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流动性环境现改善迹象 房企集体实施债务重组
There are signs that the liquidity environment is improving. Housing enterprises collectively implement debt restructuring.

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据证券时报,地产行业依然身处寒意之中。从房企披露的2022年半年报数据来看,营收净利呈现正增长的企业屈指可数,盈利大幅下挫成了行业常态。记者统计数据显示,已发布半年报的194家A股与港股房企中,净利润同比下滑的达141家,占比73%。另还有恒大、融创等19家房企的财报迟迟未发布。资金回笼不理想加上融资环境趋紧,导致房地产行业信用风险攀升,包括“理财产品”兑付危机、债券展期、延期支付利息、实质性违约等若干形式。截至9月19日,地产债包含展期在内的债券余额违约规模达到1340亿元,涉及30家发债主体。为打破负循环,改善信用,面对压顶债务,多数房企想尽办法化债,一方面加大销售去化、处置资产积极回笼资金;另一方面通过提前与债权人沟通商议展期,避免触发交叉违约条款,以时间换资金周转的空间。此外还有引入国企央企等战投增信措施,获得资金支持。

According to the Securities Times, the real estate industry is still in a chill. According to the semiannual report data of 2022 disclosed by housing enterprises, there are only a handful of enterprises with positive growth in revenue and net profit, and the sharp decline in profits has become the norm in the industry. According to the reporter's statistics, of the 194 A-share and Hong Kong stock real estate enterprises that have issued semi-annual reports, the net profit has dropped by 141, accounting for 73%. In addition, the financial reports of 19 real estate enterprises, such as Evergrande and Sunchuang, have not been released for a long time. The unsatisfactory return of funds and the tight financing environment have led to an increase in credit risk in the real estate industry, including "financial products" payment crisis, bond extension, deferred interest payment, substantive default and so on. As of September 19, the default scale of the balance of real estate bonds, including rollover, reached 134 billion yuan, involving 30 bond issuers. In order to break the negative cycle and improve credit, in the face of debt capping, most housing enterprises try their best to reduce debts. On the one hand, they increase sales and disposal of assets to actively withdraw funds; on the other hand, they discuss the extension period by communicating with creditors in advance to avoid triggering cross-default clauses and exchange time for room for capital turnover. In addition, there are war investment measures such as the introduction of state-owned enterprises and central enterprises to obtain financial support.

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