Super 10 cities introduced a new policy to stabilize the property market: there is no “rescue the market” measure for decompression of housing enterprises
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Original title: Super 10 cities introduced a new policy for stabilizing the property market: to reduce the pressure on housing enterprises, the move to “save the market” has not been affected by the new crown pneumonia epidemic, and many industries across the country have suffered a certain impact.The real estate industry is also faced with the pressure of resumption of construction and the reduction in sales transaction volume. At the same time, the peak of overlapping debt service (Jin Qilin analyst) is coming, and the capital chain of housing enterprises is under further pressure.On the basis of ensuring the “resolute completion of this year’s economic and social development goals and tasks,” and the loosening of real estate policies in more than 10 provinces and cities, everyone also returned to the question of whether it will “stimulate the property market to stimulate the economy.”  Affected by the epidemic, the cash flow of housing companies is under pressure. “About 2020 will be the peak in debt repayment, and the epidemic situation happened, and the sales rebate will be reduced suddenly. Funding pressure is definitely a big test.At present, pressure is reduced through throttling and financing.”Someone in the TOP30 housing company said.  According to the data of the Middle Finger Research Institute, the total repayment scale of housing enterprise bonds (including overseas bonds) in 2020 will be 7493.900 million yuan, the repayment scale in 2021 will exceed 1 trillion to 10,496.200 million yuan (the size of corporate bonds reached 4,438.800 million yuan, the scale of overseas debt reached 3174.3 ppm), the industry’s repayment scale will start to decline in 2022, but it is still as high as 735 billion.  The reduction of sales rebates caused by overlapping epidemics has further intensified financial pressure on real estate companies.  Some developers have said that for real estate companies, the original Spring Festival files were basically “discarded” due to the epidemic situation. For enterprises, one of the short-term effects is cash flow, and the funding gap caused by the suspension of sales.For housing companies with tight funds, the pressure will be somewhat.In addition, the current resumption time of the construction site is not clear, the project cannot be resumed, the offline sales office is closed, and the customers are piled up on the line.However, these people pointed out that although the actual market has been affected by the spread of the epidemic, overall, demand is still there, and home purchase time will be replaced in the future.  It also brings challenges to some high turnover enterprises.The Middle Finger Research Institute believes that after the outbreak, housing companies’ short-term liquidity issues have attracted much attention, especially some high-turnover enterprises, which rely on the traditional operation of “fast land acquisition, fast start, fast opening, and rapid deactivation” to block fundsThe flexibility of the chain brings a test. It is necessary to focus on the duration of the epidemic, adjust and optimize project assets, and do a good job of capital cycle management.  The policy of supporting the housing enterprises has not been issued. The new policy of “stimulating the property market” does not appear. During the period of the epidemic, too many cities have introduced new policies to support enterprises to respond to the epidemic.  ”At present, no” dry goods “have been seen. Most of them focus on the recovery of cash flow from housing companies. The main purpose is to ease the pressure on housing companies.”” Inherit someone’s TOP30 housing company person thesis.  According to incomplete statistics, as of now, Wuxi, Xiamen, Hengyang, Fuzhou and other places have successively issued policies to support the stable and healthy development of the real estate market.In addition, Jinan, Xi’an, Hangzhou, Shanghai, Tianjin, Nanchang, Nanjing, Zhejiang and other provinces and cities have introduced new land policies to deal with the epidemic situation, and some cities can apply for extension or payment in installments.  Among them, Fuzhou issued “Effective Response Measures to Promote Reasonable Development Measures for Urban Development and Construction of Epidemic Situation”. While delaying the payment period of land transfer payments, 10 measures clearly increased credit support, reduced corporate financing costs, and extended the repayment difficulties for companies with difficulties in repaying loans.Or renew loans.  On February 14, the Housing and Urban-Rural Development Bureau of Hengyang City, Hunan Province launched the “Some Policies on Promoting the Stable and Healthy Development of the Real Estate Market (Trial)” to implement house purchase subsidies and expand the scope of talent purchase house subsidies; reduce the land for development enterprises.Costs of capital use; related approval procedures tolerated.  On the same day, the “Several Work Requirements on Actively Coping with the New Coronavirus Pneumonia Epidemic to Promote the Healthy Development of the Real Estate Market” issued by Xiamen City, Fujian Province, proposed to increase financial support for real estate development companies, ensure timely purchase of provident fund loans for home buyers, and long-term rentAppropriate rent reduction and exemption for apartments promote the healthy development of Xiamen’s real estate market.  