All signs show that the policy of "supporting reasonable financing in real estate enterprises" policies require that it is accelerating the implementation of landing and making breakthrough progress. Recently, the bond market has promoted a new round of private enterprise bond financing support operations. Some private real estate companies have been included in the scope of support and successfully completed bond financing.
According to industry analysts, a series of policy measures and implementation cases have recently had a strong ice -breaking signal and demonstration significance in improving the financing environment of private real estate enterprises, and injecting confidence in the industry and markets. The real estate policy has further confirmed that more policies to promote the healthy development of the real estate industry and the virtuous cycle are expected to land.
As the policy effect continues to appear, there will be more and more signs of the real estate market. In May, private housing companies’ financing "ice breaking", the real estate industry "warm the wind". Recently, many private housing companies such as Country Garden, Longhu Group, and Midea Real Estate have become "demonstration housing companies". Under the escort of credit protection tools, bond financing has been carried out. According to the announcement of the Shanghai Stock Exchange, Chongqing Longhu Enterprise Development Co., Ltd., a company of Longhu Group, has been completed on May 19 with a ticket interest rate of%.
Country Garden’s first corporate bond this year, "22 Bidi 01", has also completed the bookkeeping file on May 20 with a scale of 500 million yuan and a ticket interest rate%. Midea Real Estate issued no more than 1 billion yuan of corporate bonds, and on May 20th, the bookkeeping work was conducted. Dongfang Jincheng Research News said that as of May 15, private housing companies have been issued for 65 days without open market bonds, and the problem of solving difficulties in financing and issuing debt has been significantly urgent. At this time, the three private housing companies successively issued debts and were considered strong ice -breaking signals and demonstration significance. Recently, many housing companies have been escorted by credit protection tools during debt issuance. The Shenzhen Stock Exchange disclosed that the credit protection voucher jointly created by CSI Finance and CITIC Securities has successfully completed the issuance of bookkeeping with Yilin Longhu Supply Chain ABS. In addition, in order to support the issuance of "22 Bidi 01", CSI Finance and CITIC Construction Investment Securities will jointly create credit protection contracts. According to industry analysts, in the current situation, the bond market has launched a new round of private enterprise bond financing support plans to further release a policy support signal for private enterprise bond financing. It helps to boost the market confidence in the market for private enterprise bonds, and at the same time form a "demonstration effect" on the market, guide more bank securities firm institutions and professional credit enhanced agencies to use market -based credit -enhancing models to serve private enterprise bond financing. It is worth noting that the recent list of private housing companies’ debt issuance has continued to expand.
China Securities Journal reporter was informed that Xincheng Holdings planned to issue a medium -term bill in the inter -bank market in the near future. Creation institutions will issue credit risk slow release vouchers (CRMW) to provide credit protection for the midterm of this period.
In addition to supporting the financing of housing enterprises, the financing environment has gradually improved a series of measures such as bank credit support, encouraging housing companies to recruit mergers and acquisitions, and guide AMC to participate in rescue of insurance housing companies, which are promoting the gradual improvement of the real estate financing environment. In early May, the People’s Bank of China, the CBRC, and the Securities Regulatory Commission convened a meeting to talk about the relevant content of real estate financing and bonds of real estate. The People’s Bank of China stated that it will timely optimize real estate credit policies and maintain real estate financing smoothly and orderly. The Securities Regulatory Commission emphasizes that actively supports the financing of real estate corporate bonds. The CBRC requires that commercial banks do not blindly draw loans, disconnect loans, and press loans to maintain real estate financing smoothly and orderly; do a good job of financial services for mergers and acquisitions of key real estate enterprises’ risk disposal projects.
On May 20, the quotation interest rate of the loan market in the new period of 5 years fell 15 basis points, and the change was exceeded expectations. Experts said that the downlink of LPR above 5 years can stabilize the expectations of residential housing consumption and stimulate new housing consumption needs.
In addition, since May, dozens of cities have adjusted real estate policies intensively, including reducing mortgage interest rates, reducing the proportion of down payment, and increasing house purchase subsidies. According to Xu Xiaole, the chief market analyst of the Shell Research Institute, the recent densely expressed statements of multiple departments, plus a series of substantial actions, conveyed a clear and powerful policy signal. improve. Some people in the industry have said that the current debt issuance is still mainly based on heads of housing companies. The effectiveness of policy implementation, especially whether small and medium -sized private housing companies can benefit, need to be further observed, and it takes a certain amount of time to stabilize the real estate market and even recovery.
"Recently, real estate policies are frequent, showing the determination of relevant departments to resolve real estate risks.
Zhang Jiqiang, chief solid income analyst of Huatai Securities, said that the current real estate sales have not yet effectively stabilized, and the tight liquidity of real estate companies needs to be relieved. More systemic inclusive real estate support policies are still worth looking forward to.