According to the monitoring of the Central Reference Hospital, in June 5438+065438+ 10, the scale of credit bonds accounted for 48.7%, overseas bonds accounted for 0%, trusts accounted for 8.9%, and ABS financing accounted for 42.4%. Specifically, credit bond financing in the real estate industry decreased by 37.6% year-on-year and 29.2% quarter-on-quarter; Trust financing decreased by 765,438+0.5% year-on-year and 2.8% quarter-on-quarter; ABS financing increased by 80. 1% year-on-year and decreased by 3.4% quarter-on-quarter. Affected by multiple factors, the financing channels fluctuated greatly in June165438+1October.
Liu Shui, research director of the Enterprise Division of the Central Reference Institute, told the Securities Daily reporter that the overseas debt fell sharply, mainly because many housing enterprises defaulted on their overseas debts, which led to the basic freezing of overseas debt financing; Second, trust has also fallen sharply. Under the background of "scale pressure and de-channel", the scale of real estate trust financing has shrunk dramatically.
In this regard, the Central Reference Institute said that compared with before, the non-bank financing of housing enterprises in June 5438+065438+ 10 mainly had the following characteristics: First, the issuance of credit bonds was the lowest in the year, mainly due to the sharp decline in the circulation of local state-owned enterprises; Second, overseas bonds have not been issued for four consecutive months. On June 5438+065438+ 10, a number of real estate enterprises successfully exchanged offers and re-issued and listed; Third, the scale of trust financing is basically the same as that of 5438+00 in June. Article "Finance 16" specifically mentions "maintaining the financing stability of asset management products such as trust" and "encouraging asset management products such as trust to support the reasonable financing needs of real estate", and trust financing is expected to pick up. However, it should be noted that the cost of trust financing rose sharply in June 5438+065438+ 10, and the interest rates of many trusts exceeded 8%. It shows that on the one hand, investors intend to return to the real estate industry, on the other hand, they also increase the risk of interest rate hedging.
"Since the beginning of this year, local state-owned enterprises with urban investment attributes have become the norm in the land market, but they have also increased the financing needs of local finance." However, in June of this year, 5438+ 10, the Ministry of Finance issued the Notice on Strengthening the Management of "Three Public Funds" and Strictly Controlling General Expenditure, which pointed out that it is strictly forbidden to reserve land by borrowing, and it is not allowed for state-owned enterprises to falsely increase land transfer income by purchasing land. Since then, the land acquisition of the city investment platform has been limited, and the financing efforts of local state-owned enterprises have decreased.
According to the data, according to the monitoring of the Central Reference Institute, before 2022, the average monthly circulation of credit bonds of local state-owned enterprises was1949 million yuan, while the previous 1 1 month was only 6.47 billion yuan.
Preferential financing policies are being implemented.
"In the past month, the financing environment of housing enterprises is expected to improve significantly, and the follow-up is mainly to implement favorable financing policies." Liu Shui said that from the policy point of view, the "Financial 16" and "Three Arrows" framework supporting housing enterprises' credit financing, bond financing and equity financing have basically taken shape. From a practical point of view, dozens of banks, including large state-owned commercial banks and joint-stock banks, have signed credit agreements with dozens of real estate enterprises, with a total credit of about 3 trillion yuan. Moreover, the regulatory authorities require the four major commercial banks to support the overseas loan financing of housing enterprises in the form of "internal insurance and foreign loans"; In terms of "the second arrow", there are Vanke, Longhu Group and Midea.