Self -rescue of real estate companies: stable credit is the top priority

Since Zhang Yanan/Wen, the sound of explosives has sounded throughout the real estate industry. Regardless of whether a substantial breach of contract is caused, chills have always shrouded all real estate companies. The industrial chain and the macroeconomic are affected.

What follows is that there are continuous large -scale relaxation and restrictions on purchase and sales in various places. The interest rate of the first home loan has dropped to the lowest in history. AMC expresses its entry into the market. Individual real estate companies have obtained demonstration of credit enhancement debt and the 100 billion relief fund. The policy was warm, and the real estate industry briefly returned in June.

In fact, starting at the end of last year, the real estate industry was waiting for his fingers. From March to June, it turned to September. The pressure test gradually approached the limit. What is savior straw is no longer a hot topic in the room. Developers who breach contract collectively choose to take the last step: debt reorganization.

The so -called debt reorganization refers to re -reaching the agreement to the debt's time, amount, or method of settlement of the debt without changing the opponent's opponent's opponent, and re -reaching the negotiation time, amount, or method of settlement of debt.

Since July this year, insurance housing companies including R & F, Shimao, and Longguang have released debt restructuring plans. According to the Economic Observation Network, in fact, most of the housing companies outside the three real estate companies, especially private housing companies, are almost working on debt reorganization.

This round of debt restructuring shows three distinctive features:

First of all, the passive exhibition period after the expiration of the debt expires before the expiration of the debt to the management of the debt comprehensively and actively;

Secondly, the repayment time node of the debt has been greatly delayed, and the repayment cycle becomes longer.

Third, the relatively mild repayment conditions for creditors, add mortgages, and restore investors' confidence.

Real estate companies choose to make debt restructuring at this time very clear: the market conditions have not improved, and hope is completely suspended on external forces to assist.

In fact, the various types of municipal rescue policies at all levels have been held great expectations. Whether it is the regulation and relaxation of the city and one policy, or the national level of credit relaxation, the support of mergers and acquisitions, the establishment of a bailout fund, etc., the signal significance is not strong. , But to truly implement the main housing companies and buyers in the market, it is difficult.

The reason is very simple. The divergence of the residential and housing enterprises on the value of assets is almost hard to peace. The rescue party is afraid of the mud cattle to enter the sea, and the assets are carefully selected and bargained. The abyss. Therefore, even if the strategic agreement is signed, the tens of billions of rescue funds are looking at, but everyone knows that it is really in the future. In fact, for most housing companies, the financing end is almost dry.

The sales side is also difficult to speak, and concerns about the financial fundamentals of brand housing companies have become the biggest factor that hinders buyers.

As a result, the credit environment was sluggish, the buyers were lost, and the two major cash sources of financing and sales of housing companies were disconnected. The corporate capital chain was in danger. At this time, it is a top priority to sort out the entire consumption and pull out the line. It is a top priority to stabilize the credit, because if the developer cannot improve the credit, the financial institutions will not recover their confidence, and the sales of front -line project sales will be hopeless. For creditors, agreeing to the overall debt plan is also a helpless option, otherwise it is likely that it will be lost.

With the overall debt to the background for three or four years or more, the real estate market has more room for turning. However, the current real estate situation is difficult to rely on real estate companies to recover. With the stability of the economic market, the stability of the confidence of all parties, and the improvement of the system of multi -level supply structure in the housing, real estate will enter the new development track. It may be tomorrow.

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