It is reported that China Real Estate Association and China Inter-bank Market Dealers Association jointly convened 2/kloc-0 private housing enterprises, including Hui Jin, New Hope Real Estate, Dexin China, Dahua Group, Renheng Real Estate and Agile, on June 5438+0 1 to strengthen China's credit enhancement support for private housing enterprises to issue bonds.
China bond credit enhancement financing expands to small and medium-sized housing enterprises.
From the perspective of participating real estate enterprises, 2/kloc-0 private real estate enterprises such as Hui Jin, New Hope Real Estate, Dexin China, Dahua Group, Renheng Real Estate and Agile attended the meeting. Compared with the previous two meetings held by China Association of Interbank Market Dealers, the number of participating housing enterprises increased and expanded to small and medium-sized housing enterprises.
According to the contents of the meeting, next, the expansion of China Debt Credit Enhancement will include two aspects. On the one hand, continue to promote the previous eight pilot housing enterprises to carry out the second round of financing for China Bond Credit Enhancement; On the other hand, in addition to these eight housing enterprises, China Bond Credit Enhancement Financing Guarantee will be extended to more private housing enterprises.
Since August this year, the first round of financing of China Bond Credit Enhancement has supported six private housing enterprises, including Longhu Group, Xincheng Holding, Midea Real Estate, Country Garden, Xuhui Group and excellence group, to issue eight bonds with a total amount of 8.368 billion yuan.
Guan Wei, China Real Estate Association, said, "Housing enterprises generally reflect that this round of bond issuance is small in quantity, narrow in coverage and demanding. After fully understanding the demands of enterprises, I will actively suggest to the relevant departments to expand the scope of credit enhancement, and take the initiative to dock with the China Association of Interbank Market Dealers, recommend the list of enterprises to China Credit Enhancement Company, and contact relevant enterprises, which effectively contributed to this symposium. "
It is worth noting that the list of participating real estate enterprises was recommended by China Real Estate Association to China Bond Credit Enhancement, and was promoted after contacting relevant enterprises. These real estate enterprises are not limited to large leading real estate enterprises, but also include small and medium-sized real estate enterprises.
Compared with leading housing enterprises such as Country Garden and Longhu, the current financial situation of small and medium-sized housing enterprises is not optimistic. Agile, for example, has been actively selling assets to help it repay its public debt. On June 30 this year, Agile's total cash and bank deposits were 25.925 billion yuan, including cash and cash equivalents of 65.438+0.2906 billion yuan and restricted cash of 65.438+0.31900 million yuan. At the same time, Agile's total loan is 7 billion yuan/kloc-0.7 billion yuan, of which the debt to be repaid within one year is 22.593 billion yuan. In addition, Dahua Group, Dexin Group and other small and medium-sized housing enterprises are also facing the pressure of centralized debt maturity.
In this regard, Yan Yuejin, director of the Yiju Think Tank Research Center, said that some of the participating real estate enterprises are medium-sized enterprises with sound overall finances, but they should always guard against being "polluted" by debt risks. In other words, although the fundamentals of these enterprises are healthy, based on the new trend of the current bond and financing market, we must actively create a better financing environment for such housing enterprises.
The central bank supports this round of credit enhancement financing.
At present, judging from the bond issuance plan, the housing enterprises that tested the water in the first round are expected to issue the second round of credit enhancement financing as soon as possible.
10 10 18, at the investor conference call held by CICC, Longhu Group and Country Garden indicated that they would plan to reissue domestic bills fully guaranteed by China Credit Enhancement.
On October 30th, 65438/KLOC-0, at the investor meeting held by Longhu Group, Zhao Yi, CFO of Longhu Group, once again revealed that the second phase of the company's China Bond Credit Enhanced Bond was in progress.
At the same time, according to the reporter's understanding, Xuhui and Xincheng Holdings are also promoting the financing of the second round of China Bond Credit Enhancement.
In fact, the significance behind the credit enhancement and expansion of China Bond deserves more attention. Before the symposium, Pan, Vice Governor of China People's Bank, went to China for a special investigation on June 5438+1October 65438+July, and affirmed the company's support for private housing enterprises to issue bonds, and pointed out that "it is necessary to increase the support for private housing enterprises' bond financing".
China Real Estate Association also revealed: "Since the second half of last year, I will constantly report the financing difficulties of enterprises in the industry to the relevant state departments. In June this year, the main leaders of our association repeatedly called for this issue at the symposiums of several ministries and commissions, and clearly put forward the proposal of the government to increase credit for enterprises, which was highly valued by relevant parties. "
Housing enterprises meet the debt peak again in the fourth quarter.
In addition to the credit support of China Bond, private housing enterprises need to "open the gate" in financing.
According to the statistics of Central Reference Institute, as of June 365438+1October 3 1 in 2022, the outstanding bond balance of real estate enterprises was 3,007.59 billion yuan; The total amount of bonds due within one year is 955.28 billion yuan, of which the balance of credit bonds is 633.95 billion yuan and the balance of overseas bonds is 3265438+33 million yuan. At present, sales have not picked up significantly, and it is difficult for private housing enterprises to raise funds. In the coming year, housing enterprises will still face enormous debt repayment pressure.
According to the statistics of Ke Rui Asset Management, in the fourth quarter of this year, the total maturity of domestic and overseas bonds of 200 core real estate enterprises was about 654.38+0826 billion yuan, of which overseas bonds were about 63 billion yuan. In the fourth quarter of this year and the first quarter of next year, the total maturity scale of domestic and foreign bonds of 200 core real estate enterprises was close to 400 billion yuan, of which 6 real estate enterprises had a maturity scale exceeding/kloc-0.00 billion yuan, and the total maturity scale of bonds exceeded 654.38+00 billion yuan.
Under the pressure of housing enterprises' debt repayment, on June 5438+065438+1 October1day, among the leading housing enterprises, Xuhui and Greenland also announced the default and extension of bonds. According to statistics of Huachuang Securities, 95 bonds defaulted or extended in the third quarter of this year, involving the defaulting entity 5 1. Among the 14 entities that defaulted on bonds for the first time, there were 12 real estate-related enterprises, including Territorial Holdings, Xinyuan Real Estate, Tianyu Real Estate, Junfa Real Estate and Guangxi Wantong. The default bonds are mainly overseas bonds and private debt, and the small and medium-sized housing enterprises and local housing enterprises with sales below 1000 billion yuan account for a relatively high proportion.
"Although the financing policy has been moderately relaxed since 2022, the signal significance is greater than the actual pulling effect, the coverage is limited, and the scale of debt issuance is relatively small. The financing difficulties of most private housing enterprises are still outstanding. It is expected that the financing scale of housing enterprises will continue to bottom out in the fourth quarter. " Kerry research center predicts.
Beijing News reporter Xu Qian
Editor Wu Xin proofreads Lin Zhao.