New policy triggers market resonance firewall can hold house price Bronco

Xinhua Guangzhou April 28: The new policy triggered the market "resonance" "firewall" can take the price of "wild horse" real estate new policy once launched, immediately triggered a strong "resonance" of the capital market, real estate stocks in the continuing downturn in the record low.　　23rd, the SFC also said the United Kingdom will strengthen the Ministry of land Financing Supervision of real estate enterprises. Industry insiders pointed out that the SFC this statement means that the future real estate enterprises want to finance first through the Ministry of Land and Resources Audit, enterprise refinancing difficulty increased.　　　　Since 2010, property stocks have been underperforming, indicating that the capital markets have long been worried about property-control policies, which eventually detonated a long-standing market worry. The new policy of the real estate stocks "collective diving" April 14, the State Council executive meeting set the tone to take more forceful policy measures to curb high housing prices, followed by a continuous increase in the second mortgage down payment, interest rate 1.1 times times, restrictions on home purchase, the restriction of the third house and other policies, and the most important　　Real estate shares fell in a hurry. Industry experts pointed out that the collective plunge is the recent period of real estate stocks continued to slump in a concentrated reflection.　　In fact, since the start of the 2010, property stocks have continued to run the market, the cumulative decline of nearly 20%. Data show that since April 6, 2010, the real estate sector funds outflow has been more than 20 billion yuan, the organization to evacuate the obvious signs.　　Vanke A (000002), for example, now shares a decline of more than 40% per cent from its 2009 highs.　　China Merchants Securities Real estate industry analyst Jiazu that the irrational rise in prices exacerbated the capital market for macro-policy tightening concerns, the recent period of real estate stocks continue to lower, just to show that the real estate enterprises in the follow-up development is not favored by the capital market. "Since 2009, the capital markets have been wary of soaring property prices, and this time the government's real estate control measures are more stringent than the market expected, which has triggered a continuous slump in property stocks."　　"Jiazu said.　　Minsheng Securities Real Estate analyst Wang Nio-liang that the real estate control measures more stringent than any previous years, that the government's purpose is to restore the real estate "residential property", to achieve home ownership. "including the upcoming two suite standards, the series of real estate New deal is not difficult to see the Government's determination, and the capital market has long been smelling the wind, real estate stocks early downturn is the current real estate price adjustment response."　　"Wang Nio-liang said.　　Capital gate tightening industry encounter "LSC" after the State Council issued a notice to strengthen the supervision of the real estate development enterprises to purchase land and financing, 23rd, the Securities and Futures Commission said that the SFC will take measures to jointly strengthen the Ministry of Land and Resources of real estate enterprise financing supervision. At present, there are 41 real estate listed companies in Shanghai and Shenzhen to wait for the SFC to refinance the audit, to raise more than hundreds of billions of dollars, the Ministry of Land has completed the first pilot operation of the 25 enterprises in the preliminary work. Among them, Vanke a (000002) to start the equity financing plan of 11.2 billion yuan, Poly Real Estate (600048) to be targeted for additional 12.544 billion yuan, the Golden Land Group (600383) proposed to the private issue of about 4.8 billion yuan, investment real Estate (000024) shareholders general meeting through 5.624 billion yuan directional additional proposal.　　Minsheng Securities Real Estate analyst Wang Nio-liang that refinancing is an important channel for the financing of listed real estate enterprises, because the real estate is capital-intensive industry, if refinancing is hindered, will make the whole enterprise operating cash flow tight, the proposed development project investment progress will be affected. At the same time, overseas listed mainland real estate enterprises frequently issued debt financing. April 14, Evergrande (03333.HK) announced the issuance of an annual interest rate of 13%, a total of 600 million U.S. dollars of additional priority bills.　　In fact, this is the constant land production within 4 months of the second issue of debt, in January 2010, Evergrande Group has issued an amount of 750 million U.S. dollars, the annual interest rate is also 13% of the high interest debt. Coincidentally, April 16, Bi Garden (02007.HK) announced to overseas investors issued a total value of 550 million U.S. dollars of priority bills, the coupon rate of 11.25%.　　The country garden related Personage said in an interview, the company is currently selling well, capital flow is not a problem, overseas debt issuance helps the company improve its short-term liquidity situation.　　Industry experts pointed out that the recent mainland in Hong Kong listed real estate companies frequently overseas issuance of debt, is actually subject to the macro-policy tightening of the impact of the preparation of "winter" a proactive performance. "In the A-share market restrictions on the financing of real estate companies and the tightening of housing policies, all reflect the government firmly curb the rapid rise in real estate prices determination." Under the strict regulation, the spring of 2010, the real estate enterprise is doomed to undergo the grim ' LSC '.　　"Wang Nio-liang said. Beware of real Estate "kidnapping" financial New deal is intended to build a "firewall" according to the central bank data show that the 2010-year real estate personal home purchase loan added 522.7 billion yuan, the quarter-quarter balance grew 53.4%, at the same time, 2010-quarter real estate development loans 320.7 billion yuan, the quarter-year balance grew 31.1　　%。　　Credit Suisse analyst Fang that this is the central bank rarely on the single quarterly release of financial institutions loans to the release report, visible to the regulation of the lending will be the focus of the current round of real estate regulation. Industry insiders pointed out that last week's stock market plunge again reminded the parties, the regulation of house prices is a far-reaching thing, must be integrated into consideration, to avoid regulating house prices on the capital market caused a huge negative impact.　　The U.S. subprime mortgage crisis is a good warning, the government must establish a "firewall" between real estate and finance, to avoid real estate price fluctuations threaten the financial security of the country. The chief strategy analyst of GF Securities said that recent regulatory measures aimed at establishing a security line between the real estate and the financial system, raising the down-payment ratio of two mortgages, strictly controlling three of mortgages and restricting the refinancing of housing companies in the capital markets are all aimed at controlling real estateThe financial risks of the market require banks to be more cautious in their property loans and not to ignore the great risks of the future because of short-term benefits.　　China Merchants Securities Real estate industry analyst Jiazu that the A-share market, the suspension of industrial refinancing is tied another financing cut, two-pronged approach to avoid investors and taxpayers to pay for property risk. "The Government's macro-control of the real estate market caused by the short-term fluctuations in the capital market is unavoidable, but all these can not because of short-term pains and give up, so that people lose their confidence in macro-control." In the long run, a healthy real estate market can guarantee the sustainable development of China's economy. "The Chief macro strategy analyst at GF Securities said.