Our reporter Qisanlian Practice Practice Sheng Boxiaoxi Beijing Report
Borrowing new debts to repay old debts and the promotion of scale are undoubtedly the main reasons for the improvement of housing enterprises’capital level.
The Political Bureau of the Central Committee of the Communist Party of China held a meeting on April 19 to analyze the current economic situation and deploy the current economic work.There are only 49 words in the full text for the content of real estate: we should stick to the orientation that houses are used for living , not for speculation , and implement the long-term control mechanism of “one city , one city , one city , and the main responsibility of the city government”It is noteworthy that the meeting of the Political Bureau of the Central Committee held on December 13 , 2018 did not mention the content of real estate , but this time again referred to “insisting that houses are used for living , not for speculation”.This means that regulation is likely to tighten again.
In the first quarter , the disguised relaxation of regulation and control in some cities and the emergence of “Xiaoyangchun” made the regulation and control pattern of the real estate market change again.Under the background of high debt of housing enterprises , the financing environment of Housing enterprises continues to be relaxed and the amount of financing continues to blowout.Developers’hematopoietic capacity has been further improvedStatistics from the Central Plains Real Estate Research Center show that since April , Housing enterprises have continued to finance intensively.In total , it has been close to 200 billion yuan since April , and nearly 20 billion yuan have been announced every day in recent days.
A trustee told 21st century economic reporters that the financing environment of Housing enterprises is indeed quite relaxed and the cost is constantly decreasing.However , financing institutions still have high requirements for the qualifications of housing enterprises , such as the top 50.Under the background of liquidity relaxation , the financing of Housing enterprises has once again become a “source of attraction”However , increasing scale will still be the trend of the times.
financing costs continued to decrease
Since April , Housing enterprises continue to intensive financing.In total , it has been close to 200 billion yuan since April , and nearly 20 billion yuan has been announced every day in recent days.
Central Plains real estate statistics show that the overall financing cost of Housing enterprises continues to decrease , which is close to the quarterly data.Financing cost basically farewell to two digits (except for individual enterprises) , mainstream overseas financing costs are 6% – 8% , domestic corporate bonds are less than 5% , overseas financing costs are also significantly reduced.From the perspective of financing channels , the amount of domestic and foreign financing announced by many housing enterprises has increased significantly.
On April 18 , Greenfield Finance issued $200 million of corporate bonds overseas at an interest rate of 6.375%; on April 18 , contemporary real estate issued $1.285 billion of preferred bills for refinancing existing bills; on April 18 , Rongxin China issued $200 million of preferred bills with an interest rate of 8.75%; on April 17 , Beichen completed the first issue of corporate bonds in 2019 , with a scale of 1.2 billion and an interest rate of 48%; On the same day , Binjiang Group intends to issue $200 million of preferr Registered issuance of medium-term bills not exceeding 1.2 billion yuan; construction real estate issuing 300 million dollars , due in 2023 , with a coupon interest of 7.25% priority bills; on the noon of April 15 , China Evergrande Group announced its intention to issue three additional preferred bills totalling $1 billion; on the same day , China Merchants Shekou proposed issuing the second ultra-short-term financing bills in 2019 , amounting to 3.5 billion yuan; Jianye Real Estate Co. , Ltd. announced on April 15 that the public. The company proposes to issue US dollar-denominated preferred bills to overseas people in accordance with S regulation of US Securities Law; Sunshine City completed the issuance of 800 million yuan corporate bonds on April 14 with a coupon interest rate of 7.5%. On the evening of April 12 , Panhai Holding Co. , Ltd. announced that it would guarantee the financing of US$70 million of Panhai Holding International Co. , Ltd. , an offshore subsidiary of the company.
Zhang Dawei , a real estate analyst in Central Plains , believes that since the fourth quarter of 2018 , the financing plan of real estate enterprises has been blowout gradually.Compared with before , the difficulty of financing for housing enterprises has eased.However , due to the excessive ischemia of housing enterprises , at present , the financing difficulty of Housing enterprises is still relatively large.From the perspective of the cost of funds acquired by housing enterprises , compared with the steady decline in the previous period , especially the corporate bonds financed by domestic housing enterprises , there has been a significant reduction compared with the earlier period , such as the re-emergence of corporate bond financing with interest rate less than 4%.In addition , enterprises such as Fuli have completed a large amount of corporate debt.Overall , the real estate enterprises in recent months , the financial situation has eased.It is worth noting that apart from the financing environment , the financing level of Housing enterprises is improving in an all-round way.The data of Huatai Securities show that the funds in place for the development of real estate enterprises improved in March. Among them , domestic loans , personal mortgage loans , deposits and pre-receivables , self-financing funds increased by 10.3% , 14.3% , 18.8% and 11.3% year-on-month , respectively. The cumulative growth rate of the funds in place for development increased by 3.8 percentage points.
