10多家出险房企债务重组或重整获批！民企发行海外债破冰

南方都市报2025-06-27

近期，出险房企债务重组进展加快。据公开披露，金轮天地、融创等房企境外债重组已基本获债权人通过，将进行聆讯；融创境内债二次重组已经完成。截至目前，融创、富力、中梁、当代、佳兆业、奥园、金轮天地、禹洲、远洋、时代中国、绿地等10多家房企债务重组获批，房企风险出清提速。少数品牌房企选择采取破产重整方式解决债务危机，金科、协信远创重整草案已经获得法院批准，后续将进入执行阶段。财信发展、苏宁置业2025年也...

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Private enterprises break the ice by issuing overseas bonds","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"KIM":0.9},"content_text":"近期，出险房企债务重组进展加快。据公开披露，金轮天地、融创等房企境外债重组已基本获债权人通过，将进行聆讯；融创境内债二次重组已经完成。截至目前，融创、富力、中梁、当代、佳兆业、奥园、金轮天地、禹洲、远洋、时代中国、绿地等10多家房企债务重组获批，房企风险出清提速。少数品牌房企选择采取破产重整方式解决债务危机，金科、协信远创重整草案已经获得法院批准，后续将进入执行阶段。财信发展、苏宁置业2025年也进入破产重整程序，迪马股份控股股东东银控股重整申请已被受理，此前迪马股份曾发布拟进行破产重整公告，准备工作完成后或将进入重整程序。近期品牌房企海外融资也实现破冰。2025年绿城和新城相继发行海外债，打开了海外债大门。从资金用途来看，两家房企主要为筹集资金偿还即将到期的海外债和调整融资结构，并非完全新增投资或营运资金的资金。从融资成本来看，海外债融资成本偏高，远高于信用债，2月绿城海外债票面利率为8.45%，2025年3月绿城信用债融资平均利率为4.37%。对此，中指研究院企业研究总监刘水分析认为，新城成功发行海外债，一是新城能够向市场展示了其良好的财务状况、偿债能力和市场信心。二是为其他民营房企重启境外融资提供了示范效应，有助于修复国际资本市场对中国民营房企的风险预期。三是当前与境内融资相比，美元债融资成本偏高。一方面，美元利率仍维持在较高水平，美联储保持观望态势；另一方面，房地产行业虽然在逐步复苏，投资者对房企债券的要求回报率仍然较高，尤其是对于民营房企而言，其风险溢价相对更高，因此需要提供更高的利率来吸引投资者。根据中指院监测，2025年，房地产企业海外债尚有一千多亿元，总体规模较之过于高峰期已经明显下滑，地产海外债已经度过偿债高峰期，叠加债务重组，海外债到期时间将明显延长、规模明显减少，海外债风险逐渐缓释。这也是海外融资重新打开的一个前置条件。另据中指院监测，房企销售仍持续承压，2025年1-5月，TOP100房企销售总额同比下降10.8%，降幅较1-4月微降0.6个百分点。5月单月，TOP100房企销售额同比下降17.3%，较4月单月降幅扩大0.5个百分点。在销售端持续承压的背景下，投资人信心是否能够持续向好仍存疑。中指研究院企业研究总监刘水表示，虽然目前市场环境较此前有所改善，经济稳步复苏、政策支持等因素为房企融资提供了有利条件，出险企业债务重组正在稳步推进，但国际资本市场的不确定性仍然存在，投资者对房地产行业的风险偏好也尚未完全恢复到以往水平，因此境外融资窗口只是出现了一定的开启机会，后续还需观察市场反应和更多房企的融资情况，才能判断窗口是否能持续稳定地打开。采写：南都·湾财社记者 王艳玲","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2546158794","isCrawlerRequest":true}