On August 16, sources in the capital market revealed that the financial regulatory authorities planned to introduce new measures to ease the liquidity pressure of housing enterprises, and the state-owned credit enhancement institution, China Credit Enhancement Investment Corporation, would provide more effective "irrevocable guarantee in full" to help private housing enterprises issue bonds. Some bond issuance is expected to be completed before the deadline for the release of interim results of housing enterprises at the end of this month.
The list of demonstration housing enterprises includes Longhu Group, Xuhui Holdings, Country Garden and Jindi. "The regulatory plan gives active support and is currently communicating new financing plans." A related person from Longhu Group told the reporter. People close to Country Garden also revealed that they are maintaining close communication with the regulatory authorities.
Affected by this good news, on August 16, the shares of domestic housing enterprises collectively rose by 5.5%. Among them, the share price of Longhu Group once soared 18%, sweeping away the nearly 20% decline in August 10 caused by UBS's downgrade.
"China Bond Credit Enhancement Investment Company is not an ordinary state-owned enterprise or central enterprise, but a professional credit enhancement company, so the company provides credit enhancement, which shows that the support is very strong." Bai Wenxi, chief economist of IPG China, said this.
According to the data, China Bond Credit Promotion Investment Company was established in 2009. Six companies, including Beijing State-owned Capital, Bank of China Investment, Shougang Group, Sinochem Group, PetroChina and State Grid, each hold 16.5%, and China Association of Interbank Dealers holds 1%. It is the first professional bond credit enhancement institution in China, which mainly solves the market demand of low-credit issuers, especially small and medium-sized enterprises.
This is another policy that the regulatory authorities provide support for the financing of demonstration housing enterprises after the establishment of the credit protection contract for private housing enterprises in May.
On the evening of April 1 1, the CSRC, SASAC and the All-China Federation of Industry and Commerce issued the Notice on Further Supporting the Healthy Development of Listed Companies, clearly proposing to support the transformation of housing enterprises and the financing of private housing enterprises.
Subsequently, under the guidance of the CSRC, the Shanghai and Shenzhen Stock Exchanges held a "symposium on credit protection tools to support private enterprise bond financing". People from the Bond Department of the CSRC pointed out at the meeting that the CSRC actively supports all parties in the market to play the role of credit protection tools in the process of supporting private enterprises' financing, to play the role of market-oriented credit enhancement, and to encourage market institutions and policy institutions to provide credit enhancement support for private enterprises' bond financing by creating credit protection tools, and to launch combined credit protection contract business as soon as possible. Facilitate the repurchase financing mechanism and appropriately relax the entry threshold for private enterprise bond repurchase pledge library with credit protection.
On May 16, the market news reported that three private housing enterprises, Country Garden, Longhu Group and Midea Real Estate, were selected as "demonstration housing enterprises" and will issue RMB bonds one after another in the week. The founders will also issue credit protection tools, including credit default swaps (CDS) or credit risk mitigation certificates (CRMW), to help private real estate enterprises enhance the financing function of the open market.
"The biggest difference between this time and the policy in May is that the regulatory authorities not only provide credit protection and upgrading to demonstration housing enterprises, but also personally purchase bonds issued by these demonstration housing enterprises, provide liquidity support to housing enterprises in stages, and lead market institutions to buy these bonds." Li, chief researcher of the Housing Policy Research Center of Guangdong Urban and Rural Planning Institute, said.
According to the latest data from the National Bureau of Statistics, from June 5438 to July, the funds of housing enterprises reached 8.88 trillion yuan, down 25.4% year-on-year. Among them, domestic loans 1. 1 trillion yuan, down 28.4%; Foreign capital utilization was 5.3 billion yuan, up by 20.7%; Self-raised funds were 31500 million yuan, down by11.4%; Deposits and accounts received in advance were 2.86 trillion yuan, down by 37.1%; Personal mortgage loan 1.42 trillion yuan, down by 25.2%.
Whether it is bank loans, self-raised funds, or other funds mainly based on mortgages and deposits, the growth rate in July declined in an all-round way, and the decline continued to expand compared with that in June, which reflected the further concern of financial institutions about the risks of developers, and the financing channels of housing enterprises were seriously blocked.
Li believes that the market is now worried about the risks of private housing enterprises, such as the "short selling" of high-quality blue-chip leaders. Therefore, this policy issued by the regulatory authorities is credible and is conducive to alleviating the financing difficulties of private enterprises. Now the market pessimism has reached an extreme state, the financial market is out of order, and the government is urgently needed to play a role. It is expected that the financing situation of housing enterprises will bottom out and improve in the future.
For housing enterprises, there is also some good news, that is, the central bank "cut interest rates" again.
On August 15, the central bank launched a medium-term loan facility (MLF) operation of 400 billion yuan 1 year (including the continuation of MLF due on August 16) and a 7-day reverse repurchase operation of 2 billion yuan. The winning interest rates were 2.75% and 2% respectively, both decreased by 10 basis point.
In the second quarter, the central bank's monetary policy implementation report was clear, and it continued to guide the downward trend of market interest rates through policy interest rates. The purpose of 1 year MLF operation and 7-day reverse repurchase interest rate reduction is to guide the downward trend of market interest rates, which reflects the urgent need for strengthening countercyclical adjustment due to the current slowdown in economic recovery.
According to central bank data, in July, RMB loans increased by 679 billion yuan, a year-on-year decrease of 404.2 billion yuan; The scale of social financing increased by 75.61billion yuan, which was 3 19 1 billion yuan less than the same period last year.
Dong Ximiao, chief researcher of Zhilian Finance, said that the decline of the two interest rates, on the one hand, conveyed a positive signal of supporting the real economy and steady growth; On the one hand, it will directly promote banks to reduce financing costs and better stimulate the investment needs of enterprises and the consumption needs of residents.
The upward or downward adjustment of MLF interest rate will generally be transmitted to the best lending rate (LPR) interest rate, and ultimately affect the loan interest rate, so there is room for further adjustment of mortgage interest rate.
Guo Xin Securities Research Report holds that it is the common interest of the government, enterprises and residents to return to the normal track of real estate, and there is no need to worry more about real estate sales than about the overall economy. Recently, a number of real estate rescue measures have been introduced, and the supervision of pre-sale funds has been strengthened in many places, all of which are consolidating the confidence of "capital preservation" and raising the "lower limit" of real estate stock bonds. On this basis, we expect more powerful policy effects on the demand side. At present, housing enterprises with stable operation and excellent quality will get out of the industry trough faster.