记者 张骏斓

Reporters on ZhangJun

　　近期中国楼市销售数据回暖，使得国际评级机构对于中国房企的担忧开始转变。 8月13日，标普发布报告称，中国房地产业正出现企稳迹象，并称下半年房价降幅将小于5%。

China's recent housing sales data milder，The international rating agencies for China's room to concerns began to change。 On August 13,，S&p said in a report released，China's real estate industry is appeared signs of stabilising，In the second half of the said house prices will drop is less than 5%。

　　下半年可能会有正面评级

The second half of may have positive rating

　　最新公布的报告中，标普表示中国住宅市场在经历了一段时期的困难后，似乎正趋于稳定。今年二季度，物业销售改善，且这一有利趋势还在持续。标普信用分析师符蓓也表示：“很多开发商仍将面临严峻挑战，尤其是在住宅市场，但我们正看到一些积极现象。 ”

The latest report released，S&p said China housing market after a period of hard，Seem to be stable。In the second quarter of this year，Property sales improve，And this a favorable trend continues。S&p credit analysts FuBei also said：“Many developers will still faces severe challenges，Especially in the housing market，But we are seeing some positive phenomenon。 ”

　　多家龙头房企陆续公布的半年业绩数据也应征了此观点。今年1-6月，中海营业收入为252.8亿港元，同比增长10%；净利润同比上升17.7%至83.8亿港元。同期，万科实现营业收入307.2亿元人民币，净利润为37.3亿元人民币，同比分别增长53.7%和25.1%。而在中海地产10日举行的业绩发布会上，中海地产董事局主席孔庆平更是宣布公司将全年销售目标由年初的800亿港元调升至1000亿港元。

Several leading room enterprises released in half a year performance data also applied for this view。The first 6 months of this year，China shipping operating income for 25.28 billion hk dollar，Year-on-year growth of 10%；Net profit up 17.7% to hk $8.38 billion。Over the same period，Vanke achieve business income is 30.72 billion yuan RMB，Net income for 3.73 billion yuan，Year-on-year growth of 53.7%, respectively, and 25.1%。And in China real estate 10, the performance of the conference held，China real estate chairman of the board KongQingPing is he announced that the company would annual sales target by hk $80 billion at the beginning of the year upward to hk $100 billion。

　　受到房企向好的影响，标普在报告中也称，未来6-12个月，可能会有少数正面评级行动。其分析认为，一方面一些开发商的物业销售优于预期。另一方面，一些开发商则通过资产出售或对海外到期债务实施再融资缓减了流动性压力。

Enterprises by room to good effect，The s&p at the report also says，The next six to 12 months，There may be a few positive rating action。The analysis think，On the one hand some developers property sales better than expected。On the other hand，Some developers is through the asset sale or to overseas the due debts implementation refinancing decreased liquidity pressure。

　　激进房企信用状况恐难改善

Radical room enterprise credit fears difficult to improve

　　虽然下半年可能会有正面评级，但标普仍认为，相比年初，住房抵押贷款信贷额度较为宽松，但银行对房企借款仍谨慎。有实力的大型房企继续获得较充足的信贷，而风险较高的小型开发商融资则依旧困难。

Although the second half may have positive rating，But s&p still think，Than at the start of the，Housing mortgage loan credit limit relatively loose，But the bank to room loan enterprises is still cautious。The strength of a large room to continue to get a plenty of credit，Higher risk and small developers financing is still difficult。

　　符蓓表示：“2012-2013年，随着开发商确认过去12个月疲弱的物业销售以及利润率下降的事实，多数开发商的信用比率将削弱。 ”在其看来，一些开发商的流动性已改善，它们出售项目、对大量到期债务实施再融资以避免违约。开发商之间的强弱分化正变得日益显著。随着大型、地理分布多元的开发商继续提高市场份额，中国房地产开发商的整合将继续。

FuBei said：“2012-2013，Confirm with developers over the past 12 months weak property sales and profit rate is decreasing facts，Most developers credit ratio will weaken。 ”In its seems，Some developers liquidity has improve，They sell the project、For large due debt refinancing implementation to avoid default。The strength of the differentiation between developers are becoming increasingly significant。With large、Distribution multiple developers continue to improve market share，China's real estate developers integration will continue。

　　在13日的报告中，标普还预警，开发商激进的购地行为，将令他们很难大幅改善杠杆水平和信用比率。然而一些开发商，似乎并不这么看。刚刚与绿城进行合作拿地的融创董事长孙宏斌就表示，虽然与绿城的合作，使得公司的负债率有所提升，但是只要有销售额保证，有地块品质保证，就不会担心土地价款和借款对负债率的影响。与此同时，沪上本土一房企负责人也坦言，近期国家货币政策的微调，也使得房企融资成本下降不少。“只要不是冒进，安全是可以保障的。 ”

In 13 report，S&p also early warning，Developers radical purchase behavior，Will they find it hard to improve drastically lever level and the credit ratio。However, some developers，Don't seem to think so。Just and green city on the cooperation and harmony and the chairman of the board of directors ieee distribution planning working group report.radial distribution means，Although and green city on the cooperation，Make the company's liability ratio increase，But as long as there is sales guarantee，A block quality assurance，I wouldn't worry about land price and borrowing to the influence of the ratio。At the same time，Shanghai local enterprises a room person in charge also said，The recent national monetary policy fine-tuning，Also makes room enterprises financing cost down a lot。“As long as it's not rash advance，Safety can be guaranteed。 ”

　　但也有分析人士表示，部分龙头房企公布的的上半年销售额中，有不少是从去年底预售额中结算而来，并不能够真实反映当下的市场行情。受一季度的成交量下滑影响，很多房地产行业的拖欠款情况在二季度开始加剧，资金回笼速度减慢，这无疑会对后市带来影响。

But there are also analysts said，Part of the leading enterprises in the first half of the room released in sales，There are many from the end of the pre-sale amount and settlement，Does not truly reflect the current market situation。Of the amount by quarter slowdown，A lot of real estate industry back money situation in the second quarter grew，Withdrawal of funds slow down，This will undoubtedly affect for the market outlook。