China News Service, Beijing, May 6 (Reporter Pang Wuji) Since the beginning of this year, the property market in many places in China has continued to operate at a low temperature, and the scale of bond issuance by real estate companies has fallen sharply year-on-year. Among them, the scale of overseas bond issuance has shrunk significantly, and the proportion has continued to decline.

　　A report released by the Shell Research Institute on the evening of the 5th shows that from January to April, the domestic and overseas bond financing of Chinese real estate companies accumulated about 235 billion yuan (RMB, the same below), a year-on-year decrease of 41%, and the decline rate narrowed compared with the first quarter of this year. 2 percentage points.

　　Looking back at the historical data for the same period, after the high in 2018, the cumulative financing scale in the first four months has been declining year by year.

　　Since the beginning of this year, the risks and challenges caused by the new crown epidemic and the Ukraine crisis have increased, and the complexity of China's economic development environment has increased, and the real estate industry has been deeply affected.

However, the report believes that with the release of various positive policies in China, the recovery of the macro economy and the real estate market is expected to accelerate, and the cycle transmitted to the recovery of investor confidence will also be shortened.

　　From the perspective of financing structure, the above report stated that the scale of overseas bonds of real estate companies from January to April 2022 was about 44.2 billion yuan, a year-on-year decrease of 65%, and the proportion of the scale further fell to 19%, a decrease of 13 percentage points from the same period in 2021.

The domestic financing scale of real estate enterprises was about 190.8 billion yuan, a year-on-year decrease of 30%, and its proportion increased to 81%.

Since 2020, the trend of higher proportion of overseas financing by real estate enterprises has reversed. The industry expects that the financing of Chinese real estate enterprises will be dominated by domestic financing for a long time in the future.

　　Data released by the Middle Finger Research Institute reflects a similar trend.

According to the agency's statistics, in April 2022, 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 was 36.887 billion yuan, a year-on-year decrease of 49.6%.

That month, the scale of overseas bond issuance by real estate companies was 2.885 billion yuan, down 80.46% year-on-year.

　　The Crane Research Center believes that since 2022, in order to promote the healthy development and virtuous circle of the industry, the central ministries and commissions have released positive signals at various levels such as housing enterprise financing, M&A loans, and pre-sale fund supervision.

However, it will take time for the implementation of the policy recovery. Corporate financing has not recovered significantly in the short term. The overall financing scale of large-scale housing companies from January to April remained at a low level, and the liquidity pressure of most housing companies continued.

　　The Shell Research Institute reminded that in April 2022, the scale of debt due for domestic and overseas bond financing was about 101.3 billion yuan, a decrease of 5.8% from the previous month and a decrease of 26.3% from the same period last year.

However, the net amount of maturing debt is 39.6 billion yuan, and the debt repayment gap has rebounded to 40 billion yuan, and the debt of housing enterprises is under pressure.

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