具体来看，8月信用债发行同比下降，发债房企主要为央国企，其中，中海、苏高新、首开等发行总额 超20亿元，中交房地产、越秀、招商蛇口等亦有信用债发行。8月民企和混合所有制企业如绿城、美的 置业、新希望地产等成功发行信用债，合计金额约22亿元；债券期限较长，绿城、新希望地产发行债券 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。8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3.66年。 ABS发行规模为245.3亿元，同比增长，较上月有所下降。其中，CMBS/CMBN是发行规模最大的一类 资产证券化产品，占比达55.4%；其次是类REITs，占比25.3%；供应链ABS占比为19.3%。"兴证基实- 象屿集团产业园区持有型不动产资产支持专项计划"成功设立，项目发行规模5.60亿元，发行期限为不 超过25年，该项目底层资产为跨境电商产业园，持有型不动产ABS继续扩容，与公募REITs形成互补效 应，进一步丰富了企业盘活资产的金融工具选择。8月消费基础设施REITs和产业园基础设施REITs继续 扩容，中金唯品会奥莱REIT和国泰君安临港创新REIT上市。 1—8月，房地产企业债券融 ...

Policy and Market Overview - In 2025, the issuance of CMBS/CMBN and REITs is driven by the need to revitalize existing assets and reduce liabilities, supported by policies promoting a multi-tiered REITs market[4] - The issuance market remains robust with a total of 76 transactions from January to July 2025, reflecting a year-on-year increase of 35.71%[7] - The total issuance scale reached 1026.75 billion CNY, up 21.36% year-on-year, indicating strong financing demand[7] Issuance and Performance Metrics - The proportion of CMBS/CMBN and REITs in the ABS market was 8.95%, showing a slight year-on-year decline[7] - The average issuance rates for AAAsf and AA+sf rated securities were 2.44% and 2.66%, respectively, down 36bps and 95bps from the previous year[19] - The average issuance rate for AAAsf rated REITs was 2.40%, slightly lower than the 2.48% for CMBS/CMBN, maintaining a consistent spread of 8bps compared to the previous year[20] Asset and Investor Insights - Local state-owned enterprises accounted for nearly half of the actual issuers, with city investment enterprises primarily issuing CMBS/CMBN products[23] - The diversity of underlying assets has increased, with significant contributions from shopping malls, parks, and energy assets, each accounting for over 15% of issuance[17] - The number of projects with specific identifiers increased significantly, with 22 projects identified, including 11 related to green initiatives[9] Future Outlook - The low interest rate environment is expected to persist, with a continued trend of narrowing spreads anticipated in the second half of 2025[34] - The market for holding-type real estate ABS is expected to expand, with nearly 20 projects currently in the review stage for issuance[35] - The competition in the office and industrial park sectors is intensifying, with high vacancy rates projected to continue due to limited demand[36]

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]

Financing Overview - In July 2025, the total bond financing in the real estate sector reached 71.39 billion yuan, marking a year-on-year increase of 90.3% [1] - The structure of financing shows that credit bond financing accounted for 45.65 billion yuan, up 104.8% year-on-year, representing 64.0% of the total; ABS financing was 25.74 billion yuan, up 90.0%, making up 36.0% [1] - The average bond financing interest rate was 2.54%, down 0.24 percentage points year-on-year and 0.51 percentage points month-on-month [1][6] Credit Bond Issuance - Credit bond issuance saw significant growth, with major issuers including state-owned enterprises such as Jinmao, Poly Developments, and China Resources, each issuing over 3 billion yuan [3] - Private and mixed-ownership enterprises like Greentown, Binjiang, and Xincheng successfully issued credit bonds totaling approximately 3.01 billion yuan, with maturities exceeding three years [3] - The average maturity of issued credit bonds was 3.79 years, indicating a trend towards longer-term financing [3] ABS Issuance - The ABS issuance scale reached 25.74 billion yuan, showing substantial growth compared to the previous month [4] - CMBS/CMBN products dominated the issuance, accounting for 41.5%, followed by REITs at 36.8% [4] - The Shenzhen Anju rental housing second-phase asset-backed special plan was successfully established with an issuance scale of 3.876 billion yuan, featuring a yield of 2.15% [4] Financing Costs - The average interest rate for bond financing was 2.54%, reflecting a decrease both year-on-year and month-on-month [6] - The average interest rate for credit bonds was 2.32%, down 0.21 percentage points year-on-year, while ABS had an average rate of 2.92%, down 0.11 percentage points [6] Key Corporate Financing Activities - Jinmao had the highest issuance amount in July, reaching 4 billion yuan, while China Merchants Shekou had the lowest financing cost at 1.70% [7] - Major real estate companies disclosed new financing activities, including China Resources Land securing a 2 billion yuan loan and Vanke receiving 1.681 billion yuan from its major shareholder [9] - Doyou City Real Estate is planning to go private, citing reasons such as improving governance efficiency and addressing liquidity issues [9]

