China's housing market cooling policies on the real estate market?
New policies influence limited to leading real estate companies, real estate companies taking money means more and more
High housing prices in some cities, from premium high. A series of cool policy could deter developers competing impulses of the local King, which affect the real estate market? In this regard, several executives said, the current policies of influence for small and medium sized real estate enterprises lethality greater, and for sufficient funds, leading real estate companies of good credit, means of financing in the market is increasing. If Wang continues to occur frequently, will push up prices for the real estate market.
Xu Hui holdings CEO Lin Feng said, housing prices and financing much single, rely more on bank loans and selling the funds withdrawn from circulation. Financing tools range now, housing prices 50% per cent of its financing from corporate bonds and corporate bonds, and so on, apart from bank loans, the rest, and a significant part of the funding comes from various information management planning, trusts and other financing channels.
Reporters found that many companies bypass the bond markets. In 2015, the evergrande real estate issue 5 billion yuan of corporate bonds, raise funds for reimbursement of approved financial institutions, optimizing the structure of debt and supplement working capital. In the Yangtze River Delta region run Cinda real estate of the King of the land, in 2016, the company issued bonds II was used to repay loans of financial institutions.
Zhejiang a leading company CEO told reporters that "even if financing door closes again, for benchmark real estate enterprises, or cannot tolerate. Because the current real estate companies access to capital more capital will overcome the ' obstacles ' to high return industry. ”
Reporters found that in the case of more ample liquidity, all kinds of alternative approaches is increasing. Bank financial products are important channels of bank capital into the property market. "Banks are subject to policy and not excessive loans to real estate companies, real estate companies looking for a trust company can set up a trust, and then purchased by the Bank realized bypass outflow of credit funds. ”
In the course of housing prices, there is even some money now "innovation". A frequent recently in Shanghai to participate in developer told reporters that now in first-tier cities, the basic need to prepare 10% of the land, the rest of the money to acquire, by way of mezzanine financing. "A lot of lending financial institutions compete to come, but will set a certain limit. More than credit, in the form of equity loans, future sales and profit share. "At present, there have been a number of organizations in the market, specifically for developers to provide a security deposit or down payment money.
The industry believes that only these "innovative" and "flexible" channels more stringent supervision, can really affect the funding of real estate, the new policy can play a role, then the local bubble out of the land market.
Xinhua News Agency, Beijing, August 9, Reuters new media questions: cool frequent policy impact on the real estate market?
"Xinhua viewpoint" journalist Zheng Juntian, Yang Shen, Zhao Xiaohui
Recently, frequent King for some hot cities, house prices are "unabated" phenomenon, how to cool the Department has promulgated a series of policies, real estate financing, as well as individual housing credit.
"Xinhua viewpoint" investigative journalism found, many real estate companies use financial leverage to obtain financial means, an important reason to be pushed up land prices.
Recent real estate market cooling policy
Nationwide, part of the real estate business policies progressively tightened. According to press reports, the Industrial Bank, industrial and commercial bank and some other banks have room business development loan cycle from 2-year medium-term loan to a one-year, or even six-month short term loans.
Watched "SFC to tighten real estate refinancing policy of listed companies", a reporter from the Commission found, companies raised refinancing funds are not encouraged to supplement working capital and repayment of bank loans, raise funds for more disclosure of actual investment policy, has been implementing since 2010, is not a new deal, but executives of securities companies was emphasized again in the near future.
Meanwhile, some local governments are beginning to signal real estate companies to tighten policy. Affiliated with the China land surveying and Planning Institute of the Ministry of land and resources recently released second quarter of 2016, the nation's major urban land price monitoring report, second quarter of the year, hot urban policy began to shift from loose to shrink. Nanjing, Hefei, Zhongshan stable views on regulation of housing and land, Suzhou introduced "Su ten" and strict individual housing credit, land sale and price-cap system, tightening of Provident Fund loans policy in Tianjin.
According to the reporter, second-tier cities, "four little dragons"--cities such as Nanjing, Suzhou, Hefei and Xiamen have been introduced "controlled King"-related restrictions, including land auctions fusing mechanisms, improving land transfer payments, tightened lending policies.
Nanjing and Suzhou respectively introduced land auction circuit breakers, that is, when you bid the highest price of the sale block, terminate the land, all invalid; recently Dan Zong land transfer price of Anhui Province raised the minimum down payment to 50%, Nanjing scales the residential leasing first payment is 60%.
