Xin Lang Cai Jing·2026-02-05 02:17Core Viewpoint - The real estate sector in A-shares is facing significant financial challenges, with over 70% of listed companies expected to report losses for 2025, leading to a total projected loss of approximately 2,092.35 billion yuan across 60 companies, and a net profit loss exceeding 1,700 billion yuan for the entire sector [1][4]. Group 1: Financial Performance - Out of 81 listed real estate companies, only 21 are expected to be profitable in 2025, indicating a severe downturn in the industry [1][4]. - Vanke A is projected to incur the largest loss, with an estimated net profit loss of about 820 billion yuan, representing a year-on-year increase of approximately 65.7% [5]. - Other companies, including China Fortune Land Development, Greenland Holdings, Overseas Chinese Town A, and JinDi Group, are also expected to report losses exceeding 100 billion yuan [5]. Group 2: Reasons for Losses - China Fortune Land Development attributes its significant loss to a slowdown in project turnover, insufficient progress in debt restructuring, and increased financial costs due to lower interest capitalization rates [5]. - Greenland Holdings cites factors such as declining asset prices, intensified promotional efforts, extended project timelines, and reduced gross margins as contributors to its financial difficulties [5]. Group 3: Loss Distribution - The distribution of losses among real estate companies shows a clear hierarchy: 5 companies are expected to lose between 50 billion to 100 billion yuan, 8 companies between 20 billion to 50 billion yuan, 11 companies between 10 billion to 20 billion yuan, and 23 companies between 1 billion to 10 billion yuan [2][5]. - This wave of losses is affecting all tiers of the industry, from leading firms to smaller developers, highlighting widespread profitability challenges [2][5].