目前，全国"白名单"项目贷款审批金额已超7万亿元，为项目建设交付提供了强有力资金支持。 保交房增强了购房人对新房项目交付的信心，有力支撑了房地产市场止跌回稳。如果市场上持续出 现不能按时交付的房地产项目，各方对房地产市场的信心将持续下滑，"不敢买房""怕买到烂尾房"的担 忧情绪会不断传导，房地产市场止跌回稳将无从谈起。保交房攻坚战的决定性胜利，明显改善了市场预 期，为市场止跌回稳起到了重要支撑作用。 保交房为加快构建房地产发展新模式积累了宝贵经验。我国将改革完善房地产开发、融资、销售制 度，一些经验正是从保交房过程中得来的。比如，在房地产项目融资方面，我国将推广保交房攻坚战中 探索形成的以项目为主体进行融资以及主办银行制：一个项目确定一家银行或银团为主办银行，项目开 发、建设、销售等资金都存入主办银行，主办银行保障项目公司的合理融资需求。在商品房销售方面， 有力有序推进现房销售，做到"所见即所得"。 在有力有效的政策推动下，房地产行业风险加快出清，信用环境持续修复。保交房有力化解了商品 住房交付风险，确保风险总体可控。当前，我国房地产市场还处在新旧模式转换时期，转型调整需要一 定时间。我们应积极构建房地产发展 ...

Core Viewpoint - The Chinese real estate market is undergoing a historic transformation in supply and demand dynamics, necessitating a new development model that balances stability, growth, and transition [2][6]. Group 1: Market Dynamics - The Ministry of Housing and Urban-Rural Development emphasizes that the stable and healthy development of the real estate market fundamentally depends on the effective allocation of four resource factors: people, housing, land, and finance [2]. - The traditional policy approach to stimulate the market needs to be adjusted, moving away from short-term solutions to a more nuanced understanding of supply-demand relationships and resident needs [3][7]. Group 2: "Guarantee Delivery" Initiatives - The "Guarantee Delivery" initiative remains a key focus in constructing the new real estate development model, with significant progress reported during the "14th Five-Year Plan" period [4]. - Over 7 trillion yuan in loan approvals have been granted for projects on the "white list," aimed at ensuring normal construction funding and timely project delivery [5]. Group 3: Market Trends and Sales Data - From January to September 2025, the total sales of the top 100 real estate companies amounted to 26,065.9 billion yuan, reflecting a year-on-year decline of 12.2% [5]. - The market is transitioning to a "stock era," where the volume of second-hand housing transactions is surpassing that of new homes in 15 provinces, indicating a shift in market dynamics [6]. Group 4: Future Development Strategies - The new model emphasizes a shift from incremental to stock thinking, focusing on matching supply with actual demand rather than forcing supply based on government land purchases [7]. - The establishment of a mechanism for the interconnection of the four resource factors is underway, with local governments actively planning and assessing housing development strategies for the "15th Five-Year Plan" [7].

Core Viewpoint - The establishment of the urban real estate financing coordination mechanism aims to support housing construction and delivery, ensuring the rights of homebuyers are protected through significant financial backing [1][2]. Group 1: Financing Mechanism - The urban real estate financing coordination mechanism has been established to focus on real estate projects rather than companies, creating a new financing model that emphasizes the cash flow capabilities of projects [2][6]. - As of now, loans for "white list" projects have exceeded 7 trillion yuan, supporting nearly 20 million housing units for construction and delivery, marking a significant increase from earlier figures [4][3]. - The mechanism has facilitated the approval of over 5 trillion yuan in loans for "white list" projects by the end of 2024, contributing to the delivery of 3.73 million housing units [2]. Group 2: Policy Implementation - The "delivery upon delivery of certificates" initiative has been implemented in over 2,300 counties and cities, enhancing the sense of security and satisfaction among homebuyers by providing property certificates simultaneously with keys [5]. - The coordination mechanism effectively isolates risks between enterprises and projects, thereby mitigating new risks in the real estate sector [6]. - Continuous efforts are being made to promote "white list" project financing as a regular practice, with provinces like Henan actively pushing for its implementation to stabilize the real estate market [4].

