Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][3]. Core Insights - The report highlights the importance of stabilizing the real estate market in response to the ongoing trade war, emphasizing the need for domestic demand expansion [2][3]. - It notes a significant decline in both new and second-hand housing transactions, with new home sales in 34 key cities dropping by 23% week-on-week and 26% year-on-year in April [4][7]. - The report indicates that the government is implementing policies to stabilize the market, including the cancellation of housing transfer restrictions in Nanjing and the expansion of housing fund withdrawal policies [32][33]. Industry Data Summary New Housing Transaction Volume - New housing sales in 34 key cities totaled 3.093 million square meters last week, a week-on-week decrease of 23.4% [4]. - Year-on-year, new housing sales in April are down 26%, with first and second-tier cities seeing a 21% decline and third and fourth-tier cities experiencing a 49% drop [7][8]. Second-Hand Housing Transaction Volume - Second-hand housing sales in 13 key cities fell by 26.2% week-on-week, with April sales down 15% year-on-year [13]. - Cumulative sales for the year to date show a 26.5% increase compared to the previous year [13]. New Housing Inventory - In 15 key cities, 710,000 square meters of new housing were launched last week, with a sales-to-launch ratio of 2.08, indicating a continued trend of inventory reduction [21]. - The total available residential area in these cities is 88.71 million square meters, reflecting a 0.9% decrease week-on-week [21]. Policy and News Tracking - The report discusses macroeconomic policies, including the imposition of tariffs on U.S. imports and the rise in manufacturing PMI to 50.5%, indicating a recovery in manufacturing activity [32][33]. - It highlights local government initiatives, such as Nanjing's cancellation of housing transfer restrictions and the expansion of housing fund policies in various cities [32][33]. - The report also notes the active land market in core cities, with significant land sales and project launches reported in the first quarter of 2025 [32][33].

Investment Rating - The report does not explicitly provide an investment rating for the real estate industry Core Insights - The debt restructuring of real estate companies is becoming increasingly complex, with a rising proportion of debt being eliminated through various restructuring methods [6][10] - The restructuring process is not a quick fix, and returning to normal operations will depend on market conditions and support from creditors [20][23] Summary by Sections Section 1: Bankruptcy Procedures - Hong Kong's bankruptcy procedures emphasize creditor autonomy, while mainland China's processes are court-led [6][8] - Mainland bankruptcy procedures include reconciliation, restructuring, and liquidation, each with different goals and complexities [9][10] Section 2: Debt Restructuring Trends - Debt restructuring remains the primary choice for real estate companies, with some entering formal restructuring processes [10][11] - As of February 2025, 39 out of 59 distressed real estate companies have disclosed restructuring progress, with 13 completing their debt restructuring [10][12] - Notable companies like China Evergrande and Sunac China have made significant strides in their restructuring efforts [7][20] Section 3: Key Company Developments - China Evergrande is nearing liquidation, with creditor recovery rates potentially below 3% [20] - Sunac China has successfully completed a second round of domestic debt restructuring, although profitability remains a challenge [20] - Kinsco's restructuring plan is in a critical voting phase, with expectations for a recovery rate exceeding 18% for large ordinary debts [20][21] Section 4: Debt-to-Equity Swaps - Debt-to-equity swaps have become a standard feature in restructuring plans, allowing companies to utilize limited cash resources for project completion [15][16] - Various companies, including Country Garden and China Aoyuan, have implemented debt-to-equity swaps as part of their restructuring strategies [16][19] Section 5: Market Conditions and Future Outlook - Recent favorable policies from the central and local governments are expected to support the real estate market and facilitate debt restructuring [20][21] - The establishment of a land acquisition mechanism is anticipated to improve asset liquidation and enhance debt repayment capabilities for distressed companies [21][22] - Despite some companies making progress, others continue to struggle, indicating that the industry's debt crisis is not fully resolved [22][23]

(文/孙梅欣 编辑/张广凯） 营收的减少，主要由于房地产业务交付量的下降，公告称，房地产开发收入同比下降37.2%，和总营收 的降幅基本一致，开发销售在碧桂园收入中的占比仍达到97.2%，去年交付物业确认收入平均销售价格 约为7872元/平方米。 去年，保交房仍然是碧桂园最重要的工作，截至去年底，碧桂园及合资企业和联营公司累计完成交付房 屋超38万套，累计交付面积约4608万平方米。 据悉，过去三年在保交房任务的要求下，碧桂园三年累计交房数量约为170万套。2025年，碧桂园仍有 约21万套房屋交付任务， 对于碧桂园而言，近期公司较为重大的业务推进，在于今年1月公布的境外债务重组计划。按照重组方 案，碧桂园可以减少最多116美元的债务，并将到期时间延长至最高11.5年，并且公司平均借贷成本将 从每年的6%降低至重组后的2%，以实现公司大幅去杠杆。 碧桂园公布的年报显示，去年公司总营收约2528亿元，同比减少37%；年内权益合同销售金额约472亿 元，权益合同销售面积约492万平方米。 同时，销售额的减少在客观上带来成本的降低，去年营销及市场推广成本和行政费用下降了40.2%，支 出了108亿元。 值得注意的是 ...

