Source: Beijing Business Daily
Vanke made significant progress in financing. On May 23, the reporter of Beijing Business Daily learned that Vanke has been working with China Merchants Bank The top financial institutions, such as Vanke, signed agreements and obtained a syndicated loan of 20 billion yuan. The collateral is the equity of Vanke's Wanwei Logistics, which has received 10 billion yuan so far. According to the available public information, this is the largest single syndicated loan provided by financial institutions to real estate enterprises since the industry entered into deep adjustment. Influenced by this news, Vanke rose sharply in the late trading, and finally closed at 9.56 yuan/share, up 1.7%, hitting a two month high.
Industry insiders pointed out that Vanke, as a benchmark real estate enterprise, obtained syndicated high-value loans through mortgage, which has a demonstration and driving effect, and helps to enhance the willingness and confidence of commercial banks in financing support for real estate enterprises. In the future, there may be bank group loans to support financing of real estate enterprises.
10 billion yuan has been received
With regard to the implementation of the 20 billion yuan syndicated loan, Vanke said to the reporter of Beijing Business Daily that the 20 billion yuan syndicated loan will help the company further improve its liquidity, reflecting the strong support of China Merchants Bank and other financial institutions for the company. The company has always maintained a good relationship of cooperation and trust with financial institutions, and all kinds of financing cooperation are actively promoted. In the next step, the company will continue to take firm action and have confidence and ability to actively, comprehensively and systematically complete the transformation of financing mode while properly handling the matured debts.
According to the available public information, this is the largest single syndicated loan provided by financial institutions to real estate enterprises since the industry entered into deep adjustment. In the view of the insiders, Vanke's positive actions have been recognized by the market, which also reflects the full recognition and confidence of financial institutions in Vanke.
It is understood that Vanke has obtained a syndicated loan of 20 billion yuan, and up to now, 10 billion yuan has been received.
Yan Yuejin, research director of the think-tank center of E-House Research Institute, believes that the rapid arrival of 10 billion yuan of syndicated loans reflects the recognition of financial institutions to Vanke. Vanke currently has stage liquidity pressure, but this does not mean that the fundamental aspect of the enterprise has deteriorated significantly. Obtaining financial support is an important guarantee for the operation and development of enterprises.
Others in the industry believe that under the current situation of real estate, the first reason for such strong support is that the market has seen Vanke's determination not to "lie flat", sales have always maintained the first echelon, asset transactions have been effectively promoted New financing tools such as REITs and CMBS are constantly breaking through, and Vanke's efforts can be seen from all dimensions, which gives financial institutions the confidence to support Vanke.
At the same time, due to the large amount of syndicated financing, which requires the common recognition of several banks, the borrower's qualification is highly required. In the past years, only the top central enterprises in China have received large amount of syndicated loans. This loan reflects the full recognition of Vanke's reputation in the financial market. This syndicated loan is also expected to play an exemplary role, driving Vanke to accelerate the landing of other financing. "The rumor that the syndicated loan of 50 billion yuan was led by a state-owned big bank before meant that this one led by CMB was either an additional addition or a pioneer force of 50 billion yuan, and it is expected that there will still be syndicated loans in succession," said the above industry insiders.
Wanwei Logistics as collateral
The reporter of Beijing Business Daily noticed that this time Vanke took out the equity of its Wanwei Logistics as collateral, which is also one of the important factors that "moved" financial institutions.
Wanwei Logistics, as an independent logistics brand under Vanke Group, was founded in 2015. Its core business layout is 47 cities, with more than 160 logistics parks, more than 40 professional cold chain logistics parks operating and managing nationwide, and the storage scale exceeds 12 million square meters.
In 2023, Wanwei Logistics will achieve an operating revenue of 4.18 billion yuan, a year-on-year increase of 17.2%, of which the operating revenue of high standard warehouse will be 2.3 billion yuan, a year-on-year increase of 6.3%; The cold chain business income (excluding supply chain business income) was 1.88 billion yuan, up 33.9% year on year.
It is worth mentioning that on March 1, 2024, Huaxia Wanwei Warehousing Logistics Closed Infrastructure REIT issued a prospectus at Shenzhen Stock Exchange. The announcement shows that the assets of the REIT are Wanwei Logistics under Vanke, and the underlying assets are Foshan Nanhai Logistics Park, Shaoxing Zhuji Logistics Park and Huzhou Deqing Logistics Park. The total construction area of the three projects is 267700 square meters, with a total valuation of 1.149 billion yuan. This is another infrastructure public offering REITs approved by Vanke after CICC Yinli REITs.
