文| 熊志 房产市价230万元，银行贷款余额260万元——当郑豪（化名）在账本上写下"-30万元"时，他清醒地意识到，卖掉这套房子不仅意味着资产归零， 还将背上新的债务。近日，第一财经报道，部分高位购房者正陷入房贷倒挂的困境，一些人尝试通过亲友借款或过桥贷款弥补差额，从贷款买房 转为贷款卖房。 房贷倒挂，不是个案。一些购房者在房价高位时贷款入市，如今房价下跌，卖房款不足以偿还银行贷款，只能默默承受高杠杆购房带来的风险。 房贷倒挂的现象，打击了购房者的信心，也暴露出银行、购房者风险分配的失衡。 现行制度下，银行既持有房产作为抵押物，又对借款人拥有追索权。无论房价涨跌，购房者都必须偿还贷款本息。这种安排保障了银行权益，却 将全部风险转嫁给购房者，形成了"银行稳赚、购房者兜底"格局。 因此有专家建议，将房贷从"有追索权"改为"无追索权"——购房者在房价大幅下跌，资不抵债时，将房子交给银行，就算清偿全部债务，不用再 承担房贷差额。 从理论上讲，无追索权房贷制度，确实体现了风险与收益对等的原则。银行享受房价上涨带来的利息收益，也合理分担房价下跌带来的损失。 更重要的是，无追索权机制，能倒逼银行在放贷时，更加审慎评估房产 ...

华信地产财务(00252)公布截至2025年9月30日止6个月中期业绩，收入约1.02亿港元，同比增长0.37%;公 司拥有人应占亏损约3134.28万港元，同比收窄7.37%;每股亏损13.9港仙。 ...

王美凤续指，香港楼市回稳加上近月市况进一步向好，买家入市信心增强，同步亦带动二手资助房屋成 交上升；根据中原按揭研究部及香港房委会目前数字，10月份香港居屋第二市场录得288宗成交，较9月 份的203宗增加42%。香港首十个月居二成交共录2783宗，相比2024年同期的3873宗则下跌28%，相信 跌势源于年内市场部分细价笋盘价格水平与居屋价收窄，促使部分原本考虑居屋的买家转投私楼市场。 受惠多个新建居屋项目落成，今年香港资助房屋按揭登记量明显优于去年，首十个月当中，有四个月的 居屋入伙上会登记超过2000宗；总计今年首十个月共有1.5135万宗资助房屋按揭登记，较去年同期8589 宗大幅增长76%；并已较去年全年登记量多出51%，可预期今年香港资助房屋按揭登记量出现明显正增 长。中银香港(02388)于香港资助房屋按揭市场持续领先，今年10月份单月按揭市占率接近50%，持续稳 占市场第一位置。 智通财经APP获悉，中原按揭董事总经理王美凤表示，根据中原按揭研究部及香港土地注册处的数据， 2025年10月份香港共录得2155宗资助房屋按揭登记(包括居屋及其他资助性房屋)，较9月份的2403宗环 比下跌10%， ...

大家好，今天犀哥这篇财经评论，主要聊一个华尔街传奇人物的故事：约翰・保尔森。 连特朗普都想将他收入麾下 这职位啥概念？相当于美国经济领域的"一把手"，手握调控大权，多少人挤破头都想要，但保尔森想都没想就拒了，理由是自己"难堪重任"，还顺带吐槽了 特朗普的对华关税战，说这纯属"伤敌八百、自损一千"的糊涂账。 换作一般人，碰到这种一步登天的机会，早就乐开花了，但保尔森不这么想这正是他能成大事的关键，不被名利牵着鼻子走。 金融圈里太多人追名逐利，最后栽在权力和欲望里，但保尔森心里知道自己真正擅长的是投资，不是搞政治，一旦进了权力的圈子，就很难保持客观冷静的 判断，而这恰恰是投资的生命线。 拒绝当官后，保尔森也没闲着，转头就扎进了黄金市场，从2023年开始，他就疯狂买入金矿公司的股票，跟当初做空房地产时一样果断。 这人可是个狠角色，在2008年次贷危机里赚得盆满钵满，特朗普都想请他当财政部长，结果人家直接拒绝，现在又一门心思押注黄金，说2028年金价能涨到 5000美元一盎司，他能预知金融吗？ 2025年4月底，他更是放出狠话，说2028年黄金价格能冲到5000美元每盎司，很多人觉得他疯了，但了解他的人都知道，这背后 ...

