Events
On March 16, the financial stability and Development Commission of the State Council held a special meeting. In terms of real estate enterprises, the meeting pointed out that it is necessary to timely study and put forward strong and effective risk prevention and resolution response plans, and put forward supporting measures for the transformation to a new development model. At the same time, the CBRC, CSRC, safe and other departments have made relevant statements on the real estate industry.
Main points
Support the acquisition and merger of high-quality real estate enterprises and promote the steady development of the industry. The cbcirc mentioned at the meeting that it will actively promote the transformation of the development mode of the real estate industry, encourage institutions to carry out M & A loans in a stable and orderly manner, focus on supporting high-quality real estate enterprises to merge and acquire high-quality projects of difficult real estate enterprises, and promote the virtuous circle and healthy development of the real estate industry.
There are no pilot cities to expand real estate tax reform this year. The Ministry of Finance said that the pilot of real estate tax reform was carried out in accordance with the authorization of the Standing Committee of the National People's Congress. Some cities have carried out investigation and preliminary research, but considering all aspects of the situation, there are no conditions to expand the pilot cities of real estate tax reform this year. Based on the current situation, the extension of pilot cities of real estate tax is postponed, which has a certain positive effect on the housing market.
Cooperate with relevant departments to resolve the risks of real estate enterprises, and it is expected that the real estate policy side is expected to continue to improve. The central bank held a meeting and said that it would adhere to seeking progress while maintaining stability and prevent and resolve risks in the real estate market. The CSRC said that it would continue to support the rational financing of the real economy and actively cooperate with relevant departments to effectively resolve the risks of real estate enterprises. Investors are expected to follow up the relevant policies in the bond market.
The issuance volume of US dollar bonds of real estate enterprises is large, and the overseas financing end is expected to improve. The State Administration of foreign exchange held a special meeting, which required to cooperate with relevant departments to promote the healthy and stable development of the real estate market and platform economy. The issuance volume of Chinese funded US dollar bonds of real estate enterprises is large, and the overseas equity market is relatively active. This exposition is expected to have a positive impact on the financing of real estate enterprises and the development of overseas business.
Investment advice
The intensive voice of many ministries and commissions on the real estate industry, stabilizing expectations and boosting market confidence will have a positive impact on the business development of real estate enterprises and the sales of commercial housing market. In the short term, the credit environment still needs to be improved, the Matthew effect on capital is prominent, and enterprises with low financing cost and land acquisition advantage may benefit; In the medium and long term, brand real estate enterprises with the advantages of financing and land acquisition will have obvious advantages in the future competition. Related targets: (1) leading real estate enterprises with low financing cost and sustainable land acquisition in first and second tier cities, such as Poly Developments And Holdings Group Co.Ltd(600048) ( Poly Developments And Holdings Group Co.Ltd(600048) . SH), Greentown China (3900. HK), Longhu group (0960. HK), etc; (2) Real estate enterprises that are less affected by the "two concentration" land policy and have diversified land acquisition methods, such as Seazen Holdings Co.Ltd(601155) ( Seazen Holdings Co.Ltd(601155) . SH), Baolong real estate (1238. HK), etc; (3) The construction of indemnificatory rental housing has gradually opened the demand for agent construction, and deeply cultivated the green city management holding (9979. HK) built by the government for many years.
Risk tips
Real estate policy regulation exceeded expectations; The sales of commercial houses were lower than expected.