Li Yujia, chief expert of Guangdong Housing Policy Research Center, said that in general, it has entered the stage of epidemic prevention and control and development.While studying and deploying the epidemic prevention and control work, the Politburo Standing Committee also clearly and resolutely completed the key tasks of economic and social development this year.As far as the real estate industry is concerned, the current policies are mainly aimed at enterprises and residents affected by the 深圳桑拿网 epidemic, and adopt supportive policies.For example, start-up, completion, house delivery, payment of land transfer fees, and reduction of financing costs for housing enterprises.At present, the substantive impact of the epidemic on individual buyers has been obvious, and the demand-side “rescue market” policy has not yet been introduced, and whether it will be released in the future must be observed.  ”In terms of purchase and price limits, in the tone of the city’s policy, subsequent local governments can decide on their own.Under the general tone of housing and housing speculation, the real estate market will be “three stable” (steady prices and stable house prices are expected), and one city and one policy will be implemented to include the responsibility of local governments.Li Yujia articles.  Will there be policies to 杭州桑拿网 stimulate the property market?  On the basis of ensuring the “resolute completion of this year’s economic and social development goals and tasks,” and the loosening of real estate policies in more than 10 provinces and cities, everyone also returned to the question of whether it will “stimulate the property market to stimulate the economy.”  ”At present, the policies introduced in various places are mainly to alleviate the cash flow pressure of housing enterprises, mainly to support enterprises. There has not been a formal” rescue policy “, but I think it is possible to relax the restrictions on purchases, sales, and mortgage rates.It is mainly one-city and one-strategy. It is more difficult to relax purchase and loan restrictions in first-tier or key second-tier cities.”A developer source pointed out.  Zhang Hongwei, chief analyst of Tongce Research Institute, believes that “following, more cities will definitely introduce targeted easing measures to stabilize the property market.The current pneumonia epidemic is continuing. In the short term, 2?April will be affected by the epidemic situation. The epidemic situation will conflict with the transaction volume of the real estate market and the number of online signing records. Therefore, local governments will then introduce some targeted measures so that the transaction volume of the entire property market can be quickly recovered and started.”” Sales have been frustrated, coupled with the pressure on corporate capital chains, some companies have begun to speed up cashback through price reduction and other means to solve problems such as operating cash flow.In terms of volume and price, I think the cities affected by the epidemic in the second quarter and the third quarter will see a recovery in their trading volume based on price-for-volume exchange.Zhang Hongwei article.  However, relatively speaking, the individuals of this group generally believe that after the epidemic, the transaction volume will stabilize and recover, but under the tone of housing and housing and the “three stability”, housing prices are more likely to rebound significantly.  The Middle Finger Research Institute believes that under the influence of the epidemic, the financial environment for real estate companies is more positive.In early February, a positive monetary signal was released and the five departments including the People’s Bank of China issued a “Notice on Further Strengthening Financial Support for Prevention and Control of New Coronavirus Infection and Pneumonia Epidemic”, which has formed a certain degree of favorable allocation for the real estate industry, and the financing window is opening.In addition, on February 3 and 4, the People’s Bank of China gradually released 1 for two consecutive days.7 trillion liquidity to stabilize market expectations, boost market confidence, and make all industries, including housing companies, see hope for greater “financial integration.”  Ni Pengfei, director of the Urban and Competitiveness Research Center of the Chinese Academy of Social Sciences, pointed out in an interview with that real estate has a certain restraint effect on the healthy development of the economy.  Its performance is that the net contribution of real estate to economic growth has changed from positive to negative, high housing prices have “expanded” the consumption and livelihood of the overall household sector, and excessive development of real estate has led to an imbalance in the economic structure and hindered economic structural adjustment and industrial upgrading.Real estate risk is an important source of risk for the Chinese economy.  Ni Pengfei believes that the real estate restructuring in the past two years has just achieved initial results.If the real estate stimulus policy is implemented, but the economic downturn cannot be hedged, the above problems will turn to worsen.