China News Service, Beijing, April 6 (Reporter Pang Wuji) A report released by the Shell Research Institute on the 6th showed that in the first quarter, Chinese real estate companies issued a total of 173.3 billion yuan (RMB, the same below), a year-on-year decrease of 43%. expand.

　　According to the analysis of the Shell Research Institute, the financing scale of Chinese real estate companies further declined in the first quarter, which was mainly affected by three aspects:

　　First, the uncertainty of the domestic and foreign environment has increased.

The recent rebound and spread of the domestic epidemic has affected the normal economic activities of people in some urban areas. Internationally, the Russian-Ukrainian conflict and other related impacts have increased market pessimism.

　　Second, risks in the real estate industry have not yet been cleared, affecting expectations on the financial side, the industrial chain, and the demand side.

Since the beginning of this year, the debt risks of individual real estate companies still exist, and the lack of confidence of upstream and downstream players has led to a decline in enthusiasm.

Despite the recent introduction of stability maintenance policies, it will take time to restore confidence.

　　Third, the business model of real estate enterprises has changed, and the model of large-scale debt development has gradually withdrawn. The stable financial-oriented real estate enterprises will take the initiative to reduce the scale of their own liabilities.

　　Looking back at historical data, the scale of bond issuance by housing companies in the first quarter of 2022 hit a new low in the same period in the past five years since 2018.

It is worth noting that the recent hot "M&A bonds" in the first quarter mainly showed a spot-like performance. Only two real estate companies successfully issued them, and they have not yet formed a scale. The short-term impact on the overall real estate company bond financing scale is limited.

　　Data from the Shell Research Institute showed that in the first quarter, the scale of domestic and overseas bond financing of real estate companies declined year-on-year.

In the first quarter of 2022, the scale of domestic bonds accounted for 80%, the scale of domestic bonds issued in the first quarter was about 137.8 billion yuan, a year-on-year decrease of 28.6%, and the scale of overseas bonds was about 35.5 billion yuan, a year-on-year decrease of 68.0%.

　　Funding figures released by the China Index Academy reflect a similar trend.

According to the agency's statistics, in March, both the issuance scale of real estate corporate credit bonds and overseas bonds dropped significantly year-on-year.

Among them, the scale of credit bond issuance decreased by 36.55% year-on-year, and the scale of overseas bond issuance by mainland real estate companies decreased by 80.7% year-on-year.

　　Debt repayment pressure on housing companies remains high.

The above report believes that after the new financing regulations, since the fourth quarter of 2020, the scale of newly issued bonds by real estate companies has been lower than the scale of maturing debts for a long time.

In the first quarter of 2022, the scale of domestic and overseas bond financing matured debts was about 252.1 billion yuan, a year-on-year decrease of 32.5%. Combined with the new financing of 173.3 billion yuan in the first quarter, the net mature debt was 78.8 billion yuan, an increase of 69.4 billion yuan over the same period in 2021. , a decrease of 400 million yuan from the previous quarter.

In terms of the absolute number of maturing debts, the year-on-year scale of the first quarter of 2022 has decreased, but due to the sharp contraction in the scale of bond issuance, the debt repayment pressure of housing companies has not been substantially reduced.

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