How to add "China Bonds" to increase real estate credit?

At the end of August and early September, China Bond Credit Investment Co., Ltd. provided a full guarantee for the issuance of private housing companies, reflecting that the regulatory authorities were still increasing in real estate credit increase. Can this measure curb the continuous decline in real estate credit? Whether it is the real estate industry or the financial community, it is waiting to be seen.

Author: Tian Guobao

Figure: Tuwa Creative

Guide

One || In May this year, housing companies such as Longhu, Country Garden, Xincheng, Xuhui, and Midea have become demonstration debt issuance companies. Real estate companies complete debt issuance.

源 || However, in terms of root, the downlink of the real estate market and the expectations and confidence formed by it have not recovered. Pass to the full guarantor of China Debt Deng.

Three || Most private housing companies still face two problems: First, is the model of full guarantee issuance of bond issuance? Can investors regain confidence? Second, insurance delivery does not necessarily cover all projects. How to make buyers believe that the project will not stop working, it is not easy.

On September 13th, Xincheng Holdings announced the results of the second -term issue of the second phase of 2022. The total purchase amount of the six valid subscriptions was 1.36 billion yuan, and the issuance amount was 1 billion yuan, and the ticket rate was 3.28%, which was valid for 3 years.

On the same day, Country Garden announced the plan to issue the first ticket for 2022: 1.5 billion yuan, and the purchase interest rate was 3%-4.3%;

At the same time, Xuhui also plans to issue a three-year mid-term vote. The interest rate between the purchase interval is 3%-4.5%, and the issuance amount does not exceed 1.5 billion yuan.

As early as in late August, Longhu took the lead in the issuance of 1.5 billion yuan of tickets for the issuance, with a interest rate of 3.3%and a period of 3 years. On September 8th, the third phase of 2022 issued by Midea Real Estate was officially listed, with a issuance of 1 billion yuan. The interest rate is 3.33%, the term is 3 years.

Whether it is Longhu, Midea Real Estate and New Town Holdings, or Xiaoyuhui, which are issued, these private real estate companies are issued in this round of votes. Increase the full guarantee.

Earlier, due to the influence of credit risk incidents such as debt defaults and exhibition periods of private housing companies, most private housing companies suffered their embarrassing situations in debt issuance, even if it was Country Garden, Longhu, Xincheng, Xuhui, etc. Real Estate companies are also difficult to issue debt.

In May this year, the regulatory authorities include the list of the above -mentioned real estate companies in the list of debt issuance enterprises to launch a credit risk slow release tool to solve the problem of investor confidence. The effect of faith is not obvious.

At the end of August and early September, China Bonds provided a full guarantee for the issuance of private housing companies' debt, which reflected that the regulatory authorities still increased the credit increase in real estate. Can this measure curb the continuous decline in real estate credit? Whether it is the real estate industry or the financial community, it is waiting to be seen.

Increase credit

On September 2nd, Xincheng Holdings announced the plan to issue the second pass of 2022, and began to purchase from September 8th to 9th. The main underwriter and bookkeeper of the bond are CITIC Securities, the joint underwriters are Bank of China, and the custody is in Shanghai.

According to the purchase situation, there are 8 compliance subscriptions, with a total purchase amount of 2.76 billion yuan; 6 effective purchase, valid purchase amount 1.36 billion yuan, and finally determining the issuance interest rate of 3.28%, and the actual issuance amount is 1 billion yuan.

On September 14, 2022 New City Holdings MTN002 was officially launched. This is the second mid -term bill issued during the year of Xincheng Holdings. As early as the end of May, as a demonstration debt -issuing real estate company, Xincheng Holdings has issued a 1 billion yuan ticket.

New Town Holdings issued two issued votes, both of which are helpful for China debt to increase credit. The difference is that when the ticket issued in May, the Chinese bond increase provided a two -year principal of 30 million yuan in credit risk slow release tools. In September, China Debt increased provided "irrevocable joint guarantee liability".

At the end of August, the first 2022 annual ticket issued by Longhu issued 1.5 billion yuan of votes. The increase in China debt also provided the irrevocable joint guarantee liability. The guarantee scope of the guarantee includes all related expenses such as the principal, interest, and liquidated damages of the votes. During the duration of the ticket.

