万科碧桂园龙湖集团 19 家房企以房抵债

( function ( ) { function JsDecode ( str ) { return str && str .replace ( /\x5c/g, '\' ) .replace ( /\x0d/g, 'r' ) .replace ( /\x22/g, '"' ) .replace ( /\x26/g, '&' ) .replace ( /\x27/g, ''' ) .replace ( /\x3c/g, '' ) .replace ( /\x0a/g, 'n' ) ; } try { window.cgiDataNew = { base_resp: { ret: '0' * 1, errmsg: JsDecode ( 'ok' ) , wxtoken: '777' * 1, cookie_count: '0' * 1, sessionid: JsDecode ( 'svr_aea4adc5de8' ) , }, user_name: JsDecode ( 'gh_dadd6486f7d6' ) , nick_name: JsDecode ( ' 地产鲸落 ' ) , round_head_img: JsDecode ( 'http://mmbiz.qpic.cn/sz_mmbiz_png/ibtH8HaWujMDecJHejRibNU67NknmSDJF1L6JD8IHngZAGicEDfGNiaP2GgcAFACFEHyic4DIcibhtsib35cyDfNIhtVw/0?wx_fmt=png' ) , title: JsDecode ( ' 万科碧桂园龙湖集团 19 家房企以房抵债 ' ) , desc: JsDecode ( '' ) , content_noencode: JsDecode ( 'x3cp class=x22p1x22x3ex3cspan class=x22s1x22x3e2026 年 3 月 20 日，卫浴及建筑陶瓷龙头企业帝欧水华发布公告，宣布接受包括龙湖集团、万科、碧桂园、中国金茂、新希望置业、荣盛发展、富力地产、美的置业、中梁地产集团、美盛地产、祥源控股集团、华夏幸福、华远置业、当代地产、德信地产集团、华鸿嘉信地产等在内的 19 家房企以房产抵偿债务的方案，涉及应收账款 1.55 亿元。这一事件是当前房地产行业深度调整期，产业链上下游企业共同应对债务风险的典型案例。x3c/spanx3ex3c/px3ex3cp class=x22p2x22x3ex3cspan class=x22s1x22x3ex3c/spanx3ex3c/px3ex3csectionx3ex3csection style=x22display: inline-block;x22x3ex3cimg data-ratio=x220.6671428571428571x22 data-src=x22https://mmbiz.qpic.cn/mmbiz_jpg/kTZ97DfYOMI6geL2lc7cNuPK6tbOOlOM10VzyeQaHo0q9xkibLribvQT4xOoUm9vGibibVDIzXFJtymP0gSSj5bum0dibxoknHQsLNJmwpzC5wJ4/640?wx_fmt=jpegx22 data-type=x22jpgx22 data-w=x222100x22x3ex3c/sectionx3ex3c/sectionx3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3ex3cbr /x3ex3c/spanx3ex3c/px3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3e 一、 核心交易详情 x3c/spanx3ex3c/px3ex3cp class=x22p2x22x3ex3cspan class=x22s1x22x3ex3c/spanx3ex3cbr /x3ex3c/px3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3e1. 抵债方案：债务人（19 家房企）以其已建成和在建的商品房（包括住宅、商铺、公寓、停车位）合计作价 1.61 亿元（含增值税），用以抵偿所欠帝欧水华的货款 1.55 亿元。帝欧水华需向债务人支付差额 606.49 万元。x3c/spanx3ex3c/px3ex3cp class=x22p2x22x3ex3cspan class=x22s1x22x3ex3c/spanx3ex3cbr /x3ex3c/px3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3e2. 执行方式：采取两种路径：x3c/spanx3ex3c/px3ex3cp class=x22p2x22x3ex3cspan class=x22s1x22x3ex3c/spanx3ex3cbr /x3ex3c/px3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3ex3cspan class=x22Apple-converted-spacex22x3ex26nbsp; x3c/spanx3e 直接过户抵债：帝欧水华与债务人签订协议，将相关房产网签备案至公司名下，并聘请资产评估机构进行评估。x3c/spanx3ex3c/px3ex3cp class=x22p2x22x3ex3cspan class=x22s1x22x3ex3c/spanx3ex3cbr /x3ex3c/px3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3ex3cspan class=x22Apple-converted-spacex22x3ex26nbsp; x3c/spanx3e 代售回款抵债：由债务人在约定时间内自行出售房产，并将销售回款支付给帝欧水华以偿还债务。x3c/spanx3ex3c/px3ex3cp class=x22p2x22x3ex3cspan class=x22s1x22x3ex3c/spanx3ex3cbr /x3ex3c/px3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3e3. 资产评估与折价：根据四川天健华衡资产评估有限公司出具的评估报告（川华衡评报〔2026〕59 号），用于抵债的房产在 2026 年 1 月 31 日的评估基准日，市场价值为 6454.75 万元。这与抵债金额 9451.58 万元（应为扣除公司需补现金后的净债务额计算口径）存在显著差异。帝欧水华在公告中明确表示，这是公司为化解应收账款回款风险、实现资产安全而作出的 " 适当让步 "。x3c/spanx3ex3c/px3ex3cp class=x22p2x22x3ex3cspan class=x22s1x22x3ex3c/spanx3ex3cbr /x3ex3c/px3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3e4. 