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房地产行业的供给端调控推动了房地产库存周期延长
房地产行业的供给端调控推动了房地产库存周期延长
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所属报告:
房地产行业资金问题分析专题2:融资复盘与展望融资调控思路转变时长久期融资是解题关键-20220318(47页).pdf
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美国房地产和产业链相对标普500超额收益
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产业链
2026-06-26
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日本房地产企业和产业链企业相对日经225超额收益
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产业链
2026-06-26
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2010年以来房地产产业链PB(LF)估值水平(倍)
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产业链
2026-06-26
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图24、房地产规模占比提升2.82pct至32.4%
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市场规模
2026-06-25
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股票在美国居民资产中占比与房地产接近
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行业数据
2026-06-23
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韩国奢侈品消费规模和房地产、股市资产价格上涨呈正相关
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市场规模
2026-06-18
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近几年我国房地产销售额及占GDP比重
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行业数据
2026-06-12
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图表72017年后房地产行业资产负债率与行业估值
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行业数据
2026-06-09
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1970年以来42国房价跌幅超过20%的房地产泡沫阶段房价跌幅和持续时间之间的关系(实际房价)
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3)从债务周期角度来看,房企经历了持续去杠杆,但风险却在逐步提升。自 2015 年开始,房地产持续经历一系列的去杠杆政策。并且 2018 年起,在持续经历了 2018 年资管新规、2020 年三条红线、2021 年贷款集中度管理和预售资金监管等政策之后,房地产行业持续去杠杆和去库存,但行业风险却在逐步提升。2021 年下半年开始,行业销售、拿地、开工、投资都呈现了大幅走差,并且房企出险行为大幅增长,目前已出险企业销售额占比全国高达 12%,并考虑在危机边缘的房企后占比可能高达 21%。这种去杠杆与风险提升的反差,可能来自于对于债务周期的理解和政策周期的应对上出现了一定问题。
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房地产行业资金问题分析专题2:融资复盘与展望融资调控思路转变时长久期融资是解题关键-20220318(47页).pdf
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21年是房企境内债到期最高峰
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