On July 12, the National Development and Reform Commission issued the Notice on Relevant Requirements for the Registration of Foreign Debt Issuance by Real Estate Enterprises, requiring that foreign debt issuance by real estate enterprises can only be used to replace medium-and long-term overseas debts due in the next year; In the application materials for foreign debt registration, the real estate enterprise shall list the detailed information of the overseas debt to be replaced, including the debt scale, term and registration of our commission. And submit the Letter of Commitment on the Authenticity of Enterprise Foreign Debt Issuance.
Since 20 18, real estate regulation and control policies have been implemented more and more frequently, and the scope of regulation and control has spread from domestic bond issuance to overseas financing and trust channels.
According to Wind data, the Beijing News reporter found that the total liabilities of 135 listed real estate enterprises are increasing. By the first quarter of 2065, 438+09, the total debt exceeded 8.5 trillion; There are only 5 1 company with positive cash flow, accounting for only 37.78%. 20 1 965438+1October1Up to now, * * * 15 real estate enterprises have issued announcements on plans for additional issuance, with the number increasing by 150% compared with 20 18.
"The current policy is to strengthen supervision. The normal financing of real estate enterprises will not be affected, but the control of large-scale financing will be significantly tightened, which is also conducive to the stability and long-term development of the real estate industry in the future." Zhang Dawei, chief analyst of Zhongyuan Real Estate, said that the regulated US dollar debt is actually not the main source of funds for housing enterprises, but a sector under multiple control of funds.
The debts of 20 real estate enterprises exceeded 100 billion yuan, and Xincheng Holdings ranked sixth.
"In order to strengthen the market restraint mechanism, prevent the risks that may be brought by foreign debt issuance of real estate enterprises, and promote the stable and healthy development of the real estate market, real estate enterprises are required to handle the registration of foreign debt issuance." On July 12, the National Development and Reform Commission pointed out in the above-mentioned notice that real estate enterprises should formulate a master plan for issuing foreign debts, and make overall consideration of factors such as exchange rate, interest rate, currency and asset-liability structure of enterprises, so as to effectively prevent and control foreign debt risks.
13 In June, Guo Shuqing, Chairman of the China Banking Regulatory Commission, said at the Lujiazui Forum on 20 19 that the financing of real estate enterprises should be prevented from excessively crowding out bank credit resources.
In July, the person in charge of the relevant departments of the China Banking Regulatory Commission said that in order to strengthen the risk prevention and control in the field of real estate trust, the China Banking Regulatory Commission recently conducted an interview warning for some trust companies whose real estate trust business has grown too fast and the growth rate has been too large, requiring these trust companies to strictly implement the real estate market regulation policies and current real estate trust supervision requirements; It is required to control the growth rate of business and control the increment and growth rate of real estate trust business at a reasonable level.
From the data, the total liabilities of 135 real estate enterprises have been increasing since 20 17.
Wind financial terminal data shows that from the first quarter of 20 17 to the end of 20 17, the total liabilities of 135 real estate enterprises reached 5.3 trillion yuan, 5.7 trillion yuan, 6. 1 trillion yuan and 6.6 trillion yuan respectively, and in the first quarter of 20 18. The total liabilities are 6.9 trillion yuan, 7.4 trillion yuan, 7.9 trillion yuan and 8.2 trillion yuan respectively. By the first quarter of 20 19, the total liabilities of 135 housing enterprises exceeded 8.5 trillion yuan.
In terms of individual stocks, in the first quarter of 20 17, there were 13 real estate enterprises with total liabilities exceeding 100 billion, namely Vanke A, Greenland Holdings, Poly Real Estate, Huaxia Happiness, China Merchants Shekou, Oceanwide Holdings, Capital Corporation, Sunshine City, Rong Sheng Development, Taihe Group, Jindi, OCT A and Zhongnan Construction. By the first quarter of 20 18, the number of housing enterprises with total liabilities exceeding100 billion reached 16, and the three newly added enterprises were Xincheng Holdings, Fahua Shares and Jinke Shares. 20 19 There were 20 enterprises with debts exceeding 100 billion in the first quarter, and 4 new enterprises were Xinhu Treasure, Financial Street, Blu-ray Development and Joy City.
