The large-scale assets involved in house auction are frequently discounted. Property buyers are rational and cautious.

After Ocean Shipping Group withdrew from China Life Financial Center, the core office building of CBD, and Kaide Commercial, the commercial real estate operation platform of Kaide Group, won Borui Building for 2.037 billion yuan, the listing of large commercial real estate in Beijing continued. Recently, the information of Beijing Equity Exchange shows that the equity of Beijing Development Building Co., Ltd. 100% and the creditor's rights of1570,000 yuan are being transferred, and the initial listing price is 2.04 billion yuan.

"Many domestic institutions have seen Borui Building, and its unit price is around 70,000 yuan/square meter. After this auction, the unit price is about 45,000 yuan/square meter, which can be described as a 30% discount. However, there may be complex creditor's rights behind assets such as Borui Building, and the average buyer will be more cautious. " Han Yan, deputy director of Capital Market and Investment Service Department of Colliers International North China, told the Securities Daily that Borui Building is not a case. In the past two years, large-scale housing-related assets in Beijing have been "put on the shelves" on the auction platform, and behind the discounted transfer of the underlying assets, most of them are their holders, such as housing enterprises, who dispose of assets for debt-to-equity swaps.

"At present, the number of projects or asset packages available for sale in the market has continued to increase in the past year and a half, and it is in a situation of' oversupply', and the bargaining space of projects is relatively large." Xiang Li, head and director of the North China Research Department of Savills, told the Securities Daily reporter that the seller hopes to speed up the sale of self-sustaining assets to realize the debt pressure and ease the liquidity emergency. However, potential buyers will be highly vigilant about the quality and price of the items for sale and carefully screen them, and grasp the window period when the value of bulk assets is low to make bargain-hunting acquisitions.

The auction house offers great discounts.

With the real estate market entering a period of deep adjustment, the transaction of auctioning houses according to law has quietly warmed up.

1 65438+1 October 17, according to the auction in JD.COM, Lane 798, Meijiabang Road, Songjiang District, Shanghai 1 room,1room, Lane 7 181room.

This is just a microcosm of the sale of large-scale housing-related assets in the French auction market. At the end of June this year, 65,438+10, the starting price of Suhewan Villa in Shanghai Overseas Chinese Town, which received much attention, was 2190,000 yuan, which was about 30% off the evaluation price. At that time, 1 person signed up, but the applicant did not bid. The starting price of the second auction fell to about 6.3 fold of the evaluation price, and the two bidders fought fiercely. In the end, the subject matter was sold for 6.5438+96.6 million yuan.

According to the exclusive statistics provided by Savills to the Securities Daily reporter, according to the information data of Ali auction, JD.COM auction and various channels, in 2022 10, Beijing auction houses (including real estate such as houses and commercial offices) auctioned about 700 suites, and about 240 sets were sold, accounting for about 34% of the total.

Judging from the scale and discount of assets put in the auction platforms in Beijing and Shanghai, in terms of housing-related bulk assets, developers are more inclined to sell commercial assets with large deposits to ease the pressure of debt repayment and maintain normal operations. Therefore, they mostly sell the core assets of first-and second-tier cities in order to speed up the cash flow.

"Commercial properties located in core first-tier and second-tier cities with stable profits and healthy financial conditions have clear valuations and are not as complicated as residential properties. However, even the assets that can reach a transaction will inevitably be depressed, because there are not many housing enterprises or related institutions with sufficient funds at hand who are willing to take over. " Chen Xiao, a senior analyst at Zhuge Housing Search Data Research Center, told the Securities Daily reporter.

Housing-related assets such as commercial office buildings are favored.

Although the scale of large-scale housing-related assets "on the shelves" has increased, buyers are rational and cautious.

According to the research results of Savills Research Department, in the first three quarters of 2022, the overall performance of Beijing's commercial bulk investment market was relatively low, with a cumulative turnover of about 22.685 billion yuan, down 55.2% from the same period last year. According to data from many institutions, in the third quarter of 2022, Shanghai * * * recorded 14 cases, and * * recorded 153 billion yuan of large-value transactions involving housing assets, far lower than the same period last year.

"Whether it is a legal auction house or a large commercial investment market, its essence is still dominated by the buyer's market. Even if there are more assets to sell, there must be a buyer's' takeover' transaction. " Xiang Li said that the current downturn in the bulk investment market also reflects that potential buyers are generally cautious.

Li Xiang further stated that on the whole, sellers and potential buyers are still in the game stage, and this pattern will continue in the short term. But there is a more obvious phenomenon, that is, in 2022, the proportion of self-use acquisition and purchase of assets through legal auction channels will increase.

"From the current market performance, self-use buyers are relatively more active and see projects more frequently." Han Yan said that there are many saleable assets to choose from in the market, which is an opportunity. However, for the large-scale assets involved in French auctions, buyers need to clarify the debt relationship behind them before they dare to take over.

Then, what kind of housing-related bulk assets are more favored by buyers at present?

In Li Xiang's view, the first is the traditional commercial assets, of which the most popular is the office assets. According to the research results of Savills Research Department, in the first three quarters of 2022, the turnover of office assets in Beijing commercial large-scale investment market accounted for 47%. Second, some investors are turning their eyes to niche markets, and they are increasingly interested in niche assets (such as logistics parks and high-standard warehouses, health and life science parks, data centers, long-term rental apartments, etc.). ). One of the important reasons is that the return on investment and the return on minority assets are ideal, which has become a new trend and bright spot in 2022.

"Large-scale investment and acquisition involving housing, the ultimate goal is two categories: self-use and investment." Li Xiang said that the acquisition projects of self-use buyers are mostly concentrated in office assets, and the buyers are mostly state-owned enterprises, central enterprises, listed companies, financial institutions (such as banks or insurance companies) and Internet technology companies. The background of investment buyers is diverse, including domestic and foreign real estate investment funds and developers. May become an investment buyer.

Regarding the current logic of investing in large-scale assets related to housing, Li Xiang said that for self-occupied property buyers, the logic of buying a house is generally "in line with their own strategic development requirements". For example, the acquisition of office assets by internet giants can not only meet their own expansion needs, but also enjoy the real estate appreciation dividend; The most basic investment logic of investment buyers must be "only buy the right ones". For example, the acquired assets can bring stable and considerable income to investors and have potential profit value. However, in the uncertain market, investment buyers tend to be more cautious about the project, and the period of early adjustment and judgment will be extended, which directly leads to the overall decline in the activity of the bulk investment market this year compared with previous years.