The three red lines have not yet been loosened, the developer: "Water" has not yet come here

"China Economic Weekly" reporter Li Yonghua | Hunan Report

"I bought a wealth management product of 100,000 yuan in Evergrande, and I paid another 8,000 this month, and I returned half of it." Mr. Yu, an investor in Changsha, Hunan, said that he had received 5 months of repayment. 40,000 yuan. The plan he chose is 8,000 yuan per month. If everything goes smoothly, he can recover the principal in an all -round way by the end of this year. As for the previous agreed high interest, it is no longer in the scope of its consideration.

Mr. Yu is more fortunate. However, he also said that many friends with an investment amount of more than 1 million yuan are still worried. What they expect is that Evergrande's cash flow can return to blood, and they can return to their own as soon as possible.

In addition to Evergrande, real estate financial products such as Sunshine City, Baoneng Group, Hongkun Group, and Hongkun Group are also in risk exposure. Many investors expect these companies to return blood, and they can return to their own.

Regardless of whether they are selling assets or financing, housing companies with huge funding pressure to get more ways to get money in order to survive.

Photography: "China Economic Weekly" Chief Photography Reporter Xiao Yan

Three red lines are not loose, banks are cautious

On the evening of June 20, China Evergrande announced that the company is actively promoting the reorganization work, and the company is expected to announce the preliminary reorganization plan by the end of July. At the same time, Jiakai City (000918.SZ) announced that the Guangzhou Kelon of Evergrande was sold to sell 2.11%of Jiakai City shares, with a total consideration of 77.9 million yuan.

This is the latest action of Evergrande's sale of assets. Since its thunderbolt, Evergrande has found buyers across the country, selling the equity of listed companies that holds, but also selling real estate development projects at hand. On May 26, China Evergrande's 1.347 billion yuan shot the rights and interests of the Light project of Ningbo City, of which about 294 million yuan were used for Evergrande's project and its other project projects in Ningbo.

It is one of the main ways for Evergrande's self -rescue to debt project funds. A commercial bank's deputy governor of Hunan Branch in charge of credit revealed that Evergrande's assets in Hunan are actually good, and they are not assets. However, the key to recover is that Evergrande can restore financing capabilities, banks are willing to loan, and project sales can be repaid.

This is difficult. A real estate research institution researcher said that at present, there are many real estate rescue policies launched by local governments across the country, and the capital surface is gradually relaxed. However, the three red lines are not loose. It will be very cautious.

In August 2020, the Central Bank and the Banking Regulatory Commission launched the "three red lines and four -grade management" methods for real estate companies. According to different financial indicators, the housing enterprises were divided into four gear "red orange, yellow and green". The "three red lines" include: the asset -liability ratio of housing enterprises after removal of pre -collection shall not be greater than 70%; the net debt ratio of housing companies must not be greater than 100%; the short -term debt ratio of the cash debt of housing companies is less than 1. The scale of "red file" housing companies must not increase the interest liabilities, and the annual growth rate of "orange files", "yellow" and "green files" and "green files" shall not exceed 5%, 10%, and 15%, respectively. This policy was fully implemented in 2021.

Since then, the reduction of leverage has become one of the goals for all housing companies from red to green. Judging from the 2021 annual report of various listed real estate companies, companies still staying above the red and yellow lines, such as Jianye Real Estate, Zhengrong Real Estate, Greenland Holdings, etc. There are always various negative news.

Jianye Real Estate was the largest real estate company in Henan. On June 1, Jianye Real Estate (0832.HK) announced that Chairman Hu Yisen transferred 29.01%of Jianye Real Estate to Henan state -owned enterprises. In addition, there is a convertible bond transaction setting. If the debt -to -equity is triggered, Henan state -owned enterprises will become the largest shareholder of Jianye Real Estate.

State -owned enterprises' receiving control is a big move to save Jianye Real Estate, and it can also stabilize the market's confidence. At present, at the real estate sales site of enterprises and state -owned enterprises, when the real estate consultant promotes project, it is necessary to emphasize the credit endorsement of its state -owned enterprises and state -owned enterprises.

