2022年6月房地产行业观察与债市运行动态：商品房销售市场回暖，房企债券融资继续净流出

请务必阅读正文后的免责声明2022 年 7 月 14 日远东研究·行业研究摘 要作者：曹晓婧邮箱：research@fecr.com.cn商品房量价：6 月份 30 大中城市商品房成交面积同比跌幅缩小至 7.41%，环比大幅增加 81.08%。百城新建住宅平均价格同比上涨 0.88%，涨幅较上月回落 0.32 个百分点。房企土地购置：5 月份房企土地成交价款及土地购置面积同比分别减少 40.40%、43.10%，土地平均购置价格同比上涨4.74%。房企新土地项目投资明显放缓。政策：6 月份，按照中央政治局关于因城施策促进房地产行业健康发展和良性循环的会议精神，全国多个城市适度放松房地产调控政策，内容包括提高公积金贷款额度、放宽限购资格、放松预售资金监管、制定房票安置政策等。重点房企：6 月份百强房企销售操盘金额环比大幅增长61.2%，同比降低 43.0%；云南城投、新华联对外提供担保，担保余额占净资产比例较高；阳光城 5.7 亿元优先票据跟踪评级被终止；绿地集团将设立 100 亿元碳中和科技投资基金；滨江集团在杭州第二轮集中供地中取得 224.62 亿元的 12 宗地。债券发行与到期：6 月份房地产行业共发行债券 639.88 亿元，通过债市净融资-338.56 亿元。2020 年 9 月至 2022 年 6 月国内房地产行业债券存量规模压降了 3654.40 亿元。信用事件与利差：6 月份有 8 只债券违约、4 只债券展期。有 1 家主体和 4 只债券的信用级别被上调，1 家主体的信用级别被下调。6 月末兴业房地产行业债券信用利差（中位数）较上月末上升了 1.54BP。总结与展望：6 月份销售数据边际提升是否预示趋势回暖还有待市场验证。三季度通常为房企年度偿债高峰，需关注企业抗风险能力。近期各部委陆续出台了一系列房地产积极政策，各地方也陆续放松限购、限售，将有利于房地产企业销售回款及行业信用稳定。相关研究报告：1.《2022 年 5 月房地产行业观察与债市运行动态：房地产调控政策不断放松，行业信用暂时稳定》，2021.06.092.《2022 年 4 月房地产行业观察与债市运行动态：房地产开发投资与销售双降，行业步入新常态》，2021.05.103.《2022 年 3 月房地产行业观察与债市运行动态：商品房成交面积下滑，房企债券融资继续净流出》，2021.04.11商品房销售市场回暖，房企债券融资继续净流出——2022 年 6 月房地产行业观察与债市运行动态 请务必阅读正文后的免责声明Monthly Industry Observation of ChinaJuly 14th, 2022SummaryIn terms of sales volume and prices of commercial housing, the transaction area of commercial housing in 30 large andmedium-sized cities declined by 7.41% year-on-year and increased by 81.08% month-on-month in June. The average priceof newly built residential buildings in “100 cities” increased by 0.88% year-on-year, and the increase was 0.32 percentagepoints lower than that of the previous month.In terms of real estate land purchase, the land transaction price and land purchase area of real estate enterprises decreasedby 40.40% and 43.10% year-on-year respectively, and the average land purchase price increased by 4.74% year-on-year inMay. Investment in new land projects by real estate companies slowed markedly.In terms of policies, in accordance with the spirit of the Politburo meeting on implementing city-specific policies topromote the healthy development and virtuous cycle of the real estate industry, many cities have moderately relaxed realestate control policies, including raising provident fund loan quota, relaxing purchase restrictions, relaxing pre-sale capitalsupervision and formulating housing ticket resettlement policies.In terms of key real estate companies, the sales amount of TOP100 real estate companies in June increased by 61.2%month-on-month and decreased by 43.0% year-on-year. Yunnan Metropolitan Real Estate Development and MacrolinkCulturaltainment Development provided new guarantees, and the guarantee balance accounts for a relatively highproportion of their net assets; The tracking rating of 570 million yuan of senior notes issued by Yango Group wasterminated; Greenland Group will launch a 10 billion yuan carbon neutral technology investment fund; Binjiang Groupacquired 12 parcels of land worth 22.462 billion yuan in the second round of centralized land supply in Hangzhou.In terms of bond issuance and maturity, the real estat