How can the real estate companies break the "zero new" debt repayment peak of overseas bon

Wen | Wang Lixin

"July and August are the second peak of debt repayment during the year. Many real estate companies are currently busy reconciled with creditors and trying to get a trace of breath, but the results may not be great." On June 13, the Yiju Research Institute Yan Yuejin, the research director of the think tank center, told a reporter from the Securities Daily that March was the first peak of debt repayment this year. At that time, many "100 billion" real estate companies announced debt defaults. Since June, this phenomenon has intensified again. Many real estate companies such as Jinke shares have been accused of not paying for business tickets as scheduled, and creditors have shaken confidence in debt repayment of housing companies. The latest statistics of third -party agencies Ke Rui show that in June 2022, real estate companies will have 44 bonds expired, totaling about 63.9 billion yuan, an increase of 68.6%month -on -month. Interest breach of interest. "In July and August, the scale of the debt due to housing companies was 121.48 billion yuan and 1011.7 billion yuan, respectively, all exceeded 100 billion yuan." Liu Shui, the person in charge of the research department of the China Finger Research Institute, told the reporter of the Securities Daily that at present The property market sales have not been significantly recovered, and the real estate financing environment is still severe. It is expected that housing companies will still have to join the debt default camp in the future. The debt repayment high pressure came to survive the first peak period of debt repayment during the year in March, which did not mean that it was safe to go ashore. On the evening of June 12, Jinke issued an announcement on the response to the Shenzhen Stock Exchange's follow -up letter. For the previous assets of the Shenzhen Stock Exchange, whether the company existed in bill payment defaults, other financial debt defaults, the company's core trademarks, some bank accounts and stocks The seizure frozen matters and other situations responded. Jinke said that as of this day, the company did not pay 44.07 million yuan in commercial acceptance bills paid to Lianrong Factory on time, accounting for 0.11%of the recent audited net assets of the recent accounting year. Chapter VII information disclosure standards. The commercial acceptance bills have failed to pay objective reasons on schedule. The company is negotiating with Lianrong Factory to solve the problem. It does not recognize the company's trademark and some assets of the pre -litigation preservation method. In addition, the company stated that as of the date of return, the debt defaults involved, as well as litigation arbitration, account funds frozen, and asset freezing, etc., no information disclosure standards were reached. In response to financing that may have the risk of debt defaults, Jinke said that it will actively strive for new financing to put in some stock financing on the one hand with various cooperative financial institutions, and on the other hand The repayment quota retains cash flow to support the company's virtuous circulation and stable development. The above is just the tip of the iceberg. Since the beginning of this year, the scale of overseas bond issuance has been sharply decreasing, and by May, it has even dropped directly to "0", without new bonds. In contrast, insurance housing companies are still increasing, and the pressure on debt repayment has not eased. According to the statistics of the China Independence Research Institute, the balance of debt in housing companies within a year was 950 billion yuan. In this regard, the Tongmei Research Institute stated, "We have counted the credit bonds of 36 private housing companies. From the perspective of public issuance credit bonds expired in the next 6 months and 12 months, assuming that housing companies can still be in 2022 Maintaining the financing level of public credit bonds in 2021, about 60%of real estate companies 'debt repayment in 2022 exceeded 2021, of which 20%of the real estate companies' credit bond expired in 2022 was twice-5 times in 2021 to 5 to 5 times in 2021 . From the perspective of the financing gap of credit bonds, there will be a financing gap in the next two to three years, and it can only be repaid on the payment of project sales and repaid. Intersection "Because the real estate market recovery process is relatively slow, it takes a long time to transmit the" stabilizing property market "policy to the market. In addition, the epidemic is repeated, the residents' willingness to buy a house is low, and the housing company has a lot of pressure." "Securities Daily" reporter said that under this market pattern, the improvement of the financing environment of housing companies has greatly affected the "nerves" of real estate practitioners. From the perspective of the current financing of housing companies, the overall pressure of the debt repaction of housing companies has not been relieved. "The" borrowing of new debt "channels is not smooth, the industry confidence is difficult to repair, the investor confidence has shaken, and the scale of the financing of housing enterprises as a whole is still declining." Yan Yuejin said. According to statistics from the China Finger Research Institute, in the first five months of this year, the total amount of real estate corporate bond issuance was 334.47 billion yuan, a year -on -year decrease of 30%. It is not as good as expected to overlapping the sales market. It is not difficult to see that when it is towards the "Black Rail Age", the backwater of life and death is still ongoing. But it is gratifying that under multiple favorable policies, credit debt financing of private housing enterprises has begun to "ice break". According to statistics from the Medical Research Institute, of the above 334.5 billion yuan of bonds, credit bonds accounted for 61%, an increase of 17.4 percentage points year -on -year. Especially in May in May, credit bond financing in the real estate industry rose by 33.5%year -on -year and increased by 3.3%month -on -month. Longhu Group, Country Garden, Midea Real Estate, Xincheng Holdings and other credit protection tools were issued. Home companies began to prepare for issuance. "The financing environment of private housing enterprises has improved, but the current space is limited. Financial institutions have not recovered their confidence in the real estate industry, and they are still very cautious about the support of private real estate enterprises." Liu Shui said It has been supported in real estate loans, acquisition loans, issuance of mergers and acquisition bonds, and credit bonds, and the financing environment has improved significantly.

In the final analysis, it still needs to be repaired by market confidence.In this regard, Chen Wenjing, director of market research director of the Index Division of the Medical Research Institute, said that it is expected that with the ease of some cities and the continuous optimization of real estate policies in various places, key cities market may stabilize, but the probability of most urban markets will gradually recover until the second half of the year will gradually recover.EssenceAt that time, the confidence in the real estate market is expected to return.Recommended reading

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