"这类以写字楼、公寓、园区等持有型资产为基础的ABS产品更受青睐，反映出投资者对有现金流支撑 资产的偏好上升。此外，资金成本下降亦增强了企业发行意愿。"上海易居房地产研究院副院长严跃进 向《证券日报》记者表示，ABS发行占比提升表明存量资产盘活空间巨大，融资渠道向手握优质持有型 资产的企业开放。 海外债方面，整体发行金额仍处于相对低位。2025年上半年，海外债融资规模为57.3亿元，占比不足 3%。不过，海外债利率平均达9.73%，说明资金成本仍然高企，企业更倾向于通过国内渠道满足融资需 求。 从头部房企信用债发行占比来看，发行规模前10的企业信用债融资金额占比达到48.2%，较上年增加4.1 个百分点。其中，保利发展（600048）控股集团股份有限公司(以下简称"保利发展")、华润置地有限公 司(以下简称"华润置地")发行金额超百亿元，北京首都开发股份有限公司(以下简称"首开股份 （600376）")等发行金额超50亿元。 "保利发展、华润置地等头部企业资金优势不仅因其良好的信用资质，也与其销售保持韧性、拿地力度 较大有关。"中指研究院企业研究总监刘水向《证券日报》记者表示，从信用资质来看，不少头部企业 销 ...

Group 1 - The real estate industry's bond financing scale continued to decline in the first half of the year, but the rate of decline narrowed compared to the previous year, with a total bond financing of 254.19 billion yuan, down 10.0% year-on-year [1] - Credit bonds became the main source of financing, accounting for over 60% of the total, with an issuance scale of 152.66 billion yuan, down 17.9% year-on-year [1][2] - The average financing cost of industry bonds significantly decreased, with an average interest rate of 2.83%, down 0.28 percentage points year-on-year [3] Group 2 - The issuance of credit bonds was primarily dominated by state-owned enterprises, with over 90% of the issuance coming from central and local state-owned enterprises, while the share of private and mixed-ownership enterprises decreased [2] - The scale of Asset-Backed Securities (ABS) financing increased, reaching 95.8 billion yuan, up 4.8% year-on-year, and accounting for 37.7% of the total financing [2] - The average interest rate for credit bonds was 2.61%, down 0.44 percentage points year-on-year, indicating a favorable financing environment for the industry [3] Group 3 - The outlook for the second half of the year suggests that the real estate policy environment is expected to remain loose, with existing policies likely to be further implemented [3] - Companies are advised to plan cash flow in advance based on sales and land acquisition situations to mitigate financial risks [3] - The increase in ABS issuance indicates significant potential for revitalizing existing assets, opening financing channels for companies with quality held assets [2]

中指研究院企业研究总监刘水表示，虽然目前市场环境较此前有所改善，经济稳步复苏、政策支持等因 素为房企融资提供了有利条件，出险企业债务重组正在稳步推进，但国际资本市场的不确定性仍然存 在，投资者对房地产行业的风险偏好也尚未完全恢复到以往水平，因此境外融资窗口只是出现了一定的 开启机会，后续还需观察市场反应和更多房企的融资情况，才能判断窗口是否能持续稳定地打开。 （文章来源：南方都市报） 近期品牌房企海外融资也实现破冰。2025年绿城和新城相继发行海外债，打开了海外债大门。从资金用 途来看，两家房企主要为筹集资金偿还即将到期的海外债和调整融资结构，并非完全新增投资或营运资 金的资金。从融资成本来看，海外债融资成本偏高，远高于信用债，2月绿城海外债票面利率为 8.45%，2025年3月绿城信用债融资平均利率为4.37%。 对此，中指研究院企业研究总监刘水分析认为，新城成功发行海外债，一是新城能够向市场展示了其良 好的财务状况、偿债能力和市场信心。二是为其他民营房企重启境外融资提供了示范效应，有助于修复 国际资本市场对中国民营房企的风险预期。三是当前与境内融资相比，美元债融资成本偏高。一方面， 美元利率仍维持在较高水 ...