太平洋房地产日报：克而瑞发布百强房企总土储货值排行榜

Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [10]. Core Insights - The total land reserve value of the top 100 real estate companies has decreased by 13% to 25.23 trillion yuan, with a historical high depleting cycle of 6.93 years due to significant sales declines among distressed companies [5]. - The Shanghai Stock Exchange has approved a 251 million yuan asset-backed securities (ABS) issuance plan by Wuhan Urban Construction, indicating ongoing financing activities in the sector [5]. - The real estate sector has seen a decline in stock performance, with the Shenwan Real Estate Index dropping by 1.39% on May 22, 2025 [3]. Market Performance - The stock performance of the real estate sector shows significant variances, with the top gainers being Shen Shen Real Estate A (3.54%), Haitai Development (2.57%), and others, while the largest decliners include Sanxiang Impression (-7.77%) and Huaxia Happiness (-6.39%) [4]. - The overall market sentiment is reflected in the declines of major indices, with the Shanghai Composite Index down by 0.22% and the Shenzhen Composite Index down by 0.95% [3]. Company Announcements - Guangzhou Yuexiu Group announced a bond repayment of 1 billion yuan with an interest rate of 2.68% due on May 30 [8]. - Vanke has signed a borrowing contract with Shenzhen Metro Group for up to 4.2 billion yuan, indicating active capital management strategies [8]. - Golden Land Group has announced a change in executive leadership, with a new executive director proposed [8].