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Multiple benefits to improve the financing expectation of the real estate market

Date: 2022-05-30
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With the recent favorable policies superimposed, the housing financing market shows signs of recovery. On the one hand, since May, a number of housing companies have successively launched bond financing; On the other hand, the financing interest rate of housing enterprises has decreased compared with the same period of last year, and the issuance interest rate of medium-term notes of individual housing enterprises has even dropped to 2.88%.

Judging from the medium-term notes that housing enterprises have issued or are preparing to issue in the inter-bank market, industry insiders interviewed by Securities Daily believe that the reasonable financing needs of the real estate market will continue to be met, and the scale of medium-term notes issued by housing enterprises is expected to further expand.

The interest rate of medium-term notes issued by housing enterprises drops.

With the concerted efforts of many parties, the financing environment of real estate enterprises has gradually improved. Especially in May, a number of housing companies joined the bond issuance camp in the interbank market. According to official website of China Association of Interbank Market Dealers, Dalian Wanda Commercial Management Co., Ltd. plans to register 5 billion yuan of medium-term notes in the interbank market, and the current project status is 'pre-evaluation'.

China Overseas Development announced on May 24th that with the approval of China Association of Interbank Market Dealers, China Shipping Enterprise Development Group Co., Ltd. will issue the third medium-term notes of China Shipping Enterprise Development Group Co., Ltd. in 2022 in the national inter-bank bond market. It is reported that the basic issuance scale of this issue is no more than RMB 3 billion, the term of the first variety is 3 years, and the term of the second variety is 5 years.

According to the news of Shanghai Clearing House official website on May 24th, Guangzhou Pearl River Industrial Group Co., Ltd. issued the announcement of the third issue of medium-term notes in 2022. The company issued '22 Guangdong Pearl River MTN003' on May 19th. The actual total amount of the bonds issued in this issue was 1 billion yuan, with an issue interest rate of 3.5% and a term of 3 years. The redemption date was May 23rd, 2025.

In addition, housing companies including Greentown Real Estate Group Co., Ltd. and Poly Development Holding Group Co., Ltd. have also issued medium-term notes in the past month.

From the perspective of interest rates, Wind data shows that as of May 25th this year, the average interest rate of medium-term notes issued by housing enterprises is around 3.62%, and the interest rate of medium-term notes issued by individual housing enterprises drops to 2.88%. The average interest rate of medium-term notes issued in the same period last year was around 4.28%, and the lowest coupon rate was 3.29%.

Chen Xing, deputy research director of the Enterprise Division of China Research Institute, told reporters that since the beginning of this year, the money market has been looser and the cost of capital has decreased, so the financing interest rate of housing enterprises has also been lowered. In addition, since the beginning of this year, the main issuers of domestic bonds are central enterprises and local state-owned enterprises, and their credit rating is high, which also lowers the average financing interest rate.

There will be a breakthrough in issuing bonds by high-quality enterprises.

Recently, the central bank and China Banking and Insurance Regulatory Commission issued a signal to support the reasonable financing needs of housing enterprises, and the CSRC, Shanghai and Shenzhen Stock Exchanges, and the Interbank Market Dealers Association also voiced their voices one after another, taking multiple measures to support private enterprises in issuing bonds and financing.

According to Yan Yuejin, research director of the think tank center of Yiju Research Institute, the scale of medium-term notes issued by housing enterprises is expected to expand. Especially after repeated voices from the regulatory authorities, there is a possibility of further relaxation of financial market financing in the future, and enterprises should seize the important window period.

'Since May, head private housing enterprises such as Country Garden, Midea Real Estate and Longhu Group have successfully issued bonds, indicating that the bond financing channels of high-quality private housing enterprises are gradually opening up.' Chen Xing said that recently, the newly issued bonds of private enterprises mostly use market-oriented credit protection tools to increase credit, which helps private housing enterprises to break through the financing dilemma, increase investor confidence and play a good demonstration and driving effect.

It is worth mentioning that on May 24th, China Bond Credit Promotion Corporation and Shanghai Bank jointly created a credit risk mitigation certificate to help Xincheng Holding to issue the first medium-term notes in 2022. The total amount of the credit risk mitigation certificate to be created is no more than 130 million yuan, and the total financing scale to support Xincheng Holding is no more than 1 billion yuan, effectively supporting the medium and long-term financing needs of enterprises.

In Chen Xing's view, market confidence still needs time to be repaired, stock debt also needs time to be disposed of, and financing will not start on a large scale in a short time.

However, Chen Xing said that with the marginal relaxation of policies, there will be two window periods for credit bonds. First, the financing of M&A bonds will be improved; Second, there will be a breakthrough in the issuance of bonds by high-quality private enterprises.

'The financing activities of housing enterprises can't be generalized, and they should be viewed by levels and objects.' Chen Sheng, president of China Real Estate Data Research Institute, told reporters that most mainstream backbone housing enterprises need to complete their credit rating as soon as possible, and then give targeted financial plans related to financing balance, delivery and healthy development.


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