Core Viewpoint - The recent surge in banks disposing of non-performing assets through direct sales of foreclosed properties has encountered unexpected market resistance, with over 9,000 properties failing to attract bids, highlighting significant challenges in the current real estate market [1][10]. Group 1: Market Response - Over 9,000 properties went unsold due to lack of bids, with some areas like Beijing and Guangdong experiencing complete bid failures [1]. - The concept of "bank direct supply housing" is intended to provide clearer property rights, yet many properties still harbor unresolved historical issues, deterring potential buyers [1][3]. Group 2: Financial Barriers - Buyers are often required to pay the full amount upfront, creating high liquidity demands, which poses a significant challenge for first-time homebuyers [3]. - Although some banks offer financing options, the maximum loan-to-value ratio is only 50%, necessitating substantial out-of-pocket expenses for buyers [3]. Group 3: Property Quality and Location - 80% of the unsold properties are located in remote third and fourth-tier cities or are over 20 years old, leading to concerns about maintenance costs and overall value [5]. - Buyers are increasingly recognizing that low prices do not equate to high value, as seen in properties with high potential repair costs [5]. Group 4: Misleading Marketing - The marketing claims of significant discounts on bank direct supply housing are often exaggerated, with starting prices typically above 90% of market value [10]. - Additional costs such as agency fees and outstanding property taxes further diminish the perceived savings, making the actual cost comparable to second-hand homes [10]. Group 5: Structural Market Issues - There exists a structural contradiction in the market, with a scarcity of quality properties in first-tier cities and an oversupply in less desirable areas [12]. - The lack of trust in the market, fueled by misleading information and inherent risks associated with foreclosed properties, has led buyers to prefer more expensive but reliable options [12]. - To resolve these issues, the industry must implement standardized information disclosure, innovate disposal methods, and optimize financial support for genuine buyers [12].

房地产 | 证券研究报告 — 行业深度 2025 年 12 月 5 日 强于大市 房地产底线逻辑研究系列报告一 银行直供房热度背后的真相 核心观点 投资建议 风险提示 政策出台不及预期；销售与房价持续下行；市场信心修复不及预期；房企信用修复不及预期。 相关研究报告 证券分析师：许佳璐 (8621)20328710 jialu.xu @bocichina.com 证券投资咨询业务证书编号：S1300521110002 《房地产行业 2023 年度策略——弩箭已离 弦，能否冰解的破？》（2022/12/18） 《中国真实住房需求还有多少？（2022 版）》 (2022/8/3) 《凡益之道，与时偕行——关于短期博弈与 长期格局的思考》(2022/6/15) 《从历史复盘中探讨本轮地产调控放松的最 佳路径与当前房企的生存法则》(2022/3/31) 中银国际证券股份有限公司 具备证券投资咨询业务资格 房地产行业 证券分析师：夏亦丰 (8621)20328348 yifeng.xia@bocichina.com 证券投资咨询业务证书编号：S1300521070005 银行直供房是指银行通过处置不良贷款获得的房产，在完 ...

Core Insights - The rise of "bank direct supply housing" has garnered attention due to its price advantages, but complexities and risks associated with certain properties deter ordinary buyers [2][18] - Major banks are accelerating asset liquidation as year-end approaches, with significant volumes of properties being auctioned through platforms like Alibaba and JD [4][20] - Despite attractive pricing, many properties are facing high rates of unsold listings and repeated auctions, indicating a lack of buyer interest [9][25] Group 1: Definition and Market Dynamics - "Bank direct supply housing" refers to properties obtained by banks through judicial processes after borrower defaults, allowing banks to sell with complete ownership [6][22] - The volume of properties listed for sale has surged, with banks like Lanzhou Bank and Jilin Bank significantly increasing their offerings, indicating a shift in asset disposal strategies [7][23] - The recovery rate for non-performing assets through direct sales is reported to be 15%-20% higher than traditional debt transfer methods, enhancing banks' efficiency in asset management [7][23] Group 2: Pricing and Market Response - "Bank direct supply housing" typically offers prices 20%-30% lower than market evaluations, with some properties discounted by over 50% [8][24] - Despite these discounts, many properties remain unsold, with over 9,000 listings entering second auction phases, highlighting a disconnect between pricing and buyer demand [9][25] - Specific examples illustrate the challenges, such as properties that failed to attract bids even after price reductions, indicating potential issues with property desirability [11][27] Group 3: Risks and Considerations - Buyers are cautioned to scrutinize the reasons behind low pricing, as properties may have underlying issues such as lack of liquidity or legal complications [30][32] - The cleanliness of the asset is a critical factor, as buyers must ensure that properties are legally compliant and free from outstanding debts or occupancy issues [30][32] - The expansion of bank direct sales poses both risks and opportunities for real estate agents, as banks may require professional assistance in property sales despite not traditionally being in the real estate business [30][32]

