信心比黃金更貴,融信中國(3301.HK)提前償還7.26億元ABS
2022年以來,房地產政策的討論持續熱烈,各地穩定樓市的舉措亦在陸續出台。目前來看,市場上基本每個月都會出現一個關於房地產的新議題:
2022年1月全月,全國房地產調控政策的總次數超過66次,是2021年以來次數最多的1個月;2月24日,在國新辦舉行的推動住房和城鄉建設高質量發展發佈會上,首次提及房地產調控政策的精準性和協調性;3月16日,金穩委和五大部委齊齊發聲穩定房地產市場預期,更是直接一鍵按下了港A兩市房地產板塊觸底反彈的按鈕;4月19日,人民銀行、銀保監會聯合召開金融支持實體經濟會議,着重強調了對房地產的金融政策,亦在一定程度上強化了房地產的實體經濟屬性。
儘管行業政策暖風頻頻吹拂,房企們仍舊面臨着十分現實的問題——債務兑付高峯期的如期而至。根據標普信評發佈的研究報吿顯示,2022年,116家樣本企業年內國內債券到期金額約2300億元,其中3月和7月是相對到期高峯。
因此,能否如期償還債務成為了檢驗房企品質的一塊“試金石”。一些財務結構穩定、現金流穩定充裕的房企直接以真金白銀向市場傳遞信心。公開資料顯示,2022年以來,包括碧桂園、美的置業等在內的多家房企都宣佈了提前兑付、回購等消息,涉及資產支持專項計劃、美元債等金融工具。
4月27日,融信中國(03301.HK)發佈最新公吿,稱已將一筆資產支持證券(ABS)的本息全額打入指定代理銀行賬户。該筆ABS為中山證券-融信集團3期資產支持專項計劃(PR融信03),於2020年5月9日上市,目前存量規模7.26億元,將於2022年4月29日到期。
據瞭解,融信中國一直嚴格自律,至今保持着境內外市場“零違約,無展期”的記錄。公司於年內共償還了兩筆2億美元、5億美元優先票據,以及兩期購房尾款ABS10.5億人民幣、12.25億人民幣。另外,融信中國的淨負債率進一步下降至66%,剔除預收賬款的資產負債率降至66%。
與此同時,也有一些上市房企雖然暫時未能兑付,但也在通過與投資者商討落實展期方案,以爭取更多時間走出經營現金流承壓的短期困境。
筆者認為,無論是以上哪一種方式,都是各家房企依據自身實際情況給出的最優解,也都體現了對於資本信用的高度重視。站在更高的層面而言,正是這些房企的積極作為,共同促進了房地產行業走向良性循環和健康發展,實現“穩地價、穩房價、穩預期”的預期目標。向後看,隨着利好政策的不斷落地,真正經營穩健的優質房企也終將穿越行業週期,實現長足發展。
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