China Securities Journal reporter learned on the 26th that recently, the financial management department convened several national asset management companies (AMCs) to study the asset management companies’ participation in asset disposal, Project M & A and related financial intermediary services of venture real estate enterprises in accordance with the principles of marketization and legalization.
Many experts said that if asset management companies intervene, it is expected to speed up the asset disposal progress of real estate enterprises in danger and better maintain the healthy and stable development and virtuous circle of the real estate market.
helps resolve risks and clear the market
Asset management companies have rich experience in the disposal of non-performing assets, project mergers and acquisitions and other fields, and are expected to accelerate the progress of asset disposal of risky real estate enterprises and promote risk resolution and market clearing.
Disposal of non-performing assets is the main business of asset management companies. Zhou Maohua, a macro researcher of the financial market department, said that asset management companies have obvious advantages in the disposal of non-performing assets, pricing and industry research, especially asset pricing is crucial to the success of mergers and acquisitions and other transactions.
Mingming, the co chief economist of Citic Securities Company Limited(600030) , said that asset management companies have rich experience in asset disposal. “In fact, the original intention of the establishment of asset management companies is to resolve the accumulated risks. In the past, the targets of asset disposal and resolution mainly appeared in the financial industry, manufacturing and other fields. The real estate industry has become the key direction of the current disposal of non-performing assets. The participation of national asset management companies is expected to accelerate the progress of asset disposal of real estate enterprises in danger.” He said.
Some experts also believe that the financial management department’s research on the participation of asset management companies in the asset disposal of risky real estate enterprises has released a policy signal that the gateway for the disposal of risky assets will move forward. Dong ximiao, chief researcher of Zhaolian finance, said that the early intervention of asset management companies can improve the disposal efficiency and better maintain the healthy and stable development and virtuous circle of the real estate market; On the other hand, it helps to safeguard the legitimate rights and interests of housing consumers and ensure the smooth progress of housing project construction.
The National Conference on housing and urban and rural construction held recently also made it clear that we should resolutely and effectively deal with the risk of overdue delivery of real estate projects of individual real estate enterprises.
real estate risk resolution hit a combination fist
Recently, while improving the financing of real estate enterprises, a series of policies and measures focusing on the risk resolution of real estate enterprises have been introduced one after another, and the risk resolution work has been promoted in an orderly and in-depth manner.
After China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) issued M & a medium-term notes, Shanghai Pudong Development Bank Co.Ltd(600000) recently completed the issuance of 5 billion yuan of Real Estate Project M & a theme bonds to raise funds for the investment of Real Estate Project M & A loans. If large asset management companies intervene, it will further enrich the subjects and means of real estate risk resolution.
In the view of many insiders, the intervention of asset management companies not only plays a positive role in the disposal of problematic assets of risky real estate enterprises, but also can alleviate the pressure on the disposal of non-performing assets of financial institutions.
Insiders pointed out that the intervention of asset management companies can reduce the pressure on the disposal of non-performing assets of financial institutions and reduce their provision, which will help to release profit space and enhance the ability of credit extension.
In Zhou Maohua’s view, encouraging diversified financial institutions such as asset management companies to participate in the risk resolution of some real estate enterprises will help to improve the market activity and the success rate of M & A of real estate enterprises, and effectively prevent and resolve the risks of some real estate enterprises. It is expected that with the gradual reduction of the impact of the risk exposure of individual real estate enterprises, the M & a market of real estate enterprises will gradually become active.
It should be noted that the total debt due of real estate enterprises in 2022 is still high, so we need to be vigilant against relevant risks. According to the statistics of the shell Research Institute, the matured debt of real estate enterprises in 2022 is about 960.3 billion yuan, down about 25% from 2021, but it is still close to the high level of trillion yuan. The repayment pressure is concentrated in January, March, April and July, and the repayment scale in these four months exceeds 100 billion yuan.
Yan Yuejin, research director of the think tank center of E-House Research Institute, said that the key to solving and disposing of the problem assets of real estate enterprises is to make the sales of the real estate market active. “The improvement of real estate market sales will help to improve the capital of real estate enterprises and play a positive role in the disposal of problem assets.” He said.