However, for Lin An, who has already received a real estate project in Changsha, Greenland, the "state -owned enterprise" halo of Greenland is not so dazzling. He said that there was no way. Greenland had been dragged for a long time and took the house. Anyway, it could be realized in the future.

Many owners of the Greenland Changsha Intercity Station are even more anxious. Part of the project has been handed over in the first phase of the project, and some are waiting for the resumption of work. However, some owners say that green space is a state -owned enterprise, and the problem of funds should be resolved.

According to the financial report of Greenland Holdings, its largest largest shareholder is Shanghai Greenland Investment. It is a shareholding platform for Zhang Yuliang, the chairman of Greenland Holdings, holding 27.31%. Shanghai Real Estate Group and Shanghai Urban Investment Group, a subsidiary of the Shanghai State SASAC, held a total of 46.37%of the green space. Nevertheless, the two Shanghai state -owned enterprises are not unanimously acting. At present, Greenland Holdings is a mixed -owner company without actual controller.

As of the end of the first quarter of this year, the monetary funds held by Greenland were 65.68 billion yuan, and the short -term debt to be repaid was 93.02 billion yuan.

At the end of May, Greenland Group had a bond exhibition period with 500 million US dollars and 6.75%of the bonds on June 25, 2022. It was said that due to the epidemic and sales, the company's cash flow had problems. 3 years of sale of 200 billion yuan assets, 50 billion to 70 billion yuan per year, including self -owned commercial, office buildings and hotels.

"Green file" enterprises also have pressure, and the pressure of short -term debt repayment in housing companies

In the "green stall" housing enterprises, in addition to the development of central enterprises such as Poly Development, China Strait, China Resources Land, Longhu Group is undoubtedly a leader and is regarded as a financially stable private enterprise benchmark. In 2021, the net liability ratio of Longhu Group was 46.7%, and the asset -liability ratio after the pre -collection was excluded was 67.4%. The cash short debt ratio ratio of the pre -sale supervision and limited funds was 3.88 times. Nevertheless, the call section of the mayor of the Changsha City Government's official website and the people of the local media red nets are reflected in a project waiting for a project to resume a project. However, there are also owners of Longhu saying that fortunately it is Longhu, and the house they bought can be delivered smoothly.

According to public reports, in May of this year, Three List -headed private real estate companies in Country Garden, Longhu Group, and Midea were selected as demonstration housing companies, and successively issued RMB bonds.

The Economic Daily reported that the financing session of the housing enterprise and the financial sector actively promoted the reasonable issuance of real estate development loans by commercial banks, focusing on supporting high -quality real estate companies through mergers and acquisitions of loans and issuing bonds to purchase insurance and difficult real estate enterprises in difficult real estate enterprises. Since 2022, 70 real estate companies have issued 147.5 billion yuan in debt financing instruments in the interbank market, corresponding to 45.4 billion yuan in net financing.

Some market research institutions said that from January to May, other funds including financing methods including housing companies' public markets issued debt issuance decreased by 12.7%year -on -year to 232.1 billion yuan. Among them, it was only 33.9 billion yuan in May, which continued to decline from the previous month. This shows that the current domestic loan of housing companies, as well as the trend of decline in the month -on -month decline, shows that the difficulty of financing of housing enterprises still needs to be improved.

According to statistics from Kri Rui, from June to July, 200 core housing companies' domestic and foreign debts expired at a due date of about 175.5 billion yuan, accounting for about 61%of the expiration of the second half of the year. Among them, private housing companies have expired their debts in the past two months of about 117.8 billion yuan, accounting for 67%of the total scale.

On the one hand, the three red lines for real estate companies, on the other hand, the two red lines of real estate loans set by the Bank and the China Banking Regulatory Commission in December 2020, set up the upper limit of real estate loans and the upper limit of personal housing loans. The proportion of loans must not exceed 40%of large banks, medium -sized banks must not exceed 27.5%, small banks must not exceed 22.5%; Do not exceed 17.5%.

The above -mentioned banks admitted that there was a limit of policy requirements before, and risks should be controlled. Now that the market is weak, banks need to actively control the risks and dare not significantly increase the loan of real estate.

Some developers said that "the water has not yet come here" and the funds are under great pressure.

Responsible editor | Guo Yiyao

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