Over the past two years, Vanke A, Greenland Holdings, Poly Real Estate, Huaxia Happiness and China Merchants Shekou have always been the top five enterprises with the highest total liabilities, namely1314.977 billion, 966.647 billion, 765.438+065.438+04.5000856866
The sixth position has changed. In the first quarter of 20 17, Oceanwide Holdings ranked sixth in the total liabilities of real estate enterprises with 135, becoming the first share in the 20 17 interim report. By the mid-year report of 20 18, Xincheng Holdings had replaced the first share as the sixth housing enterprise in debt, and remained the sixth position so far.
It is worth mentioning that although the total liabilities of 135 housing enterprises and enterprises with debts exceeding 100 billion are increasing, the median liabilities of housing enterprises have changed.
From the first quarter of 20 17 to the first half of 20 18, the median debt of real estate enterprises increased all the way, and from the third quarter of 20 18, the median debt of real estate enterprises decreased.
"The current policy is to strengthen supervision. The normal financing of real estate enterprises will not be affected, but the control of large-scale financing will be significantly tightened, which is also conducive to the stability and long-term development of the real estate industry in the future." Zhang Dawei, chief analyst of Zhongyuan Real Estate, said that the regulated dollar debt is not the main source of funds for real estate enterprises.
Zhang Dawei said that the most direct impact of strengthening supervision is that the capital cost of real estate enterprises has increased, especially for small-scale enterprises, the financing cost has increased significantly. Therefore, from the second quarter of this year, the large-scale financing of housing enterprises will be greatly reduced, and the phenomenon of land grabbing by housing enterprises will also be significantly reduced. "Especially those housing enterprises with few financing channels, housing enterprises with high debt ratio, and small and medium-sized housing enterprises. The financing difficulty and financial pressure will be very great. "
Current assets have declined, and less than 40% of housing enterprises have positive cash flows.
Everbright Securities said that with the tightening of real estate "front-end financing" business, the scale of trust real estate business will decline in the future, and the project financing operation will be more standardized. Future policies may be adjusted according to the implementation feedback, and it is expected that the tightening trend will last at least until the fourth quarter. "We believe that even if the future policy scale may be adjusted, it will not deviate from the overall regulatory tone."
As for the coping style of housing enterprises, Everbright Securities believes that in addition to slowing down the pace of land acquisition and reducing capital expenditure, it is expected that real estate developers will also increase the turnover rate, speed up the payment of sales and reduce their dependence on external financing. It is worth noting that if sales fail to meet expectations and external financing is tightened, the capital chain of housing enterprises will be under pressure.
Is there any pressure on the capital chain of real estate enterprises at present?
Corresponding to the debt ratio, the net cash flow generated by 135 housing enterprises' operating activities gradually improved in 20 18, but deteriorated in the first quarter of 20 19. In the first quarter of 20 18, only 39 of the 35 real estate enterprises in/kloc-0 had positive cash flow; In the interim report of 20 18, the number of enterprises with positive cash flow expanded to 63; In the third quarter of 20 18, the cash flow of 76 real estate enterprises was positive; There were 92 at the end of 20 18. In the first quarter of 20 19, there were only 5 1 company with positive cash flow, accounting for less than 40%.
The same is true from the total cash flow of 135 real estate enterprises. In 20 18, the cash flow of real estate enterprises continued to improve.
There are many overlaps in the list of real estate enterprises with negative cash flow and real estate enterprises with high debt ratio. In the first quarter of 20 18, the net cash flow of 18 real estate enterprises was less than-2 billion yuan. Vanke A is the enterprise with the least cash flow, followed by Poly Real Estate, Binjiang Group, Huaxia Happiness, China Merchants Shekou, Financial Street, OCT A, Taihe Group, Rong Sheng Development, Gemdale, Xinhubao and Xincheng Holding, all of which are highly indebted housing enterprises.
20 19 The eight real estate enterprises with the least cash flow in the first quarter, Vanke A, Huaxia Happiness, Capital Holdings, China Merchants Shekou, Jinke, Sunshine City, Xincheng Holdings and Guangming Real Estate, were all below-5 billion yuan. Among them, the net cash flow generated by Huaxia Happiness's operating activities is-154.53 million yuan.
