<p>【香港】周大福企业（CTFE），香港亿万富翁郑家纯家族的主要投资机构，正在寻求再融资一笔约 73 亿港元（12 亿新元）的贷款，该贷款将于 6 月到期，正在考验银行对与该家族困扰的房地产业务相关公司的风险承受能力。</p>
<p>该公司正在与银行进行初步讨论，考虑潜在的五年期融资，知情人士表示，他们要求匿名以讨论私人事务。去年，该公司不得不在当时融资环境严峻的情况下，用自有现金偿还一笔单独的借款。虽然知情人士未透露贷款的具体规模，但根据彭博社整理的数据，该公司有一笔 70 亿港元的融资于去年 7 月到期。</p>
<p>周大福企业是新世界发展的最大股东，这家现金紧张的开发商在去年濒临违约之前，获得了创纪录的 882 亿港元贷款再融资。由于其在新世界中超过 40% 的股份，CTFE 的融资举措被密切关注，成为银行对香港疲软房地产行业信心的晴雨表。</p>
<p>对融资前景日益增加的不确定性加大了郑家纯家族增强 CTFE 资产负债表的紧迫感，促使近期一系列投资组合调整。根据香港证券交易所的数据，去年 12 月，该家族将周大福珠宝集团 54% 的股份转让给 CTFE 的一个子公司。同月，CTFE 同意将澳大利亚电力生产商 Alinta Energy 出售给新加坡的胜科工业，预计该交易将在今年上半年完成。</p>
<p>根据知情人士的说法，这笔出售以及股份转让可能会将 CTFE 的净债务与净资产比率从 2025 年 6 月的 62% 降低至约 29%。今年早些时候，CTFE 向银行保证其财务状况正在改善，净债务与息税折旧摊销前利润（Ebitda）比率从 7.3 倍降至 3.7 倍，此外收入也有所增加。</p>
<p>CTFE 尚未立即回应置评请求。</p>
<p>另见</p>
<p></p>
<h3>黑石与新世界的 40 亿美元交易谈判因控制权问题停滞</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/9ae031a82d32f8eedc6534a92684761bba77bf795e291b1bc09caf45508085c0/query-ZHByPTEmZj13ZWJwJnc9OTYw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/9ae031a82d32f8eedc6534a92684761bba77bf795e291b1bc09caf45508085c0/query-ZHByPTEmZj13ZWJwJnc9OTYw"/></p>
<h3>黑石与新世界发展进行深入谈判，成为最大股东</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/febf4bdd279a1bc1dff282502ded3ede42a3f426a2426e6a15b7a0c569cb480c/query-ZHByPTEmZj13ZWJwJnc9OTYw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/febf4bdd279a1bc1dff282502ded3ede42a3f426a2426e6a15b7a0c569cb480c/query-ZHByPTEmZj13ZWJwJnc9OTYw"/></p>
<h3>香港建筑商新世界在摆脱困境方面取得进展</h3>
<h3>在新的全球秩序中导航亚洲</h3>
<p>获取洞察，送达您的邮箱。</p>
<p>香港的房地产行业在经历多年疲软后，最近显示出复苏的迹象。反映情绪变化的是，香港最大的开发商新鸿基地产正在寻求至少 50 亿港元的贷款，重新回到市场，此前去年跳过了年度再融资。</p>
<p>CTFE 的再融资推动正值郑家纯家族与黑石之间关于新世界潜在资本注入的谈判停滞不前。谈判在郑家纯家族对放弃其房地产旗舰的控制权感到犹豫后遇到了障碍。彭博社</p>
<p>解码亚洲通讯：您在新的全球秩序中导航亚洲的指南。点击此处注册以获取解码亚洲通讯，送达您的邮箱，免费。</p>

华宝中证800地产ETF

房地产ETF

新世界发展

南方中证全指房地产ETF

广发中证全指金融地产ETF

华夏中证全指房地产ETF

<p>周大福企业（CTFE），亿万富翁郑家纯的家族投资部门，正在寻求再融资一笔 73 亿港元的贷款，该贷款将于 6 月到期。这一举措被视为对银行在动荡的香港房地产行业信心的考验，尤其是 CTFE 在新世界发展中持有重要股份，而该公司去年面临接近违约的风险。CTFE 正在洽谈一项五年期贷款安排，并已进行近期投资组合调整以改善财务状况，包括股份转让和出售 Alinta Energy。房地产行业显示出复苏迹象，其他开发商也在寻求贷款</p>

