Up to now, including Nantong, Chengdu, Haikou and other cities, more than 10 cities have optimized the supervision of pre-sale funds in May, involving speeding up the examination and approval efficiency, deregulating the proportion of funds supervision, and replacing bank guarantees.
From the past, pre-sale funds are very important cash flow for housing enterprises, generally accounting for 30%-40% of the total pre-sale funds. However, with the emergence of liquidity risk in some housing enterprises in 202 1, the supervision of pre-sale funds has been strengthened in various places. In 2022, although many cities relaxed the supervision of pre-sale funds, most of them were only fine-tuned, which had limited effect on alleviating the financial shortage of housing enterprises. The industry believes that housing enterprises should seize the opportunity of loose policies, increase sales returns and seize the credit window period.
During the month, super 10 cities relaxed the supervision policy of pre-sale funds.
According to the monitoring of the Central Reference Hospital, under the premise of keeping the tone of "housing and not speculating" unchanged, up to now, more than 1.20 provinces and cities across the country have issued regulation policies this year, and there are more than 10 regulation methods of "taking measures according to the city", which are mainly manifested in the increased relaxation of demand-side policies and the more detailed policies to promote the release of rigid and improved housing demand.
The door of "stabilizing the property market" has been opened, but for some housing enterprises, the current liquidity crisis still exists. On May 23, Ping An Trust announced that Wuhan Qiao Rong Real Estate Co., Ltd., the borrower of Anyuan No.9 Collective Fund Trust Scheme, failed to repay the principal of 599 million yuan and the corresponding interest due on May 18; On the same day, Jinke Co., Ltd. plans to extend the "20 Jinke 03" bonds for one year.
Prior to this, on May 20th, Moody's downgraded jiayuan's international family rating (CFR) from B3 to Caa 1, and the senior unsecured rating from Caa 1 to Caa2, and the outlook was still negative. The downgrade reflects the rising liquidity and default risk of jiayuan International Holdings Limited.
According to the statistics of CITIC Securities, the policies of "rescuing the market" housing enterprises include optimizing the supervision of pre-sale funds, temporarily excluding M&A loans from the centralized management of real estate loans, excluding loans issued by affordable rental housing projects from the centralized management of real estate loans, reducing the proportion of land auction deposits, relaxing the restrictions on bond financing of real estate enterprises, and requiring the smooth and orderly delivery of real estate development loans.
It is worth noting that in 2022, there are signs of moderately relaxing the supervision of pre-sale funds in various places to correct the previous strict fund supervision policy. Especially in May, this phenomenon is more obvious. According to the statistics of the Central Reference Institute, more than ten cities have optimized the supervision of pre-sale funds in May, including Nantong, Taizhou, Suzhou, Chengdu, Haikou, Chifeng, Wuxi, Jingdezhen, Qinzhou, Jiujiang, Yangzhou, Jilin, Xuzhou and Meizhou.
Among them, on May 20th, Nantong mentioned in its released policy that implementing differentiated supervision policies for pre-sale supervision funds of high-quality real estate enterprises can enjoy dividends such as increasing disbursement nodes, reducing the amount of key supervision funds and replacing the same amount of pre-sale supervision funds with bank guarantees. In addition, Jilin, Xuzhou and Changchun also allow housing enterprises to replace pre-sale supervision funds with letters of guarantee.
In this regard, Liu Shui, research director of the Enterprise Division of the Central Reference Institute, said that from the introduction of rescue policies in many places, it is mainly to adjust the supervision methods of pre-sale funds, including speeding up the examination and approval efficiency, liberalizing the proportion of fund supervision, and replacing them with bank guarantees.
The Beijing News reporter collated the information from Ke Rui and the Middle Finger Research Institute.
Fine-tuning the policy has not significantly eased the financial pressure of housing enterprises.
"The supervision of pre-sale funds of real estate projects generally accounts for 30%-40% of the total pre-sale funds. If the supervision of pre-sale funds is relaxed, the proportion of pre-sale funds will drop by about 10%, which will help alleviate the financial shortage of housing enterprises. " However, Liu Shui also said that in terms of alleviating the financial constraints of housing enterprises, the current impact is limited.
