房企再现大面积亏损

Core Viewpoint - The real estate sector is facing widespread losses, with most A-share listed real estate companies reporting varying degrees of losses for 2025, except for the leading company, Poly Developments [3][4]. Group 1: Financial Performance of Real Estate Companies - As of January 20, 2026, 27 real estate companies have released their 2025 performance forecasts, with total losses estimated between 47.546 billion and 62.464 billion yuan [5]. - Poly Developments reported a net profit of approximately 1.026 billion yuan for 2025, a decrease of 79.49% year-on-year, with revenue around 308.261 billion yuan, down 1.09% [5][6]. - Other companies, such as China Fortune Land Development, are expected to incur losses between 16 billion and 24 billion yuan for 2025, with net assets potentially declining by 10 billion to 15 billion yuan [6][7]. Group 2: Reasons for Losses - The significant losses are attributed to factors such as reduced project turnover, high debt levels, increased financial costs, and asset impairment losses [6][9]. - Companies like Greenland Holdings are also facing substantial losses, with projections of net losses between 16 billion and 19 billion yuan for 2025, reflecting a cumulative loss exceeding 40 billion yuan from 2023 to 2025 [7][8]. Group 3: Market Conditions and Future Outlook - The real estate market has been in a state of decline since 2022, with a projected 12.6% decrease in new residential sales in 2025 [10][11]. - The market is still in a "de-stocking" phase, with a total unsold housing area of 766 million square meters, up 1.6% year-on-year [10][11]. - Analysts suggest that the recovery of the real estate market is crucial for improving company performance, with potential for profit recovery if market activity increases in key cities [11]. Group 4: Risks of Delisting - Companies facing continuous large losses may encounter delisting risks, particularly if they fail to meet financial performance criteria or regulatory requirements [11][12]. - Specific delisting categories include trading-related, financial-related, and regulatory-related delistings, which could impact companies like China Fortune Land Development [12].