Core Viewpoint - The real estate industry in China is experiencing significant growth in bond financing, with a total of 71.39 billion yuan in July 2025, marking a year-on-year increase of 90.3% due to a low base effect from the previous year [1] Financing Overview - The total bond financing in the real estate sector reached 71.39 billion yuan in July 2025, with a year-on-year growth of 90.3% [1] - From May to July, the monthly financing totals have consistently increased [1] - The financing structure shows that credit bond financing accounted for 45.65 billion yuan, up 104.8% year-on-year, representing 64.0% of the total, while ABS financing was 25.74 billion yuan, up 90.0%, making up 36.0% [1] Interest Rates - The average bond financing interest rate in July was 2.54%, down 0.24 percentage points year-on-year and down 0.51 percentage points month-on-month [6] - The average interest rate for credit bonds was 2.32%, a year-on-year decrease of 0.21 percentage points, while ABS had an average rate of 2.92%, down 0.11 percentage points year-on-year [6] Major Issuers - Major issuers of credit bonds in July included state-owned enterprises such as Jinmao, Poly Developments, and China Resources, with Jinmao issuing the highest amount at 4 billion yuan [3][6] - Private and mixed-ownership enterprises like Greentown, Binjiang, and New Town successfully issued credit bonds totaling approximately 3.01 billion yuan [3] ABS Market - The ABS issuance scale reached 25.74 billion yuan in July, showing significant growth compared to previous months [4] - CMBS/CMBN products dominated the ABS market with a 41.5% share, followed by REITs at 36.8% [4] Capital Market Dynamics - Key real estate companies have disclosed new financing, including China Resources Land securing a 2 billion yuan loan and Vanke receiving 1.681 billion yuan from its major shareholder [9] - Several companies are undergoing debt restructuring, with over ten firms having their plans approved, involving a total debt of approximately 1 trillion yuan [9]

Group 1: Core Insights - The central government emphasizes the need to effectively release domestic demand potential and implement consumption-boosting policies [2][4] - In July 2025, the Central Political Bureau meeting highlighted the importance of expanding consumer demand while fostering new growth points in service consumption [2] - The issuance of CMBS/CMBN and similar REITs products by real estate-related companies reached approximately 65.4 billion yuan in the first seven months of 2025, marking a 26% year-on-year increase [10][12] Group 2: Market Performance - From January to July 2025, the planned commercial and office land area launched and transacted in 300 cities was 126.63 million square meters and 102.97 million square meters, respectively, showing year-on-year declines of 22.3% and 16.1% [6][8] - In July 2025, 12 large transactions were monitored, with a total transaction amount of 4.3 billion yuan, primarily in commercial real estate [8][9] Group 3: Policy Dynamics - The State Council's meeting on July 31 approved the "Artificial Intelligence+" action plan to promote the large-scale commercial application of AI, aiming to enhance domestic economic vitality [3] - Local governments, such as Shanghai and Beijing, have introduced specific measures to boost consumption, including optimizing tax refund environments and promoting cultural tourism [4][5] Group 4: Company and Project Developments - New City Holdings reported a total commercial operating revenue of 6.944 billion yuan in the first half of 2025, reflecting an 11.8% year-on-year growth [19] - Hualian Group launched its community commercial brand "Jinlongxin," focusing on creating a vibrant community lifestyle [22] - The first outlet project by China Resources Land, "Wanda Binhai Shopping Village," is set to open in December 2025, aiming to create a fashionable resort destination [25]

