Recently, there have been some new trends in the real estate M & a market. The support of financial institutions for the M & a loan business of high-quality real estate enterprises has spread from central enterprises to private enterprises. Country garden and Midea real estate recently obtained China Merchants Bank Co.Ltd(600036) 15 billion yuan and 6 billion yuan of special financing for real estate M & A respectively, which shows that banks' participation in real estate M & a financial services is gradually heating up.
The reporter of Securities Daily noted that since this year, a number of banks have provided special financial support for M & A projects of real estate enterprises. In addition, a number of real estate enterprises have also tested the water of M & A bonds and issued M & A bills. Although the amount of M & a loan financing continues to rise, there are still many problems in the M & A of real estate projects. Whether these problems can be solved will also become a key factor restricting the liquidation of the real estate industry.
several banks issued M & A loans to private housing enterprises
The reporter of Securities Daily noted that since this year, a number of banks have provided special financial support for M & A projects of real estate enterprises, mainly through M & A loans, M & a theme bonds, M & A bills, M & a funds, asset securitization, M & a financial consultants and other ways to provide support for M & A financing of real estate projects.
Recently, China Merchants Bank Co.Ltd(600036) respectively signed 15 billion yuan and 6 billion yuan M & A financing strategic cooperation agreements with country garden and Midea real estate. According to incomplete statistics by the reporter of Securities Daily, since 2022, Fuzhou Vanke, Minmetals real estate, Grandjoy Holdings Group Co.Ltd(000031) , China Resources Land, China Resources Vientiane life and other real estate enterprises have successively received M & a financial support.
From the perspective of the financing subject, the previous participation in M & A financing was mainly state-owned enterprises and central enterprises. Now country garden and Midea real estate have broken this situation. It can be seen that the financing support of financial institutions for M & A in the real estate industry is accelerating the landing.
Yu Baicheng, President of zero one research institute, told the Securities Daily that the acquisition of M & A loans by private enterprises this time reflects that with the support of regulators, the scope of M & A loans is expanding, and banks are more active. Subsequent M & A of other high-quality real estate enterprises can form a case effect, and M & A will also become an important way to resolve real estate risks.
In addition to the amount of financing provided by banks for M & A of real estate enterprises, M & A bonds have become a new financing channel for real estate enterprises. Banks and a number of real estate enterprises issued real estate M & a theme bonds. According to incomplete statistics, a number of real estate enterprises such as China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) , China Construction and development real estate, OCT and Greentown group have successively issued M & a themed bonds. In addition, Industrial Bank Co.Ltd(601166) , Shanghai Pudong Development Bank Co.Ltd(600000) , Guangdong Development Bank, China Merchants Bank Co.Ltd(600036) , Ping An Bank Co.Ltd(000001) and other banks have also actively arranged the theme bonds of real estate enterprise M & A.
According to the statistics of China Index Research Institute, since this year, the amount of M & A financing obtained by the real estate industry has reached nearly 100 billion yuan, including 3.82 billion yuan of M & A bonds issued by real estate enterprises and 1.5 billion yuan planned to be issued; The bank provided 77 billion yuan of M & A loans, issued 5 billion yuan of M & A bonds, and plans to issue 10 billion yuan.
Zheng Lei, chief economist of Baoxin finance, told the reporter of Securities Daily that the funds required for M & A are large, and it is difficult to raise enough funds only by relying on commercial banks or issuing bonds. Of course, policy banks can also provide some credit support. It may mainly need to absorb and merge this way of saving funds, or list the real estate enterprises after absorption and merger, Or additional issuance by listed real estate enterprises to digest part of the risks through social funds.
banks help resolve industry risks
For the recent financing support provided by many banks for real estate enterprise M & A projects, insiders believe that this is the further implementation of the central document at the end of last year.
Since the end of last year, the regulators have made frequent calls to explicitly require banks and other financial institutions to support the reasonable M & A needs of the real estate market. In December 2021, the central bank and the China Banking and Insurance Regulatory Commission issued the notice on doing a good job in M & a financial services for risk disposal projects of key real estate enterprises. The notice clearly pointed out that financial institutions should focus on supporting high-quality real estate enterprises to merge and acquire high-quality projects of large-scale real estate enterprises in danger and difficulties. Subsequently, a number of real estate enterprises and banks responded positively to the policy, and M & A bonds and loans were landed one after another.
Experts in the banking industry believe that recently, many banks have launched M & A financing schemes for real estate enterprises, which can obtain long-term and stable liabilities for banks and expand banking business space; For real estate enterprises, it helps to expand the financing channels of real estate enterprises and alleviate the financing pressure of some real estate enterprises; For the real estate industry, market-oriented M & A can effectively resolve the risks of individual real estate enterprises, optimize the real estate market structure and promote the benign and healthy development of the industry.
"In addition to the M & A of real estate projects, the real solution to the liquidity crisis of real estate enterprises still needs to be the recovery and improvement of sales." Citic Securities Company Limited(600030) chief economist Mingming told the reporter of Securities Daily that since the end of last year, although the end of the policy has been achieved, it is obvious that the pressure on real estate fundamentals still exists. Therefore, it is difficult to solve the problem of risk aversion attribute by relying on policies alone. We still need to make financial institutions believe that the expectation of real estate repair can be further boosted through the continuous recovery of fundamental data, so as to fundamentally solve the above problems.
