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《大行報告》瑞銀:內地支持發展商債券發行和併購貸款 對行業正面
瑞銀髮表研究報告,認爲恆大(03333.HK)違約風險對市場來說已不是新消息,事件對非國有房企的負面影響已有所反映,認爲中證監及中銀保監等監管機構表明支持內地房地產開發商發行債券及併購貸款的立場,對內房行業影響正面。 該行認爲,當局表明允許陷入困境的開發商向同行出售資產,以解決其流動性問題,將有助提振債券投資者信心及推動內房債券恢復發行。但瑞銀又指出,對併購進行盡職調查需要時間,因此有意透過出售資產來解決債券到期問題的房企,未來幾個月可能仍要面臨流動性緊張。 該行預期現時情況對華潤置地(01109.HK)及中海外(00688.HK)等國有開發商及龍湖(00960.HK)等財務實力雄厚的非國企開發商有利,均予以「買入」評級。
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