Since September this year, the issuance of real estate ABS has decreased significantly, among which the supply chain of the exchange and the balance ABS have basically stopped issuing. In September and October 2021, real estate ABS issued a total of 8.22 billion yuan and 11.28 billion yuan, which was significantly reduced compared with the average circulation of about 30 billion yuan from January to August. Among them, the issuance of supply chain ABS, which has been the main securities for a long time, has decreased to about 2 billion a month, and its proportion in real estate ABS has decreased from about 60% to about 15%. Moreover, the issuance is mainly supply chain ABN, and the issuance of exchange varieties has basically stopped. The issuance of the final ABS also basically stagnated from September to October. In contrast, the issuance scale of CMBS and REITs is relatively stable, with 6.54 billion yuan and 9.87 billion yuan issued in September and October, higher than the monthly average level of the whole year.
Since November, the issuance of the final ABS has warmed up, and the improvement of ABS issuance in the supply chain is not obvious. In November, the final ABS was re issued, with a total amount of 1.59 billion yuan, mainly China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) ; No new issuance has been observed in the supply chain ABS of the exchange. The issuance amount of the supply chain ABN of the dealers association is RMB 940 million, which is basically the same as the single month level from September to October. The issuer is mainly green city. The circulation of CMBS and REITs in January was slightly lower than that from September to October, and the main issuers include Yinli, Zhonghai, Shanghai Lujiazui Finance & Trade Zone Development Co.Ltd(600663) . In November, ABS of supply chain and house purchase balance still faced a large net financing gap, with net financing of - 11.64 billion yuan and - 4.49 billion yuan respectively. For a long time, the issuance of real estate ABS has experienced a rapid growth period from 2016 to 2018, a phased decline period in 2019 and a stable issuance period in 2020, and has been in a rapid contraction period since 2021.
