Core Viewpoint - In October, the company achieved a total commercial operating revenue of approximately 1.186 billion yuan, representing a year-on-year growth of 7.65% [1] Group 1: Sales Performance - In October, the company realized a contract sales amount of approximately 1.419 billion yuan, with a sales area of about 191,500 square meters [1] - From January to October, the company accumulated a total contract sales amount of approximately 16.468 billion yuan, with a cumulative contract sales area of about 2.1506 million square meters [1] Group 2: Revenue Growth - For the period from January to October, the company achieved a cumulative total commercial operating revenue of approximately 11.696 billion yuan, reflecting a year-on-year growth of 10.49% [1]

Group 1 - The core point of the article is that New城控股 reported a contract sales amount of approximately 1.419 billion yuan in October, with a total of about 16.468 billion yuan in contract sales from January to October [1] - In October, the sales area was approximately 191,500 square meters, while the cumulative sales area from January to October reached about 2.1506 million square meters [1] - As of the report, New城控股 has a market capitalization of 33.8 billion yuan [1] Group 2 - For the first half of 2025, the revenue composition of New城控股 is as follows: 68.63% from real estate development sales, 29.06% from property leasing, and 2.31% from other businesses [1]

证券代码：601155 证券简称：新城控股 编号：2025-052 新城控股集团股份有限公司 2025 年 10 月份经营简报 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10月份房地产出租情况 10月份公司实现商业运营总收入约11.86亿元，比上年同期增长7.65%；1-10月 公司累计实现商业运营总收入约116.96亿元，比上年同期增长10.49%。 特此公告。 | 省份 | 物业数量 | 总建筑面积 | 月份租金收 10 | 当年累计租金收入 | | --- | --- | --- | --- | --- | | | | （平方米） | 入（元） | （元） | | 上海 | 3 | 156,575 | 14,560,633 | 152,898,739 | | 贵州 | 2 | 175,541 | 11,628,072 | 111,755,740 | | 青海 | 2 | ...

Core Insights - New城控股 reported a total commercial operating revenue of approximately 1.186 billion yuan in October, representing a year-on-year increase of 7.65% [1] - For the period from January to October, the company achieved a cumulative commercial operating revenue of approximately 11.696 billion yuan, reflecting a year-on-year growth of 10.49% [1] Sales Performance - In October, the company recorded a contract sales amount of approximately 1.419 billion yuan, with a sales area of about 191,500 square meters [1] - From January to October, the cumulative contract sales amount reached approximately 16.468 billion yuan, with a total contract sales area of around 2.1506 million square meters [1]

Core Viewpoint - New City Holdings (601155.SH) reported a total commercial operating revenue of approximately 1.186 billion yuan in October, representing a year-on-year increase of 7.65% [1] - For the period from January to October, the company achieved a cumulative commercial operating revenue of approximately 11.696 billion yuan, reflecting a year-on-year growth of 10.49% [1] Revenue Summary - October's commercial operating revenue was approximately 1.186 billion yuan, up 7.65% compared to the same month last year [1] - Cumulative commercial operating revenue from January to October reached approximately 11.696 billion yuan, an increase of 10.49% year-on-year [1] Sales Performance - In October, the company recorded a contract sales amount of approximately 1.419 billion yuan, with a sales area of about 191,500 square meters [1] - From January to October, the cumulative contract sales amount was approximately 16.468 billion yuan, with a total sales area of about 2,150,600 square meters [1]

Core Viewpoint - New City Holdings reported a total commercial operating revenue of approximately 1.186 billion yuan in October, representing a year-on-year increase of 7.65% [1] - For the period from January to October, the company achieved a cumulative commercial operating revenue of approximately 11.696 billion yuan, reflecting a year-on-year growth of 10.49% [1] Revenue Summary - In October, the company achieved a contract sales amount of approximately 1.419 billion yuan, with a sales area of about 191,500 square meters [1] - From January to October, the cumulative contract sales amount reached approximately 16.468 billion yuan, with a total contract sales area of about 2,150,600 square meters [1]

Core Insights - The company reported a total commercial operating revenue of approximately 1.186 billion yuan in October, representing a year-on-year increase of 7.65% [1] - For the period from January to October, the cumulative commercial operating revenue reached approximately 11.696 billion yuan, reflecting a year-on-year growth of 10.49% [1] Sales Performance - In October, the company achieved a contract sales amount of approximately 1.419 billion yuan, with a sales area of about 191,500 square meters [1] - From January to October, the cumulative contract sales amount was approximately 16.468 billion yuan, with a total contract sales area of around 2.1506 million square meters [1]

