Backdoor listing, the major asset restructuring of Happiness Industry began at the end of 2006, was approved by China in the end of 2008 1, and was completed in mid-2008. The whole reorganization process spanned about 1.5 years.
The overall restructuring plan of happiness industry was born under the background of share-trading reform. There are many innovative solutions in the design and operation of the plan, which are in line with the market trends and hot spots at that time. It is a typical successful case of backdoor listing of real estate companies.
Second, the interpretation of the financing methods of 48 real estate enterprises
Interpretation of 48 financing methods of real estate enterprises
Real estate financing also refers to a series of financing activities such as fund raising, financing and related financial services through currency circulation and credit channels in the process of real estate development, circulation and consumption. So how to break through the financing dilemma and choose the appropriate financing method?
The first plan: accounts receivable financing
The payer of 1 is a credit unit trusted by government agencies, large groups, banks and other banks.
2 securitization of accounts receivable (trust)
The second plan: accounts payable financing
1, usance acceptance bill
2. Quality assurance custody
3. Payment of accounts receivable securities
Important tip: dealing with government departments, mood, human feelings, things. 1% projects with state-owned assets will not be invested.
The third scheme: asset pawn financing
1, emergency loan, pawn is the fastest.
2. Accept valuable pawns in the market, such as movable property, inventory and equipment.
3, can be redeemed in bulk
The fourth plan: corporate bond financing
1. Creditors do not interfere in the operation of enterprises.
Interest is paid before tax.
The Fifth Plan: Inventory Pledge Financing
1, the value is relatively stable in a certain period of time.
2. Store in a third-party warehouse.
Sixth scheme: lease financing (large equipment) (both buyers and sellers can)
1, which is conducive to improving production capacity and industry competitiveness.
2. Share the cost year by year to realize tax avoidance.
3, buy out the first few ownership
Seventh Plan: Real Estate Mortgage Financing
1, do not accept small property rights.
2. Add loans after evaluation.
(Small property rights can be leased to large companies that use credit in banks, and loans can be rented annually in banks)
The Eighth Plan: Securities Mortgage Loan
1, the expected return of retained treasury bonds.
2, can be redeemed in bulk
3. Usually bearer securities.
Ninth Five-Year Plan: Operating Loans
1, based on existing business records
2. Used in the company's main business.
Tenth Plan: Decoration Loan
1. There is collateral and no repayment source.
2. The scope and proportion of the quota are relatively large.
Eleventh Plan: Patent Financing
1, with a limited validity period.
2. Have a successful market and scale.
Shenzhen Futian District and Nanshan District governments have special discount policies for enterprise patent loans.
Twelfth Plan: Expected Income Financing
1, which can effectively use the expected income in advance.
2, generally need to use security tools.
The 13th Plan: Internal Management Financing
1, retained earnings financing
2. Revitalize stock financing
Case: Wan Le 1 100 million.
Case: Equity-to-equity financing saves 8 million pounds in tax revenue.
The 14th Plan: Personal Credit Loan
1. Maximize personal credit
2. Maximize cash flow
Tenth Five-Year Plan: Enterprise Credit Financing
1, enterprise credit maximization,
2. Maximize corporate cash flow
The 16th Plan: Commercial Credit Financing
1, tangible commercial financing
2. Intangible commercial financing
The seventeenth plan: private loan financing
1, make full use of informal soft financial information
2. Convenient procedures and flexible methods.
3. Special risk control and collection methods
18. Expected financing of accounts receivable
1, the expectation is predictable.
2. Expectation is an increasing trend.
The 19th Plan: Compensation Trade Financing
1, supply and demand are the same system.
2. The demand is obviously greater than the supplier.
The twentieth plan: BOT project financing
1, A Construction -A Operation-Transfer to B (public * * * project concession)
2.A Construction -A Operation-Transfer to B (Private)
Item 2 1: project packaging financing
1, the value cannot be embodied or realized.
