债务违约背景下房企信用风险展望及建议

Credit Risk Outlookand Suggestions of Real Estate Enterprises in the Context of Debt Default

从地产行业债务规模增长,民营房企和国有背景房企再融资能力分化,民营房企偿债能力持续走弱,行业信用风险增长四个方面来讨论地产行业的发展现状。深入研究现阶段房企的信用风险特征,包括收入规模、盈利能力、偿债能力、外部监管环境等,并对房企信用风险进行展望。基于对地产行业信用风险的判断,提出加快行业整合制度的建立,加强专业资管、咨询机构的建设,加强国资背景房企社会责任等三个建议,致力于促进地产行业平稳过渡,实现长期健康发展。

The current situation of the real estate industry is discussed in four aspects:the growth of debt scale in the real estate industry,the divergence of refinancing ability of private real estate enterprises and state-owned background real estate enterprises,the continued weakness of debt servicing ability of private real estate enterprises,and the growth of credit risk in the industry.The credit risk characteristics of real estate enterprises at the current stage are studied in depth,including revenue scale,profitability,debt-servicing ability and external regulatory environment,and the credit risk outlook of real estate enterprises is also discussed.Based on the judgment of the credit risk of the real estate industry,three proposals are put forward,including accelerating the establishment of the industry consolidation system,strengthening the construction of professional capital management and consulting institutions,and enhancing the social responsibility of real estate enterprises with state-owned capital background,which are dedicated to promoting the smooth transition of the real estate industry and achieving long-term healthy development.