New City Holdings' overseas subsidiary successfully issues $355 million bonds; Poly Developments secures a core residential land parcel in Hangzhou Century City worth 1.586 billion yuan | Real Estate Early Insights

| Wednesday, March 11, 2026 |

NO.1 Poly Developments wins core residential land parcel in Hangzhou Century City for 1.586 billion yuan

On March 10, Hangzhou auctioned a residential land parcel with a total area of 23,133 square meters and a planned construction area of 41,639.4 square meters, starting at 1.366 billion yuan. Poly Developments ultimately acquired the land for approximately 1.586 billion yuan, with a floor price of 38,084 yuan per square meter and a premium rate of 16.11%. According to the land description, the boundaries are east to Boao Road, south to Wenming Road, west to Fengxi Road, and north to Feng Er Road.

Comment: In five days, Poly Developments has secured two properties in Hangzhou, demonstrating its strategic focus on high-tier cities; meanwhile, its quality land reserves continue to grow, strengthening asset value and profitability expectations, further boosting valuation resilience.

NO.2 Sunac Holdings: Overseas subsidiary issues $355 million bonds

On March 10, Sunac Holdings announced that its overseas subsidiary, Sunac Global, completed the issuance of $355 million in unsecured fixed-rate bonds with an 11.8% annual interest rate, maturing in 2029, listed on the Singapore Exchange. Sunac Development Holdings provides an unconditional, irrevocable joint guarantee; the funds raised will mainly be used to repay offshore medium- and long-term debt due within one year.

Comment: This overseas financing will optimize the company’s short-term debt repayment plan, smooth liquidity pressures, and restore credit profile.

NO.3 Midland Realty: Mainland Chinese buyers increased by approximately 10.4% month-over-month in February

On March 10, according to data from Midland Realty Research Center and the Land Registry, analysis based on known buyer names shows that in February 2026, there were 1,365 registered transactions by mainland Chinese buyers in Hong Kong’s primary and secondary residential markets, totaling about HKD 15.58 billion. The number of transactions increased by approximately 10.4% month-over-month, and the total transaction value surged by about 23.1%. This marks the 12th consecutive month with over 1,000 transactions and the 9th month exceeding HKD 10 billion, the longest streak since records began in 2010.

Comment: Data indicates sustained strengthening of external demand supporting Hong Kong’s property market. For local developers and agencies, increased demand resilience improves transaction and payment recovery expectations, supporting business fundamentals.

NO.4 Beike’s Behao Jia responds to 35% layoffs: rumors are false

On March 10, regarding rumors that Behao Jia recently laid off 35%, Behao Jia stated that the rumor is false and unfounded. The core team remains stable, with over 18 multi-mode cooperation projects nationwide, and normal personnel adjustments are underway around the C2M (Consumer to Manufacturer) core capability development. The company also continues to recruit talent across multiple regions.

Comment: Beike emphasizes core team stability, normal business operations, and ongoing recruitment. Clarifying rumors helps stabilize business expectations, maintain market image, and support valuation resilience.

NO.5 Chengdu plans to increase housing provident fund loan limits and temporarily remove loan frequency restrictions

Recently, Chengdu Housing Provident Fund Management Center issued a notice seeking public comments on further optimizing housing provident fund policies. The city plans to moderately raise the maximum housing provident fund loan limit: the maximum loan for individual depositors will increase from 600,000 to 800,000 yuan, and for joint depositors from 1 million to 1.2 million yuan. Additionally, the city plans to temporarily lift restrictions on the number of housing provident fund loans; from the policy’s implementation date to December 31, 2026, depositors applying for new housing loans will not be limited by the number of previous loans.

Comment: For real estate companies operating in Chengdu, this policy boost will activate demand from first-time and upgrading buyers, driving project absorption and payment recovery expectations, and supporting business resilience.

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