2. Predictable appreciation space
Twenty-two: Asset liquidity financing
1, valuable without future
2. The expected return of new projects is high.
Twenty-three: retained earnings financing (internal financing)
1, active, controllable, base interest cost,
2. It has the function of stabilizing the team.
The 24th Scheme: Financing of Property Rights Transaction
1, asset transaction financing
2. It can optimize the ownership structure, optimize asset allocation and improve resource utilization.
3. Enterprises with state-owned assets use more.
Plan 25: shell listing financing
1, curve listing financing
2. Low comprehensive cost and low P/E ratio.
Item 26: Financing of commodity trading
1, prepayment financing
Case: Sunco's Quick Winning Way
The 27th Plan: Business Financing
1, membership card financing
2. Promotion financing
Article 28: Equity transfer financing
1, strategic partner financing
2. Preferred stock, debt-to-equity swap
Plan 29: Capital Increase and Share Expansion Financing
1. With the increase of share capital, the shareholding ratio changes.
2. The scale is expanded, and the original shareholders' investment remains unchanged.
The thirtieth plan: leveraged buyout financing
1, with a small stroke. tool
2. Fund-raising, acquisition, sale, reorganization and listing
Project 3 1: Private Equity Financing
1, growth, competitiveness, excellent team
2. Good exit channels and expected returns.
Plan 32: Private Debt Financing
1, stable cash flow
2. Good credit system
Plan 33: Listing Financing
1, listed at home and abroad, USA, Hongkong, Singapore, Australia, Taiwan Province Province.
2. Main board, small and medium-sized board and growth enterprise market
Item 34: Asset Trust Financing
1, and the cost is about 17%.
2. Requirements for effective scale
The 35th Plan: Equity Pledge Financing
1, which can effectively evaluate the company value.
2. Clear ownership structure
The 36th Plan: Introducing Venture Capital
1, the value of venture capital is not just money.
2. For the purpose of listing and delisting.
Plan 37: Equity Exchange Financing
1, the equity is clear and taxable.
2. Focus on strategic replacement.
Item 38: Insurance Financing
1 is the last protective barrier.
2. Don't buy, don't buy more
Article 39: Derivative Financing
1, suitable for large enterprises
2. There are high financial risks.
Fortieth plan: private financing (personal loans and entrusted loans)
1, personal loan financing
2. Corporate lending and financing
Case: Yuedong Waterworks Project
Article 41: Mortgage loans for real estate and movable property.
1, real estate mortgage loan
2. Mortgage loan of land use right
3. Equipment mortgage financing
4. Chattel pledge financing
5. Floating charge (products, semi-finished products, etc. )
Article 42: Discounted bills loans
1, commercial paper discount loan
2. Discounted interest-bearing bills of the buyer or agreement.
Case: Thinking decides the way out.
Case: Raptors cross the river and shake Beijing and Tianjin.
Case: Property Apartment Model
Article 43: Financial Leasing
1, simple financial lease
Case: Guanghua taxi project
2、BOT(BLT、BTO、BCC、BOO、BOOT、BT)
3、ABS
Case: Euro Disneyland Project
Plan 44: Investment Bank Financing
1, investment bank
Case: Mengniu Tengfei
2. Venture capital companies
3, science and technology venture capital fund
Data: risk assessment indicators
4. Real estate industry investment fund
5. Securities investment funds
The 45th Plan: Asset Securitization Financing
1, (real estate) asset securitization
2. Mortgage securitization
Case: Olympic 300 billion financing
3. Convertible bonds
Article 46: OTC market
1, private placement of SMEs. Enterprises need to reach a certain scale, and the current comprehensive cost is 12%- 18%.
2. Shenzhen Qianhai Wu Tong Private Equity Center. Flexible operation, various ways, fast loan time. The annual interest cost is 8- 12%.
3. The domestic third board market. There are many financing channels and great influence.
The 47th Plan: Crowdfunding Model
Network fund-raising should be standardized to avoid illegal fund-raising, which is suitable for small enterprises, artists or individuals to show their creativity to the public.
Article 48: Factoring business
Factoring means that an enterprise transfers the current or future accounts receivable claims to a bank or factoring company based on the sales contract with the customer (buyer), and the bank or factoring company provides the buyer with comprehensive financial services such as credit risk guarantee, financing, account management and accounts receivable collection service.
Real estate financing is tightening. Housing enterprises are exploring new financing methods. 20 17 housing enterprises face many unfavorable factors such as rising financing costs, narrowing financing channels and tightening liquidity. How to raise funds and obtain low-cost funds has become the key factor to determine the profit performance of listed developers. In bidding farewell to the era of high leverage, developers' own qualifications and financing ability are more important in the competition.
The First Financial Reporter found out that since the second half of last year, both the central bank and the China Banking Regulatory Commission have released tightening signals for the financing of housing enterprises, the leverage ratio of housing enterprises has decreased, and the financing environment has reversed. In order to solve the financing difficulties, some housing enterprises began to explore new financing channels.
