The CBRC Investigated And Disclosed The Truth Of &Nbsp &Nbsp; Mutual Insurance Loans Amounted To 141 Billion 700 Million

A research report was released.

According to sources, regulators have completed the survey of 60 large scale real estate enterprises in the near future, and 18 have an average asset liability ratio of more than 70%. In addition, the risk of long credit risk of Housing enterprises group has become a prominent problem in risk investigation, involving the increase of mutual insurance in the group.

"Do not rule out the 4 quarter of this year to the first quarter of next year, there will be some small and medium developers' capital chain breaks, which will greatly accelerate the market integration of the real estate industry, and commercial banks need to do a good job of asset preservation for possible decline in credit quality."

The above pointed out.

Three major risks to be solved

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Close to regulatory sources, it is based on the sample of 60 large housing enterprises group, the regulatory authorities on the real estate loan risk "signs" increased risk warning.

The report shows that 18 of the average assets and liabilities ratio exceeds 70%; 60 large housing enterprises group has 4266 member enterprises, of which 64 member enterprises have more than 90% asset liability ratio.

The three quarter of the large housing enterprises group appeared a sharp rise in asset liability ratio, which is consistent with the three quarterly reports of real estate enterprises.

According to the China Daily, 112 listed housing companies have more than 50% listed property companies with an asset liability ratio of over 50%, and 60 listed real estate enterprises have negative cash flow in the first half of the year.

By the three quarter, China's debt ratio of Vanke, poly, and Greentown exceeded 70%, of which the debt ratio of Greentown was 158.8%.

Related scholars pointed out that the real estate industry is a capital intensive industry, so the financial leverage is usually relatively high, and the ratio of assets and liabilities of general housing enterprises is generally more reasonable than 60%-70%.

However, if the hype of the real estate market is excessive before, this proportion will not be able to withstand the impact of the bubble burst.

According to the term structure of loans, the proportion of large loans that the 60 large housing enterprises group expired within a year is about 3%, and the proportion of large loans due before the end of 2012 is 63.6%.

The judgment of the regulatory authorities is that as the real estate market enters a "concussion period" and the loans become more and more mature, the overdue phenomenon of real estate loans may increase.

It is pointed out that the new credit standing of commercial banks for housing enterprises is in a "stagnation". If the leverage ratio of enterprises is high and the subsequent funds can not be effectively replenish, the short-term liquidity of enterprises will be tight. This will put a severe test on the risk management of banks, and will not exclude that the bad loans of bank housing enterprises will rebound to some extent in the future.

In addition, among the 847 loan companies belonging to 60 large scale housing enterprises group, there were 426 loans granted to two or more corporate banks at the same time. At the same time, there were 90 loans from five or more corporate banks. At the end of 6, 60 large scale housing enterprises groups involved 141 billion 700 million yuan of mutual insurance loans in the group, increasing 22.3% over the beginning of the year.

Insiders said that in the survey, a lot of group companies were found to be in disorder, and p regional, cross-border and cross industry investment operations were widespread.

And large housing enterprises group associated enterprises, and some enterprises have registered overseas enterprises, and commercial banks are part of the shareholders do not have information.

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Regulators blocked "loopholes"

In view of some problems exposed in the investigation, the regulators have explicitly requested the banking industry to take corresponding measures to prepare for the rainy weather and to deal with the potential risks of Housing enterprises ahead of schedule.

According to sources, regulators require banks to implement group and credit management. The total loans of the group and its member enterprises must not exceed 50% of the under construction projects.

We should track and monitor related pactions within the group, strictly prevent the pfer or appropriation of credit funds, verify the true source of project capital, prevent enterprises from withdrawing capital from related pactions or using debt funds as capital funds.

A joint-stock bank pointed out that many housing enterprises own funds rate is generally between 20% and 30%, and other operating funds are mainly bank loans. Now banks must verify that capital funds are fully in place before they can enter bank funds.

And in Beijing, the special account management of pre-sale funds has been implemented, which is equivalent to holding seven inches of the housing prices, and the channel of enterprise's diversion of funds is completely closed.

For the more prominent group customer mutual protection, the regulatory authorities put forward strict control of loan related guarantee and mutual insurance.

At the same time, for high risk real estate development enterprises with high price, land acquisition, cross industry operation, over expansion and high debt ratio, regulatory authorities require banks to pay close attention to their operating conditions. Once the funds are tight, they should take protective measures in time.

In addition, for some housing companies to take various regulatory measures to avoid bank loans, regulators have been aware of the investigation, and give commercial banks the corresponding risk warning.

In the notice issued to the commercial bank for the risk of adjusting the adjustment policy of the real estate enterprises, the regulatory agency will "cover the sale of the house" for the change of the property of the housing enterprise, staging or postponing the receipt of the pre sale certificate; after the associated enterprise has unified the loan to use the real estate project, the behavior of using the installment development method and postponing the delay of the follow-up development time and again has been given clear, which requires the bank to do a good job in the management of the housing loan and strictly control the risk of developing the loan.

Industry mergers and acquisitions accelerate

As the real estate industry itself is a highly leveraged industry, the interruption of bank capital is almost fatal to real estate enterprises, especially small and medium-sized developers.

In general, the ability and channels for small and medium-sized developers to obtain funds are limited. In the four quarter and the first quarter of next year, real estate will face greater cash flow pressure.

Some people pointed out that if the pressure of future small and medium enterprises to increase funds, especially short-term funds appear to be difficult to pay, then will be a great opportunity for large enterprises to market mergers and acquisitions.

China Qing Ke group research center report shows that with the continuous deepening of real estate regulation, housing enterprises mergers and acquisitions have accelerated the trend.

Data show that the third quarter of China's M & a market completed 118 cases of mergers and acquisitions, an increase of 76.1% over the same period last year.

Among them, the number of real estate M & A cases topped 20, accounting for 16.9%, involving an amount of $580 million, with an average acquisition amount of $2 million 899 thousand.