Real Estate Credit Debt financing has been relatively stable for three consecutive months of domestic debt financing

Reporter Wang Lixin

Under the decline of overseas bond issuance and trust financing, the proportion of ABS financing of housing companies has increased, and the issuance of credit bond issuance for three consecutive months has increased slightly. Various signs show that domestic debt financing of housing enterprises has entered a relatively stable stage This channel is basically limited.

According to the monitoring of the China Finger Research Institute, 7 months before 2022, the total amount of real estate companies (including credit bonds, overseas debt, real estate trust, asset securitization, etc.) was 570.67 billion yuan, a year -on -year decrease of 56.5%. Among them, the amount of credit bond issuance was 303.1 billion yuan, accounting for more than half; overseas bonds were 17.6 billion yuan, accounting for only 3.1%; trust financing was 77.9 billion yuan, accounting for 13.7%; ABS issuance scale was 172 billion yuan. The proportion is 30%.

"Credit bond issuance is supported by policies, and the issuance entities are mainly state -owned enterprises, central enterprises, and high -quality private enterprises. The credit level is high. Therefore, investors have a high degree of recognition, and the circulation volume has become stable in recent months." Liu Shui, the person in charge of the department, told the "Securities Daily" reporter that due to the relevant departments repeatedly emphasized "meeting the reasonable financing needs of housing enterprises" and the influence of supporting policies in various local industries, the domestic bond issuance market will not fluctuate significantly in the short term.

The domestic credit bond market turns steadily

At present, most financial institutions are still cautious about financing of housing companies, and financing channels and scale are tightening. However, under the blessing of relevant policies, the domestic credit bond market has shifted steadily.

From the perspective of bond issuance, in July, 16 real estate companies including Vanke, Poly Development, China Jinmao, and China Resources Land successfully issued credit bonds. The highest monthly issuance quota was Vanke, with a total of 6.4 billion yuan, with an average financing interest rate of 3.1%. Essence The highest credit bond interest rate in the typical real estate companies is Longhu Group, with an average interest rate of 4.1%; the lowest is the investment promotion Snake Hou, with an average interest rate of 2.1%.

"In July, the issuance of credit bonds of real estate enterprises has changed less than the previous month, with a slightly positive growth of three consecutive months." The China Finger Research Institute said that state -owned enterprises and central enterprises are still the main force. , 17 percentage points higher than the same period last year.

In addition, although five housing companies were selected as demonstration private housing companies in May, and multiple credit bonds were successfully issued before and after, no other private enterprises were actively followed up. Only Binjiang Group issued a 970 million yuan in July. Short melting bonds.

"Recently, the approval of debt issuance has also been accelerated, and the domestic debt issuance has been steadily recovered since the second quarter." Liu Shui said that the types of issuance have diversified types, including various forms such as green debt, housing rental bonds, and mergers and purchases. High -quality private enterprises.

Talking about whether the future financing environment will improve, Xiao Yunxiang, a senior analyst at the Tongmei Research Institute, told reporters of the Securities Daily that from the perspective of macroeconomic, market trends, and industry needs, there will be room for improvement in the future domestic financing environment, but it will not be the same. There is another situation of "big water drilling".

Many out -of -housing companies apply for debt exhibition period

From the perspective of the commonality of insurance real estate companies, most of them are financing defaults such as business tickets, overseas debt, and trusts, especially the chain response caused by overseas debt defaults, which has a negative impact on the overall fundamentals of the real estate industry.

According to the monitoring of the Medical Research Institute, in July, only an excellent commercial management issued an overseas debt, with a scale of 675 million yuan, compared with 33.22 billion yuan in July last year, a year -on -year decrease of 97.97%.

"With the expansion of overseas bond default housing companies, a number of large -scale real estate companies' credit rating has been lowered, which affects the fundamentals of the overall industry and has a certain impact on real estate companies with more stable credit. The channels of financing are almost completely blocked, and there are very few successful people who can break through the customs. "A person in a certain real estate company financing bar told the" Securities Daily "reporter, but it is more difficult than the new overseas debt is that the old debt paid repayment pressure to repay the pressure on the repayment of the old debt repayment. It is also very big.

Judging from the current overseas debt issuance and repayment, the exhibition period is an important strategy for real estate companies to deal with overseas debt. "A number of insurance companies applied for the exhibition period for the debt due in July, with a total exhibition period of 13.53 billion yuan, accounting for 16.6%of the monthly due." The China Finger Research Institute said that the debt repayment of private housing companies was not good, and it was lowered that it was lowered that it was lowered. Investors 'confidence in private enterprises' re -financing capabilities. In July, the amount of overseas bonds re -listed through exchanges with exchanges of housing companies reached 39.58 billion yuan, accounting for 52.9%of the agreed amount of the exchange since this year.

In addition, according to the monitoring of the China Independence Research Institute, there are still 132.9 billion yuan of overseas bonds to be repaid this year. It is expected that overseas financing will continue to extend the period of existing debt, and it is difficult to break through the amount of financing.

"The capable enterprise still should try to repay debts as possible. One is to save financing expenses; the other is to maintain their own credit level and keep overseas financing channels smoothly." Liu Shui said.

Liu Shui has further stated, but for companies that have fallen sharply this year's sales and basically blocked fundraising channels, they will face a high risk of debt repayment. Especially since 2020, some enterprises have transferred their debt burden by occupying payable and increasing external liabilities by occupying payables and increasing external debt. Although financial indicators are acceptable, hidden debt will also trigger risk events. Therefore The debt repayment pressure has increased.

If you face the predicament of overseas debt and cannot be repaid, "formulating exhibition plans, selling assets, and increasing sales efforts with creditors are several major standard strategies adopted by real estate companies." Xiao Yunxiang said, but some real estate companies also have other strategies.For example, a number of housing companies have recently actively planned debt management to create conditions for stabilizing enterprises' production and operation.On August 7, Longguang Group issued an announcement saying that the overall management of overseas debt was to deal with how to better protect buyers in the new market environment, and the balance of the interests of investors and employees, and handling the interests of all parties in the house.In the premise of comprehensive balance.At the same time, solve the pressure of repayment of overseas debt due, so that the company and management have more energy to return to operations.

As for the debt repayment pressure and risks of housing companies in the market, Xiao Yunxiang said that it does not rule out that there is a default of housing companies, which will bring uncertainty to the market.However, the phenomenon of breach of contract will decrease with the heating of the market, the release of the policy, and the improvement of the vigilance of housing companies to avoid the vigilance of risks.

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