肇庆计划"商转公"了！日前，肇庆住房公积金管理中心发布《"商转公"贷款办事指南（征求意见 稿）》。根据征求意见稿，这次"商转公"贷款包括商业贷款全额转为公积金贷款、商业贷款转为商业和 公积金组合贷款。 【以下是"商转公"贷款办事指南（征求意见稿）全文】 一、设定依据： 《住房公积金管理条例》 《住房公积金个人住房贷款业务规范》（国标GB/T51267-2017） 《肇庆市住房公积金个人住房贷款管理办法》 二、贷款对象： 在我市购买商品房已办理个人住房商业贷款（不包括组合贷款），现符合我市住房公积金贷款申请条件 的缴存职工。 三、业务开展模式： 商转公贷款包括商业贷款全额转为公积金贷款、商业贷款转为商业和公积金组合贷款。 （三）商业贷款所购房屋已经取得《房屋所有权证》或《不动产权证书》，除向原商业贷款银行设定抵 押外，未设定其他抵押权、居住权登记事项，不存在司法查封、冻结等权利限制情形，能办理抵押登记 或者顺位抵押登记手续。 五、申请商转公贷款时存在以下情形之一的，不予贷款： （一）原商业贷款银行不同意办理商转公贷款的； （二）原商业贷款属购买本市住房，在外市申请商业贷款的； （三）存在现行公积金贷款政策明确规 ...

Core Insights - The approval of the second rental housing REIT expansion, 华夏基金华润有巢REIT, marks a significant development in the market, transitioning from a "first issuance" model to a "first issuance + expansion" model, indicating a shift towards sustainable asset management [1][3] Group 1: Market Dynamics - The current average occupancy rate of eight rental housing REITs exceeds 96%, with collection rates above 98%, and both NOI and EBITDA are on the rise, showcasing the financial health of these assets [1][2] - In the context of overall rental pressure, rental housing REITs demonstrate strong resilience, with a 1.6% year-on-year increase in unit monthly rent in Q2, contrasting with a 3.5% decline in rental indices across 16 key cities [2] - The expansion of rental housing REITs is accelerating, with the first successful expansion project raising approximately 946 million yuan [2] Group 2: Policy and Regulatory Framework - The implementation of the Housing Rental Regulations on September 15 has established clearer rules for capital entry and asset expansion, enhancing market stability and governance expectations [4] - Local measures are being implemented to convert existing properties into rental housing, increasing the availability of investable assets for REITs and ABS [4] Group 3: Financial and Investment Landscape - The active capital market has created a resilient cycle, with public REITs entering a phase of simultaneous issuance and expansion, improving the efficiency of price discovery [5][6] - The market is witnessing a structural change in valuation logic, shifting focus from individual project stability to the synergy and risk mitigation of asset portfolios [7] - Different types of investors are emerging, with long-term institutional funds favoring stable dividends and sustainable returns, while trading-oriented institutions focus on liquidity and price discovery [8]

Financial Data and Key Metrics Changes - The company reported third quarter GAAP net income attributable to common stockholders of $1 million or $0.01 per share, distributable earnings of $3.3 million or $0.03 per share, and adjusted distributable earnings of $21.2 million or $0.16 per share [3][16] - Current liquidity stands at $280 million, with $87 million in unrestricted cash [4][18] - GAAP net book value decreased to $7.53 per share from $7.65 in the previous quarter, while undepreciated book value decreased to $8.68 from $8.75 per share [17] Business Line Data and Key Metrics Changes - The loan portfolio currently stands at $2.4 billion across 85 loans, with an average loan balance of $28 million [11] - The watchlist portion of the loan portfolio is 8%, totaling $182 million, down from $411 million at the start of 2024 [11][8] - The company achieved net positive loan originations for the second consecutive quarter, originating 10 loans totaling $224 million during the third quarter [6][10] Market Data and Key Metrics Changes - The commercial real estate markets are showing continued improvements, with credit and lending spreads tightening [6] - The CMBS and CLO markets remain highly active, contributing to solid new issuance growth [6] Company Strategy and Development Direction - The company aims to grow its loan book to approximately $3.5 billion, with a focus on resolving watchlist loans and increasing loan originations [8][9] - The strategy includes preparing for a new CLO securitization and generating liquidity through the sale of real estate owned assets [8][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the trajectory of the business, citing improvements in loan inquiries and a favorable interest rate environment [6][9] - The company anticipates that the coming quarters will be among the most productive, driven by new loan originations and progress on watchlist loans [9][42] Other Important Information - The company recorded a specific CECL reserve of approximately $18 million related to the Oregon office loan, which was resolved during the quarter [16] - The office loan portfolio has decreased to $653 million from $769 million at the start of 2025 [9] Q&A Session Summary Question: Update on liquidity position post-quarter date originations - Management indicated liquidity is around $100 million in cash, with future originations expected from asset resolutions [21] Question: Pace of Q4 originations - Management expects a similarly active pace in Q4 due to an increasing pipeline and loan inquiries [22] Question: Thoughts on net lease portfolio - Management is satisfied with current assets and has no plans to enter the triple net market [25] Question: Impact of potential Fed rate cuts on demand - Management noted that a dovish Fed is improving market conditions, leading to increased transaction sales volume [26][28] Question: Growth of loan book and REO impact - Management believes they are at a point to grow the loan book, with increased momentum in loan originations [32] Question: Contribution of San Jose Hotel to distributable earnings - Management anticipates a sub-$10 million NOI for the hotel, with significant events planned for 2026 [34] Question: Details on new CLO issuance - Management could not provide specifics on the size and timing of the expected CLO issuance [38] Question: Second office property for sale - The second property is one of the Long Island City properties, currently soliciting offers [39]

