Real Estate Financing Plunges to New Low in September, Overseas Dollar Financing Rises 84pc

21st Century: 房企近4年最严峻的生存大考:融资额创新低
With the gradual deterioration of the real estate market, in the context of the harsh domestic and international financing environment, housing enterprises want to “live” in 2019-2020, and the most need to be vigilant is the funding problem caused by financing difficulties.

According to statistics from the same policy institute, the total financing of 40 typical listed real estate enterprises in September was 44.311 billion yuan, which fell below the "black May" low of 45.117 billion yuan, a significant decrease of 26.48% from the 60.273 billion yuan in August 2018. A new a record low for year of 2018. From the trend point of view, since May 2018, the financing situation of housing enterprises has been not very optimistic. Although it recovered slightly in July and August, the amount of financing was far from the first four months of 2018. In September, the total amount of financing fell to the freezing point, creating a new low in historical financing this year.
Financing costs rose:
ccording to the monitoring data of the same policy consulting research center, the amount of debt financing in September was 44.118 billion yuan, accounting for 99.56% of the total financing of housing enterprises, down 26.72% from the previous month. Among them, corporate bonds (21.569 billion yuan, accounting for 48.68%), other debt financing (130.04 billion yuan, accounting for 29.35%), domestic bank loans (5.643 billion yuan, accounting for 12.73%), and trust loans (3.903 billion yuan, accounting for The amount of financing for the medium-term notes, entrusted loans and overseas syndicated loans is 0.

Specifically, the first place, corporate bond financing amount was 21.569 billion yuan, up 9.81% from August; the second largest other debt financing method financing totaled 13.004 billion yuan, a decrease of 35.16% compared with August. The third domestic bank loan financing was 5.643 billion yuan, a decrease of 42.28% from the previous month; the fourth trust loan financing amount was 3.903 billion yuan, a decrease of 55.06% from the previous month; the medium-term notes and the issuance of overseas syndicated loans and entrusted loans.

However, in terms of financing costs, the cost of financing for housing companies in September is high, generally between 7% and 8.5%. Among the disclosed data, the lowest financing cost in September is Vanke's 2018 short-term short-term financing bonds issued on September 21, 2018, with an issue amount of 2 billion yuan and an interest rate of 3.35%. Secondly, Hengli (Hong Kong) Real Estate Co., Ltd., a wholly-owned subsidiary of Poly Real Estate, issued a US$500 million five-year fixed-rate bond through its overseas wholly-owned subsidiary, Poly Real Estate Finance Ltd, with a bond coupon rate of 4.75%. The coupon rate of the $300 million senior notes due in 2022 issued by Xuhui Holdings is 5.5%. The highest financing cost is CFLD (CAYMAN) INVESTMENT LTD, an indirect wholly-owned subsidiary of Huaxia Happiness. A premium unsecured fixed-rate bond issued to a foreign professional investor with a coupon rate of 9%. Overall, housing financing costs are higher this month, generally between 7% and 8.5%.
Developers saw a big increase in overseas borrowing:
Affected by market regulation and supervision, the difficulty of overseas financing is large, but compared with domestic financing channels, overseas debt is still an important financing method for housing enterprises. In September, overseas financing rose, foreign currency financing totaled 15.192 billion yuan, up 83.99% from the previous month. The successful overseas issuance was almost from corporate debt channels. In September, corporate bonds were 21.569 billion yuan, of which 6.4 billion yuan was issued domestically. The overseas issuance of 15.169 billion yuan. According to the statistics of the same policy institute, in September 2018, the financing of housing enterprises was still dominated by RMB, followed by the US dollar and the third Hong Kong dollar. Among them, the total amount of US dollar financing was 15.169 billion yuan; the total amount of Hong Kong dollar financing was 0.23 billion yuan; there was no financing in other currencies in this month.

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