On the banking side, banks such as Shanghai Pudong Development Bank, Industrial Bank, China Guangfa Bank, China Merchants Bank, Ping An Bank and Shanghai Bank have successively announced financing support plans for real estate projects, including financial bonds, M&A funds and other financing methods, and the total financing scale will exceed 1000 billion. In terms of AMC, Orient Assets and Great Wall Assets also announced recently that they were approved to issue 654.38 billion financial bonds for the insurance of quality projects of housing enterprises.
The voice at the regulatory level helps housing enterprises turn projects into risks.
In fact, the participation of banks and AMC in the risk disposal of real estate projects is inseparable from the active promotion of the regulatory authorities.
In June 5438+February last year, the Dealers Association held a symposium on housing enterprises, saying that it would give priority to supporting mergers and acquisitions and project construction to register and issue bonds; The People's Bank of China and the China Banking Regulatory Commission jointly issued the Notice on Doing a Good Job in Financial Services for Major Real Estate Enterprises' Merger and Acquisition Risk Disposal Projects.
65438+1October 18 At the press conference of 20021financial statistics held by the State Council Information Office, Zou Lan, director of the Financial Markets Department of the People's Bank of China, said that in the second half of last year, the risks of individual real estate enterprises such as Evergrande became explicit, which led to the rising risk aversion of various real estate entities and short-term pressure reactions of financial institutions. In view of this situation, the financial management department immediately took measures. One of the important tasks is the Notice on Doing a Good Job in Financial Services for the Merger and Reorganization of Risk Disposal Projects of Key Real Estate Enterprises, which guides financial institutions to support risk resolution and industry liquidation in a market-oriented way.
According to china securities journal, the Financial Management Department recently convened a number of national asset management companies (AMC) to study asset management companies' participation in asset disposal, project mergers and acquisitions and related financial intermediary services of venture real estate enterprises in accordance with the principles of marketization and rule of law.
Financial institutions actively participate.
Whether the bank announces the issuance of real estate M&A theme bonds to provide financing support for real estate M&A projects, or AMC issues financial bonds to bail out housing enterprises, it will have a certain positive impact on the risk resolution and disposal of high-quality projects of key housing enterprises.
Relevant persons of Bank of Shanghai told this newspaper that Bank of Shanghai will actively support high-quality housing enterprises to acquire real estate projects, provide comprehensive financial services such as M&A loans, M&A financial consultation, M&A bills and M&A matchmaking, and promote safe and orderly fund raising. At the same time, Bank of Shanghai will strengthen risk control and post-loan management of related businesses, do a good job in monitoring and earmarking funds, prevent and resolve risks of real estate enterprises, and help the virtuous circle and healthy development of the real estate industry.
Great Wall Assets once told this newspaper that the issuance of this bond will help it strengthen its services to the real economy, provide long-term and low-cost funds for the entity enterprises, help them get out of the predicament, and promote the virtuous circle and healthy development of the real estate industry.
How to treat the participation of banks and AMC in housing enterprise insurance?
Among financial institutions, banks take the lead in participating in housing enterprise insurance. Since the beginning of this year, following the successful issuance of the first real estate M&A theme bond by Shanghai Pudong Development Bank, Industrial Bank, China Merchants Bank, China Guangfa Bank, Ping An Bank and Shanghai Bank have successively indicated that they will issue real estate M&A theme bonds, with the planned issuance amount ranging from 3 billion yuan to 10 billion yuan.
Tang Xiaolin, an analyst with the Research and Development Department of Oriental Jincheng, said in an interview with this newspaper that from the purpose of the policy launch, the restrictions of M&A bonds on high-quality enterprises and high-quality projects determine that the policy is intended to revitalize high-quality projects of enterprises in trouble and accelerate the integration and optimization of industry resources, which will accelerate marketization and eliminate private housing enterprises with weak qualifications to promote the orderly clearing of risks in the real estate market to some extent, which will help alleviate the financing difficulties in the real estate industry. In particular, the policy that M&A bonds are not included in the centralized management of real estate loans and the three red lines has opened up new financing channels for housing enterprises.
Zhou, a macro researcher in the financial market department of China Everbright Bank, said in an interview with this newspaper that the issuance of real estate bonds by banks will help to obtain long-term and stable liquidity and expand the real estate loan business. Bank real estate M&A loans are not included in the centralized management of mortgage loans; At the same time, through the merger and reorganization of some housing enterprises, this move can effectively prevent and resolve industry risks, promote the continuous optimization of industry structure and promote the healthy development of the industry.
In addition, banks have also reached relevant cooperation with real estate developers on M&A financing: China Merchants Bank has successively signed cooperation agreements with China Resources Land, China Resources Vientiane, Joy City Holdings, Country Garden, Midea Real Estate, etc., and granted relevant real estate enterprises an M&A financing line of about 54 billion yuan. Joy City Holdings also signed a financing agreement with Shanghai Pudong Development Bank with a quota of 654.38+0 billion yuan. Fuzhou Vanke received nearly 3 billion yuan M&A loan from Industrial Bank, Xuhui Holdings signed a 5 billion yuan M&A financing strategic cooperation agreement with Ping An Bank, and Minmetals Real Estate received a credit line of 654.38+0 billion yuan from Bank of Communications.
After the bank, AMC also participated in the insurance of housing enterprises. Orient Assets and Great Wall Assets recently announced that they were approved to issue 654.38 billion financial bonds for the insurance of quality projects of housing enterprises. In this regard, Tang Xiaolin said that AMC's participation in housing insurance can make up for the shortcomings of M&A financing services of banking financial institutions. AMC has rich experience in the disposal of non-performing assets in real estate, diversified disposal methods and strong ability to integrate market resources, especially in the risk disposal of projects with complex basic equity and big problems of its own, which can form a powerful supplement to the financing services of mergers and acquisitions of banking financial institutions.
Tang Xiaolin further stated that the addition of AMC will help accelerate the risk resolution of the real estate industry and the effective clearing of the market. At present, M&A bonds are still in the stage of "testing water", the demand in the real estate market is still sluggish, and the inefficient disposal of risky projects has inhibited the willingness of central state-owned enterprises and large real estate enterprises to participate. The timely intervention of AMC model can provide a more flexible market-oriented disposal method for real estate risk resolution and high-quality assets revitalization, help improve the efficiency and coverage of real estate risk disposal, and enhance the enthusiasm of other types of financial institutions and large real estate enterprises for real estate risk disposal. So as to improve the multi-level and multi-agent market-oriented risk resolution mechanism, accelerate the risk resolution of the real estate industry and effectively clear the market, which has become another powerful starting point for the regulatory authorities to solve the financing dilemma of housing enterprises.
Proofreading: Zhang Yan