, a year-on-year decrease of 4.3%, while the total for the first eight months of 2025 was 380.89 billion yuan, a slight increase of 0.8% [2] - The financing structure revealed that credit bond financing amounted to 229.09 billion yuan, down 6.9%, while asset-backed securities (ABS) financing increased by 16.8% to 146.07 billion yuan, accounting for 38.3% of the total [2] - Liu Shui, Director of Enterprise Research at the China Index Academy, noted that over 20 distressed real estate companies have received approval for debt restructuring as of the end of August 2025, with a continued expectation of a loose policy environment [2] Group 3 - The smooth financing for quality real estate companies and the decrease in financing costs are expected to stabilize market expectations, providing necessary liquidity and alleviating concentrated repayment pressures [3] - The industry is still in a deep adjustment phase, requiring collaboration among policies, enterprises, and the financial system for market clearing and risk mitigation [3] - Future prospects appear favorable for real estate companies with stable cash flows, a focus on core cities, and strong innovation capabilities [3]

Group 1 - Recently, Fosun International successfully issued a total of $400 million in senior unsecured bonds on September 3, showcasing its financing capability in the international market [1][3] - The bonds have a term of 4NC2.5 and a coupon rate set at 6.8%, which is attractive to investors [3] - Standard & Poor's assigned a BB- issuer rating to Fosun International with a stable outlook, enhancing confidence in the bond issuance [3] Group 2 - The funds raised will primarily be used for refinancing part of the existing offshore debt, including payments related to any tender offers [3] - Additional funds will be allocated for the company's working capital and general corporate purposes to support Fosun International's ongoing development [3]

Core Points - Yuncheng Development Investment Group Co., Ltd. has issued a 3-year senior unsecured bond denominated in RMB [2] - The bond has a total issuance size of 1 billion RMB with a fixed coupon rate and yield of 6.5% [2] - The bond is set to mature on September 1, 2028, with a settlement date of September 1, 2025 [2] Summary by Category Issuer Information - Issuer: Yuncheng Development Investment Group Co., Ltd. [2] - Expected issuance rating: unrated [2] Bond Details - Type: Fixed-rate, senior unsecured bond [2] - Issuance rules: Reg S [2] - Currency: RMB [2] - Issuance size: 1 billion RMB [2] - Term: 3 years [2] - Coupon rate: 6.5% [2] - Yield: 6.5% [2] - Issue price: 100 [2] - Maturity date: September 1, 2028 [2] - Settlement date: September 1, 2025 [2] - Change of control put option: 101% [2] Use of Proceeds - Proceeds will be used for project construction and to supplement working capital [2] Additional Terms - Listed on MOX Australia [2] - Minimum denomination/increment: 1 million RMB/10 thousand RMB [2] - Joint global coordinators, joint lead managers, and joint bookrunners include: Cinda Capital, Tianfeng International, Chuangshi Securities, Haitong International [2] - Joint lead managers and joint bookrunners include: CITIC Securities, Xingsheng International, CITIC Jianfu International, Fuqiang Securities, Shanzheng International [2] Clearing and ISIN - Clearing institution: European Clearing Bank/Mingxun Bank [3] - ISIN: XS3157575419 [3]

Group 1: Market Operations - The central bank conducted a 7-day reverse repurchase operation of 35.9 billion yuan at a fixed rate of 1.5% on March 13, with 104.5 billion yuan of reverse repos maturing, resulting in a net withdrawal of 68.6 billion yuan for the day, marking three consecutive days of net withdrawal [2][3] Group 2: Funding Conditions - The interbank funding market remained stable, with overnight repo rates around 1.75%, while the overnight borrowing rates for credit bonds from non-bank institutions also maintained similar levels. The latest overnight financing rate in the US was reported at 4.32% [3][4] Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit in the secondary market was around 1.96%, showing a significant decline compared to the previous day [5] Group 4: Bond Market Trends - The performance of major interbank interest rate bonds showed divergence, with short-term bonds performing slightly better while medium to long-term bonds weakened. Specific yields included 1-year at 1.57%, 3-year at 1.56%, and 10-year at 1.84% [7] Group 5: Treasury Futures - Treasury futures closed mixed, with the 30-year main contract up by 0.04%, the 10-year up by 0.03%, while the 5-year and 2-year contracts fell by 0.02% and 0.03% respectively [9] Group 6: Bond Issuance and Events - Notable bond issuance included the issuance of $500 million senior unsecured bonds by the Bank of China Panama branch and Baidu's completion of a $2 billion zero-coupon convertible bond issuance. Additionally, Henan Province successfully issued 6.742 billion yuan in government bonds [13][14]