Macro: The central bank implements targeted reserve requirement ratio cuts in inclusive finance, releasing 550 billion long-term funds
Real estate market: Transactions in all tier cities increased month-on-month, and Shanghai fell by more than 50% year-on-year
Land: Supply volume increased significantly, transactions were cold, Hangzhou's single-week land transactions of 7.18 billion yuan ranked first in the country
Real estate companies: The financial pressure of real estate companies is difficult to alleviate, and the land acquisition efforts have been significantly weakened
0 Finance: The issuance of collective trusts has stopped rising and falling, and the fundraising scale of real estate trusts remained the same month-on-month
1
This week's news
[The central bank implemented a targeted reserve requirement ratio cut in inclusive finance, releasing 550 billion long-term funds] On March 13, the central bank announced that it would implement a targeted reserve requirement ratio cut in inclusive finance on March 16, and targeted reserve requirement ratio cuts of 0.5 to 1 percentage point for banks that meet the assessment standards. In addition, a targeted reserve requirement ratio reduction will be reduced by 1 percentage point for eligible joint-stock commercial banks to support the issuance of loans in the field of inclusive finance. This targeted reserve requirement ratio cut releases 550 billion yuan of long-term funds, of which 400 billion yuan of long-term funds were released for banks that meet the assessment standards for targeted reserve requirement ratio cuts in inclusive finance, and an additional targeted reserve requirement ratio cut of 150 billion yuan was released for joint-stock commercial banks that meet the conditions. This is the second time the central bank has lowered the reserve requirement ratio this year. On January 6, 2020, the central bank lowered the reserve requirement ratio of financial institutions by 0.5 percentage points, releasing about 800 billion yuan of long-term funds. This targeted reserve requirement ratio cut is very specific and will release funds specifically to serve weak areas such as small and micro enterprises, individual industrial and commercial households, help enterprises resume work and production, and improve the accuracy of financial relief. At the same time, the loose capital side will also help reduce the cost of banks' capital. It is expected that the LPR will further decline in the future, thereby driving the decline in corporate financing costs.
[February CPI is in the "5 range", PPI turns negative year-on-year] Recently, the National Bureau of Statistics released the market price data for February. In February, CPI rose 5.2% year-on-year. Although the increase fell by 0.2 percentage points, it still hovered at a high level and entered the "5 range" for the second consecutive month. Among them, food prices rose by 21.9% year-on-year, an increase of 1.3 percentage points, affecting the CPI increase by about 4.45 percentage points. In February, PPI turned from a year-on-year increase of 0.1% to a decrease of 0.4% and a month-on-month decrease of 0.5%. Among them, means of production were the main drag, down 1.0% year-on-year, and means of living still continued to rise, at 1.4% year-on-year. Overall, as the impact of pig prices gradually weakens, structural inflation will gradually ease in the future, and inflation expectations will fall; the impact of the epidemic and the impact of the original price war will have a significant drag on subsequent PPI, and PPI will still be under pressure in the short term.
[Total retail sales of consumer goods in January-February fell by 20.5% year-on-year, and online retail grew against the trend] On March 16, the National Bureau of Statistics released the retail data of consumer goods in January-February. From January to February, the total retail sales of consumer goods was 5213 billion yuan, a nominal decrease of 20.5% year-on-year (the actual decrease of 23.7% after deducting price factors). Among them, catering revenue was 419.4 billion yuan, a year-on-year decrease of 43.1%; commodity retail sales were 479.36 billion yuan, a decrease of 17.6%. Online consumption was generally stable in the first two months, with national online retail sales of 1371.2 billion yuan, a year-on-year decrease of 3.0%. Among them, the online retail sales of physical goods were 112.33 billion yuan, an increase of 3.0%.
[Fixed asset investment in January-February fell 24.5% year-on-year, and real estate investment fell 16.3%] From January to February, the national fixed asset investment (excluding farmers) was 333.23 billion yuan, a year-on-year decrease of 24.5%. By sector, infrastructure investment fell by 30.3% year-on-year, manufacturing investment fell by 31.5%, and real estate development investment fell by 16.3% (a historical low since statistics were found in 1992). By industry, investment in the primary industry fell by 25.6%, investment in the secondary industry fell by 28.2%, and investment in the tertiary industry fell by 23.0%.
