Recently, there have been many events related to the merger and acquisition of real estate projects. Prior to this, Sunac, Shimao, Agile, etc. successively sold the project equity, and the real estate industry project mergers and acquisitions were quite promising. The insiders believe that the equity acquisition and merger of cooperative projects between housing enterprises will take the lead, but if it is to be carried out on a large scale, it needs the support and cooperation of several specific policies.
Multi-channel capital inflow
According to the announcement of China Resources Land's official WeChat on the 26th, signing a cooperation agreement with China Merchants Bank will support China Resources Land to seize market opportunities to participate in real estate project mergers and acquisitions, which is conducive to giving full play to the positive role of mergers and acquisitions in preventing and defusing industry risks and promoting the healthy development and virtuous circle of the industry; At the same time, this cooperation will help China Resources Vientiane Life's medium and long-term business development needs and provide financial support for the development of China Resources Vientiane Life's property, commercial and digital businesses.
On the same day, China Merchants Shekou and Jianfa Real Estate successfully issued M&A bills in the interbank market respectively. The amount of medium-term notes issued by China Merchants Shekou is 654.38+0.29 billion yuan, and all the funds raised are used for real estate project mergers and acquisitions, helping the real estate projects under construction with high capital demand to be successfully completed. Jianfa Real Estate successfully raised 654.38 billion yuan this time, of which 460 million yuan was used to acquire the equity of two target real estate project companies. On June 65438+1October 12 and June 13, OCT Group issued medium-term notes totaling1500 million yuan, of which 960 million yuan was used to repay M&A loans.
The reason why real estate enterprises can issue M&A bills is that in February 200212002, the Central Bank and the China Banking Regulatory Commission jointly issued the Notice on Doing a Good Job in Financial Services for Major Real Estate Enterprises' M&A Risk Disposal Projects, which explicitly supported high-quality real estate enterprises to register and issue debt financing instruments in the inter-bank market and raise funds for major real estate enterprises' M&A risk disposal projects. In addition, the relevant M&A loans are no longer included in the "three red lines" related indicators of insurance companies' project debt acquisition.
Ping An Securities pointed out that according to the disclosure of Shanghai Clearing House, five M&A bills issued since 2020 are mainly concentrated in infrastructure and business office assets. It is rare for M&A bills to be used in the real estate industry, and the policy encouragement intention is obvious.
In addition to the medium-term notes, on June 5438+ 10/3, the corporate bonds to be issued by Poly Real Estate were accepted by the Shanghai Stock Exchange, and the category was small public offering, with a planned issuance amount of 5 billion yuan. One of its purposes includes "the merger and acquisition of real estate projects". On June 5438+1October 2 1 day, Shanghai Pudong Development Bank announced the completion of bookkeeping pricing for the first phase of financial bonds, with a bond issuance scale of 30 billion yuan, of which 5 billion yuan is the theme bond of real estate projects. This is the first M&A real estate project theme bond issued by a financial institution.
Ping An Securities believes that in the past downturn of the property market, most of the market risks were released by relaxing restrictions on purchases and loans (such as 20 14 -20 15) to stimulate demand. At present, the dilemma facing the industry is the credit crisis, and the confidence of buyers and financial institutions is generally insufficient. Under the general tone of "housing is not speculation", it is impossible to fundamentally resolve risks by relying solely on demand stimulus. Therefore, the merger and acquisition of housing enterprises projects has become one of the most effective market-oriented means to resolve risks and realize clearing.
Central enterprises and state-owned enterprises play the leading role
As can be seen from the above dynamics, the main sources of financial support are central enterprises and state-owned real estate companies. Although Vanke, Country Garden and Longhu also issued or planned to issue medium-term notes before, their purpose did not point to real estate project mergers and acquisitions. In fact, after a period of silence, the central and state-owned real estate companies have begun to take action in the M&A market.