Core Viewpoint - The article discusses the emergence of "bank direct supply housing" as a means for banks to dispose of non-performing assets, highlighting the liquidity pressure faced by banks and the uncertainty in local real estate markets [2][4][25]. Group 1: Market Overview - "Bank direct supply housing" primarily consists of assets from individuals or enterprises that have defaulted on loans, leading banks to sell these properties directly to recover debts [7][20]. - Platforms like Alibaba Auction and JD Auction have started listing "bank direct supply" properties, although these listings are not categorized separately, making it difficult for buyers to identify them [3][5]. - The phenomenon is not widespread across the country but is concentrated in certain cities and banks, indicating a localized response to liquidity issues [5][11]. Group 2: Asset Statistics - Notable banks such as Jilin Bank and Tianjin Bank have listed thousands of properties for sale, with Jilin Bank having 2,099 listings and Tianjin Bank 1,227 [12][13]. - Agricultural Bank of China has also engaged in direct sales, listing 649 properties this year [13]. Group 3: Pricing and Market Dynamics - Banks often set starting prices below market value to expedite sales, with some properties listed at half the market price, attracting buyer interest [20][26]. - For example, properties in the "育才壹品" community were listed at approximately 2,000 yuan per square meter, significantly lower than the market price of 3,300 to 4,600 yuan per square meter [20]. Group 4: Legal and Transactional Considerations - Purchasing bank direct supply housing is generally seen as less risky than buying properties through judicial auctions, as the ownership and dispute resolution are clearer [21]. - However, buyers should be cautious of potential issues such as the property's history (e.g., whether it is a "haunted" house) and the condition of the property, especially if it is an unfinished project [21][23]. Group 5: Broader Economic Context - The increase in non-performing loans and the pressure on banks to dispose of these assets is evident, with the total non-performing loan balance reaching 3.5 trillion yuan, up by 883 billion yuan from the previous quarter [25][26]. - The overall real estate market is experiencing a downturn, with property prices in major cities declining, which may further influence the dynamics of bank direct supply housing [26][27].

Core Insights - The article discusses the increasing trend of banks directly selling properties, referred to as "direct supply housing," as a means to dispose of non-performing assets and recover funds quickly [1][3][4]. Group 1: Overview of Direct Supply Housing - "Direct supply housing" refers to properties that banks acquire through debt recovery processes after borrowers default on loans, allowing banks to sell these properties directly on the market [1][3]. - The number of "direct supply housing" listings has significantly increased, with various types of properties, including commercial shops and residential units, being auctioned across multiple provinces in China [2][4]. Group 2: Market Dynamics and Implications - Properties listed as "direct supply housing" often have starting prices significantly lower than market value, with many properties being sold at discounts of up to 60% [1][2]. - Despite the low prices of "direct supply housing," their impact on the overall second-hand housing market is considered limited, as they represent a small segment and primarily consist of non-residential properties [4][5]. Group 3: Non-Performing Asset Management - The rise of "direct supply housing" is seen as a response to the need for banks to shorten the asset disposal cycle and recover funds more efficiently, especially as many properties have previously failed to sell at auction [4][6]. - The increase in non-performing loans, particularly in retail sectors such as personal consumption and credit card debts, highlights the challenges faced by banks, especially smaller financial institutions, in managing these assets [6].

