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《本地樓市》瑞銀:完善經營性物業貸款政策 對具龐大商用物業資產敞口民企內房正面
瑞銀發表報告指,人民銀行辦公廳及金融監管總局辦公廳出台完善經營性物業貸款的政策。當中,擴大了收益用於償還母公司債務的範圍,而不是之前的項目級建設。 通知規定經營性物業貸款額度,原則上不超過物業估值的70%,期限一般不超過10年、最長15年,而通常的做法是物業估值比為50%,貸款期限為10年。 瑞銀認為,該政策對擁有大量商業地產資產的民營開發商,如龍湖(00960.HK)和新城發展(01030.HK)而言是利好消息。截至2023年6月,龍湖擁有價值1,930億人民幣的投資物業。假設按揭成數提高20個百分點,意味著經營貸款額度增加386億人民幣,相當於其2024至2025年公共債券到期日的1.5倍,以及其現有有息債務的19%,因此增強其在2024至2025年償還公共債券的能力。
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