According to incomplete statistics, as of February 6, 65438, in just half a month, more than 70 real estate enterprises have received the intentional credit support from more than 20 banks, with a total credit line exceeding 3 trillion. However, the credit line is only the first step, and there are few specific loan landing projects at present.
At the same time, the "second arrow" bond financing and the "third arrow" equity financing also made new progress soon.
With the introduction and landing of favorable financing for housing enterprises, the financing environment for housing enterprises is expected to be substantially improved in the future, and the financing scale may rebound from the trough.
Since June 1 1, the favorable policies on the financing side of housing enterprises have continued.
First of all, on165438+1October 8th, the Dealers Association expressed its support for the "second arrow", a private enterprise bond financing support tool, with an estimated support of about 250 billion yuan.
Subsequently, the central bank and the China Banking Regulatory Commission issued Document No.254, which for the first time adjusted the bail-out direction to "save projects and enterprises" and encouraged financial institutions to provide special loan financing support.
165438+1October 2 1 Yi Gang revealed at the annual meeting of the 2022 Financial Street Forum that he encouraged commercial banks to support the "corner-protected building" as a structural policy tool. On the same day, the "Baojiaolou" was given a new policy, and the central bank will provide 200 billion yuan of interest-free refinancing for commercial banks before March 3, 2023, which will be used for supporting financing of the rescue fund.
165438+1On October 28th, the CSRC allowed listed real estate enterprises to refinance in a private way, and guided the raised funds to be used for the "Baojiao Building".
The three arrows of credit, bond and equity fully support the financing of housing enterprises, and the high-quality housing enterprises with "blood transfusion" have resumed the function of "hematopoiesis". After the release of "Finance 16", the three major support policies are accelerating.
Let's look at the credit supply. According to incomplete statistics, up to now, more than 20 banks have provided intentional credit to more than 70 real estate enterprises and local private enterprises, with a total amount exceeding 3.2 trillion, including but not limited to development loans, M&A loans, mortgage loans and urban renewal loans. The list of beneficiary housing enterprises has been expanded to private enterprises and local high-quality private enterprises.
Judging from the landing situation, Zhengzhou Branch of Agricultural Bank of China and Tangshan Branch of Postal Savings Bank recently landed development loans of 600 million yuan and 3170,000 yuan respectively. Compared with the 3.2 trillion credit line, how many loans can be landed is still unknown.
Let's look at bond financing again. On June 23, 65438, under the framework of the "second arrow" policy, China Bond Board increased its capital to three private housing enterprises, namely Longhu Group, Midea Real Estate and Hui Jin Group, and issued letters of increase. It is planned to support the three enterprises to issue medium-term notes in the first batch of 2 billion yuan,1500 million yuan and1200 million yuan respectively. In addition, six real estate companies have been put on hold. Among them, private housing enterprises with good fundamental sales or high-quality collateral are more likely to get support.
After the "third arrow" was issued, Shimao, Fuxing, Xinhubao and other housing enterprises planned private placement. Prior to this, Country Garden, Agile and Jianfa International successively announced rights issue financing. Recently, real estate enterprises may usher in a wave of rights issue.
With the promulgation of a number of policies to optimize the financing environment of housing enterprises in June 5438+065438+ 10, the financing scale of housing enterprises may start to pick up from the trough in the future. In the short term, the beneficiary housing enterprises will mainly be state-owned central enterprises and some high-quality private housing enterprises, and most enterprises still need to wait for the transmission of policy effects.
The total monthly financing of 100 typical real estate enterprises monitored by CRIC is 511700 million yuan, up 25% from the previous month, but still down 30% year-on-year. The real estate enterprise with the largest financing amount is China Resources Land, with the total financing amount reaching113.96 million yuan. In June, 1 1, a number of real estate corporate bonds were approved or are being applied for, involving a scale exceeding150 billion yuan.
In fact, the head housing enterprises still maintain the financing advantage.
Before 1 1 month, the average total financing of housing enterprises selling TOP 10 reached 172 billion yuan, ranking first among all echelons. At the same time, the financing cost of the echelon housing enterprises is the lowest, only 3.09%, which is 0.89 percentage points lower than that of last year, and its financing cost ratio is the highest: TOP 165433.
The financing scale of TOP50 housing enterprises has the smallest year-on-year decline, with a year-on-year decrease of 39.36%. Among them, the total amount of financing of TOP 1 1-30 housing enterprises changed the most, and the total amount of financing in the first1.0 month was 13 1 100 million yuan, a year-on-year decrease.
It is worth noting that the tide of debt repayment of housing enterprises will ease in the past two months.
In the next 65438+February, the maturity bonds of real estate enterprises 15 will be about 159 billion yuan, a decrease of 57.9% from the previous month, and the maximum amount of a single bond will be 2 billion yuan.
However, for most housing enterprises, they still face great debt repayment pressure, and the core of enterprise management improvement lies in the improvement of sales end.
The supply-side reform of housing enterprises is gradually coming to an end, and the three arrows of credit, bonds and equity are issued at the same time, which has given more encouragement and expectation to the industry and enterprises in difficult days. Whether in credit, equity financing or bond issuance, it has lit a bright light for the industry, helping housing enterprises to open up equity financing channels, and the overall financing environment is expected to be substantially improved.
It will take time for favorable financing policies to be transmitted to most enterprises. It is worth noting that the "first arrow" bank credit line is only the first step to improve corporate financing, but also depends on the landing situation. At present, the specific loan landing situation is not ideal, and the positive still stays at the level of restoring market confidence. The following support policies do not rule out certain timeliness and uncertainty. Most private enterprises still need to actively help themselves, especially the real estate enterprises in danger, which need to integrate resources and revitalize the capital chain. At the sprint stage at the end of the year, promoting sales payment is also a top priority.