Phoenix Net Real Estate Zibo News (Editor Jiang He) The Shanghai Banking Insurance Regulatory Bureau issued a document on the 2th, saying that Nanjing Bank was fined 5, yuan for granting loans to unqualified real estate projects. Recently, China Banking and Insurance Regulatory Commission has once again demanded that financial institutions strictly investigate the illegal provision of financing for real estate projects. This also makes the capital security of housing enterprises pay attention again. Among them, the capital problems of listed developers such as Taihe Group and Jinke Co., Ltd. have been inquired by the exchange.

The regulatory authorities are still strict in supervising the inflow of funds from financial institutions into real estate

According to the administrative penalty information of Shanghai Banking Insurance Regulatory Bureau, from January 216 to March 218, Bank of Nanjing Shanghai Branch issued loans to a real estate project with insufficient capital, was ordered to make corrections and was fined 5, yuan. It is worth noting that the supervision of financial institutions' capital inflow into real estate is still strict.

Last Friday, China Banking and Insurance Regulatory Commission announced the working points of "Consolidating the Achievements of Combating Chaos and Promoting Compliance Construction" for financial institutions in 219, showing that in 219, both banks, trusts and financial leasing institutions will take credit to the real estate sector as the target of strict investigation.

Among them, for banking institutions, it is necessary to strictly check that off-balance-sheet funds are directly or in disguised form used for land transfer financing; Failing to strictly examine the qualifications of real estate development enterprises and illegally providing financing for real estate development projects with incomplete "four certificates"; Personal comprehensive consumer loans, business loans, credit card overdrafts and other funds are diverted to purchase houses. At the same time, it is necessary to prevent funds from illegally flowing into the real estate market through shadow banking channels. It is also necessary to strictly investigate the misappropriation of loans such as M&A loans and operating property loans for real estate development. As far as trust institutions are concerned, it is necessary to prevent direct financing for real estate development projects where the qualifications of developers or their controlling shareholders are not up to standard and the capital is not fully in place, but also to prevent direct or disguised financing for real estate enterprises to pay the land transfer price, and to directly or disguised provide working capital loans for real estate enterprises.

Non-bank financing of some housing enterprises has increased costs

The reporter found that the financing costs of some housing enterprises have increased significantly in recent years, which has increased the pressure on financial expenses. Since March 26th this year, Taihe Group, a A-share listed real estate company, has unexpectedly sold the shares of its 11 project companies continuously, and the accumulated funds returned are close to 8 billion yuan. According to the annual report, from 216 to 218, the financing structure of Taihe Group was biased towards non-bank channels year by year.

in the financing of 75.411 billion yuan of Taihe group in p>216, the bank loan was 3.961 billion yuan, accounting for 41.6%, and the cost was only 6.79%. The correspondent banks mainly include China Bank, China Construction Bank, Industrial Bank and Minsheng Bank. Non-bank loans accounted for 35.74% and the cost was 8.4%. In 217, among the financing scale of 135.494 billion yuan, bank loans with low financing costs were 26.982 billion yuan, accounting for a rapid decline to 19.91%. The proportion of non-bank loans soared to 61.24%. By 218, bank loans of Taihe Group accounted for only 18%. Non-bank loan financing accounted for 61.27%, and the cost rose to 9.17%. The overall average financing cost was 8.52%, up .42 percentage points year-on-year and up .9 percentage points compared with 216.

The policy encourages enterprises to reduce indirect financing such as banks in order to reduce costs. Although the financing channels of banks in Taihe Group have greatly decreased, the costs have not decreased but increased, which has led to a substantial increase in the company's interest expenses. In 217, the financial expenses reached 79 million yuan, a year-on-year increase of 9.5%. In 218, it further increased to 83 million yuan, a year-on-year increase of 17.3%. Some analysts said: "This year is a little better. Many developers have had high financing costs in the past few years, especially overseas financing, with interest rates exceeding 1% and high financial expenses. If the withdrawal of funds and new financing cannot keep up, it will easily bring about a chain reaction. "

Reminder: the capital risk can't be ignored

The reporter learned that recently, the exchange inquired about the capital risk in the post-event inquiry letter of the annual report of the real estate enterprise. On May 8, Shenzhen Stock Exchange issued an inquiry letter to Taihe Group. According to the annual report, the total amount of short-term loans and non-current liabilities due within one year of Taihe Group reached 57.428 billion yuan, and the coverage ratio of this liability in monetary funds was only .26. Moreover, the inventory turnover rate, current ratio and quick ratio of Taihe Group all decreased year-on-year. Therefore, Shenzhen Stock Exchange requires Taihe Group to explain the relevant funding arrangements, analyze the source of immediate liabilities and whether there is a short-term risk of debt, taking into account the repayment situation and financing capacity of development projects. However, on May 16th, Taihe Group said it would postpone the reply to the inquiry letter.

On May 2th, Shenzhen Stock Exchange said in an inquiry letter for the annual report issued by Jinke Co., Ltd. that by the end of 218, the company's capital-liability ratio was 83.63%, which was at a high level in the same industry, and its quick ratio was .38%, down .6 percentage points year-on-year. The interest-bearing liabilities due within one year were 6.9 billion yuan, up 54.46% year-on-year, and the balance of monetary funds was 29.852 billion yuan, which could not cover the interest-bearing liabilities and non-current liabilities due within one year. Therefore, Shenzhen Stock Exchange requires it to explain whether the company has short-term risk of debt and the corresponding countermeasures.

Therefore, the above-mentioned industry analysts pointed out that at present, some housing enterprises with relatively large short-term liabilities and high financing costs are still under great pressure, and investors in the secondary market are advised to avoid them as much as possible.

(Original title: "The security of housing enterprises' funds is frequently concerned by the Exchange")