第一财经网·2025-10-24 09:20Core Insights - In the last quarter of 2025, real estate companies are intensifying their efforts to secure financing to repay old debts and fund ongoing projects [2][3] Financing Trends - Major state-owned real estate companies, such as Poly Developments, China Overseas Land, and China Resources Land, are actively launching financing plans with low-cost debt options [2][3] - The financing environment is characterized by "structural easing," with funds primarily flowing to financially stable and creditworthy state-owned enterprises [4][6] Debt Issuance Details - From October onwards, several leading real estate firms have disclosed their financing activities, with interest rates as low as the "1s" [3][4] - For instance, China Merchants Shekou issued a green medium-term note with a total amount of 500 million yuan at an interest rate of 1.94% [3] - Poly Developments plans to issue 3 billion yuan in medium-term notes to repay maturing debts, while China Overseas Land aims to raise 3 billion yuan for project construction in multiple cities [3][4] Industry Performance Metrics - In September 2025, the total bond financing for the real estate sector reached 56.1 billion yuan, a year-on-year increase of 31% [5] - The average financing interest rate for bonds in September was 2.68%, a decrease of 0.38 percentage points compared to the previous year [6] Financial Health Indicators - As of mid-2025, the asset-liability ratio of listed real estate companies, excluding advance receipts, was 66.5%, up 0.9 percentage points year-on-year [6] - The net debt ratio surged to 171.8%, reflecting a significant increase of 55.8 percentage points year-on-year [6] Market Dynamics - The inflow of funds into the real estate sector remains under pressure, with total funds available to real estate developers declining by 8.4% year-on-year from January to September 2025 [7] - Key funding sources such as personal mortgage loans and advance payments have seen notable declines, indicating challenges in sales recovery [7][8]