According to institutional statistics, since June 18 1 1, dozens of housing enterprises have issued domestic financing announcements, with a total scale exceeding 100 billion yuan. While the financing of housing enterprises is picking up, the participation of real estate trusts is also increasing. According to the monitoring of Tongce Research Institute, in June 5438+065438+ 10, the financing amount of trust loans of 40 typical listed real estate enterprises reached 7.36 billion yuan, up 62.3% from June 65438+ 10.
According to the "Securities Daily" reporter, at present, the cost of a single real estate trust project has exceeded 15%, and the trust company's selection of the cooperation list is also stricter.
At the end of the year, housing enterprises are busy "finding money"
Trust all-round rescue
Under the strong control, every move of the real estate market has attracted great attention from the industry. At the end of the "money crunch", housing enterprises once again fell in love with the trust channel, and the two began to work closely together.
According to the monitoring of Tongce Research Institute, in June 18 1 1, the financing amount of 40 typical listed real estate enterprises was 50.592 billion yuan, up nearly 30% from the previous month. In addition to the increase in corporate bonds and bank loans, the amount of trust loans reached 7.36 billion yuan, an increase of 62.30% from the previous month, with an obvious increase.
Taking a listed real estate enterprise as an example, it recently issued five financing and guarantee announcements. According to the announcement, it provided a total guarantee of 3.27 billion yuan for its four subsidiaries, of which the main funds came from trust companies, and the counterparties included many large trust companies such as CITIC Trust and Barry Trust. Moreover, there are also trusts in the bank's funds, such as investing through a single fund trust plan.
In addition to trust loans, listed real estate enterprises have also carried out other financing activities with trust companies. According to the announcement, it is planned to cooperate with Shandong Trust and Rongbotai Commercial Factoring to issue related products for financing based on the purchase receivables formed during the sales of real estate projects of the company and its subsidiaries, with a total amount of no more than 2 billion yuan. Combined with the financing amount of the above subsidiaries, listed real estate enterprises are expected to receive more than 5 billion yuan.
In fact, in addition to the actual trust loans, many large real estate enterprises have "bound" trust companies to sign strategic cooperation agreements and make good capital reserves in advance. According to incomplete statistics, since the end of June, 5438+065438+ 10, many housing enterprises such as Taihe Group and Zheng Rong Real Estate have signed strategic contract agreements with trust companies, and obtained comprehensive credit of 70 billion yuan.
However, behind the "real estate financing relaxation", the increase in financing costs is a fact that housing enterprises have to face. Last month, a subsidiary of a large real estate enterprise issued a total of $654.38+08 billion in senior notes, of which $590 million had an annual interest rate of 654.38+03.75%. Such a high financing cost surprised the market, however, the trust financing cost of some small and medium-sized housing enterprises is even worse.
"13% financing cost is not uncommon, and individual projects 15% also have it. After all, the trust company itself has a high capital cost. This is still a real estate enterprise that can enter the financing list. If the qualifications are insufficient or unqualified, the project is impossible to pass. " A person in charge of the business of a trust company in Beijing told the Securities Daily that his company has recently adjusted the "white list" of cooperation between housing enterprises again, shrinking from "top housing enterprises 100" to the top 50. In addition, it is necessary to examine specific projects, mainly first-and second-tier cities, and temporarily ignore projects in third-and fourth-tier cities.
Insiders pointed out that from the perspective of real estate enterprises, the macro-control of the real estate industry continues, the financing channels of housing enterprises shrink, the capital chain is tight, and the financing cost rises. Coupled with the tight market liquidity at the end of the year, the demand for funds by real estate enterprises has increased. As the real estate market turns cold, trust companies further strengthen risk control and raise the financing threshold for housing enterprises. In this context, housing financing will also show the "Matthew effect".
Real estate or trust
"profit core"
In the face of severe transformation pressure, the 18 of many trust companies is not easy. Therefore, behind the frequent hand-in-hand trust of real estate enterprises, it is not only the direct reality that real estate enterprises are short of money, but also the active choice of trust companies.
Previously, the business staff of a large trust company joked, "One year has passed, and the project that makes money seems to be a real estate trust." In terms of innovative business, whether it is consumer finance, ABS, family trust or insurance trust, its profit is still difficult to support the company's development.
According to the data of collective fund trust products in June 165438+ 10, the usufructuary trust data shows that the issuance scale of collective trust products last month was 159327 billion yuan, down 6.09% from the previous month. Established scale1581050,000 yuan, up 43.43% from the previous month. Among them, the scale of real estate trust reached 5865438+35 million yuan, an increase of 48.07% from the previous month, accounting for more than 30%; The average income was 8.47%, which outperformed the average level by 0. 18 percentage points.
Beneficial Trust pointed out that the reason why trust companies choose real estate trust as the performance support during the transition period is clear: the real estate market is more mature, the project risk is easier to control, and the business model is more mature. On the one hand, trust companies raise the financing threshold of housing enterprises, and trust funds are gradually concentrated in housing enterprises at the head of the industry and projects in economically developed areas; On the other hand, at this stage, the financing demand of housing enterprises is soaring, and trust companies greatly increase the income of real estate trusts. At this stage, choosing to carry out real estate trust not only controls risks, but also ensures the total trust business.
The research report of Everbright Securities shows that real estate and infrastructure are the two main investment directions of current stock trust products, and the product scale of real estate is obviously ahead of other sectors. As of June 23, 2008, the scale of real estate trust was 286.72 billion yuan, accounting for 60%. Among the new trust products in 18, the products invested in real estate and urban investment still account for about 95% of the total scale of new trust, and the product investment is more concentrated than that in 17.
According to the analysis of the report, since the middle of 16, under the restriction of real estate control policies such as purchase restriction and loan restriction, the financing environment of domestic real estate enterprises has been gradually depressed, and there are not many sectors that can withstand the high cost requirements of non-standard products such as trust, so trust products are more inclined to the real estate sector. 18 In the second half of the year, the scale of trust products invested in the real estate sector declined, accompanied by a slight increase in the average expected rate of return.
In fact, as one of the important financing channels for housing enterprises, real estate trust has always been the focus of supervision under the background of macro-control of the real estate market.
In the middle of this year, some trust companies were asked by local regulatory authorities to suspend the new real estate trust business and carry out rectification and self-inspection of existing projects. In addition, in the process of placing COFCO Trust into a listed company as a whole, it was also required by the regulatory authorities to explain the existing real estate projects and measures to deal with industry risks, which shows its concern.