The financing supervision of housing enterprises has been continuously tightened.
Recently, the new rules of "three red lines" have become increasingly clear. The regulatory authorities will manage the real estate enterprises according to the four grades of "red, orange, yellow and green" and control the growth of their interest-bearing liabilities according to their stalls. According to media reports, the "three red lines" have been implemented in 12 housing enterprises that participated in the forum of the central bank and the Ministry of Housing and Urban-Rural Development.
Relevant research reports show that if the "three red lines" standard is considered, according to the data performance at the end of 20 19, among the 50 sample housing enterprises, 15 housing enterprises touched three red lines. According to the data of the semi-annual report in 2020, 12 housing enterprises touched three red lines. Under the rules of fund monitoring and financing management, enterprises with sound financial performance and long-term principles are undoubtedly the biggest beneficiaries.
On September 2 1 day, as a sub-list of Time Media's 2020 Top 100 China Real Estate Times List, the 2020 Top 20 China Real Estate Financing Ability List (hereinafter referred to as the "List") was released.
The list comprehensively scores the newly issued corporate bonds (including US dollar bonds), short-term loans, long-term loans and total liabilities of real estate enterprises in 2020, and comprehensively measures the financing and sustainable development capabilities of real estate enterprises.
According to the list, China Evergrande, Sunac China, Country Garden, Capital Corporation (600376) and Caesars all scored above 93, ranking the top five.
Among them, the newly issued corporate bonds (including US dollar bonds) of China Evergrande, Country Garden and Capital Co., Ltd. in 2020 are 42 billion yuan, 654.38+07.808 billion yuan and 226.543 billion yuan respectively.
"Financing and land are two important foundations for the development of housing enterprises, and financing must be done well." On September 19, Yan Yuejin, research director of the think tank center of Yiju Research Institute, told Times Weekly that the "three red lines" objectively require relevant enterprises to take the initiative to control and vigorously expand financing resources.
Evergrande ranks first in financing capacity.
Recently, a new hot topic has appeared in the real estate circle: "Three Red Lines".
"Three red lines" means that the regulatory authorities will manage the housing enterprises in four levels: red, orange, yellow and green, and set up "three red lines": the asset-liability ratio after excluding advance payment is greater than 70%; The net debt ratio is greater than100%; The short-term cash debt ratio is less than 1 times. Companies that step on three red lines at the same time will be marked as red files, and so on.
Real estate is essentially a capital-intensive industry, and cash flow is vitality.
Yan Yuejin told Times Weekly that the establishment of a similar three-line system aims to make the financing of housing enterprises more transparent and help to refine supervision.
Take Evergrande as an example. At the beginning of this year, Evergrande proposed a plan to reduce the total interest-bearing liabilities from 2020 to 2022.
The data shows that by the end of June 2020, the scale of interest-bearing liabilities of Evergrande had decreased by about 40 billion yuan compared with that at the end of March, and it is estimated that the annual decrease will be around 1000 billion yuan.
The list shows that Evergrande will issue 42 billion yuan of corporate bonds in 2020, with short-term loans, long-term loans and total liabilities of 395.687 billion yuan, 439.784 billion yuan and198.2642 billion yuan respectively, with a comprehensive score of 99.3, ranking first in the list.
In addition to increasing sales returns and controlling the scale of local reserves, Evergrande also proposed to reduce liabilities by listing high-quality assets.
"At present, Evergrande is actively communicating with the regulatory authorities and the Hong Kong Stock Exchange on property splitting, hoping to complete the listing as soon as possible and strive to achieve listing within this year. In the future, Evergrande will carefully consider the spin-off and listing of other assets, which will bring greater benefits to shareholders and greatly reduce the company's debt ratio. " Xia Haijun, president of Evergrande, said.
Looking at Sunac again, in the first half of 2020, Sunac China's asset-liability ratio was 86.56%, down by 4.28 percentage points compared with the same period of last year, and its net debt ratio was 65,438+049%, down by 23 percentage points. By the end of the reporting period, the company's cash balance (including restricted cash) was 65.438+02.086 billion yuan.
