<p>[香港] 尽管当地房地产市场出现复苏迹象，但香港一些小型房地产开发商仍面临重新出现的流动性压力，使他们的处境比行业内的大型企业更加脆弱。</p>
<p>其中一家开发商，远东发展国际，周四（4 月 2 日）在宣布将推迟一笔 3.6 亿美元的永续债券分配支付后，债券价格出现自 2022 年底以来最大的日跌幅。远东发展在香港、中国大陆及其他地区拥有住宅和商业地产开发项目，多年来一直受到流动性压力的困扰，但这是他们首次采取这样的举措。</p>
<p>尽管对香港房地产行业的乐观情绪日益增长，远东发展的困境仍在继续，该行业在经历了多年的长期低迷后，终于有所回暖。摩根大通预测，今年该市的房价将上涨多达 15%。这缓解了像新鸿基地产这样的较大公司的压力，后者最近以多年来最低的借款成本获得了 200 亿港元（32 亿新元）的银行贷款。</p>
<p>小型房地产公司面临更漫长的复苏之路。许多公司对商业房地产的依赖更大，而该领域的复苏速度较慢，且其规模使得在市场开始反弹时更难以准备好项目管道。</p>
<p>“大型企业通过其多元化的高质量投资组合来展期银行贷款，并被视为系统性重要企业，” 富达国际亚洲固定收益部负责人朱磊表示。“相比之下，小型开发商通常拥有老旧或单一资产的物业，这些物业在高利率环境中经历了急剧的估值下降。”</p>
<p>在经济下行后流动性仍然紧张的情况下，一些小型建筑商正在尝试推迟债务支付或进行再融资，但谈判进展艰难。</p>
<p>由当地富豪林建岳控制的丽新发展正在与债权人进行谈判，试图推迟一笔将于 7 月到期的债券支付。它最近向债权人提供了 20% 的本金预付款，如果他们同意将剩余金额延长三年。知情人士表示，债权人却要求更好的交易条件。</p>
<p>就在三周前，它匆忙再融资一笔相当于 33 亿港元的五年期贷款，在原贷款到期时成功获得了一笔相当于 30 亿港元的融资。知情人士表示，新贷款的一部分被缩短至约一年，并附带一年的延期选项。去年十月，它也面临类似的临时贷款谈判。</p>
<p>该开发商最近告诉投资者，它有一笔由铜锣湾广场二期大厦担保的 16 亿港元贷款将于 6 月到期，且总计有 86.5 亿港元的贷款尚未偿还。</p>
<p>其他小型开发商也遭遇了银行的抵制。生活国际控股，标志性的 Sogo 百货商店运营商，正在尝试再融资一笔将于 6 月到期的 80 亿港元贷款，但一些贷款方仍然不愿意签署协议，谈判已经拖延了数月。</p>
<p>Sogo 百货商店，尤其是位于铜锣湾的旗舰店，一直以来都是香港的主要零售目的地之一。但该业务面临着来自日益增长的电子商务渗透、低端商店的崛起和疲弱的消费者信心的压力。</p>
<p>丽新发展和生活国际未立即回应置评请求。</p>
<p>富达的朱磊表示，小型企业的市场准入有限，且缺乏足够的经常性收入。她补充道，如果没有新的股权或以可接受的估值出售资产，长期的谈判和反复的负债管理计划可能会持续。彭博社</p>

南方中证全指房地产ETF

房地产ETF

远东发展

新鸿基地产

华夏中证全指房地产ETF

丽新发展

<p>香港的小型房地产开发商尽管房地产市场正在复苏，但仍面临流动性问题。远东发展最近推迟了对一笔 3.6 亿美元债券的支付，导致其债券价格大幅下跌。虽然像新鸿基地产这样的较大公司受益于改善的市场条件，但小型开发商却因老旧资产和商业复苏缓慢而苦苦挣扎。像丽新发展和生活国际控股这样的公司正在谈判债务展期，但银行对此持谨慎态度，导致财务挑战持续。若没有新的股权融资或资产出售，这些问题预计将继续存在</p>

