According to China Association of Interbank Market Dealers (165438+1October 22nd), Vanke has indicated that it intends to register and issue 28 billion yuan of shelves, which will be formally submitted after the resolution of the internal shareholders' meeting is fulfilled. At the same time, Gemdale also submitted an application for registration and issuance of 654.38+05 billion yuan.
According to the Dealers Association, this is the first time that a mixed-ownership real estate enterprise has put forward the intention to register and issue on the shelves after three private enterprises, including Longhu Group. It went on to say that this shows that the recent "second arrow" policy framework, credit enhancement and bond issuance, and shelf registration and issuance "have been widely recognized by the market".
All this began with the relevant departments strengthening their support for private enterprises, including real estate enterprises, to issue bonds for financing.
Dealers Association165438+1October 8th clearly stated that it will continue to promote and expand the bond financing support tool for private enterprises (the "second arrow"), which is expected to support about 250 billion yuan of private enterprise bond financing, and can be further expanded according to the situation. 165438+1October 9, China Bond Express issued the Notice on Receiving Credit Enhancement Business Materials of Private Enterprise Bond Financing Support Tools.
The "second arrow" is a part of the "three arrows" policy combination adopted by the central bank and relevant departments in 20 18 to support private enterprises to expand financing. Among them, the "second arrow" is funded by the central bank's refinancing, which provides financing support to private enterprises through guarantee and credit enhancement, creation of credit risk mitigation certificate (CRMW) and direct purchase of bonds.
This year, the "second arrow" was launched and expanded, and the relevant departments have gone through eight months from the pilot to the landing.
In March, the "Government Work Report" proposed to improve the financing support mechanism for private enterprises; In May this year, China Bond Company launched Credit Default Swaps (CDS) and Credit Risk Mitigation Certificates in the Exchange and Dealers Association respectively. Since August, the Dealers Association has organized private housing enterprises to hold two symposiums to promote the pilot issue of bonds supported by China Bond Credit Enhancement Guarantee.
This shows that the structural monetary policy is cautious and gradual in regulating the liquidity of the real estate market.
In fact, before the expansion of the "second arrow", whether it is the credit risk mitigation certificate or the issuance of debt guarantee, the beneficiary enterprises are only concentrated in several private enterprises such as Longhu, Midea Real Estate, Xincheng Holding, Xuhui, Country Garden and Zhuo Yue, and most other housing enterprises have no chance.
According to TF Securities's statistics, since the beginning of this year, China Merchants Bank, Minsheng Bank, China Debt Increase and other institutions have issued seven private housing security tools, corresponding to seven buyers including 22 US MTN002, and * * * 6 billion yuan of winning tickets or corporate bonds; From August to June, 5438+ 10, the first batch of bonds issued by China Bond with additional insurance was only 6.8 billion yuan.
In view of the above phenomenon, TF Securities analyzed that China Bond needs to provide sufficient counter-guarantee while providing guarantee, but it may be difficult to provide sufficient counter-guarantee for the currently precarious private housing enterprises. At the same time, providing sufficient counter-collateral means that the actual policy support is weakened.
A real estate market person explained another reason to Viewpoint New Media: when the first batch of pilot projects of increasing debt in China started, even if real estate enterprises could provide collateral, the amount of bonds issued was not much, which limited the improvement of the liquidity of the main body, causing some qualified enterprises to flinch.
For example, Chongqing Longhu Enterprise Development Co., Ltd. issued 22 issues of Longhu Development MTN00 1 on August 25th, claiming to be "the first single full guarantee bond for private housing enterprises", but the scale was only 65,438.05 billion yuan. In the same period, the enterprises listed in the first batch of pilot projects to increase debt, including Jindi and Ocean Shipping, did not carry out financing in the end.
At the end of 10, Gemdale explained to investors that the first reason for not using China Bond financing tools was that the company was an excellent mixed-reform enterprise. Second, from the current point of view, there are some charges related to debt increase in use, and the guarantee ratio is also controversial.
In sharp contrast, since the Dealers Association165438+1October 8 announced that the "Second Arrow" continued to expand, Longhu quickly became the first private enterprise to obtain the registration and distribution of storage racks on June 65438+1October/0/0, and was approved five days later. As of165438+1October16th, the company has applied for issuing the first-phase lottery ticket with a registered amount of 20 billion yuan.
The same is true of Midea Real Estate and Xincheng Holdings. After each of the two private enterprises submitted an application of 654.38+0.5 billion yuan for the registration and issuance quota of shelf type, they also carried out the first lottery financing in 654.38+065.438+06 and 654.38+065.438+07 respectively, involving an amount of 3 billion yuan.
Ping An Securities pointed out in the research report that the "second arrow" policy in this round is expected to be stronger, with the support target of 250 billion yuan, and the 20 18-20 19 year is only16 billion yuan (only 50 billion yuan will be supported eventually). The report also pointed out that this round of credit enhancement was mainly carried out through guarantee rather than credit risk mitigation certificate, and also supported private enterprise bonds through direct purchase, so the intensity was significantly higher than the previous round.
Under this trend, especially considering the background that the liquidity of the real estate industry is still tight, it is also a decision that Vanke and Gemdale formally participate in the shelf registration and issuance, which is in line with the law of enterprise development.
According to the new media, Vanke's intention of 28 billion yuan this time has set a record for the expansion of the current "second arrow", which is part of its application to the shareholders' meeting for an additional financing line of 30 billion yuan in 20021(most of which have been used) and the proposed additional financing line of 50 billion yuan in1this year.
People in the real estate market told Viewpoint New Media that Gemdale's participation in issuing bonds may be attracted by greater policy support. At the same time, the growth rate of credit service fees of private housing enterprises decreased by about half to 0.8%/ year, which also eliminated the concerns of enterprises about related expenses to some extent.
As for Vanke, this person believes that shelf-type registration and issuance can provide credit enhancement services, and there is no need to choose China Bond, so Vanke may not use this tool.
A week ago, Huang Min, executive vice mayor of Shenzhen, said that Vanke is an important member of Shenzhen's state-owned capital system, and the municipal government supports Vanke's long-term, stable and healthy development.
"The Second Arrow" is one of the policies to stabilize the real estate structural currency since June 1 1. In addition, policies such as Finance 16 and replacing pre-sale supervision funds with letters of guarantee are also being implemented continuously. On June165438+1October 2 1 day, the central bank and the China Banking Regulatory Commission continued to emphasize at the forum that we should make good use of the "second arrow" to support private housing enterprises to issue bonds for financing, so that the industry began to see the dawn of marginal easing of the financing environment.
However, most of the above policies are aimed at quality housing enterprises. Even enterprises selected by institutions such as China Debt Increase Profit are basically financially healthy and face short-term difficulties. In fact, it is of little significance to support defaulting housing enterprises to further issue bonds.
Even so, enterprises can grasp more vitality by obtaining the guarantee of China's debt increase.
Up to now, the Dealers Association has disclosed that the registered allocation quota of five real estate enterprises, including Vanke and Gemdale, has reached 93 billion yuan, with an average registration of 65.438+08.6 billion yuan per suite enterprise. If there is no subsequent expansion, the remaining quota of the "second arrow" will be contested by other housing enterprises, including Xuhui, Country Garden, Zhongnan Construction, Dexin, Agile and New Hope Real Estate. The longer we wait, the more urgent the situation becomes.
Just like in the movie "Ashes of Time", Ouyang Feng persuaded young Hong Qi: "Think about it, but hurry, you know, you will be hungry again soon."