The maturity and repayment of real estate enterprise bonds has always been the focus of the market. In the third week of April, many real estate enterprises need to pay the interest or principal of relevant bonds.
Specifically, on April 18, Vanke needs to pay bond interest of US $971 million; Rongchuang and Xuhui holdings need to pay bond interest of US $650 million and US $500 million respectively on April 19; Yuexiu real estate and jiazhaoye need to pay bond interest of US $400 million and US $600 million respectively on April 20 and 22.
Among the above real estate enterprises, jiazhaoye has made it clear that it will restructure overseas bonds, and rongchuang and other real estate enterprises have entered the critical period of debt repayment.
Earlier on April 11, rongchuang had a US $741 million bond and failed to pay the relevant interest within the set date. Subsequently, according to the media quoting relevant informed sources, rongchuang China plans to pay the due interest of the bond within a 30 day grace period.
Some investors believe that since the interest payment of the previous bond of rongchuang is still in the grace period, it is still unknown whether the latest interest payment bond will pay interest on schedule.
Compared with paying bond interest, the scale of bonds due by real estate enterprises in the last week is not high. At present, only time China has a $166.8 million debt due on April 20. In addition, on April 26, time China also had a bond of about US $175 million due. It is reported that time China has repurchased the above two bills in the open market, with a total amount of US $82.48 million.
It is worth mentioning that on April 14, there was market news that a subsidiary of Poly Developments And Holdings Group Co.Ltd(600048) paid the land payment of No. 63, Huazhou Road, Haizhu District, Guangzhou to time China in advance, about 1.6 billion yuan after deducting taxes and other costs. Time China plans to use this fund to repay two US dollar debts due this month. In this regard, a person close to poly confirmed the news to the associated press.
A number of investors told reporters that previously, times China had repurchased some bonds that would expire in April. Now it is more likely to obtain the investment funds for the old reform in advance and repay the bonds that will expire in April on schedule.
At the performance meeting held in March this year, Niu Jimin, executive director of time China, revealed that this year's time China's short-term debt is mainly composed of three parts. In addition to the overseas bonds due in April, a total of 2.7 billion yuan of debts need to be repaid in August and September. In addition, there are about 3.7 billion yuan of bank and other loans. The company has made corresponding arrangements for relevant repayment.
Although many real estate enterprises are actively raising funds to repay the debt, the debt repayment pressure of real estate enterprises is still large.
It is understood that April is still the peak of repayment of real estate enterprises this year. According to the data of Shell Research Institute, the debt scale of real estate enterprises due in April also exceeded 100 billion yuan. According to the China Index Institute, the scale of overseas debt to be repaid by real estate enterprises in April was about 41.9 billion yuan.
A person from a listed real estate enterprise believes that for real estate enterprises, financing and sales in the future are very key to sustainable and stable operation. However, due to the current market fluctuations, the financing ability of some real estate enterprises continues to weaken.
"Generally speaking, there are two kinds of capital sources for real estate enterprises, one is financing capital, the other is operating capital." Chen Wenjing, market research director of index division of China Index Research Institute, told reporters that at present, the industry credit has not been restored, the financing of real estate enterprises is still limited, and financial institutions are still cautious about the risk preference of real estate enterprises.
On the current financing situation of real estate enterprises, an analyst of Zheshang real estate told reporters, "the lending speed is getting faster, but the amount has not changed significantly."
In addition, according to the data of China Index Institute, from January to March 2022, the total amount of credit bonds issued by real estate enterprises was 116.29 billion yuan, a year-on-year decrease of 32.7%; The total amount of overseas bond issuance was 12.41 billion yuan, down 89.8% year-on-year. In terms of structure, credit bond financing accounted for 90.4%, up 31.7 percentage points year-on-year, becoming the absolute main force of bond financing of real estate enterprises. The average interest rate of credit bonds was 3.7%, 1.5 percentage points lower than that of overseas bonds.