涉及房企与资产分布：除上述提及的房企外，公开报道显示融创、富力、荣盛等主流房企也在债务人名单之列。抵债资产遍布成都、武汉、合肥、广州、昆明等多个城市，涉及 200 多套房产。x3c/spanx3ex3c/px3ex3cp class=x22p2x22x3ex3cspan class=x22s1x22x3ex3c/spanx3ex3c/px3ex3csection class=x22channels_iframe_wrp custom_select_card_wrpx22x3ex3cmp-common-videosnap class=x22js_uneditable custom_select_card channels_iframe videosnap_video_iframe mp_common_widgetx22 data-type=x22videox22 data-id=x22export/UzFfBgAAxKejPAt4EzWmjczT4DCLclCYaWxZ_MoiXasuiBzYAAx22 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data-mediatype=x224x22 data-width=x221920x22 data-height=x221080x22 data-nonceid=x228386477321277156787x22 data-parentwidth=x22388x22x3ex3c/mp-common-videosnapx3ex3c/sectionx3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3ex3cbr /x3ex3c/spanx3ex3c/px3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3e 二、 帝欧水华的背景与持续化债行动 x3c/spanx3ex3c/px3ex3cp class=x22p2x22x3ex3cspan class=x22s1x22x3ex3c/spanx3ex3cbr /x3ex3c/px3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3e 帝欧水华是国内知名的卫浴和建筑陶瓷产品制造商，旗下拥有 " 帝王 " 洁具和 " 欧神诺 " 瓷砖两大品牌。此次交易并非其首次采取 " 以房抵债 " 方式。x3c/spanx3ex3c/px3ex3cp class=x22p2x22x3ex3cspan class=x22s1x22x3ex3c/spanx3ex3cbr /x3ex3c/px3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3e 历史化债规模：自 2024 年 5 月至 2025 年 4 月，公司已累计完成约 7.83 亿元的以房抵债事项。x3c/spanx3ex3c/px3ex3cp class=x22p2x22x3ex3cspan class=x22s1x22x3ex3c/spanx3ex3cbr /x3ex3c/px3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3e 近期重大交易：2024 年 8 月，公司通过收购碧桂园地产子公司上海碧浦置业 100% 股权及债权的方式，取得三项不动产，以此冲抵子公司应收账款 4.23 亿元。x3c/spanx3ex3c/px3ex3cp class=x22p2x22x3ex3cspan class=x22s1x22x3ex3c/spanx3ex3cbr /x3ex3c/px3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3e 财务状况：公司近年持续亏损，主要原因包括对房地产客户计提大额信用减值损失以及对持有的抵债房产计提资产减值损失。截至报告期末，公司持有抵债房产账面原值达 6.6 亿元，资产减值风险是其未来经营的重要挑战。x3c/spanx3ex3c/px3ex3cp class=x22p2x22x3ex3cspan class=x22s1x22x3ex3c/spanx3ex3c/px3ex3csection class=x22channels_iframe_wrp custom_select_card_wrpx22x3ex3cmp-common-videosnap class=x22js_uneditable custom_select_card channels_iframe videosnap_video_iframe mp_common_widgetx22 data-type=x22videox22 data-id=x22export/UzFfBgAAxLijZAQpeh2kjczT4DCLH-sI4F_OyTZD2G_oF5Ulbgx22 data-url=x22https://findermp.video.qq.com/251/20304/stodownload?encfilekey=oibeqyX228riaCwo9STVsGLPj9UYCicgttvVMFqAqHrZ95F6HtV2kPMB379cEP8aHIYiaPJrqvFOhguRbGJ56R60byp8wHOib0wYseA39cODicvxPtXJuXiakw015oHhCYm5yU8sHrZZJBUPibgx26amp;token=6xykWLEnztLM3B55Xd7soqhibV0oxQ1yGMoibTiblbepic46XhL7MKrDle7M18iaicI4wUJVyTGIDsqXfkScyP5wL6maDcCz81PMKGiaa7mnvJMgttY1IjlJKZ7ckgxZ5jr9j5sn3RhfQeDyo02czFHEekPrQSI2DebuqgLsOhicdJerY72xb0sln7fc43I2FqVOsrYiaiafEYUiaJoiaVJ0CV93fZHrsPoHwhJsIrnicD5d9wrws2Cwx26amp;hy=SHx26amp;idx=1x26amp;m=a9ed8318eab3a24f5467ce0f620d0bc9x26amp;uzid=1x26amp;wxampicformat=503x26amp;picformat=200x22 data-headimgurl=x22https://wx.qlogo.cn/finderhead/sstLNDibp2U6Y8lOAsKjicwxficJTHhWVB5Daica5we7n2R8UmxDJXicpMiaQV1Zs92iaJlvfuPZqPPjk4/0x22 data-nickname=x22 地产江湖 x22 data-username=x22v2_060000231003b20faec8c5ea811acbddca01e933b077b24967e77495f50da3f2552bbdac56a0@finderx22 data-desc=x22 万科近年来有 9 位高管被调查：万科前总裁祝九胜、万科前董事长辛杰、万科前董事长郁亮、济南万科前总经理肖劲、万科南方区域城更总李升阳、博商资管何卓、西北区域人力总李某、深圳万科原总经理张海涛、四川万科前投资总程林栋。