Report Title - ABS Investor Structure Changes - ABS Monthly Report (May 2025) [1] Report Industry Investment Rating - Not provided Core Viewpoints - In May 2025, the ABS issuance scale decreased, with the largest month - on - month decline in enterprise ABS. The trading volume and turnover rate of ABS decreased significantly, but the trading amount and turnover rate of credit ABS continued to grow. The holding proportions of major investors in different types of ABS changed, and the yields of ABS at all maturities declined while the spreads with medium - and short - term notes mostly continued to rise [2][3][4][5] Summary by Directory 1. Primary Issuance 1.1 Issuance Scale - In May 2025, the ABS issuance scale decreased by 28% month - on - month to 15.1533 billion yuan. Credit ABS, enterprise ABS, and ABN issuance scales were 2.3905 billion yuan, 8.321 billion yuan, and 4.4418 billion yuan respectively, with month - on - month declines of 2%, 35%, and 23% [2][9]. - Among credit ABS, the issuance scale of micro - enterprise loan ABS increased the most, and the issuance scale of non - performing loan ABS had a fast growth rate of 761%. In enterprise ABS, the issuance scales of shantytown renovation/affordable housing ABS and CMBS/CMBN increased the most, while the issuance scale of quasi - REITs decreased the most. In ABN, the issuance scale of general small - loan creditor's rights ABS increased more, and the issuance scale of preferred limited partnership shares ABS decreased the most [9] 1.2 Issuance Term and Interest Rate - In May 2025, the terms of newly issued ABS were mostly 9M - 1 year and 1 - 2 years, and the weighted coupon rate continued to decline. The weighted average coupon rate was 2.01%, a decrease of 6.68bp compared to April [11]. - For different types of ABS, the weighted terms of newly issued credit ABS, enterprise ABS, and ABN all increased compared to the previous month, and their weighted interest rates all decreased [11] 2. Secondary Trading - In May 2025, the trading volume and turnover rate of ABS decreased significantly, but the trading amount and turnover rate of credit ABS continued to grow. The monthly trading amount of ABS was 11.8623 billion yuan, a decrease of 27.09% compared to April. The monthly turnover rate of ABS was 3.6%, a decrease of 1.4 percentage points compared to April. ABN was the most actively traded ABS product type [3][17] 3. Investor Structure - In credit ABS, commercial banks and non - legal person products were the main holders, with holding proportions of 69% and 15% respectively. The holding proportions of commercial banks and non - legal person products decreased, while those of securities companies and overseas institutions increased [4][20] - In ABN, non - legal person products and commercial banks held the most, with holding proportions of 62% and 28% respectively, both decreasing compared to the previous month [4][20] - For enterprise ABS, trust institutions and bank self - operations were the main investors in Shanghai Stock Exchange enterprise ABS, with holding proportions of 31% and 26% respectively, both decreasing. In Shenzhen Stock Exchange enterprise ABS, general institutions and trust institutions were the main investors, with the holding proportion of general institutions increasing and that of trust institutions slightly decreasing [4][25] 4. Yield and Spread - In May, the yields to maturity of ABS at all maturities declined. The yields to maturity of 1 - year, 3 - year, 5 - year, and 10 - year AAA - rated asset - backed securities decreased by 7.6bp, 6.1bp, 4.9bp, and 4.4bp respectively compared to April 30, 2025 [5][27] - The spreads between ABS yields to maturity and medium - and short - term notes mostly continued to rise. The spreads of 1 - year, 3 - year, 5 - year, and 10 - year AAA - rated asset - backed securities with the same - maturity and same - rating medium - and short - term notes changed to 5.4bp, - 10.1bp, 0.0bp, and - 1.3bp respectively [5][27]

Financing Overview - In May, the total bond financing for real estate companies reached 28.88 billion, a year-on-year increase of 23.5% [1] - The financing structure shows that credit bond financing was 11.17 billion, up 5.8% year-on-year, accounting for 38.7% of the total; ABS financing was 17.71 billion, up 38.1% year-on-year, making up 61.3% [1][3] - The average bond financing interest rate in May was 2.35%, down 0.43 percentage points year-on-year and down 0.41 percentage points month-on-month [1][4] Year-to-Date Financing Data - From January to May 2025, the total bond financing for real estate companies was 196.47 billion, a year-on-year decrease of 18.5% [3] - The financing structure during this period included credit bond financing of 120.98 billion (61.6%), overseas bond financing of 3.59 billion (1.8%), and ABS financing of 71.91 billion (36.6%) [3] Credit Bond Issuance - In May, the issuance of credit bonds saw slight growth, primarily from central and state-owned enterprises [3] - Notable issuances included Poly Development at 3 billion, China Overseas at 1.5 billion, and Jianfa at 1.2 billion [3][5] - The average issuance term for credit bonds was 4.08 years, with a focus on 1-3 year and over 3-year bonds [3] ABS Issuance - The ABS issuance scale in May was 17.71 billion, showing growth compared to the previous month [3] - CMBS/CMBN represented the largest category of asset securitization products, accounting for 56.0%; followed by affordable housing at 20.8%, supply chain ABS at 19.9%, and REITs at 3.3% [3] Interest Rate Trends - The average interest rate for credit bonds was 2.29%, down 0.44 percentage points year-on-year and down 0.42 percentage points month-on-month [4] - The average interest rate for ABS was 2.38%, down 0.43 percentage points year-on-year and down 0.52 percentage points month-on-month [4]