For stock trading, you can look at the research report of Jin Qilin analysts. It is authoritative, professional, timely and comprehensive, helping you tap potential opportunities!
◎Reporter Ma Jiayue
Against the backdrop of increasing support policies for the real estate industry, the real estate bond market continues to recover. Choice data shows that as of February 20, the China Securities Real Estate Bond Index has risen by nearly 7% in the past three months, and the bond prices of some leading real estate companies have doubled. During the same period, over 90% of pure bond private equity funds achieved positive returns.
It is reported that after the rebound in the early stage, a number of top private equity companies chose to take profits from real estate bonds with a large increase. From the perspective of industry insiders, the bond prices of some leading real estate companies have basically been repaired in place in the early stage, while the bonds of real estate companies that have relatively slow price repairs but have high-quality stock assets and less debt problems have ushered in a good opportunity for deployment.
Real estate bonds continue to rebound
Since November last year, from the “first arrow” bank credit support, the “second arrow” bond financing assistance, to the “third arrow” equity financing loosening, and recently the China Securities Regulatory Commission has launched a pilot project for real estate private equity investment funds , The financing policy of the real estate industry is frequently blowing, and real estate bonds continue to rebound.
According to Choice data, as of February 20, the China Securities Real Estate Bond Index rose by 6.97% in the past three months. Specifically, as of February 20, the 20 Bidi 01 bond issued by Country Garden has risen from around 40 yuan in early November last year to more than 98 yuan, and the 20 Longfor 04 bond issued by Chongqing Longfor Enterprise has risen from the lowest price of 42 yuan in November last year. Yuan rose to 90 yuan, an increase of more than 100%.
During the continuous rebound of real estate bonds, pure bond private equity funds performed well. According to statistics from the private equity ranking network, as of February 20, the overall return of 793 pure debt private equity funds with performance records in the past three months was 6.85%, of which 717 pure debt funds achieved positive returns in the past three months, accounting for It is 90.42%. Among the 717 funds that achieved positive returns, a total of 128 funds had a return of more than 10% over the same period.
A Beijing-based private equity firm with a tens-billion-level bond strategy analyzed that with the support of a series of policies, the financing environment of the real estate industry has continued to pick up, liquidity problems have gradually been alleviated, and real estate bonds have been repaired as a whole.
New opportunities for top private equity short-term take-profit layout
After a nearly three-month rebound, a number of leading private equity firms recently revealed that they have already taken profits on some of the real estate bonds that have seen a large increase, and have instead explored some new opportunities.
Zhurun Investment said frankly that since November last year, the sales of some high-quality real estate companies have picked up, and the bond prices have basically completely recovered. The company has stopped the profit of such real estate bonds.
A tens of billions of private equity fixed-income investment managers revealed that they have recently appropriately reduced their holdings of some leading real estate bonds whose valuations have been restored. At present, there are still some real estate bonds with high yields, which have certain structural opportunities. “In the future, we will pay more attention to the real estate sales, refinancing and repair of such real estate companies, grasp structural opportunities, and use existing positions to capture market sentiment. Trading opportunities in volatility.”
In addition to paying attention to the structural opportunities brought about by poor short-term expectations, several tens of billions of private funds believe that medium and long-term investment needs to return to fundamentals.
Xu Liqiang, deputy director of fixed income at Yinye Investment, analyzed that the overall interest rate spread of real estate bonds is still at a high level. With the gradual recovery of the fundamentals of the real estate industry, opportunities in the real estate bond market are still worthy of attention. However, after the fundamentals of the real estate industry are restored, the policy on the refinancing end may return to normal, and the focus of real estate bond investment must gradually shift from policy to research on company fundamentals.
The above-mentioned Beijing tens of billions of bond strategy private investors also said that from a five-year perspective, the domestic real estate industry will still maintain an annual sales area of about 1.1 billion square meters, and high-quality real estate companies are expected to get a “bigger cake.” After grasping the early rebound, the company will deploy medium and long-term real estate companies with high operating efficiency, smooth management, good financial cost control, reasonable operating leverage ratio and continuous liquidity support.
Massive information, accurate interpretation, all in the Sina Finance APP
Editor in charge: Lu Chengfei