Real estate companies raised 130.38 billion yuan last year, the lowest growth rate in nearly five years

2022-05-11 0 By

On February 5, a report released by the Krei Research Center shows that in 2021, housing enterprises actively or passively reduce financing, total financing of 1303.8 billion yuan, the lowest point in nearly five years.Data show that from the perspective of funds in place for real estate development, from January to December 2021, the funds in place for real estate development enterprises reached 2,0132 billion yuan, up 4.2% year on year, and the scale hit a record high. However, the growth rate hit a new low in nearly six years and the growth rate declined month by month. Since the second half of 2021, the monthly value of funds in place has shown negative growth year on year.The year-on-year decline in September was 11.2 per cent.After intensive policy announcements in the fourth quarter of 2021, the growth rate of funds in place at the end of the year was still poor. In December, the funds in place in a single month were 1.77 billion yuan, down 19.3% year on year. The scale of funds in place in a single month was lower than the historical period, and the year-on-year growth rate hit a new low in the past five years.From the perspective of total financing, according to the incomplete statistics of Krei, the total financing of 100 typical real estate enterprises in 2021 was 1,303.8 billion yuan, down 25.1% year on year, the financing volume showed negative growth for the first time in the past five years, and the growth rate reached the lowest point in the past five years.From the perspective of financing structure, domestic debt financing still accounts for the highest proportion in 2021, accounting for 49%.In 2021, domestic debt financing of real estate enterprises will decrease by 29% year-on-year to 643.6 billion yuan;The amount of overseas debt financing was 343.5 billion yuan, down 26% year on year;Equity financing and perpetual debt respectively raised 11.2 billion yuan and 5.8 billion yuan, with a large drop of 77% and 88% year-on-year respectively. After the issuance of the three red lines, perpetual debt was also included in the full-caliber liability supervision, and the issuance of corporate perpetual debt continued to decline.In 2021, the financing environment of real estate keeps tightening, and the financial pressure of real estate enterprises intensifies. Some real estate enterprises default on their debts.Krei said in the report that real estate companies frequently defaulted on their debts, on the one hand mainly because in 2021, under the circumstance of limited financing and declining sales, real estate companies generally faced the dilemma of tight liquidity.Superimposed in recent years, the new policy of pre-sale capital supervision has been successively increased in various places, which greatly reduces the capital allocation ability and capital use efficiency of some real estate enterprises, resulting in capital shortage and frequent negative credit events of some real estate enterprises.On the other hand, the growth rate of interest-bearing debt of real estate companies in the past five years is much higher than its sales growth. The five-year compound growth rate of total interest-bearing debt of the top 100 real estate companies from 2016 to 2020 is 22%, while the five-year compound growth rate of trading amount in the same period is 15%.With the increase of liabilities year by year, real estate enterprises gradually turn their balance sheets into “balance sheets”. After deleveraging was proposed, real deleveraging did not materialize for real real estate enterprises, but for some enterprises to reduce the leverage in the table by means of real debt of Ming shares and off-balance sheet transfer. Deleveraging still has a long way to go.In 2022, the three red line policies are not limited to the core financial indicators, and the supervision will still penetrate the full-cover debt of real estate enterprises, guide the double reduction of debts inside and outside the balance sheet, correct the possibility of real estate enterprises playing a marginal role in the policy, and guide the overall industry to improve to a rational and healthy state.In 2022, it is expected that the overall real estate financing environment will remain stable, maintain the normal financing needs of enterprises, and promote the virtuous cycle and healthy development of the real estate industry.From the perspective of enterprises’ debt repayment pressure, the amount due to real estate enterprises reached 629.8 billion yuan in 2022, down 21% year-on-year, but the overall debt repayment pressure of real estate enterprises is still large.According to CRR statistics, the overseas debt financing maturity of 100 typical real estate enterprises in 2022 is mainly concentrated in the first half of the year, among which the maturity scale in January is as high as 62.7 billion yuan, the highest in the past two years.In addition, March, April, June and July are all small peaks of debt repayment of overseas debt financing.(This article is from thepaper.cn. 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