Midea, which was listed on September 8, the third mid -term bill of 2022, and the first phase of the 2022 Phase of Country Garden, which was issued, also provided the same guarantee.

According to the credit increase letter of China Debt Increasing, without the consent of the investor, the increase in the content of the bond cannot be modified, modified, lifted, or terminated on the content of the guarantee letter; Unless investors are exempted, China Debt increase must be compensated to the principal and interest of the bill.

Even if investors pledge or transfer their holdings to third parties, pledges and third parties have the same rights as investors.

This method of credit increase has eliminated investors' concerns about the ability to repay housing enterprises, and the credit issuance credit of real estate companies has been improved.

China Debt Increasing is the first domestic credit enhancement company. In 2009, under the guidance of the People's Bank of China, the Bank of China Traders Association jointly launched the joint launch Credit increase income accounts for more than 50 %. As of the end of June 2022, the cumulative credit increase amount has reached 329 billion yuan since its establishment, and the balance of credit increase was 75.1 billion yuan. Among them, the balance of the votes accounted for the highest ratio, reaching 23.6 billion yuan, involving 26 issuers; followed by PPN (non -public orientation debt financing instruments), involving a amount of 19.3 billion yuan.

According to the financial reports of the years, China Debt has increased less. In the past three years, it has only a 20 million yuan compensation. Moreover, when China Treasury increases, it is usually required to be anti -guarantee when it is guaranteed by an enterprise. Therefore, even if a compensation occurs, it can be made up by dealing with mortgages or tracing back to third parties.

Among the customers who increase the service of China debt, local urban investment companies have always occupied important positions and proportions due to land and real estate assets. In the list of clients of China Treasury, there are very few real estate companies, especially private real estate companies.

The breakthrough port was in May this year. At that time, housing companies such as Longhu, Country Garden, Xincheng, Xuhui, and Midea became demonstration debt issuance enterprises. Some private housing companies complete debt issuance.

However, due to the limited duration and principal balance of credit risk slow release tools, and investors need to be purchased, investors have not been favored by investors. At that time, participating in the completion of the debt issuance of housing companies was mainly completed under supervision and guidance.

cost

In this round of private enterprises issuing bonds, the full guarantee of China Debt increases, from the perspective of many financial institutions and real estate people, solve the problem of lack of confidence in investors' lack of confidence in the ability of real estate companies.

However, in terms of root, the downlink of the real estate market and the expectations and confidence formed by it have not recovered. The full guarantee method of credit increase is equivalent to adding a insurance between the issuer and the investor, but it also passes the wind direction to the middle to China. The full guarantor of debt increase.

For China Bonds, the biggest risk faced in the process of guaranteeing enterprises is compensation risks. Therefore, such institutions such as China Bonds have a sense of risk awareness. In terms of risk culture, risk management organizational structure, risk policies, risk systems, risk process control, and end of risk management.

In order to effectively control the risks, China Bonds increased mainly based on the form of "guarantee company guarantee, third -party guarantee guarantee, stock pledge, equity pledge, real estate land mortgage and other forms as risk slow release measures." Most of the current credit enhancement projects provide corresponding risk slow release measures.

The Economic Observation Network has been verified that in this round of ticket issuance at the end of August and early September, housing enterprises also provided risk -to -release measures to China Bonds, that is, China Bonds provided full guarantees for bonds issued by housing enterprises. Anti -guarantee through third -party or physical assets.

The issuers issued by Longhu and Xincheng all provided corresponding real estate assets to China Bonds as anti -guarantee mortgages; if Chinese bond credit needs to compensate the issuer, they can use the disposal of anti -guarantee mortgagers to come by the anti -guarantee mortgage. Recover damages.

From the end of August to the beginning of September, Midea has issued two consecutive issuance of tickets. Among them, the second phase of the second phase of the ticket issued by China Merchants Bank, Minsheng Bank and Zhejiang Commercial Bank provided credit risk slow release tools to conduct similar full guarantees for the bills. Among them, China Merchants Bank guarantees 500 million yuan, and Minsheng Bank and Zhejiang Commercial Bank guarantees 250 million yuan.