Core Viewpoint - The increase in "direct supply housing" from banks is a strategy for disposing of non-performing assets and quickly recovering funds, with expectations for further growth in this area [1][4][6]. Group 1: Overview of "Direct Supply Housing" - "Direct supply housing" refers to properties obtained by banks through debt recovery processes after borrowers default on loans, allowing banks to sell these properties directly to the market [1][3]. - The trend of banks listing "direct supply housing" in bulk is evident, with over a hundred properties currently available for auction across various regions, including commercial shops, residential units, and factories [2][4]. - Properties listed as "direct supply housing" often have starting prices significantly below market value, with many properties marked as "below market average" [2][4]. Group 2: Market Impact and Trends - The auctioning of "direct supply housing" is primarily a response to the need for banks to shorten the asset disposal cycle and recover funds more quickly, especially after previous judicial auctions resulted in unsold properties [4][6]. - Despite the increasing attention on "direct supply housing," its impact on the broader second-hand housing market is limited, as these properties represent a small segment and are primarily non-residential [4][5]. - The current trend shows a rise in non-performing loan transfers among banks, indicating a growing concern over retail loan default rates, particularly in personal loans and credit card debts [6]. Group 3: Characteristics and Advantages - Compared to regular judicial auction properties, "direct supply housing" has clearer ownership and fewer hidden disputes, leading to faster auction and transfer processes [5]. - The emergence of "direct supply housing" highlights the challenges faced by commercial banks, especially smaller institutions, in managing non-performing assets effectively [6].

Core Viewpoint - The increase in "direct supply housing" from banks is a response to the need for banks to dispose of non-performing assets and recover funds quickly, with a notable rise in the number of properties being auctioned directly by banks [1][4][6]. Group 1: Overview of "Direct Supply Housing" - "Direct supply housing" refers to properties that banks acquire through debt recovery processes after borrowers default on loans, allowing banks to sell these properties directly to the market [1][3]. - The trend of banks listing "direct supply housing" is growing, with over a hundred properties currently available for auction across various regions, including commercial shops, residential units, and industrial properties [2][4]. - Properties listed as "direct supply housing" often have starting prices significantly below market value, with many properties marked as "below market average" [2][4]. Group 2: Market Impact and Trends - The auctioning of "direct supply housing" is primarily a strategy to shorten the asset disposal cycle and recover funds more rapidly, as many of these properties have previously failed to sell at judicial auctions [4][6]. - Despite concerns that the sale of "direct supply housing" at discounted prices could impact the second-hand housing market, analysts suggest that its influence is limited due to its small market share and the nature of the properties involved [4][5]. - The overall stability of the real estate market is expected to remain intact, as "direct supply housing" constitutes a niche segment that does not significantly affect broader housing prices [4][5]. Group 3: Non-Performing Asset Management - The acceleration of non-performing asset transfers among banks indicates a rising trend in retail loan defaults, particularly in personal loans and credit card debts [6]. - The emergence of "direct supply housing" highlights the challenges faced by commercial banks, especially smaller institutions, in managing non-performing assets effectively [6]. - Experts recommend that banks adopt diverse strategies for asset recovery, including cash collection, write-offs, and securitization of non-performing assets, while also suggesting that local governments provide support through tax incentives and debt restructuring [6].

