《大行報告》摩通:佳兆業(01638.HK)和龍光地產(03380.HK)為下一批面臨清盤呈請聆訊困境開發商
摩根大通發表報告指,國家住建部提出銀行對地產項目融資的五項規定,即俗稱「項目白名單」條件,財困發展商或不能受惠。該行相信大部分合資格項目為國企及優質民企項目。此外,投資者近期更關注財困開發商境外清盤令,該行相信清盤令對該等開發商在岸運作影響有限,基於內地法院將把交付樓房放在首位。
該行又認為,無論財困開發商有否在境外被清盤,置業人士及銀行對財困開發商的信心仍然非常低。該等開發商即使已與債權人達成債務重組且沒有面對要求清盤聆訊,所取得的額外融資支援將非常有限。該行亦指,若然有更多開發商被指令清盤,或加快其他開發商債務重組。該行提到,富力(02777.HK)花少於一年完成債務重組,但融創中國(01918.HK)、奧園(03883.HK)等地產商需時21至26個月。
該行亦表示,龍光(03380.HK)及佳兆業(01638.HK)為下一批將面對清盤呈請聆訊的開發商,兩者分別於2022年3月及2021年12月債務違約,其中佳兆業下次聆訊日期為2月6日。
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