Housing companies’ debt repayment peak approaches the domestic real estate company’s bond issuance acceleration
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原标题：房企偿债高峰（金麒麟分析师）逼近，国内涉地产公司债发行加速 地产企业“左手”摇旗呐喊以求促销回款，“右手”寻求多渠道融资输血，回笼资金成了春天的Main theme.
The epidemic of new crown pneumonia continues, and the capital chain of housing enterprises is under further pressure.
The offshore bond issuance in January was blown out in February.
Real estate companies are turning to issuing offshore short-term debt, which is more efficient, while seeking domestic corporate bonds.
According to the data of the Shanghai Stock Exchange, only on the 11th and 12th February, Longguang Real Estate (03380.
HK), Gemdale Group, R & F Properties (02777.
HK) 3 corporate bonds worth 4 billion yuan, 11 billion yuan and 8 billion yuan, respectively, and the pace of debt issuance has begun to accelerate.
A person in charge of the finance department of a real estate company in Shenzhen frankly told the First Financial Reporter that the real estate company is starting a financing competition that is approaching the peak of debt repayment, and doing everything in its power to enrich financing tools, that is, to add chips to “live”.
Judging from the recent acceleration of the pace of domestic corporate debt application by housing companies, the domestic capital market may have become more friendly to housing companies.
With the central bank, the Ministry of Finance, the Securities Regulatory Commission, etc.
7 trillion yuan, lowered the one-year MLF (Intermediate Lending Facility) operation by 10 basis points to stabilize market expectations, and officially released the “About Modifications”
<上市公司非公开发行股票实施细则>“Decision” and other housing enterprises have seen some hope of expanding “financial”.
However, industry insiders also frankly stated that under the main tone of “no housing and speculation”, more financial instrument support for real estate companies is only helping companies to overcome short-term funding difficulties and optimize debt structure, rather than expanding total debt.
Domestic corporate debt presses the fast forward button. Real estate companies “left hand” shakes flags to promote sales, and “right hand” seeks multi-channel financing and blood transfusion. Withdrawn funds have become the main theme of spring.
With the blessing of several policy packages, it seems that companies, including housing companies, have seen the dawn of expansion and integration.
Many housing companies will lock their eyes on the domestic capital market.
The main financing instrument is ultra-short-term financing bonds that can quickly replenish cash flow.
As of February 18, including Gemdale Group (600383.
SH), Jinmao Group, Sunshine City (000671.
SZ), China Merchants Shekou (001979.
SZ) and other real estate companies have recently announced the issuance of ultra-short-term financing bonds to supplement the company’s working capital gap and address interest-bearing debts due in the near future.
In the context of relatively abundant institutional funds and strong corporate financing needs, the policy also provides corporate debt support for companies including housing companies in epidemic prevention and control.
For example, the bonds recently 重庆耍耍网 issued by Zhuhai Huafa Group Co., Ltd. and China Nanshan Development (Group) Co., Ltd. all belong to epidemic prevention and control type ultra-short-term financing bonds such as assistance in the construction of hospitals in affected areas and rent reduction and exemption for merchants in affected areas.
”A bond issued by a real estate company with a similar state-owned background or a good credit qualification can be approved within two to three days as long as the use is related to epidemic prevention and control, and it can obtain a lower interest rate than the same type of products.
“A person from the Finance Department of a housing company in South China said.
In addition to ultra-short-term financing bonds, domestic corporate bonds of housing enterprises have begun to show a lively scene.
Wind data further shows that Rongqiao Group ‘s small public offering of 3.5 billion yuan was approved by the Shanghai Stock Exchange on February 12; the small public offering of 8 billion yuan of quota issued by Sunshine City also received feedback from the Shenzhen Stock Exchange on February 13.
At the same time, the approval of corporate bonds covering small public offerings and private placements has accelerated significantly.
Taking Rongqiao Group as an example, it took only 5 days before and after the 3.5 billion yuan of small public debt raised from “feedback to review review” to “passed the review meeting”.
Compared with 2019, Country Garden (02007.
HK) and many other leading real estate companies took about two months to complete the transition from “feedback to review” to “have passed the review meeting”.
The newly issued corporate bonds of real estate companies all point to the repayment of issued corporate bonds and supplementary liquidity.
Offshore debt is picking up. Behind the recent intensive promotion of multi-channel debt financing by housing companies is the high debt scale and financing policies that are releasing warmth.
In 2019, the financial policy represented by the CBRC Document No. 23 insisted on combining risk prevention with stable growth, and strictly prevented trust and wealth management products from entering real estate in the form of “front financing”.
In the environment of “restrictions on purchases, loans, sales, prices, and businesses”, housing companies have few opportunities to obtain market-based financing support.
However, 2019 is still a year when housing companies have issued a higher amount of corporate bonds in the past three years.
