The “New Country Five Articles” local rules have been on the ground for 50 days. Beijing is still the only city that strictly enforces the transfer of second-hand housing and pays 20% of the tax. However, the first-tier cities headed by Beijing, Shanghai and Guangzhou have tightened the price limit. Beijing’s pre-sale certificate requires the signature of the deputy mayor, and Guangzhou is also strictly controlling residential quotations. Although on the surface, the policy has gradually tightened, the momentum of rising house prices has not changed. At the same time, the statistics on the “kidnapped” housing prices have triggered people to rethink the real estate regulation, and there are “solutions” under the policy, which is also a headache, and the regulation is still difficult.

The National Bureau of Statistics announced on the 18th that the residential sales price index of 70 large and medium-sized cities in April showed that the price increase of many consecutive months began to narrow. However, analysts pointed out that the trend of rising house prices has not been fundamentally changed. The Guangzhou New Residential Price Index ranked first with a 2.1% increase.

The real estate operation situation announced on the 13th showed that in the first four months of this year, the situation of housing enterprises' funds was obviously in a good trend. At the same time, the financing of housing enterprises was also increasing. Domestic loans were 661.8 billion yuan, up 26.8%. The use of foreign capital was 16.3 billion yuan, an increase of 28.5%; the self-raised funds were 1,295.2 billion yuan, an increase of 16.2%. In May, the pace of housing financing did not stop. While the sales performance of the housing enterprises increased sharply year-on-year, they also realized that the impact of regulation and control was gradually narrowing. For long-term healthy development, housing enterprises have stepped up the pace of “blood transfusion”.

Closed

In the month, the volume of new residential construction in major cities embarked on a “downhill”.

According to statistics from the Central Plains Real Estate Research Center, last week (May 13th - May 19th), the total number of new homes in 54 major cities was 52,398, compared with 53,739 in the previous week, a slight decrease of 2.5%. In May, the overall city transaction volume was also in a high decline. On 1-19, the total number of new residential contracts signed by 54 cities was 138,352 sets, down from 163,286 sets in the same period last month.

Zhang Dawei, director of the research department of Zhongyuan Real Estate, believes that there are several reasons for the decline in the high volume of transactions since May.

First of all, although the policies of the “New Five Articles” are not the same, the first-tier cities are affected by the current impact, and the new residential market is even more affected than the second-hand housing market. The main first-tier cities and some second-tier cities are restricting the pre-sale price of new residential buildings, resulting in a significant reduction in pre-sales projects in the short term.

Second, the effects of the New Deal gradually emerged. Compared with the New Deal, the property market was full of heat. In April-May, the property market is still hot except for the demand-free projects that are not affected by the policy. Other improved demand is affected to varying degrees.

Third, the price increase in various regions has slowed down. Compared with March, the prices of all localities have shown a slowdown. Nanjing and other cities have gradually introduced price-limited housing to stabilize housing prices. At present, the impact of this round of regulation and control is very uneven, and there is a clear possibility of cold springs in first-tier cities. The second-tier cities may continue to develop steadily at present.

The price limit policy has an important impact on the new commodity housing market, and the heavy tax policy has curbed the volume of second-hand housing in Beijing.

According to statistics from the Central Plains Real Estate Market Research Department, as of May 19, the number of new residential housing contracts in Beijing was 3,343, and the number of second-hand housing contracts was 3,019. Compared with the suspension of the online signing, the amount of contracts signed at the beginning of April was basically the same. Compared with the same period in March, the total volume of residential transactions decreased by 82% year-on-year. It is expected that the volume of transactions in the whole month may be lower than that in April.

Zhang Dawei, director of the Central Plains real estate market research department, believes that once the price limit policy is implemented too long, some projects may consider accelerating presale from the perspective of capital cost. From the current point of view, the market gradually believes that the policy is more severe than expected, considering the price to enter the market.