| 2025年3月31日星期一 | NO.1 上海7个新盘共1219套房源将入市 NO.3 碧桂园2024年总收入约2528亿元 3月30日晚间，碧桂园发布2024年度业绩报告，去年公司实现总收入约2528亿元，权益合同销售金额约 472亿元，权益合同销售面积约492万平方米。2024年，碧桂园累计交付房屋超38万套，累计交付面积约 4608万平方米。碧桂园在年报中表示，正采用极限收支的运营策略，充分挖潜现有交付资源，通过与主 要承建商及供应商协商合理的付款计划，确保双方对项目进度和结算安排保持共识，切实保障项目的正 常运转。 点评：房地产市场仍在止跌回稳的关键时期，碧桂园需在保交付与债务化解间保持平衡，避免现金流进 一步恶化。经营情况能否好转，将取决于债务重组效果、市场回暖速度及内部管理效率的综合作用。短 期内，保交付与现金流安全仍是核心任务。 NO.4 绿城中国2024年收入同比增长20.7% 3月28日，绿城中国发布2024年度业绩报告，报告期内公司实现营收1585.46亿元，同比上升20.7%；股 东应占利润15.96亿元，同比下降48.8%。截至2024年12月31日，银行存款及现金（包括抵押银行存 ...

受到市场整体销售去化低迷等多重影响，碧桂园的销售规模在2024年继续收缩，实现归属公司股东权益 的合同销售金额约472亿元，同比下降约7成；归属本公司股东权益的合同销售面积约492万平方米。 2024年末，碧桂园净资产超500亿元。 2024年，碧桂园实现总收入约为2528亿元，同比减少约37%，其中97.2%的收入来自物业销售，收入下 降主要是由于交付物业规模的减少。同期，实现归属股东应占损失约328亿元，亏损同比收窄超8成。 截至报告期末，碧桂园的总借贷约为2535亿元，其中2267.95亿元为流动负债，而总现金共299亿元，其 中受限制现金为235.35亿元。不过，其总资产仍有10358亿元，总负债额约9846亿元，净资产约513亿 元，保持为正。 "展望2025年，外部政策环境持续向好，公司也将继续围绕'保交房、稳资债、保经营'的战略开展工 作。"碧桂园表示，保交房仍是第一要务，截至2024年末，累计完成交付房屋超38万套，再加上2022年 的近70万套、2023年的超60万套，三年累计交付房屋约170万套。 2025年，碧桂园仍有约21万套房屋的交付任务。在2025年度工作会议上，碧桂园集团董事会主 ...

多家房企陆续公布年报。 碧桂园亏损大幅收窄 责编：叶舒筠 据悉，2022年以来公司已处置难销类资产及盘活沉淀资金回笼超600亿元。另一方面，公司通过最大限 度削减支出，大幅压降非核心非必要的经营支出，优化组织架构，提升资源使用效率，促使2024年营销 及市场推广成本和行政费用在此前基础上继续下降40.2%。此外，碧桂园成立至今控股股东及家族通过 借款、增持股票、购买债券、以股代息等多种方式已累计支持集团总额约416亿港元，且从未减持股 票。 债务重组有序推进 对于债务重组的进程，据了解，碧桂园债务重组工作也在有序推进。碧桂园积极主动与各利益相关方沟 通，探讨包括境外债务的整体重组、债务期限的合理延长以及融资成本的适度降低等多种主动债务管理 举措。目前，公司正在与债权人进行重组方案细节的磋商，并争取相关债权人的支持。 此前，碧桂园已于1月9日公告宣布了其境外重组提案的关键条款，标志着公司境外债务重组取得重要进 展。知情人士称，完成境外重组后，该部分债务将进入新的协议安排，可视为化解了针对控股公司境外 债务的违约风险。此外，待完成境外债务重组，公司有望确认数百亿大额重组收益，净资产将逐步大幅 增加。 2025年以 ...

