Real estate stocks and bonds soar! Sunac China soared 25% intraday and many stocks hit the daily limit! With multiple good news coming, what can we expect from the market outlook?

Industry insiders are acceptingBrokerage firmA Chinese reporter said in an interview that Sunac’s debt restructuring work is an industry benchmark, providing a sample for other real estate companies to resolve debt crises and helping to boost market confidence. Recently, regulatory agencies have repeatedly emphasized supporting the reasonable financing needs of real estate companies of different ownerships, and the solution to the debt crisis in the real estate industry seems to be dawning. In addition, multiple media reported that regulatory agencies are drafting a whitelist of real estate developers to further improve financing support for the real estate industry.

In addition, Beijing Stock Exchange stocks became the biggest highlight of the market in the morning. The BSE 50 Index surged in the morning and closed up over 9% at noon, a rare intraday gain since the index was released. Recently, the index has been on a strong trend. In less than a month, the maximum increase from the low has exceeded 30%. In terms of individual stocks on the Beijing Stock Exchange, as of midday, there were 9 stocks with a daily limit of “30cm”.

Real estate stocks and bonds soar

Sunac ChinaReleased yesterday eveningannouncementIt said that all conditions for the restructuring of the company’s overseas debts have been met and will officially take effect on that day.announcementIt shows that according to the conditions of the reorganization, creditors’ existing debt of approximately US$10 billion will be replaced with six series of new notes with a total consideration of US$5.7 billion, US$2.75 billion of mandatory convertible bonds, US$1 billion of convertible bonds and 14.7%Sunac Servicestotal shares, the fractionSunac ServicesThe share consideration is US$775 million.

According to statistics, with the completion of the restructuring of all domestic and overseas public market debts, Sunac has resolved debt risks of approximately RMB 90 billion as a whole.Sunac stated that the company regards “guaranteing delivery” as the top priority of the company’s operations, and has also received strong support from the government and financial institutions in the process. The first and second batches of guaranteed delivery buildings were bailed out.fundApproximately 19 billion yuan has been invested, which has also become an important foundation for the smooth resumption of work and production and stable delivery.

Stimulated by the good news of the successful restructuring, Sunac Hong Kong stocks surged by more than 20% in intraday trading this morning, and many Chinese real estate stocks followed suit.new town development、China Evergrande、Powerlong Real Estate、R&F Propertiesrose by more than 10%,Longfor Group、Country Gardenrose more than 9%.in A sharesreal estate developmentIn the section,Shen Zhenye A、Dalong Real Estate、Impression of SanxiangWait for the daily limit of multiple stocks.

Real estate bonds expanded their gains, with “21 Longfor 02” rising by nearly 19%, “20 Longfor 04” rising by nearly 15%, and “16 Gemdale 02” rising by more than 12%.

“This restructuring shows that real estate companies have made breakthroughs in debt disposal and risk resolution, which is also worthy of attention. Debt restructuring is an important measure to resolve risks in the real estate field. This type of resolution work is very important because it affects everyone’s understanding of real estate. Judgment that the company can ‘survive’. The more good news like debt restructuring, the more it shows that the real estate market and companies are stable.” Yan Yuejin, research director of E-House Research Institute, told a reporter from Brokerage China.

Yan Yuejin believes that Sunac’s debt resolution work instructions are very inspiring. Currently, there are many problems in the debt resolution work of real estate companies, especially when the recovery of the real estate market is weaker than expected. All types of real estate companies can learn from the practices of similar benchmark real estate companies and work hard in debt decomposition, multi-channel debt, and actively gain time to truly promote the smooth progress of debt disposal work.

Zhang Hongwei, the founder of Jingjian Consulting, also said in an interview with a reporter from Brokerage China that Sunac is the first company in the industry to restructure debt. Its debt restructuring model and method can become an industry template, and it has great influence on the industry as a whole to learn how to restructure debt. positive effects.

Policies continue to support reasonable real estate financing

Real estate companies also continue to receive favorable policies on the financing side. Yesterday, multiple media reported that regulatory agencies are drafting a whitelist of Chinese real estate developers, and that 50 state-owned and private real estate companies may be included in it. Listed companies will receive various support including credit, debt and equity financing.

Recently, supervision has frequently released signals to support the reasonable financing needs of real estate companies. On November 17, the central bank, the State Administration of Financial Supervision, and the China Securities Regulatory Commission held a symposium on financial institutions to study the recent real estate finance,creditKey tasks include investment and financing platform debt risk resolution. The meeting emphasized that reasonable financing needs of real estate companies of different ownerships should be met equally, and real estate companies operating normally should not hesitate to lend, withdraw loans, or cut off loans. Continue to make good use of the “second arrow” to support private real estate companies in bond issuance and financing. Support real estate companies in reasonable equity financing through the capital market.

The joint symposium of the three departments called for increasing financial support from financial institutions in terms of credit, debt and equity financing related to enterprises, but did not put forward rigid requirements.Including 18 national businessesbank5 national financial asset management companies, 4 largesecuritiesThe main persons in charge of the company participated in the discussion.

“The current real estate support policy has shifted from focusing on the demand side to a two-pronged approach on both supply and demand, and has changed from ‘protecting the project’ to ‘protecting the subject’. Real estate companies with high-quality land reserves, sound finances, resource endowments, and continuous improvement of product capabilities are expected to survive the cycle. Seize the window period for land auctions and actively adjust positions to be the first to benefit from the industry’s sales recovery in the future; at the same time, some local real estate companies and construction agencies are expected to benefit from the incremental opportunities brought about by the continued advancement of urban village renovation.”Soochow Securitiesin a recentresearch reportpointed out in.

Soochow SecuritiesIt is believed that China’s real estate industry has entered a new stage of development, transforming from high-speed development to high-quality development, from “the strong will always be strong” to “the stable will always be strong”, and from solving basic housing needs to satisfying the people’s demand for a better living quality. yearning for change. In the past two years, the real estate industry has experienced significant fluctuations, and the industry structure has been constantly changing. The differentiation between real estate companies in terms of sales, land acquisition, and financing has become increasingly obvious, especially between central state-owned enterprises and private enterprises. This trend of differentiation is difficult to change in the short term. A new era for the industry has arrived. Real estate companies that can survive this period of industry contraction will usher in a new industry pattern with a significantly optimized competitive environment.

Dongxing SecuritiesanalystChen Gang pointed out: “The three departments jointly held a symposium on financial institutions and expressed their stance on providing reasonable financing support and financing supervision for real estate enterprises, and meeting the reasonable financing needs of real estate enterprises of different ownerships equally. Financial institutions’ financing support for private and mixed ownership real estate enterprises is expected to be enhanced. . Current sales have not shown a significant improvement, and demand-side policies still need to continue to be implemented.”