Midea's third phase of 1 billion yuan votes are fully guaranteed by China Debt Credit. Unlike Longhu and New Town, with real estate as counter -guarantee measures, in these two issues of Midea Real Estate, Midea Group provides anti -guarantee for the guarantor. Once a default occurs, the guarantee can recover from the US group.

The 1.5 billion yuan ticket issued by Country Garden was more complicated. Country Garden mortgaged the corresponding physical assets to Foshan Trading and Foshan Metro Investment. Debt increase provided anti -guarantee to Country Garden.

For China Debt Corporation, compared with the physical asset mortgage as an anti -guarantee measure, it is more inclined to use a third -party company to carry out anti -guarantee.

In addition to anti -guarantee measures, the guarantee costs are also one of the issuance costs of housing companies.

Among several private housing companies in this issuance, the annualized interest rate is generally below 3.5%. Compared with historical issues, the cost will decline. many.

The Economic Observation Network knows that the guarantee fee for the guarantee provided by China Bonds will be about 1.05%, and different housing companies have changed slightly, but the overall difference is not much different. However, this statement has not been confirmed by China bonds and issuance of housing companies.

For reference, the second phase of 2022 issued by Midea Real Estate, China Merchants Bank, Minsheng Bank, and Zhejiang Commercial Bank provided credit risk slow -release tools for 1.5%annualized; The cost of debt -increase providing a credit risk slow -release tool is equivalent to 1.53%.

Difficult to solve

In the first eight months of 2022, among the total amount of real estate domestic credit bond issuance, the total proportion of state -owned enterprises and local state -owned enterprises and local state -owned enterprises had a total proportion of nearly 90%, and the proportion of private enterprises declined from about 50%before the crisis to less than 5%. In addition to individual housing companies such as Binjiang, private housing companies have almost disappeared into the credit bond market. Since 2022, affected by a series of incidents such as the explosion of real estate enterprises, delayed delivery of real estate projects, and buyers 'loans, buyers' confidence and expectations have been affected. Although the real estate market has slowly recovered from May, in July and August, again, and again, again, again, and again Turn down.

A personnel with a sales scale of over 100 billion told the Economic Observation Network that since September, market transactions have continued to decline, and housing companies have become increasingly difficult to survive, saving the market and saving real estate enterprises, and have become the common goals of all parties.

The person explained that the credit market is connected to the financing market one by one, and the other end is connected to the real estate sales market. These two markets are the main sources of cash in housing enterprises. It can be sold, but the private enterprises are not good. "

Regarding the collapse of private housing companies, the regulatory authorities also realized the potential risk and began to gradually increase rescue. In response to the real estate market, a large -scale insurance delivery operation was launched; for the financing market, it was trying to use a full guarantee to wake investors' confidence.

But most private housing companies still face two problems: First, is the full guarantee of guarantee issuance of debt issuance? Can investors regain confidence? Most institutions and housing companies interviewed have said that the specific effects need to be observed further.

Second, the insurance delivery operation can restore confidence to a certain extent, especially after injecting funds into the suspension of the project, it can realize the realization of precipitated assets, but the insurance delivery may not be able to cover all projects, especially the new projects. How to make buyers believe that the project will not stop working, it is not easy.

On September 14, a spokesman for the Ministry of Housing and Construction Wang Shengjun said that in August, the Ministry of Housing and Construction issued special measures with relevant departments such as the Ministry of Finance, the Central Bank, etc. to support cities in need for cities in need for a special borrowing of policy banks. The construction of residential projects is delivered, "the current special work is undergoing tight and orderly."

The roots are still expected and confident in the market. The above -mentioned 100 billion housing companies said that as long as all parties are still working hard, the housing companies themselves do not give up, and market confidence and expectations will always be recovered.

多数房企人士认为，无论是全额担保发债，还是保交付行动，都是暂时性措施，并不能从根本上解决民营房企的信用问题，但给企业赢得了一定时间和空间，在当前In the situation, time and space are exactly what private housing companies need.

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