港股異動 | 建發國際集團跌近9%，擬折讓逾9%籌資8億，6.4億用於還債
繼碧桂園、雅居樂之後，再有房企配股融資，建發國際發佈公告，公司擬按配售價17.98港元，配售4500萬股，較昨日收市價折讓9.47%，籌資淨額8億港元，其中，6.4億償還借款，1.6億用於一般營運資金。$建發國際集團(01908.HK)$今日跳空低開，截至發稿，跌8.76%，報18.12港元，成交9.27億港元。
第三支箭助力房企脫困，機構看好板塊前景
11月28日，證監會決定在股權融資方面調整優化5項措施，並即日施行，具體舉措包括：恢復涉房上市公司併購重組及配套融資；恢復上市房企和涉房上市公司再融資；調整完善房地產企業境外市場上市政策；進一步發揮REITs盤活房企存量資產作用；積極發揮私募股權投資基金作用等。
海通房產表示，“第三支箭”直指恢復民營房企再融資功能，積極化解風險。我們認爲，信貸、債券、股權三個融資渠道的“三支箭”的政策組合，較爲全面地覆蓋了民營房企的主要融資渠道，有助於加快改善民營房企的融資困境。特別是此次的證監會支持房企股權融資的表態，即恢復上市房企和涉房上市公司再融資，引導金融機構與社會資本參與，將進一步化解民營企業資金困難的問題。未來隨着民營房企股權融資支持範圍和規模的擴大，有助於增強房企債務融資信用，有利於改善對金融市場的非理性預期，擴大民營房企的再融資，同時也有助於緩解房企股權質押的相關風險。
西南證券指出，房企股權融資鬆綁，支持改善優質房企資產負債表。此次政策調整允許符合條件的房企實施重組上市，發行股份或支付現金購買涉房資產，同時可募集資金用於存量涉房項目和支付交易對價、補充流動資金、償還債務等，但不能用於拿地拍地、開發新樓盤等。此舉有利於消化出險房企存量資產，加快行業併購整合，對資金用途加以限制，也可避免房企資金濫用導致的無序擴表。同時此次政策放開房企非公開方式再融資，主要用於“保交樓、保民生”相關項目，經濟適用房、棚戶區改造或舊城改造拆遷安置住房建設，以及補充流動資金、償還債務等，可緩解房企償債壓力，進而保交樓，長期對提振銷售信心也有積極作用。此次政策主要通過加大權益補充力度，支持改善優質房企資產負債表，主要受益房企以上市央國企爲主及少部分優質民企。
投資建議：穩融資三箭齊發，行業流動性有望修復，板塊估值有望修復，重點關注：1)受益於再融資的央國企及優質民企：保利發展、招商蛇口、華髮股份、建發股份、濱江集團、金地集團、新城控股等；2)受益於REITs盤活作用：南山控股等。
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