Securities Times reporter Sun Lulu

　　At the end of July, the Politburo meeting of the Central Committee first proposed "guaranteing the handover of buildings". In the past month, from the central government to the local government, all parties have accelerated their efforts to gather resources and real money from all parties to alleviate real estate risks and improve market expectations.

　　Judging from the recent policy signals released by various parties, a package of supportive policies for real estate financing has been gradually implemented, providing "ammunition" to fill the gap in the funds for guaranteeing the delivery of properties.

On August 23, the first fully-guaranteed private housing enterprise bond landed. Chongqing Longfor Enterprise Development Co., Ltd. announced the issuance of the first tranche of medium-term notes in 2022. The scale of this issuance is 1.5 billion yuan. The raised funds will be used for project construction and repurchase Or repay overseas dollar debt, etc.

It is understood that this is the first private housing enterprise bond issued by China Bond Credit Enhancement Company through direct guarantee in accordance with the principles of marketization and rule of law.

　　According to a person close to the Dealers Association, a number of private housing companies are communicating with China Bond Credit Enhancement Corporation and plan to issue bonds for financing through credit enhancement support, and the bond financing channels for private housing companies are gradually recovering.

　　A senior practitioner of a bank in Beijing told reporters that since the beginning of this year, private housing companies have encountered difficulties in issuing bonds overseas, which further aggravated the repayment pressure of due debts. At this time, the credit enhancement company promoted the issuance of bonds by private housing companies with full guarantee. , which is conducive to improving the cash flow of private housing companies, repaying overseas dollar debt, and boosting market confidence.

The improvement of market confidence is also conducive to the smooth progress of the work of "guaranteeing the delivery of buildings and stabilizing people's livelihood".

　　Li Kai, the founding partner and chief investment officer of Shengao Investment, told reporters that the method of guaranteeing bond issuance will help investors in the financial market to gradually restore their confidence in the leading private real estate enterprises, and cooperate with the leading private real estate enterprises in their own information disclosure, two Bond repurchase in the primary market and the gradual stabilization of the real estate market will help to cut off the momentum of credit risk spreading to leading private real estate companies, and cutting off the chain of credit risk contagion is the first step for the real estate industry to gradually stabilize and restore the financing hematopoietic function. .

　　In addition to making efforts to unblock the financing channels of real estate enterprises and ensure the reasonable financing needs of real estate, how to fill the funding gap of real estate projects under construction and promote the guarantee of handover has become the top priority of the policy of stabilizing real estate in the past month.

The Ministry of Housing and Urban-Rural Development, the Ministry of Finance, the People's Bank of China and other relevant departments have recently introduced measures to improve the policy toolbox and support the construction and delivery of residential projects that have been sold overdue and difficult to deliver through special loans from policy banks.

　　The reporter learned that the scale of special loans from policy banks is expected to exceed 100 billion yuan, and the funds can only be used for the construction and delivery of residential projects that have been sold, overdue, and difficult to deliver.

As for the rumors of the central-level-led real estate rescue fund that has been hotly discussed in the market, although there is no "official announcement", similar funds are also being arranged. It is expected that commercial banks such as large state-owned banks will participate, focusing on some regions. .

　　At the local level, special relief funds have long been explored.

Zhengzhou introduced a real estate rescue fund operation plan in early August, with a provisional scale of 10 billion yuan, mainly to alleviate social problems and financial risks caused by the suspension of real estate projects and the suspension of monthly mortgage payments.

On August 21, according to the Nanning Municipal Bureau of Housing and Urban-rural Development, Nanning City recently planned to establish a stable real estate fund. The fund focuses on housing real estate problem projects. The first phase is 3 billion yuan. The first investment was completed on August 18. After payment, the follow-up funds will be in place one after another. Now, work has been carried out around "guaranteing the delivery of buildings and stabilizing people's livelihood", and some projects have been investigated.

　　However, the above-mentioned bank practitioners believe that whether it is a special loan from a policy bank or a related fund, the size of the loan is not the key point, but depends on the effect of the use of the funds.

Many institutions have made different predictions on the scale of the funding gap for the construction of the guarantee handover, but these are static estimates under the premise of assumptions. The reality is constantly changing and the disturbance factors are complex. If the problem is properly handled and the market expectations improve significantly, these funds can be used. The effect of "four or two dialing a thousand pounds".

　　In addition to the existing policy measures, a larger-scale and more targeted package of real estate rescue policies is also expected by the market.

Wang Yifeng, chief analyst of the financial industry of Everbright Securities, predicts that there may be a package of supportive measures for the next stage of real estate financing. This is mainly based on the following three aspects: First, to complete the task of "guaranteing the delivery of buildings" in order to ensure quality and quantity. Some types of bailout policies need to be increased to improve the funding gap of "guaranteed property handover"; secondly, when the recovery of real estate sales is a slow variable, it is necessary to properly resolve possible housing issues while "guaranteing property handover". Corporate debt continues to “explode” risks; third, the recovery of sales is the fundamental solution to real estate problems, and achieving the “three stability” goals of stabilizing land prices, housing prices, and expectations requires “both price and volume” stability in asset prices and market sales , it is expected that the policy relaxation to stabilize the demand of the property market will be sustainable.

　　Li Kai also believes that the main body of "guaranteing and handing over the building" should not only be the local government, but more importantly, the actual undertaker of the project - the real estate development company. No matter how high-quality real estate companies are, they will take risks in the sluggish market confidence and shrinking demand.

It is expected that in the next period of time, the insured property and insured enterprises will gradually be balanced; at the same time, in terms of breaking the chain of credit risk contagion and providing more liquidity to leading high-quality real estate enterprises, it is expected that there will be more targeted, Larger-scale policies are introduced.