FECRMonthly Industry Observation of ChinaMarh17,2023Commercialized building sales recover as bond issuance continuesAuthor:Mei Zhijingto increaseE-mail:research@fecr.com.cn-February 2023 real estate industry observation and bond marketoperation reportSummaryIn terms of sales volumes and prices of commercialized buildings,the floor space of commercialized buildings sold in 30large and medium-sized cities from January to February has declined by 13.72%year-on-year,and the decline narrowedsignificantly.The destocking cycle of commercial housing in the ten major cities was shortened.The average price of newlybuilt residential buildings in "100 cities"has decreased by 0.06%year-on-year,mainly due to the decline of prices in third-tier cities.In terms of new construction area,the national new housing construction area from January to February was 135.67 millionm2,and declined by 9.40%year-on-year.The degree of decline narrowed,but the new housing construction area is still at alow level.In terms of policies,Qiushi Magazine published Xi's article and he stressed the need to prevent systemic risks caused by thereal estate sector.The China Securities Regulatory Commission announced a pilot program to allow PE funds to invest inresidential housing,including projects under construction,affordable homes and rental projects.The People's Bank of Chinaand the China Banking and Insurance Regulatory Commission issued the Draft Opinions on Financial Support for theDevelopment of the House Rental Market,soliciting public opinion.At the local level,many places have lowered interestrates on first-home mortgages.The support policies for housing purchases have been constantly introduced in various regions,including providing subsidies for housing purchases,relaxing purchase restrictions,reducing the down payment ratio ofhousing loans,increasing the amount of housing loans,relaxing the restrictions on the qualification of housing loans,adjusthousing provident fund policies,etc.In terms of key real estate companies,the sales amount of TOP100 real estate companies from January to February hasdecreased by 4.8%year-on-year.Gemdale Group provided guarantee for its subsidiary,and Wolong Real Estate Groupprovided guarantee for indirect shareholder.China SCE Group,Sino-Ocean Groupand Henderson Land Group obtained largeamounts of bank credit.CIFI Group signed a strategic cooperation agreement with China Orient Asset.In terms of bond issuance and maturity,the real estate industry has issued 43.348 billion yuan bonds,repaid 88.254 billionyuan bonds in February and has received-44.906 billion yuan of net financing through bond market.In terms of credit events and spreads,1 bond has defaulted and 2 bonds have been extended in February.No credit ratingsfor entities and bonds were downgraded.At the end of February,the bond credit spread(median)of the real estate industrydecreased by 30.17BP from the end of the previous month.Choose FECR,Choose Trust请务必阅读正文后的免黄声明