穆迪:流動性趨緊及銷售乏力令內房信貸狀況繼續受壓
評級機構穆迪發表報告指,預期明年底前內地房地產需求仍然疲弱,將導致樓市銷售乏力及融資環境緊張,令中國房地產開發商信貸指標繼續承壓。
與此同時,與實力較強的開發商相比,財力較弱的中國開發商將面臨更大的流動性壓力,可能會引發違約事件。穆迪分析師周易瑋表示,實力較強的開發商現金緩衝規模較大,營運狀況更出色,並且境內融資渠道較為順暢,可應對即將到期債務的償付;而財力較弱的開發商將面臨內部現金資源枯竭和融資渠道受限,進而擠壓其流動性。
由於高收益級別開發商繼續通過折扣促銷來推動銷售和現金流,穆迪預計2022至2023年受評中國開發商的加權平均毛利潤率將從2021年的26%和2022年6月底止12個月的24.8%,降至約24%,B評級開發商利潤率下滑幅度將更大。
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