惠譽:監管機構發力加速項目交付 政策利好龍頭民營房企
評級機構惠譽指,由於監管機構發力加速項目交付,第三季度內地上市房企的營收中值按年持續改善,其中國有房企按年增長領先。近期新政使有償付能力的民營房企獲得了有針對性的資金支持,因此交樓速度從第二季的低谷實現最快進展,而違約房企仍難以獲得更多的信貸。
惠譽指,93間境內上市的中國房企中,大多數企業在第三季的營收按年變動高於第二季度。值得注意的是,有償付能力的民營房企的營收中值按年在第二季為下降39.7%,隨後於第三季為增長1.6%。違約房企的回升幅度較小,降幅自第二季的27.6%收窄至第三季的16.7%。國有房企的營收按年變動則提升22個百分點。全國住宅竣工面積按年降幅自7月的37.5%收窄至8月的5.2%,隨後於9月和10月分別略微加速下跌至6.1%和9.2%。
惠譽預計有償付能力的民營房企,尤其是龍頭房企,將更多地受益於「三支箭」政策。違約房企在獲得「保交樓」用途之外的新融資方面繼續面臨挑戰,因為債權人仍擔心其償付風險,且住房銷售疲軟背景下,「白武士」投資者將慎選投資標的。
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