De-leverage "killer" weight
The tightening trend of real estate financing has been gradually established. Since September last year, local real estate control policies have been under intense pressure, and at the same time, funds are also tightening. On the one hand, the overall credit environment remains stable and tight, on the other hand, the channel supervision of capital flow to housing enterprises is becoming more and more strict. At the beginning of last year 10, Shanghai took the lead in issuing a document to strictly investigate land financing, and the phenomenon of bank funds supporting developers to grab high prices with high leverage was controlled.
At the end of 10, the Shanghai Stock Exchange sent a letter to all corporate bond underwriting institutions, clearly stipulating that the funds raised by real estate enterprises in issuing corporate bonds should not be used to buy land. Immediately afterwards, at the beginning of 1 1, the CBRC issued a document to the banking regulatory bureau where 16 hot cities are located, requesting to carry out special inspections on real estate-related businesses of financial institutions, including whether to strictly examine the qualifications of real estate development enterprises and whether to illegally use bank funds to purchase land. The Central Economic Work Conference in June+February, 5438 made it clear that "the house is for living, not for speculation".
20 17, the channel for some funds to enter the real estate was blocked again. On February 13, China Asset Management Association issued "No.4 Document", focusing on regulating the behavior of private placement management plan to transfuse blood to ordinary residential projects in hot cities, support real estate developers to buy land or supplement liquidity. On February 17, the central bank designated the next phase of monetary policy as "stable and neutral", and at the same time emphasized restricting the flow of credit to invest in speculative housing purchases. Also on February 17, it was announced to revise the refinancing rules to guide the funds to return to reality.
Subject to regulatory constraints, banking business such as land financing is taboo. A state-owned bank business person in East China recently told the First Financial Reporter: "After Shanghai strengthened supervision in the fourth quarter of last year, our bank stopped doing land financing business. Now we are selecting some qualified corporate customers to do development loan business. "
Secondly, there is news that bond issuance is tightening. "The voice of the exchange we are hearing now is that all real estate (debt issuance) has been tightened, including some large central enterprises." A staff member specializing in bond business revealed to our reporter last week that it is more difficult for real estate enterprises to issue bonds, and the control over the issuance of bonds by real estate and urban investment enterprises is tightening.
In addition, influenced by Circular 4, the mentality of some private equity institutions has changed. On the second day after Circular No.4 was issued (February 14, 2004), a senior manager of an asset management company in Beijing told this reporter on the phone that at the beginning of the year, several developers talked about financing with institutions she was familiar with, and the product structure was discussed before the Spring Festival. Influenced by Circular 4, the organization immediately decided to adjust its previous structure.
This year's real estate "faucet" tension is also confirmed by the statistics of real estate research institutions. According to the data provided by the same policy consulting research department to CBN, in June this year, the financing amount of 40 typical listed real estate enterprises was equivalent to RMB 39.752 billion, which was 44.63% lower than RMB 7 1.797 billion in February of 20 16. According to the data of Zhongyuan Real Estate Research Department, in June this year, the total financing of real estate enterprises in China, including private debt, corporate debt and medium-term notes, was only1330.8 billion yuan, which continued the downturn since the fourth quarter of last year and decreased by 92% compared with the same period of June 20 16. At the same time, the price of funds also showed an obvious upward trend.
Regarding the future policy direction, Li Qilin, head of the fixed income group of Minsheng Securities Research Institute, predicted that curbing the real estate bubble and controlling the mortgage will remain the future policy focus, and the real estate regulation in key cities will continue.
Exploring M&A and Green Debt
"In fact, in recent years, there are indeed many financial innovative products on the market, providing a variety of financing channels for housing enterprises. Housing enterprises have developed well in recent years and have a lot to do with multi-channel financing in the financial market. " Jiao, chief financial officer of a listed real estate enterprise, recently told the First Financial Reporter that real estate is a capital-intensive industry, and the leverage ratio of real estate was relatively high in the previous two years. However, since June 20 16, 10, the supervision of real estate financing has been strengthened, corporate bonds, private placement and asset management have been restricted, land financing has also been banned, and the capital channels of real estate enterprises have narrowed and liquidity has been tightened. Under many adverse influences, his company chose to do more mergers and acquisitions this year, "solving the problem of financing tightening with other financing methods".
