<p>【香港】周大福企業（CTFE），香港億萬富翁鄭家純家族的主要投資機構，正在尋求再融資一筆約 73 億港元（12 億新元）的貸款，該貸款將於 6 月到期，正在考驗銀行對與該家族困擾的房地產業務相關公司的風險承受能力。</p>
<p>該公司正在與銀行進行初步討論，考慮潛在的五年期融資，知情人士表示，他們要求匿名以討論私人事務。去年，該公司不得不在當時融資環境嚴峻的情況下，用自有現金償還一筆單獨的借款。雖然知情人士未透露貸款的具體規模，但根據彭博社整理的數據，該公司有一筆 70 億港元的融資於去年 7 月到期。</p>
<p>周大福企業是新世界發展的最大股東，這家現金緊張的開發商在去年瀕臨違約之前，獲得了創紀錄的 882 億港元貸款再融資。由於其在新世界中超過 40% 的股份，CTFE 的融資舉措被密切關注，成為銀行對香港疲軟房地產行業信心的晴雨表。</p>
<p>對融資前景日益增加的不確定性加大了鄭家純家族增強 CTFE 資產負債表的緊迫感，促使近期一系列投資組合調整。根據香港證券交易所的數據，去年 12 月，該家族將周大福珠寶集團 54% 的股份轉讓給 CTFE 的一個子公司。同月，CTFE 同意將澳大利亞電力生產商 Alinta Energy 出售給新加坡的勝科工業，預計該交易將在今年上半年完成。</p>
<p>根據知情人士的説法，這筆出售以及股份轉讓可能會將 CTFE 的淨債務與淨資產比率從 2025 年 6 月的 62% 降低至約 29%。今年早些時候，CTFE 向銀行保證其財務狀況正在改善，淨債務與息税折舊攤銷前利潤（Ebitda）比率從 7.3 倍降至 3.7 倍，此外收入也有所增加。</p>
<p>CTFE 尚未立即回應置評請求。</p>
<p>另見</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/fb31e990af1c5a7433e7ce1ff524b94103928a6d7d18cc891ca0df2b8e8b6021/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/fb31e990af1c5a7433e7ce1ff524b94103928a6d7d18cc891ca0df2b8e8b6021/query-ZHByPTEmZj13ZWJwJnc9OTYw"/></p>
<h3>黑石與新世界的 40 億美元交易談判因控制權問題停滯</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>黑石與新世界發展進行深入談判，成為最大股東</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>香港建築商新世界在擺脱困境方面取得進展</h3>
<h3>在新的全球秩序中導航亞洲</h3>
<p>獲取洞察，送達您的郵箱。</p>
<p>香港的房地產行業在經歷多年疲軟後，最近顯示出復甦的跡象。反映情緒變化的是，香港最大的開發商新鴻基地產正在尋求至少 50 億港元的貸款，重新回到市場，此前去年跳過了年度再融資。</p>
<p>CTFE 的再融資推動正值鄭家純家族與黑石之間關於新世界潛在資本注入的談判停滯不前。談判在鄭家純家族對放棄其房地產旗艦的控制權感到猶豫後遇到了障礙。彭博社</p>
<p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，送達您的郵箱，免費。</p>

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房地產ETF

新世界發展

南方中證全指房地產ETF

廣發中證全指金融地產ETF

華夏中證全指房地產ETF

<p>周大福企業（CTFE），億萬富翁鄭家純的家族投資部門，正在尋求再融資一筆 73 億港元的貸款，該貸款將於 6 月到期。這一舉措被視為對銀行在動盪的香港房地產行業信心的考驗，尤其是 CTFE 在新世界發展中持有重要股份，而該公司去年面臨接近違約的風險。CTFE 正在洽談一項五年期貸款安排，並已進行近期投資組合調整以改善財務狀況，包括股份轉讓和出售 Alinta Energy。房地產行業顯示出復甦跡象，其他開發商也在尋求貸款</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】周大福企業（CTFE），香港億萬富翁鄭家純家族的主要投資機構，正在尋求再融資一筆約 73 億港元（12 億新元）的貸款，該貸款將於 6 月到期，正在考驗銀行對與該家族困擾的房地產業務相關公司的風險承受能力。</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>該公司正在與銀行進行初步討論，考慮潛在的五年期融資，知情人士表示，他們要求匿名以討論私人事務。去年，該公司不得不在當時融資環境嚴峻的情況下，用自有現金償還一筆單獨的借款。雖然知情人士未透露貸款的具體規模，但根據彭博社整理的數據，該公司有一筆 70 億港元的融資於去年 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>周大福企業是新世界發展的最大股東，這家現金緊張的開發商在去年瀕臨違約之前，獲得了創紀錄的 882 億港元貸款再融資。由於其在新世界中超過 40% 的股份，CTFE 的融資舉措被密切關注，成為銀行對香港疲軟房地產行業信心的晴雨表。</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>對融資前景日益增加的不確定性加大了鄭家純家族增強 CTFE 資產負債表的緊迫感，促使近期一系列投資組合調整。根據香港證券交易所的數據，去年 12 月，該家族將周大福珠寶集團 54% 的股份轉讓給 CTFE 的一個子公司。同月，CTFE 同意將澳大利亞電力生產商 Alinta Energy 出售給新加坡的勝科工業，預計該交易將在今年上半年完成。</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>根據知情人士的説法，這筆出售以及股份轉讓可能會將 CTFE 的淨債務與淨資產比率從 2025 年 6 月的 62% 降低至約 29%。今年早些時候，CTFE 向銀行保證其財務狀況正在改善，淨債務與息税折舊攤銷前利潤（Ebitda）比率從 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 尚未立即回應置評請求。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</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>黑石與新世界的 40 億美元交易談判因控制權問題停滯</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>黑石與新世界發展進行深入談判，成為最大股東</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>香港建築商新世界在擺脱困境方面取得進展</h3>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>獲取洞察，送達您的郵箱。</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>香港的房地產行業在經歷多年疲軟後，最近顯示出復甦的跡象。反映情緒變化的是，香港最大的開發商新鴻基地產正在尋求至少 50 億港元的貸款，重新回到市場，此前去年跳過了年度再融資。</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 的再融資推動正值鄭家純家族與黑石之間關於新世界潛在資本注入的談判停滯不前。談判在鄭家純家族對放棄其房地產旗艦的控制權感到猶豫後遇到了障礙。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>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，送達您的郵箱，免費。</p>
</div>

新世界的最大股東 CTFE 正在尋求為 9.32 億美元的貸款進行再融資