In the first half of the year, housing companies' non -silver financing of 482.5 billion yuan of overseas debt and trust financing shrinks on a large scale

Reporter Wang Lixin

The peak period of debt repayment has come again, and debt defaults have occurred from time to time, and continue to affect the sales of the real estate industry, starting, and investing in land acquisition. The credit rating of real estate enterprises caused by debt defaults is still continuing, and the overall financing scale still shows a decline. Judging from the monitoring data of a number of third -party institutions, in the first half of 2022, the financing amount of housing enterprises fell more than 50%year -on -year.

"In the first half of the year, the overall financing environment of the real estate industry was still difficult to improve significantly." Chen Xiao, a senior analyst at the Zhuge Housing Data Research Center, told the Securities Daily reporter that this was mainly subject to investors' more prudential and the pressure on the liquidity of real estate companies. The impact is still difficult to financing most private housing enterprises.

Non -silver financing scale shrinks more than half

According to the monitoring of the Medical Research Institute, from January to June 2022, real estate enterprises realized a total of 482.5 billion yuan in non -bank financing (non -bank financial institution financing), a decrease of 56.5%year -on -year, and a decrease of 26.4%compared with the second half of 2021.

Among them, the issuance scale of credit bonds was 25180 billion yuan, a year -on -year decrease of 24.2%, accounting for 52.2%of the total financing scale; the scale of overseas bond issuance was only 16.93 billion yuan, a significant decrease of 91.1%year -on -year, accounting for 3.5%of the total financing scale, compared The same period of the year fell 13.7 percentage points; the scale of trust financing was 69.46 billion yuan, a significant decrease of 79.6%year -on -year, accounting for 14.4%of the total financing scale, a decrease of 16.3 percentage points from the same period last year.

In terms of overseas bonds, there are no new bonds in February and May, and only individual high -quality companies have the ability to issue overseas bonds in the rest of the month. In addition, the balance of overseas bonds that re -listed on the exchanges in the first half of the year reached 35.22 billion yuan.

In this regard, Chen Xing, deputy director of the enterprise and duty research department of the middle finger research institute, said that for real estate companies with asset quality and short -term liquidity, communicating with creditors in advance and discussing the exhibition period can avoid triggering cross -contract clauses and exchanged time in exchange for funds. Turnive space. However, in order to obtain the consent of the creditors, housing companies often propose to pay consent fees and increase the interest rates of the ticket. Although the short -term debt repayment pressure has been suspended, the interest burden has been aggravated, and the pressure of long -term debt has not eased.

In this context, some enterprises use spare letter of credit as a measure of credit increase, which not only increases the probability of successful issuance of overseas debt, but also reduces the issuance interest rate to a certain extent. In the environment of the current overseas financing channels, it has been relieved. The role of industry credit deterioration.

In terms of trust financing, the average monthly financing in the first half of the year was only 11.58 billion yuan. "This is related to a trustworthy breach of trust in many housing companies since last year. As a result, the audit is more cautious, the probability of success is reduced, and the overall financing scale has been greatly reduced." Chen Xiaoru said.

Yan Yuejin, the research director of the Think Tank Center of the E -House Research Institute, told a reporter from the Securities Daily that at the moment, the financing channels of real estate enterprises have shifted to domestic financing. The capable real estate enterprises need to adjust the financing team as soon as possible to try to encourage financing in relevant policies to encourage financing. Division.

Adapt to the financing model in the new cycle

Fortunately, in terms of supply chain ABS financing, credit bonds and mergers and acquisitions financing, the real estate industry financing ushered in a new turnover.

According to the monitoring of the Medical Research Institute, in the first half of this year, the supply chain ABS financing scale was 144.37 billion yuan, accounting for 29.9%of the total financing scale, an increase of 7.8 percentage points from the same period last year. Chen Xing said that it can be seen that at the downward stage of the industry, holding the type of property has become an important means for housing companies to activate assets and supplement funds. Housing companies can also benefit from diversified operations.

More importantly, in the first half of this year, the issuance of credit bonds was 251.80 billion yuan, a year -on -year decrease of 24.2%, and an increase of 16.2%month -on -month. It was the only financing channel for positive growth in a month -on -month. From the perspective of growth, a year -on -year decline in a single month has a narrowing trend, and in May even increased by 33.5%year -on -year. However, it is worth noting that in the first half of the year, the main body of real estate credit bonds was mainly central enterprises and local state -owned enterprises, accounting for 89%of the total issuance of the first half of the year. Affected by the increase in insurance companies, the scale of bond issuance of private housing companies still declined significantly.

In addition, the scale of bond issuance that is in line with financing policies is rising. For example, in the first half of 2022, a total of 7 real estate companies issued a total of 9.12 billion yuan in mergers and acquisitions. With the blessing of the "double carbon" target, housing companies 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. At the same time, 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, Longhu Group, Country Garden, Midea Real Estate, Xincheng Holdings, and Xuhui Holdings have been selected as demonstration private housing companies, using credit protection tools to successfully issue credit bonds and achieve financing of 3.9 billion yuan.

"In the past, housing companies had not finished the" hidden lightning "of high -speed expansion with high leverage. In July and August, the second debt repayment peak has arrived, and the pressure on credit debt repayment of real estate companies is still high." Yi Ju research research. " Yan Yuejin, research director of the Institute of Think Tank Center, said that in addition to accelerating the pushing back of the market when the market has recovered, housing companies still need to actively adapt to the new financing environment before the debt defaults, and in the related fields of policy encouragement, Expand financing with its own business and current credit rating.

"From the perspective of financing channels, credit bonds will continue to maintain toughness and become the most important channel for non -silver financing; overseas bonds and trust recovery signals are weak. Real Estate enterprises should focus on ensuring debt repayment and avoid default;Enterprises can grasp the issuance window of commercial real estate ABS and replenish capital by revitalizing assets. "Chen Xing said that capable enterprises should grasp the window period of different channels, supplement funds according to their own conditions, adapt to the financing model in the new cycle as soon as possibleEssenceChen Xing predicts that as the sales side gradually improves, market confidence will gradually rise, and the policy side will support the demand for reasonable financing, and the financing environment will be better than the first half of the year, but it still needs to be transmitted from the policy side to the housing company.For a certain period of time, and the industry differentiation will continue to deepen, some high -quality private housing companies will take the lead in gaining financing, and some housing companies with high debt pressure and tight cash flow still have the risk of debt defaults.

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