Set up real estate relief funds in many places.
According to the statistics of the Central Reference Institute, this year, Zhengzhou, Nanning, Zhejiang, Hubei, Shaanxi and other provinces and cities have clearly set up rescue funds to stabilize the development of the real estate market.
Take Zhengzhou as an example. On August 5th this year, the operational plan for the establishment of Zhengzhou Real Estate Relief Fund was officially released. According to the content of the plan, Zhengzhou Real Estate Relief Fund will be established by the Central City Fund in accordance with the principle of "government guidance, multi-level participation and market operation", with a tentative scale of 654.38+000 billion yuan.
The special fund for bail-out focuses on guiding and encouraging social capital such as central enterprises and provincial-level state-owned enterprises, as well as AA state-owned investment and financing companies at the listing and district levels to participate in revitalizing existing real estate projects with future sales income covering project investment in a market-oriented and legal way, alleviating the short-term liquidity difficulties of housing enterprises, and solving the problems of shutdown and monthly mortgage payment that some society pays attention to by dedicating the revitalized funds to the problem real estate projects of troubled housing enterprises.
At present, the first bail-out project of Zhengzhou Fund has landed. It is reported that Zhengzhou Real Estate Relief Fund, funded by Zhengzhou National Center City Industrial Development Fund Co., Ltd. as the parent fund, took the lead and Zhengzhou Real Estate Group Co., Ltd. participated in the cooperation with Jianye Group on the office building project of Beilonghu Financial Island.
Take Nanning as an example. According to Nanning Daily, Nanning Stable Real Estate Fund was established in Nanning, Guangxi Zhuang Autonomous Region, with an initial scale of 3 billion yuan. The first contribution will be paid in August 18, and the subsequent funds will be put in place one after another. Work has been carried out around "ensuring the delivery of buildings and stabilizing people's livelihood" and some projects have been investigated.
The report of the Central Reference Institute pointed out that the current real estate enterprise risk events occur from time to time, involving a large number of problems and a wide distribution of projects, which bring great risks to the market and people's livelihood. "Protecting property, people's livelihood and stability" has become the first principle to resolve the risks in the real estate market, so the acquisition and merger of dangerous projects has become the main means.
Judging from the degree of market reaction and the process of M&A, it can be roughly divided into two stages. The first stage is the first half of this year, focusing on the directional relaxation of M&A financing. At the same time, some housing enterprises have effectively carried out M&A at the project level. The second stage started in the second half of the year, mainly in the form of bail-out funds to promote risk resolution.
Inciting multi-party capital to revitalize liquidity
Liu Shui, research director of the Enterprise Department of the Central Reference Institute, pointed out that on July 28th this year, the the Political Bureau of the Communist Party of China (CPC) Central Committee meeting first proposed "safeguarding the property market and stabilizing people's livelihood" and emphasized "stabilizing the real estate market". At present, many local governments have taken active actions, such as Zhengzhou and Nanning, to link local AMC with local state-owned enterprises. * * * Set up a real estate rescue fund to help solve real estate problems through "taking more with less" and project acquisition and merger, and at the same time incite multi-party capital to revitalize industry liquidity.
Zhongyuan mentioned that the bail-out fund has obvious characteristics in the form, style, way and purpose of dissolution.
First, the funds landed quickly and with high efficiency. Second, the purpose is clear. "Protecting property, people's livelihood and stability" is the fundamental purpose of the relief fund. Through project acquisition and merger, the problem property will be alleviated, and multi-party capital will be guided to gradually digest risky projects. The third is to incite funds by means of less and more. Compared with the debt scale of enterprises in danger at present, the rescue fund is not large, but it plays a leading role. For example, according to the description of the parent fund of Zhengzhou Relief Fund, the upper limit of the final investment of the project is 12%, which has leveraged about 8 times the market capital. Fourth, be selective about risky projects. At present, the problem projects have a large stock and limited financial capacity. The main target of investment is valuable and profitable projects.
The Central Reference Institute believes that in the short term, the bail-out fund has solved the risk problem at the project level by promoting the acquisition and merger of insurance projects. In the long run, the most important role of the bail-out fund is to inject liquidity into relevant housing enterprises after revitalizing projects through linkage market, and enterprises can inject the returned cash into other projects, thus revitalizing the overall liquidity of the group. When local funds promote local projects to gradually solve difficulties, enterprises in trouble are also expected to rally and play a supporting role in stabilizing the industry again.
"The market has bottomed out, but the recovery is slow."
In terms of real estate sales, the current real estate market sales may still be in the bottoming stage.
On August 3 1 day, Vanke held the 2022 interim results promotion meeting. Yu Liang, Chairman of Vanke's Board of Directors, reiterated his judgment at the shareholders' meeting in June: in the short term, the market has bottomed out, but the recovery is a slow and moderate process. He believes that if the market shrinks too much, it will accumulate the kinetic energy of spontaneous repair. We should believe in the power of residents to pursue a better life and improve their living conditions.
On August 29, Midea's real estate management also judged that this is a process of continuous bottoming out and confidence recovery, and it is expected that the market will gradually recover in the fourth quarter of this year.
From the data point of view, on August 3 1 day, the ranking of sales performance of China real estate enterprises in 2022+0-August released by China Finger Research Institute showed that the average sales of TOP 100 real estate enterprises was 47.76 billion yuan, down 46.2% year-on-year; Among them, there are 10 housing enterprises with sales exceeding 1000 billion yuan, a year-on-year decrease of 14; There were 96 over 10 billion real estate enterprises, a year-on-year decrease of 48. The average equity sales of TOP 100 housing enterprises was 34.34 billion yuan, and the average equity sales area was 2.276 million square meters, down 47.6% and 5 1.2% respectively.
The report also shows that in August 2022, real estate enterprises did not issue overseas bonds, but only raised funds by issuing credit bonds, and the issuance scale still maintained a downward trend year-on-year. Among them, the issuance scale of credit bonds was 28 1.49 billion yuan, down 43.03% from 494/kloc-0.50 billion yuan in July last year. In terms of financing cost, the financing cost of credit bonds increased slightly, and the average interest rate of credit bonds was 3.37%, up 0.08 percentage points from the previous month.