In August, the real estate enterprise has issued an intended to issue a midterm of over 12.4 billion yuan, and the financing environment is expected to improve

The peak of debt repayment in August has arrived, and the pressure of superimposed interest repayment, construction insurance, and other pressures. Recently, a number of housing or local urban investment companies intensively issued plans to issue mid -term bills.

According to incomplete statistics from reporters, from August 1st to August 21st, real estate companies have issued or issued more than 13 mid -term bills, with a total scale of more than 12.4 billion yuan.

"From the perspective of the issuance, it is still the main enterprise, central enterprise and local urban investment companies, but the demonstration private housing enterprises have recently revealed the debt issuance plan, and even some small -scale housing companies have appeared. There are more than 500 million yuan to 3 billion yuan, with moderate scale and strong operability. "Many people in the industry told reporters that from the perspective of distribution, there are two main types. Interest, etc.; The second is mainly used for project construction.

Many housing companies are preparing to issue mid -term bills

Since the end of last year, supervision has mentioned several times to encourage enterprises to meet the needs of reasonable financing through bond issuance. Since then, whether it is mergers and acquisitions or credit protection tools, it has received positive response and implemented. Among them, mid -term bills have the characteristics of large circulation and long term. It is an important debt financing instrument issued by housing companies in the interbank bond market.

According to the statistics of the China Finger Research Institute, in the first seven months of this year, a total of 117.73 billion yuan in housing enterprises issued a total of 117.73 billion yuan, accounting for 38.8%of the total issuance; the average issuance period was 3.9 years, which was higher than the average distribution period of 0.3 years. Since August, many housing companies have also completed the issuance of mid -term bills. At the same time, many housing companies are preparing to issue medium -term bill financing in communication with relevant institutions.

On August 18, China Railway Construction issued a 800 million yuan medium -term bill of raising instructions; on the same day, Wuhan City Construction Group intends to issue a medium -term bill of 1 billion yuan. On August 17, Binjiang Group intends to issue a 940 million yuan medium -term bill; on the same day, Beichen Industrial issued a mid -term bill of subscription in the upper limit of the issuance scale of 1.43 billion yuan. On August 16, there is news at the market level that Longhu Group will issue a medium -term bill of no more than 1.5 billion yuan in August. In response to this, Longhu Group told reporters that everything is subject to announcement.

It is worth noting that on August 16th, it is reported that some supervision departments have instructed that China Bond Credit Investment Co., Ltd. (hereinafter referred to as "CITIC Credit Promotion Company") to carry out interim bills issued by real estate enterprises. The revocation of the joint responsibility guarantee "involves six demonstration private housing companies including Xuhui Holdings, Country Garden, Longhu Group, and Xincheng Holdings.

On August 17, the reporter verified them with these six housing companies. From the information of the feedback, the news is true. Relevant companies are paying attention to and trying to do some preparations. Including the above -mentioned Longhu Group's plan to issue mid -term bills in August issued in August, It is also issued by China Debt Credit Promotion Company.

In fact, in May of this year, the regulators used many real estate companies such as Country Garden and Longhu Group as a pilot real estate enterprise for demonstration debt issuance, and relevant companies would provide credit protection tools for their debt issuance. The real estate enterprise successfully completed the bond issuance. At that time, Xintong Holdings successfully issued a 1 billion yuan medium -term bill with the help of China Debt Credit Raise Company.

In this regard, on the afternoon of August 18, Mo Bin, president of Country Garden Group, said at the investor conference that under the situation of China Bond Credit Promotion, the company was promoting the issuance of mid -term bills and a greater probability of issuance.

"Under the full guarantee of China Debt Credit Promotion Company, the scale of the issuance of medium -term bills is expected to be between 1 billion and 3 billion yuan." The main difficulty of issuing mid -term bills is credit rating and risk premium. This time, China Bond Credit Promoting Company provides high -level guarantees for housing companies. It can be described as supporting credit increase support. It is expected that related housing companies to issue mid -term bonds are easier than before.

The financing capabilities will further differentiate

"With the guarantee of China debt credit enhancement company guarantee, it will accelerate the pace of financing of housing enterprises. However, if there is a liquidity risk of debt -issuing real estate companies in the future, the principal and interest of the bond cannot be paid. , China Debt Credit Promoting Company must pay unconditionally to pay debts for housing companies, so all parties are more cautious. "Relevant persons in real estate companies revealed to reporters that, in view of this, the investment end is very cautious. Fortunately, there are relevant policies support, and some high -quality housing companies are promoting relevant debt issuance in an orderly manner.

"From the perspective of institutional investors, the current industry is still in a low period. The peak of debt repayment in June and July has led to an increase in the number of real estate companies that trigger debt defaults. Therefore, the market is still cautious about the industry's risks." Liu Shui, the person in charge of the department, told a reporter from the Securities Daily that from the perspective of the housing company, the liquidity brought by the sales repayment of sales in the first seven months of this year has decreased significantly, and financial security has become one of the primary tasks. At this time Best debt needs to be considered carefully.

However, in Liu Shui's opinion, the state -owned institutions with high -level guarantees provide sufficient guarantee for the rights and interests of creditors, which will greatly reduce investment risks. The guarantee agency has made a comprehensive assessment of the enterprise before issuing bonds, which will help housing companies that are stable in finance to be excavated and identified, especially some high -quality private enterprises and small and medium -sized high -quality private enterprises that have been difficult to recognize before will re -get financing opportunities. Therefore, under this credit increase measures, the road issuance of private housing companies will be flat.

According to the statistics of the China Finger Research Institute, in the first seven months of this year, state -owned enterprises and central enterprises are still the main force of issuing mid -term bill financing, with a proportion of issuance of 87.8%, which is higher than 17 percentage points in the same period last year. Since May, a number of private housing companies have been selected as demonstration housing companies, and then successfully issued multiple credit bonds. From the direction of policy support, housing companies are expected to follow up. Talking about the next debt issuance plan, on the afternoon of August 18th, at the 2022 mid -term performance briefing meeting, Lin Zhaoyuan, chairman and executive director of Yuexiu Real Estate, told reporters that from the current point of view, Yuexiu Real Estate is based on the timetable of the debt due to due debts. It is normal for the bond issuance plan to issue debt issuance plans, and there are some remaining quotas.

"For real estate companies with a stable financial status and good qualifications, the financing channels for issuing medium -term bonds are further expanded, but for real estate companies with high leverage ratio or high debt pressure, financing difficulties are still very difficult Large, the company may still need to rescue self -rescue through asset transfer and debt restructuring. "Guan Rongxue, an analyst of Zhuge Housing Data Research Center, told reporters that with the support of the policy of rational financing of housing enterprises It is better than the first half of the year, but this does not mean the comprehensive recovery of private housing companies' financing. On the whole, the financing capabilities of housing companies will be further differentiated.

Responsible editor: Tao Jiyan | Review: Li Zhen | Director: Wan Junwei

- END -