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12 Apr

NWD’s Flagship Mainland China Property Arm Successfully Issues China First Onshore CMBS Take a Significant Step in Asset Securitisation

New World Development Company Limited (“NWD”) announced that New World China, the flagship Mainland China property arm of NWD, successfully issued its first onshore commercial mortgage-backed securities (“CMBS”) on the Shenzhen Stock Exchange. The CMBS, named as the “CICC New World Yunmen Commercial Mortgage-Backed Special Plan”, has an issue size of RMB1.001 billion, with a credit rating of AAAsf and a coupon rate of 3.5%. China International Capital Corporation Limited (“CICC”) was the plan manager. The successful issuance of the CMBS marks an important step taken by NWD in asset securitisation, demonstrating the confidence and recognition of financial institutions and investors in its target project and the Group, while injecting confidence and momentum into the debt capital market.

In recent years, the Chinese government has attached great importance to the revitalisation of existing assets, encouraged the acceleration of asset revitalisation and actively expanded effective investment. The successful issuance of the CICC New World Yunmen CMBS reflects NWD’s determination to revitalise its existing assets and contributes to the continuous diversification and healthy development of NWD’s medium and long-term financing channels. The issuance also aligns with NWD’s financial management strategy, as the increase in fixed-rate debt ratio helps the Group hedge against interest rate risks.

The target project of the CMBS is the shopping centre and parking spaces of New World Yunmen NEW PARK in Guangzhou. Yunmen NEW PARK enjoys a prime location, neighboring the airport and two major urban arteries. It is located in a rare thriving area in Guangzhou where four metro lines intersect, covering several districts such as Baiyun, Conghua, and Huangpu. With over 170 brands gathering here, as well as a diverse mix of businesses and IP events, customers can enjoy a new user experience every time they visit Yunmen NEW PARK. Since its debut in 2018, Yunmen NEW PARK has seen an average daily footfall of over 100,000, continuously injecting vitality into the city’s retail business.

Yunmen NEW PARK has long adhered to the group’s vision of “creating shared value”, aligning profit and purpose for positive impact through creativity, art, and innovation. It has organised an exhibition on paper conservation, actively participated in the annual “Earth Hour” lights-off event, and collaborated with the Wilber Foundation to hold charity events such as the “Fantastic Starry Bazaar”. These efforts were aimed at communicating the concept and power of sustainable development.

Ms. Huang Shaomei, Echo, Executive Director of NWD and Executive Director and CEO of New World China, said, “NWD has always been optimistic about the development of Chinese cities, committed to exploring the unique cultural heritage of each city, and has created numerous top-notch commercial complexes and large-scale residential communities. Yunmen NEW PARK is a masterpiece of NWD’s urban complex in Guangzhou, an attractive and iconic commercial asset. The successful issuance of CICC New World Yunmen CMBS is an innovative attempt by NWD to fully release the asset value of commercial property projects and revitalise existing assets. Going forward, NWD will continue to fulfil its commitment to ‘instilling a new soul into each urban city’, build commercial spaces with warmth and contribute to the high-quality development of Chinese cities.”