At the beginning of 2023, major institutions successively disclosed the financing data of real estate enterprises in December 2022 and the whole year.
On the whole, under the background of an increasingly loose financing environment, the financing of real estate companies will experience a "swing tail" market in December 2022, but looking at the data for the whole year, it still shows a considerable decline.
According to statistics from the China Finger Research Institute, in 2022, the real estate industry will achieve a total of 845.74 billion yuan in non-bank financing, a year-on-year decrease of 50.7%.
2023 is still the year of debt repayment for real estate companies, especially in the first quarter, ushering in the first debt repayment peak.
In the eyes of industry insiders, the financing environment will continue to be loose. Enterprises should seize the financing window, replenish liquidity, and optimize the scale and structure of debt.
In December 2022, there will be a "swing tail" market for real estate financing, but the annual data still shows a considerable decline.
Figure/IC photo
Last month, the financing scale of real estate enterprises increased significantly
According to CRIC statistics, in December 2022, the total financing of 100 typical real estate companies was 101.8 billion yuan, an increase of 84.7% month-on-month and a year-on-year increase of 33.4%.
Among them, 41.16 billion yuan of real estate bonds were issued in December, a month-on-month increase of 92.2% and a year-on-year increase of 30.3%.
According to the data of 40 typical listed real estate companies monitored by Tongce Research Institute, in December 2022, 40 real estate companies completed a total of 71.25 billion yuan in financing, an increase of 125.03% from the previous month.
Among them, the amount of debt financing was 58.044 billion yuan, accounting for 81.47% of the total financing amount, an increase of 140.65% month-on-month; the amount of equity financing was 13.206 billion yuan, accounting for 18.53% of the total financing amount, an increase of 75.07% month-on-month.
Regarding the substantial increase in financing scale at the end of 2022, Tongce Research Institute analyzed that following the "three arrows" in November 2022, after providing policy support for real estate companies from three financing channels of credit, bonds, and equity, real estate financing in December It has rebounded sharply and ushered in a small financing peak second only to March. Although it has not reached the average level in 2020, it is higher than the average in 2021.
At the same time, facing the upcoming Spring Festival holiday, most real estate companies have also begun to reserve funds in advance to ensure cash flow at the end of the year.
Among them, medium-term notes and domestic bank loans are the main entrances for financing of state-owned enterprises and private enterprises respectively.
In addition, in terms of financing costs, CRIC data shows that in December 2022, the new bond financing costs of 100 typical real estate companies will be 4.34%, an increase of 0.7 percentage points month-on-month and a year-on-year decrease of 0.18 percentage points.
Among them, the lowest financing cost is the corporate bond issued by China Overseas Real Estate, with a coupon rate of 2.25%.
The financing data of real estate enterprises in 2022 is still sluggish
Although the financing data of real estate companies at the end of 2022 is tailing, but looking at the whole year, it is still sluggish.
According to statistics from the China Finger Research Institute, from January to December 2022, the real estate industry achieved a total of 845.74 billion yuan in non-bank financing, a year-on-year decrease of 50.7%.
CRIC statistics show that the total annual financing of 100 typical real estate companies in 2022 will be 824 billion yuan, a year-on-year decrease of 38%. The liquidity crisis broke out on a large scale, and the financing scale of private housing enterprises has been in a long-term slump.
The financing data of 40 typical listed real estate companies monitored by the Tongce Research Institute show that their total financing in 2022 will be 569.723 billion yuan, a decrease of 27% from the previous year, and a decline for three consecutive years.
According to the analysis of Tongce Research Institute, the financing of real estate companies has been at a low ebb since last year. Although a series of financing guidance policies have been issued in the first 10 months, the financing environment of real estate companies has not been effectively improved. The actual situation is that the financing environment is further deteriorating. In the second half of the year, the rate of decline was faster than that of the previous year. Until November, the financing policies of the real estate industry were intensively introduced, providing policy support for real estate companies from the three financing channels of credit, bonds, and equity; in December, the financing of real estate companies finally ushered in small peak.
It is expected that the first half of this year will be the financing window period for real estate companies
Entering the new year, how big is the debt repayment pressure on real estate companies?
How loose will the financing environment for real estate companies be?
In the first quarter of 2023, real estate companies will usher in the peak of debt repayment.
According to data from the China Index Research Institute, the first quarter of 2023 will be the first peak of debt repayment. Among them, nearly 40 billion yuan of credit bonds and nearly 70 billion yuan of overseas debts are due debts of enterprises in danger, accounting for 20% of the debt due in the first quarter. Four percent.
"Our statistics show that in 2023, the total amount of due credit bonds and overseas debts of real estate companies will be 957.96 billion yuan, which is 70 billion yuan more than that of the previous year. In March, the debt repayment scale of real estate companies exceeded 100 billion yuan, and in April and July, it also exceeded 100 billion yuan. In recent months, real estate companies have been under greater pressure to repay their debts." Liu Shui, director of corporate research at the Middle Finger Research Institute, said.
But on the other hand, the policy environment is also continuing to be loose.
On January 10, 2023, the People's Bank of China and the China Banking and Insurance Regulatory Commission jointly held a symposium on major bank credit work, which mentioned that the implementation of the plan to improve the balance sheet of high-quality real estate companies should focus on the main business, operate in compliance, have good qualifications, and have a certain system Important high-quality real estate companies have carried out four actions of "asset activation", "liabilities continuation", "equity supplementation" and "expectation improvement".
At the same time, it is necessary to implement 16 financial policies and measures to support the stable and healthy development of the real estate market, make good use of private enterprise bond financing support tools ("the second arrow"), maintain the stability of financing channels such as credit and bonds for real estate enterprises, and meet the reasonable financing needs of the industry. need.
In this regard, Liu Shui analyzed that since November last year, the "three arrows" supporting the financing of real estate companies have continued to advance, and these financing channels for real estate companies will continue to play a role, and the loose financing environment is expected to continue in 2023.
Tongce Research Institute also believes that from the perspective of policies and market performance, it is expected that the first half of this year will be a window period for real estate financing.
Under the loose policy, it is up to the enterprise itself whether it can seize the opportunity.
According to the analysis of the China Finger Research Institute, under the background of the industry’s supply-side benefits, the tight liquidity of real estate companies’ financing will be significantly improved.
Enterprises should seize the current financing window period and actively connect with capital suppliers according to their own conditions. They must not only optimize the scale and structure of debt, but also replenish liquidity in a timely manner. They must also use financing power to stimulate the sales side and promote the recovery of liquidity at the operating side. Fundamentally solve the liquidity problem.