业绩： 整体继续筑底，三成百强房企业绩同比增长 业绩、融资 融资： 前三季度融资同比下降30%，多家房企债务重组成功 ◎ 文 / 克而瑞研究中心 业绩篇 陆 整体继续筑底，三成百强房企业绩同比增长 2025年前三季度房企整体业绩延续筑底态势，部分企业业绩大幅回暖。 1-8月百强房企中累计业绩同比增长的企 业占比为31%，其中同比增幅大于20%的企业数量占到23家。整体来看，楼市的止跌回稳已经初现端倪。但是由 于购房者的信心和预期仍在修复过程中，叠加房企库存压力的持续增长，企业销售整体仍面临着较为严峻的挑 战，房企仍需积极应对。 总结 0 1 企业销售整体继续筑底 但短期复苏动能不足 2025年前三季度房地产市场延续筑底态势，房企销售整体保持低位运行。 1-8月行业百强房企累计销售操盘金额 20708.8亿元，同比减少13.1%；全口径金额22287.6亿元，同比减少13.8%。 整体来看， 虽然年初两会政府工作报告将"稳住楼市"首次写入总体要求，房地产政策面持续优化、释放利好， 但是房企推盘积极性整体仍相对较低，供应端供给约束依旧较为明显，同时客户观望情绪依然浓厚，短期复苏 动能不足。 TOP100中民营房企 ...

Core Viewpoint - The debt restructuring process for distressed real estate companies in China is accelerating, with significant progress made in September 2025, indicating a new phase in risk mitigation for the industry [3][12]. Group 1: Debt Restructuring Progress - As of August 2025, 77 real estate companies have defaulted on debts, with around 60 companies announcing debt restructuring progress, and 20 companies having their restructuring plans approved [2][9]. - The total scale of debt restructuring approved for these companies exceeds 1.2 trillion yuan, reflecting a positive trend in the industry [9][11]. - Notable companies such as CIFI Holdings and Kaisa Group have made significant strides in their debt restructuring efforts, with CIFI's restructuring plan involving 100.6 billion yuan and Kaisa's plan expected to reduce debt by approximately 8.6 billion USD [4][6]. Group 2: Diverse Debt Restructuring Strategies - Debt-to-equity swaps have emerged as a preferred method for many companies, with firms like Longfor Group and Country Garden utilizing this approach [7]. - Companies are adopting varied strategies for debt restructuring, including cash buybacks, debt extensions, and asset disposals, showcasing a diversified approach to managing debt [7][11]. - The restructuring efforts are supported by financial institutions, with asset management firms actively engaging in projects to revitalize distressed assets [11] . Group 3: Market Conditions and Future Outlook - Recent policy changes, such as relaxed purchase restrictions and lower down payment ratios, are expected to stimulate buyer interest and improve the operational conditions for real estate companies [14]. - The market is entering a traditional peak season for sales, with expectations of increased activity in core cities as new projects are launched [14]. - Industry experts emphasize the need for companies to focus on core business operations and enhance operational efficiency post-restructuring to ensure sustainable growth [12].

与相关建议＊ 当前房地产行业融资情况仍不乐观，房企债务到 期高峰来临，流动性和偿债均面临较大压力。在此背 景下，2025 年以来，房企债务重组进程明显加快。 境外债务重组方面，化债工具更加多元化，呈现出削 债比例提高、展期时长延长、票息率降低等趋势。同 时，债转股逐步成为房企化债主要工具，资产代币化 为房企化债提供新思路。境内债务重组进展相对偏 慢，仍以展期为主，部分二次重组房企逐步尝试从展 期走向削债，并积极尝试短期偿债与长期转型相结合 的创新解决方案。展望下半年，随着市场预期进一步 走弱，债权人将继续下调对房企偿债能力的预期，房 企境内外债务重组将呈现出削债幅度更大、债务利息 更低、展期时间更长等特征。未来房企、债权人、金 融机构、政府等多方需协同努力，共同推动房地产行 业债务风险化解和新发展模式转型。 研究院 2025 年 9 月 18 日 2025 年第 33 期（总第 605 期） Ω 中银研究产品系列 作 者：叶银丹 中国银行研究院 电 话：010 - 6659 6874 签发人：陈卫东 审稿人：周景彤 梁 婧 联系人：程栖云 刘佩忠 电 话：010 - 6659 4016 ＊ 对外公开 ＊＊ 全 ...