Core Viewpoint - The article investigates the business model of Shenzhen Second Residence Online Information Technology Co., Ltd., which claims to digitize and tokenize idle real estate into tradable on-chain warrants, raising concerns about the legitimacy and sustainability of high returns promised to investors [1][2][3]. Group 1: Business Model and Operations - Second Residence promotes a model where investors can start with a low investment of 3,000 yuan and potentially earn significant returns, claiming that one property can generate profits equivalent to two properties [1][2]. - The company has reportedly recruited dozens of partners across various provinces, including Guangdong and Hainan, and offers different tiers of partnership with varying investment thresholds [2][3]. - The founder, Fan Jia, emphasizes the importance of recruiting new members to increase the value of the tokens and the potential for profit sharing once the assets are tokenized and listed [3][4]. Group 2: Legitimacy and Compliance - The company claims to operate within legal frameworks, citing the Civil Code's provisions on property co-ownership, but there are concerns about the actual compliance with regulations regarding token issuance and fundraising [5][6]. - Investigations reveal that many of the real estate projects advertised by Second Residence do not have confirmed partnerships, with developers denying any collaboration [9][10]. - Legal experts warn of significant risks associated with the authenticity of the underlying assets and the potential for the business model to be classified as illegal fundraising [11][12][13]. Group 3: Market Context and Risks - The article highlights the broader context of Real World Assets (RWA) in the market, noting that while there is interest in tokenization, many projects may lack genuine backing and could lead to scams [12][13]. - Regulatory bodies have issued warnings about the risks associated with RWA investments, indicating that many such initiatives may be misleading or fraudulent [12][13]. - The article concludes that the combination of physical assets and digital finance is a growing trend, but the regulatory environment for RWA remains underdeveloped, posing risks for investors [13].

与此同时，美国的财政状况也在恶化。政府停摆至今已造成超过150亿美元的经济损失，而更为严重的 是，美国的债务问题变得越来越难以承受。美债的回报持续下降，投资者对美国国债的信心大幅缩水。 尤其是中国已经连续8个月在减持美债，全球资本对美国的信心正不断下降，这使得美国的债务问题更 加棘手。 当前，美国的局势正面临一连串的挑战和不确定因素，而这些问题可能还只是一个开始，未来的冲突和 对抗预计会更加激烈。 首先，美国的"政府关门"危机继续发酵，已导致许多人生活受困。由于政府停摆，超过130万名军人未 能领取薪水，甚至一些军人家庭为了获得食物援助，不得不在食品发放点排队。美国的国防和其他军种 已经出现了一些高层将领的辞职，包括美国空军和特种作战司令部的高级指挥官。这一情况让外界担 心，如果停摆持续下去，可能会对美军造成更大的冲击和混乱。 除了经济困境，美国的外交关系也面临挑战。欧洲一些国家对美国未来的经济和政治前景产生了疑虑。 尤其是在意大利和瑞士，欧洲国家开始主动寻求与中国的合作，显示出它们对美国的失望。这种变化表 明，欧洲正在重新评估与美国的关系，并探索与中国加强合作的可能性。 在这样复杂的国内外局势下，特朗普显得 ...

Group 1 - The core point of the articles indicates a reversal in the positive signs of recovery in the U.S. real estate market, as mortgage applications for home purchases and refinancing have declined for the second consecutive week [1][2] - The Mortgage Bankers Association (MBA) reported a 1.2% decrease in the home purchase application index and a 7.7% drop in the refinancing index for the week ending October 3, bringing both metrics back to early September levels [1][2] - The combined value of these two indices fell by 12.7% last week and then decreased by an additional 4.7% this week, marking the largest two-day drop since April [1] Group 2 - Despite a slight decrease in the 30-year fixed mortgage rate to 6.43%, the previous week's significant increase has caused panic among potential homebuyers and homeowners looking to secure lower borrowing costs [2] - This situation is hindering the early recovery of the real estate market and may prolong a prolonged period of stagnation that has lasted for years [2] - The MBA survey, conducted weekly since 1990, covers over 75% of all retail housing mortgage applications in the U.S., drawing data from mortgage bankers, commercial banks, and savings institutions [2]