银行直供房由银行通过处置不良贷款获得，在完成债权剥离、取得完整产权后，直接以房东身份对外销售，而非传 统的司法拍卖方式。 近期国内银行直供房引发市场广泛关注，但中银证券认为这本质上是银行在年底集中处置不良资产的常规操作，目 的是回笼资金，对整体房地产市场影响有限。 12月5日，中银证券房地产行业研究团队研报指出，银行直供房本质上是银行处置不良贷款的常规操作，早在2015年 就已出现。 中银证券认为近期关注度提升主要源于三方面因素。一是房地产市场持续低迷下的市场敏感情绪，二是银行不良资 产压力上升的客观现实，三是年底资产处置的季节性需求。 研报强调银行直供房对一二线核心城市楼市影响微乎其微，但在三四线城市局部区域可能形成一定价格压力。市场 情绪的真正驱动力仍来自宏观经济和房地产基本面，而非银行直供房现象本身。 银行直供房与法拍房区别 银行直供房的房源主要来自三个渠道：企业或个人贷款抵押房产因无力还款归银行所有、个人房贷断供被依法收 回，以及房企破产或债务重组时银行被迫承接的未售房产。 根据阿里资产平台数据，2025年1-10月挂牌的银行直供房中，二手房占比83%，新房占比17%，出租型房源仅占 1%。银行获得这 ...

前言 近期，多家银行推出大规模房产折扣活动，部分房源甚至低至五折，总量高达数万套。这一现象引发了 市场广泛关注，被视为可能动摇楼市格局的"大地震"。 对于寻求住房的年轻人而言，这究竟是难得的"捡漏"良机，还是隐藏着未知风险的深坑？市场各方正密 切关注事态发展。 银行为啥急着卖房？ 你发现没，最近各大拍卖平台上，打着"银行直供"标签的房子越来越多了。这可不是银行转行做房地 产，而是因为借款人还不上贷款，银行依法拿走了房子，现在急着出手变现呢。 这事儿说起来挺简单，但规模吓人。光是兰州银行一家，2025年就要卖1779套房，比去年多了半倍多。 吉林银行更狠，挂出来卖的超过了2000套。 天津银行也有1200多套。这还都是明面上的大银行，地方上的农信社才是大户。 四川那边农信系统，从2024年上半年算起，挂出来的房子就超过了25000套！辽宁农信也不少，有11000 套。这么多房子涌向市场，难怪大家议论纷纷。 咱们得明白，银行不是开慈善机构的。以前处理坏账，可能就是把债权打包卖给资产管理公司，价格压 得很低。 既然是银行急着卖，那价格肯定得有吸引力。没错，这些"银行直供房"普遍比市场价便宜个两成到三 成，有的甚至直 ...

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].

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - The report highlights the increasing attention on bank-supplied housing, primarily due to the ongoing downturn in the real estate market, which has led to declining prices and heightened market concerns [12][28] - It emphasizes that the increase in bank-supplied housing is a response to rising non-performing asset pressures and is part of banks' routine asset disposal operations aimed at liquidity recovery [12][28] - The report suggests that the impact of bank-supplied housing on the overall real estate market is limited, with a small market share and low transaction volumes [28] Summary by Sections 1. What is Bank-Supplied Housing? - Bank-supplied housing refers to properties acquired by banks through the disposal of non-performing loans, which are then sold or rented out directly by the banks [11][12] - The main sources of these properties include loans defaulted by individuals or companies, leading to the banks taking ownership [11][12] 2. Recent Trends in Bank-Supplied Housing - The number of bank-supplied housing listings has increased, with 16,000 units listed in 2024, a 73% year-on-year increase, and 14,000 units in the first ten months of 2025, showing a 4% increase from 2024 [22][27] - However, the total volume remains significantly lower than that of auctioned properties, with bank-supplied housing listings being less than one-eighteenth of auctioned properties [22][28] 3. Distribution and Characteristics of Bank-Supplied Housing - The majority of bank-supplied housing is concentrated in lower-tier cities, with first-tier cities accounting for only 0.6% of listings [30][31] - The properties are predominantly unfinished (59%) or simply decorated (38%), with only 3% being fully furnished [40][48] - A significant portion (86%) of the listings is priced below 1 million yuan, reflecting the current market conditions [47][49] 4. Transaction Dynamics - The transaction rate for bank-supplied housing is low, with only 7% of the 14,000 units listed in the first ten months of 2025 being sold, compared to 20% for auctioned properties [28] - Most transactions occur at or near the starting price, indicating a market heavily influenced by price sensitivity [28] 5. Investment Recommendations - The report suggests focusing on three main lines of investment: 1. Companies with stable fundamentals and high market shares in core cities, such as Binjiang Group and China Merchants Shekou [28] 2. Smaller firms that have shown significant breakthroughs in sales and land acquisition since 2024, like Poly Real Estate Group [28] 3. Commercial real estate companies exploring new consumption scenarios and operational models, such as China Resources and Swire Properties [28]

