PDH(SH:600048) 2 1 Shi Ji Jing Ji Bao Dao·2025-12-17 11:19Core Viewpoint - Leading real estate companies are actively seizing financing opportunities as the year-end approaches, with Poly Developments and other firms engaging in significant fundraising activities to support project development and enhance financial stability [1][3][4]. Financing Activities - Poly Developments has received approval from the China Securities Regulatory Commission to publicly issue company bonds totaling up to 15 billion yuan [1]. - The company plans to issue convertible bonds with a total amount not exceeding 5 billion yuan, with the proceeds aimed at funding various real estate projects [3][4]. - Yuexiu Property has also secured a 500 million HKD term loan from a bank, indicating confidence from financial institutions in its future development [6][7]. Market Conditions - The financing environment for real estate companies has shown signs of improvement, with a total financing amount of 43.279 billion yuan for 65 typical real estate companies in November, reflecting a 24% month-on-month increase [7]. - The average cost of new bond financing for these companies has decreased to 2.87%, down 0.06 percentage points from 2024 [7][8]. - The financing structure indicates a slight decline in domestic debt financing, while overseas debt financing has surged by 292.1% [7]. Project Investments - The funds raised through the convertible bonds will be allocated to several projects, including developments in Hangzhou, Shijiazhuang, Guangzhou, and others, with a total investment of 22.221 billion yuan [3][4]. - The company emphasizes that these projects have strong market potential and economic benefits, which will enhance its competitive position [3]. Future Outlook - Despite the positive trends, the overall financing landscape remains cautious, with many companies still adopting a prudent approach to fundraising [8]. - A survey indicates that nearly 40% of real estate firms expect marginal improvements in the financing environment for 2026, suggesting a gradual recovery in market confidence [8].