一、土地市场 本地市场：10月2日-10月8日，成都暂无土地交易。 二、成交数据 成都商品房成交： | | | 本周成都商品房成交数据 | | | --- | --- | --- | --- | | | | (10月2日-10月8日) | | | 日期 | 区域 | 住宅套数 | 住宅面积 | | | | (套) | ( m2 ) | | 10月2日 | 中心城区 | 27 | 3700. 71 | | | 郊区新城 | 8 | 794. 75 | | | 全市 | 35 | 4495. 46 | | 10月3日 | 中心城区 | 25 | 3148. 47 | | | 郊区新城 | 2 | 223. 90 | | | 全市 | 27 | 3372. 37 | | 10月4日 | 中心城区 | 1 | 117. 39 | | | 郊区新城 | 6 | 1016. 71 | | | 全市 | 7 | 1134.10 | | 10月5日 | 中心城区 | 9 | 1194. 21 | | | 郊区新城 | 0 | 0 | | | 全市 | 9 | 1194. 21 | | 10月6日 | 中心城区 | 9 | 1 ...

中国银河在近期研报中分析指出，新城控股2025年上半年公司销售均价提高，全口径资金回笼率超过 100%，实现高效运转；商管强者恒强，商业收入同比双位数增长，出租率维持高位；控制负债规模， 融资渠道通畅。 值得一提的是，依托于良好的业绩表现以及安全稳定的财务结构，今年6月，国际信用评级机构穆迪公 司还宣布将新城发展评级展望上调至正面。 9月25日，新城控股（601155.SH）成功发行2025年度第二期中期票据，发行规模9亿元，认购倍数1.5 倍，期限为5年，票面利率为3.29％，中诚信国际给予发行人主体和本期债项双AAA评级，并获得中债 增全额担保。 根据2025年半年报，上半年新城控股实现营业收入221亿元，归属于上市公司股东的净利润8.95亿元， 扣非归母净利润9.47亿元；毛利率为26.85%，同比增长5.25个百分点；公司在手现金余额102.96亿元， 在手现金充裕；净负债率为52.44%，继续保持较低水平；经营性现金流净额为15.12亿元。 商业方面，新城控股上半年实现商业运营总收入为69.44亿元，同比增长11.8%；物业出租及管理业务毛 利45.73亿元，占公司总毛利由去年同期的57.21%提升 ...

Group 1 - The total bond financing in the real estate industry for August 2025 was 55.31 billion yuan, a year-on-year decrease of 4.3% [1] - The financing total for 65 typical real estate companies in August 2025 was 37.139 billion yuan, a month-on-month decrease of 23.6% and a year-on-year decrease of 31.2% [1][2] - The credit bond financing amounted to 30.78 billion yuan, a year-on-year decrease of 18.4%, accounting for 55.6% of the total financing [1][2] Group 2 - Asset-backed securities (ABS) financing reached 24.53 billion yuan, a year-on-year increase of 22.0%, accounting for 44.4% of the total financing [1][2] - The average bond financing interest rate was 2.51%, a year-on-year decrease of 0.01 percentage points [1][2] - The average interest rate for credit bonds was 2.34%, a year-on-year decrease of 0.17 percentage points [2] Group 3 - In August, major issuers of credit bonds included state-owned enterprises, with China Overseas and Suzhou High-tech issuing over 2 billion yuan each [2] - The average issuance term for bonds was 3.66 years, with a focus on 1-3 year and over 3 year bonds [2] - Over 20 distressed real estate companies have received approval for debt restructuring, with a total debt restructuring scale exceeding 1.2 trillion yuan [3]

据中指研究院监测，2025年8月房地产行业债券融资总额为553.1亿元，同比下降4.3%。不过，2025年前 8个月，房地产企业债券融资总额为3808.9亿元，同比微增0.8%。从融资结构来看，房地产行业信用债 融资2290.9亿元，同比下降6.9%，占比60.1%；海外债融资57.3亿元，同比下降14.4%，占比1.5%；ABS 融资1460.7亿元，同比增长16.8%，占比38.3%。 中指研究院企业研究总监刘水表示，近期多家房企披露了新增融资或者债务重组的最新进展。截至2025 年8月末，20余家出险房企债务重组、重整获批。目前，房地产政策环境预计维持宽松，各项已出台政 策有望进一步落实，但城市及项目分化行情或将延续。企业还应结合销售拿地情况，提前筹划现金流， 防范资金风险。同时，可积极利用项目"白名单"机制、经营性物业贷、公募REITs和持有型不动产ABS 等融资政策，多渠道拓展融资现金流入。 上海易居房地产研究院副院长严跃进认为，优质房企融资端的畅通叠加融资成本的下降，有助于稳定市 场主体预期。一方面，债务工具的成功发行为企业提供了必要的流动性，减轻偿债高峰期的集中压力； 另一方面，随着更多房企尝试 ...

