更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 摘要 • • Q&A 房地产行业的流动性压力与挑战&偿债大考之年,万科扛得住吗 20240515 • • • 手调研织要和研 手调研究要和 流动性压力测试的研究框架和方法是怎样的？测试结果有何启示？ 标普信评选择在当前时点进行房地产企业的流动性压力测试,是因为房地 产行业正经历深度调整,新建商品房销售额持续寻底,房企销售现金流下 行压力加剧。 更多资料加入知识星球:水木调研纪委 关注公众号:水木纪受 覆盖倍数都低于一倍,显示出压力相当严峻。 万科 2024 年偿债流动性压力的信用观点是怎样的? 访谈记录中并未提供关于万科 2024 年偿债流动性压力的具体信用观点。这部分 数据加V： shuinu98 内容可能是在研讨会的后续部分提出的,因此无法从现有记录中得知标普信评对 万科 2024年偿债流动性压力的具体分析和评价。 请问在您的研究中,如何计算房地产企业的表外债务对表内债务的影响,并评 估其流动性压力? 您能否分享一下流动性压力测试的总体结论? | --- | --- | |-------|-------| | | | | | | 地抵御风险? 手调 ...

Investment Rating - The report does not explicitly state an investment rating for Vanke A [2]. Core Viewpoints - Vanke is currently facing temporary operational difficulties and liquidity pressure, but has developed a comprehensive plan to stabilize operations and reduce debt, aiming to decrease debt by 100 billion yuan over the next two years [3][4]. - The company acknowledges that its challenges stem from both external market changes and internal issues, including an inability to timely adjust its expansion strategy in response to significant market shifts [4][5]. - Vanke has received support from financial institutions and local government, which is crucial during this market adjustment period [5][6]. Summary by Relevant Sections Overall Business Situation - Vanke is experiencing short-term liquidity pressure but has a series of plans to address these challenges, focusing on self-rescue and utilizing various financing tools [3][4]. - The company is committed to ensuring timely and high-quality delivery of all projects [3]. Challenges Faced - The company has identified three main issues contributing to its current challenges: overexpansion in transformation efforts, failure to adapt to the end of rapid growth, and insufficient understanding of changes in financing models [4][5]. - Vanke's management has recognized the need for a thorough review and adjustment of its operational strategies in light of new industry developments [5][6]. Recent Controversies - Vanke has faced negative publicity related to a whistleblower case in Yantai, but investigations have not substantiated claims of financial misconduct [6][7]. - The company has taken legal action regarding economic disputes with partners and is cooperating with authorities to resolve these issues [9][10].