Zhu Yiming et al.: Can AMC be the strongest assistance for housing companies to escape?

Zhongxin Jingwei June 21st Question: Can AMC become the strongest assistance for housing companies to escape risk?

Author Zhu Yiming Ke Rui Research Center Research Director

Researcher Wang Huike Rui Research Center

In order to accelerate the clearing of risks, with the policy encouragement, AMC (Asset Management Company) is accelerating the ranks of housing enterprises to resolve the danger. The main advantage of AMC is the disposal of non -performing assets and has rich experience in real estate projects. At present, the market downturn has continued, and the list of insurance companies is also extending, but housing companies have not reached expectations, and AMC has undoubtedly had high hopes.

Under the guidance of the policy, AMC participation continues to expand

Since December 2021, in order to resolve the debt risk of housing companies and accelerate the clearing of the industry, the regulatory authorities have intensively encouraged the industry to strengthen the acquisition and acquisition. Since 2022, due to the slow receiving and mergers and acquisitions of housing enterprises and the policy effects are not as expected, risk assets are still superimposed, and regulators have shifted their attention to AMC, a financial institution with more professional assets. Under the guidance of policy, China Nobunaga, China Huarong, Great Wall Assets, etc. have participated in the assistance of housing enterprises, mainly showing two major characteristics:

First, the AMC rescue camp is growing. In addition to national AMCs, AMCs in various places will also accelerate the entry. From the perspective of market actions, national AMCs, as the main force, have connected to multiple insurance housing companies through signing agreements and establishing funds. All local AMCs will also accelerate the entry. On June 7, the Zhejiang Real Estate Association reached a cooperation agreement with Zhejiang Commercial Assets to jointly initiate the establishment of a "M & A and acquisition of heavy partners (limited partnerships)" and initially established a scale of 10 billion yuan. "Special funds for mergers and acquisitions and reorganizations" will be used in the residential residential residential danger. In addition, Guangdong proposed to explore the new model of asset disposal of high -risk housing enterprises asset disposal of high -risk real estate assets management companies and local financial asset management companies in Guangdong. Henan Zhoukou will also carry out strategic cooperation with Henan Asset Management Co., Ltd. in terms of problem real estate resolution.

Second, AMC participation is deeper. In the past, AMCs mainly acquired non -performing assets such as banks and non -bank financial institutions. This time, it will directly connect to real estate companies. It is not only limited to financial intermediary services, but also has more cooperation forms and content. Earlier, Great Wall Assets reached a strategic cooperation with China Merchants Shekou and Jiazhaoye. Based on the urban renewal project of Jiazhaoye's core cities, it established a three -party cooperation platform for joint development. This "AMC+central enterprise+insurance housing enterprise" model is also recognized by the market.

AMC enrollment releases good signals

As a professional non -performing asset disposal agency, AMC enrollment obviously facilitates the active activation of the real estate industry, improvement of liquidity and debt risk. At the same time, the increase in demand for non -performing assets also brings more business opportunities to AMC. However, from the current cooperation progress, most of them stay in the agreement stage, and it is estimated that it will take some time to land to the project. The specific explanation can be explained from the following two points:

On the one hand, the main current AMC docking is the insurance -exit enterprise, and the debt claims and asset quality need to be more comprehensive and fine. At the same time, considering the security and efficiency of funds, which items are selected for cooperation and operation details, it also also has a project. You need to experience a long and complex game process.

On the other hand, market risks accumulate, and AMC's house -related business is facing challenges, so it will be more cautious. Judging from the two national listed AMC financial reports, the real estate sector business was compressed in 2021, and risk appetite declined.

In 2021, among China Cinda's acquisition and reorganization, real estate acquisitions accounted for 62.51 billion yuan, a year -on -year decrease of 29.5%, and the proportion of real estate accounted for 45.9%to 42.0%.

Among China Huarong's acquisition of non -performing non -performing debt business, the total real estate assets dropped from 188.35 billion yuan at the end of 2020 to 144.09 billion yuan, and the proportion also decreased from 51.7%to 46.3%. The financial situation deteriorated, the performance capacity decreased, and the final loss was 660 million yuan. In addition, Huarong also publicly stated that the company's stock -related housing business is still under pressure. In the short term, there are still more uncertainty in AMC's bailout housing companies.

"AMC+housing company" may become the norm in the future

Under the goal of bailout housing companies, the non -performing assets of insurance housing companies in the short -term will be the focus of AMC acquisition, but the market will still adhere to the "high -quality non -performing assets" as the first standard. It is also the first object of AMC to choose cooperation. Insurance real estate companies with poor asset quality and complex debt claims will still be passive, and this will further reflect the background of real estate companies.

In the middle and long term, efficient and high -quality development and operation of housing companies are still a good medicine for market risks and stable operations. It will not only help promote the transformation of the real estate industry to high -quality development, but also bring new growth levels to the development of AMC. AMC should distinguish from financial institutions such as trust, insurance, fund funds, and asset operations are a major breakthrough. In the era of stock, there are huge value space in the direction of urban renewal and investment properties, which provides opportunities for the two parties to deepen cooperation.

At present, with the support of policy, national AMC and local AMC are accelerating the intervention in the real estate industry, becoming another hand that accelerates risks. Especially for insurance companies, positive signals have been released.However, due to the uneven assets of insurance housing companies and the complexity of debt claims, the cooperation process is still relatively slow, and most of them stay in the agreement stage.On the whole, the effect of the "AMC+Enterprise Enterprise" model still needs to be seen further. During the exploration period, the industry must still focus on self -rescue, and use conventional means such as debt exhibitions and assets to survive the difficult period.(Zhongxin Jingwei APP)

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Editor in charge: Li Huicong

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