China News Service, Beijing, June 10 (Reporter Pang Wuji) Under the regulatory requirements of the "three red lines" of real estate financing and the management of real estate loan concentration, the financing environment for China's real estate enterprises has become tighter.
A report issued by the Zhongzhi Research Institute on the 10th showed that since March this year, the monthly financing scale of real estate enterprises has declined for two consecutive months.
The report shows that the total financing of real estate companies in May was 133.142 billion yuan (RMB, the same below), a year-on-year decrease of 15.94% and a month-on-month decrease of 20.13%.
The industry average financing interest rate for the month was 5.69%, an increase of 0.29 percentage points from the previous month.
In the first five months of this year, the total financing of real estate enterprises is also in a downward trend.
The total financing of Chinese real estate enterprises was 857.748 billion yuan, a year-on-year decrease of 10.15%.
Liu Shui, deputy research director of the Corporate Business Department of the Zhongzhi Research Institute, pointed out that the continued decline in total financing and the increase in average financing interest rates indicate that the external financing environment for real estate companies continues to be tight.
From the perspective of financing structure, in May, the scale of credit bond financing of real estate enterprises dropped sharply, and trust became the "main force."
The report shows that in May, in the financing structure of real estate companies, credit debt accounted for 25.07%, overseas debt accounted for 19.30%, trust financing accounted for 41.27%, and asset-backed securities (ABS) financing accounted for 14.35%.
In May, the issuance of real estate credit bonds fell sharply, less than half of last month's issuance.
The amount of trust financing is not much different from the previous month, and it has become the main source of financing this month.
It is worth noting that the overseas debt financing of real estate enterprises rebounded in May, with a higher growth rate, an increase of 55.28% year-on-year and a month-on-month increase of 74.05%, mainly due to the low amount of financing last month.
Statistics from the Shell Research Institute reflect the same trend.
According to statistics from the Shell Research Institute, from January to May 2021, domestic and foreign bond financing of Chinese real estate companies totaled approximately 462.4 billion yuan, a year-on-year decrease of 18% compared with 2020, reaching a low in the past three years.
Looking forward to the future, Shell Research Institute believes that recently, the domestic bond market of real estate enterprises has been affected by the centralized termination of a large number of ABS projects, and the tightening of supervision is expected to rise. Housing-related projects mainly include supply chain and home purchase balance and other related financing products.
Although the official explanation is a routine operation of "project overdue processing", it still has a certain impact on the later approval and issuance of domestic non-standard financing.
Overseas, the scale of short-term bond issuance may rebound slightly, but the overall uncertainty and fluctuations remain.