[The epidemic impacted the real estate market, and the increase in housing prices in first-tier cities in February continued to decline] On March 16, the National Bureau of Statistics released statistical data on changes in the sales prices of commercial housing in February. In February, the sales prices of newly built commercial housing in four first-tier cities remained unchanged month-on-month, up 0.4% last month. Among them, Beijing rose 0.1%, Shanghai and Shenzhen remained the same, and Guangzhou fell 0.1%. On the same year-on-year, first-tier cities rose 3.5%, a decrease of 0.3 percentage points from the previous month. The sales price of second-hand residential properties rose by 0.2% month-on-month, a decrease of 0.3 percentage points from the previous month; it rose by 2.2% year-on-year, the same as last month. Overall, the trend of prices of newly built and second-hand housing in first-tier cities in February reflects the obvious impact of the epidemic on real estate sales.March will be the most critical month for companies to gradually resume sales, and more and more cities are expected to issue real estate-related policies. However, the current wait-and-see sentiment in the property market is quite strong, and it is expected that the cooling trend of the property market will continue in the short term.
2
transaction statistics
[Real Estate Transaction] Transactions in all tier cities increased month-on-month, with Shanghai falling by more than 50% year-on-year
This week, the national COVID-19 epidemic prevention and control achieved phased victory, and the production of enterprises in other cities across the country is gradually returning to normal. Data shows that the overall transaction volume of real estate markets in 16 major cities across the country has recovered for two consecutive weeks this week, with a month-on-month increase of 20.8%, and a year-on-year decrease of 28.3%. By city, the overall transactions in first-tier cities stopped falling and rebounded month-on-month, with an increase of nearly 10%, and a year-on-year decrease of more than 40%. Among them, transactions in Shanghai alone decreased by 24% month-on-month, and transactions in Beijing, Guangzhou and Shenzhen both increased to varying degrees on a month-on-month basis; in terms of year-on-year, transactions in Beijing and Shanghai were significantly reduced year-on-year, while Shenzhen alone increased by more than 10% year-on-year.
transactions in second-tier cities maintained growth month-on-month, with an increase of more than 20%, and a year-on-year decline of nearly 20%. Among them, Ningbo had a significant month-on-month increase of more than 90%; Qingdao had a month-on-month increase of more than 70%. Transactions in third-tier cities increased by nearly 30% month-on-month, and the year-on-year decline narrowed to 30%.
[Land Transaction] The supply of major cities increased by 246% month-on-month, and Hangzhou's single-week land transactions of 7.18 billion yuan ranked first in the country
At present, the cash flow pressure of real estate companies is difficult to alleviate in the short term, and land market investment will continue to be affected. This week, the total land launch in major cities across the country was 3.57 million square meters, an increase of 246% month-on-month, and no 20 cities launched. The total transaction volume was 2.71 million square meters, a decrease of 22% month-on-month, and there were no transactions in 27 cities. The total amount of the transfer fee was 22.9 billion yuan, a decrease of 14% month-on-month, of which the transfer fee of the residential land decreased by 14% month-on-month; the high premium situation decreased significantly, with an average premium rate of 7%.
points to the city, the overall supply in first-tier cities decreased by nearly 20% month-on-month, and the transaction volume rose and price fell month-on-month. Among them, the transaction volume of residential land rose month-on-month, and the average transaction price fell by more than 30% month-on-month. The supply volume in second-tier cities increased significantly month-on-month, with the average transaction price increasing by more than 40%. The volume of residential land launched doubled month-on-month, and all indicators in terms of transactions decreased. Hangzhou's single-week land transactions ranked first in the country with 7.18 billion yuan.
3
capital market
[Jingrui Holdings issued additional US$10 million in high-end unsecured notes, yield 12.75%] On March 9, Jingrui Holdings issued additional high-end unsecured notes with RegS and fixed interest rate , with an issuance scale of US$10 million and a yield 12.75%. The notes were delivered on March 11 and listed on the Singapore Exchange. The expiration date is March 11, 2022.
[Greentown issued 1.43 billion yuan company bond , interest rate 3.19%] On March 9, Greentown Group successfully issued 2020 corporate bonds (first phase), with the actual issuance amount of 1.43 billion yuan. Among them, the issuance scale of variety 1 is RMB 1.43 billion, with a final face interest rate of 3.19%, with a term of 5 years; variety 2 is fully remitted to variety 1, which is intended to repay the principal part of 15 Greentown 01 that the company will be redeemed in August 2020.
[Yuexiu issued 1 billion yuan ultra-short-term financing bonds, interest rate 1.80%] On March 9, Yuexiu Group issued the second ultra-short-term financing bonds in 2020. The actual issuance amount of this bond is 1 billion yuan, the face interest rate is 1.80%, and the issuance period is 180 days. All funds raised are used to repay the loans of existing financial institutions from the issuer (non-real estate sector, non-financial sector).
