The 100 billion -level real estate bailout fund is here: the rescue project does not save the enterprise

The Economic Observer was informed that the fund raised scale of the fund was 80 billion yuan, raised by Construction Bank and the central bank, and the future scale may reach hundreds of billions. It is worth noting that the original intention of this fund's establishment is not aimed at rescue housing companies. The purpose is still to protect the property and safeguard the legitimate rights and interests of housing consumers.

Author: Chen Yueqin

Figure: Tuwa Creative

Guide

One || Since the second half of last year, the real estate has been in trouble, and the treatment of the regulatory layer is very cautious. Some officials said.

|| How to screen for the residential real estate company? Some deputy provincial -level cities have revealed that the local banking and insurance regulatory department and the Securities Regulatory Bureau will conduct warning of the housing construction departments. For example, the loan of some enterprises has already been or about to be overdue. The report was reported, "the list of bailout is dynamically updated."

3 || Some officials suggested that the real estate fund introduced four major AMC institutions to participate in due diligence investigations in bailout projects. Local government regulatory authorities do not directly participate in the operation of the project, and we cannot just listen to the project funds and debt of the project. In particular, some housing companies have chaos and cross -guarantee guarantees, and even the person in charge may have forgotten how many guarantees have been formed by the project.

In mid -July, Xia Hui, an executive of a real estate enterprise, received a notice from a meeting from the CCB Branch of the company's territory. At the meeting, the relevant departments intended to establish a 100 billion real estate fund to solve some problems of the problems of some problems in the real estate enterprises. Essence

Xia Hui's real estate enterprise is one of the 12 housing companies that regulatory departments intend to carry out bailout in the near future. Twelve companies include: Shimao Group, Sunac China, Greenland Holdings, Zhongnan Construction, Sunshine City, Aoyuan Real Estate, Rongxin China, Rongsheng Development, Zhongliang Holdings, Jiazhaoye, Guangzhou R & F and Evergrande Group.

Starting from the Evergrande crisis in September 2021, real estate companies have encountered drama such as pre -sale funds frozen, market sales, and tightening mortgage. Some private enterprises sell a large number of assets to repay their debts to maintain cash flow, and they still can't escape the fate of "thunder". After the disclosure of the contract, these companies' sales in front line were directly impacted.

In the past six months, the Ministry of Housing and Construction established the principle of "one enterprise, one policy", and established a risk disposal group for the company where Xia Hui was located, requiring enterprises to report the progress of handling and disposal frequently. Even the company needs some cities to release the surplus pre -sale supervision funds, and the group came forward, and the person in charge of the bank was discussed in multiple discussions.

However, debt disposal is very small, and the progress of keeping houses is not as expected. The owners have suspended loan storms in some regions. In this context, the news of the 100 billion -level real estate funds seems to have seen the vitality of the insurance housing companies that deeply trapped the quagmires of the debt.

The Economic Observer was informed that the fund raised scale of the fund was 80 billion yuan, raised by Construction Bank and the central bank, and the future scale may reach hundreds of billions. It is worth noting that the original intention of this fund's establishment is not aimed at rescue housing companies. The purpose is still to protect the property and safeguard the legitimate rights and interests of housing consumers.

People familiar with the matter revealed that the real estate bailout fund is currently in the launching period, and the scale of fundraising and operating models are not concluded, and there are still variables.

100 billion -level bailout fund

The Xinyuan source of multiple local governments told the Economic Observer that it is true that the news to establish a 100 billion -level real estate fund is true.

In the past half month, the Ministry of Housing and Urban -Rural Development has allowed the housing and construction departments of all provinces to count the local projects that real estate funds to support bailout. In addition to 12 issues of real estate companies, local governments can report to the list of leading housing companies that need to be rescued locally, mainly private enterprises.

It is understood that the real estate fund has raised 80 billion yuan in the first phase, raised by CCB and the central bank. Xia Hui learned from the CCB that the total scale of the fund may reach 300 billion to 400 billion yuan, and CCB is just one of the fund managers.

However, an official of a housing construction system revealed that the scale and operation model of the real estate fund still have variables.

In the past year, local governments have made great difficulties in the risk disposal of 12 issues of real estate companies. Some local urban investment cannot be pocked, and the risk list is still expanding. The suspension of loan storms in mid -July made the task of the preservation of the building even more imminent.

On July 28, the Political Bureau of the Central Committee held the meeting to deploy the economic work in the second half of the year, and once again emphasized that the "real estate market" was required, "compacting the responsibilities of local governments, and keeping intersection and stabilizing people's livelihood."

The bailout fund provides another problem -solving idea.

The official residential construction officials revealed that the regulatory level initially hoped that the fund would give the project shareholders of the project of the insurance housing enterprise to increase the credit to the capital, which is equivalent to debt -to -equity swaps.

He said that compared to the debt scale of leading housing companies such as Evergrande, about 300 billion yuan of funds are not large, but funds as capital can leverage 10 times or even higher leverage.

In addition, since the second half of last year, the real estate has been in trouble, and the treatment of the regulatory layer is very cautious. Officials say.

"Compared to the past supervision shouting, the fund is a real gold and silver."