<p>[HONG KONG] Chow Tai Fook Enterprises (CTFE), the main investment arm of Hong Kong billionaire Henry Cheng’s family, is looking to refinance an around HK$7.3 billion (S$1.2 billion) loan due in June, according to people familiar with the matter, testing banks’ appetite for exposure to a firm tied to the clan’s troubled property business.</p>
<div class="lb-trans"><p>【香港】周大福企业（CTFE），香港亿万富翁郑家纯家族的主要投资机构，正在寻求再融资一笔约 73 亿港元（12 亿新元）的贷款，该贷款将于 6 月到期，正在考验银行对与该家族困扰的房地产业务相关公司的风险承受能力。</p>
</div><p>The company is in preliminary discussions with banks for a potential five-year facility, said the people, who asked not to be identified discussing private matters. Last year, the firm had to repay a separate borrowing with its own cash amid a challenging funding environment at the time, the people said. While the people declined to disclose the size of the loan, the company had one HK$7 billion facility that matured last July, according to Bloomberg-compiled data.</p>
<div class="lb-trans"><p>该公司正在与银行进行初步讨论，考虑潜在的五年期融资，知情人士表示，他们要求匿名以讨论私人事务。去年，该公司不得不在当时融资环境严峻的情况下，用自有现金偿还一笔单独的借款。虽然知情人士未透露贷款的具体规模，但根据彭博社整理的数据，该公司有一笔 70 亿港元的融资于去年 7 月到期。</p>
</div><p>Chow Tai Fook Enterprises is the largest shareholder in New World Development, the cash-strapped developer that was pushed to the brink of default last year before securing a record HK$88.2 billion loan refinancing. Because of its more than 40 per cent interest in New World, CTFE’s fundraising moves are closely watched as a barometre of banks’ confidence in Hong Kong’s battered property sector.</p>
<div class="lb-trans"><p>周大福企业是新世界发展的最大股东，这家现金紧张的开发商在去年濒临违约之前，获得了创纪录的 882 亿港元贷款再融资。由于其在新世界中超过 40% 的股份，CTFE 的融资举措被密切关注，成为银行对香港疲软房地产行业信心的晴雨表。</p>
</div><p>Increasing uncertainty over fundraising prospects has added urgency to the Chengs’ efforts to bolster CTFE’s balance sheet, spurring a series of portfolio moves in recent months. In December, the family transferred a 54 per cent stake in Chow Tai Fook Jewellery Group to a unit of CTFE, according to Hong Kong stock exchange data. The same month, CTFE agreed to sell Australian power producer Alinta Energy to Singapore’s Sembcorp Industries, in a deal expected to close in the first half of this year.</p>
<div class="lb-trans"><p>对融资前景日益增加的不确定性加大了郑家纯家族增强 CTFE 资产负债表的紧迫感，促使近期一系列投资组合调整。根据香港证券交易所的数据，去年 12 月，该家族将周大福珠宝集团 54% 的股份转让给 CTFE 的一个子公司。同月，CTFE 同意将澳大利亚电力生产商 Alinta Energy 出售给新加坡的胜科工业，预计该交易将在今年上半年完成。</p>
</div><p>The sale, along with the share transfer, could lower CTFE’s net debt-to-net asset ratio to about 29 per cent from 62 per cent as of June 2025, according to people familiar with the matter. Earlier this year, CTFE reassured banks that its financial position had been improving, with its net debt-to-Ebitda ratio falling to 3.7 times from 7.3 times, on top of higher revenue, the people said.</p>
<div class="lb-trans"><p>根据知情人士的说法，这笔出售以及股份转让可能会将 CTFE 的净债务与净资产比率从 2025 年 6 月的 62% 降低至约 29%。今年早些时候，CTFE 向银行保证其财务状况正在改善，净债务与息税折旧摊销前利润（Ebitda）比率从 7.3 倍降至 3.7 倍，此外收入也有所增加。</p>
</div><p>CTFE did not immediately respond to a request for comment.</p>
<div class="lb-trans"><p>CTFE 尚未立即回应置评请求。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/fb31e990af1c5a7433e7ce1ff524b94103928a6d7d18cc891ca0df2b8e8b6021/query-ZHByPTEmZj13ZWJwJnc9OTYw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/fb31e990af1c5a7433e7ce1ff524b94103928a6d7d18cc891ca0df2b8e8b6021?w=960&amp;dpr=1&amp;f=webp"/></p>
<h3>Blackstone talks on US$4 billion New World deal stall over control</h3>
<div class="lb-trans"><h3>黑石与新世界的 40 亿美元交易谈判因控制权问题停滞</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/9ae031a82d32f8eedc6534a92684761bba77bf795e291b1bc09caf45508085c0/query-ZHByPTEmZj13ZWJwJnc9OTYw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/9ae031a82d32f8eedc6534a92684761bba77bf795e291b1bc09caf45508085c0?w=960&amp;dpr=1&amp;f=webp"/></p>
<h3>Blackstone in advanced talks to be New World Development’s largest shareholder</h3>
<div class="lb-trans"><h3>黑石与新世界发展进行深入谈判，成为最大股东</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/febf4bdd279a1bc1dff282502ded3ede42a3f426a2426e6a15b7a0c569cb480c/query-ZHByPTEmZj13ZWJwJnc9OTYw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/febf4bdd279a1bc1dff282502ded3ede42a3f426a2426e6a15b7a0c569cb480c?w=960&amp;dpr=1&amp;f=webp"/></p>
<h3>Hong Kong builder New World makes progress escaping distress</h3>
<div class="lb-trans"><h3>香港建筑商新世界在摆脱困境方面取得进展</h3>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>获取洞察，送达您的邮箱。</p>
</div><p>Hong Kong’s property sector has shown signs of a rebound recently after years of weakness. Reflecting the shift in sentiment, Sun Hung Kai Properties, the city’s largest developer, is seeking a loan of at least HK$5 billion, returning to the market after skipping its annual refinancing last year.</p>
<div class="lb-trans"><p>香港的房地产行业在经历多年疲软后，最近显示出复苏的迹象。反映情绪变化的是，香港最大的开发商新鸿基地产正在寻求至少 50 亿港元的贷款，重新回到市场，此前去年跳过了年度再融资。</p>
</div><p>CTFE’s refinancing push comes as talks have stalled between the Cheng family and Blackstone over a potential capital injection for New World. The talks hit a roadblock after the Chengs grew reluctant to cede control of their real estate flagship. BLOOMBERG</p>
<div class="lb-trans"><p>CTFE 的再融资推动正值郑家纯家族与黑石之间关于新世界潜在资本注入的谈判停滞不前。谈判在郑家纯家族对放弃其房地产旗舰的控制权感到犹豫后遇到了障碍。彭博社</p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解码亚洲通讯：您在新的全球秩序中导航亚洲的指南。点击此处注册以获取解码亚洲通讯，送达您的邮箱，免费。</p>
</div>

新世界的最大股东 CTFE 正在寻求为 9.32 亿美元的贷款进行再融资