惠譽:內地放寬融資政策 改善強資質中資房企流動性
評級機構惠譽表示,近期的融資政策鬆綁或利好中資國有及龍頭民營房企的外部融資渠道,提升房地產市場集中度,並加劇房企的信用分化,但房地產行業更為可持續的復甦仍將依賴於住房需求的穩健恢復。
當中,惠譽指獲許可發行由中債信用增進投資股份有限公司擔保的境內債券的房企數量或會較首批的僅6家大幅增加,因為中債增將降低資產的抵押率要求,提高獲選房企的發行額度,並大幅降低擔保費用。
此外,惠譽認為房地產「金融16條」政策增強銀行向房地產行業放貸的意願。截至今年12月5日,超過50家房企已與24家銀行簽署戰略協議,授信額度總計達3.1萬億元人民幣。至於政策決策者通過窗口指導促使國有四大銀行為5家龍頭民營房企發放以內地資產作為抵押品的境外貸款,幫助房企償還包括美元債券在內的境外債務。
惠譽續稱,暫停13年的上市房企股權再融資於11月底恢復,有助母公司實力雄厚且願意提供支持的境內及H股上市房企去槓桿或進行規模擴張。然而,鑑於股權融資監管門檻仍存且投資者風險偏好低,上述政策對困境房企的提振效果可能甚為有限。
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