Rescue projects, do not save enterprises

The Economic Observer was informed that the regulatory layer did not launch the real estate fund until July this year, and based on the following considerations:

In the downward cycle of the industry, some housing companies actively rescued themselves. Local governments coordinated funds and other support from it, while some real estate companies chose "lying down". The regulatory level knows the different choices of housing companies, and believes that real estate funds cannot promote the atmosphere of "waiting" by some real estate companies. Therefore, the relevant departments will screen layers of the list of bailout projects reported by cities.

Government officials in multiple cities emphasized that "rescue projects, not saving enterprises" are the bottom line of real estate funds. The main body of funds is the project company determined after being screened, not the level of insurance housing companies. The specific housing enterprises and the size should be reported by the local government.

An official of a deputy provincial cities revealed to the Economic Observer that the Housing and Construction Bureau of various regions will count the projects with funding gaps in the funding of payments within its jurisdiction. In the future, cash inflows, as well as the progress of the construction of the company's unfinished projects, development loans, business ticket quotas, and so on.

If the enterprise project can be negatively profitable, or the funding gap is small, the local residential construction system will make them turn around, "priority reports that funds cannot balance debt projects."

Recently, the deputy provincial -level city officials also report to the country's exit enterprises that need to be supported by the real estate fund. The distribution of such regional real estate companies is relatively regular, and the scale does not have the aforementioned 12 problem housing companies.

How to screen for housing companies? The deputy provincial -level city officials revealed that the local banking and insurance regulatory department and the Securities Regulatory Bureau will conduct warning of the housing construction departments. For example, the loan of some enterprises has or is about to be overdue. The report was reported, "the list of bailout is dynamically updated."

Some cities come forward from CCB to meet directly with real estate enterprises to collect the list of projects for statistical rescue funds. Xia Hui remembered that at that meeting, he and the team prepared dozens of pages of PPT. The deputy president of the local CCB Sub -branch was responsible for the credit of the credit, but the CCB team only watched a few pages of PPT, and then proposed a few about the company's about the company. The problem of the funding gap project of the Baojia Building, but did not disclose what the fund is operating and what to do next.

The aforementioned deputy provincial -level city officials believe that as long as the enterprise does not "lying down", try not to increase the thunderous project, housing companies still hope to cross the crisis through their own operations, and market forces are more efficient than administrative means.

A person in the Yangtze River Delta out of insurance companies also proved the official's statement. The company's company has always been actively rescued, and has received a total of billions of dollars from the support from the local government to fill the debt that urgently needs to be repaid and avoid public breach of breach of contract. Essence

The hardest bone

In the past year, the above -mentioned deputy provincial -level officials have a lot of energy and used to coordinate bank frozen housing companies' pre -sale funds for pre -sale funds to compensate for development loans. Some banks even seize the legal person in the project company, which led to the money of the project's pre -sale funds, but the bank did not allow housing companies to use it, which eventually caused real estate to stop working.

"Each project's debt structure is different. One project is discussed, and such disputes are dealt with for more than half a year." The deputy provincial -level city officials said that the difficulty of protecting the risk of real estate and resolving the risk of housing companies exceeded the imagination of local governments.

A government official who is unknown to name stated that the central level has repeatedly emphasized "keeping interactive buildings and stabilizing people's livelihood", hoping that higher -level departments can coordinate intermediaries, so that local governments, housing and construction and financial departments are ensuring that projects are delivered by projects and debt in housing enterprises. Coordination and reasonable financing needs form joint efforts.

The government officials have long participated in the handling of bad assets of real estate companies, and kept cautious and optimistic about the 100 billion -level real estate funds. He believes that the risk resolution of real estate companies and the task of paying over the house have reached the stage of tackling, and they need to take out the strength of breaking the boat. Among them, the key depends on the thinking of the fund trader.

Regardless of the fund is used for mergers and acquisitions, or for issuance of communist bonds, or shares to make credit increase, etc., in terms of legalization and marketization principles, if the fund has strict requirements on each project's risk control, it is required to activate the project to revitalize the project. Assets must be able to cover debts and funds are willing to enter the market. The fund can play a more limited role.

The official revealed that China Shipping, China Merchants, and China Resources have received tens of billions of mergers and acquisitions. Such central enterprises are also actively carried out to the market. "Responsible for the organization, so the real estate fund also needs the support of the SASAC, the Banking Insurance Supervision and other departments.

He believes that after several rounds of high -quality housing companies, the acquisition of mergers and acquisitions of high -quality housing companies, and self -rescue of enterprises' active assets, the current surplus -insurance dealership projects are difficult bones, which requires comprehensive evaluation of the fund trader to appropriately reduce the threshold for the project bailout.

In addition, the official suggested that the real estate fund introduced four major AMC institutions to participate in due diligence investigations in bailout projects. Local government regulatory authorities do not directly participate in the operation of the project, and we cannot just listen to the project funds and debt of the project. In particular, some housing companies have chaotic financial and cross -guarantee guarantees. Even the person in charge may have forgotten how many guarantees have been made, so a professional non -performing asset disposal institution is required to pack the debt of the project and make bankruptcy liquidation. Since then Participate in the shares to solve the remaining intersection issues.

(At the request of the interviewee, Xia Hui is a pseudonym)

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