报告要点： · 融资概况：7月单月融资规模同比增长，信用债发行规模大幅增长 · 融资利率：整体融资成本下降 · 企业发行动态：金茂发行额度最高，招商蛇口融资成本最低 · 资本市场动态：万科、建发等获取新增资金，大悦城地产拟进行私有化 中指研究院每月发布房企最新融资数据， 融资概况：7月单月融资规模同比增长，信用债发行规模大幅增长 数据来源：中指数据CREIS（点击查看） 企业研究：https://u.fang.com/ytcrnn/ 7月信用债发行同比大幅增长，发债房企主要为央国企，本月金茂、保利发展、华润等发行总额超30亿 元，首开、建发、苏高新、大悦城等发行信用债超20亿元，信达地产、中国铁建地产、天地源等亦有信 用债发行。本月民企和混合所有制企业如绿城、滨江、新城、金辉等成功发行信用债，合计金额约30.1 亿元；债券期限较长，绿城、新城、金辉发行债券均为3年以上，长期资金流入有助于企业延长债务期 限结构；本次金辉、新城是2025年首次发行信用债，信用债发行企业扩容。本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3.79年。 ABS发行规模为257.4亿元，同比大幅增长，较上月亦 ...

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]

Group 1 - The report indicates that the financing total for 65 typical real estate companies in June reached 46.442 billion yuan, marking a new high for the year 2023 [1] - The current survival status of real estate companies shows a duality, with ongoing debt defaults alongside accelerated debt restructuring for distressed firms [1] - Both year-on-year and month-on-month comparisons show an increase in financing activities for these companies [1]

Group 1 - The real estate industry benefited from relaxed financing support policies, leading to a significant decrease in funding costs and a narrowing decline in financing scale [1] - In the first half of 2025, the real estate sector achieved bond financing of 254.19 billion yuan, a year-on-year decrease of 10.0%, with credit bonds remaining the dominant financing method [1][2] - The average financing cost for industry bonds decreased to 2.83%, down 0.28 percentage points year-on-year, influenced by monetary policy adjustments and changes in financing structures [1] Group 2 - Private real estate companies' issuance of US dollar bonds was a highlight in the financing landscape, with New City Development announcing a plan for international issuance [2] - The issuance of overseas bonds in the first half of 2025 was only 5.73 billion yuan, accounting for 2.3% of total financing, with an average interest rate of 9.73%, up 4.14 percentage points year-on-year [2] - Credit bond issuance remained the absolute leader in financing channels, with a total of 152.66 billion yuan issued, a year-on-year decline of 17.9%, making up 60.1% of total financing [2] Group 3 - Asset-backed securities (ABS) financing reached 95.8 billion yuan, a year-on-year increase of 4.8%, accounting for 37.7% of total financing, indicating a growing importance of this financing method [3] - The real estate policy environment is expected to remain supportive in the second half of the year, with recommendations for companies to plan cash flow and utilize various financing policies [3]

Group 1 - Recent debt restructuring efforts by multiple real estate companies have shown positive progress, with over 75% of holders supporting the offshore debt restructuring agreement by Country Garden [1] - Longguang has optimized its debt restructuring plan, offering solutions for 21 corporate bonds and asset-backed securities holders [1] - According to the China Index Academy, more than 10 real estate companies, including Sunac, R&F, Zhongliang, and others, have received approval for debt restructuring or reorganization, indicating a faster pace in risk mitigation for the sector [1] Group 2 - There have been notable highlights in real estate bond issuance this year, with private enterprises like Midea Real Estate and Binjiang Real Estate successfully issuing bonds for financing [1] - New City Development has also initiated the issuance of US dollar bonds, reflecting a renewed interest in overseas financing [1] - According to CRIC data, the scale of real estate company debt maturing in 2024 is 482.8 billion yuan, while in 2025, it will reach 525.7 billion yuan [1] Group 3 - Monitoring by the China Index Academy indicates that there are still over 100 billion yuan of overseas debts maturing for real estate companies in 2025, although the overall scale has significantly decreased compared to the peak period [1] - The reduction in overseas debt is seen as a prerequisite for the reopening of overseas financing channels [1]

Core Viewpoint - The successful issuance of 1.931 billion CMBN by Shoukai Co., Ltd. highlights the company's strong market credibility and solid state-owned enterprise background, positioning it as a benchmark for credit safety in the real estate sector amidst ongoing financing challenges [1][2] Group 1: Company Performance - Shoukai Co., Ltd. completed the issuance of the first phase of the 2025 CMBN project, amounting to 1.931 billion yuan, on June 16, 2025 [1] - The CMBN project received enthusiastic responses from multiple banks and market investors, reflecting high recognition of the company's creditworthiness and asset quality [1][2] - The successful fundraising not only demonstrates efficient capital raising but also showcases competitive financing costs, indicating strong market confidence in the company's credit value [2] Group 2: Industry Context - The real estate market is currently in a phase of bottoming out, with many companies facing financing constraints and credit pressures [1] - Shoukai Co., Ltd. stands out due to its deep credit accumulation and strong state-owned enterprise backing, successfully navigating the challenges faced by the industry [2] - The company's ability to maintain a smooth financing channel and stable cash flow serves as a "strong heart" for the orderly advancement and quality assurance of its projects [2]