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Financing environment of housing enterprises is picking up

Date: 2022-05-24
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There are indications that the policy requirement of 'supporting the reasonable financing needs of real estate enterprises' is accelerating its implementation and making breakthrough progress. Recently, the bond market has promoted a new round of private enterprise bond financing support, and some private real estate enterprises have been included in the scope of support, successfully completing bond financing.

According to industry analysts, a series of recent policy measures and implementation cases have a strong ice-breaking signal and demonstration significance in improving the financing environment of private real estate enterprises, injecting confidence into the industry and the market. The bottom of the real estate policy has been further confirmed, and more policies to promote the healthy development and virtuous circle of the real estate industry are expected to land. As the policy effect continues to appear, there will be more and more signs of recovery in the real estate market.

Private housing enterprise financing 'breaks the ice'

May, the real estate industry 'warm wind blows'. Recently, Country Garden, Longhu Group, Midea Real Estate and many other private housing enterprises have become 'model housing enterprises', and under the escort of credit protection tools, bond financing has been carried out one after another.

According to the announcement of Shanghai Stock Exchange, Chongqing Longhu Enterprise Development Co., Ltd., a subsidiary of Longhu Group, completed the issuance of 500 million yuan bonds on May 19th, with a coupon rate of 4.00%. Country Garden's first corporate bond '22 Bidi 01' this year also completed bookkeeping on May 20th, with a scale of 500 million yuan, accounting for 4.5% of coupon rate. Midea Real Estate issued corporate bonds of no more than 1 billion yuan, and carried out bookkeeping and filing work on May 20th.

According to the Oriental Jincheng Research Report, as of May 15th, private housing enterprises have not issued bonds in the open market for 65 consecutive days, so it is urgent to solve the problems of financing and issuing bonds. At this time, three private housing enterprises issued bonds one after another, which was considered to have a strong ice-breaking signal and demonstration significance.

Recently, many housing companies have been escorted by credit protection tools in the process of issuing bonds. Shenzhen Stock Exchange disclosed that the credit protection certificate jointly created by CSI Finance and CITIC Securities was successfully issued with the 402 million yuan Longhu supply chain ABS, which became the first credit protection tool for private housing enterprises in the market. In addition, to support the issuance of '22 Bidi 01', CSI Finance and China Securities will jointly create a credit protection contract.

Insiders analyzed that under the current situation, the bond market launched a new round of private enterprise bond financing support plan, which further released the policy support signal for private enterprise bond financing. It will help boost the market's confidence in private enterprise bond investment, and at the same time form a 'demonstration effect' on the market, and guide more market forces such as bank brokerage institutions and professional credit enhancement institutions to use the market-oriented credit enhancement mode to serve private enterprise bond financing.

It is worth noting that the list of bonds issued by private housing enterprises continues to expand recently. China securities journal reporter learned that Xincheng Holding intends to issue a medium-term note in the interbank market in the near future, and the founding institution will issue a credit risk mitigation certificate (CRMW) to provide credit protection for the medium-term note.

The financing environment has gradually improved.

In addition to supporting the bond financing of housing enterprises, this year, a series of measures, such as increasing bank credit support, encouraging mergers and acquisitions among housing enterprises, and guiding AMC to participate in the rescue of housing enterprises in danger, are promoting the gradual improvement of the real estate financing environment.

At the beginning of May, the People's Bank of China, China Banking and Insurance Regulatory Commission and China Securities Regulatory Commission held separate meetings, all of which talked about real estate financing, real estate enterprises issuing bonds and other related contents. The People's Bank of China said it would optimize the real estate credit policy in time to keep the real estate financing stable and orderly. The CSRC stressed that it actively supports the bond financing of real estate enterprises. China Banking and Insurance Regulatory Commission demanded that commercial banks should not blindly withdraw, break or press loans to keep real estate financing stable and orderly; Do a good job in financial services for mergers and acquisitions of key real estate enterprises' risk disposal projects.

On May 20th, the quoted interest rate of the new loan market with a period of more than 5 years dropped by 15 basis points, which exceeded expectations. Experts said that the downward trend of LPR over 5 years can stabilize residents' housing consumption expectation and stimulate new housing consumption demand. In addition, since May, dozens of cities have intensively adjusted their real estate policies, including lowering mortgage interest rates, reducing down payment ratio, and increasing housing subsidies.

According to Xu Xiaole, chief market analyst of RealData, the recent intensive statements of many departments, coupled with a series of substantive actions, have conveyed a clear and powerful policy signal. The bond financing of housing enterprises is being actively supported, and the financing environment of the real estate industry will be significantly improved. Some insiders also said that at present, the head housing enterprises are still the main ones to start issuing bonds. The effect of policy implementation, especially whether small and medium-sized private housing enterprises can benefit, needs further observation. It will take some time for the real estate market to stabilize and even recover.

'The recent favorable real estate policies show the determination of relevant departments to resolve real estate risks.' Zhang Jiqiang, chief revenue analyst of Huatai Securities, said that at present, real estate sales have not been effectively stabilized, and the liquidity of housing enterprises needs to be eased. The introduction and implementation of more systematic and inclusive real estate support policies is still worth looking forward to.


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