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 accelerated disposal of non-performing real estate assets by commercial banks, highlighting the challenges faced in selling these properties through online platforms, despite their perceived low prices [3][4]. Group 1: Market Dynamics - A significant number of "bank direct supply houses" are being listed online, but many are facing auction failures, with over 9,000 properties entering the second auction phase due to lack of bids [4][10]. - The case of a property in Yinchuan, initially priced at 620,000 yuan, failed to sell and was re-listed at 558,600 yuan, yet still attracted no bidders [4][12]. Group 2: Challenges in Transactions - Key obstacles to successful transactions include property rights issues, risks of eviction, and potential debt disputes, which deter ordinary buyers [3][12]. - Some properties are located in less desirable areas or are older, making them less attractive to buyers, as seen with properties in regions like Inner Mongolia and Gansu [12][14]. Group 3: Risk Factors - Many low-priced properties may carry hidden risks, such as unresolved ownership disputes or issues with current occupants, complicating the buying process [13][14]. - For instance, a property in Guangdong was listed without a title deed due to historical registration issues, requiring buyers to negotiate with current residents for possession [14][18]. Group 4: Bank Strategies - Banks are attempting to provide financing options for potential buyers, such as the "Paiyi Loan" from Ningxia Huanghe Rural Commercial Bank, which offers up to 50% financing but requires full payment upfront [10][19]. - Analysts suggest that banks are accelerating the disposal of non-performing assets to mitigate risks associated with fluctuating property prices, especially in a declining real estate market [10][19]. Group 5: Future Considerations - The article emphasizes the need for a more regulated transaction mechanism and transparent information disclosure to balance asset liquidation and buyer protection [3][19]. - It is suggested that banks should consider alternative strategies for asset management, such as bundling properties for targeted sales or converting them into affordable housing options [19].

Core Viewpoint - The emergence of banks and state-owned enterprises in the second-hand housing market is a response to the ongoing adjustment in the real estate sector, with a notable increase in asset disposals, although the overall impact on the market remains limited [1][8]. Group 1: Bank Involvement - Major banks are increasingly listing properties for sale on online platforms, including residential and commercial properties, with significant discounts compared to market prices [2][4]. - The properties being sold by banks primarily originate from developer collateral and business loans, with a growing number of distressed assets due to market downturns [3][9]. - The "bank direct supply" model allows banks to sell properties without relying on lengthy judicial processes, thus enabling quicker asset liquidation [4][9]. Group 2: State-Owned Enterprises - Local state-owned platforms are also actively auctioning properties, including affordable housing and market-priced homes, to avoid asset idleness [6][7]. - The sale of these properties is part of a broader strategy to enhance local government financial strength and improve asset efficiency in response to changing population dynamics [7][10]. - The trend of state-owned enterprises selling properties is seen as a routine operational strategy, with the aim of maximizing resource utilization [6][7]. Group 3: Market Impact - While the actual impact of these asset sales on the second-hand housing market is considered minimal, the psychological effect on market expectations could be significant [8][9]. - Increased supply from banks and state-owned enterprises may lead to downward pressure on property prices, particularly if the volume of assets sold continues to rise [9][10]. - Experts suggest that to mitigate potential market pressure, it is essential to manage the sale of these assets carefully and consider mechanisms like asset storage and REITs to revitalize the market [10].

