20220118-招银国际-CMBI_Credit_Commentary_China_Property_Developers_FY21_Pre-sales_Update_3页_700kb
报告摘要
CMBI Credit Commentary: China Property Developers FY21 Pre-sales Update Summary
Core Content
This report provides an overview of the pre-sales performance of 42 China property developers for FY21, highlighting trends, growth rates, and target achievement levels. It also includes key contact details for the analysts and important disclosures regarding the report's use and potential conflicts of interest.
Main Points
-
Overall Sales Performance:
The total contracted sales for FY21 showed a slight drop of 3.4% compared to FY20. This indicates a challenging market environment for the industry. -
Top Performers:
A few developers achieved strong sales growth, including:- PWRLNG (RMB101.2bn, +24% YoY)
- DAFAPG (RMB37.6bn, +24% YoY)
- GRNCH (RMB265.8bn, +22% YoY)
- YUEXIU (RMB115.2bn, +20% YoY)
-
Sales Deterioration:
Several developers experienced significant sales declines, including:- EVERRE (RMB426.7bn, -41% YoY)
- SINHLD (RMB81.5bn, -28% YoY)
- MOLAND (RMB36.1bn, -15% YoY)
-
Completion Rate:
The average target completion rate for FY21 was 88%, with only 4 developers reaching 100% of their targets:- CRHZCH
- YUEXIU
- DAFAPG
- RISSUN
-
Sales Trends:
Developers reported normalization in the cash collection cycle and restricted cash levels, indicating improved liquidity management in the industry. -
FY22 Outlook:
Developers are expected to set more conservative sales targets for FY22 due to ongoing industry headwinds.
Key Information
| Developer | Target Contract Sales (RMB) | Target Filled (%) | FY21 YTD Sales (RMB) | FY21 YTD Sales Growth (%) |
|---|---|---|---|---|
| 中国金茂 | 250,000 | 94% | 235,603 | 2% |
| 中国海外发展 | - | - | 369,494 | 2% |
| 华润置地 | 315,000 | 100% | 315,720 | 11% |
| 万科企业 | 790,000 | 79% | 627,770 | -11% |
| 碧桂园 | 624,000 | 89% | 558,000 | -2% |
| 龙湖集团 | 310,000 | 94% | 291,890 | 8% |
| 保利地产 | - | - | 534,928 | 6% |
| 远洋集团 | 80,000 | 92% | 73,980 | 19% |
| 越秀地产 | 112,200 | 103% | 115,151 | 20% |
| 世茂房地产 | 330,000 | 82% | 269,100 | -10% |
| 新城控股 | 260,000 | 90% | 233,774 | -7% |
| 金地集团 | 36,000 | 104% | 37,563 | -24% |
| 佳兆业集团 | 130,000 | 75% | 97,600 | -9% |
| 合景泰富富邦 | 124,000 | 84% | 103,836 | -5% |
| 当代置业 | 47,000 | 77% | 36,050 | -15% |
| 宝龙地产 | 105,000 | 96% | 24% | - |
| 金辉控股 | 100,000 | 95% | 94,720 | -3% |
| 力高集团 | - | - | -11% | - |
| 弘阳地产 | 99,500 | 88% | 87,223 | 1% |
| 荣盛地产 | 130,000 | 104% | 134,558 | 6% |
| 融信中国 | 160,000 | 97% | 155,520 | 0% |
| 时代中国控股 | 110,000 | 87% | 95,590 | -5% |
| 禹洲地产 | 110,000 | 97% | 106,397 | 1% |
| 正荣地产 | 99,500 | 97% | 145,643 | 3% |
| 中梁控股 | 180,000 | 95% | 171,800 | 2% |
Contact Information
-
James Wen 温展俊:
Tel: (852) 3757 6291
Email: jameswen@cmbi.com.hk -
Glenn Ko, CFA 高志和:
Tel: (852) 3657 6235
Email: glennko@cmbi.com.hk -
Polly Ng 吴宝玲:
Tel: (852) 3657 6234
Email: pollyng@cmbi.com.hk -
CMBI Fixed Income Department:
Email: fis@cmbi.com.hk
Important Disclosures
- The report is not investment advice and should not be relied upon for making investment decisions.
- Past performance is not indicative of future results.
- CMBIS may have investment banking relationships with the companies mentioned, which could create potential conflicts of interest.
- The report is intended solely for the use of the intended recipients and may not be reproduced or distributed without prior written consent.
Disclaimer
- CMBIS or its affiliates have investment banking relationships with the issuers covered in this report within the past 12 months.
- This report is for the use of intended recipients only and is not suitable for all investors.
- It is not an offer or solicitation to buy or sell any security and should not be used for that purpose.
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