In August, the number of new commercial tickets overdue real estate companies doubled in the industry: solving problems must be "open source"

Reporter Li Kaixuan Li Beibei Beijing report

As a "hidden financing chain" of housing companies, business tickets have become an important channel for slowing the pressure of corporate funds because of interest -free liabilities. However, since the second half of 2021, there have been overdue business tickets in housing companies, and the net profit of upstream and downstream companies has seriously undergoing pressure.

According to data released by the Shanghai Ticketing Exchange, 910 newly overdue project companies were added in August 2022, an increase of 127%month -on -month. As of August 31, the number of real estate projects with overdue business tickets was 2801, an increase of 39.7%as of July.

However, because the business ticket was included in the supervision in June 2021, the real estate company's business ticket redemption was standardized, and the relevant enterprises of the affiliated industry clearly stated that they would not accept the business tickets for real estate companies. So, how should the industry be solved for the existing business ticket redemption problem?

The growth rate of business ticket defaults accelerates

During the rapid expansion of real estate, business tickets were effectively suffered to the cash flow of real estate companies. According to the data released by Kri Rui, at the end of 2021, the scale of the number of 67 sample real estate companies increased to 146.862 billion yuan, and the compound growth rate reached 38.05%compared to the beginning of 2016.

"Because business tickets are different from the bonds issued by the enterprise, it is not easy to publicly have a negative impact on the credit of the real estate enterprise. Therefore, when the company has a liquidity pressure, the most likely to discuss the default is the business ticket." September 22, September 22 On the day, Lin Qi (pseudonym) of a small and medium -sized building materials enterprise told the reporter of Huaxia Times.

The "Continuous Overdue List as of August 31, 2022" released by the Shanghai Ticketing Exchange shows that the number of real estate project companies with overdue phenomena of business tickets is 2801, which is 39.7%of the 2005 as of July, accounting for all business tickets, accounting for all business tickets The proportion of overdue enterprises increased by 3.13 percentage points to 67.6%month -on -month.

The data shows that the above 2801 real estate project companies that have a default of commercial tickets belong to the main body of the 279 real estate enterprise groups, which is 17.23%from 238 in July. In addition, the average number of housing enterprise project companies with overdue business tickets has a average month -on -month growth rate of 16.8%. In August, this growth rate rose to 39.7%. On the morning of September 22, Ke Rui told the reporter of Huaxia Times that this was mainly caused by the continuous fermentation of the liquidity of individual housing companies.

Affiliated industry pressure

Unlike ordinary bond financing, the business tickets in real estate companies have lived a hard life with the affiliated industry. "I remember that in 2020, I signed nearly three million contracts, but almost all of them were payment." Lin Qi told the China Times reporter.

Lin Qi said that real estate enterprises use business tickets as contracts to pay for upstream and downstream buildings or decoration and decoration companies are already basic operations in the industry. "Generally, the payment time of the real estate company's business tickets will be pulled to the maximum period, which is almost a year to pay." Lin Qi told the reporter of the Huaxia Times.

Lin Qi said that his subsidiaries inherited the project of a housing enterprise in Shandong in 2020, and the latter paid by a business ticket. In the end, the housing company had a liquidity crisis, and Lin Qi chose to take the business ticket to the secondary market for discounting. "Now the real estate company's business tickets are not easy to make, and if you want to convert into cash as soon as possible, you need to lose about 20%of the benefits. That is to say, 1 million business tickets, choose discounting, and eventually there will be about 800,000." Lin Qi is right. "Huaxia Times" reporter said.

This is still the case for small and medium -sized construction enterprises, and the pressure of receiving bills in the real estate -related industry is even greater. Taking the leading home leader Sophia as an example, in 2021, Sofia said that the company's business encountered a large customer's business acceptance bill of trade, and the company filed a special impairment loss on the customer's community. In 2021, Sofia's impairment of the assets of receivables of Evergrande Group's receivables reached 909 million yuan.

At the same time, the data released by Krier showed that in the first half of 2022, the sample companies in the three real estate related industries of Shenwan Building Decoration, Architectural Materials and Furniture Supposure filed a credit impairment loss scale of 22.44 billion yuan, an increase of 37.4%year -on -year. It can be seen that the affiliated industry is greatly affected by the default of real estate business tickets.

"Open source" is the key to breaking the situation

In June 2021, the central bank incorporated business tickets into the scope of the debt supervision of housing companies, which regulated the issue and acceptance of the business tickets of real estate enterprises to a certain extent. At the same time, the reporter of "Huaxia Times" noticed that due to the increase in business ticket defaults in housing companies, affiliated companies' acceptance of the increase in business tickets has decreased significantly.

For example, in May this year, Zhao Chi shares of LCD TVs, set -top boxes and other products clearly stated that the company's subsequent related businesses related to the real estate industry will no longer accept commercial acceptance bills as payment methods. At the same time, Lynch also said to the reporter of Huaxia Times: "Since the second half of 2021, the company's project bidding for housing companies has decreased, only accepting high -quality real estate business ticket payment, and starting to make efforts to self -operate business and retail."

So, how should real estate companies solve in response to the issue of business ticket redemption? "The industry is out of the bottom, and the sales market recovery is the key to solving problems." On September 23, the person in charge of a real estate enterprise project company in Beijing told the China Times reporter. The person in charge also stated that its project company has greatly reduced the model of business ticket payment in 2021, but continues to exert its efforts on the sales end to suffer the company's cash flow.

At the same time, repairing other financing channels is also the key to helping the industry recover. According to the data released by Ke Rui, in August 2022, the total financing of 100 typical housing companies was 32.364 billion yuan, a decrease of 41.5%month -on -month and a decrease of 60.8%year -on -year. The central enterprises, state -owned enterprises and more high -quality private housing companies. However, the reporter of "Huaxia Times" noticed that recently, good news of the financing of the real estate industry has continued. On September 21, Xuhui Group stated that the company completed the construction of the second phase of the mid -term bill bookkeeping in 2022. It is reported that the issuance scale of the bond is 1.2 billion yuan, the issuance period is 3 years, and the ticket rate is 3.22%.

Some insiders revealed to the reporter of Huaxia Times that in late August, the China Banking Market Dealers Association convened a number of private housing companies to hold a symposium to discuss how much is the support of China Debt Credit Company to support housing companies' debt financing. Home real estate companies have obtained credit increase support.

Subsequently, the reporter noticed that housing companies including Longhu Group and Country Garden, including Longhu Group and Country Garden, successively completed debt issuance of financing. The scale of bonds was between 1 billion and 1.5 billion yuan, and the ticket rate was between 3.2%and 3.33%. In addition, Xuhui Holdings has completed the construction of the bills. Since the meeting, five households have issued new bond issuance.

Editor -in -chief: Zhang Bei Editor: Zhang Yuning

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