The insiders believe that the stable and healthy development of the real estate market is related to the stability of the financial market and the overall development of the economy and society. Recently, from the "first arrow" bank credit support to the "second arrow" bond financing assistance, and then to the "third arrow" equity financing restart, the three-dimensional financial support "combination boxing" will accelerate the release of industry risks, promote the transformation and development of the industry, and stabilize the real estate market faster, thus better stabilizing the economic market.
Prevent and resolve risks.
Real estate is not only the "ballast stone" of the national economy, but also a potential "grey rhinoceros". Experts in the industry explained that due to the long chain of real estate, large financing scale, close contact with finance and wide coverage, its financial risks are easy to spread. One of the important significance of the introduction of five equity financing support measures is to improve the equity financing of housing enterprises and resolve the risks in the real estate sector.
Among the five measures, "two restorations" —— "Restoring the merger, reorganization and supporting financing of listed companies involved in housing" and "Restoring the refinancing of listed real estate companies and listed companies involved in housing" are particularly concerned.
Tian, dean of the Institute of Financial Development of Nankai University, analyzed that while the CSRC resumed mergers and acquisitions, supported financing and refinancing, it was clear that the raised funds could be used to supplement the working capital of enterprises and repay debts, which was conducive to improving the cash flow of housing enterprises, alleviating liquidity tension and preventing the spread and escalation of real estate risks.
"Private housing enterprises with tight capital chains have ushered in a' breathing period'." Han Yizhiku's report believes that it is clear that the funds raised by the regulatory authorities can be used not only to "protect the property", but also to supplement liquidity and repay debts, which will help the real estate risk gradually shift from spreading to convergence and slow release.
In the eyes of the industry, adjusting and improving the overseas listing policy of real estate enterprises will also play a positive role in alleviating the liquidity dilemma of real estate enterprises and resolving industry risks. Liu Shui, research director of the Enterprise Department of the Central Reference Institute, said that resuming the refinancing of H-share listed companies with real estate as their main business and supporting real estate enterprises to make better use of overseas market resources will help real estate enterprises to carry out multi-channel financing, take various measures to alleviate short-term liquidity tension and avoid the expansion of industry and personal risks.
"The CSRC has introduced five measures to support real estate equity financing, which is of great significance to the whole industry. I believe that the increase in various types of financing support, including equity financing, will effectively promote housing enterprises to solve capital problems, speed up clearing risks, give the industry a key' breathing' opportunity, and accumulate energy to get out of the predicament. " Jaco, dean of the branch of Anjuke Real Estate Research Institute, said.
Revitalize existing assets
In addition to preventing and resolving risks, promoting the real estate market to revitalize the stock is also regarded as a major attraction of this equity financing support measure. According to industry insiders, further exerting the role of REITs in revitalizing the stock assets of real estate enterprises can not only improve the balance sheet of real estate enterprises, but also help promote the transformation and development of the industry and promote the coordinated development of real estate and the real economy.
Li, chief researcher of Guangdong Housing Policy Research Center, believes that encouraging high-quality housing enterprises to issue infrastructure REITs based on qualified assets such as warehousing, logistics and industrial parks will not only help housing enterprises recover their investment earlier, but also play a role in encouraging and guiding the transformation of real estate developers to a certain extent.
"The issuance of REITs can realize the closed loop of project development and exit without increasing debt, and promote the formation of a new model of" development, operation and revitalization "for the sustainable development of the real estate industry." Tian believes that it is both feasible and necessary to revitalize real estate stock assets and explore new paths for real estate development by developing REITs market and real estate private equity investment funds.
Li believes that promoting the normal issuance of REITs in affordable housing and striving to build a "affordable housing sector" in the REITs market may mean policy innovation and optimization in the terms of REITs issuance. Tian believes that the future rental REITs market construction will be the key area of capital market reform and development.
In terms of revitalizing existing assets, the CSRC proposed to actively play the role of private equity investment funds. Zhu Jin, chief analyst of the real estate industry of CITIC Jiantou Securities, said that this policy can introduce new funds for residential and commercial real estate, revitalize the operating real estate stock of housing enterprises, and be conducive to the healthy development of the industry.
Support the healthy development of the industry
From the viewpoint of the industry, the introduction of a series of equity financing support policies will effectively improve the real estate financing environment, enhance the quality of industry development and support the stable and healthy development of the real estate market.
On the one hand, the support for housing enterprises continues to increase, and the financing environment may usher in a major change. Jaco analyzed that with the increase of policy support, the cash flow pressure of housing enterprises will be further eased, and the real estate market will resume stable and healthy development. Zhang Yu, chief analyst of real estate and space service industry of CICC Research Department, believes that with the recovery of operating cash flow, the improvement of debt cash flow from financing and the supplement of equity cash flow from financing, real estate enterprises, especially high-quality real estate enterprises, are expected to improve their balance sheets and enter a virtuous circle of risk mitigation and sustainable development.
On the other hand, after the implementation of this round of policies, the real estate industry will accelerate the survival of the fittest and improve the quality of industry development. Tian pointed out that after the resumption of real estate mergers and acquisitions, some enterprises with financial difficulties with acceptable asset quality may become potential targets for mergers and acquisitions, while those small housing enterprises with insolvency and chaotic management will be accelerated.
Promoting the stable and healthy development of the real estate market is not only the expectation of the real estate industry itself and the upstream and downstream industrial chains, but also the requirement of stabilizing the overall economic and financial situation. Zhang Yu said that in the short term, after the series of policies "combination boxing" is played, it will help to reverse the excessive downside risks in the real estate market and stabilize the supporting role of the real estate industry in the macroeconomic market; In the medium and long term, it is conducive to building a multi-level real estate financing system and promoting the real estate industry and enterprises to form a new development model. (End)