165438+1October 8, the reporter of China Securities Times and Brokers learned that the Dealers Association continued to promote and expand the bond financing support tool for private enterprises (the "second arrow") to support private enterprises, including real estate enterprises, to issue bonds for financing. It is estimated that it can support about 250 billion yuan of private enterprise bond financing, which can be further expanded according to the situation.
165438+ 10 On October 7th, the National Development and Reform Commission promulgated the Opinions on Improving the Policy Environment and Strengthening Support for the Development of Private Investment, which proposed to improve the bond financing support mechanism of private enterprises and increase the support for private enterprises to issue bonds.
With the support of a series of previous policies, the financing scale of housing enterprises has also increased. On June 5438+ 10, the scale of non-bank financing of real estate enterprises increased by 16.4% year-on-year, which was the first increase in the year. Among them, the scale of credit bonds increased by 1.5 times year-on-year.
The industry believes that the monthly financing scale of 5438+00 in June increased for the first time year-on-year. Compared with the initial period when the industry entered the down cycle, industry financing has shown signs of recovery. At the same time, influenced by policy support, it is expected that private enterprises will make a breakthrough in financing.
For the first time, the scale of financing increased positively year-on-year.
The overall financing trend of the real estate industry monitored by the Central Reference Institute shows that the total non-bank financing of real estate enterprises in June was 55.68 billion yuan, up by 16.4% year-on-year, and the financing scale increased for the first time this year.
From the perspective of financing structure, credit bonds account for 57.4%, overseas bonds account for 0%, trusts account for 4.9%, and ABS financing accounts for 37.7%.
Specifically, credit bond financing in the real estate industry increased by 65,438+055.7% year-on-year and decreased by 65,438+07.5% quarter-on-quarter; Trust financing decreased by 72. 1% year-on-year and 46.5% quarter-on-quarter; ABS financing increased by 22.2% year-on-year and decreased by 35.3% quarter-on-quarter.
According to the data of the Central Reference Institute, in June, the financing of 5438+00 housing enterprises showed positive growth for the first time. Compared with the initial period when the industry entered the down cycle, the financing of the industry showed signs of recovery. Among them, the issuance of credit bonds rose sharply year-on-year, mainly due to the low base period value. Since September, 20021,the first batch of insurance companies have defaulted, which has had a great impact on the market, resulting in a rapid decline in investor confidence and a sharp decline in the ability to issue bonds. Since the beginning of this year, the credit bond market has entered the callback stage, which has been strongly supported by policies for many times and has become the fastest financing method in all channels.
It is worth noting that overseas bonds have not been newly issued for three consecutive months, and only real estate enterprises have re-issued and listed after successfully exchanging offers. The Central Reference Institute believes that a number of head enterprises have recently announced that they will suspend overseas debt repayment or apply for debt extension, and it is expected that it will be more difficult to issue new overseas bonds in the future.
Cumulatively, from June 5438+0 to June 5438+00, the total non-bank financing of real estate enterprises was 753.55 billion yuan, down 565.438+0.4% year-on-year. From the perspective of financing structure, credit bonds accounted for 53.5%, up 22.4 percentage points year-on-year; The proportion of overseas debt was only 2.3%, down 14.6 percentage points year-on-year; Trust accounted for 10.9%, down 18.0 percentage points year-on-year. ABS accounted for 33.3%, up 10.2 percentage points year-on-year.
In addition, from the financing interest rate, the comprehensive average interest rate of financing in June 5438+ 10 was 3.48%, down 2.39 percentage points year-on-year and up 0.0 1 percentage point quarter-on-quarter. Affected by the continuous relaxation of real estate financing by the policy, the financing cost of housing enterprises has further declined.
Private enterprises issue bonds or become a new starting point for financing
It is worth noting that recently, housing financing has received further policy support.
165438+1October 8, the reporter of China Securities Times and Brokers learned that the Dealers Association continued to promote and expand the bond financing support tool for private enterprises (the "second arrow") to support private enterprises, including real estate enterprises, to issue bonds for financing. It is estimated that it can support about 250 billion yuan of private enterprise bond financing, which can be further expanded according to the situation.
It is understood that in 20 18, in view of the financing difficulties encountered by some private enterprises, with the approval of the State Council, the People's Bank of China, together with relevant departments, adopted a "three arrows" policy combination from three financing channels: credit, bonds and equity to support private enterprises to expand financing. Among them, the private enterprise bond financing support tool is the "second arrow".
Recently, the Dealers Association organized China Bond Promotion Company to actively carry out the credit enhancement work of some private real estate enterprises in bond financing, and achieved good results. The Association of Dealers pointed out that in the future, relevant work will be integrated into supporting tools and promoted as a whole. In the future, with the expansion of the scope and scale of financing support for private enterprises to issue bonds, the role of support tools will be further played, which will help boost investor confidence, especially help stabilize and expand financing for private enterprises.
1 65438+1October1day, dealers' association and real estate industry association joined hands with China Bond Promotion Company to convene Hui Jin, New Hope (13.34 -0.97%, consulting unit) Real Estate, Dexin China, Dahua Group and Renheng Real Estate. China Bond Promotion Corporation will continue to increase its support for private housing enterprises to issue bonds, and is currently promoting more than 10 housing enterprises to issue bonds, involving an amount of about 20 billion yuan. This symposium is the third time that the Dealers Association has held a symposium on private housing enterprises since August.
It is understood that since August, China Bond Promotion Corporation has promoted more than 10 credit enhancement projects for single housing enterprises, supported Xincheng Holding (14.75 0.07%, consulting stocks), Midea Real Estate, Longhu Development, Country Garden, Xuhui Group, excellence group and other private housing enterprises to issue bonds for financing of 8.368 billion yuan, and promoted private housing enterprises to issue bonds for financing of 65,438. Longhu, Midea, Xincheng, Country Garden, Xuhui Group, excellence group and other enterprises are promoting the second round of credit enhancement projects, and private housing enterprises such as Hui Jin, New Hope and Agile are also actively preparing.
10 year 10 30 the State Council financial work report pointed out that it is necessary to keep real estate financing stable and orderly, meet the demand for rigid and improved housing, support housing security, stabilize people's livelihood, and promote the establishment of a new model of real estate development.
At the end of 10, Pan, deputy governor of the central bank, went to China Debt Promotion Company to conduct a special investigation, affirmed China Debt Promotion Company's support for private housing enterprises to issue bonds, and pointed out that "it is necessary to increase support for bond financing of private housing enterprises".
Liu Shui, research director of the Enterprise Division of the Central Reference Institute, believes that from the perspective of recent policy support, the bond financing of private housing enterprises will continue to receive regulatory support, the scope and scale of bond issuers will expand, and the issuance of bonds by private enterprises will become a new starting point for industry financing.
Ding Zuyu, executive director of Shanghai Yiju Real Estate Research Institute, also believes that the policy will continue to moderately improve the financing environment of housing enterprises and increase financing support for private enterprises; Financial institutions will provide financing support for mergers and acquisitions of high-quality enterprises or projects; At the same time, it will also distinguish project risks from enterprise group risks, support high-quality project financing and mergers and acquisitions, and help the industry speed up clearing.