另外，北京时间9月18日凌晨，市场将迎来美联储9月议息会议结果。市场观点普遍认为，9月美联储降 息"板上钉钉"。国金证券表示，考虑到美联储降息预期提升刺激流动性，当前地产板块估值偏低，建议 逢低配置地产股。国信证券认为，8月地产基本面进一步走弱，考虑到当前地产基本面尤其是房价走 势，地产股很难有趋势性行情，但8月以来，北京、上海、深圳陆续出台放松限购限贷的地产新政，9月 依然是地产股政策博弈窗口期。 消息面上，近日，多家房企债务重组取得新进展。9月15日下午，旭辉集团披露，公司7笔境内债整体重 组方案获债券持有人会议表决通过，涉及金额合计约100.6亿元。此外，佳兆业集团9月2日宣布，其境 外债务重组取得关键性进展。通过债务展期、债转股、资产处置等方式，佳兆业对原有债务结构进行系 统性优化，重组方案预计于9月底正式落地生效。而在此之前，龙光境内债以及世茂、禹洲等房企境外 债重组，先后获通过。 智通财经APP获悉，内房股尾盘拉升，截至发稿，碧桂园(02007)涨12.9%，报0.7港元；世茂集团(00813) 涨8.86%，报0.43港元；富力地产(02777)涨7.25%，报0.74港元；远洋集团(03377 ...

Core Viewpoint - Multiple real estate companies are making significant progress in debt restructuring, indicating a shift towards improved capital structures and risk mitigation within the industry [1][2]. Group 1: Company-Specific Developments - Kaisa Group announced key advancements in its offshore debt restructuring plan, with an expected effective date by the end of September, aiming to reduce debt by approximately $8.6 billion and extend the average debt maturity by five years [1]. - Yuzhou Group successfully completed its offshore debt restructuring, resolving about $6.68 billion in debt risk and reducing debt by approximately $3.5 billion, with over 99% support from offshore creditors [1]. - Country Garden has made breakthroughs in its debt restructuring, with over 77% of holders of its public notes participating in the restructuring agreement, aiming to reduce debt by about $11.7 billion [2]. Group 2: Industry Trends and Insights - As of August 2025, 20 real estate companies have completed debt restructuring or reorganization, involving a total scale exceeding 1.2 trillion yuan [2]. - The trend is shifting from merely extending debt maturities to more comprehensive measures such as debt reduction and debt-to-equity swaps, indicating a significant adjustment in the debt scale of real estate companies [2]. - Experts suggest that while debt restructuring provides a "time window" for companies, achieving sustainable operational recovery requires stabilizing cash flow, ensuring delivery, and restoring market confidence [3].

Core Viewpoint - Multiple real estate companies are making significant progress in debt restructuring, indicating a key step in self-rescue and overall risk mitigation in the industry [1][2]. Group 1: Company-Specific Developments - Kaisa Group announced a critical advancement in its offshore debt restructuring plan, with an expected effective date by the end of September, aiming to reduce debt by approximately $8.6 billion and extend the average debt maturity by five years [1]. - Yuzhou Group's offshore debt restructuring plan has successfully resolved about $6.68 billion in debt risks, with over 99% of offshore creditors voting in favor of the plan, resulting in a debt reduction of approximately $3.5 billion [1]. - Country Garden has made breakthroughs in its debt restructuring, with over 77% of holders of its existing public notes participating in the restructuring agreement, aiming for a total debt reduction of about $11.7 billion [2]. Group 2: Industry Trends - As of August 2025, 20 real estate companies have completed debt restructuring or reorganization, involving a total scale exceeding 1.2 trillion yuan [2]. - The trend is shifting from merely extending debt maturities to more comprehensive measures such as debt reduction and debt-to-equity swaps, indicating a significant adjustment in the debt scale of real estate companies [2]. - Experts believe that while debt restructuring provides a "time window" for companies, achieving sustainable operational recovery requires stabilizing cash flow, ensuring delivery, and restoring market confidence [3].

Core Viewpoint - Country Garden Holdings Company Limited reported a significant net loss of approximately 19.65 billion yuan for the first half of 2025, primarily due to a decline in project settlement scale and increased asset impairment amid industry adjustments [1][2]. Financial Performance - The company achieved a total revenue of approximately 72.57 billion yuan in the first half of 2025, with major contributions from real estate development (70.03 billion yuan) and technology construction (2.54 billion yuan) [2]. - As of mid-2025, Country Garden's total assets were approximately 909.3 billion yuan, exceeding total liabilities, which included contract liabilities of about 222 billion yuan [2]. Debt Restructuring Progress - Country Garden has made significant progress in its offshore debt restructuring, with over 77% of the holders of existing public notes agreeing to the restructuring plan as of August 18 [4]. - The restructuring is expected to reduce the debt scale by approximately 11.7 billion USD, corresponding to about 84 billion yuan of interest-bearing debt, significantly lowering the company's financial burden [4]. - The new debt financing costs are projected to decrease to between 1.0% and 2.5%, enhancing cash flow management [4]. Delivery and Operational Strategy - The company has delivered over 1.7 million housing units in the past three years, with more than 70,000 units delivered in the first half of 2025, maintaining a leading position in third-party rankings [3]. - Country Garden has raised over 65 billion yuan through asset disposals since 2022, including the sale of a stake in Blue Arrow Aerospace for approximately 1.305 billion yuan [3]. - The company aims to continue its focus on "guaranteeing delivery" while optimizing resource utilization and responding to government support policies [5].

