At present, China's economic development is facing pressures such as shrinking demand, supply shock and weakening expectations. The external environment is becoming more complex, severe and uncertain. As reflected in the real estate industry, some real estate enterprises' sales are down, financing is blocked, liquidity is tight or even broken, making market confidence sensitive and fragile.
On February 24, Poly Developments And Holdings Group Co.Ltd(600048) , Beijing Capital Development Co.Ltd(600376) , Huafa Industrial Co.Ltd.Zhuhai(600325) , Chongqing Longhu Enterprise Development Co., Ltd., Country Garden Holdings Co., Ltd. and other real estate bond issuers in Shanghai stock exchange actively disclosed information such as enterprise operation status in the corporate bond announcement column on the official website of Shanghai Stock Exchange, expounded their confidence in industry development, and showed the operation status and response preparation of enterprises. At a time of various rumors in the real estate industry, enterprises take the initiative to boost market confidence, stabilize investment expectations, and actively safeguard investors' right to know, in order to promote the formation of a better investment and financing balance mechanism.
industry differentiation is down, and real estate enterprises actively disclose to boost confidence
At present, the market generally believes that there are great risks in the real estate industry. Everbright Securities Company Limited(601788) analyst Zhang Xu said that in the current real estate market, some unconfirmed individual events and low-risk events have been excessively or even maliciously interpreted, the credit of relevant enterprises has been impacted, causing investors to sell off, and sometimes the market even turns pale when talking about "real estate enterprises". In addition, the risk of overseas US dollar bonds will further aggravate the vicious circle of real estate enterprise credit.
However, industry research shows that under the positioning of adhering to the national macro-control and "real estate is not fried", it has become a general consensus to "increase confidence, prevent risks, stabilize growth" and promote the virtuous cycle of the real estate industry. The status of the pillar industry of the real estate industry will not change in the short term. The relevant person in charge of the investment department said that the current risk exposure of the real estate market is temporary, the market risk is generally controllable, and the financing environment has begun to improve. Guosen Securities Co.Ltd(002736) a bond investment manager believes that the policy of the real estate industry has continued to pick up since the fourth quarter of last year, and the overall prosperity of the industry has been gradually repaired. In the long run, the clearing process of this round of risky real estate enterprises will help to improve the industry concentration and benefit stable enterprises.
In the tide, some real estate enterprises objectively formed the differentiation and stratification among different enterprises with their high-quality development concept of steady operation. It is reported that the centralized disclosure of real estate enterprises, including state-owned and private enterprises, have made early preparation and early response to the complex situation of the industry downturn according to their own situation.
From the information disclosed, the debt structure and financing capacity of some real estate enterprises remained stable. Among them, Huafa Industrial Co.Ltd.Zhuhai(600325) disclosed that the interest bearing debt structure of enterprises was significantly optimized in 2021, and the "three red lines" turned green in an all-round way; New Hope Liuhe Co.Ltd(000876) real estate said that the company's "three red lines" have remained green for four consecutive years; Country garden holdings shows that "the company is in good operation, stable financial control, smooth and diversified financing channels"; Seazen Holdings Co.Ltd(601155) has made arrangements for early redemption of overseas US dollar bonds and said that the company has abundant cash flow, and this early redemption will not have an adverse impact on the company's operation and financial status.
During the overall downturn of the industry, some enterprises showed strong development resilience. For example, China Jinmao disclosed that "in 2021, adhere to the balance between scale and efficiency, focus on improving quality and efficiency, and achieve stable growth in sales and payment collection"; Beijing Capital Development Co.Ltd(600376) said that "the company's overall sales deconvolution and sales collection in the whole year are better than those in previous years... The overall sales deconvolution speed in the whole year is faster, and the signed amount exceeded 114.9 billion yuan, a year-on-year increase of 7%. The collection work has received good results"; Poly Developments And Holdings Group Co.Ltd(600048) expressed confidence in the virtuous circle and healthy development of the real estate industry. In addition, overseas rating agencies gave positive comments on Longhu real estate, Xuhui holdings, Gemdale Corporation(600383) and other enterprises.
rumors and frequency disturbances jointly promote the stability expectation of authoritative information phi
With the adjustment and introduction of national macro-control policies in the fourth quarter, a more coordinated and effective regulatory combination for the industry has been formed, and the development of the real estate industry has shown signs of recovery.
A person from a interviewed bond investment institution told reporters that in the early stage, there were many rumors about real estate enterprises in the credit bond market. For example, some exaggerated the individual negative risk events of enterprises as a comprehensive liquidity crisis; The normal asset sale behavior of some enterprises is interpreted as "asset sale". The source believes that such rumors disturb market expectations, have a great negative impact on investors' investment decisions, and have shaken confidence in the industry itself. Facing the current situation of the real estate industry, how to rebuild the market's confidence in the industry is closely related to the national real estate market regulation objectives, market positioning, the development of credit bond market and the healthy and stable operation of real estate enterprises, as well as the protection of the interests of bond investors.
Gao Qingyong, vice president of research and development department, said in an interview that the market price of real estate bonds was greatly affected by the news, but it is undeniable that the authoritative information of the real estate market is indeed limited, which also caused the passive situation of investment relying on "gossip" to a certain extent. Promoting the establishment of an authoritative and credible information disclosure mechanism is a feasible and necessary way to make full use of the laws of the securities market to solve information asymmetry.
Guosen Securities Co.Ltd(002736) relevant people believe that the regular and irregular voice of enterprises in open and transparent authoritative channels to respond to market concerns will help rebuild investors' confidence in real estate enterprises and promote the secondary market price and primary market issuance of real estate bonds to return to normal.
The problems in the securities market should be solved in accordance with the laws of the securities market. The open market eliminates the information asymmetry between investors and financiers through open and authoritative information disclosure. Among the huge amount of complicated and confusing information in the market, the legal letter Phi announcement of enterprises has always been a good starting point for stabilizing market expectations and accepting the open test of the market.
"The collective voice of some private and state-owned real estate enterprises in the Shanghai bond market can be regarded as a water test. This is a positive attempt to establish and improve a letter Phi concept and form, which reflects the confidence of enterprises in their own development and industry prospects. It can be described as a gratifying step." A person from a large bond investment institution in Shanghai told reporters.
Relevant professionals in the bond market told the securities times that the initiative to disclose information through legal channels is more open and authoritative. All parties in the market work together to actively encourage bond issuers to explain the external environment, overall strategy, operation and response measures faced by enterprises in an open way, and make open, transparent and complete information disclosure. Analysts believe that this will help deliver accurate information to the market, timely respond to market focus, clarify facts, help the market rebuild confidence and stabilize investor expectations. At the same time, it will also effectively block the communication channels of all kinds of false information and improve the credibility of enterprises in the capital market.
