Report: The default phenomenon of domestic and foreign debts of real estate companies in the first quarter has improved compared to before.

Recently, the Credit Real Estate Research Team of Zhongfang.com released the "Credit Status Report of Real Estate Development Enterprises in the First Quarter of 2025." According to the report, in the first quarter of 2025, a total of 2 real estate bond issuers in the country confirmed domestic credit bond substantive defaults or triggered cross default clauses, involving 2 bonds, a decrease of 80% compared to the first quarter of 2024. In terms of overseas debt, in the first quarter, 2 real estate development enterprises experienced substantive defaults on overseas debt, involving 3 bonds, a decrease of 57.14% compared to the first quarter of 2024; the total amount of defaults amounted to approximately 0.53 billion US dollars, a decrease of 30.78% compared to the first quarter of 2024. Overall, the phenomenon of domestic and overseas debt defaults of real estate companies in the first quarter of 2025 has improved compared to before. However, institutional data shows that the scale of real estate debt due in 2025 is higher than in 2024, reaching 525.7 billion yuan. In the context of a relatively sluggish market sales, the debt pressure on real estate companies in 2025 still remains significant, and industry consolidation is still ongoing.