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评级报告

房企流动性压力的缓解仍有待观察

CSRC Refinancing Support Looks to Ease Pressure on Property Developers

Bank Industry Credit Quality to Remain Stable Amid Calls for More Lending to Property Developers

售前评级报告:吉时代2022年第五期个人汽车抵押贷款资产支持证券,2022年11月30日

Presale: Generation 2022-5 Retail Auto Mortgage Loan Securitization, November 30, 2022


房企流动性压力的缓解仍有待观察

标普信评认为,当前房企流动性压力仍然较大,近期出台的一系列规范房企融资和预售资金使用的政策体现了监管对于维护房地产行业长期健康发展的态度,一定程度上有利于房企再融资能力的恢复,但是否能够及时缓解行业流动性压力尚有待观察。

房地产开发企业大部分的现金流和货币资金沉淀在子公司项目层面,本部货币资金量较低。截至2021年6月末,标普信评116家样本房企母公司层面货币资金仅占合并口径总计的16%左右。在经历了去年下半年部分房企风险事件后,地方为了压实“保交付”责任加强了对于项目预售资金的监管,部分地区过度收紧的监管措施加剧了房企资金周转不畅的情况。

与此同时,行业整体债务到期情况不容乐观。我们根据公开数据梳理后发现,116家样本企业2022年国内债券到期金额约为2300亿元,其中3月和7月是相对到期高峰,行业仍面临流动性压力。



CSRC Refinancing Support Looks to Ease Pressure on Property Developers

On November 28, 2022, the China Securities Regulatory Commission (“CSRC”) issued a number of measures on capital market financing for real estate developers. These included a green light for M&A activity and related financing support for listed developers, resumption of refinancing for listed real estate companies, optimization of refinancing policies for Hong Kong-listed property developers, promotion of issuance of REITs and the establishment of private equity funds.

Click the link below to read more.



Bank Industry Credit Quality to Remain Stable Amid Calls for More Lending to Property Developers

On November 23, the People's Bank of China (“PBOC”) and the China Banking and Insurance Regulatory Commission (“CBIRC”) issued a notice “Providing Financial Support for the Stable and Healthy Development of the Real Estate Market.” The notice included 16 guidelines which, in our view, should help stabilize credit quality in the real estate sector. This in turn should play a positive role in maintaining stable credit quality in the banking industry.



售前评级报告:吉时代2022年第五期个人汽车抵押贷款资产支持证券,2022年11月30日

2022年11月30日,标普信评发布吉时代2022年第个人汽车抵押贷款资产支持证券售前评级报告。

Click here to view the English version.



Presale: Generation 2022-5 Retail Auto Mortgage Loan Securitization, November 30, 2022

On November 30, 2022, S&P Global (China) Ratings published its presale report on Generation 2022-5 Retail Auto Mortgage Loan Securitization. Please click the button below to read the report in PDF.