具体来看，8月信用债发行同比下降，发债房企主要为央国企，其中，中海、苏高新、首开等发行总额 超20亿元，中交房地产、越秀、招商蛇口等亦有信用债发行。8月民企和混合所有制企业如绿城、美的 置业、新希望地产等成功发行信用债，合计金额约22亿元；债券期限较长，绿城、新希望地产发行债券 均为3年以上，长期资金流入有助于企业延长债务期限结构。8月信用债发行期限较长，以1—3年期和3 年以上债券为主，平均发行年限为3.66年。 ABS发行规模为245.3亿元，同比增长，较上月有所下降。其中，CMBS/CMBN是发行规模最大的一类 资产证券化产品，占比达55.4%；其次是类REITs，占比25.3%；供应链ABS占比为19.3%。"兴证基实- 象屿集团产业园区持有型不动产资产支持专项计划"成功设立，项目发行规模5.60亿元，发行期限为不 超过25年，该项目底层资产为跨境电商产业园，持有型不动产ABS继续扩容，与公募REITs形成互补效 应，进一步丰富了企业盘活资产的金融工具选择。8月消费基础设施REITs和产业园基础设施REITs继续 扩容，中金唯品会奥莱REIT和国泰君安临港创新REIT上市。 1—8月，房地产企业债券融 ...

Group 1 - Recent financing activities by real estate companies have accelerated, with New City Development issuing $160 million in guaranteed notes at an interest rate of 11.88% for a 2-year term [1] - Poly Developments plans to issue corporate bonds up to 15 billion yuan, with a maximum term of 10 years, aimed at repaying debts, supplementing working capital, and project development [1] - Wanda Group disclosed the issuance of 1 billion yuan in medium-term notes for a term not exceeding 5 years [1] Group 2 - The real estate sector is facing a debt peak in Q3 2025, with a total debt repayment of 525.7 billion yuan for the year, an 8.9% increase year-on-year, and nearly 160 billion yuan due in Q3 alone [1] - Despite a slight recovery in sales, the overall sales scale remains low, leading to cash collection pressures for real estate companies [1] - The financing cost for the industry is decreasing, with the average bond interest rate at 2.83% in the first half of 2025, and credit bonds averaging 2.61% [2] Group 3 - The successful issuance of debt instruments provides necessary liquidity for companies, alleviating the concentrated pressure of debt repayment peaks [3] - As more real estate companies attempt to restore market financing channels, overall industry confidence is expected to improve [3] - Companies with stable fundamentals and accessible financing channels are likely to alleviate pressure and reduce debt levels, while smaller firms need to be cautious with debt and investment [3]

Core Viewpoint - In the first half of 2025, Greentown China experienced a significant decline in revenue and net profit, primarily due to delivery schedules and asset impairments [1][2]. Financial Performance - Revenue for the first half of 2025 was 53.37 billion yuan, a year-on-year decrease of 23.3% [1]. - Net profit was 1.21 billion yuan, down 63.5% year-on-year, with profit attributable to shareholders at 210 million yuan, a decline of 89.7% [1]. - The company recorded a credit impairment of 220 million yuan and a non-financial asset impairment of 1.72 billion yuan, impacting profit margins [1]. Financial Condition - As of June 30, 2025, Greentown China had cash reserves of 66.8 billion yuan, which is 2.9 times the amount of short-term borrowings due [1]. - The proportion of short-term debt decreased to 16.3%, the lowest in history, while the total weighted average interest cost of borrowings was 3.6%, down 40 basis points year-on-year [1]. - The company successfully issued 500 million USD in three-year senior notes, marking it as the first property company to restart financing in US dollar bonds [1]. Land Acquisition - In the first half of 2025, Greentown China actively acquired land, adding 35 projects with a total construction area of 3.55 million square meters and an estimated saleable value of 90.7 billion yuan, ranking third in the industry [1]. - Approximately 88% of the newly added saleable value was concentrated in first- and second-tier cities [1][2]. Sales Performance - The total sales for the first half of 2025 reached 122.2 billion yuan, positioning Greentown China as the second in the industry [2]. - Self-invested project sales amounted to 80.3 billion yuan, while equity sales were 53.9 billion yuan, ranking fifth in the industry [2]. - The average selling price for self-invested projects was approximately 34,984 yuan per square meter, with a collection rate of 96% [2]. Investment Recommendation - The company has been given a "Buy-A" investment rating with a target price of 11.7 HKD over the next six months, based on a projected price-to-book ratio of 0.73 for 2025 [2]. - Revenue growth rates are expected to be -15.4%, -9.4%, and -0.6% for 2025 to 2027, while net profit growth rates are projected at -3.3%, 28.8%, and 26.7% respectively [2].

