《大行》花旗:中国房地产2025年迎减值挑战 首选金茂(00817.HK)、润地(01109.HK)及中海外(00688.HK)

阿斯达克财经
Jan 22

花旗发表研究报告指出,中国房地产行业在2025财年将面临大幅减值及毛利率下降的挑战,为2026年至2030年的新开局奠定基础。尽管如此,多数房企,尤其是国有企业,预计仍将录得盈利。花旗认为,2025年下半年市场挑战加剧,加之2025年第一季度高基数效应,导致2026年销售目标尚不明朗。去库存进展顺利,但由于第四代住宅品质提升,通过现有库存实现的销售额可能减少。完成债务重组的公司在债务削减或债转股后...

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