On the supply side, some local governments have begun to raise two or three home purchases and limit loans to slow down housing prices sales outstanding, to developers to reduce "blood". On July 1, the formal implementation of the new deal in the property market in Hefei, minimum down payment for second-home 40%, buy a third and more than one home, minimum down payment is 60%, and stop the housing provident fund housing loans to individuals.
High housing prices as cooling policy leverage
Reporters found that over the past six months, frequent blood transfusions of both capital market forces behind Wang, also a low cost investment funds such as bank loans "auxiliary". So, from the regulation of all localities and departments in the near future, to cool down housing prices drop lever as above an important means of policy.
Throw in the Changping District of Beijing Hao 6.2 billion yuan this year to refinance looming figure behind the China Merchants Shekou. Last year, China Merchant Shekou merger investment real estate listing, raising capital of 11.8 billion yuan, basically all the company's real estate projects.
Industry insiders said, which listed real estate companies utilize capital market financing leverage to get the practice was widespread. Wan De (Wind) information data show that this year, listed companies raise funds through a share placement amounts to nearly 74 billion yuan, a total of 21 listed real estate companies completed directional add-issuance. Last year the real estate industry a total of 38 companies completed directional add-issuance of a stock, and raised a total amount of about 168.7 billion yuan.
Suxin, Chairman of capital and high, low capital cost of equity financing, is important for a number of listed real estate companies financing channels. Regulators again emphasized the refinancing cannot be used, great effect for a number of listed real estate companies.
Developers are another important source of funds is the Bank's lending to property developers. Greentown China related official said, "no matter how many financing channels, development loans must apply for, because of low prices. ”
With strategy consulting and Research Department director Zhang Hongwei said, some banks the shorten the period of real estate development loan aimed at avoiding financial risks in property investment, shorten the developer turnover and strained its capital chain, so got to live within our means. Monetary tightening policy and land supply in some parts of the new policy, are designed to inhibit non-rational developer.
E-house research director Yan Yuejin, a think-tank said local governments through the "down payments, reducing leverage" slow developers ' sales outstanding, weakening housing prices get "blood transfusion", stop the King. "On the whole, regulators to developers in disguise ' limit credit ', land markets, and contribute to funds resulting from excess bubbles. ”
