The Paper reporter Li Xiaoqing
On June 30, CRIC Real Estate Research Center released the sales of Chinese real estate companies in the first half of 2022.
According to the report data, Country Garden (02007.HK) ranked first with sales (full-scale sales, the same below) of 246.99 billion yuan, Poly Development (600048.SH) ranked second with sales of 210.2 billion yuan. The third place is Vanke , with sales of 209.6 billion yuan. Followed by China Overseas Real Estate with 3137.5 billion yuan, China Resources Land (01109.HK) with 121 billion yuan, China Merchants Shekou (001979.SZ) with 118.8 billion yuan, and Sunac China (01918.HK) sales The sales volume of Gemdale Group (600383.SH) was 112.7 billion yuan, and that of Gemdale Group (600383.SH) was 100.6 billion yuan. Judging from the sales of the top 10 developers, there are only 8 developers with sales exceeding 100 billion in the first half of 2022, and the cumulative sales of these 8 developers are approximately 1.2574 billion yuan.
CRIC said in the report that in June, some large-scale real estate companies had better project sales and outstanding single-month performance, such as China Overseas , China Resources , Greentown , China Merchants, Gemdale , Greenland, Enterprises such as Binjiang , Jinmao , Yuexiu , Huafa , and Yanlord all experienced month-on-month growth rates of more than 60%.
Judging from the completion of the performance targets of large-scale real estate companies in the first half of the year, among the large-scale listed real estate companies that publicly disclosed their annual targets, most companies had a target completion rate of less than 40% as of the end of June, and nearly half even less than 30%. The target completion rate of most companies in the first half of the year is significantly lower than that of the same period in 2021, and the target completion level of some companies has dropped by more than 20 percentage points compared with the same period in 2021.
Even though most real estate companies have chosen not to publicly disclose their targets this year, or have taken the initiative to lower their full-year targets, as of the end of the first half of the year, the actual performance of the companies was still lower than expected. In the second half of the year, value supply and sales were reduced. Pressure amplifies. With the recent relaxation and improvement of policies, large-scale real estate companies need to further strengthen the supply of goods in the third and fourth quarters, and actively market to increase the sales rate level.
From the perspective of corporate financing, industry risks have not yet been cleared, overall corporate financing has not picked up significantly, and liquidity pressures for most companies continue. In the first half of 2022, the overall financing scale of industry-scale real estate companies has declined significantly. From January to June 2022, the single-month financing volume of large-scale real estate companies all experienced year-on-year declines to varying degrees. Among them, the declines in January, February and June were relatively high, with the declines exceeding 50%.
CRIC said that in the second half of 2022, the real estate industry will shift from de-leveraging to stabilizing leverage. Based on the policy signals in the first half of the year, financing policies in the second half of the year will continue to focus on supporting the reasonable financing needs of enterprises, maintaining stable and orderly real estate financing, and restoring the "blood-making" function of real estate companies as soon as possible. However, it will take time for the policy recovery to be implemented. In the short term, the problem of financing difficulties and expensive financing for most private real estate companies has not been substantially improved. Faced with several waves of bond maturity peaks in the second half of the year, the overall debt repayment pressure on enterprises is still high.
In addition, it is expected that monetary policy will continue to be loose in the second half of 2022, and will continue to cut reserve requirements and interest rates to rescue the real economy, and the real estate industry will also benefit. Real estate financial policies may implement countercyclical adjustments, and the industry will also move from deleveraging to stabilizing leverage. Comprehensively relax the residential mortgage loan policy and guide real estate transactions to return to normal as soon as possible, which involves comprehensively reducing down payment ratios, relaxing loan restriction policy standards, and continuing to reduce mortgage interest rates. Local governments are stepping up efforts to implement a combination of rescue policies. Second-tier, third-tier and fourth-tier cities may completely cancel purchase restrictions, sales restrictions and price limits so that market signals will no longer fail. Stressed cities still need to support the market through fiscal and tax incentives, room ticket arrangements and other policy measures. .
Editor in charge: Liu Xiuhao Picture editor: Chen Feiyan
Proofreading: Ding Xiao
