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資本巨頭惡意收購,內房企境外債重組遭半路攪局

經從多方面獲悉,近日長江實業正在與一個債權銀團私下接觸,目標直指香港著名豪宅項目"凱玥"。

這一收購計劃,旨在通過與匯豐銀行及其他銀行合作,取得項目控制權。這將讓龍光集團(3380.HK)、合景泰富(1813.HK)正在順利推進的境外債展期工作面臨巨大阻礙和風險,最終導致重組失敗,對開發商、上下游合作企業乃至整個行業帶來一系列負面衝擊。

覬覦增信項目

內房企債務重組面臨"掏空"

香港著名豪宅項目"凱玥"位處港島南區顯赫地段,背山面海,規劃總建築面積超76萬平方呎(約7萬平方米),為迄今罕見的全新國際級度假式海景臨海大型市區住宅項目。該項目由龍光與合景泰富在2017年以約168億港元的總價聯合競得。目前,凱玥項目總貨值約超300億港元。

自去年以來,龍光、合景泰富主動進行債務管理,推動境外債展期,將凱玥項目納入資產增信範疇,以更好保障投資人的利益。

經獲悉,長實集團透過匯豐銀行與為凱玥提供貸款的債權銀團協商,意欲收購這筆約102億港元貸款的多數權益。此次銀團權益出售,僅僅是匯豐等少數銀行的推波助瀾和主張,大多數銀行並沒有出售計劃。

香港資本市場人士認為,通過對長實集團和匯豐過往投資手法來看,此舉顯然不是一般的財務投資,最終是為取得凱玥項目的控制權,將會導致兩家房企境外債重組落空。

此前2022年7月,長實還計劃以90億港元,壓價七折收購中國恒大香港總部大樓。雖然最終交易並未達成,但長實此舉讓恒大債務重組進一步遭遇悲觀預期。

金融機構及投資人受損

債務風險波及300多個在建項目

長實惡意攪局內房企債務重組,給相關企業及行業帶來困難。

目前,龍光和合景泰富兩家企業在中國的建設項目超過300個。一旦境外債重組失敗,導致項目建設停滯,必將牽涉到上下游近眾多實體行業、上游供應商,造成員工失業,帶來社會民生等問題。

房地產行業與金融關聯度較高,關係着金融市場穩定。龍光、合景泰富境外債重組,牽扯到數十家中國內地和香港銀行及債券持有人。若重組失利,相關金融機構和投資人將蒙受巨大損失,相關債務危機風險進一步擴散。

經濟回升關鍵期

長實收割內房企衝擊行業發展

2023年,隨着房地產再度被重申為"國民經濟支柱產業",要確保房地產市場平穩發展,紮實做好"保交樓、保民生、保穩定"等各項工作仍是重中之重。其中,保交樓是穩定需求側信心的基礎,是保民生的重要舉措。

內房企推動境外債務重組,是更好落實"保交樓"政策、穩定房地產市場、推動經濟持續回升的重要前提。

6月20日, 央行下調貸款市場報價利率(LPR) 10個基點。此前6月16日,國務院常務會議研究推動經濟持續回升向好的一批政策措施。

在當前內地房地產市場企穩回升的關鍵時期,行業仍面臨不少困難,長江實業惡意破壞內房企境外債重組,使兩家房企"保交樓、保民生、保穩定"工作失去依託,給內地房地產市場再次帶來衝擊。

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