Fang Ling, an analyst in Ke Rui, believes that in 2022, many cities showed signs of relaxing the supervision of pre-sale funds, but most of them only fine-tuned the previous strict supervision. The influence of factors such as unfinished risk clearance of housing enterprises and bank risk preference will further increase the differentiation among housing enterprises and have limited expected effect on the overall liquidity release.
As we all know, the pre-sale funds belong to the development enterprises, but the housing enterprises must deposit the pre-sale funds into the special supervision account of the bank according to a certain proportion, and allocate them with the progress of the project construction.
In addition, Cree analyst Yi Tianyu pointed out that from the past, pre-sale funds are very important cash flow for housing enterprises. However, in 20021year, with the emergence of liquidity risks of some housing enterprises, local governments strengthened the supervision of pre-sale funds, and Xi, Tianjin, Shijiazhuang and other provinces and cities successively issued policies to strengthen the supervision of pre-sale funds, and implemented full and full supervision. In this context, the proportion of pre-sale funds can be withdrawn, which increases the debt repayment pressure of enterprises.
After monitoring the data of 88 key listed real estate enterprises in Ke Rui, it was found that only 4 1 real estate enterprises disclosed relevant pre-sales supervision funds. Among these 4 1 housing enterprises, only about half of them have included pre-sale supervision funds into restricted cash. In 2026, 5438+0, restricted cash accounted for 29% of the total cash, an increase of 5 percentage points compared with 2020, and the growth rate was obviously accelerated.
"The most typical example is Hejing Taifu, which is affected by the substantial increase in pre-sale supervision funds. Restricted cash increased from 3.9 billion yuan in 2020 to 21700 million yuan in 202 1 year, and the proportion of total cash holdings also increased from 9% to 74%. " Fang Ling said that it can be seen that the tightening and relaxation of the pre-sale supervision fund policy will directly affect the cash control of housing enterprises, thus affecting the short-term debt repayment pressure.
Suggestion: Housing enterprises should seize the credit window period and actively raise funds.
In Fang Ling's view, to solve the current problems of housing enterprises, it is necessary to support the reasonable financing needs of high-quality private housing enterprises, increase the relief efforts for troubled housing enterprises, and further appropriately relax the supervision policy of pre-sale funds on the premise of ensuring delivery; What is more important is to establish market confidence and promote the sales return of housing enterprises.
Liu Shui said that the focus of this round of "bail-out" is to distinguish between project risks and enterprise group risks, and financial institutions cannot lend or cut off loans. In addition, the focus of "bail-out" is the projects of real estate enterprises in danger. China Banking and Insurance Regulatory Commission, the central bank, encourages high-quality real estate enterprises to carry out M&A loan financing and collect high-quality projects of real estate enterprises in danger.
For housing enterprises, Liu Shui also believes that enterprises should seize the window period of policy relaxation and increase sales returns; In addition, it is necessary to actively raise funds by issuing bonds and collecting M&A loans, taking the opportunity of this government to encourage M&A financing.
What needs attention is that private housing enterprises gradually restore the financing function of the open market. Among them, Country Garden, Longhu, Midea Real Estate and other private housing enterprises were selected as model housing enterprises by the regulatory authorities, and successfully issued corporate bonds under the credit protection tools. On May 20th, Country Garden Real Estate successfully issued 500 million yuan corporate bonds in the first phase of 2022, with an interest rate of 4.5%. At the same time, Longhu and Midea Real Estate also announced the issuance of corporate bonds, amounting to 500 million yuan and 654.38 billion yuan respectively. This means that the financing window of private enterprises has been opened.
Yan Yuejin, research director of the think tank center of Yiju Research Institute, believes that from the contents of the two credit policy meetings of the central bank a few days ago, the difficulty for housing enterprises to obtain credit will be further reduced. Enterprises need to actively seize this window period, and lend when conditions permit, which has a positive effect on improving enterprise capital.
Reporter Yuan Xiuli