In addition to the cash flow generated by business activities, current assets are an asset index that can be realized or consumed within one year, which directly reflects the solvency and liquidity of enterprises. 135 the current assets of housing enterprises also declined.
In the first quarter, interim report and third quarter of 20 18, the median total current assets of these real estate enterprises increased slowly, but in the annual report of 20 18, the median total current assets decreased.
In 135 housing enterprises, the current assets of several enterprises with the least current assets are almost all reduced. In the first quarter of 20 19, the ten real estate enterprises with the least liquid assets were st Hongsheng, Quanxinhao, Lv Jing Holdings, Asia-Pacific Industry, Zhong Fang, Lingyun B shares, Dongfeng B, st Mei Xin, ST Panshi and *ST Shunzhe B, among which the liquid assets of ST Hongsheng at the end of 2065 438+08 were 74,892,800 yuan and 2065 438+08.
Financing demand blowout. In 20 19, the number of housing enterprises that want to issue additional shares increased by 150%.
"Recently, real estate enterprises pay more attention to the safety of capital chain, but medium-sized real estate enterprises are obviously accelerating land acquisition, which also promotes the financing needs of real estate enterprises," Zhang Dawei said.
Wind data shows that from 20 19 and 1 in1in October to 20 19, 2 1 in July, * * * 15 housing enterprises have issued announcements of additional issuance plans, and the number has increased significantly since April.
65438+/kloc-During the period from October to March, six real estate enterprises announced their issuance plans, including Hefu Urban Construction, Greenland Holdings, Zhongzhou Holdings, Xincheng Holdings, Oceanwide Holdings and ST Mei Xin. In April, five real estate enterprises announced their issuance plans, including AVIC Shanda, Han Jing Shares, Gorgeous Family, Xinhualian and Digital Source Technology. From May to July, four companies, including Rong Sheng Development, Black Peony, Tiandiyuan and Taihe Group, issued additional issuance plans. In contrast, in the same period of 20 18, six housing enterprises issued additional issuance plans, and in 20 19, the number of additional issuance of housing enterprises increased by 150%.
It is worth noting that in 20 19, not only did the number of housing enterprises that issued the issuance plan increase significantly, but the number of housing enterprises that terminated the issuance also increased.
Wind data shows that the issuance plans of five listed companies from 20 1 910/0 month/kloc-0 to 2019 July 2 1, * * * were terminated, namely, China Sports Industry, Yunnan Chengtou and me.
During the same period, the issuance plans of four real estate enterprises were terminated on 20 18, namely Tibet Chengtou, Zhong Fang, Ma Di and Lv Jing Holdings.
In contrast, the number of housing enterprises actually issued in 20 19 was not more than 20 18 years. From June 20 19 to October 0/0 1 day, two housing enterprises in Shanghai Lingang and Joy City have announced the implementation plan for additional issuance, while in the same period of 20 18, three housing enterprises have announced the implementation plan for additional issuance.
20 18 1 10 to 2018 July 21July, 7 listed companies completed asset acquisition and 3 listed companies completed asset transfer. This rhythm is obviously accelerated at 20 19. 20 19 In the same period, * *11real estate enterprises completed asset acquisition, and four companies completed asset transfer this year.
■ case
Yunnan Chengtou: The acquisition of Chengdu Exhibition 100% equity failed.
A major asset reorganization that lasted about two years ended in failure. On July 17, Yunnan Chengtou received the notice of termination of examination issued by the CSRC. The CSRC decided to terminate the administrative licensing examination of Yunnan Chengtou's major asset restructuring.
As early as 20 17, Yunnan Chengtou announced that it planned to acquire 0/00% equity of Chengdu Exhibition/kloc-0, so as to achieve the purpose of strategic restructuring and integration of resources and enhance the company's market competitiveness. The major shareholder of Chengdu Exhibition is the controlling shareholder of Yunnan Chengtou, and the transaction price is initially set at 24 billion yuan. Yunnan Chengtou decided to acquire 0/00% equity of Chengdu Exhibition/KLOC by issuing shares.
