Bond Trust loan Room Enterprise Eight Immortals crossing grain

Ren Xiao eds. this year, the SFC and the Ministry of Land and resources to establish a communication mechanism to draw up two types of enterprise financing applications to seek the views of the territory. In this context, more than a number of developers to apply for additional issuance has not been released.　　One of the main channels for real estate financing is tightening. However, under pressure, real estate companies can still open up a variety of sources: overseas issue of Dollar bills, actively prepare corporate debt, accelerate the issue of trust products, the real estate loan is not explicitly tightened before lending ...　　Whether in order to expand or reserve a good "winter food", real estate enterprises actively use every possible financing channels, began a end to run.　　Bond financing into housing enterprises evade regulatory haven because of the market-oriented issuance and restraint mechanism of bond financing, bond financing has become the main safe haven for real estate enterprises to evade regulation. Under the strict regulation and control, many enterprises set foot on the road of overseas financing. Bi GUI garden, Evergrande Real Estate, Jia Zhao Industry, Hengsheng Real Estate, agile and other shares listed mainland real estate companies have announced the issue of overseas bonds.　　But the price is high, from the interest of issuing debt, the country garden bond interest is 11.25%, the constant land production 13%, the Accor le interest rate guidance range is set at 8.875%-9%, Jia Zhao industry is 13.5%. Su Xiejing, the Changjiang Securities real estate analyst, said the interest rate in Hong Kong was very market-oriented and the interest rate was higher at times of bad markets.　　14% is a higher interest rate, and there is likely to be a higher interest rate issue in the future. Can real estate companies withstand such high interest rates? A real estate company Personage said to the Reporter: "The CSRC and the Ministry of Land to the real estate business refinancing not to release, the private financing cost is high immediately." In fact, 14% interest rates are not very high, many real estate private enterprises internal financing turnover rate of 12%. Money is really hard to get at the moment.　　"Compared with the overseas issue of bonds, the domestic issue of corporate debt is a real estate business planning a way out."　　In the four quarter of last year, in the real estate financing feast, the scale of corporate debt financing in the quarter accounted for the entire company's new financing limit of 60.7%. This year's situation is not optimistic.　　In the first quarter of 2010, real estate companies issued corporate debt at zero, according to statistics from the China bond market, the first quarterly analysis of 2010, released by the Association of Interbank market dealers. However, because the debt financing has relatively high financing cost and has certain market restraint mechanism, the SFC has made it clear that the real estate enterprise that issues the company's debt is not included in the approval scope of the Ministry of Land.　　A brokerage analyst said corporate debt is easier to finance than equity financing, and some companies will finance it by issuing corporate bonds.　　Trust real estate business to save the food for the third quarter since last year, the infrastructure trust business is affected by the national regulation of local financing platform and local financial guarantee, and the limitation of trust account opening in the Securities trust business is too long to be solved, and only the real estate trust business is left alone in the traditional trust business "troika". According to incomplete statistics, over 50 trust companies in the whole year of 2009A total of 214 real estate Trust products, the total size of more than 44 billion yuan, respectively, than the 2008 issue volume and size increased by 59% and 62%.　　The average size of a single real estate trust product has also increased from 202 million yuan in 2008/only to 207 million yuan/only. In last year's real estate financing feast, the Trust company was one of the main force, and therefore made a pot full.　　This year has served as an emergency. During the 51 period, the CBRC convened a "National Trust Company Supervisory working meeting" with Non-bank financial institutions to discuss the supervision of real estate trust financing.　　It is understood that at this meeting, the CBRC said it will be in the near future focus on the purge bank loans, the trust loans into the overall scope of regulation of credit scale. A trust company Personage said, "The real estate trusts business tightened in April already had the wind, therefore in April, the real estate trust product has raided a batch."　　"According to the use of benefit trust statistics, April participation in the real estate Collection Trust issuing agencies 43, issued a quantity of 141, issued on a scale of 25.3835 billion yuan, has been established in the number of 115, has been established financing scale of 19,412,420,000 yuan." Since May, the investment direction for the real estate enterprise's new issue trust plan quantity is 10, to the real estate Enterprise's trust plan total issuance scale is 2.05 billion yuan, but the actual establishment scale is 200 million yuan.　　According to the incomplete market statistics, since May, there have been Chinese enterprises, Zhejiang Guangsha, Roe Island, Xiangjiang Holdings and other listed companies announced more than 3 billion yuan trust financing plan. The increasing severity of regulatory expectations led to higher risk of investment in real estate projects and increased systemic risk of real estate trusts.　　In this respect, the Trust Company adopted a method of additional collateral to deal with. Shengtai, director of the China-Thailand Trust Research Department, told our correspondent, "because of the real estate market regulation policy, the Trust company demands the real estate enterprise's land mortgage, the property mortgage, in the future may appear the mortgage value drops, the mortgage insufficiency risk." For instance, the mortgage rate of some institutions has fallen from 70% to 40%. Many trust companies have asked for more additions to the original collateral. "In addition, it is still relatively easy for trust companies to issue real estate trusts under risk control," he said. Shengtai said that, because the trust company management level is different, the present partial strength Trust Company, does not need the land mortgage, the property mortgage, but tends the independent management, to the capital flow monitoring ability is very high, has the high defensive risk ability.　　"These companies can also do some real estate business," he said. At present, trust companies to issue real estate Trust programs more stringent audit requirements, real estate trust financing costs are high, the total cost of all costs can reach 18%-20%, "The strength of real estate enterprises may continue to finance through trust channels."　　Said a trust person.　　Crazy lending in the first quarter compared with trust and bond financing, real estate companies are relatively optimistic about obtaining bank loans. "In the first quarter of this year, the most important thing the housing companies did was to borrow money frantically." A brokerSaid the researcher.　　In addition to trust financing, real estate development loans also become the real estate developers life-saving food. Central bank data show that the 1 quarter of the major financial institutions and rural cooperative financial institutions and Urban credit cooperatives real estate renminbi loan added 845.7 billion yuan, the end of the year's balance rose 44.3%, higher than the last 6.2%.　　Among them, the real estate development loan adds 320.7 billion yuan, the quarter end balance growth 31.1%, rises 0.5% from the last year. "In addition to the cap on the overall size of the credit this year, and the real tightening of local financing platform loans this year, there are no serious restrictions on property lending," he said.　　A large state-run credit ministry said to reporters. "But the real estate companies are not short of money. Financing can be controlled without taking control. Tight days, capital pressure is not big.　　"said a brokerage researcher. For example, China Merchants Real estate, as of the end of the first quarter of this year, the money funds for investment 8.075 billion yuan.　　At present the fund is abundant, the cancellation refinancing does not have the very big influence to the company. "There is no sign of a clear tightening of loans. But I've seen some bad signs. Now is the most critical moment, if the local parties to control the implementation of weak policies, there may be more stringent measures to appear.　　"Su Xiejing said. -Newspaper reporter Ren Xiao eds.