Huachuang Securities believes that there was a significant improvement in the tightening of funds in the fourth quarter of last year , showing that the impact of monetary policy easing has continued since the beginning of the year , and the rapid recovery of sources of funds has formed a certain support for investment data.From the structural point of view , the growth rate of domestic loans and self-financing funds in March has changed from negative to positive and has obviously rebounded. The former is due to the continued loosening of bank funds , the latter is due to the improvement of financing channels such as corporate bonds , votes , non-standard loans , etc. The deposit advances and mortgage loans continue to improve substantially , mainly due to the improvement of national sales data in March , and the former is mainly due to the promotion activities for cash payments. Price concessions and a higher down payment ratio continued to pick up sales in first-and second-tier cities , the latter more due to the acceleration of online signatures under the relaxation of price limits in some cities , the effectiveness of the mortgage rate downturn , and the acceleration of bank lending.
The main reason for the improvement of the financial aspect of Housing enterprises is undoubtedly the increasing
borrowing new debts to repay old debts and the promotion of scale.Xiao/p>
58 Anjuke Real Estate Research Institute Chief Analyst Zhang Bo analysis , borrowing the pressure of the old and the new , Housing enterprises have a strong driving force in financing.According to the incomplete statistics of 58 Anjuke Real Estate Research Institute , the repayment scale of Housing enterprises exceeds 400 billion yuan in 2019. Under the pressure of refinancing , Housing enterprises have to continue to issue debt. At the same time , the financing pressure of Housing enterprises is seriously insufficient in 2018 , which will continue until 2019. In addition , driven by the demand for scale , medium-sized Housing enterprises are constantly eager to increase their scale rapidly and cross the threshold of 100 billion yuan. Need to maintain existing scaleIn the first quarter , the land premium rate of some second-tier cities increased and the phenomenon of land grabbing gradually increased , which also reflects the trend of large-scale demand of Housing enterprises from one side.
Zhang Bo believes that from the financing situation of Housing enterprises in April , there has indeed been a significant increase , the amount of financing continues to set new highs , and the financing cost continues to decline , which is undoubtedly a good thing for the housing enterprises with capital pressure.This shows that under the background of liquidity relaxation , housing financing has once again become a “source of attraction”Looking from the global environment , the uncertainties of Sino-US trade frictions are increasing. Domestic policies to boost the economy have been introduced continuously. The relatively loose monetary policy environment in the first quarter has made the downward pull of interest rates in the money market stronger. The “Xiaoyangchun” market has also helped the market regain confidence in real estate.In the huge market , the relatively stable return on investment makes the attraction of Housing enterprises to attract funds increase continuously , and the difficulty coefficient of domestic financing has also been significantly reduced.
In the case of Xiaoyangchun in the market and the fluctuation of regulation and control , the central government once again mentioned that housing is not speculative , which may lead to the “good time” of real estate is short-lived.
“Better financing environment in 2019 than in 2018 will be a relatively clear trend , whether the difficulty of financing or the cost of financing will show a good situation , but it does not represent a comprehensive easing of the real estate industry.In other words , the supervision of the capital side of the real estate enterprises still exists , once the real estate overheating or housing prices fluctuate significantly , it is not excluded that it will be tightened again.In addition , it is worth noting that the current capital flow is also biased towards large-scale brand housing enterprises , which will accelerate the speed of industry centralization to a certain extent.
For the future trend of housing financing , Yang Hongxu , vice-president of Shanghai Yiju Real Estate Research Institute , believes that in view of the frequent occurrence of landlords in some cities at present , the relevant departments of the state may adopt new restrictions on these housing financing in the future , and the regulation will be tightened slightly.Overall , in the future , the financing of Housing enterprises will remain in the current state , and there will be no significant reduction or growth.(Editor: Huang Kai)