Core Insights - The company reported a total commercial operating revenue of approximately 1.186 billion yuan in October, representing a year-on-year increase of 7.65% [1] - For the period from January to October, the cumulative commercial operating revenue reached approximately 11.696 billion yuan, reflecting a year-on-year growth of 10.49% [1] Sales Performance - In October, the company achieved a contract sales amount of approximately 1.419 billion yuan, with a sales area of about 191,500 square meters [1] - From January to October, the cumulative contract sales amount was approximately 16.468 billion yuan, with a total contract sales area of around 2.1506 million square meters [1]

Group 1 - The real estate sector is leading the market with the CSI 800 Real Estate Index rising over 1%, with Shanghai Lingang up 5.6% and several other companies like Quzhou Development and New Town Holdings increasing by over 2% [1] - The only ETF tracking the CSI 800 Real Estate Index, the real estate ETF (159707), saw a price increase of over 1% and a net subscription of 12 million shares, with a total transaction amount exceeding 33 million yuan [1][2] - In October 2025, the total bond financing in the real estate sector reached 51.24 billion yuan, marking a year-on-year increase of 76.9%, with credit bond issuance also showing significant growth [2] Group 2 - CITIC Securities predicts that 2026 may be a critical year for real estate companies to repair their balance sheets, with some firms potentially reaching the bottom of their profit cycles [3] - The real estate ETF (159707) is highlighted for its concentration on top-tier real estate companies, with over 90% of the weight in the top ten constituent stocks, indicating a strong focus on central state-owned enterprises and quality firms [3]

Summary of C-REITs Conference Call Industry Overview - The Chinese real estate industry is transitioning from new residential construction to rental asset operations, coinciding with the development of the REIT market, which may reshape the competitive landscape for developers and redefine long-term investment logic in the sector [1][3][11]. Key Points Importance of Current Developments - Since Q3 2025, favorable policies have accelerated the issuance of domestic REITs (C-REITs), expanding the range of assets and issuing entities. C-REITs are expected to become a significant asset class over the next 10 to 20 years, with a market potential of approximately $1 trillion, which is over 30 times the current size [3][9]. - The limited trading volume of C-REITs suggests that listed developers are a good entry point into this rapidly expanding theme due to their large rental asset portfolios and low participation in REIT issuance [3][9]. Beneficiaries - In-depth analysis indicates that China Resources Land (1109.HK) has the highest short-term benefit potential, followed by Seazen Holdings (601155.SS) and Longfor Group (0960.HK), due to their substantial shopping center portfolios and high pledge ratios. Other companies like China Overseas Land & Investment (0688.HK), China Merchants Shekou (001979.SZ), Vanke (2202.HK), Poly Developments (600048.SS), and Gemdale (600383.SS) also have significant non-retail rental assets that could benefit in the medium term as REIT coverage expands [4][9]. Signals to Watch - The normalization of REIT issuance, especially with private developers' participation, the expansion of covered commercial asset types, and increased flexibility in capital recycling will strengthen confidence in the mid-term investment logic [4][9]. Regulatory Framework and Market Development - C-REITs have a more stringent regulatory framework compared to mature markets like the US and Japan, including requirements on structure, holding ratios, leverage levels, and initial yield [15][19]. - The development of C-REITs has progressed through four phases over the past 25 years, with significant milestones including the first public REITs listed in 2021 and the expansion of eligible asset types [11][12]. Market Size and Performance - As of September 2025, there are 75 publicly listed C-REITs with a total issuance size of approximately RMB 200 billion and a market capitalization of about RMB 220 billion. Despite significant growth since the first listings, C-REITs currently represent only 0.15% of the total market capitalization of China's stock market [20][29]. - The average trading yield of C-REITs has compressed to 4.4%, reflecting a price increase of about 10% since IPOs, with specific sectors like water facilities and new infrastructure seeing substantial price increases [21][40]. Long-term Potential - The potential market size for C-REITs could reach between $800 billion to $1 trillion, which is 28 to 33 times the current market size, driven by the growth of commercial REITs and the completion of new properties [41][43]. - The estimated total value of commercial properties completed since 2000 is approximately $4.9 trillion, indicating a significant opportunity for C-REITs to capture a larger market share in the future [41][42]. Conclusion - The C-REIT market in China is poised for significant growth, driven by favorable policies, a shift in investment focus, and the potential for substantial market capitalization increases over the next decade. Developers with large rental portfolios are well-positioned to benefit from this emerging asset class [3][4][9].