多家房企陆续公布年报。 对于债务重组的进程，据了解，碧桂园债务重组工作也在有序推进。碧桂园积极主动与各利益相关方沟通，探讨包括境外债务的整体重组、债务期限的合理延长以 及融资成本的适度降低等多种主动债务管理举措。目前，公司正在与债权人进行重组方案细节的磋商，并争取相关债权人的支持。 此前，碧桂园已于1月9日公告宣布了其境外重组提案的关键条款，标志着公司境外债务重组取得重要进展。知情人士称，完成境外重组后，该部分债务将进入新的 协议安排，可视为化解了针对控股公司境外债务的违约风险。此外，待完成境外债务重组，公司有望确认数百亿大额重组收益，净资产将逐步大幅增加。 2025年以来，房企在债务重组及企业重整方面不断有新消息传来，包括碧桂园、融创、龙光、远洋等房企均有所进展。克而瑞地产研究则指出，近期一系列的政策 利好，让房企和债权人看到了行业的更多希望，有利于推动房企债务重组和行业健康稳定发展。广东省住房政策研究中心首席研究员李宇嘉认为，一线城市楼市已 经趋稳，三四线城市跌幅在明显收窄，市场底部越来越清晰，这时候对于债务人来说，选择与企业共渡难关、等待市场和企业价值的修复或许是最优的选择。 碧桂园亏损大幅收窄 3月3 ...

过去一年，碧桂园累计交付房屋超38万套，累计交付面积约4608万平方米，涉及31省242个城市。 "公司正采用极限收支的运营策略，充分挖潜现有交付资源，通过与主要承建商及供应商协商合理的付 款计划，确保双方对项目进度和结算安排保持共识，切实保障项目的正常运转。同时，公司依托白名 单、项目及闲置土地收储等国家和地方政府的各类扶持政策，争取外部资源支持交付工作的顺利推 进。"碧桂园在年报中提到。 年报显示，公司曾在2025年1月9日公告披露，宣布重组提案的关键条款，该提案构成进一步谈判和具体 文件的框架，旨在成功落实集团的境外债务重组。倘成功落实，重组提案将使碧桂园实现大幅去杠杆 化，目标是减少债务最多116亿美元、将到期时间延长至最多11.5年，以及目标是将加权平均借贷成本 从重组前的每年约6%降低至重组后的每年约2%。 截至2024年末，碧桂园实现总收入约2528亿元，同比减少约37%；归属公司股东应占损失约328亿元， 营销及市场推广成本和行政费用约108亿元，总借贷约2535亿元。 从合同销售情况看，碧桂园连同其合营企业及联营公司，实现归属公司股东权益的合同销售金额约472 亿元，归属公司股东权益的合同销 ...

Core Viewpoint - Country Garden's latest annual report indicates a narrowing of net losses by 82.5% compared to 2023, suggesting signs of bottoming out in profit data, despite ongoing challenges in the real estate sector [2][4][9]. Financial Performance - In 2024, Country Garden's total revenue is approximately 25.28 billion yuan, with equity contract sales amounting to about 47.2 billion yuan and sales area around 492 million square meters [2]. - The company has achieved a cumulative delivery of approximately 1.7 million units over the past three years, maintaining a leading position in the industry [2][7]. Debt Restructuring - The company is actively communicating with stakeholders regarding the restructuring of its overseas debt, aiming for a reasonable extension of debt terms and a reduction in financing costs [5]. - Completion of the overseas debt restructuring is expected to yield significant restructuring gains, potentially improving the asset-debt situation substantially [5]. Operational Strategies - Country Garden has implemented measures to ensure housing delivery, including promoting sales and asset revitalization, which has led to over 60 billion yuan in cash recovery since 2022 [7]. - The company has reduced non-core operational expenditures by 40.2% in 2024, optimizing its organizational structure to enhance resource efficiency [7]. Market Outlook - Recent government policies aimed at stabilizing the real estate market have fostered a more optimistic outlook for the industry, with signs of recovery in housing demand and sales [10]. - The company expresses confidence in returning to normal operations, supported by a strong asset base, an excellent team, and ongoing family backing [10].

保经营方面，公司继续致力于维持经营的稳定性和持续性，核心管理队伍团结稳定、上下同欲。年内， 集团连同其合营企业及联营公司实现了归属公司股东权益的合同销售金额约472亿元，对应归属公司股 东权益的合同销售面积约492万平方米。在费用管控上，公司适配当前市场变化和经营重心，持续优化 组织架构，年内行政费用同比去年下降了27.4%，不断提高经营效率。而在销售端，公司坚持"一盘一 策"的精细化管控，结合当地市场实际情况以及各项目自身资债情况，制定合理的销售价格和供货计 划，确保项目维持合理流速的同时最大化资产价值，持续做好资产负债表的主动管理工作。 公告称，来自房地产开发的收入约2457.19亿元。2024年的交付物业所确认收入的平均销售价格(不含增 值税)约每平方米7872元。 保交房仍是公司的第一要务。截至2024年12月31日，集团实现收入约2528亿元，集团及其合资企业和联 营公司累计完成交付房屋超38万套，累计交付面积约4608万平方米，涉及到31省242个城市。公司将继 续执行极限收支的运营策略，通过滚动预算管理，严格控制每一笔开支并每月复盘调整，确保现有资源 的高效利用。同时，公司积极响应国家和地方政府 ...