The "three arrows" of the property market were all issued, and the financing environment of housing enterprises continued to improve! Industry: boosting sales is still the key.

In terms of housing financing, the relevant policies have been relaxed recently, and the "three arrows" have been issued. On the second day after the release of the "third arrow" related optimization measures, Shimao and Fuxing successively announced a fixed refinancing. 165438+1On the evening of October 30, as of press time, other real estate enterprises such as Daming City and Xinhubao have issued relevant announcements on increasing their holdings.

However, in the eyes of the industry, in addition to the support of the above policies, housing enterprises, especially those in danger, should actively restore their own liquidity and boost sales.

The financing policy ushered in continuous relaxation.

Recently, there have been frequent "favorable" policies in the real estate sector.

"The First Arrow":165438+10.21day, the People's Bank of China and the China Banking Regulatory Commission jointly held a national symposium on credit work of commercial banks to study and deploy financial support to stabilize the economy. Recently, the central bank plans to issue a loan support plan for Baojiaolou: by March 3, 2023, the central bank will provide 200 billion yuan of interest-free refinancing to commercial banks to support them to provide matching funds to support Baojiaolou, which will be closed for operation and earmarked for special purposes.

"The Second Arrow":165438+1October 8th, Dealers Association continued to promote and expand the bond financing support tools for private enterprises, and supported private enterprises including real estate enterprises to issue bonds for financing. 165438+1On October 23rd, the "Second Arrow" expanded the first batch of private housing enterprises. Under the policy framework of bond financing support tools for private enterprises, China Bond Promotion Company has issued letters of increase to three private housing enterprises, namely Longhu Group, Midea Real Estate and Hui Jin Group, and plans to support the three enterprises to issue RMB 2 billion, RMB 6,543.805 billion and RMB 6,543.802 billion respectively in the first batch.

"The Third Arrow":165438+1On October 28th, the spokesman of the CSRC answered a reporter's question about the capital market supporting the stable and healthy development of the real estate market. A spokesman for the CSRC said that the CSRC decided to adjust and optimize five measures in equity financing, including resuming mergers and acquisitions and supporting financing of listed companies involved in real estate, resuming refinancing of listed real estate enterprises and listed companies involved in real estate, adjusting and improving the overseas listing policy of real estate enterprises, further giving play to the role of REITs in revitalizing the existing assets of real estate enterprises, and actively playing the role of private equity investment funds.

Then1October 29th and 30th, 165438+ Real estate companies including Fuxing, Shimao, Daming and Xinhubao quickly launched relevant plans and became the first A-share listed companies to eat crabs after the "third arrow" was issued.

Looking back at history, we can find that before this, the financing policy of the real estate industry began to tighten from 20 10, and from that year on, the IPO financing of real estate enterprises in the A-share market basically disappeared. In terms of equity refinancing, in recent years, it has become increasingly difficult for the A-share market to refinance in a fixed way. After 20 17, there are basically no fixed-income housing enterprises.

Until this year, the financing policy of the real estate industry in the A-share market finally ushered in continuous relaxation.

Sales are still the key.

Although the financing valve in the real estate industry is frequently opened, it may be more realistic and urgent for housing enterprises to grab money at the end of the year, which also reflects the pressure on housing enterprises to rush their performance at the end of the year.

Take Shenzhen market as an example. According to incomplete statistics, it is estimated that more than 16 new markets will enter the market in the last month of this year. In the current new housing stock market, discount is the most commonly used means. In addition to discounts, activities such as sending property management fees and family gift packages are endless.

Recently, a new house project in Qianhai, Shenzhen issued an announcement, indicating that the company promised not to take unfair means to compete viciously. After the opening, there was no plan or possibility to reduce the price, which was spread by rumors.

Li, chief researcher of the Housing Policy Research Center of Guangdong Urban Planning Institute, said that for housing enterprises, financing is divided into foreign aid financing and domestic aid financing, of which domestic aid financing is mainly sales return. For developers, how to determine the sales strategy is their own business. Discount promotion is a common phenomenon in Shenzhen market, whether it is new or second-hand housing. Developers should send a signal to the market by issuing such an announcement at this time, that is, the discount promotion will not be unlimited, so the market expectation will not continue to be pessimistic. "With the support of various national rescue policies, especially the improvement of funds, the Shenzhen property market may have an obvious process of bottoming out, stabilizing and rebounding. In this case, the sales behavior of developers will also have some positive changes. However, these are the behaviors of various developers themselves, as long as they meet the rules. "

Yan Yuejin, research director of think tank center of Yiju Research Institute, said that for the marketing level of housing enterprises, the market should pay due attention to the cash flow of enterprises. If the cash flow improves, the strategy of housing sales pricing will be adjusted. People in the industry generally believe that the sales end is still the key for real estate enterprises to get out of the predicament. Only by realizing the effective recovery of real estate sales can real estate enterprises further restore their hematopoietic capacity and achieve sustainable development.

Industry sales declined significantly.

Previously, the real estate industry has generally fallen into the dilemma of declining performance, and the decline in sales in the whole industry is quite obvious. Judging from the monthly sales from 65438 to 00, the sales of leading real estate enterprises are still unsatisfactory year-on-year.

Take Vanke, a leading housing company in the A-share market, as an example. In June, 2022, the company realized the contracted sales area of 1.988 million square meters, which was 22.98% lower than that of June last year. In June 2022, the contracted sales amount was 32 1 10,000 yuan.

The sales briefing recently disclosed by Poly Development, another leading housing company in the A-share market, shows that in June 2022, the contracted area of the company was 26 1. 1.8 million square meters, a year-on-year decrease of17.85%; The contract amount was 43.0./kloc-0.4 billion yuan, down 65.438+03.93% year-on-year.

The sharp decline in revenue and profits of real estate enterprises is particularly obvious from the third quarterly report of A-share real estate listed companies in 2022.

Take A-share listed residential development enterprises as an example. According to the reporter's statistics, there are 87 A-share listed residential development enterprises under Shenwan industry classification. In the first three quarters of 2022, the above-mentioned enterprises achieved a total revenue of 1.35 trillion yuan, down by 12.32% year-on-year, and the total net profit attributable to the mother was only 91.1.40 billion yuan, down by 87.22% year-on-year among the above-mentioned 87 enterprises, reaching 66 corporate currencies.

In addition, judging from the overall profit and loss changes of the above-mentioned real estate development enterprises during the year, the profit recovery trend of listed real estate enterprises is still not stable. The data shows that among the above 87 enterprises, 23 enterprises suffered losses in 20021year, and the number of loss-making enterprises increased to 36 in the first quarter of 2022. In the first half of 2022, the number of loss-making enterprises decreased to 32. However, in the first three quarters of 2022, the number of loss-making enterprises increased to 36 again.

Bai Wenxi, chief economist of IPG China, said that in addition to the rescue policy, real estate enterprises in danger should restructure their debts and take the opportunity to introduce strategic investors and financial equity financing to optimize the asset structure and restore liquidity. At the same time, through strong promotion, debt financing will be promoted on the basis of improving cash flow, so that enterprises can gradually return to normal operations and realize self-help.