Second-hand housing prices are still rising, but the transaction price has stopped rising. At present, there is a tax-affected property, and both buyers and sellers are basically stagnation. The tax has a relatively small impact on the housing, although the owner thinks that the housing scarcity will increase the offer, but the buyers do not accept. The only residential property in the past five years accounted for more than 80% of the recent online signing transactions. The other parts were sold for the second-hand housing in the last 1-2 years. The number of single-family housing in the past five years has also decreased, because this part of the homeowner’s previous part There have been loans, if you sell one buy one, the down payment and other pressures have increased, and it is more difficult to find suitable improved second-hand housing.

Corporate finance is busy

The gradual stagnation of the transaction has allowed real estate companies to accelerate the development of funding sources. Last week (May 13-May 19), real estate companies intensively finance long-term development.

It is reported that CITIC Pacific Limited's $200 million four-year bullet loan has increased to $330 million, and the loan interest rate is 238 basis points for the London Interbank Offered Rate (LIBOR). The loan agreement will be signed on May 22. According to historical data, the loan is the second new financing plan for CITIC Pacific in less than a year. In June last year, CITIC Pacific borrowed 7.1 billion Hong Kong dollars (about 915 million US dollars) of loans, attracted 12 lead companies and 6 other banks to join, Taipei Fubon Bank is one of the 12 leading banks.

On the 18th, Guangdong Haiyin Group Co., Ltd. issued an announcement stating that in order to meet the needs of the company's business development and expand the financing channels, the company plans to operate 15 of its subsidiaries (finally with Haiyin shares (12.31, -0.02, -0.16). %) The scope determined by the prospectus of the special asset management plan shall be based on the operating income right of the comprehensive commercial property, and the asset securitization plan shall be designed. The proposed fund raising shall not exceed RMB 1.6 billion.

Earlier, China Resources Land Limited announced that on May 16, the company, as a borrower, entered into a loan financing agreement with a bank for a three-year term loan facility of HK$800 million. Under the Financing Agreement, if the China Resources Group ceases to be the sole largest shareholder of China Resources Land (whether indirectly or through its subsidiaries) and no longer owns (directly or indirectly through its subsidiaries), at least 35% of China Resources Land has The issue of share capital will constitute a breach of contract.

On the 16th, Poly Real Estate Group Co., Ltd. announced that the company has applied to the Hong Kong Stock Exchange for the issuance of a total of US$500 million in notes. It is expected that the notes will be listed and traded on May 20, with a term of 5 years and an interest rate of 4.75%. Yihua Real Estate Co., Ltd. announced on the same day that in order to meet the funding needs of the company's project development, Guangdong Yihua Real Estate Development Co., Ltd., a wholly-owned subsidiary of the company, intends to apply to Huarong International Trust Co., Ltd. for a trust loan of not more than 300 million yuan. The loan period is 24 months. The loan is used for the construction of the development project of Yihua Real Estate Company. The comprehensive cost of the loan does not exceed 14%/year. Yihua Real Estate said that the application for trust loans will help increase the company's liquidity, solve the funding needs of the company's development projects, and facilitate the smooth progress of the company's projects.

On the 15th, Shanghai Zendai Real Estate Co., Ltd. announced that it had entered into a financing agreement with a financial institution (as a lender) as a borrower. The financing agreement can provide a term loan of up to HK$300 million in accordance with its terms and conditions. The final maturity date of the financing agreement is 36 months from the first withdrawal date. According to the financing agreement, if the controlling shareholder and executive director of Shanghai Zendai, Mr. Dai Zhikang [Weibo] no longer directly or indirectly owns the issued share capital of Shanghai Zendai and its equity of 35% or more, or is no longer the single largest of Shanghai Zendai. A shareholder, or cease to be an executive director of the company, constitutes an event of default.

In addition, there is also news that in order to start the construction of the first phase of Shanghai Xingguang Yao Plaza City Complex, Fosun Group is seeking a three-year RMB 3 billion club loan, which is about 163 million US dollars. According to sources, Fosun has already approached some domestic and foreign banks for the loan. The price in the negotiations is that the comprehensive income will be 5%-10% based on the central bank's benchmark interest rate. The loan will be borrowed through a special purpose entity.

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