Core Viewpoint - Country Garden reported a significant net loss of approximately 196.5 billion yuan in the first half of 2025, primarily due to a decline in project settlement scale and increased asset impairment [2][3]. Financial Performance - In the first half of 2025, Country Garden achieved an operating revenue of approximately 72.57 billion yuan, with equity contract sales amounting to about 16.75 billion yuan [2][3]. - The total assets of Country Garden were approximately 909.3 billion yuan, exceeding total liabilities, with net assets around 23.9 billion yuan [2][3]. - The company delivered approximately 74,000 housing units during the period, maintaining its position as the industry leader in delivery volume [3]. Asset Management - Since 2022, Country Garden has recovered over 65 billion yuan through asset disposals, including the sale of equity stakes in various projects [4]. - The company has successfully reduced the rigid funding demand for housing delivery, indicating a potential easing of overall financial pressure [4]. Debt Restructuring - Country Garden is progressing with its offshore debt restructuring, with over 77% of existing noteholders participating in the restructuring agreement [5]. - The expected debt reduction from the restructuring is approximately 117 billion USD, equivalent to about 84 billion yuan, significantly lowering interest-bearing debt [5]. - Post-restructuring, the new debt financing cost is anticipated to decrease to 1.0%-2.5%, alleviating cash flow pressure [5]. Strategic Focus - The company aims to focus on "ensuring housing delivery, stabilizing assets and debts, and maintaining operations" as part of its strategic objectives [6]. - The "ensuring housing delivery" initiative is prioritized as the immediate operational goal, while "stabilizing assets and debts" is a medium to long-term objective [6]. - Country Garden's strategic plan includes leveraging its core real estate development business alongside technology construction and management services to drive transformation [6][7].

Core Viewpoint - The article highlights the resilience of Country Garden as it navigates through the challenges of the Chinese real estate market, emphasizing its strategic focus on "guaranteeing delivery" and debt restructuring as key components for survival and future growth [2][5][7]. Financial Performance - For the reporting period, Country Garden achieved revenue of approximately 72.57 billion yuan, with total assets around 909.3 billion yuan, exceeding total liabilities, and maintaining a net asset value of about 23.9 billion yuan [2]. - The company reported a net loss of approximately 19.65 billion yuan, indicating the pain of transformation and the harsh market conditions [2]. Strategic Initiatives - The company is committed to "guaranteeing delivery" as its primary responsibility, which serves as a measure of corporate credibility and a critical operational focus [2][5]. - Since 2022, Country Garden has disposed of various assets, recovering over 65 billion yuan to concentrate funds on its core delivery business [3]. Debt Restructuring - Country Garden has made significant progress in its offshore debt restructuring, with over 77% of holders of existing public notes participating in the restructuring agreement as of August 18 [5]. - The restructuring is expected to reduce interest-bearing debt by approximately 11.7 billion USD (around 84 billion yuan), significantly lowering leverage [5]. - Post-restructuring, the new debt financing costs are anticipated to drop to 1.0%-2.5%, with debt maturities extending up to 11 years, optimizing the debt structure and providing operational breathing room [5]. Future Growth Strategy - The company’s future operational philosophy centers on "guaranteeing delivery, stabilizing assets and debts, and ensuring operations" [5]. - Country Garden is exploring new growth avenues through its "one body, two wings" strategy, focusing on technological construction and property management [6]. Market Position and Outlook - Despite a loss of 19.65 billion yuan in the first half of the year, attributed to decreased project settlement scale and increased asset impairment, the company is positioned in a critical phase of risk clearing and structural adjustment [6]. - On August 22, Country Garden was included in the Hang Seng Composite Index, signaling a recovery in market confidence and liquidity improvement [6].

Group 1: Financial Performance - The company reported a revenue of RMB 72.57 billion for the six months ending June 30, 2025, with a loss attributable to shareholders of RMB 19.078 billion, equating to a loss per share of RMB 0.69 [1] - The total contract sales amount attributable to shareholders was approximately RMB 16.75 billion, with a contract sales area of about 2.05 million square meters [1] Group 2: Delivery and Operational Strategy - The company achieved the delivery of approximately 74,000 housing units, maintaining the top position in the industry for delivery volume in the first half of 2025 [1] - The company emphasizes a strategy of resource optimization, implementing classified management and quota control, while establishing a diversified dynamic mechanism to enhance operational management [1] Group 3: Debt Restructuring and Financial Health - The company is progressing with its offshore debt restructuring, with over 77% of current noteholders participating in the restructuring agreement as of August 18, 2025 [2] - The total external debt subject to restructuring amounts to approximately USD 16 billion, with shareholder loans totaling about USD 1.2 billion, leading to a combined total of approximately USD 17.2 billion [2] - Post-restructuring, the company anticipates a reduction in debt financing costs to between 1.0% and 2.5%, with a maximum term of up to 11 years [2] Group 4: Operational Efficiency and Sales Management - The company achieved contract sales of approximately RMB 16.75 billion in the first half of 2025, with a focus on cost control through rolling budget management and strict expenditure oversight [3] - Since 2022, the company has recovered approximately RMB 65 billion through asset disposals, enhancing revenue sources to support housing delivery and stable operations [3]

