Since the regulators repeatedly stressed "promoting the virtuous cycle and healthy development of the real estate industry", the risk clearing of the real estate industry is further accelerating, and the bank support continues to increase. The reporter of Shanghai Securities News learned from Ping An Bank on February 15 that the bank will start the issuance of the first phase of 5 billion yuan real estate M & a theme bonds in the near future, and the raised funds will be specially used for the investment of M & A loans for real estate projects. Ping An Bank also said that it will focus on supporting high-quality real estate enterprises to merge and acquire high-quality projects of large real estate enterprises in danger and difficulties, and effectively support real estate enterprises to prevent debt risks and promote the optimization of industry structure through mergers and acquisitions. This is the latest case of Bank Real Estate Project M & a loan plan. Since this year, Shanghai Pudong Development Bank, Guangdong Development Bank and China Merchants Bank have successively launched the M & A financing support plan for real estate projects, including financial bonds, M & a funds and other financing methods, with a total financing scale of nearly 50 billion yuan. Among them, China Merchants Bank alone "threw out" two M & A financing lines totaling 33 billion yuan. Liao Zhiming, chief banking analyst of China Merchants Securities, said that the banking industry has successively supported the real estate industry in the form of M & A loans. The primary reason is the policy encouragement and support. The regulatory authorities encourage the real estate enterprises in trouble to clear their risks through Project M & A and other financial services. In December last year, the people's Bank of China and the China Banking and Insurance Regulatory Commission issued the notice on doing a good job in M & a financial services for risk disposal projects of key real estate enterprises, encouraging banks to carry out M & a loan business in a stable and orderly manner in accordance with the principles of legal compliance, controllable risk and commercial sustainability, and focusing on supporting high-quality real estate enterprises to merge and acquire high-quality projects of large real estate enterprises that are in danger and difficult. The notice proposed to increase the support for bond financing, support high-quality real estate enterprises to register and issue debt financing instruments in the inter-bank market, and raise funds for mergers and acquisitions of risk disposal projects of key real estate enterprises. Encourage banking financial institutions to actively provide services for M & A enterprises to issue debt financing instruments and improve the issuance efficiency. Encourage banking financial institutions to invest in debt financing instruments such as M & A bonds and M & A bills. In order to dispel the bank's "concerns" about the three red lines of real estate loans, the notice also proposes that the Project M & A loans of mergers and acquisitions and difficult real estate enterprises will not be included in the concentration management of real estate loans for the time being. It is obvious that the series of support actions of the above-mentioned banks are a quick response to the notice. At the same time, it is also the window time for bond issuance and fund-raising. Liao Zhiming said that it can be seen that due to the low financing cost at present, these banks use issuing financial bonds to raise funds to issue project loans. At present, the interest rate of the whole money market is in a depression. Banks can seize the time window of low-cost bond issuance, improve the medium and long-term debt structure and reduce the cost of this part of loans. Dong ximiao, chief researcher of Zhaolian finance and part-time researcher of the Financial Research Institute of Fudan University, said that the source of funds obtained by banks through issuing bonds is long-term and relatively stable. Then the issuance of real estate M & A loans can better support the M & A among real estate enterprises. In addition, real estate M & A loans are not included in the concentration management of real estate loans, and banks will be more motivated to issue M & A loans. He predicted that the merger and acquisition of real estate enterprises will increase this year. However, at present, the financing scale of real estate M & A is still relatively small, and the volume still needs the joint efforts of many parties, especially on the demand side, that is, the market situation of M & A projects in the real estate market in 2022. According to the recent research report of Tianfeng securities, the future real estate supply side regulation will still focus on market-oriented clearing under tight balance. The accuracy of policy rhythm and strength is required to be high, and the supply side can look forward to it further. (Xinhua News Agency)
Edit：He Chuanning Responsible editor：Su Suiyue
Source：Shanghai Securities News
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