China Index Academy: In May, the total bond financing amount for real estate companies nationwide was 28.88 billion yuan, a year-on-year increase of 23.5%
The report from the China Index Academy shows that in May, the total bond financing amount for real estate companies nationwide was 28.88 billion yuan, a year-on-year increase of 23.5%. Among them, ABS financing accounted for 61.3%, while credit bond financing was 11.17 billion yuan, accounting for 38.7%. The average interest rate for bond financing was 2.35%, a year-on-year decrease of 0.43 percentage points. From January to May 2025, the total bond financing amount for real estate companies was 196.47 billion yuan, a year-on-year decrease of 18.5%. Overall financing costs have decreased, with average interest rates for credit bonds and ABS both declining
According to the Zhitong Finance APP, the China Index Academy reported that the total bond financing amount for real estate companies nationwide in May was 28.88 billion yuan, a year-on-year increase of 23.5%. In terms of financing structure, the credit bond financing in the real estate industry in May was 11.17 billion yuan, a year-on-year increase of 5.8%, accounting for 38.7%; ABS financing was 17.71 billion yuan, a year-on-year increase of 38.1%, accounting for 61.3%. The average interest rate for bond financing was 2.35%, a year-on-year decrease of 0.43 percentage points and a month-on-month decrease of 0.41 percentage points.
From January to May 2025, the total bond financing amount for real estate companies was 196.47 billion yuan, a year-on-year decrease of 18.5%. In terms of financing structure, credit bond financing in the real estate industry was 120.98 billion yuan, accounting for 61.6%; overseas bond financing was 3.59 billion yuan, accounting for 1.8%; ABS financing was 71.91 billion yuan, accounting for 36.6%.
In May, credit bond issuance saw a slight year-on-year increase, with the main issuers being central state-owned enterprises. In May, Poly Development and China Overseas Holdings issued a total of 3 billion yuan and 1.5 billion yuan respectively, while Jianfa issued 1.2 billion yuan in credit bonds. Suzhou High-tech, China Railway Construction, Financial Street, and Lianfa also issued credit bonds. The issuance period for credit bonds was relatively long, mainly consisting of bonds with maturities of 1-3 years and over 3 years, with an average issuance term of 4.08 years.
The ABS issuance scale was 17.71 billion yuan, showing year-on-year growth and an increase compared to the previous month. Among them, CMBS/CMBN was the largest category of asset securitization products, accounting for 56.0%; followed by affordable housing, accounting for 20.8%; supply chain ABS accounted for 19.9%, and REIT-like products accounted for 3.3%.
Overall financing costs have decreased. In terms of financing interest rates, the average interest rate for bond financing in May was 2.35%, a year-on-year decrease of 0.43 percentage points and a month-on-month decrease of 0.41 percentage points. The average interest rate for credit bonds was 2.29%, a year-on-year decrease of 0.44 percentage points and a month-on-month decrease of 0.42 percentage points; the average interest rate for ABS was 2.38%, a year-on-year decrease of 0.43 percentage points and a month-on-month decrease of 0.52 percentage points.
From the perspective of typical real estate companies' bond issuance, Poly Development had the highest issuance amount in May, reaching 3.0 billion yuan; Suzhou High-tech had the lowest financing cost at 1.90%.
Table: Statistics of Credit Bond Issuance by Typical Enterprises in May 2025
Note: Scale unit is in billion yuan, interest rate unit is in %