[China Railway Construction plans to issue 1.4 billion yuan short-term financing bonds] On March 9, China Railway Construction plans to issue the first short-term financing bonds in 2020. The amount of bonds to be issued in this period is 1.4 billion yuan, with an issuance period of 1 year, and is used to replace and repay the maturing interbank market debt financing instruments.
[ Country Garden plans to issue a special plan for assets backed by accounts receivable of 2.56 billion yuan] Recently, according to the Shenzhen Stock Exchange, West China - Country Garden's 2020 asset backed by assets backed by assets backed by the Shenzhen Stock Exchange. The bond issuance amount is 2.568 billion yuan, and the issuer Country Garden Real Estate, underwriter and manager West China Securities.
[China Jinmao plans to issue 2.5 billion yuan medium-term notes] On March 9, China Jinmao announced that the company plans to issue a domestic unsecured medium-term notes with a scale of 2.5 billion yuan. The notes are unsecured and have a term of three years. The face interest rate will be determined by the joint lead underwriter and Shanghai Jinmao after negotiation and agreement.
[Xincheng Holdings issue 6 yuan corporate bonds, interest rate 5.10%] On March 9, Xincheng Holdings announced the issuance of 2020 public offering of corporate bonds (first phase), with a scale of 600 million yuan. The bond issuance work ended on March 9, 2020. The actual issuance scale of variety 1 is 600 million yuan, and the final face interest rate is 5.10%, 3 years; variety 2 has not been issued.
[Jianfa Real Estate issued 1 billion yuan of ultra-short-term financing bonds, with a face value of 2.30%] On March 9, Xiamen Jianfa Co., Ltd. successfully issued the second ultra-short-term financing bonds in 2020. The actual issuance amount of this bond is 1 billion yuan, with a face value of 2.30%, and the issuance period is 270 days. It is used to supplement working capital and repay the interest-bearing debts of the department.
[China Merchants Shekou completed issuance of 2 billion yuan of medium-term notes and 1.9 billion yuan of ultra-short-term financing bonds] On March 10, China Merchants Group Shekou issued an announcement stating that the company completed the issuance of the first medium-term notes variety 1, variety 2 and the third ultra-short-term financing bonds in 2020. The actual issuance amount of medium-term notes variety 1.3 billion yuan, the issuance interest rate is 3.00%, and the term is 3 years; the actual issuance amount of variety 2 issuance amount is 700 million yuan, the issuance interest rate is 3.30%, and the term is 5 years; the actual issuance amount of ultra-short-term financing bonds is 1.9 billion yuan, the issuance interest rate is 2.56%, and the term is 200 days.
[Yuexiu Financial Holdings issue 800 million yuan ultra-short-term financing bonds, with a term of 180 days] On March 11, Guangzhou Yuexiu Financial Holdings Group issued the first ultra-short-term financing bonds in 2020, with a planned issuance amount of 800 million yuan and an issuance period of 180 days. The lead underwriter and bookkeeping manager are Ping An Bank. The amount raised in this period of ultra-short-term financing bonds is intended to be used to repay the issuer's maturing bonds.
[Blu-ray Development plans to issue 750 million yuan of corporate bonds, with an interest rate of 6.50%-7.50%] On March 11, Blu-ray Development plans to publicly issue 2020 corporate bonds (first phase) (for qualified investors). The total issuance scale of this bond is not exceeding RMB 750 million (including RMB 750 million), the face interest rate inquiry range is 6.50%-7.50%, and the term is 3 years. All remaining funds are planned to repay the exercising corporate bonds.
[ Jindi Group plans to issue 1 billion yuan of ultra-short-term financing bonds, with a term of 270 days] On March 11, Jindi Group plans to issue the third ultra-short-term financing bonds in 2020. The amount of this bond is planned to be issued by 1 billion yuan, with an issuance period of 270 days, all of which are used to repay the issuer's own debt financing instruments due.
[Greentown Real Estate plans to issue 1 billion yuan of medium-term notes] On March 11, Greentown Real Estate plans to issue the second medium-term notes for 2020. The bonds are planned to be issued in this period of bonds of 1 billion yuan. The bonds are divided into two varieties. The issuance period of variety one is 3 years and the issuance period of variety two is 5 years. Callbacks can be made between varieties, and the callback ratio is not restricted. It is mainly used to repay the debt financing instruments that have been issued.
