At least ten companies have been interviewed, and the financing channels of housing enterprises have been ＂tightened＂
The reporter of Economic Information Daily learned that at least ten trust companies have received "window guidance" one after another recently, demanding to strengthen risk prevention and control in the field of real estate trust and control the scale of real estate trust. This is bad news for the real estate industry facing the peak of debt repayment.
According to industry insiders, sturm und drang’s real estate trust business received a tightening signal from the regulatory authorities, and the pressure was naturally quickly transmitted to the controlled object — — Housing enterprises with high leverage and high turnover. They either issue bonds at home or abroad, or sell shares and projects to raise funds to tide over the peak of debt repayment safely.
Many trust companies encounter window guidance.
In recent years, the real estate trust field is experiencing a new round of supervision and control. The Economic Information Daily reporter learned from a number of trust companies that some trust companies whose real estate trust business has grown too fast and increased too much have received guidance from the regulatory window, demanding to improve the level of project risk management and control and control the development speed and scale of real estate trust business.
"At least ten trust companies have received guidance from the window, and they have been ‘ Interview ’ 、‘ Warning ’ 。” A trust company manager revealed.
The above-mentioned people said that the regulatory requirements received by various companies are different. Some require "consciously controlling the scale of real estate trust business", some require that "the scale of real estate trust business should not exceed the end of the second quarter at the end of the third quarter", and even some companies require "completely suspending real estate trust business".
The reporter learned that China Banking and Insurance Regulatory Commission mainly put forward five requirements for the above ten trust companies. First, these trust companies enhance their overall awareness, strictly implement the general requirement of "housing and not speculating", and strictly implement the real estate market regulation policy and the current real estate trust supervision requirements. Second, improve the level of risk management and control, and ensure that the scale and complexity of business match its own capital strength, asset management level and risk prevention and control ability. Third, raise awareness of compliance, strengthen compliance construction, and ensure the steady development of real estate trust business. Fourth, control the growth rate of business, and control the increment and growth rate of real estate trust business at a reasonable level. Fifth, improve the entrusted management ability, actively optimize the real estate trust service mode, and provide professional and characteristic financial services for real estate enterprises.
It is reported that after the "window guidance", a trust company with more real estate trusts held an emergency conference call, demanding that the scale of real estate trusts in the third quarter be "zero new" compared with the second quarter. Among them, unrecorded projects, channel business conforming to 432, and real estate M&A projects were all suspended.
"The company requires that in the future, it can only make a fuss about the scale released after the end of the old project." According to a related person, the company will set up a list of strategic customers, and the scale released in the future will give priority to the supply of strategic customers.
Point-to-surface combination focuses on reducing real estate leverage
A senior person from a trust in Beijing told the Economic Information Daily that at present, stabilizing the real estate market is the main tone of the policy, and the real estate financing end, especially the financing at the pre-financing stage, is the key tightening target.
The above-mentioned people also pointed out that this regulatory interview is aimed at the financing chaos of housing enterprises with high risks and high leverage. Its purpose is to guide the healthy development of real estate trust, not to "cut off supply" to housing enterprises across the board, and even less to cause panic.
Shuai Guorang, a researcher at Yiyi Trust, also told the Economic Information Daily that this guidance will have a significant impact on trust companies with a relatively large scale of real estate trusts, which will effectively promote the transformation of the industry and avoid over-reliance on real estate trust business, which is also beneficial to the future healthy development of the industry.
Since 2019, although the overall housing financing policy is tight, the real estate trust, as a higher-cost financing channel, has once again become a toon. According to the latest data of Yiyi Trust, as of June 30th, 68 trust companies have issued a total of 3,238 real estate collective trust products this year, which "transfused" 506.38 billion yuan for housing enterprises. Among them, the average term of products issued is 1.53 years, and the average annual yield is 8.32%. According to China Banking and Insurance Regulatory Commission data, as of the end of May, the balance of real estate trust assets was 3.15 trillion yuan, accounting for 14.00% of the balance of all trust assets; Compared with the beginning of the year, it increased by 166.597 billion yuan, a year-on-year increase of 15.15%.
