Bond financing of real estate enterprises has released a signal of recovery. Since the beginning of this year, 70 real estate enterprises have issued bonds of 147.5 billion yuan between banks.

According to data released by the National Bureau of Statistics on June 15, the national economy showed a recovery momentum in May, and the data of many real estate industries showed marginal improvement. Statistics show that since 2022, the inter-bank bond market has supported the continuous financing of real estate companies, and 70 real estate companies have issued debt financing tools of 147.5 billion yuan in the inter-bank market, corresponding to a net financing of 45.4 billion yuan.

Maintain the stability of bond financing channels for housing enterprises

Market participants pointed out that since the fourth quarter of 2021, real estate control policies have gradually shifted to “supporting reasonable housing demand” and “promoting the healthy development and virtuous circle of the real estate industry”. In the process of affecting the financing of real estate enterprises, the financial sector promotes commercial banks to reasonably issue real estate development loans, and focuses on supporting high-quality real estate enterprises to take out high-quality projects of distressed real estate enterprises through mergers and acquisitions loans and issuance of bonds.

In the bond market, since the fourth quarter of 2021, in response to the great downward pressure on the real estate industry, the regulatory authorities have launched a series of work measures to stabilize market confidence, maintain smooth bond connection channels, and moderately expand the use of funds to actively meet the reasonable demands of real estate companies. To meet the financing needs, maintain the stable and smooth channels of bond financing for real estate enterprises.

With the implementation of a series of support measures, real estate financing continued to be stable. Since June this year,Poly Development(Quotes600048,clinic), Poly Land, Greentown, Railway Construction Real Estate, Power Construction Real Estate, C&D Real Estate, Shoukai and other nearly ten real estate companies issued a total of 11.9 billion yuan of debt financing instruments in the inter-bank market.China Resources Land, Shanghailujiazui(Quotes600663,clinic) Group, Nanshan Development Group,Bright Real Estate(Quotes600708,clinic)、CCCC Real Estate(Quotes000736,clinic), Zhuhai Huafa,Beichen Industry(Quotes601588,clinic), Hangzhou Binjiang and other more than ten companies have submitted applications for the registration of debt financing instruments totaling about 49.5 billion yuan, and the registration is pending.

Market institutions are optimistic about the stabilization of the real estate industry

The “Blue Book of Real Estate 2022” (hereinafter referred to as the “Blue Book”) released by the Chinese Academy of Social Sciences on June 14 predicts that the real estate market will continue to recover this year. The “Blue Book” pointed out that with the attention of the central government and the rectification of policy implementation, the tightening of financing in the real estate industry will be alleviated, and the reasonable capital needs of real estate enterprises and home buyers will be improved. It is expected that the real estate transaction scale in 2022 will increase 22 trillion yuan.

Market institutions also expressed optimism about the recovery of the real estate industry.CITIC Securities(Quotes600030,clinic) Relevant research reports pointed out that the real estate operation data in May has proved that the policy is working, (it is expected) the year-on-year decline in real estate sales will further narrow significantly from the third quarter, and the confidence in development investment and new construction will gradually recover from the fourth quarter. .CICC(Quotes601995,clinic) research report pointed out that it is expected that the market sentiment is expected to continue to recover, and the year-on-year decline will be repaired or faster due to the rapid decline in the base since the third quarter.

According to the results of the “Times Economic Eyes: Quarterly Questionnaire Survey of 100 Economists” recently launched by the Securities Times, 51% of the respondents expect that the investment in real estate will increase in the next quarter to half a year. Regarding the most effective policies to release the demand in the property market, 53% of the respondents believe that restrictive policies such as purchase restrictions, loan restrictions, and sales restrictions should be relaxed, and 32% of the respondents believe that the down payment ratio and mortgage interest rates should be reduced.