Xincheng Holdings REIT First Expansion Financing, Continuously Strengthening Inventory Asset Revitalization

On March 16, according to the official website of the Shanghai Stock Exchange, Guojin Asset Management - Wuyue Plaza Holding Real Estate Asset-Backed Special Plan 2026 has officially been accepted for its first additional fundraising. This marks another breakthrough in the multi-level REITs strategy of Xincheng Holdings (601155.SH), following the first consumer-type holding real estate ABS in November last year. It further enriches the company’s existing asset revitalization pathways, continuously improves the full-cycle management system of “investment, financing, management, and exit,” and injects new momentum into the company’s strategic transformation.

In recent years, Xincheng Holdings has seized the opportunities of consumer recovery and the rapid growth of consumer markets in third- and fourth-tier cities, continuously enhancing its commercial operation capabilities. By 2025, Xincheng Holdings’ total revenue from commercial operations is expected to increase by 10% year-on-year to 14.09 billion yuan, maintaining steady growth. As of the end of February 2026, Xincheng Holdings has deployed 208 Wuyue Plazas in 142 cities nationwide, with 178 in operation or under entrusted management, ranking first among Chinese listed companies in terms of open and managed properties.

Relying on strong performance and steady development, Xincheng continues to expand its financing channels. On February 26, Xincheng Development, the parent company of Xincheng Holdings, announced that its subsidiary, Xincheng Global Limited, successfully issued $355 million in secured senior notes with a 3-year maturity, receiving active subscription from international investors. This is the third USD bond issuance by Xincheng since June 2025, providing solid financial support for the company to navigate industry cycles and achieve high-quality development.

Gf Securities recently pointed out in a research report that in 2025, Xincheng Holdings’ commercial operation revenue is expected to grow by 10% year-on-year, with same-store growth of 5%. The gross profit margin of commercial operations remains above 70%, and the occupancy rate has maintained above 95% for many years. The company’s asset operation performance is outstanding, with proactive profit rotation and significant potential for long-term value revaluation.