Before obtaining the above financial support, China Resources Vientiane Life Insurance, which rarely received mergers and acquisitions in the past, made two large-scale mergers and acquisitions in succession. On October 5th, 65438/kloc-0, China Resources Vientiane Life announced that it planned to purchase all the registered capital of Yuzhou Property, and the final agreed price was not higher than106 million yuan. 65438+1On October 20th, China Resources Vientiane Life announced that it planned to take the Central South service into its pocket at a cost of no more than 2.26 billion yuan. The funds of Cosmos Group and Zhongnan Construction are relatively tight. If they can finally sell their respective property companies successfully, the financial pressure will be alleviated to a certain extent.
On October 24th, 65438/kloc-0, Agile and Shimao Group successively announced that they would sell about 26.66% and 26.67% of the commercial-residential mixed complex projects in Guangzhou Asian Games Town to China Shipping Real Estate at the prices of 65.438+84.3 million yuan and 65.438+84.4 million yuan respectively. On 65438+1October 2 1 day, Shimao Group also sold the equity of Shanghai North Bund Project Company at a total price of10.60 billion yuan, and the purchaser was a real estate development company under the Shanghai State-owned Assets Supervision and Administration Commission.
Recently, Sunac successively transferred the equity of several project companies located in Wuhan, Kunming and other cities. The acquirers include Capital Property, Wuhan Urban Construction and Fahua Real Estate, all state-owned enterprises in Beijing, Han and Zhuhai.
Li, chief researcher of Guangdong Housing Policy Research Center, told Zhongxin Jingwei that due to the complicated corporate debt situation, the real estate market continued to be sluggish and there were relatively few M&A cases. Recently, mergers and acquisitions have obviously accelerated. "This is not only related to the gradual stabilization of the real estate market, the active establishment of M&A docking platforms in various places, and the issuance of M&A funds in financial markets. It is also affected by the willingness of some enterprises to sell high-quality assets. For example, Shimao sells core assets in Shanghai, Guangzhou and Shenzhen. "
"Central enterprises and state-owned real estate companies are undoubtedly the protagonists of current mergers and acquisitions. In the future, individual high-quality private enterprises, such as Vanke and Longhu, may also participate. As for most other private housing enterprises, the capital chain is relatively tight and it is unlikely to participate. " Li judged.
In addition to central enterprises and state-owned real estate companies, asset management giants also have signs of participation. According to the china securities journal reported on 26th, the Financial Management Department recently convened a meeting of several national asset management companies (AMC) to study asset management companies' participation in asset disposal, project mergers and acquisitions and related financial intermediary services of venture real estate enterprises according to the principles of marketization and rule of law.
Can you save the dangerous house enterprise?
Zhang Jiqiang, deputy director of Huatai Securities Research Institute, pointed out that considering the willingness and difficulty of M&A, the potential targets will mainly be private enterprise projects with first-line advantages and strong second-line strength, as well as state-owned enterprises with joint ventures and clear ownership structure. Citic Securities also said that the cooperative project is the beginning of the M&A market, because the sponsors of M&A are very familiar with the specific situation of cooperative projects, and generally the fund supervision at the project level can only be lifted after M&A behavior occurs.
CITIC Securities even predicted that there is a lot of room for mergers and acquisitions of cooperative projects. "According to estimates, the minority shareholders' rights and interests involved in ten high-credit companies totaled 745.2 billion yuan, and assuming that 25% of them cooperated with companies with financial difficulties to acquire related cooperation projects at cost price, and 70% of the projects needed to be solved through mergers and acquisitions, then these ten high-credit companies needed to pay130.4 billion yuan for the equity of cooperation projects. This estimate is conservative. "
Various funds have been collected one after another, and M&A loans are not within the "three red lines". Does this mean that a large-scale M&A tide will begin? Li believes that project acquisition and merger is different from enterprise bankruptcy and reorganization. It will be an important way for private housing enterprises to achieve a soft landing and improve their self-help ability, and the scale will continue to expand in the future.
However, Zhang Jiqiang reminded that M&A financing has not been included in the "three red lines" at present, and the policy details such as the requirements for the use of bond raised funds and the cover of the letter are still unclear. Therefore, the large-scale landing of M&A financing needs the support and cooperation of specific policies of multiple regulatory authorities. In addition, sales obstruction is the biggest pain point for housing enterprises at present, and simply relaxing the financial system is not enough to fundamentally change expectations. (Zhongxin Jingwei APP)