On the one hand, real estate trust is growing against the trend. On the other hand, real estate is still a high-quality project for investors and institutions. "Real estate trust products are generally stable and have high returns. They can basically give about 8% of the income, and there are very few cases that cannot be redeemed. At the same time, the trust company’s fees for housing-related projects are much higher than other businesses. Compared with the 0.2% handling fee for channel business, the real estate business is as high as 1.5%. " A wealth manager of a trust company in Beijing said.
It is the high income of housing-related projects that promotes the rapid growth of real estate trust business of some trust companies, and there are certain compliance problems and potential risks. The relevant person in charge of China Banking and Insurance Regulatory Commission said that in the future, China Banking and Insurance Regulatory Commission will take warning guidance to trust companies as a normal work, and timely carry out policy briefings according to the development and changes of the real estate market to promote the steady development of trust companies along the right track.
Issuing bonds and selling equity, housing enterprises enrich blood in many ways
While the trust channel has been tightened, the phenomenon of issuing bonds and selling shares has increased significantly. Just one day on the 10th, Taihu Xincheng Industrial plans to issue corporate bonds of 2 billion yuan; China Merchants Shekou plans to issue 270-day ultra-short-term financing bonds with a maturity of 1 billion yuan; Yunnan Chengtou Group plans to issue three-year medium-term notes of 1 billion yuan for debt repayment; Chongqing Development announced that it plans to publicly issue corporate bonds (Phase I) to qualified investors, amounting to 379 million yuan. At the same time, Hefu Brilliant sold the property management company for HK$ 358 million; The first share is intended to sell 50% equity of Mingtai Real Estate, raising no less than 122.5 million yuan; China Jinmao plans to transfer 100% equity of Tianjin Beifang Zemao for RMB 109.9 million.
In addition to domestic bond issuance and selling projects, overseas bond issuance by housing enterprises has set a new record. According to data from the Central Plains Real Estate Research Center, in early July, overseas financing plans of real estate enterprises exploded in anticipation of domestic financing tightening. Only in the first 10 days, more than 18 real estate enterprises have issued financing plans of more than 10 billion US dollars.
On July 10th, Time China Holdings announced that it intends to use the net proceeds from the issuance of $400 million 6.75% senior notes due in 2023 for refinancing some of its existing debts and general corporate purposes. Longguang Real Estate Holdings Co., Ltd. plans to issue US$ 400 million senior notes with an annual interest rate of 6.5% due in 2023. On July 9, China Shipping issued HK$ 2 billion and US$ 450 million dual-currency fixed-interest bonds; Shimao Real Estate plans to issue $1 billion of senior notes due in 2026; Lifu International intends to issue $300 million of secured bonds due in 2024; Xuhui Holding Group Co., Ltd. plans to issue a total principal of USD 300 million due in 2024.
Zhang Dawei, chief analyst of Zhongyuan Real Estate, said that under the expectation of tightening financing channels such as trust, real estate enterprises accelerated overseas financing in early July, and the amount and times set a new record for the same period in history.
As an important link in the financing chain of housing enterprises, the changes of financing channels have been affecting the financing structure of housing enterprises. The data shows that in June, the financing amount of 40 typical listed real estate enterprises monitored by Tongce Research Institute was equivalent to RMB 61.16 billion, up 66.2% from the previous month. The amount of debt financing was 53.59 billion yuan, accounting for 87.63% of the total financing of housing enterprises, up 64.06% from the previous month. Among them, 17.655 billion yuan of corporate bonds were issued, accounting for 28.87%; Trust loans were 10.732 billion yuan, accounting for 17.55%; Domestic bank loans were 8.798 billion yuan, accounting for 14.39%; Medium-term notes were 3.436 billion yuan, accounting for 5.62%; Other debt financing was 12.971 billion yuan, accounting for 21.21%. In addition, up to now, the amount of equity financing in July was 7.57 billion yuan, accounting for 12.37% of the total financing amount, up 83.17% from the previous month.
Reporter Liang Qian Zhongyuan