Lian Run Wang Shuyuan China Securities Journal China Securities Network
Various signs show that the policy requirements of "supporting the reasonable financing needs of real estate enterprises" are being implemented at an accelerated pace, and breakthroughs have been made.
Recently, the bond market has promoted a new round of private enterprise bond financing support actions, and some private real estate enterprises have been included in the scope of support and successfully completed bond financing.
According to industry analysts, a series of recent policy measures and implementation cases have strong ice-breaking signals and demonstration significance in improving the financing environment of private real estate companies, injecting confidence into the industry and the market.
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 be implemented.
As the policy effects continue to emerge, there will be more and more signs of a recovery in the real estate market.
Private housing enterprise financing "breaking the ice"
In May, the real estate industry was "warm wind blowing".
Recently, a number of private housing companies such as Country Garden, Longfor Group, and Midea Real Estate have become "model housing companies" and have successively launched bond financing under the escort of credit protection tools.
According to the announcement of the Shanghai Stock Exchange, the issuance of 500 million yuan bonds by Chongqing Longfor Enterprise Development Co., Ltd., a subsidiary of Longfor Group, was completed on May 19, with a coupon rate of 4.00%.
Country Garden's first corporate bond this year, "22 Bidi 01", also completed bookkeeping on May 20, with a scale of 500 million yuan and a coupon rate of 4.5%.
Midea Real Estate issued corporate bonds of no more than 1 billion yuan and carried out book-building work on May 20.
According to the Oriental Jincheng Research Report, as of May 15, private real estate companies have not issued bonds in the open market for 65 consecutive days, and it is urgent to solve their financing difficulties and bond issuance difficulties.
At this time, three private housing companies issued bonds one after another, which is considered to have a strong ice-breaking signal and demonstration significance.
Recently, many real estate companies have been escorted by credit protection tools in the process of issuing bonds.
The Shenzhen Stock Exchange disclosed that the credit protection certificate jointly created by China Securities Finance and CITIC Securities has successfully completed the bookkeeping issuance together with the 402 million yuan Longfor Supply Chain ABS. The credit protection certificate has become the first private housing enterprise credit protection tool in the market.
In addition, in order to support the issuance of "22 Bidi 01", China Securities Finance and China Securities will jointly create a credit protection contract.
According to industry analysts, under the current situation, the bond market has launched a new round of private enterprise bond financing support plans, which has further released policy support signals 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, guiding more market forces such as bank securities dealers and professional credit enhancement institutions to use the market-oriented credit enhancement model to serve private enterprise bond issuance and financing.
It is worth noting that the recent list of private housing companies to issue bonds has continued to expand.
The China Securities Journal reporter was informed that Seazen Holdings plans to issue a medium-term note in the inter-bank market in the near future, and the founder will also issue a credit risk mitigation certificate (CRMW) to provide credit protection for the medium-term note.
The financing environment is gradually improving
In addition to supporting the bond financing of real estate enterprises, a series of measures such as increasing bank credit support, encouraging mergers and acquisitions between real estate enterprises, and guiding AMC to participate in the rescue of real estate enterprises in danger are promoting the gradual improvement of the real estate financing environment since the beginning of this year.
In early May, the People's Bank of China, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission held separate meetings, all of which talked about real estate financing and bond issuance by real estate companies.
The People's Bank of China said that it will optimize the real estate credit policy in a timely manner to maintain a stable and orderly real estate financing.
The China Securities Regulatory Commission emphasized that it will actively support the bond financing of real estate companies.
The China Banking and Insurance Regulatory Commission requires that commercial banks should not blindly withdraw, cut off or suppress loans, and maintain a stable and orderly real estate financing; provide financial services for mergers and acquisitions of key real estate enterprises' risk disposal projects.
On May 20, the market quotation interest rate for the new tranche of loans with a maturity of more than 5 years dropped by 15 basis points, a change that exceeded expectations.
Experts said that the decline of LPR over a 5-year period can stabilize residential housing consumption expectations 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, lowering the down payment ratio, and increasing housing subsidies.
In the view of Xu Xiaole, chief market analyst of Shell Research Institute, the recent intensive statements of many departments, coupled with a series of substantive actions, conveyed a clear and powerful policy signal, the bond financing of real estate companies is being actively supported, and the financing environment of the real estate industry will be obvious. improve.
Some people in the industry also said that at present, the main housing companies that started to issue bonds are still leading real estate companies. The effect of policy implementation, especially whether small and medium-sized private housing companies can benefit, still needs further observation. It will take some time for the real estate market to stabilize and even recover.
"Recently favorable real estate policies have appeared frequently, showing the determination of relevant departments to resolve real estate risks." Zhang Jiqiang, chief fixed income analyst at Huatai Securities, said that at present, real estate sales have not been effectively stabilized, and the liquidity tension of real estate enterprises needs to continue to be eased. The introduction and implementation of favorable real estate support policies is still worth looking forward to.