(Editors: Dou Yuan UN833)
2016-08-09 20:32:39
Xinhua
中国楼市降温政策对房地产市场影响几何？
新政策对龙头房企影响力有限，房企拿钱手段越来越多
部分热点城市房价过高，来源于地价居高不下。一系列楼市降温政策能否遏制开发商争当地王的冲动，进而如何影响房地产市场？对此，多位房企高管表示，目前出台的政策影响力对于中小房企杀伤力较大，而对于资金充足、信用良好的龙头房企来说，市场上融资拿地的手段却越来越多。如果地王继续频繁出现，对于房地产市场来说仍会推高房价。
旭辉控股总裁林峰表示，房企过去的融资渠道比较单一，多依赖银行的开发贷款和卖房的资金回笼。现在融资工具繁多，不少房企50%以上的融资来源于公司债和企业债等，其余部分除银行开发贷款外，还有相当一部分资金来源于各类资管计划、信托等融资渠道。
记者调查发现，不少企业绕道债券市场融资。2015年，恒大地产发行50亿元公司债，经批准的募集资金用途为偿还金融机构借款、优化债务结构和补充流动资金。在长三角地区连拿数块地王的信达地产，发行2016年公司债第二期也是用于偿还金融机构借款。
浙江一家龙头房企执行总裁告诉记者，“即使再融资大门重新关闭，对于标杆房企来说，也并非不能容忍。因为当前房企获得资金的渠道更广，资本一定会克服‘重重障碍’奔向高回报行业。”
记者调查发现，在货币流动性较为充裕的情况下，各类变通做法在不断增加。银行理财产品是银行资金进入房地产市场的重要渠道。“银行受制于政策约束，并不能过多向房企贷款，但房企可以找一家信托公司成立一个信托计划，然后由银行购买，实现信贷资金绕道流出。”
在房企拿地过程中，目前甚至还出现一些资金方式“创新”。一位近期在上海频频参与拿地的开发商告诉记者，现在一线城市拿地，基本只需准备10%的土地款，剩下的资金可以以夹层融资的方式获取。“不少金融机构竞相上门来提供贷款，但会设置一定额度。超过授信额度，就以股权的形式放贷，未来销售利润与他们分成。”目前，市场上已经出现多个机构，专门为开发商提供拍地保证金甚至首付金。
业内人士认为，只有对上述这些“创新”“变通”渠道进行更加严格的监管，才能真正影响到房地产商的资金链，新政策才能真正发挥作用，进而挤出土地市场的局部泡沫。
新华社北京8月9日新媒体专电 题：楼市降温政策频出对房地产市场影响几何？
“新华视点”记者郑钧天、杨毅沉、赵晓辉
近日，针对一些热点城市地王频出、房价“高烧不退”的现象，多地多部门陆续出台了一系列降温政策，直指房地产企业融资、拿地以及个人住房信贷。
“新华视点”记者调查发现，房企利用金融杠杆获得资金手段繁多，成为推高地价房价的一个重要原因。
房地产市场降温政策近期频现
在全国范围内，对房地产企业的部分政策逐步收紧。据记者了解，兴业银行、工商银行等部分银行已将房企的开发贷周期由2年期的中期贷款改为一年内，甚至半年期的短期贷款。
针对备受关注的“证监会收紧房地产上市公司再融资政策”一事，记者从证监会了解到，企业再融资募集资金不鼓励用于补充流动资金和偿还银行贷款、需详细披露募集资金的实际投向等政策，自2010年以来就一直实施，并非新政，但近期确实再次对证券公司高管进行了强调。
与此同时，部分地方政府也开始对房企发出收紧政策信号。隶属于国土资源部的中国土地勘测规划院近期发布的《2016年第二季度全国主要城市地价监测报告》指出，今年二季度，热点城市政策开始由宽松转向收缩。南京、合肥、中山出台调控意见稳定房价地价，苏州出台“苏十条”、严审个人住房信贷、实行土地拍卖最高限价制度，天津收紧公积金贷款政策。
据记者了解，二线城市“四小龙”——南京、苏州、合肥和厦门等城市相继出台“控地王”的相关限制政策，包括实施土地拍卖熔断机制，提高土地出让金首付比例，收紧个人购房贷款政策等。
南京和苏州分别出台土地拍卖熔断机制，即当出让地块竞价达到最高限价时，终止土地出让，所有报价无效；安徽近日将单宗土地出让价款最低首付比例提至50%，南京将住宅用地出让金首付款比例调整为60%。
在资金供给端，一些地方政府开始提高二三套房首付，并限制购房贷款，以减缓房企销售回款，减少向开发商“供血”。7月1日，合肥楼市新政正式实施，二套房最低首付比例为40%，购买第三套及以上住房，最低首付比例均为60%，且停止住房公积金个人住房贷款。
降温政策直指房企高杠杆融资
记者调查发现，近半年来，地王频出的背后既有资本市场输血的力量，也有银行开发贷款等低成本投资资金的“辅助”。所以，从近期各地各部门的调控来看，给房企降杠杆成为上述降温政策的重要手段。
今年在北京昌平豪掷62亿元拿地的招商蛇口背后就隐现再融资身影。去年，招商蛇口吸收合并招商地产上市，募集资金118亿元，基本上全部投入公司的房地产项目。
业内人士表示，这种上市房企利用资本市场融资的高杠杆来拿地的做法非常普遍。万得（Wind）资讯数据显示，今年以来，上市房企通过股份定向增发募集的资金总额接近740亿元，共21家A股上市房企完成定向增发。去年全年房地产行业共38家企业完成了股票定向增发，募资总额约为1687亿元。
高和资本董事长苏鑫表示，股权融资的资金成本较低，是不少上市房企的重要融资渠道。监管部门再次强调再融资不能用于拿地，对于不少A股上市房企影响较大。
开发商资金的另一个重要来源是银行的房地产开发贷款。绿城中国相关负责人表示，“无论我们有多少融资渠道，开发贷都是必须申请的，因为价格低廉。”
同策咨询研究部总监张宏伟表示，部分银行此次缩短房地产开发贷款周期旨在规避楼市投资的金融风险，缩短开发商的资金周转率、令其资金链趋于紧张，从而在拿地时量入为出。各种金融收紧政策加上一些地方土地供应端的新政策，都是为了抑制开发商的非理性拿地。
易居智库研究总监严跃进表示，地方政府通过“提首付，降杠杆”可以减缓开发商销售回款，削弱为房企拿地“输血”，抑制地王产生。“总体上，监管层对开发商变相‘限贷’，有利于减少土地市场资金过剩导致的泡沫。”
(责任编辑：窦远行 UN833)
2016-08-09 20:32:39
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