《大行》瑞銀:英皇國際(00163.HK)貸款違約對樓市影響有限 料中小型地產商續進取定價
瑞銀研究報告指,英皇國際(00163.HK)年度業績披露,集團有約166億元的銀行借貸已逾期或違反若幹條款。該行認爲對住宅市場的影響有限,因集團首季僅有約200夥可銷售單位,相較於2024全年新樓成交1.7萬夥數量較少。另一方面,集團在香港持有約90萬平方尺的投資物業項目,約70%是與商業區零售及停車場相關。因此,該行認爲其覆蓋的地產商並不會面臨資本化率擴張的風險,因其主要持有的都是高端商場。
該行認爲,英皇國際的情況,反映中小型地產商持續面對再融資壓力。雖然近期HIBOR下跌或有助紓緩部分資金壓力,但該行料這些持有約9,100夥可出售單位的中小型地產商,將會繼續以較進取的定價以推動銷售。因此,儘管HIBOR急跌,該行料全年本港住宅樓價將持平。當去庫存完成後,該行料2026年住宅樓價將有0至5%復甦。
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