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《大行報告》瑞銀:監管賬戶資金放寬對內房正面 專注低線城市發展商較受惠
阿思達克 11-15 10:09
瑞銀發表報告指,內地指導商業銀行向優質房地產企業出具保函置換預售監管資金,認為監管放寬對內房行業有正面影響,特別是對碧桂園(02007.HK),因此允許發展商在項目層面上能更好地獲得現金。 該行檢視首十五大內房發展商(30%市場佔有率)的託管賬戶現金,假設當中30%可提取,有關房企或可提取870億元人民幣,或相當於短期貸款的14%,相信此對主要發展低線城市的房企如碧桂園更為有利,因託管賬戶中的預售資金旨在覆蓋建築成本,而建築成本於低線城市項目售價的佔比較一、二線城市為高。 以碧桂園為例,假設30%的託管賬戶資金可提取,金額料達212億元人民幣,或相當於其短期債務的29.1%。
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