x22 data-mediatype=x224x22 data-width=x221920x22 data-height=x221080x22 data-nonceid=x226734736788822970880x22 data-parentwidth=x22388x22x3ex3c/mp-common-videosnapx3ex3c/sectionx3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3ex3cbr /x3ex3c/spanx3ex3c/px3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3e 三、 事件发生的宏观行业背景 x3c/spanx3ex3c/px3ex3cp class=x22p2x22x3ex3cspan class=x22s1x22x3ex3c/spanx3ex3cbr /x3ex3c/px3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3e 此次大规模 " 以房抵债 " 发生在房地产行业风险加速出清的关键阶段。x3c/spanx3ex3c/px3ex3cp class=x22p2x22x3ex3cspan class=x22s1x22x3ex3c/spanx3ex3cbr /x3ex3c/px3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3e1. 债务重组进入深水区：2025 年以来，房企债务重组取得重大进展。截至 2026 年 1 月底，已有 21 家出险房企的债务重组方案获批，累计化债规模约 1.2 万亿元。行业正从简单的债务 " 展期 " 转向包含 " 债转股 "、" 以资抵债 " 等方式的深度重组。xc/spanx3ex3c/px3ex3cp class=x22p2x22x3ex3cspan class=x22s1x22x3ex3c/spanx3ex3cbr /x3ex3c/px3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3e2. 头部房企化债案例：碧桂园、融创中国等头部出险房企的境内外重组方案已陆续获批。万科也在 2026 年初成功推进了三笔境内债券的重组。这表明 " 以房抵债 " 已成为化解产业链债务风险的重要市场化工具之一。x3c/spanx3ex3c/px3ex3cp class=x22p2x22x3ex3cspan class=x22s1x22x3ex3c/spanx3ex3cbr /x3ex3c/px3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3e3. 行业仍处调整期：尽管政策层面持续发力（如房地产融资协调机制 " 白名单 "），但市场销售回款放缓、房企现金流紧张的局面尚未根本扭转。中梁控股总裁何剑判断，行业真正恢复元气可能要等到 2027 年底甚至 2028 年。在此背景下，供应商接受房产抵债，实为在 " 现金回收困难 " 与 " 资产可能贬值 " 之间的两害相权取其轻。x3c/spanx3ex3c/px3ex3cp class=x22p2x22x3ex3cspan class=x22s1x22x3ex3c/spanx3ex3c/px3ex3csection class=x22channels_iframe_wrp custom_select_card_wrpx22x3ex3cmp-common-videosnap class=x22js_uneditable custom_select_card channels_iframe videosnap_video_iframe mp_common_widgetx22 data-type=x22videox22 data-id=x22export/UzFfBgAAxMaiVGhJPHinjczT4DCL5BhYeTj5TiEKfZND7ybKWwx22 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姚海波。x22 data-mediatype=x224x22 data-width=x221920x22 data-height=x221080x22 data-nonceid=x224856604577395870102x22 data-parentwidth=x22388x22x3ex3c/mp-common-videosnapx3ex3c/sectionx3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3ex3cbr /x3ex3c/spanx3ex3c/px3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3e 四、 对帝欧水华的影响与风险 x3c/spanx3ex3c/px3ex3cp class=x22p2x22x3ex3cspan class=x22s1x22x3ex3c/spanx3ex3cbr /x3ex3c/px3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3e1. 积极影响：x3c/spanx3ex3c/px3ex3cp class=x22p2x22x3ex3cspan class=x22s1x22x3ex3c/spanx3ex3cbr /x3ex3c/px3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3ex3cspan class=x22Apple-converted-spacex22x3ex26nbsp; x3c/spanx3e 降低坏账风险：将账面的应收账款转化为实物资产，有助于减少坏账损失，改善公司资产质量和财务状况。x3c/spanx3ex3c/px3ex3cp class=x22p2x22x3ex3cspan class=x22s1x22x3ex3c/spanx3ex3cbr /x3ex3c/px3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3ex3cspan class=x22Apple-converted-spacex22x3ex26nbsp; x3c/spanx3e 加速资金回笼：通过设立资产管理部尽快处置资产，有望部分回收现金流。x3c/spanx3ex3c/px3ex3cp class=x22p2x22x3ex3cspan class=x22s1x22x3ex3c/spanx3ex3cbr /x3ex3c/px3ex3cp class=x22p1x22x3ex3cspan class=x22s1x22x3e2. 潜在风险与挑战：x3c/spanx3ex3c/px3ex3cp class=x22p2x22x3ex3cspan class=x22s1x22x3ex3c/sp