物业重估减值拖累下，港资房企业绩暂时波动还是持续下行？
今年上半年，多家港资房企业绩均受到内地地产开发业务下滑、物业重估减值、办公和零售市场低迷等多重因素影响。不过剔除物业重估减值计提因素影响，大部分港资房企的中期财务数据较为稳定，负债率较内地绝大多数房企而言普遍较低，现金流也较为充足。
◎汇生国际资本总裁黄立冲表示，物业重估减值是会计处理中的一项非现金性财务调整，它反映了公司持有的投资物业在市场上的价值变动。如果市场环境不佳，如房地产市场下行，那么物业的公允价值可能会下降，导致需要进行减值处理。这种减值虽然会影响公司的净利润，但它并不直接影响公司的现金流。
每经记者 黄婉银 每经编辑 魏文艺
擅长穿越行业周期的港资房企，今年上半年纷纷出现业绩下滑乃至由盈转亏的情况。
8月30日，新世界发展（HK00017，股价6.63港元，市值166.85亿港元）发布业绩预告，根据对集团截至2024年6月30日止年度（2024财年）未经审核综合管理账目的初步审阅，新世界发展整体盈利表现受到减值扰动，预计2024财年年度溢利可能出现18%~23%跌幅至65亿~69亿港元。
《每日经济新闻》记者注意到，除了新世界发展，包括长实集团（HK01113，股价30.55港元，市值1069亿港元）、恒隆地产（HK00101，股价5.61港元，市值264.37亿港元）、太古地产（HK01972，股市13.540港元，市值792.09亿港元）、九龙仓置业（HK01997，股价21.20港元，市值643.68亿港元）等在内的多家港资房企，今年的中期业绩均受到内地地产开发业务下滑、物业重估减值、办公和零售市场低迷等多重因素影响。
不过，剔除物业重估减值计提因素影响，今年大部分港资房企的中期财务数据较为稳定，负债率较内地绝大多数房企而言普遍较低，现金流也较为充足。
有业内专家在接受每经记者采访时表示，在市场对房地产行业前景持悲观态度时，投资物业的减值可能会影响投资者信心。“港资房企业绩波动更多是受短期市场波动的影响，长期来看仍然会把内地作为重要发展机遇。”
物业重估亏损拖累业绩
所谓投资物业重估收益，主要是针对企业所持有的商业、酒店、办公等投资物业，在财务报告期内按照公允市值波动进行重新估值后发生的净值差额，计入当期损益，反映投资物业资产质量与资产价值回报状况。
过去，无论是港资房企还是内地房企，在市场行情高涨时，业绩都普遍受到投资物业重估收益助推。而对当下低迷的市场，房企投资物业重估收益波动加剧，也更为明显地作用到净利润和归母净利润的减少上。
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