融资难过和尚化缘 中国内地房企资金见紧

Another Hong Kong-listed Chinese property company has put out the begging bowl. On Monday, Agile Property announced terms for the sector’s third capital raising in two months. Shareholders can take one new share for every five they hold at a price of HK$4, a 31 per cent discount to the price before the announcement. This will raise about HK$360m.

又一家在香港上市的中国房地产公司寻求“化缘”。本周一，雅居乐(Agile Property)公布配股融资计划：股东可以4港元的价格配股，每5股配1股，融资约3.6亿港元。这个价格较声明公布前的股价有31%的折让。这是中国内地房地产行业两个月内的第三起配股融资。

Country Garden began this run of cash calls late last month with a heavily discounted (also 31 per cent) 1 for 15 rights issue amounting to HK$400m. Yuexiu Property followed in early September offering 33 shares for every 100; a deal worth nearly HK$500m which came at a 25 per cent discount.

碧桂园(Country Garden)上月末开始融资，配股价格有很大折让（也是31%），每15股配1股，共融资4亿港元。9月初，越秀地产(Yuexiu Property)紧随其后进行配股，每100股配33股，共融资近5亿港元，价格较市场价有25%的折让。

The sector has swooned as the cash calls have mounted. And there may be little hope for a short term fillip from the government. Recent economic data have spooked the market with fears of a slowdown. House price data from the National Bureau of Statistics show August prices falling month on month in all but two cities, an unwelcome trend given that floor space under construction rose 18 per cent year on year in the same month. But at the weekend, finance minister Lou Jiwei backed away from encouraging stimulus speculation, deflating the excitement that followed last week’s short term liquidity injection.

资金需求陡然上升，让中国房地产行业承压。短期内政府可能不会推出刺激举措，最近的经济数据令市场担心经济正在放缓。中国国家统计局(NBS)公布的房地产数据显示，今年8月，在中国70个大中城市中，除两个城市以外，其他所有城市的房地产价格都较前一个月下跌。鉴于8月在建房地产面积同比增加18%，这个趋势令人担心。中国央行上周向银行业注入短期流动性，一度让市场兴奋。但上周末，中国财政部部长楼继伟没有鼓励刺激传闻，又给市场浇了一盆凉水。

Some forms of activity are picking up. Mortgage lending has shown signs of loosening and land purchases were up nearly 8 per cent from a year ago in August. For those companies with solid balance sheets, then, there may be opportunities to put money to work. For the weak, the scramble to raise cash is unlikely to be over. Net debt to equity ratios range from 30 per cent at China Overseas Land to nearly 120 per cent at Evergrande Real Estate.

楼市的一些活动正在升温。抵押贷款已显示出放宽迹象；今年8月，土地购置面积同比增长近8%。对于那些拥有稳健资产负债表的房地产企业而言，它们可能有机会将资金投入运作。而对财务较弱的企业而言，它们还会继续纷纷融资。中国房企的净负债产权比率跨度很大，从中国海外发展(China Overseas Land)的30%到恒大地产(Evergrande Real Estate)的近120%不等。

Companies that are not well capitalised may run out of willing donors. The housing cycle cannot be predicted. Expect more begging bowls to come.

资金不足的房企可能很难找到心甘情愿的投资者。我们无法预测房地产周期，但预计未来将出现更多“化缘”行为。