[ China Fortune Land Development plans to issue corporate bonds of 5 billion yuan] On March 12, the status of the project of China Fortune Land Development's public issuance of corporate bonds to professional investors in 2020 was updated to "accepted". The total scale of the bond issuance planned will not exceed RMB 5 billion (including RMB 5 billion), and it is planned to issue installments, with a term of no more than 10 years (including 10 years).
[China Railway Construction completed issuance of 1.4 billion yuan of corporate bonds, with interest rates of 3.18%, 3.45%] On March 13, according to the Shanghai Stock Exchange, China Railway Construction completed issuance of 2020 corporate bonds (first phase), with a planned issuance scale of 2 billion yuan, with an actual issuance scale of 1.4 billion yuan, with a face value rate of 800 million yuan, with a face value rate of 3.18%, with a term of 5 years, with a period of 600 million yuan, with a face value rate of 3.45%, with a term of 7 years, and is intended to repay maturing debts and supplement operating funds.
[Vanke plans to issue 2.5 billion yuan of corporate bonds, with interest rates of 3.02%, 3.42%] On March 13, Vanke issued an announcement stating that it will issue no more than 2.5 billion yuan (including 2.5 billion yuan) corporate bonds (first phase) to qualified investors in 2020, with the face value rate of variety one being 3.02%, with a 5-year period; the face value rate of variety two being 3.42%, with a 7-year period.
[China Jinmao plans to issue 500 million yuan medium-term notes] On March 13, China Jinmao plans to issue the first medium-term notes for 2020. The amount of this bond is planned to be issued by 500 million yuan, with an issuance period of 3 years. The lead underwriter and bookkeeping manager is Bohai Bank, which is planned to repay all the loans of the bank in the department.
[Sunshine City completed the issuance of US$188 million senior guaranteed bonds, with an interest rate of 6.8%] On March 12, Sunshine City issued an announcement stating that the company's wholly-owned overseas subsidiary Sunshine City Jiashi International completed the issuance of US$188 million senior guaranteed bonds on the same day, with a face value of 6.8%. The bonds are expected to be listed on the Singapore Exchange.
4
Enterprise dynamics
[China Merchants Real Estate won 2 plots of land in Chengdu Tianfu New District for 2.259 billion yuan] On March 9, China Merchants Real Estate won 2 plots of land in Chengdu Tianfu New District with a total transaction price of 2.259 billion yuan, with a total sale area of 210,700 square meters, of which the net land area of one plot was 173,200 square meters, totaling 2598,422 mu, and the land use was commercial and residential land. The second net land area of the plot is 37,510.25 square meters, totaling 56.2654 mu, and the land use is commercial and service land.
[Country Garden won a commercial and residential land in Shunde, Foshan for 1.14 billion yuan] On March 9, Country Garden won a commercial and residential land in Shunde, Foshan for 1.14 billion yuan, with a land area of 41,966.58 square meters and a floor price of 11,409.5 yuan/square meter. The land use is urban residential land compatible with retail commercial, wholesale, catering, and hotel land, with a floor area ratio of more than 1.0 and no more than 2.5.
[ Wanda Real Estate won 1 commercial and residential land in Taizhou Yuhuan New City, Zhejiang for 307 million yuan] Recently, Wanda Real Estate won 1 commercial and residential land in Taizhou Yuhuan New City, Zhejiang for 307 million yuan. The plot is located in the southern district of Yuhuan New City, with a transfer area of 98,600 square meters. The land is commercial and residential land, with a floor area ratio of 1.5-2.4.
[China Resources won 31 residential land in Shenyang , Hunan District for 2.019 billion yuan] On March 10, China Resources won 2.019 billion yuan for one residential land in Shenyang 160,200 square meters, with a floor area of more than 1 or less than 1.8, equivalent to a floor price of 7,000 yuan/m2.
[Greenland won a commercial and residential land in Tangqi Town, Yuhang at a base price of 1.192 billion yuan] On March 10, Greenland won a commercial and residential land in Tangqi Town, Yuhang at a base price of 1.192 billion yuan, with a transfer area of 131,400 square meters, a floor area ratio of 1.4, a building area of 183,900 square meters, and a floor price of 6,480 yuan/m2.
[Zhongnan Land won a residential land in Wujin District, Changzhou for 990 million yuan] On March 11, Zhongnan Land won a residential land in Wujin District, Changzhou for 990 million yuan. The land sale area was 55,100 square meters, and the purpose was residential land, with a floor area ratio of 2.2, a construction area of 121,100 square meters, and a floor price of 8,174 yuan/m2.