Group 1 - Changsha Bank plans to dispose of nearly 700 million yuan of non-performing assets, totaling 69,527.02 million yuan across seven accounts [1][2] - The bank's board stated that this action is a normal proactive governance measure aimed at improving disposal efficiency and reducing management costs [2] - As of the end of Q3, Changsha Bank's non-performing loan balance was 7.162 billion yuan, an increase of 779 million yuan from the end of the previous year, with a non-performing loan ratio of 1.18% [2] Group 2 - The banking sector has accelerated the pace of non-performing asset disposal, with multiple banks announcing their plans [3][4] - For instance, Bohai Bank plans to publicly transfer a debt asset totaling approximately 70 billion yuan, with a minimum transfer price of 48.883 billion yuan [3] - In the first half of the year, the banking industry disposed of 1.5 trillion yuan in non-performing assets, an increase of 123.6 billion yuan year-on-year [4]

Core Insights - Banks are accelerating the disposal of non-performing assets as the year-end approaches, with various asset packages being listed for transfer, indicating a shift from passive recovery to diversified methods of asset management [1][4] Group 1: Non-Performing Asset Disposal - The disposal of non-performing assets is transitioning from passive recovery to a more diversified approach, including online listings, direct sales of properties, and debt transfers, providing new pathways for banks to revitalize assets and recover funds [1] - As of November 13, 20 banks have listed 92 non-performing asset packages, totaling over 3 billion yuan in unpaid principal and interest, with significant contributions from banks like Nanjing Bank and China Bank [4][6] - The trend of accelerating non-performing asset disposal is closely linked to regulatory assessment deadlines, allowing banks to improve their asset structure and enhance their performance metrics ahead of year-end evaluations [5][6] Group 2: Direct Supply Housing - "Bank direct supply housing" has gained attention as a new market focus, where banks sell properties obtained through judicial processes or debt-for-asset swaps directly to the market, offering clearer ownership and reduced risks compared to traditional auctioned properties [2][3] - The pricing of bank direct supply housing is significantly lower than market rates, with examples showing properties listed at approximately 30% of their market value, attracting substantial interest from potential buyers [3] - This model aligns with banks' needs to expedite asset disposal and improve capital turnover efficiency, as it allows for quicker recovery of funds and minimizes transaction complexities [3][7] Group 3: Diversification of Disposal Methods - The methods for disposing of non-performing assets have become increasingly diversified, moving from traditional sales to more flexible and market-oriented approaches, including online listings and direct sales [7] - The trend shows a growing preference for direct sales to consumers via internet platforms, which helps shorten the recovery cycle and reduce transaction risks [7][8] - In addition to direct supply housing, banks are exploring various asset types for disposal, including unique items like liquor and gemstones, indicating a broader strategy for asset management [8]

Core Viewpoint - The emergence of a "bank direct supply housing" market is noted, where banks are selling properties at significantly lower prices than the market rate, yet many properties are failing to attract bids, indicating a potential mismatch between supply and demand [2][4][20]. Group 1: Market Dynamics - On November 10, the Lanzhou Rural Commercial Bank auctioned over a hundred residential units at prices as low as half the market rate, but all units received zero bids, leading to a failed auction [2][4]. - Major banks, including Agricultural Bank and various city commercial banks, are actively listing thousands of properties for direct sale, with Agricultural Bank listing 3,436 properties and Guangdong Rural Credit System exceeding 12,000 [3][10]. - The properties being sold are primarily non-performing assets, often resulting from loans that borrowers could not repay, and banks are under pressure to liquidate these assets within two years [4][16]. Group 2: Pricing and Demand - The starting prices for bank-supplied properties can be as low as 2,000 yuan per square meter, significantly below the market average of around 5,000 yuan per square meter, yet this has not translated into sales [4][20]. - Despite the attractive pricing, properties like those from the "育才壹品" project have not seen any successful bids, highlighting a potential lack of buyer interest or confidence in these offerings [20]. - In contrast, properties previously used as bank offices are in high demand, with some selling for prices significantly above their starting bids, indicating a differentiated market response based on property type [2][16]. Group 3: Asset Liquidation Process - The increase in bank direct supply housing is closely tied to the disposal of non-performing loans, with banks utilizing both judicial and non-judicial methods to recover debts [16][17]. - The judicial auction process typically starts at 70% of the appraised value, with subsequent rounds reducing the price further, leading to properties being sold at approximately 56% of their original appraised value after multiple rounds [17]. - The case of Lanzhou Rural Commercial Bank illustrates this process, where properties were acquired through court enforcement after the original borrower defaulted on a significant loan [17].