摩根大通:万科债券展期对房地产和银行的影响几何?

水木纪要
Dec 03

担忧成为现实—— 万科宣布首次债券展期,后续可能引发全面债务重组。不过,这对市场而言未必完全出乎意料:(1)此前深圳地铁发布限制额外资金支持的通知已埋下伏笔;(2)自 2024 年第一季度起,万科的流动性压力就已众所周知。目前来看,传染效应有限,因万科并非真正意义上的国有企业,而其他幸存的非国有企业(龙湖集团、新城控股)理论上已通过知识产权质押获得充足商业物业贷款用于再融资。但存在一线转机:若万科...

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