[Joy City Holdings + China Fortune Land Development won a plot of land in Beijing , Gu'an , North New City for 1.376 billion yuan] On March 11, Joy City Holdings + China Fortune Land Development won a plot of land in Beijing North New City with a reserve price of 1.376 billion yuan. The plot is located at the junction of Beijing and Hebei Province, only 15 kilometers away from Beijing Daxing International Airport. It is for the construction of residential land and covers an area of 113,300 square meters.
[Xiangsheng won 2 residential land north of Xiasha University Town, Qiantang New District, Hangzhou for 4.5 billion yuan] On March 12, Xiangsheng won 2 residential land north of Xiasha University Town, Qiantang New District, Hangzhou for a total transaction price of 4.5 billion yuan. The total land sale area was 137,000 square meters and the total construction area was 350,000 square meters.
[Rongsheng Development won 2 commercial land in Jimo District, Qingdao for 698 million yuan] On March 12, Rongsheng Development won 2 plots of land in Jimo District, Qingdao for a total transaction price of 698 million yuan, a land area of 37,400 square meters, a commercial land use, a floor area ratio of ≤1.2, and a total planned building area of 44,800 square meters.
[Longhu won the 34 plots of Qingdao Huangdao html for a total price of 367 million yuan] Recently, Longhu won the 4 plots of Qingdao Huangdao for a total price of 367 million yuan, with a total land area of 58,027.0 square meters, a total planned construction area of 112,558.2 square meters, and the proportion of prefabricated building area of the plot must reach 100%. The land uses are urban residential and retail commercial land.
5
Financial market
[Wealth Management Market] The central bank's targeted reserve requirement ratio cut further released liquidity, and the yield of bank credit reached a new low
According to incomplete statistics, 43 banks issued a total of 465 bank credit wealth management products this week, with an average of 10.8 per bank issued a week, slightly lower than the average level of 36 banks last week of 11.14.This week, the average expected rate of return of Yinxin wealth management products was 4.03%, down 0.01 percentage points from last week, and continued to hit a new low; the average product term was 149.58 days, an increase of 3.49 days from last week. To hedge against the collapse of the peripheral financial markets, it also helps the domestic economy recover and develop. The central bank announced this week that it would give confidence in banks that meet the assessment standards by targeted reserve requirement ratio cuts by 0.5 to 1 percentage point, further releasing liquidity. Liquidity easing has led to a continued decline in yields this week, and panic in the peripheral market has prompted product maturity to rise, avoiding possible short-term impacts.
[Private Equity Market] The issuance scale rebounded slightly, and the product yield fluctuated and downward
According to incomplete statistics, a total of 8 institutions issued contract funds this week, 2 fewer than last week; 8 institutions issued a total of 12 contract fund products, 2 fewer than last week; 12 contract funds disclosed the issuance scale this week, with the issuance scale of 1.518 billion yuan, a slight increase from last week. According to incomplete statistics, the average maturity of the contract fund products issued is 0.85 years, which is extended by 0.17 years from last week; a total of 12 funds disclosed their expected yields, with an average expected yield of 6.36%, down 0.22% from last week.
[Trust Market] collective trust issuance scale stopped rising and fell, and the scale of real estate trust fundraising remained the same month-on-month
This week, the collective trust issuance market fell slightly, and the issuance scale fell slightly. According to incomplete statistics on public information, a total of 36 trust companies issued 253 collective trust products this week, a decrease of 0.39% month-on-month; the issuance scale was 39.774 billion yuan, a decrease of 9.35% month-on-month. The average annualized rate of return of collective trust products established this week was 8.02%, an increase of 0.29 percentage points month-on-month; the average weekly term of collective products was 2.06 years, an increase of 0.10 years from last week. This week's average expected rate of return for collective trust products continues to upward trend, and returns rebounded to above "8". With the arrival of the impact of the epidemic abroad, a global "loose wave" will gradually spread to the country, and the expectation of domestic monetary policy easing is more obvious, and the downward pressure on short-term collective trust product returns is greater.
This week, financial products firmly ranked first, and the recruitment of industrial and commercial enterprises has soared. According to statistics, this week, the fundraising of financial collective trusts was 5.838 billion yuan, an increase of 26.46% month-on-month; the fundraising scale of real estate trusts was 1.737 billion yuan, a decrease of 0.72% month-on-month; the fundraising of basic industrial trusts was 2.49 billion yuan, a increase of 5.89 times month-on-month; the fundraising of industrial and commercial enterprises was 4.132 billion yuan, an increase of 7.55 times month-on-month.