Liu Shui, Director of Enterprise Research of China Index Research Institute, pointed out that Vanke had secured 20 billion yuan of syndicated loans by mortgaging the equity of Wanwei Logistics and signing agreements with China Merchants Bank and other financial institutions, which would help improve Vanke's liquidity. Vanke also has other assets and resources such as business. If it fully digs for financing and financial institutions give active support, it can supplement more liquidity and significantly enhance its solvency. In addition, since financial institutions have granted Vanke high loans, it shows that financial institutions have strong confidence in Vanke to overcome operational difficulties.
On May 17, the State Council Reform Office held a regular briefing on the policies of the State Council. In response to the follow-up financing support measures for the real estate industry, the relevant person in charge of the CBRC pointed out that, first, to maintain the steady growth of real estate financing, support the reasonable extension of stock financing, and actively do a good job in the new credit enhancement loan of real estate; Second, meet the reasonable financing needs of real estate enterprises and real estate projects with different ownership without discrimination, and actively support real estate enterprises and real estate projects with different ownership without discrimination.
In Liu Shui's opinion, Vanke, as a benchmark real estate enterprise, obtains syndicated high loans through mortgage, which has a demonstration and driving effect, and helps to enhance the willingness and confidence of commercial banks in financing support for real estate enterprises. In the future, there may also be bank group loans to support real estate enterprise financing.
Market recovery remains the focus
Recently, Vanke has made a major breakthrough in financing.
On May 13, Vanke issued the Announcement on Holding Subsidiaries Providing Guarantee for the Company to Apply for Loans from Banks, stating that Vanke Bank of China Shenzhen Branch applied for a loan with a principal of RMB 690 million with a term of 3 years; towards agricultural bank Shenzhen Branch applied for three bank loans with a total principal of 2.2 billion yuan and a term of three years.
At the same time, Vanke, as a fiduciary Bank of Beijing Shenzhen Branch obtained credit of 4.449 billion yuan. Among them, Vanke, as the principal debtor, and four holding subsidiaries, as joint debtors, applied to Bank of Beijing for a bank loan with a principal amount of 1.963 billion yuan and a term of 10 years. In addition, Vanke, as the borrower, applied to Bank of Beijing for a bank loan with a principal amount of 501 million yuan and a term of 10 years.
On March 19 and May 10, Vanke announced that its wholly-owned subsidiaries, Shanghai Zhongqu Real Estate Co., Ltd. and Shanghai Vanke Enterprise Co., Ltd., as borrowers Industrial Bank Shenzhen Branch applied for a bank loan of 1.4 billion yuan with a term of 14 years; Vanke, as the borrower, applied for a bank loan from Shenzhen Luohu District Branch of Postal Savings Bank of China, with a total loan amount of 1.3 billion yuan and a term of three years.
Based on this calculation, Vanke has obtained a total of RMB 10.039 billion loans (including credit) from five commercial banks in the last two months, and the financing channels remain unblocked.
In addition to making breakthroughs in bank financing, Vanke also made land sales "downsizing".
On May 8, according to the announcement of Shenzhen Public Resources Trading Center, the use right of T208-0053 parcel of land located in Shenzhen Bay Super Headquarters Base was listed for transfer, with a starting price of 2.235 billion yuan. In December 2017, Vanke won the plot, which covers an area of about 19000 square meters and is mainly used for commercial offices. At that time, Vanke said to the reporter of Beijing Business Daily that "this listing and transfer of the plot is one of the measures taken by the company to resolutely promote the implementation of the fitness package".
Vanke, which has always been regarded as a "top student" of real estate enterprises, has been in the forefront of public opinion recently, and some challenges have emerged in the company's operation. From the perspective of the established actions, Vanke also launched in accordance with the package plan it formulated, firmly "downsizing", adjusting the financing mode, and finally reaching the ultimate goal of getting out of the predicament.
"As far as the real estate industry is concerned, bank loans are just 'blood transfusion', and market recovery is still the focus." Yan Yuejin said that on May 17, the People's Bank of China successively issued three real estate financial policy notices, adjusting from the interest rate of provident fund loans, down payment ratio, commercial loan interest rate and other aspects. Recently, local governments have also taken some positive actions in implementing the "517 New Deal", which has injected new vitality into the property market. The recovery and healthy development of the market is the focus of the real estate industry.
Liu Shui also said that short-term market sentiment and activity will rise, and the follow-up of core cities will be more conducive to the restoration of market activity.
Beijing Business Daily reporter Wang Yinhao and Li Han
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