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Under the circumstances of limited financing and heavy pressure on sales proceeds,Selling assets at low prices has become the most direct way for real estate companies to "recover".

Recently,Shimao Group, Vanke, OCT Group, Sino-Ocean Group, etc.Many real estate companies are actively seeking to sell assets.

According to incomplete statistics from CRIC, in the first seven months of this year, the number of asset disposal transactions by real estate companies has reached 129.The disclosed transaction size exceeds 100 billion yuan.

The fact that real estate companies are selling their core assets actually reflects that their liquidity is still under pressure. Currently, real estate companies' financing is still sluggish, and the scale of debt maturing in 2025 is even higher than that in 2024. In this year of "tight money", real estate companies may continue to sell assets.

Since the beginning of this year, many real estate companies have started selling assets.。

Take Vanke as an example. In July, Vanke consolidated its real estate projects by selling equity in project companies or introducing additional capital for project companies.Vanke Intime sold 48% of the shares of Shanghai Nanxiang Impression City MGEA to GIC. Market sources said the transaction size is expected to be around 2 billion.

Vanke disclosed in its 2023 annual report that it would cash in on the "reservoir" through bulk assets and equity transactions to massively increase the safety cushion.

In addition to Vanke, many real estate companies such as Country Garden, Shimao Group, Wanda, Sino-Ocean Group, and OCT have also put their assets on the shelves this year.

for exampleShimao GroupThe complex project in Jimei District, Xiamen was sold for RMB 596 million and was taken over by China Construction Third Engineering Bureau.The cost of cashing out is a loss of 312 million yuan。

There are also those who are deeply in debt crisisSino-Ocean Group, has been selling off its core assets since the beginning of this year. In June this year, it sold 64.79% of the equity of Beijing Yitinggang Phase II for 4 billion yuan. According to the China Overseas Land & Investment, the unaudited loss recorded in the sale was 1.763 billion yuan. The proceeds from the sale will be used to repay debts and pay various payments.

According to incomplete statistics from CRIC,From January to July, a total of 129 typical real estate mergers and acquisitions events were disclosed, with the disclosed transaction volume reaching 104.72 billion yuan.However, compared with the same period last year, the amount of M&A transactions fell by 35% year-on-year.

This means that during market corrections,Real estate companies remain cautious about mergers and acquisitions。

This trend can also be seen from the data for July. According to CRIC monitoring, in July 2024, the key monitored real estate companies were involved in 15 M&A transactions.Half of them are still on the market.The total transaction volume disclosed in a single month was only 5.56 billion yuan, a decrease of more than 50% year-on-year and month-on-month, and the scale of mergers and acquisitions fell to the lowest level of the year.

Behind the real estate companies selling off their assets, it actually reflects that the companies are still "short of money". Most private real estate companies, especially those in trouble,The problem of difficulty in financing remains prominent.

CRIC data shows thatFrom January to July, the total financing of 65 typical real estate companies was 267.847 billion yuan, a year-on-year decrease of 32%.In the first and second quarters of this year, the financing scale of 65 real estate companies fell by 41% and 32% year-on-year respectively, and the overall situation remained sluggish.

In terms of corporate performance, the average financing amount of the top 10 real estate companies in the first seven months was 15.169 billion yuan, making it the only echelon in the group whose financing scale increased year-on-year. This means that real estate financing is still concentrated in the hands of a few companies.

In terms of a single month, driven by Vanke's 32.666 billion yuan bank loan, the total financing of 65 real estate companies in July reached 52.346 billion yuan, an increase of 63.8% month-on-month. The financing scale for a single month set a new high since 2024.

On the one hand, financing is restricted, and on the other hand, real estate companies' sales are also hindered. The overall sales performance pressure is relatively high. In the first seven months, the cumulative performance scale of the top 100 real estate companies decreased by 37.5% year-on-year.

In terms of debt maturities, 26 bonds will mature in August.After excluding the part that has been redeemed in advance, it is about 40.2 billion yuan, an increase of 51% month-on-month.

In the first half of 2024, the newly issued bonds of real estate companies could no longer cover the maturing old bonds. According to CRIC monitoring, the maturity scale of real estate companies' bonds in the first half of the year reached 279.9 billion, while the issuance scale was only 96.1 billion.

Financing for real estate companies remains sluggish, and coupled with the fact that real estate sales have not yet fully recovered, it is likely that more real estate companies will default on their debts in the future.

It is worth noting that due to the debt extension of real estate companies in recent years, the pressure of debt maturity in 2025 is still relatively large. According to CRIC monitoring, the scale of real estate companies' maturing bonds in 2025 will exceed 500 billion yuan, an increase of 7% year-on-year compared with 2024.

In the tide of debt repayment, in order to quickly obtain liquidity funds,In the future, more real estate companies may sell assets to save themselves.

On the one hand, the sale of assets by real estate companies is a reasonable asset flow, and on the other hand, it is also an important way for real estate companies to alleviate liquidity pressure. Under the current background, real estate companies continue to sell high-quality assets more to "recover blood" and accelerate the consolidation of real estate business.

With the marginal improvement of the real estate financing support policy, the advancement of the financing coordination mechanism has alleviated the liquidity pressure of real estate companies to a certain extent. Considering that there is still strong uncertainty in the current real estate market, the trend of frequent asset sales by real estate companies will continue in the future, driven by the needs of capital recovery and business divestiture. The increase in high-quality asset targets may accelerate industry integration, but the large-scale merger and acquisition boom is unlikely to reappear. Caution and rationality will be the main tone of the market in the medium and long term.