1.3万亿“囤房”，最大炒房团，终于要清仓走人了？

Core Viewpoint - The article discusses the significant amount of capital, approximately 1.3 trillion, that is tied up in real estate by listed companies in China, highlighting the phenomenon of these companies acting as major players in the real estate market rather than focusing solely on their core businesses [1][3]. Group 1: Real Estate Investment by Companies - Nearly half of the listed companies in the A-share market, totaling 1,826 firms, hold substantial investment properties, collectively valued at 1.3 trillion [3]. - Companies from various sectors, including clothing, technology, and even agriculture, are involved in real estate speculation, indicating a widespread trend of "part-time" real estate investment among diverse industries [3]. Group 2: Reasons for Real Estate Investment - Companies engage in real estate investment primarily for quick financial returns, with some firms relying on property sales to improve their financial statements and avoid losses [5][10]. - Selling just a few properties can lead to significant profits, allowing companies to turn losses into profits, exemplifying a reliance on real estate for financial survival [5][10]. Group 3: Impact of Real Estate on Financial Health - A case study illustrates a company that, facing substantial losses, sold eight properties to potentially avoid delisting, highlighting the reliance on real estate to maintain operational status [8]. - Many companies consistently report losses but remain unconcerned due to their valuable real estate holdings, which they can liquidate to cover operational costs [10][12]. Group 4: Market Dynamics and Challenges - The article notes a surge in property listings as companies attempt to sell off real estate, but the current market conditions make it difficult to find buyers, leading to a potential oversupply situation [17][18]. - Only about 16% of investors are willing or able to purchase properties, indicating a significant mismatch between supply and demand in the real estate market [18]. Group 5: Broader Implications for Society - The speculative nature of real estate investment by companies has led to inflated property prices, adversely affecting ordinary citizens who struggle to afford homes [21]. - If companies proceed with large-scale property sales, it could trigger a chain reaction in the market, resulting in declining property values and increased financial risks for the broader economy [22][24].