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]

北京商报讯（记者 王寅浩 李晗）12月9日，新城控股披露11月经营简报。简报显示，11月新城控股实现 合同销售金额约14.48亿元；销售面积约20.09万平方米。 ...

（记者 曾健辉） 每经AI快讯，新城控股（SH 601155，收盘价：13.84元）12月9日晚间发布公告称，11月份公司实现合 同销售金额约14.48亿元，销售面积约20.09万平方米。1-11月公司累计实现合同销售金额约179.17亿 元，累计合同销售面积约235.16万平方米。 截至发稿，新城控股市值为312亿元。 每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 2025年1至6月份，新城控股的营业收入构成为：房地产开发销售占比68.63%，物业出租占比29.06%， 其他业务占比2.31%。 ...

新城控股（601155）(601155.SH)发布公告，11月份公司实现商业运营总收入约11.55亿元，比上年同期 增长8.96%;1-11月公司累计实现商业运营总收入约128.52亿元，比上年同期增长10.36%。 ...

Group 1 - The core viewpoint of the article is that New城控股 (601155.SH) reported a significant increase in commercial operating revenue for November and the cumulative total for the year-to-date [1] Group 2 - In November, the company achieved a total commercial operating revenue of approximately 1.155 billion yuan, representing a year-on-year growth of 8.96% [1] - From January to November, the company accumulated a total commercial operating revenue of approximately 12.852 billion yuan, reflecting a year-on-year increase of 10.36% [1]

新城控股集团股份有限公司 2025 年 11 月份经营简报 证券代码：601155 证券简称：新城控股 编号：2025-054 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本公司董事会提醒，披露信息所有经营数据未经审计，月度经营数据与定期报 告数据可能存在差异，仅供投资者了解公司现时经营状况作参考。 一、公司2025年11月份房地产出租情况 11月份公司实现商业运营总收入约11.55亿元，比上年同期增长8.96%；1-11月 公司累计实现商业运营总收入约128.52亿元，比上年同期增长10.36%。 3、2025年11月公司商业运营总收入为11.55亿元（即含税租金收入），包含：商铺、办公 楼及购物中心的租金、管理费、停车场、多种经营及其他零星管理费收入。 二、公司 2025 年 11 月份销售情况 | 11月份公司物业及租金收入分区域情况如下： | | --- | | 省份 | 物业数量 | 总建筑面积 11 | 月份租金收 | 当年累计租金收入 | | --- | --- | --- | --- | --- | | | ...

11月份公司实现合同销售金额约14.48亿元，销售面积约20.09万平方米。1-11月公司累计实现合同销售 金额约179.17亿元，累计合同销售面积约235.16万平方米。 格隆汇12月9日丨新城控股(601155.SH)公布，11月份公司实现商业运营总收入约11.55亿元，比上年同期 增长8.96%；1-11月公司累计实现商业运营总收入约128.52亿元，比上年同期增长10.36%。 ...

Core Viewpoint - The company reported a year-on-year increase in commercial operating revenue and contract sales for November and the first eleven months of the year [1] Group 1: Revenue Performance - In November, the company achieved a total commercial operating revenue of approximately 1.155 billion yuan, representing a year-on-year growth of 8.96% [1] - For the period from January to November, the cumulative commercial operating revenue reached approximately 12.852 billion yuan, reflecting a year-on-year increase of 10.36% [1] Group 2: Contract Sales - In November, the company recorded a contract sales amount of approximately 1.448 billion yuan, with a sales area of about 200,900 square meters [1] - From January to November, the cumulative contract sales amounted to approximately 17.917 billion yuan, with a total sales area of around 2,351,600 square meters [1]

核心内容 合约销售 30家重点上市房企有7家单月销售环比增长 1、合约销售：30家重点上市房企有7家单月销售环比增长 2、企业拿地：头部央国企核心城市补仓，整体投资保持谨慎 3、企业融资：单月总量环比回升，成本持续走低 4、组织动态：龙湖华发等多家房企精简层级，提升效能 ◎ 文 / CRIC研究中心 0 1 | 企业简称 | 2025年11月 | 車月环比 | 2025年1-11月 | | | --- | --- | --- | --- | --- | | | 車月金额 | | 累计金额 | 月均销售金额 | | 保利发展 | 179.5 | -15. 0% | 2408. 0 | 218.9 | | 中海地产 | 221. 4 | 18. 6% | 2113.0 | 192. 1 | | 未润量瓶 | 230. 0 | 51. 3% | 1926. 0 | 175. 1 | | 招商蛇口 | 144.5 | -6. 0% | 1705. 2 | 155.0 | | 绿城中国 | 125.0 | 0. 0% | 1329.0 | 120. 8 | | 万科地产 | 94.2 | -34. 4% | 1240. ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, particularly focusing on the shopping center industry [4][5]. Core Insights - The report emphasizes that the consumption industry and shopping center sector in China still have significant growth potential, driven by an expected increase in total consumption and a structural recovery [4][5]. - Leading commercial companies have achieved stable same-store growth and expansion through operational alpha, which may lead to a revaluation of IP (Intellectual Property) values [4][5]. - The report draws comparisons with the U.S. commercial real estate market, highlighting that during five interest rate cut cycles, commercial real estate indices consistently yielded positive returns, significantly outperforming other asset classes [4][5]. Summary by Sections Macro Perspective - The domestic consumption sector remains under pressure, with retail sales growth gradually recovering to +4.3% as of October 2025, while CPI remains low at +0.2% [14][21]. - Compared to the U.S. and Japan during their real estate crises, China's consumption resilience is still relatively strong [14][21]. - Long-term growth potential exists in the consumption sector, particularly in shopping centers, as GDP per capita and retail sales per capita are expected to rise [28][31]. Mid-level Perspective - As of Q3 2025, the total area of centralized commercial space in China reached 661 million square meters, with a year-on-year growth of +4.4% [49]. - The number of new openings has decreased, but the proportion of reopened projects after adjustments has increased, indicating a shift in strategy [53]. - The report notes that 57% of existing projects have been open for over five years, highlighting the importance of effective asset management [53]. Micro Perspective - Leading companies in the sector exhibit significant operational efficiency, with top firms showing a concentration of 19% in opening area as of 2024 [4][5]. - Key companies are expected to see a revaluation of their IP, with potential increases of 39% for China Resources Land and 33% for New World Development [4][5]. - The report indicates that the average operating profit margin for IP is between 55% and 84%, with dividend yields for major companies exceeding 5% [4][5]. U.S. Market Review - The report highlights that during five interest rate cut cycles, the NCREIF commercial real estate price index achieved an average return of 31%, second only to gold [4][5]. - The long-term same-store NOI (Net Operating Income) growth in the U.S. has been stable, correlating positively with GDP growth [4][5]. Catalysts for Growth - The report suggests that the high barriers to entry in commercial operations will enhance the competitive advantage of leading firms, especially as the "residential development supports commercial" model weakens [4][5]. - The introduction of C-REITs (Real Estate Investment Trusts) is expected to further support the revaluation of commercial assets [4][5].