请务必阅读正文后的免责声明2022年8月11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：7月份30大中城市商品房成交面积环比减少30.05%，同比减少33.73%。百城新建住宅平均价格同比上涨0.52%，涨幅较上月回落0.36个百分点。房企土地购置：6月份房企土地成交价款及土地购置面积同比分别减少65.13%、52.81%，土地平均购置价格同比下跌26.10%。房企新土地项目投资明显放缓。政策：7月份银保监会就“停贷”事件作出回应，中央政治局会议首次提出“保交楼”、再次强调支持刚性及改善性住房需求。全国多个城市出台房地产放松政策，主要包括放宽公积金贷款、放宽购房条件、提供购房补贴、缓解房企压力等。重点房企：7月份百强房企销售操盘金额环比降低28.6%，同比降低39.7%；云南城投、蓝光发展、阳光城对外提供担保，担保余额占净资产比例较高；天誉置业触发所有境外债务交叉违约，提出清盘呈请；富力地产境外全资子公司10只美元债豁免违约及展期获通过；华南城出售物业资产。债券发行与到期：7月份房地产行业共发行债券1011.69亿元，通过债市净融资-181.08亿元。2020年9月至2022年7月国内房地产行业债券存量规模压降了3870.49亿元。信用事件与利差：7月份有1只债券违约、15只债券展期，无主体和债券的信用级别调整情况。7月末兴业房地产行业债券信用利差（中位数）较上月末下降了9.69BP。总结与展望：7月份商品房销售市场复苏承压，土地市场持续低迷，债券发行市场回暖。行业债券信用利差有所收窄，但仍需防范部分高负债且下半年债务集中到期的中小规模房企风险。未来更多“保交楼”、支持刚性及改善性需求的政策急需落地，从供需两侧帮助市场恢复信心，促进房企销售回款以缓解部分流动性压力。相关研究报告：1.《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》，2022.07.142.《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》，2022.06.083.《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》，2022.05.10土地销售市场热度双降，行业债券信用利差收窄——2022年7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MonthlyIndustryObservationofChinaAug11th,2022SummaryIntermsofsalesvolumeandpricesofcommercialhousing,thetransactionareaofcommercialhousingin30largeandmedium-sizedcitiesdeclinedby30.05%month-on-monthanddeclinedby33.73%year-on-yearinJuly.Theaveragepriceofnewlybuiltresidentialbuildingsin“100cities”increasedby0.52%year-on-year,andtheincreasewas0.36percentagepointslowerthanthatofthepreviousmonth.Intermsofrealestatelandpurchase,thelandtransactionpriceandlandpurchaseareaofrealestateenterprisesdecreasedby65.13%and52.81%year-on-yearrespectively,andtheaveragelandpurchasepricedecreasedby26.10%year-on-yearinJune.Investmentinnewlandprojectsbyrealestatecompaniesslowedmarkedly.Intermsofpolicies,inJuly,theChinaBankingandInsuranceRegulatoryCommissionrespondedtothe"loansuspension"incident,thePolitburomeetingproposedthe"guaranteeexchangebuilding"forthefirsttimeandemphasizedsupportforrigidandimprovedhousingdemandagain.Manycitieshavemoderatelyrelaxedrealestatecontrolpolicies,includingeasingloansfromtheprovidentfund,relaxingpurchaserestrictions,providinghousingsubsidies,andeasingpressureonhousingenterprises.Intermsofkeyrealestatecompanies,thesalesamountofTOP100realestatecompaniesinJulydecreasedby28.6%month-on-monthanddecreasedby39.7%year-on-year.YunnanMetropolitanRealEstateDevelopment,LanguangDevelopmentandYangoGroupprovidedexternalguarantees,andtheyallhavehighguaranteedbalancesrelativetotheirnetassets;SkyfameRealtytriggeredthecrossdefaultofallitsoverseasdebtsandfiledaliquidationpetition;Theexemptionandextensionof10USdollarbondsofR&FProperty'soverseaswholly-ownedsubsidiarieswereapproved;ChinaSouthCitysolditspropertyassets.Intermsofbondissuanceandmaturity,therealestateindustryissued101.169-billion-yuanbondsinJuly,andreceived-18.108billionyuanofnetfinancingthroughbondmarket.FromSeptember2020toJuly2022,thebondbalanceofthedomesticrealestateindustrydroppedby387.049billionyuan.Intermsofcrediteventsandspreads,1bonddefaultedand15bondswereextendedinJulyandthereisnoentityandbondcreditratingadjustment.AttheendofJuly,thebondcreditspread(median)ofrealestateindustryincreasedby9.69BPfromtheendofthepreviousmonth.Intermsofsummaryandprospect,thecommercialhousingsalesmarketrecoverywasunderpressure,thelandmarketcontinuedtobedepressedandthebondissuancemarketrecoveredinJuly.Industrybondcreditspreadsnarrowed,buttheTheheatoflandmarketandsalesmarketbothdeclined,theindustrybondcreditspreadsnarrowed——July2022realestateindustryobservationandbondmarketoperationreportAuthor:CaoXiaojingE-mail：research@fecr.com.cn 请务必阅读正文后的免责声明MonthlyIndustryObservationofChinaAug11th,2022riskpreventionofsomesmallandmedium-sizedhousingenterpriseswithhighdebtandconcentrateddebtmaturinginthesecondhalfoftheyearwasstillimportant.Inthefuture,morepoliciesto"guaranteedeliveryofbuildings"andsupportrigidandimproveddemandneedtobeimplementedurgently,whichwillhelpthemarketrestoreconfidencefromboththesupplyanddemandsides,andpromotethesalesofrealestateenterprisestorelievesomeliquiditypressure. 1/17请务必阅读正文后的免责声明2022年8月11日远东研究·行业研究目录一、行业运行动态...........................................................................................................................................................2（一）商品房量价.......................................................................................................................................................2（二）房企土地购置...................................................................................................................................................4（三）房地产贷款.......................................................................................................................................................6二、行业政策动态...........................................................................................................................................................6（一）中央政策动态...................................................................................................................................................6（二）地方政策动态.....................