融資難過和尚化緣 中國內地房企資金見緊

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國房地產公司尋求“化緣”。本週一，雅居樂(Agile Property)公佈配股融資計劃：股東可以4港元的價格配股，每5股配1股，融資約3.6億港元。這個價格較聲明公佈前的股價有31%的折讓。這是中國內地房地產行業兩個月內的第三起配股融資。

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.

碧桂園(Country Garden)上月末開始融資，配股價格有很大折讓（也是31%），每15股配1股，共融資4億港元。9月初，越秀地產(Yuexiu Property)緊隨其後進行配股，每100股配33股，共融資近5億港元，價格較市場價有25%的折讓。

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.

資金需求陡然上升，讓中國房地產行業承壓。短期內政府可能不會推出刺激舉措，最近的經濟數據令市場擔心經濟正在放緩。中國國家統計局(NBS)公佈的房地產數據顯示，今年8月，在中國70個大中城市中，除兩個城市以外，其他所有城市的房地產價格都較前一個月下跌。鑑於8月在建房地產面積同比增加18%，這個趨勢令人擔心。中國央行上週向銀行業注入短期流動性，一度讓市場興奮。但上週末，中國財政部部長樓繼偉沒有鼓勵刺激傳聞，又給市場澆了一盆涼水。

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.

樓市的一些活動正在升溫。抵押貸款已顯示出放寬跡象；今年8月，土地購置面積同比增長近8%。對於那些擁有穩健資產負債表的房地產企業而言，它們可能有機會將資金投入運作。而對財務較弱的企業而言，它們還會繼續紛紛融資。中國房企的淨負債產權比率跨度很大，從中國海外發展(China Overseas Land)的30%到恆大地產(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.

資金不足的房企可能很難找到心甘情願的投資者。我們無法預測房地產週期，但預計未來將出現更多“化緣”行爲。