惠譽博華:金融16條助推進內房行業形成正循環
評級機構惠譽旗下在岸信用評級公司惠譽博華表示,中國人民銀行與中銀保監等聯合發佈《關於做好當前金融支持房地產市場平穩健康發展工作的通知》,有別於過往的樓市支持政策,今次的16項金融措施是涉及廣泛、指向房地產融資鏈各個參與主體的綱領性文件及行動指南。
惠譽博華指,新措施針對房地產行業流動性緊張、再融資困難、金融機構和購房者信心不足、對下遊建築建材企業流動性壓力傳導等方面,均給予明確支持,疏通過往內房政策中存在的堵點,料有助推舫行業形成正循環。
該行認爲,目前地產商流動性困境在於市場信心缺失,導致外部新增融資及內生現金流均急劇收縮,引發風險外溢與蔓延。而金融16條打通了銀行貸款、信託等資管產品、債券等多個外部渠道,有助於紓緩地產商流動性壓力;同時對內房集團層面與項目層面設置了資金風險隔離機制,保障金融市場參與主體安全。
金融16條提出對於房地產企業開發貸款、信託貸款等存量融資,可以允許超出原規定多展期1年。惠譽博華認爲,若貸款展期的地產商不被降低風險等級,意味着將不會觸發債務交叉違約條款,避免產生債務擠兌,爲地產商紓緩流動性壓力提供緩衝。
而在「保交樓」方面,當局鼓勵金融機構市場化提供新增配套融資支持,允許以剩餘貨值的銷售回款及及其他已落實項目外的資金來源作爲還款來源。惠譽博華認爲,該舉措降低金融機構的經營風險敞口,從而吸引更多資金參與優質地產項目,推動項目資金的正常循環。
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