Taihe also mentioned strengthening mergers and acquisitions. On March 4th, Huang Qisen, Chairman of Taihe Group, admitted to CBN and other media that it was right for the central government to strengthen financial supervision because finance needed stability to serve the public and entities. He said that there are two main sources of real estate funds, one is financing from financial institutions, and the other is sales receipts. If these two ends are tightened, it will definitely have an impact on the market, and it is not excluded that the property market in some places will fluctuate. In Huang Qisen's view, this year's funds are tighter than last year, and the opportunities for real estate mergers and acquisitions will also increase.
Corporate bonds, once used by housing enterprises as financing, are tightening. During last year's 10 period, under the background of frequent control measures in the real estate market, the Shanghai and Shenzhen stock markets successively tightened the issuance of bonds by housing enterprises. From last year's 1 1 to this year's 1, no real estate enterprise has successfully issued domestic corporate bonds. According to Zhang Hongwei, director of the same policy consulting and research department, the scale of domestic bond issuance by housing enterprises has dropped sharply, and the trend of the total scale has also dropped sharply, and the interest rate of bond issuance has also rebounded slightly. In this context, the green bond market officially launched at the beginning of 20 16 entered the enterprise vision of housing enterprises and became the object sought after by housing enterprises.
Green bonds, that is, "green bonds", refer to the creditor's rights and debt certificates that the raised funds are ultimately invested in green projects, and are an important channel for financing green projects.
From the issue rate, compared with other financing channels, the cost advantage of green bonds is more obvious. However, from the current structure, green debt has not become a battlefield for housing enterprises.
An annual report on green bonds recently provided by China Chengxin International Credit Rating Co., Ltd. Research Institute to CBN shows that in 20 16 years, with the dual promotion of regulatory policies and market demand, the issuance scale of green bonds maintained rapid growth last year. Last year, 53 domestic labeled green bonds and labeled green asset-backed securities were issued, with a scale of 205.24 billion yuan. Despite this, Liu Xinhe, an analyst of the Institute's Green Bond Evaluation Department, told this reporter that although many real estate companies came to consult how to issue green bonds, from the start of the domestic green bond market to mid-February this year, none of the green bonds issued in China were issued by real estate companies.
The reason is related to the green debt threshold. For example, Liu Xinhe said that in the catalogue of green bond support projects on which green debt financing instruments and green corporate bonds are based, it is clearly required that new green buildings reach the two-star level or above in the Evaluation Standard for Green Industrial Buildings or the Evaluation Standard for Green Buildings, and the standard requirements are more stringent.
It was not until February 17 that the news of green debt of housing enterprises reached the market. Longhu real estate (00960. HK), a domestic real estate company listed in Hong Kong announced that Chongqing Longhu Enterprise Development Co., Ltd., an indirect subsidiary of the company, received green bonds with a scale of no more than 4.04 billion yuan (including 4.04 billion yuan) in June 20 16. Longhu Green Bond is issued by stages. The issuer issued the first phase of green bonds on February 17, with a scale of 3.04 billion yuan. On March 7, the second phase of 654.38 billion yuan bonds was issued.
Shao Xiao Ming, CEO of Longhu Real Estate, recently told this reporter that Longhu will generally consider the repayment rhythm in advance, control the financing cost at a low level, control the balance sheet, maintain financial stability and security, and enhance the company's ability to resist risks.
Moody's analysis in the report "China Real Estate Industry Outlook 20 17" provided to CBN earlier shows that the amount of domestic and foreign bonds due by China developers this year is relatively small, and the bond and loan markets are still open to the evaluated developers. However, the real estate industry integration will continue in 20 17 years, and this trend will be beneficial to large developers with financial health.
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Third, real estate financing case analysis
Backdoor listing, the major asset restructuring of Happiness Industry began at the end of 2006, was approved by China in the end of 2008 1, and was completed in mid-2008. The whole reorganization process spanned about 1.5 years. Fortunately, under the background of non-tradable share reform, the real estate company's real estate market is a typical successful case of backdoor listing, which is in line with the market trends and hot spots at that time.
4. Is personal property financing risky?
Personal real estate financing is of course risky. Any financing scheme has risks. Just look at the risks. Especially if you use real estate financing, the risk is even greater. First of all, you have to find out whether your personal property is your own house or an investment house. If it's just an investment house, be strong. Even if there is a risk, at most, the house will be lost. Living in your own house, it is best not to use it for financing, otherwise there will be no place to live in case of an accident.