Aside from the controversy over whether central enterprises have pushed up housing prices and whether they should quit, a careful examination of the financial data of central enterprises and listed real estate enterprises shows that the strength of real estate enterprises in land competition, whether central enterprises or private enterprises, is not only derived from their own brands and financial strength, but obviously depends to a large extent on their closeness to banks. In fact, the development loans obtained by some high-quality housing enterprises are already the "cost price" for banks to absorb and store.
The land reserve fever continues.
Perhaps it is because the old adage that "you have food in your hand, you don't panic in your heart" has been deeply rooted, and the light transaction in the real estate market has not hindered the enthusiasm of housing enterprises for land reserve.
According to the incomplete statistics of the "Securities Daily" reporter, since the beginning of this year, only A-share listed companies and New Third Board companies have issued nearly 70 relevant announcements on land acquisition or land use rights; If the announcement of domestic real estate enterprises in the H-share market is added, the relevant information is around 100.
Judging from the listed companies that issued the announcement, both central enterprises and private enterprises are involved. The land reserve of housing enterprises is naturally the need of the development of the main business. However, as can be seen from the details of the announcement, some housing enterprises are not prepared to develop independently after "grabbing" the land, but plan to attract partners. For example, on February 8, a listed company headquartered in the south said that its subsidiary won the right to use state-owned construction land for a plot of land for more than 200 million yuan. The planned land is wholesale and retail land and commercial and financial land. At present, the company owns 65,438+000% interest in the above plot. In view of the fact that the company may introduce partners into the project in the future, which will affect the company's equity ratio in the project, this ratio is for investors' reference only. More interestingly, listed companies have issued 13 land acquisition announcements in the past three months, most of which have the expression of "it is possible to introduce collaborators into the project".
The new three-board enterprise whose main business has nothing to do with real estate has a similar explanation for winning the land use right-"By purchasing the land use right and planning to build a brand-new factory on this land, the company's production and operation environment can be improved, and the stability of the business premises can be improved to better meet the company's development requirements". Most of the land of such enterprises is also an industrial park or similar.
Bank loans are silently supported.
A single piece of land often costs hundreds of millions or even billions of yuan. Real estate enterprises that need to hoard land in various places show that it is impossible to rely solely on their own cash flow to support bidding for land. From the perspective of capital, what supports high-rise buildings is actually financing channels with different costs, among which bank credit is undoubtedly a relatively low-cost and predictable way. The total amount of bank credit that most high-quality listed real estate enterprises can obtain is much higher than their actual use. Housing enterprises also bluntly stated their good relations with banks in their financial reports, thus showing investors that their financial structure is sound.
COFCO Real Estate said that the company takes bank loans as its main source of funds. The real estate industry occupies a lot of money. At present, the company maintains a good cooperative relationship with banks, and some new projects are developed in the form of strategic cooperation and introduction of funds (or limited partnership). In the future, the company will continue to implement a prudent financial policy to provide a stable source of funds for business development. In 2065438+in the first half of 2006, it obtained bank credit of 30.602 billion yuan, of which16981000000 yuan (including bank guarantee, etc.) was used. ) and136438+0 million yuan were not used. During the reporting period, all bank loans have been repaid on time. In addition, the company has 26 long-term loans due within 65,438+0 years, of which 24 are related to medium-term banks, and the final value of these 24 loans (in the middle of last year) exceeds 2.6 billion yuan. The top five long-term borrowers include four banks, with a total of 4.6 billion yuan at the end of the period.
Gemdale has diversified financing channels, including bank loans, issuance of bonds and medium-term notes, and trust loans. By the middle of 20 16, the company's interest-bearing liabilities totaled 35.5 billion yuan, and the weighted average cost of debt financing was 4.8 1%, of which bank loans accounted for 49%, bonds payable accounted for 46% and other loans accounted for 5%. The company has obtained the total credit of various banks and financial institutions of 654.38+03.2 billion yuan, the total credit of used banks of 265.438+06 billion yuan, and the remaining credit line of 654.38+065.438+004 billion yuan. During the reporting period, the company has repaid or paid the loan principal and interest on schedule.
Rong Sheng Development's interim report last year showed that the company's credit standing was good during the reporting period. * * The total amount of bank credit applied for was 39.355 billion yuan, the used credit line was 65.438+05.907 billion yuan and the remaining credit line was 23.448 billion yuan. During the reporting period, the company repaid bank loans of 65.438+0.765438+0.4 billion yuan.
In addition, China Evergrande, a leading real estate enterprise, made significant contact with 20 banks by the end of 20 15, and obtained a total credit line of 273.6 billion yuan, while the company's unused bank credit line reached154.5 billion yuan. In the first half of last year, the financing cost of Evergrande continued to decline, and the average financing cost in the medium term decreased by 0.8 percentage point compared with the end of 20 15. By the middle of last year, the company's unused bank credit line also reached 126 billion yuan.
The interest rate is close to the "cost price"
For central enterprises or high-quality housing enterprises, the advantages of bank credit are far more than volume. The most important advantage is actually the price. In fact, for commercial banks, in order to compete for quality customers, the price of development loans is close to the cost price.
According to the interim report of China International Trade 20 16, in the first half of last year, the company's long-term borrowing interest rate ranged from 4.41%to 4.90% (5.535% in 2015 years). At the same time, the company said, "the decrease in financial expenses is mainly due to the decrease in bonds payable and the decrease in bank lending rates, resulting in a decrease in interest expenses." In the first half of last year, Xiamen International Trade, with a state-owned background, had a mortgage loan interest rate of 4.59%-6.2 15%, a secured loan interest rate of 1.85%-3.7 1% and a credit loan interest rate of 1.2%-6.9%.
In addition, the "Securities Daily" reporter also noted that the LPR of the best lending rate has been maintained at 4.3% for a long time, which is the loan market reference rate calculated and published based on the best lending rate quoted by the quotation bank. Some listed real estate enterprises with the background of central enterprises and state-owned enterprises can obviously reach the standard of "best enterprise", and their execution interest rates will be lower than those of China International Trade and Xiamen International Trade.
In contrast, the storage cost of banks is always high, and the yield of wealth management products of most small and medium-sized banks is still between 4% and 4.5%, which may be higher than 4.5% at important points such as the end of the year. In other words, if wealth management products are equated with storage, then the bank's LPR loan is already the cost price.
"Banks certainly don't want to make money, but high-quality enterprises often have an advantage in negotiations with banks. Now banks are more cautious about credit and insist on choosing only quality customers. " Senior lawyers told the Securities Daily reporter, "After all, from the past records, the probability of non-performing loans of central enterprises and state-owned real estate enterprises is really low, and even disputes and lawsuits rarely occur."
The president of South China Branch of a joint-stock bank also told the Securities Daily that one of the secrets of the bank's low non-performing loan ratio (below 0.2%) is to "focus on the customers of' three excellent and one special' companies, that is, high-quality listed companies, large excellent enterprises, large excellent projects and regional characteristics, and promote the management and development of the list system".
According to the reporter's understanding, under the background of relatively high pressure, large-scale housing enterprises are indeed scarce resources, because large-scale housing enterprises are not only high-quality loan customers, but also powerful deposit and wealth management customers. Therefore, although banks hold the power of credit approval, in most cases, banks actively strive to become the host banks or strategic partners of large real estate enterprises, so that banks can form comprehensive operating advantages in the corporate business field.
(The above answers were published on 20 17-02- 14. Please refer to the actual situation for the current purchase policy. )
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