Core Viewpoint - Country Garden reported a significant loss in its interim results for the six months ending June 30, 2025, with a revenue of RMB 72.57 billion and a loss attributable to shareholders of RMB 19.078 billion, translating to a loss per share of RMB 0.69 [1] Group 1: Financial Performance - The company achieved a contract sales amount of approximately RMB 16.75 billion and a contract sales area of about 2.05 million square meters during the same period [1] - The total revenue for the group, including joint ventures and associates, was approximately RMB 72.57 billion [1] Group 2: Delivery and Operations - The company delivered around 74,000 housing units in the first half of 2025, maintaining its position as the industry leader in delivery volume [1] - The company emphasizes the importance of ensuring housing delivery as a primary task and plans to implement extreme strategies for resource utilization and management [1] Group 3: Debt Restructuring - The company is actively working on the restructuring of its offshore debt, with over 77% of existing noteholders participating in the restructuring agreement as of August 18, 2025 [2] - The total external debt principal included in the restructuring is approximately USD 16 billion, with shareholder loans amounting to about USD 1.2 billion, totaling around USD 17.2 billion [2] - The anticipated new debt financing cost post-restructuring is expected to decrease to between 1.0% and 2.5%, with a maximum term of up to 11 years [2] Group 4: Operational Management - The company is implementing rolling budget management to control expenses, ensuring efficient resource utilization and improving operational efficiency [3] - Since 2022, the group has recovered approximately RMB 65 billion through asset disposals, which supports the company's housing delivery and stable operations [3]

Core Insights - Country Garden (02007.HK) reported a contract sales amount of approximately 16.75 billion yuan for the first half of 2025, with a sales area of about 2.05 million square meters [1] - The company achieved an operating revenue of approximately 72.57 billion yuan and delivered a total of about 74,000 housing units during the period, maintaining its position as the industry leader in delivery volume over the past three years with over 1.7 million units delivered [1] - Industry experts believe that Country Garden's objectives and strategies are clear, focusing on ensuring the completion of the "guarantee delivery" core task while actively managing debt to build a healthy and sustainable capital structure, eventually transitioning to a normal operating state in the future [1] Financial Performance - For the first half of 2025, Country Garden's operating revenue was approximately 72.57 billion yuan [1] - The company delivered around 74,000 housing units during the same period [1] - Cumulatively, over the past three years, the company has delivered more than 1.7 million housing units [1] Market Position - Country Garden continues to lead the industry in delivery volume, reflecting its strong market foundation and scale [1] - The company's long-term accumulated scale and solid market foundation are expected to provide significant support for its future recovery and development [1]

Core Viewpoint - Shenzhen is enhancing its real estate financing coordination mechanism to support the "guarantee delivery of housing" initiative by including all compliant existing housing development loan projects in a "white list" [1] Group 1: Financing Mechanism - Shenzhen has approved 403 projects under the "white list" as of the end of June [1] - The total approved amount for these projects is 549.299 billion yuan [1] - The amount disbursed to date stands at 403.968 billion yuan [1]

Core Viewpoint - The real estate industry is expected to see a significant decline in delivery volumes after 2024, marking the end of a peak delivery period driven by the "guarantee delivery" policy [1][2] Group 1: Industry Overview - The national housing completion area from 2021 to 2024 was reported as 101,412 million square meters, 86,222 million square meters, 99,831 million square meters, and 73,743 million square meters respectively, indicating a rebound in 2023 after a decline in 2022 [1] - The delivery volume for real estate companies in the first half of 2025 is expected to drop significantly, with a general decline of over 50% in the number of units delivered [1] - The top 10 real estate companies accounted for 38.08 million units delivered, representing 56.46% of the total deliveries from 50 companies [1] Group 2: Company Focus - Sunac - Sunac delivered 186,000 units in 2022, 312,000 units in 2023, and 170,000 units in 2024, totaling over 668,000 units delivered [2] - In the first half of this year, Sunac delivered 15,000 units, including notable projects such as Xi'an Sunac Lan Yue Fu and Chongqing Chang Le Ya Song [2] - For 2025, Sunac aims to deliver over 50,000 units, with expectations to complete all guarantee delivery tasks by the end of the year [2] - The company is transitioning into a new development phase characterized by debt restructuring, stabilized sales, and the completion of guarantee delivery tasks [2]