But this stock issue is not smooth. 20 18 10, Yunnan chengtou revised the restructuring plan, and the transaction price was lowered to 23.5 billion yuan. 20 18 1 1 month, Yunnan chengtou also announced that due to changes in the market environment, some matters still need to be further negotiated with the counterparty, and it is impossible to submit a written reply to the feedback as scheduled, and apply to the CSRC to terminate the review of this restructuring.
In June this year, Yunnan Chengtou announced the termination of the issuance, saying that due to great changes in objective conditions such as the domestic market environment and economic environment, the parties to the transaction could not reach an agreement on some important terms. The company decided to terminate this major asset restructuring.
Behind the failure of issuing shares to acquire assets is that the asset-liability ratio of Yunnan Chengtou also remained high during this period. The data shows that at the end of 20 16, 20 17 and 20 18, the asset-liability ratio of Yunnan Chengtou reached 89.22%, 88.82% and 89.37% respectively. During the reporting period, the asset turnover rate was 0.2 times, 0. 12 times and 0. 1 times respectively. In 20 17 and 20 18, the interest expenditure of Yunnan urban investment reached 654.38+0.75 billion yuan and 65.438+0.8 billion yuan respectively. At the end of 20 18, the monetary fund of Yunnan Chengtou was 267 1 100 million yuan at the end of the year, down 49.92% year-on-year.
In the year of 20 19, there are still 654.38+0.247 billion yuan of debts due from Yunnan Chengtou, including 4.86 billion yuan of bonds that investors have the option to sell back.
After the release of the 20 18 annual report, the regulatory authorities asked Yunnan Chengtou whether there was any repayment risk in the debt due. At that time, the company responded that it would speed up the development and sales of new projects, use various marketing methods, increase the company's inventory destocking, and withdraw funds through the disposal of projects.
The performance of Yunnan Chengtou is also declining. The operating income in 20 17 and 20 18 years was 1439 1 100 million yuan and 9.543 billion yuan respectively; The net profit after non-deduction is1.1.200 million yuan and -825438+0 billion yuan respectively. 20 18, Yunnan chengtou boosted its performance through asset disposal. The company realized a total investment income of 182 1 100 million yuan from the disposal of Dali Manjiang Kanglv Investment and Kunming Colorful Yunnan Urban Construction.
Dalian Friendship: Operate 10 to suspend overdue debt projects of subsidiaries.
After the debt problem broke out, Dalian Friendship began to raise funds in various ways. On July 17, the board of directors of Dalian Friendship decided to apply to Orfila Investment Group, the controlling shareholder of Orfila Investment, for a comprehensive credit line of no more than RMB 3 billion.
Prior to July 9, Dalian Friendship announced that the loan applied by Shenyang Xingshi Real Estate, a wholly-owned subsidiary, to Huaxin Trust was partially overdue. "The development of Shenyang Xingshi products is slow and the funds are tight, resulting in some debts overdue, and the overdue loan principal is 98.4 million yuan."
The company said that the company and its subsidiaries face risks such as litigation, arbitration, bank account freezing and asset freezing due to overdue debts; There may also be cases where relevant liquidated damages, late fees and penalty interests need to be paid; Further increase the company's financial expenses, aggravate the company's financial shortage, and have a certain impact on the production, operation and business development of the company and its subsidiaries.
Behind the overdue debt is the continuous loss of Dalian Friendship's net profit after deduction. The regular report of Dalian Friendship shows that the net profit after deducting Africa in 20 17 and 20 18 was-28.23 million yuan and-402.6 million yuan respectively.
Starting from 20 18, Dalian Friendship's real estate projects are also in frequent situations. In the 20 18 annual report, the company said that in recent years, the retail industry has fallen into a dilemma of high cost and low return. On July 20 18, it was decided to stop the internal construction of the self-sustaining commercial part of Shenyang Friendship Times Square Project and Handan Friendship Times Square. At the same time, the company's real estate projects for sale are commercial real estate products. Due to the continuous downturn of commercial real estate in the region, the project changes slowly and the sales revenue declines.
