“Financial institutions + AMC (asset management company)” will become a new plan to rescue the housing enterprises in danger (those in difficulty in liquidity).
On April 25, according to media reports, the financial regulatory authorities held a meeting to give six policy guidance to major asset management companies and 18 banks on their asset collection and M & A, including relaxing the compliance requirements of M & A, development loan and mortgage support.
In this regard, Liu Shui, the research director of the enterprise business department of China Index Research Institute, also said: “this meeting will strengthen policies to support the acquisition and merger of projects of real estate enterprises in danger. For example, the acquisition and merger will not be included in the concentration management of real estate loans, the acquisition in cooperation with related parties will not be included in major related party transactions, and the requirements for M & A of projects with incomplete four certificates will be relaxed. These support policies will actively promote the acquirers to carry out M & A of projects of real estate enterprises in danger.”
six supporting policies, some real estate enterprises said they didn’t know
On April 25, according to media reports, the financial regulatory authorities held a meeting to provide a list of 12 real estate enterprises to major asset management companies and 18 banks, and made six policy guidance for their asset collection, M & A and other work.
The above 12 real estate enterprises include China Evergrande, Shimao Group, rongchuang China, Rongxin China, jiazhaoye, Zhongliang holdings, Jiangsu Zhongnan Construction Group Co.Ltd(000961) , Greenland Holdings Corporation Limited(600606) , China Olympic Park, Rongsheng, Yango Group Co.Ltd(000671) , R & F real estate. This list is the first batch of enterprises and will be adjusted dynamically in the future.
It is reported that one of the policies involved in this list is that the scope of acquisition objects is divided into three categories. First, assets can be acquired before the end of 2021, and the purpose is land price; Second, it can acquire the accounts receivable of related parties of the group before the end of 2021; Third, it can acquire non-performing loans not included in financial institutions for the time being.
The other five policies involve the adjustment of regulatory content, including that the above business development is not included in the concentration management of real estate loans; The above business capital is measured at 50%, while supporting development loans, and the funds must be managed in a closed manner; Cooperative acquisition with related parties and not included in major related party transactions; The compliance requirements of the 12 real estate enterprises, such as M & A projects with incomplete four certificates and projects involving M & A loans to replace land transfer fees, have been relaxed; The stock will be extended after overdue replenishment and credit enhancement.
From the content of policy guidance, the financial supervision department is mainly for banks and national asset management companies, and most heads of real estate enterprises are unaware of this content.
Beijing News reporter asked Shimao Group, Greenland Holdings Corporation Limited(600606) , Rongxin China, rongchuang China, China Olympic Park and other real estate enterprises on the list. Some real estate enterprises said they “didn’t hear about it and didn’t participate in the meeting”, while others didn’t give a positive reply.
At the performance meeting held on April 26, Jiangsu Zhongnan Construction Group Co.Ltd(000961) general manager Chen Yuhan publicly responded to the contents of the above meeting: “in fact, we didn’t attend the meeting and didn’t know the specific situation. But I also heard some peers attend the meeting, and the specific situation is not particularly clear.”
“financial institutions + asset management companies” lineup, how strong is the support
For the policies related to loan support mentioned in the above meeting, Yan Yuejin, research director of the think tank center of E-House Research Institute, said that the meeting relaxed the compliance requirements for the “four incomplete” projects of 12 real estate enterprises (the “four licenses”, i.e. land license, planning license, construction license and pre-sale license), projects involving M & a loan replacement of land transfer fees, etc. For example, development loans are required to fully support real estate enterprises, but the funds must be managed in a closed manner. This statement reflects the support for the amount and scale of development loans. In addition, the policy is clear to ensure the issuance of mortgage. Only when the mortgage work is carried out smoothly, the project sales of real estate enterprises will continue to improve. With the improvement of the sales data of the project, the subsequent capital situation can be improved.
\u3000\u3000 “With the support of the M & a policy, the acquirer’s concerns about the M & a process of projects can be eliminated. The M & a speed of some projects will be accelerated, which will help the real estate enterprises in danger to speed up the project sales, recover the funds, alleviate the financial difficulties, and help the real estate enterprises to resume normal operation. At the same time, the list of real estate enterprises is dynamically adjusted. According to the debt situation of real estate enterprises, the real estate enterprises close to debt default can be added in time for key support, which will effectively prevent Fan housing enterprises have another debt default. ” Liu Shui added.
Beijing News reporter also noted that at present, the list of real estate enterprises in danger that national asset management companies are contacting is consistent with the list of the above meeting. So far, China Cinda, China Oriental, China Huarong and China Greatwall Technology Group Co.Ltd(000066) 4 national asset management companies have contacted real estate enterprises in danger, including China Evergrande, rongchuang China, Shimao Group, China Olympic Park, jiazhaoye and so on.
Take China Olympic Park as an example. With the help of local governments, the four asset management companies, including China Huarong, China Greatwall Technology Group Co.Ltd(000066) , China Oriental and China Cinda, have negotiated with China Olympic Park. If the progress is relatively smooth, a number of projects located in Fuzhou, Chengdu and Zhuhai are expected to take the lead in obtaining one-to-one relief cooperation from the four asset management companies.
As a listed real estate enterprise in Nantong City, Jiangsu Province, Jiangsu Zhongnan Construction Group Co.Ltd(000961) has been supported by local policies. Recently, according to market news, Jiangsu Provincial People’s government, together with Nantong municipal government and Jiangsu Branch of China Huarong Asset Management Co., Ltd., established a 10 billion yuan special enterprise relief fund in Nantong to help outstanding private enterprises represented by Zhongnan group solve their recent cash flow problems. Chen Yuhan did not respond positively to the rescue fund at the performance meeting held yesterday. But she said frankly: ” Jiangsu Zhongnan Construction Group Co.Ltd(000961) as a large private listed enterprise, the company’s stability is not only related to local finance and taxation, but also related to the employment of countless industrial workers and the stability of people’s livelihood. Therefore, the company has received strong assistance from governments at all levels.”
