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《大行報告》中金:建行(00939.HK)設住房租賃基金 料可盤活房企存量資產
阿思達克 09-26 14:49
中金發表報告指,建設銀行(00939.HK)擬出資設立住房租賃基金,基金募集規模共300億人民幣,基本由建行認繳。基金主要用於支持房企存量資產改造為租賃住房,增加市場化長租房和保障性租賃住房供給,探索租購並舉的房地產發展模式。該行認為該住房租賃基金未來可能通過REITs實現退出。 收益率方面,參考截至8月31日首批保租房REITs項目基本情況,保障性租賃住房REITs派息率約為 4.2至4.3%,與上市銀行生息資產收益率的4.2%接近,收益率可能較為合理。 中金認為,住房租賃基金有望通過盤活問題樓盤助力「保交樓」,加快地產存量項目去化和風險出清,促進房地產業平穩健康發展,同時以市場化手段增加租賃房源供給。近期其他相關「保交樓」措施也在持續推進,包括政策性銀行2,000億元專項貸款、鄭州等地方政府設立的房地產紓困基金等。「保交樓」系列政策若進一步落地,有望逐步化解房地產相關金融風險,銀行估值也有望修復。
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