Wind statistics show that the corresponding issuance quotas of real estate company corporate bonds including general corporate bonds and private placements in 2017, 2018, and 2019 were 689.2.4 billion yuan, 2546.
2.7 billion yuan, 3001.
In 2019, the number of corporate bonds issued by real estate enterprises reached as high as 264, which is also a breakthrough in the past three years.
The 2019 Politburo meeting first proposed “not using real estate as a means of stimulating the economy in the short term”, and the financing path of housing enterprises has gradually been blocked, making financing difficult to become a real estate industry breakthrough in 2019.
In addition to seeking domestic credit bonds and asset-backed securitization financial instruments, loosely regulated overseas debt quickly caught the attention of real estate companies.
In January 2020, the monthly issuance quota of overseas debts refreshed the issuance records of housing enterprises in the past two years.
Statistics from Jiu Jiu Finance show that 32 housing companies issued a total of 183 offshore bonds in the month.
$ 3.8 billion.
Due to the epidemic, the offline sales office was closed, soil auctions were suspended, and the Spring Festival statutory holidays and other factors, overseas long-term bonds were suspended in February.
Real estate companies that are highly alert to capital quickly “smell” the more convenient and efficient overseas short-term debt financing channels that do not need to apply for record registration.
According to long-term financial statistics, since entering February, 6 real estate companies have issued 7 offshore bonds.
Among them, Jianye Real Estate (00832).
HK), Zhongliang Holdings (02772).
HK) issued a total of 5 short-term offshore bonds to four real estate companies.
In comparison, the short-term offshore debt of housing companies in 2019 is still less than 20.
A person in charge of the asset management department of a medium-sized real estate company in Shenzhen bluntly stated that the financing cost of long-term bonds is often hindered, and more companies hold locked-in long-term capital.
Housing companies have recently chosen short-term offshore debt with higher interest rates to cope with the current cash flow turnover stalled by the current outbreak of sales.
According to statistics from the China Index Academy, the scale of debt repayment by housing enterprises in 2020 will remain high, recording 7493.
900 million U.S. dollars, the sales rebates brought about by the cumulative epidemic have plummeted, and funding pressure has further intensified.
It was initially thought that from the perspective of financial institution power or market demand, the issuance of corporate debt to real estate enterprises in 2020 was a better time.
”The key to housing companies’ response to the epidemic is in the first half of the year.
In order to quickly withdraw funds, real estate companies should try their best to enrich their financing channels, sooner rather than later.
“Wu Rui, deputy managing director and head of the investment department of Savills Shenzhen, said that if the neutral forecast is reached, the epidemic will basically end by the end of March, but the impact on sales will also continue until the end of July.
If only the sales rebound in the following five months from August to December is expected to recover the gradual sales gap of more than 20%, there is potential uncertainty.
Therefore, real estate companies need to take proactive strategies to deal with the epidemic.
The person in charge of the Middle Finger Research Institute also expressed a similar view, “At present, the cyclical cycle of real estate financing is getting shorter and shorter. The original may be a three-year cycle, the most recent one year, half a year or even three months.
At present, the largest reverse repurchase in history has begun. In the future, there is also a high probability that the RRR cut will be introduced. The interest rate cut policy will be introduced, and the epidemic will accelerate the trend of monetary easing.
“At present, the market capital is beginning to loosen. Third- and fourth-tier cities represented by Hengyang and Wuxi may begin to deduct tax on purchase of deeds for housing purchases, substitute for talent purchases, loosen the front end of real estate development, etc., in order to alleviate the cash flow pressure of housing enterprises and encourage enterprises to take land, Counter-cyclical regulation began to gradually exert its strength.
However, at the same time, the Ministry of Finance, the Statistics Bureau and other institutions have re-established “no housing or speculation.” The financing-side policy has not yet touched on core measures such as mortgages and real estate development loan adjustments.
Depending on whether the financial market has loosened the market for real estate and has opened its financing window, it has always been cautious.
”The real estate industry chain is an important means of countercyclical hedging to achieve a stable economy and increase fiscal support. Now it is mainly to provide real estate companies with the necessary financial and fiscal support under the replacement of legal compliance and risk control to ease the short-term capital chain of housing companiesBe nervous and avoid economic and financial risks.
“Hongye, managing director and chief strategist of Bank of Communications International, said that in recent years, the proportion of real estate financing has been shortened continuously to achieve a basically stable proportion.
In the future, it is unlikely that the scale of land debt will be enlarged, but more to gather to help optimize the adjustment of the debt structure of housing enterprises in order to reduce financial leverage.
Wu Rui also expressed a similar view, “At present, mainly marginal financial support is provided to housing enterprises, and the financing window has not been opened.
Too many real estate companies expect that this year’s sales target will be difficult to achieve, so they will continue to seek rich financing channels to borrow new ones.
Offshore debt is expected to recover in the future and interest rates will also fall.