It's not just sales people who feel the expected recovery of real estate. "From the perspective of the whole industry, the policy has gradually improved, and the strength and breadth have exceeded expectations." Yu Liang, Chairman of Vanke's Board of Directors, said at the Vanke Extraordinary General Meeting recently.
The "third arrow" continued to exert its strength, which opened the road to the recovery of confidence in the real estate market. Since the CSRC announced on June 5438+065438+ 10 in 2022 to restart the refinancing of listed real estate enterprises, more than 30 real estate enterprises have issued refinancing or restructuring announcements. Market participants believe that in 2023, supporting the equity financing of housing enterprises will enter the substantive issuance stage and "help" the industry to repair.
Expand the equity financing team
With the continuous optimization of the equity financing policy of housing enterprises, the first tens of billions of refinancing has been spent on the development of Poly. On the last trading day of 2022, Poly Development disclosed the plan for the increase in 2023, and the amount of funds raised of 654.38+0.25 billion yuan became the largest refinancing involving real estate enterprises since the optimization of equity financing policy of real estate enterprises. The funds raised by this non-public offering are intended to be invested in Guangzhou Poly Lingxiuhai 14 real estate development project and supplementary working capital.
"Through this non-public offering, the company intends to improve the capital structure, reduce the asset-liability ratio and reduce the pressure on interest expenses, thereby improving the company's profitability and risk resistance, further enhancing the company's comprehensive competitiveness, enhancing the company's ability to cope with future market changes, and maximizing the interests of shareholders." Poly Development said.
Since the launch of the "third arrow" of equity financing, the refinancing and restructuring team of housing enterprises has expanded rapidly. According to incomplete statistics, including Poly Development, some housing enterprises such as Fuxing, Daming City, Xinhubao and Huaxia Happiness have disclosed refinancing plans.
Cases of asset restructuring of housing enterprises are also constantly emerging. On February 8, 2022, 65438, gree real estate reviewed and approved and officially disclosed the major asset restructuring plan. It is planned to issue shares to Zhuhai SASAC and Urban Construction Group and pay cash to purchase its Zhuhai Duty Free 100% equity. In addition, listed real estate enterprises such as Lujiazui and China Merchants Shekou also announced their plans to restructure.
"Through such acquisitions, it will help to expand core assets. Especially in the case of matching funds, the difficulty of such acquisitions will be significantly reduced. " Yan Yuejin, research director of the think tank center of Yiju Research Institute, said.
A number of policy assistance
The rapid expansion of refinancing and restructuring of housing enterprises is inseparable from policy assistance. Recently, when studying, deploying and implementing the spirit of the Central Economic Work Conference, the CSRC stressed that it is necessary to implement the equity financing policy for housing enterprises that has been introduced, allow qualified housing enterprises to "borrow" listed housing enterprises, and allow listed companies in closely related industries such as real estate and construction to implement housing-related restructuring.
According to Liu Shui, research director of Enterprise Department of Central Reference Institute, "backdoor listing" provides an opportunity for listed real estate enterprises unable to increase their income to restructure and improve their balance sheets. "For non-listed enterprises with high-quality soil storage resources, they can take the opportunity to split the real estate part and list it, which is conducive to revitalizing high-quality assets and enhancing the asset scale of the parent company; For listed real estate enterprises that are currently in a dangerous stage, it is expected to be injected with high-quality assets, and they can also regain their financing ability with the blessing of high-quality real estate enterprises, which will play an active role in revitalizing existing risky assets. " Liu Shui said.
The favorable policy of public offering REITs is also becoming a "booster" for the transformation and upgrading of commercial real estate. Li Chao, vice chairman of China Securities Regulatory Commission, recently revealed that the research has promoted the expansion of REITs to market-oriented long-term rental housing and commercial real estate.
This statement means that the landing of commercial real estate public offering REITs has taken another step forward. "At present, the vacancy rate of commercial real estate stocks in China is relatively high. Encouraging REITs to invest in the commercial real estate market will help promote the recovery of the commercial real estate market." Gwan Chin, dean of Oceanwide International Finance College of Fudan University, said.
The financing environment will be substantially improved.
Industry insiders predict that the overall financing environment of housing enterprises will be substantially improved in 2023. "The' three arrows' of real estate financing will continue to play a role. In 2023, A-share equity refinancing will enter the substantive issuance stage." Chen Cong, chief analyst of infrastructure and modern service industry of CITIC Securities, thinks. CITIC Jiantou Securities pointed out that with the increasing financial support for real estate policies, the credit risk of housing enterprises will be gradually released in 2023. Haitong Securities published a research report to judge that there will be more policies to stabilize the main body of enterprises in the future to help enterprises reduce debt and financial pressure in an orderly manner.
The balance sheet of housing enterprises is expected to be repaired. "In 2023, the market is expected to improve the balance sheet of housing enterprises by increasing equity financing." Liu Shui believes that the first is to increase support for investors to participate in the equity subscription of high-quality housing enterprises; The second is to speed up the process of reorganization and merger, and optimize the balance sheet through the injection of high-quality assets and the cleaning of risky assets; Third, through the issuance of asset securitization such as REITs, the assets held will be listed and the balance sheet will be slimmed down.
With the continuous improvement of the financing environment of housing enterprises, institutional sources believe that the real estate market will gradually bottom out and stabilize in 2023. Driven by the policy, the real estate industry will smoothly transition to a new development model.
Zhong, chief economist of Ping An Securities, said that the new development model of real estate is "a housing system with multi-agent supply, multi-channel guarantee and simultaneous rent and purchase". The future policy will make further efforts in expanding the supply of affordable rental housing, developing * * * property housing according to local conditions, improving the long-term rental policy, and "renting and purchasing the same rights".