Lease finance heating up
Reporters recently interviewed several pilot cities in Beijing, Jiangsu, Guangdong and Guangxi, and found that a large number of Housing enterprises "piled up" to seize "securitization" opportunities in the rental market. Industry insiders believe that China's residential rental market has broad prospects for development, attracting many operators to join the trillion rental market "horse race enclosure". In this process, we should be highly vigilant about the new financial sources of leasing finance transforming into "leveraging" of the real estate market.
Rental Finance
According to the data provided by Chain Jia Real Estate Research Department, China's rental market has exceeded 1.3 trillion yuan in 2017. It is estimated that China's rental population will reach 270 million people in 2030, and the market scale will reach 420 billion yuan. At present, 47%, 41%, 37.2% and 38.3% of urban households in Guangdong, Zhejiang, Beijing and Shanghai solve their living needs by leasing. The scale of the leasing market is very close to that of developed countries.
According to an interview with Wangwang Newsweek, with the development of institutionalization and specialization of housing leasing, the securitization of Housing leasing has been attached great importance by relevant departments. Zhang Xiaoduan, director of the research department of Dai Deliang's South China and West China District, told Wangwang Newsweek, "The prospect and broad space of China's residential rental market attract many operators to try and explore. As a new blue sea, financial support is the cornerstone of the development of rental housing market.
From the market situation, real estate enterprises, banks and Internet giants have laid out the "leasing finance" field with the real estate leasing market as the subject matter. Since the second half of 2017, real estate companies such as Poly, Biguiyuan, Merchants Shekou, Longhu, Xuhui and Yuexiu Real Estate have been granted tickets for leasing securitization. In 2018, the above-mentioned Housing enterprises have accelerated the pace of leasing "securitization". According to incomplete statistics, the scale of leased securitization products such as real estate trust investment funds (REITs), commercial real estate securitization (CMBS), asset-backed negotiable instruments (ABN) approved by real estate enterprises has exceeded 50 billion yuan so far.
In addition, on March 12, China Construction Bank and Xinpai Apartment launched the first 2 billion Yuan Apartment asset acquisition fund to promote the rapid integration and development of the rental market.
Reporters of this magazine conducted in-depth interviews with many parties and found that the beach rental market of real estate enterprises, banks and institutions has their own obvious purposes.
Wu Jian, director of Liuzhou Banking Regulatory Bureau of Guangxi Banking Regulatory Commission, believes that under the current situation that banks strictly control trust and other non-standard funds flowing into the real estate sector, coupled with the stringent investigation of merger and acquisition loans in front-line cities, the financing channels of developers are limited and financing is tightened. Asset securitization is one of the most effective ways to release industry capital deposit.
Zhang Xiaoduan believes that for developers, from high turnover mode to self-control, capital is the biggest test. The driving force for Internet giants to enter the housing rental market is to find "exports" for large amounts of capital. Huang Shengwen, director of the Policy Research Department of Nanning Central Branch of the People's Bank of China, believes that the Internet needs a large number of real estate as support to solve the last "ten meters" problem. However, in the process of developing heavy assets real estate projects, the Internet lacks sufficient talents to carry out project operation, targeting the low-cost rental market. On the premise of revitalizing the collective, warehousing and allocating land, the government intervenes in the real estate market at low cost, and realizes profit through lucrative e-commerce sales channels.