Bond and credit went into action.
"Project M & A among real estate enterprises is the most effective market-oriented means for the real estate industry to resolve risks and realize liquidation." In December last year, after the regulatory authorities encouraged financial institutions to provide financial support for the Project M & A of Housing enterprises in danger, many banks have "proofed".
On February 17, Industrial Bank Co.Ltd(601166) said that according to market demand and business development needs, it plans to issue real estate M & a theme bonds of no less than 10 billion yuan. According to incomplete statistics, since the beginning of this year, many banks such as Shanghai Pudong development, Guangdong development, China Merchants and Ping An have successively offered real estate M & A financing plans, with a total financing scale of more than 50 billion yuan.
The shell finance reporter of the Beijing News learned from the China bond information network that, for example, the coupon rate of the M & a theme bond of Shanghai Pudong Development Bank Co.Ltd(600000) real estate project is 2.69% and the term is 3 years. "This financing cost is relatively low. Now more than 2% of the bank's deposits are not easy to get (get), and the ability to issue bonds at a low interest rate also reflects the encouragement of the policy." A banker told reporters.
In the view of this person, at this stage, a number of banks have successively launched real estate M & A financing support plans, which is of greater significance to boost market confidence. Some market participants expect that the number of M & A cases of real estate enterprises will increase significantly in the future, so as to accelerate the rapid digestion of problem assets of real estate enterprises in danger. However, there is also a wait-and-see mood in the market. The analysis believes that the lack of high-quality M & A projects and the great difficulty of adjustment of insurance enterprises are still short-term problems to be solved. It is suggested to solve the pain points such as sales obstruction of real estate enterprises.
the 10 billion real estate M & A financing plan was released, and the fund-raising cost of the first theme bond was less than 3%
Regulators and market institutions are relaying positive signals of financing support for real estate M & A. On February 17, Industrial Bank Co.Ltd(601166) said that according to the market demand and business development needs, it is planned to issue real estate M & a theme bonds of no less than 10 billion yuan, and the raised funds are specially used for the investment of M & A loans of real estate projects.
The reporter learned from the bank that recently, a number of high-quality real estate enterprises in the market have been successively contacted to investigate the principles, standards, processes and supporting policies of risk disposal projects of key real estate enterprises in their mergers and acquisitions, and through the "financing + smart" product portfolio such as M & A loans, M & A bills, M & a funds and M & a financial consulting, Focus on supporting high-quality real estate enterprises to merge and acquire high-quality real estate projects that are in danger and difficult.
Prior to this, only since the beginning of the year, many banks such as Shanghai Pudong development, China Merchants, gf and Ping An have successively launched real estate M & A financing plans, including issuing M & a themed bonds, providing M & A loans and underwriting M & A bills. It is expected to provide a total of more than 50 billion yuan of M & A financing support.
Among them, Shanghai Pudong Development Bank Co.Ltd(600000) took the lead in issuing the first real estate project M & a theme bond in January, with a scale of 5 billion yuan, a term of 3 years and a coupon rate of 2.69%. The raised funds will be used for the investment of Real Estate Project M & A loans after deducting the issuance expenses.
What are the main differences between different products such as credit and bonds? According to a banker, issuing bonds is direct financing and loans are indirect financing. The depositor's money enters the bank first and then goes from the bank to the lender.
Referring to Shanghai Pudong Development Bank Co.Ltd(600000) the coupon rate of the real estate project M & a subject bond, the person thinks it is relatively low. "It's hard to get more than 2% of the bank's deposits now. Many of the interest rates of bank financial management and large certificates of deposit in the market are higher than 2.69% (3% - 4% or more), which means that banks have to pay more costs to absorb funds." He analyzed that issuing bonds at low interest rates also reflects the encouragement of policies.
Compared with the issuing interest rate of special financial bonds of small and micro enterprises also encouraged by supervision, the reporter inquired about several bonds issued last year on China bond information network. Many of them had an interest rate of more than 3%, and only one was 2.5%, which was lower than Shanghai Pudong Development Bank Co.Ltd(600000) this real Estate Project M & a theme bond.
is conducive to the relief of debt pressure of Housing enterprises in distress, large-scale mergers and acquisitions or start after the continuous recovery of housing sales
How to understand the "fancy" support of banks for real estate M & A financing? The above bankers believe that it is still in the initial stage, and the relevant support plans have been announced about 50 billion yuan, while the debt of individual head real estate enterprises exceeds trillion yuan (does not mean that all projects will be merged). Therefore, the greater significance of the bank's throwing out the real estate M & A financing support plan is to boost market confidence.
Liang Nan, an analyst at Zhuge housing search data research center, also told reporters that the financial support for M & A is conducive to the rapid return of funds by the real estate enterprises in danger, alleviate the debt pressure, ensure the steady progress and timely delivery of the project construction, promote the virtuous cycle of the real estate industry and be beneficial to the real estate market. M & A is expected to increase next, but the overall increase is relatively mild.
\u3000\u3000 "First of all, the threshold of bank M & a loan application is high, and there are high requirements for the credit qualification and financial status of real estate enterprises; secondly, due to the frequent occurrence of debt and credit risk events of real estate enterprises in the second half of last year, most real estate enterprises are cautious about M & A due to liquidity considerations; finally, the integration and operation of post merger projects face certain risks, and some real estate enterprises are not willing to M & A. ”In Liang Nan's view, the current real estate market confidence has not fully recovered.
Zhang Dawei, chief analyst of Zhongyuan Real Estate Research Institute, further said that the funds of real estate enterprises are frozen and hot. At present, explosive enterprises are concentrated in private enterprises, and the projects are uneven. Most developers and projects have high off balance sheet financing amount and high acquisition risk. For a few high-quality projects, the enthusiasm of low-price transfer is not high, and central enterprises and state-owned enterprises are unlikely to take risks to acquire.
"Sales obstruction is the biggest pain point facing real estate enterprises at present. Only the relaxation of the financial system is not enough to fundamentally change expectations and solve the current pain point of the real estate industry. The large-scale implementation of M & A financing also needs the support and cooperation of specific policies of multiple regulatory departments." Huatai Securities Co.Ltd(601688) pointed out in the research report. According to the data of China Index Research Institute, in January this year, the sales performance of China's real estate enterprises fell. The average sales of the top 100 real estate enterprises was 6.18 billion yuan, a year-on-year decrease of 23.1%.
However, real estate related policies continue to release warmth. Since September last year, the regulatory authorities have repeatedly stated that they should "maintain the stable and orderly delivery of real estate credit"; Around January this year, Qingdao, Ma'anshan, Zigong, Beihai and other places "relaxed" the provident fund loan policy; Recently, Chongqing, Ganzhou, Heze and other underground adjusted the loan proportion of the first house to 20%.
"With the continuous easing of policies, it is expected that the funds of real estate enterprises are expected to be stable, and the possibility of the real estate market coming out of the trough in the second quarter of this year is increasing." Zhang Dawei said. Citic Securities Company Limited(600030) predicts that large-scale project M & A will start after the continuous recovery of housing sales market and land market, and the real estate project M & a market is expected to recover in the second half of the year.