Core Viewpoint - The article discusses the increasing presence of banks and state-owned enterprises in the second-hand housing market, highlighting their asset disposal activities amid a challenging real estate environment. This trend, while not significantly impacting the market in terms of volume, may create negative psychological effects on market expectations and pricing [3][11][12]. Group 1: Institutional Asset Disposal - Various banks, including state-owned and regional banks, are actively listing properties for sale on platforms like Alibaba and JD.com, covering residential and commercial properties [4][5]. - The properties being sold often come from developers' collateral or loans that have defaulted, leading to an increase in distressed assets held by banks [5][6]. - The direct sale of properties by banks, termed "bank direct supply," allows for quicker asset liquidation compared to traditional auction methods, with properties often listed at discounted prices [4][6]. Group 2: State-Owned Enterprises' Role - Local state-owned platforms are also auctioning off properties, including affordable housing and market-rate homes, as part of their routine operations to avoid asset idleness [8][9]. - The sale of these properties is seen as a strategy to enhance local government finances and improve asset efficiency, especially in light of changing population dynamics and housing demand [9][10]. - The trend of state-owned enterprises selling properties aligns with broader reforms aimed at asset securitization and resource optimization [9][10]. Group 3: Market Impact and Recommendations - While the actual impact of these sales on the second-hand housing market is considered limited, the psychological effect on market sentiment could be significant, potentially leading to price pressures [11][12]. - Experts suggest that to mitigate negative market impacts, it is essential to regulate the sale of distressed assets and establish a systematic approach to managing these transactions [13]. - Recommendations include temporarily halting large-scale sales by institutions and focusing on asset recovery mechanisms, alongside the use of financial tools like REITs to revitalize assets [13].

Core Viewpoint - The emergence of banks and state-owned enterprises in the second-hand housing market is a response to the ongoing adjustment in the real estate sector, with an increase in asset disposals, although the overall impact on the market remains limited [1][8]. Group 1: Bank Involvement - Major banks are increasingly listing properties for sale on online platforms, including residential and commercial properties, with significant discounts compared to market prices [2][4]. - The properties being sold by banks primarily come from developer collateral and business loans, with a notable increase in distressed assets due to market downturns [3][4]. - The "bank direct supply" model allows banks to sell properties without relying on lengthy judicial processes, making the transaction more efficient and less risky compared to traditional auction methods [4][9]. Group 2: State-Owned Enterprises - Local state-owned platforms are also actively selling properties, including affordable housing and market-priced homes, to avoid asset idleness and improve financial strength [6][7]. - The sale of these properties is part of a broader strategy to enhance the efficiency of state assets and respond to changing population demands in various regions [7][10]. - The trend of state-owned enterprises selling properties is seen as a regular operational strategy, with the aim of maximizing asset utilization [6][7]. Group 3: Market Impact - While the actual impact of these asset sales on the second-hand housing market is considered small, the psychological effect on market expectations could be significant, potentially leading to increased price pressure [8][9]. - Experts suggest that the influx of properties from banks and state-owned enterprises could exacerbate negative market sentiment and prolong transaction cycles in the real estate market [10]. - There is a call for regulatory measures to manage the sale of these assets to prevent disorderly price declines and ensure a more stable market environment [10].

Core Viewpoint - The emergence of institutional property sales, while not large in scale, is expected to impact market expectations negatively, particularly during a critical period for the real estate sector's recovery [1][7]. Group 1: Institutional Sales - Various banks and local state-owned enterprises are increasingly listing properties for sale on platforms like Alibaba and JD, covering residential, commercial, and office spaces [2][5]. - The properties being sold often come with significant discounts compared to market prices, attracting attention from potential buyers [2][4]. - The trend of banks directly selling properties, termed "bank direct supply," has become more common as banks seek to manage their non-performing assets more effectively [3][4]. Group 2: Sources of Properties - The properties listed by banks primarily originate from developers' collateral and loans that have defaulted, leading to an increase in the number of properties held by banks [3][6]. - The process of selling these properties has evolved, with banks now using online platforms to expedite sales after traditional auction methods have failed [3][4]. Group 3: Market Impact - While the actual impact on the second-hand housing market may be limited, the psychological effect of increased institutional sales could exacerbate negative market sentiment [7][8]. - The influx of properties from banks and state-owned enterprises could lead to downward pressure on prices in certain areas if the supply continues to grow [8][9]. - Experts suggest that to mitigate potential market pressures, it is essential to manage the sale of these assets carefully and consider mechanisms like asset storage and REITs to stabilize the market [9].