中信证券研报CITICS_Real Estate Sector Feb 2021 Sales Commentary (Takeaway)_Opportunities and risks in debt repayment peak.pdfVIP

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中信证券研报CITICS_Real Estate Sector Feb 2021 Sales Commentary (Takeaway)_Opportunities and risks in debt repayment peak.pdf

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This is an abridged translation of the Chinese-language report Opportunities and risks in debt repayment peak Real Estate Sector Feb 2021 Sales Commentary ｜2 Mar 2021 CITICS Research Core views We believe that for some time before 2020, credit spreads had been narrowing, and the window that was more conducive to the adjustment of the debt structure of private real estate companies had been closed. Some outstanding companies have fully replaced their debts, and achieved long-term and low cost for debt. Companies that have not seized this opportunity will face challenge in debt continuation. Industry CHEN Cong concentration may increase further, and the quality of land sold may be Chief Infrastructure Real Estate improved. Analyst ▍The industry is experiencing a peak in debt repayment, and the S1010510120047 increased difficulty of debt issuance may challenge corporate credit. According to incomplete statistics, the maturity and resale bonds of Top 30 companies in 1Q/2Q21 reached Rmb139.8bn/139.3bn, setting new record highs. Due to credit risks and other factors in the bond market, it is difficult to renew the bonds of real estate companies upon maturity. If there are more obvious structural problems in liquidity, that is, ther