According to the list, in 2020, Rongxin issued 65.438+0.428 billion yuan of corporate bonds, and the total amount of short-term loans, long-term loans and liabilities were 65.438+04.062 billion yuan, 65.438+0797.1billion yuan and 86.255438+0 billion yuan, respectively, with comprehensive scores as high as 986.68.
"This year is the most leisurely year, and our judgment on the market has always been right." Sun Hongbin, Chairman and Executive Director of Sunac China, said at the interim results meeting that the Group seized the window of the market in the first half of the year, continuously reduced its liabilities and adjusted its financing structure and cost.
Housing enterprises return to rationality
In addition to Evergrande and Sunac, Country Garden issued new corporate bonds of17.808 billion yuan in 2020, short-term loans of 6.916.4 billion yuan, long-term loans of 236.223 billion yuan, total liabilities of172.8273 billion yuan, with a comprehensive score of 97.8, ranking third in the list.
According to the annual report data, as of the end of June this year, Country Garden's total interest-bearing liabilities had dropped to 342.04 billion yuan, down 7.5% year-on-year. The weighted average borrowing cost is 5.85%, which is 49 basis points lower than 20 19 12 3 1.
"At present, Country Garden's financial indicators are in a relatively benign state. The net loan ratio is 58%, and the short-term cash debt ratio is 1.9 times. The asset-liability ratio will further decline, from 83% at the end of 20 19 to 8 1.6% in the middle of this year." Wu Bijun, chief financial officer of Country Garden, said at the interim results meeting.
In the list, state-owned enterprises represented by China Merchants Shekou (00 1979), Poly Development and China Overseas Development (hereinafter referred to as "China Shipping") also performed well.
Among them, China Merchants Shekou issued 654.38+04.65 billion yuan of corporate bonds in 2020, with total short-term loans, long-term loans and liabilities of 28.624 billion yuan, 64.93 billion yuan and 445.678 billion yuan respectively, with a comprehensive score of 9.25, ranking sixth on the list. According to the annual report data, the comprehensive capital cost of China Merchants Shekou in the first half of the year was 4.78%, and five ultra-short-term financing bonds were issued continuously, with a total issuance amount of 6.65 billion yuan and the lowest interest rate of 2.20%. Completed the first issue of medium-term notes in 2020, with a total issuance of 2 billion yuan and a minimum issuance rate of 3.00%.
Poly Development will issue 8.5 billion yuan of new corporate bonds in 2020, with short-term loans, long-term loans and total liabilities of 3.878 billion yuan, 208.83 billion yuan and 850.505 billion yuan respectively, ranking 15 on the list. By the end of the first half of the year, the interest-bearing liabilities of Poly Development were 302,654.38 billion yuan, and the comprehensive cost of interest-bearing liabilities was only about 4.84%, which was 0. 1654.38+0 percentage point lower than that at the beginning of the year. Monetary funds reached 654.38+025.7 billion yuan, which was 654.38+0.96 times of short-term loans and debts due within one year.
Look at the profits, Wang Zhonghai.
In 2020, China Shipping newly issued corporate bonds of 7 billion yuan, short-term loans of 2/kloc-0.30 billion yuan, long-term loans of/kloc-0.75/kloc-0.75 billion yuan, and total liabilities of 456.637 billion yuan, ranking/kloc-0.9 on the list. By the end of June, the asset-liability ratio of China Shipping was 59.77%, the net debt ratio after deducting pre-sale accounts was 57.8%, the net debt ratio was 32.7%, and the current ratio was 2.3 times.
Yan Jianguo, chairman of the board of directors of China Shipping, said at the interim results meeting: "In terms of financial policy, the company believes that it is conducive to the healthy development of the industry, especially in this year's international situation. The introduction of this policy is of great significance. "
Dagong International's research report shows that 12 real estate enterprises have touched three red lines, including COFCO Holdings, Zhuhai Fahua, Capital Development, Rong Sheng, Jinke Real Estate and Blu-ray Development (600466).
Dagong International said that in the long run, the marginal tightening of financing policy will curb the willingness of some housing enterprises to take land, reduce the blind expansion and diversification of housing enterprises, and force housing enterprises to return to a rational, high-quality and healthy expansion and development path.