Step investment in postpartum earthly Mao shares issued "stranded"

Since the actual stock price is lower than the additional reserve, the listed housing enterprises have more than 60 billion yuan refinancing plan is already in the "invalid" state. Under the supervision of strict approval pass and the new "Country 10" double blow, this year, a a-share real estate listed companies refinancing plan frequently "stranded." After last month, China Merchants Real Estate (000024.SZ) announced the financing plan "failed", June 9, Shimao shares (600823.　　SH) also announced the cancellation of the directional issuance program. Market analysts pointed out that at present, the capital market financing channels for developers have been difficult to play a role, a large number of real estate listed companies "forced" to cancel the issuance of the plan will continue in a certain period of time.　　The capital chain pressure of listed companies may be rising.　　A large number of listed housing companies to remove the issuance Plan June 9, Shimao shares announced that, in view of the second quarter of this year, the state's real estate industry policy changes, the board of directors to agree to abolish the 2009 "Private issue of Shares", and the bill to the shareholders of the company for consideration. The above mentioned 2009 "Company Non-public offering shares program", is the Shimao shares in last August, proposed the directional additional plan.　　According to the announcement at the time, the company intends to issue no more than 10 specific objects of no more than 150 million shares, the issue price is not less than 13.81 yuan/share, the issue of the object are in cash subscription. The fund will be used for four projects such as Qingdao World Olympic Building, Jiangsu Changshu Shimao Century Center, Suzhou Shimao Canal City Commercial, and the total investment of 13.309 billion yuan.　　Since then, Shimao shares on January 21, 2010 also announced that the original issue of the plan to raise the amount of funds adjusted, from the original raise funds not exceeding 2 billion yuan, reduced to no more than 1.7 billion yuan, the remaining provisions are unchanged.　　It is noteworthy that June 10 Shimao shares of the latest closing price is still below 13.81 yuan, to 10.26 yuan. In fact, since April, the real Estate series of regulation and control policies, more and more stock prices of listed companies "broken", resulting in failure to implement or forced to suspend the issuance of additional plans. Prior to May 13, China Merchants Property announced that due to the recent sharp decline in the company's share price, the company's board of directors proposed to revoke the original in 2009 by the company's general meeting of shareholders approved the issue of a private refinancing scheme. June 10 China Merchants Real Estate's latest closing price is still 15.45 yuan in addition, Thai Holdings (600687. SH) Additional plans have also been aborted, and gree real estate, such as 15 property companies issued this year's issuance of additional plans has not been implemented.　　According to incomplete statistics, because the actual stock price is lower than the additional reserve, the listed housing enterprises have more than 60 billion yuan refinancing plan is already in the "invalid" state.　　Guo Xin Securities Real estate analyst Fang previously said that the abolition of the issue must be a comprehensive consideration of the market and the supervision of all aspects of the decision, because the current regulatory approval is more difficult, even if the batch, the market is not good, may issue also have difficulty, so it is better to remove. Qiang Zhao, chief researcher of Guangdong Securities Real Estate industryIn an interview with the first financial daily, he also pointed out that there were a number of housing companies with additional plans since last year, but there appeared to be only 8 approved by the CSRC. "With the continued tightening of policies in many areas, the financing channels for the capital markets have become very difficult for developers to play." Next, there will be more listed housing companies choose to give up in the A-share market refinancing.　　"Expand financing Channel financing plan frequently" miscarriage ", can not help to cause the market to the Housing Enterprise fund condition worry. Shimao shares to our correspondent said that since the two quarter of 2010, the state-related real estate industry policy has undergone major changes, leading to the company's non-public offerings of the external environment has also undergone significant changes, at present the company's market prices can not reasonably reflect the company's intrinsic value. Once the time is ripe, the company will still choose to refinance in the capital market, the company stressed: "Shimao AG business needs of normal funds, open channels of financing, financing methods more ways, the company and financial institutions, banks, trusts and close cooperation."　　"Reporter found that May 20, Shimao shares have issued a notice disclosed, in order to meet the Suzhou Shimao Canal City Commercial project development needs, Zhongyuan Trust will be established through the establishment of a single fund to raise funds, and to raise the trust principal to Shimao shares to provide the amount of 603 million yuan trust loans. According to Long, director of the China Real Estate Evaluation Center, 2009, the real estate development enterprise source of funds reached 5.7 trillion yuan this year, an increase of 44.2% than the previous year.　　Among them, deposit and advance payment 1.5914 trillion yuan, accounting for the entire source of 27.86%, personal mortgage 840.3 billion yuan, accounting for 14.71% of the entire source of funds, two total accounted for 42.57%, almost accounted for the real estate development enterprises of half of the source of funds. "And according to the new real estate market regulation policy, the housing loans to increase the ratio of down payment, the loan interest rate from the high implementation, many sets of residential stop loans and other measures, has fundamentally restricted the real estate development enterprises available sources of funding."　　Long pointed out that with the development of property market regulation, after the bank loans, capital market financing and other channels blocked, the listed housing enterprises began to finance through a variety of ways to ease the financial pressure. Oct group, which has a listed company platform in the mainland and Hong Kong, announced earlier this week that it was through the group's listed company in Hong Kong, Oct (Asia) (03366).　　HK) Allotment of HK $672 million to Chengdu Hua Qiao City project. Analysts expected that the financing channels will be in the real estate macro-control to achieve the expected goal of continued tightening, this year the housing enterprise's capital chain situation is not optimistic.