On The Spot Commercial Tickets Fall Into Trouble Again: A Secret And Huge Fund Pool Of Real Estate Enterprises

In one month, two statements have been issued to clarify the situation because of the payment of the commercial bill. This wave of operation to treat the holder on the spot is really rare.

On May 31, 2021, a statement was issued on the spot, saying that in view of the concerns expressed by some of us in recent days about the cashing progress of commercial tickets of real estate groups on the spot, in order to reduce unnecessary misunderstanding, our company explained as follows: our company has always been actively and orderly cashing commercial bills. Due to the large number of holders of small commercial bills, it takes time for the banking system to complete the relevant processes of commercial bills. It is suggested that all holders should contact our company in advance to avoid passive extension of cashing procedure time.

On the spot, it was in early May 2021 that commercial tickets were cashed. At that time, the holder of the on-the-spot commercial ticket publicly pointed out that the field commercial ticket was overdue, and then issued two statements successively.

Among them, on May 7, it mainly explained that the non payment of the commercial bill was mainly due to the suspected fraud of Shanxi Fuxing, the payee, so the payment of relevant funds was suspended; And promised to actively cash 70% of the amount due. On May 8, the site again claimed that 100% of the 57 million yuan commercial acceptance bills due on that day had been accepted.

Although the two on-the-spot responses are quick and timely, the payment of commercial bills is particularly sensitive in the current situation of real estate industry as a whole under pressure. The issuance and payment of commercial bills are highly dependent on the credit endorsement of the enterprise itself. If the payment of the commercial bill is lost, it will also have a negative impact on the reputation of the enterprise, which is more likely to cause the "Butterfly Effect".

This previously unobtrusive fund pool of real estate enterprises has become one of the weathervanes for the real estate industry to pay attention to the capital safety of real estate enterprises because of a series of public opinion events.

The existence of commercial tickets is of great significance to the capital turnover of the upstream and downstream supply chain of real estate enterprises. Picture Xu Hui

The circulation of commercial tickets

In the real estate industry, commercial ticket is a widely used tool.

This is a kind of bill issued by the drawer, which entrusts the payer accepted outside the bank to pay unconditionally a certain amount to the payee or holder on a specified date. Commercial paper is not only a payment tool, but also an important financing tool. In this financial intensive industry, it has supported the use of funds for real estate enterprises.

Among the leading real estate enterprises, Evergrande, rongchuang and Greenland are the big ticket makers; Among the medium-sized real estate enterprises, Huaxia happiness, Blu ray and Fuli are also adept at using them.

According to the data of Shanghai bill exchange quoted by interface news, the total amount of acceptance in China's bill market in 2020 will be 22.09 trillion yuan, an increase of 8.41% year-on-year. Among the top 19 real estate enterprises, the total balance of commercial bill acceptance reached 335.574 billion yuan, an increase of 36.59% compared with that in 2019, accounting for 9.27% of the total amount of commercial bill acceptance in China.

According to the statistics of commercial ticket circle, in absolute value, the balance of commercial ticket of Evergrande real estate reached 205.267 billion yuan, an increase of 25.69% compared with that in 2019; China Resources, Greenland and rongchuang are located in the second echelon, with an acceptance balance of more than 20 billion yuan; Country garden and poly are the third echelon, with acceptance balance exceeding 10 billion yuan.

Objectively speaking, the existence of commercial tickets is of great significance to the capital turnover of the upstream and downstream supply chain of real estate enterprises.

A person from the top 10 real estate enterprises told the 21st century economic report that commercial tickets are the usual means for real estate developers to make external payments. The most commonly used means is to pay for projects and materials“ For example, a tens of millions of commercial bills, the real estate developers pay to the general contractor, and the general contractor endorses and transfers them to the material supplier. For example, in January, the real estate developer issued the contract to the general contractor, and the general contractor transferred it to the material supplier in July and obtained cash. The material supplier's holding maturity is equivalent to that each node only needs to hold for half a year to obtain cash or cash equivalent, which also saves some financial costs for real estate developers. "

But in the actual use of commercial tickets, it is not only such a simple application scenario, it can also be a financing channel for real estate enterprises“ There is also a kind of financing bill in the market. You can understand that it is developers who can't get financing through financial institutions, so they go to the market to find the father of the gold owner. For example, if one hundred and one pieces are sold, the discount rate is 8% - 15% to exchange for cash, which is equivalent to issuing bonds with IOUs. " The above real estate enterprises pointed out.

The negotiable nature of commercial paper also gave birth to the trade of commercial ticket intermediary“ If the supplier needs cash, he will ask the management to discount it. A lot of real estate developers' tickets will be transferred to retail investors. We will operate this kind of tickets A commercial ticket agency told 21st century economic reporter.

The chain reaction of non payment

Due to the ever expanding circulation scale of commercial bills, once one of the links of commercial bills cashing has problems, it may be a sign that the financial chain of real estate enterprises is in a bad state.

Therefore, although commercial ticket is a very common practical tool, but cash flow rich real estate enterprises usually do not like to use the commercial ticket mode. A person familiar with China Shipping told the reporter of the 21st century economic report that in the cooperation between China shipping and suppliers, cash settlement is generally used, "it is centralized procurement, which is all in cash. Pay as you go. China Shipping does not like to owe suppliers money, so the suppliers also trust China shipping."

Because there is the possibility of financing, and the commercial bill is highly bound with the credit of the enterprise, if the drawer refuses to pay or delays payment, it will affect not only the holder. Bond and stock investors will also pay close attention to the payment of commercial bills, so as to have a more accurate perception of the overall credit of the enterprise.

Chen Chen is an investor in the real estate stocks. He collects the commercial paper cashing news of real estate enterprises every day, and pays attention to whether there is any situation. "This thing also has an impact on bond stocks, because the coupon itself has a certain bond attribute."

Huang Hua holds commercial tickets of several real estate enterprises. He told the 21st century economic report that if the commercial tickets are delayed or refused, their main direct effect is to damage the goodwill. "In the future, no one is willing to accept the commercial tickets of this company, and the discount interest will go to a high level. The highest commercial ticket price of some enterprises has risen to 30% - 32%, equivalent to a one million ticket, Only 680000-700000 yuan can be sold to the intermediary. "

Just like the two successive cashing disturbances on the spot, although they were eventually subsided in time, the ticket holders, suppliers on the spot and even the capital market would not regard it as a signal of calm.

"In the field, there will be a lot of due dates. It's really tight on funds, and it's been severely suppressed by policies this year. " A ticket holder on the spot told the 21st century economic report that he thought there was a substantial delay in cashing on the spot this time, and he had doubts about the subsequent cashing of on-the-spot commercial tickets.

However, compared with the financing of financial institutions, commercial paper is a field that few people pay attention to, and Its Cashing status completely depends on the consciousness of enterprises“ Basically, there is no one in charge of commercial bills. Even if it is refused, it is also the influence of public opinion. " Huang Hua pointed out.

Therefore, in the case of general pressure on the capital chain of real estate enterprises, the circulation and exchange of commercial bills need to be focused and concerned by the industry. For example, Kerui research center points out that although the increase of accounts payable such as commercial bills has controlled the scale of interest bearing debt for real estate enterprises, after issuing a large number of commercial bills, it may lead to the phenomenon of false high solvency and hide the debt risk.

"The commercial ticket mechanism is really powerful. But that's in an ideal state. " The above real estate enterprises continued.

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