<p>[HONG KONG] Some of Hong Kong’s small property developers are grappling with renewed liquidity strains despite signs of recovery in the local real estate market, putting them on shakier ground than larger players in the sector.</p>
<div class="lb-trans"><p>[香港] 尽管当地房地产市场出现复苏迹象，但香港一些小型房地产开发商仍面临重新出现的流动性压力，使他们的处境比行业内的大型企业更加脆弱。</p>
</div><p>One such developer, Far East Consortium International, saw the biggest daily drop in its bond prices since late 2022 on Thursday (Apr 2) after it said it would defer a distribution payment on a US$360 million perpetual bond. Far East Consortium, which has residential and commercial property developments in Hong Kong, mainland China and other regions, has been plagued by liquidity strains for years, but this is the first time it has made such a move.</p>
<div class="lb-trans"><p>其中一家开发商，远东发展国际，周四（4 月 2 日）在宣布将推迟一笔 3.6 亿美元的永续债券分配支付后，债券价格出现自 2022 年底以来最大的日跌幅。远东发展在香港、中国大陆及其他地区拥有住宅和商业地产开发项目，多年来一直受到流动性压力的困扰，但这是他们首次采取这样的举措。</p>
</div><p>Far East Consortium’s struggles come despite growing optimism over Hong Kong’s property sector, which had languished for years in a prolonged slump. The city’s home prices are forecast to climb as much as 15 per cent this year, according to JPMorgan Chase. That’s helped ease pressure on larger companies like Sun Hung Kai Properties, which recently secured a HK$20 billion (S$3.2 billion) bank loan at its lowest borrowing cost in years.</p>
<div class="lb-trans"><p>尽管对香港房地产行业的乐观情绪日益增长，远东发展的困境仍在继续，该行业在经历了多年的长期低迷后，终于有所回暖。摩根大通预测，今年该市的房价将上涨多达 15%。这缓解了像新鸿基地产这样的较大公司的压力，后者最近以多年来最低的借款成本获得了 200 亿港元（32 亿新元）的银行贷款。</p>
</div><p>Smaller property firms face a longer road to recovery. Many are more exposed to commercial real estate, where the recovery has been slower, and their size makes it harder to have a pipeline of projects ready to go when the market starts to rebound.</p>
<div class="lb-trans"><p>小型房地产公司面临更漫长的复苏之路。许多公司对商业房地产的依赖更大，而该领域的复苏速度较慢，且其规模使得在市场开始反弹时更难以准备好项目管道。</p>
</div><p>“Larger players roll over bank loans supported by their diversified, high‑quality portfolios and they are viewed as systemically important,” said Lei Zhu, Head of Asian Fixed Income, Fidelity International. “In contrast, smaller developers typically own older or single‑asset properties that have seen sharp valuation declines in the high‑rate environment.”</p>
<div class="lb-trans"><p>“大型企业通过其多元化的高质量投资组合来展期银行贷款，并被视为系统性重要企业，” 富达国际亚洲固定收益部负责人朱磊表示。“相比之下，小型开发商通常拥有老旧或单一资产的物业，这些物业在高利率环境中经历了急剧的估值下降。”</p>
</div><p>With liquidity still strained after the downturn, a range of smaller builders are trying to either delay debt payments or refinance, but negotiations have been rocky.</p>
<div class="lb-trans"><p>在经济下行后流动性仍然紧张的情况下，一些小型建筑商正在尝试推迟债务支付或进行再融资，但谈判进展艰难。</p>
</div><p>Lai Sun Development, controlled by local tycoon Peter Lam, is in talks with creditors as it tries to delay payment on a bond due in July. It recently offered creditors a 20 per cent upfront payment on the principal if they agree to extend the remaining amount for three years. Creditors, however, are demanding a better deal, people familiar with the matter said.</p>
<div class="lb-trans"><p>由当地富豪林建岳控制的丽新发展正在与债权人进行谈判，试图推迟一笔将于 7 月到期的债券支付。它最近向债权人提供了 20% 的本金预付款，如果他们同意将剩余金额延长三年。知情人士表示，债权人却要求更好的交易条件。</p>
</div><p>Just three weeks ago, it rushed to refinance a five-year HK$3.3 billion equivalent loan, securing a HK$3 billion equivalent facility just as the original one was coming due, people familiar with the matter said. Part of the new loan was shortened to about one year with a one-year extension option, the people added. It faced similar last-minute loan talks last October.</p>
<div class="lb-trans"><p>就在三周前，它匆忙再融资一笔相当于 33 亿港元的五年期贷款，在原贷款到期时成功获得了一笔相当于 30 亿港元的融资。知情人士表示，新贷款的一部分被缩短至约一年，并附带一年的延期选项。去年十月，它也面临类似的临时贷款谈判。</p>
</div><p>The builder told investors in recent days that it has a HK$1.6 billion loan, backed by the Causeway Bay Plaza Phase 2 tower, coming due in June, and a total of HK$8.65 billion in loans remains outstanding, the people said.</p>
<div class="lb-trans"><p>该开发商最近告诉投资者，它有一笔由铜锣湾广场二期大厦担保的 16 亿港元贷款将于 6 月到期，且总计有 86.5 亿港元的贷款尚未偿还。</p>
</div><p>Other small developers have encountered push back from banks. Lifestyle International Holdings, operator of the iconic Sogo department stores, is trying to refinance an HK$8 billion loan due in June, but some lenders are still reluctant to sign on to the deal and talks have dragged on for months, people familiar with the matter said.</p>
<div class="lb-trans"><p>其他小型开发商也遭遇了银行的抵制。生活国际控股，标志性的 Sogo 百货商店运营商，正在尝试再融资一笔将于 6 月到期的 80 亿港元贷款，但一些贷款方仍然不愿意签署协议，谈判已经拖延了数月。</p>
</div><p>Sogo stores, especially the flagship in Causeway Bay, have long been among Hong Kong’s prime retail destinations. But the business has faced pressure from the growing e-commerce penetration, the rise of low-end stores and weak consumer sentiment.</p>
<div class="lb-trans"><p>Sogo 百货商店，尤其是位于铜锣湾的旗舰店，一直以来都是香港的主要零售目的地之一。但该业务面临着来自日益增长的电子商务渗透、低端商店的崛起和疲弱的消费者信心的压力。</p>
</div><p>Lai Sun and Lifestyle didn’t immediately respond to requests for comment.</p>
<div class="lb-trans"><p>丽新发展和生活国际未立即回应置评请求。</p>
</div><p>Smaller firms have limited market access and insufficient recurring income, Fidelity’s Lei Zhu said. Without fresh equity or asset sales at acceptable valuations, prolonged negotiations and repeated liability management plans are likely to persist, she added. BLOOMBERG</p>
<div class="lb-trans"><p>富达的朱磊表示，小型企业的市场准入有限，且缺乏足够的经常性收入。她补充道，如果没有新的股权或以可接受的估值出售资产，长期的谈判和反复的负债管理计划可能会持续。彭博社</p>
</div>

尽管房地产市场回暖，香港的小型建筑商债务问题仍在加剧