Selling over 30 billion yuan in assets within 15 days is busy selling projects or shares to repay debts

Reporter Wang Lixin

According to the reporter's understanding, the dilemma of "financing+selling houses" has not been improved since the fourth quarter of last year. In addition to the realization of monetization methods such as selling projects and sale of subsidiaries, recent listed real estate companies have introduced the state -owned assets background war with equity as the target as the target. Investment in order to respond to the arrival of the second wave of debt repayment during the year.

Since June, the real estate of the real estate of 100 billion yuan is intended to introduce Henan Railway Construction as a combat investment, and then China Jinmao intends to privatize the listed company China Hongtai at the cost of HK $ 2.565 billion. Sale projects. According to incomplete statistics from the Securities Daily, within 15 days from June 1 to June 15, more than 11 housing companies announced their proposal to sell or complete the transfer of assets, involving a total of more than 30.2 billion yuan.

"At the moment, the transfer of the housing assets of the transfer of the transfer of the recipients is still cautious, and the remaining equity of the acquisition of cooperation projects is still the main person." Liu Shui, the person in charge of the research department of the enterprise and business department of the China Finger Research Institute, told the reporter of the Securities Daily that if the project de -transfers accelerates acceleration It is expected that the purchase of the acquisition of the acquisition will increase, and then, the real estate industry will increase and acquisition.

Continue "slimming" to relieve the pressure of funds

On June 13, Sunshine City announced that it was planned to transfer 6 plots in Zhejiang Yongkang to Binjiang Group. The equity transfer price was 1.498 billion yuan. Binjiang Group also needed to repay the original liabilities of the target company 3.304 billion yuan, with a total cost of 4.8 billion yuan Essence Earlier, Huaxia Happiness, Taihe Group and other real estate companies that had had debt defaults earlier also transferred assets. Of course, there are also transactions that have been adjusted by China Electric Power Construction Diveth of 4.942 billion yuan in real estate assets.

On June 14, the Ocean Group sold the Ocean Rui Center project located in the Lize Business District of Fengtai District, Beijing. The buyer was the project partner China Ping An Life Insurance Co., Ltd., with a transaction amount of 5.015 billion yuan.

Regarding the purpose of transferring assets or introduction of war investment, according to the "Securities Daily" observation, the first is to repay the debt of the assets. Some of the real estate companies have clearly stated that the sale of assets to debt or used to relieve liquidity pressure; the second is that in the industry downturn, they diverse real estate assets and integrate the company's resource adjustment business structure; Essence

Generally speaking, for Fang real estate companies, the main purpose of realizing assets is mostly to alleviate short -term liquidity difficulties and avoid debt defaults. In view of this, some housing companies with ample cash flow have taken the opportunity to make up low -cost and high -quality projects. At the same time, insurance capital entry to the market to allocate first -tier cities' commercial core assets to seek stable investment income.

As for the relatively accelerated process of receiving and mergers in the real estate industry, there have been reasons for the emergence of the receipt. Guan Rongxue, an analyst of the Zhuge Housing Data Research Center, told the reporter of the Securities Daily that there are still many high -quality projects with high potential value in the market. The city's city and recent policy warm wind blowing influence, housing companies or institutions with sufficient funds may wait for the opportunity.

There are still difficulty in mergers and acquisitions, you need to break through

Although the phenomenon of selling assets in housing companies has increased since June, it is still difficult to say that the merger and acquisition market is still high.

According to data from the Cori Research Center, in the first five months of this year, the housing enterprises received only more than 20 centers, and the total acquisition amount was less than 50 billion yuan. In other words, there are many assets on the shelves, but the completed transactions and the proposed transactions are relatively small, which is enough to see that the real estate market has become increasingly rational.

"It will not easily receive mergers and acquisitions. On the one hand, there is a good opportunity for the land market; the second is that some large projects, the relationship between equity and debt is complicated, and if the dedication is not sufficient, it may cause follow -up risks. More cash to acquire may lead to increased financial risks. "A person in the investment and expansion department of a real estate enterprise told reporters that relatively speaking, central enterprises, state -owned enterprises and high -credit private real estate companies may start some high -quality projects while the window period.

"The real estate market is more complicated, and there are still many difficult points in the acquisition of mergers and acquisitions to break through." Liu Shui bluntly said to the "Securities Daily" reporter. One is that the transferee companies have more wait -and -see attitudes. The current market is still in the downward cycle. The project may be more difficult to go; the second is that insurance companies are unwilling to sell the core high -quality assets prematurely; the third is that compared with the acquisition project, the land obtained by the bidding and the hanging is easier to operate from the perspective of business and operation. That is, housing companies are also more inclined to pick up land directly.

Liu Shui further said that from the perspective of insurance enterprises, if the project is eager to sell the project, on the one hand, the assets may be pressed, the recovery funds are not as expected, and the valuation of the inventory in the hand will be affected; on the other hand The quality of assets is not high, which is not conducive to maintaining later operations. Although the current financial risks are alleviated, new operating risks have been added in the long run.

However, it is worth looking forward to that since the end of 2021, the regulatory layer densely supports the reasonable mergers and acquisitions and reorganization financing needs of housing companies, and encourages financial institutions to steadily and orderly conduct mergers and acquisitions loans. According to the incomplete statistics of the Kerry Research Center, as of the end of May, the total amount of M & A financing of housing companies this year was about 211.9 billion yuan, of which the amount of mergers and acquisitions granted by real estate companies received a total of about 196 billion yuan.

"I hope that the market confidence can be repaired as soon as possible. In this way, in addition to the sales repayment, the insurance real estate companies can also find buyers as soon as possible, and then rely on assets to realize debt repayment and maintain daily operations." Market mergers and acquisitions may increase.

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