The first is to resume the merger, acquisition, reorganization and supporting financing of listed companies involved in housing. Qualified real estate enterprises are allowed to implement reorganization and listing, and the target of reorganization must be listed companies in the real estate industry. Allow listed companies in the real estate industry to issue shares or pay cash to purchase housing-related assets; When issuing shares to purchase assets, you can raise matching funds; The raised funds are used for housing-related projects, payment of transaction consideration, replenishment of working capital, repayment of debts, etc. , but not for land expropriation, land auction and the development of new buildings. Listed companies in industries closely related to real estate, such as construction, should follow the policies of listed companies in the real estate industry and support the integration of "same industry, upstream and downstream".
The second is to resume the refinancing of listed real estate enterprises and listed companies involved in housing. Listed real estate enterprises are allowed to refinance in a non-public way, and the raised funds are guided to be used for real estate business supported by policies, including real estate projects related to "protecting buildings and people's livelihood", affordable housing, shantytown renovation or resettlement housing construction in old city renovation, as well as supplementary liquidity and debt repayment that meet the requirements of refinancing policies of listed companies. Other listed companies involved in housing enterprises are allowed to refinance, and the funds raised by refinancing need to be invested in the main business.
The third is to adjust and improve the listing policy of real estate enterprises in overseas markets. In line with the domestic A-share policy, resume the refinancing of H-share listed companies with real estate as their main business; Re-financing of other H-share listed companies involved in housing that resume non-real estate business.
The fourth is to further play the role of REITs in revitalizing the stock assets of housing enterprises. Together with relevant parties, we will step up efforts to promote the normal issuance of affordable rental housing REITs and strive to create a "affordable housing sector" in the REITs market. Encourage high-quality real estate enterprises to rely on qualified assets such as warehousing, logistics and industrial parks to issue infrastructure REITs, or as additional assets of listed infrastructure REITs.
Fifth, actively play the role of private equity investment funds. Piloting private real estate investment funds, allowing qualified private fund managers to set up private real estate investment funds, introducing institutional funds, investing in existing residential real estate, commercial real estate and infrastructure, promoting real estate enterprises to revitalize operating real estate and exploring new development models.
Earlier, Yi Huiman, Chairman of China Securities Regulatory Commission mentioned in the keynote speech at the annual meeting of the 2022 Financial Street (000402) Forum held on122 October that 165438+ At present, we should pay close attention to the difficulties and challenges faced by the real estate industry, support the implementation of the plan to improve the balance sheet of high-quality housing enterprises, continue to support the reasonable bond financing needs of real estate enterprises, support the merger and reorganization of housing-related enterprises and support a certain proportion.
165438+1On October 23rd, the Central Bank and the China Banking Regulatory Commission jointly issued the Notice on Doing a Good Job in Financial Support for the Stable and Healthy Development of the Real Estate Market, proposing six measures, demanding to keep the real estate financing stable and orderly, actively provide "guaranteed" financial services, actively cooperate with the risk disposal of the trapped real estate enterprises, and protect the legitimate rights and interests of housing finance consumers in stages according to law.
Yan Yuejin, research director of the think tank center of Yiju Research Institute, told the Economic Observer that this policy clarified the concept of "supporting equity financing of real estate enterprises", which is essentially the "third arrow". The CSRC's policy on equity financing of housing enterprises is in line with expectations, which also means that besides credit and bond financing, equity financing policies are introduced, which is the third arrow.
165438+1October 8, the dealers association said that it would continue to promote and expand the bond financing support tools for private enterprises and support private enterprises including real estate enterprises to issue bonds, which is the so-called "second arrow"; Since the second half of 2022, the "first arrow" credit support oriented to "supporting rigid and improved housing demand" has been continuously strengthened, and the lower limit of the interest rate of the first housing commercial loan and the interest rate of the first provident fund loan in several cities have been lowered one after another.
Judging from the core content of the policy, it actually mentioned "increasing the supplement of rights and interests". Yan Yuejin said that this also shows that all kinds of housing enterprises to enhance the stability of equity, especially to obtain debt financing from the perspective of equity, is the focus in the near future. Compared with the second arrow, the advantage of the third arrow is that it will not directly increase the debt scale of housing enterprises, while still providing sufficient channels for financing of housing enterprises. At this point, we can also think that the first arrow, namely credit supply, the second arrow, namely bond financing, and the third arrow, namely equity financing, have been put in place. The "three arrows" fully embodies the "rescue the market first" and creates a very good space and opportunity for the follow-up financing of housing enterprises.
Yan Yuejin pointed out that the five measures of the CSRC fully show that the "third arrow" has been successfully launched, and it also shows that the "three arrows in one" has a positive effect on better promoting the current financing work and optimizing the financing structure of enterprises. This equity financing involves five tools, especially in the fields of restructuring, refinancing and private placement, which has a positive effect on the expansion of financing channels for listed real estate enterprises. In particular, it should be said that this kind of financing work is very comprehensive, which is conducive to comprehensively and quickly improving the funds of housing enterprises. Compared with bond financing, equity financing has the characteristics of not increasing the debt scale, enhancing investors' long-term investment in real estate enterprises, using funds more widely and in place, and even avoiding the embarrassing problem of "real estate enterprise debt payment". This requires all kinds of housing enterprises to make full use of such policies and really improve their capital situation and cash flow. This kind of work will also play a positive role in the subsequent recovery of corporate status, improvement of investor relations and promotion of sales performance of related real estate enterprises.