At present, the Jinshigu project of Dalian Friendship Operation 10 has been suspended. In 2008, Dalian Friendship acquired 70% equity of Jinshigu Company, and obtained Jinshigu Project and State-owned Land Use Certificate in 2009. The parcel is a comprehensive tourist land with a service life of 50 years and a total area of 684,000 square meters. When Dalian Friendship acquired Jinshigu Project, it positioned it as a first-class development project in tourism real estate.
However, the Jinshigu project was not completed as scheduled. Dalian Friendship said that the golf course supervision policy was introduced, and the Jinshigu project has been rectified according to the requirements of the national ministries and commissions, but it has not been approved in writing by any government department.
13 In July, Dalian Friendship released a performance forecast, saying that it is estimated that the net profit attributable to shareholders of listed companies in 20 19 10-6 will be a loss of 65 million yuan to 75 million yuan. The main reason for the loss is that some real estate projects owned by the company can be sold and delivered, but the self-sustaining business of some projects is suspended due to business post adjustment. At the same time, due to market conditions, Jinshigu project stopped working and stopped interest capitalization according to relevant regulations, resulting in an increase in financial expenses and a decrease in profits.
Gorgeous family: termination of participation in Huatai Futures after four years of cross-border acquisition.
17 In June, Gorgeous Family received the notice of termination of examination issued by the CSRC, and the long-planned non-public offering of shares in 20 15 was terminated.
20 15, Gorgeous Family announced that it intends to issue shares to Nanjiang Group, the controlling shareholder of the company, and its wholly-owned subsidiary, Nanjiang, Tibet. The total amount of funds raised does not exceed 2.665 billion yuan. After deducting the issuance expenses, all of them will be used to acquire the equity of Beijing Mohe Holding Group 100%, increase capital, invest in intelligent robot projects and near-space aircraft projects.
This was originally a non-public cross-border acquisition. 20 15, 1 1, the share price of Gorgeous Family plummeted due to the Xu Xiang case. In the clarification announcement, the company stated that the 20 15 non-public offering of shares is progressing in an orderly manner. "The graphene project, the near space vehicle project and the intelligent robot project involved are all progressing smoothly." According to the data, Shanghai Zexi Investment, with Xu Xiang as the legal representative, holds the equity of Gorgeous Family and is the second largest shareholder of Gorgeous Family.
However, since then, there has been no substantial progress in the issuance of Gorgeous Family, and this issuance has not been approved by the CSRC. 2065438+May 2009, Gorgeous Family applied for postponing the non-public offering again, which was rejected at the shareholders' meeting, and applied to the CSRC to withdraw the relevant declaration documents.
Behind the four-year failure of the application, the gorgeous family has been involved in graphene business and robot business, and its core real estate business has gradually declined.
In 20 18, gorgeous family realized revenue of 386 million yuan, down 81.66% year-on-year; The net profit was 6,543,809,830 yuan, down 965.438+0.2% year-on-year.
In May this year, the Shanghai Stock Exchange mentioned in an inquiry letter to the gorgeous family that the real estate business is the main source of income and profit for the gorgeous family. However, the company currently holds 23,200 square meters of land to be developed around Taihu Avenue in Suzhou, and has made no progress in the past three years. The company is required to explain whether the development of real estate business is sustainable. The gorgeous family replied that the plot has not been developed and constructed because the detailed planning and optimization of the area under the jurisdiction of Taihu Avenue has not been completed.
On April 20 19, the subsidiary company of Gorgeous Family won about 93. 18 mu of land in Zunyi City, which is expected to be completed in 3 to 5 years.
It is worth noting that in the quarterly report released by Gorgeous Family at the end of April, it also indicated that the accumulated net profit from the beginning of this year to the end of the next reporting period may be a loss.
On July 9, the gorgeous family suffered losses due to Huatai Futures. According to the announcement, the OTC derivatives business customers of Huatai Great Wall Capital, a wholly-owned subsidiary of Huatai Futures with gorgeous family shares, failed to add sufficient funds or effectively reduce their positions in accordance with the contract to reduce their risk exposure, despite Huatai Great Wall Capital's repeated issuance of additional capital notices. Therefore, Huatai Great Wall Capital forced the liquidation of the customer to release the risk. According to preliminary statistics, the loss amount is about 46.84 million yuan.