Financing Overview - In July 2025, the total bond financing in the real estate sector reached 71.39 billion yuan, a year-on-year increase of 90.3% [1] - The credit bond financing amounted to 45.65 billion yuan, up 104.8% year-on-year, accounting for 64.0% of the total [1] - Asset-backed securities (ABS) financing was 25.74 billion yuan, a 90.0% increase year-on-year, making up 36.0% of the total [1] Financing Costs - The average bond financing interest rate was 2.54%, down 0.24 percentage points year-on-year and 0.51 percentage points month-on-month [7] - The average interest rate for credit bonds was 2.32%, a decrease of 0.21 percentage points year-on-year [7] - The lowest financing cost was recorded by China Jinmao at 1.70% [7] Corporate Issuance Dynamics - Major issuers included China Jinmao, Poly Developments, and China Resources, with issuance amounts exceeding 3 billion yuan [5] - Private and mixed-ownership enterprises like Greentown, Binjiang, and New Town successfully issued credit bonds totaling approximately 3.01 billion yuan [5] - The average issuance term for bonds was 3.79 years, with a focus on 1-3 year and over 3 year bonds [5] Capital Market Dynamics - Vanke and Jianfa secured new funding, while Daxin Real Estate plans to go private [9] - China Resources Land received a 2 billion yuan three-year loan from a bank, and Vanke obtained a loan of 1.681 billion yuan from its major shareholder [9] - Over ten real estate companies have had their debt restructuring plans approved, involving a total debt of approximately 1 trillion yuan [9]

Group 1 - In July 2025, the total bond financing for real estate companies reached 71.39 billion yuan, a year-on-year increase of 90.3%, indicating a continuous growth trend [1] - The issuance of credit bonds by private real estate companies showed signs of recovery, with some companies achieving their first bond issuance of the year, and the issuance period being extended [1][2] - The financing structure revealed that credit bond financing amounted to 45.65 billion yuan, a year-on-year increase of 104.8%, accounting for 64.0% of all types of bond financing [1] Group 2 - Notably, in July, private or mixed-ownership real estate companies saw a recovery in credit bond financing, with companies like Greentown China and New City Holdings successfully issuing a total of 3.01 billion yuan in credit bonds [2] - The average issuance term for credit bonds was 3.79 years, with a focus on long-term bonds of 1-3 years and over 3 years, which helps improve the debt structure of companies [2] - The total issuance of asset-backed securities (ABS) in July was 25.74 billion yuan, a year-on-year increase of 90.0%, with commercial mortgage-backed securities (CMBS) accounting for the highest proportion at 41.5% [2] Group 3 - The average financing interest rate for real estate company bonds in July was 2.54%, a decrease of 0.24 percentage points year-on-year and 0.51 percentage points month-on-month [3] - Among the companies, five had an average credit bond interest rate below 2%, with China Merchants Shekou Industrial Zone Holdings Co., Ltd. having the lowest financing cost at 1.70% [3] - The overall bond financing data for July released positive signals, indicating an improvement in the financing environment, although further support for the credit recovery of quality private enterprises is still needed [3]

Core Viewpoint - The company is addressing investor concerns regarding cash flow issues and the potential for stock issuance as a means of financing, emphasizing its commitment to risk management and sustainable development [1] Group 1: Company Financing Strategy - The company has not engaged in significant stock issuance since its listing, with limited financing activities compared to manufacturing firms [1] - The company is exploring various funding methods in line with relevant policies and its actual circumstances to mitigate risks and ensure stable growth [1] Group 2: Investor Interaction - An investor raised a question about the company's cash flow and the possibility of stock issuance, suggesting that the current market conditions allow for such actions [1] - The company expressed gratitude for the investor's inquiry, indicating an openness to dialogue regarding its financial strategies [1]