Hall of financing half -year report: financing marginal improvement but peak debt repayment has arrived

21st Century Business Herald Reporter Kong Haili Beijing report

In the first half of 2022, the real estate industry was still in a period of in -depth adjustment. The monitoring data of the Mediterranean Research Institute showed that in the first half of the year, real estate companies achieved a total of 482.55 billion yuan in non -silver financing, a year -on -year decrease of 56.5%, and a decrease of 26.4%month -on -month, but the decline has narrowed. With the marginal improvement of financing support policies, the financing model of housing enterprises has entered a new cycle.

Improving financing policy

In the first half of the year, the financing policy was moderately adjusted on the main line of the main line of "prudent management of real estate finance", and the marginal relaxation was made according to the actual financing needs of the enterprise. Generally speaking, one is to encourage the acquisition of mergers and acquisitions, and the other is to support high -quality private enterprises to return to the financing market.

Since the end of 2021, policies on receiving mergers and acquisitions and financing are relatively active. For example, in March this year, the CBRC encouraged the institutions to carry out mergers and acquisitions loans in an orderly manner, focusing on supporting high -quality projects for high -quality housing companies to acquire difficult housing companies; in April, the central bank emphasized that "commercial banks," Financial asset management companies, etc., should do a good job of financial services for key real estate enterprises risk disposal projects, steadily and orderly carry out mergers and acquisitions loans, increase support for mergers and acquisitions bond financing, and actively provide mergers and acquisitions of financial advisory services. "

"Receiving mergers and acquisitions of financing can be used as a channel and inject funds into insurance housing companies. Chen Wenjing, the market research director of the index business department, said.

On the other hand, in order to improve the industry financing environment and restore the reasonable financing needs of enterprises, April, the Securities Regulatory Commission and other institutions issued the "Notice on Further Supporting the Healthy Development of Listed Companies", supporting private enterprises to list financing, mergers and acquisitions in accordance with the law, improve private enterprise bonds, and improve private enterprise bonds Financing support mechanism. The Shanghai -Shenzhen Exchange convened the "Credit Protection Tools to Support Private Enterprise Bond Financing Symposium", which mentioned that through market -oriented credit protection tools, to guide the market to repair the investment confidence in private enterprise bonds, improve the financing environment of private enterprises, and help private enterprises' healthy development Essence

The decline in financing is narrowing

According to data from the Institute of Middle Finger Research, in the first half of the year, real estate companies achieved a total of 482.55 billion yuan in non -silver financing, a year -on -year decrease of 56.5%, and a decrease of 26.4%from the previous month, but the decline has narrowed. Among them, credit bond financing was 25.18 billion yuan, overseas bonds issued 16.93 billion yuan, trust financing was 69.46 billion yuan, and ABS financing was 144.37 billion yuan. All channels have declined year -on -year. Among them, overseas bonds and trusts have been the most significant, and credit bonds have become the main financing.

From the perspective of a single month, March was the highest financing in the first half of the year, with a total scale exceeding 100 billion yuan; in April and June, the single month exceeded 90 billion yuan.

In addition to the low -affiliation of financing in February, the monthly financing scale and growth rate of single -month financing in the first half of this year were higher than the lowest value in the second half of 2021. "The bottom of the financing scale and the growth rate have appeared in the early stage of this round of this cycle. At present, it has entered a stage of stability. It is expected to recover with the market recovery on this basis." The middle finger research institute said.

Credit bond issuance ability repair

In terms of financing structure, credit bonds have become the main issuance of issuance. According to data from the above -mentioned institutions, the issuance scale of credit bonds in the real estate industry was 251.80 billion yuan, a year -on -year decrease of 24.2%, and an increase of 16.2%month -on -month. Credit bonds were the only financing channels for positive growth in a month -on -month. Credit bond financing accounted for 52.2%of the total financing scale. It was 22.2 percentage points from the same period last year.

Since March 2022, the scale of credit bond issuance has basically maintained a relatively high level of more than 40 billion yuan. "From the perspective of a single month's growth rate, the decline in a year -on -year decline is narrowing, and even a year -on -year increase of 33.5%in May. The ability to issue credit bonds has been significantly repaired." The agency pointed out.

It is worth noting that in the first half of 2022, a total of 7 real estate companies issued M & A debt financing of 9.12 billion yuan. With the "double carbon" target blessing, housing companies also actively promoted green buildings and green finance. In the first half of the year, a total of 6.38 billion yuan of green debt financing was issued. In addition, some securities firms have participated in the creation of credit protection tools to assist private housing companies to open up public market financing channels. Since May, private enterprises such as Longhu, Country Garden, Midea, New City, and Xuhui have been selected as demonstration private housing companies. They have adopted credit protection tools to successfully issue credit bonds and achieve financing of 3.9 billion yuan.

The peak of debt repayment has arrived

As of June 30, 2022, the balance of bonds in the second half of this year was 4920.07 billion yuan, of which credit bonds accounted for 64.6%and overseas bonds accounted for 35.4%. Credit bonds accounted for 62.3%, and overseas bonds accounted for 37.7%.

The Middle Finger Research Institute stated that in July and August, the second wave of debt repayment peaks during the year, and the balance of the monthly expiration exceeded 100 billion yuan. "Affordable enterprise should seize the window period of different channels, supplement funds according to their own conditions, and adapt to the financing model in the new cycle as soon as possible."

The agency predicts that the financing -related policies in the second half of the year may further make appropriate adjustments based on the current orientation to meet the reasonable financing needs of housing enterprises.

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