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《大行報告》瑞銀:融創(01918.HK)違約對其他民營內房構成傳染風險 料窒礙一、二線城市銷售復甦
阿思達克 05-13 13:04
融創中國(01918.HK)日前公佈4月陸續到期的4筆美元債優先票據利息,無法在相關的寬限期內進行利息償還。後續,公司將尋求相關債務的整體解決方案,以更好地保護所有利益相關方的利益。瑞銀髮表研究報告,指以去年合約銷售計,融創屬內地第三大發展商,集中開發一、二線城市項目,以及其80%項目都不是全資擁有,以買家信心及合營夥伴風險而言,其對其他民營發展商的傳染風險料導致一、二線城市物業銷售復甦放緩。 報告稱,截至去年中,融創有接近1,000個項目,可售資源約2萬億元人民幣,該行就其土儲逐個項目進行控股權分析,約80%屬非全資擁有,當中50%是由融創擁有,33%由其他民營上市或非上市內房擁有,13%由國營內房擁有,其餘4.3%由財務投資者擁有。由於未能依時支付離岸債債息,在買家信心及合營夥伴風險而言,這對其他民營上市或非上市內房構成傳染風險。該行予停牌中的融創「中性」評級,目標價5.2元。
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