Core Viewpoint - Country Garden reported a significant decline in revenue and a net loss for the first half of 2025, indicating challenges in the real estate market and the need for debt restructuring to stabilize operations [3][4]. Financial Performance - In the first half of 2025, Country Garden achieved a contract sales amount of approximately 16.75 billion yuan and an operating revenue of about 72.57 billion yuan, representing a year-on-year decline of 28.9% [3]. - The net loss for the period was approximately 19.65 billion yuan, which has widened compared to the same period last year [3]. - Total assets as of mid-2025 were approximately 909.3 billion yuan, with total liabilities around 885.4 billion yuan, resulting in a net asset value of approximately 23.9 billion yuan [3]. Debt Restructuring Efforts - Country Garden is actively working on restructuring its offshore debt, with over 77% of bondholders having joined the restructuring agreement as of August 18 [4]. - The restructuring proposal is expected to reduce the debt scale by approximately 11.7 billion USD, equivalent to about 84 billion yuan of interest-bearing debt, significantly lowering the overall debt burden [4]. - Post-restructuring, the new debt financing cost is anticipated to decrease to 1.0%-2.5%, easing cash flow pressure from interest payments [4]. Operational Stability and Delivery Assurance - The company aims to ensure the delivery of homes, having delivered approximately 74,000 units in the first half of 2025, maintaining its position as the industry leader in delivery volume [5]. - Country Garden is leveraging various financing mechanisms to alleviate project debt pressure and improve liquidity for project operations [5]. - Since 2022, the company has raised over 65 billion yuan through asset disposals, including approximately 6.374 billion yuan from selling investment project equity in the past year [5].

Group 1: Financial Performance - In the first half of 2025, the company reported a contract sales amount of approximately 16.75 billion yuan and revenue of about 72.57 billion yuan, representing a year-on-year decline of 28.9% [1] - The net loss for the period was approximately 19.65 billion yuan, which has widened compared to the same period last year [1] - The decline in revenue is attributed to a significant decrease in the scale of project settlements and low gross margins, along with increased asset impairments due to changes in the industry and market environment [1] Group 2: Debt Restructuring - As of August 18, over 77% of existing noteholders have joined the restructuring agreement, and the company has signed a restructuring support agreement with a committee representing 49% of the bank loan principal [2] - The restructuring proposal includes five options, with an expected debt reduction of approximately 11.7 billion USD, corresponding to about 84 billion yuan of interest-bearing debt [2] - Post-restructuring, the new debt financing cost is expected to decrease to 1.0%-2.5%, significantly lowering interest expenses and providing more cash flow relief [2] Group 3: Delivery Assurance - In the first half of 2025, the company delivered approximately 74,000 homes, with a cumulative delivery of over 1.7 million homes in the past three years, maintaining the top position in the industry [3] - The company is actively promoting projects to enter the whitelist through new financing, loan extensions, and cost reductions to alleviate debt pressure and improve project liquidity [3] - Since 2022, the company has disposed of various assets to raise over 65 billion yuan, with approximately 6.374 billion yuan raised from selling investment project equity in the past year [3]

Core Viewpoint - The recent financial report from Country Garden highlights significant losses due to declining project settlements and increased asset impairments, but the company is optimistic about future recovery through debt management and industry improvements [2][3]. Financial Performance - In the first half of 2025, Country Garden reported revenue of approximately 72.57 billion yuan and a net loss of about 19.65 billion yuan [2]. - The total assets of the company were around 909.33 billion yuan, exceeding total liabilities [2]. Debt Restructuring - As of August 18, over 77% of holders of existing public notes have joined the restructuring agreement, with a significant portion of bank loan principal also involved [2]. - The restructuring plan could potentially reduce the debt scale by approximately 11.7 billion USD, corresponding to about 84 billion yuan of interest-bearing debt [3]. - Successful completion of the debt restructuring is expected to increase net assets by up to 70 billion yuan [3]. Industry Context - Several real estate companies have made positive progress in debt restructuring, with 20 distressed firms having approved restructuring or reorganization plans, totaling over 1.2 trillion yuan in debt [3]. Operational Strategy - Country Garden aims to ensure project delivery and stabilize operations by focusing on "ensuring delivery, stabilizing finances, and maintaining operations" [4]. - The company delivered approximately 74,000 housing units in the first half of the year, with over 1.7 million units delivered in the past three years [4]. - Since 2022, Country Garden has generated over 65 billion yuan from asset disposals to support project funding [4]. Market Position - Country Garden has been included in the Hang Seng Composite Index, indicating a recovery in market confidence and liquidity [4].