“白名单”背后的房企融资与拿地

各地正在加速落地房地产项目“白名单”。

自1月中旬提出要满足优质项目合理融资需求以来，开发商、各地相关部门积极响应，当月底便已将首批“白名单”项目推送给了商业银行，合共3218个，而商业银行经审查后已向27个城市83个项目发放贷款共178.6亿元。

2月6日，河南跟上节奏，将首批房地产项目“白名单”推送给金融机构，其中焦作沁阳市征云小区已获得建设银行授信4800万元、投放1400万元。

关于这批“白名单”申报浪潮，业内的一个共识是，

当下市场中依然有不少项目具有被拯救的价值，它们是此轮救助的主要目标

。“现在很多项目面临着有资产（却）没法融资的困境，要么利率堪比高利贷，要么抵押率低得没法看。”一位行业人士如此说道。

那么，当下房地产市场的融资情况究竟如何？

“艰难”的融资

根据第三方咨询机构克而瑞统计数据，2024年1月，65家典型房企的融资总量为414.54亿元，环比增加25.5%，同比减少29%。

融资结构来看，上述融资规模中约84%来源于境内。1月，房企境内债权融资348.2亿元，同比减少9.2%；境外债权融资47.56亿元，同比减少41.9%；资产证券化融资为18.78亿元，同比减少83.6%。

发债方面，1月房企发债253.2亿元，同比减少28.7%。其中，境外债仅有越秀在澳门交易所发行了一笔7亿元的境外优先票据；境内债发债规模同比减少19.6%至236.2亿元，这之中有7亿元为公司债，中期票据为185.4亿元，发债主体仍然主要是保利发展、华侨城、首开等国企央企。

刚刚过去的1月，保利共发行了2笔共25亿元的中期票据和1笔25亿元的超短融，成为当月债券发行量最大的企业。

回顾2023年，全年新增融资总额5692亿元，同比下降28%

，各季度融资同比均出现不同程度的下降，其中四季度更是同比下跌了53%。

企业债券发行方面，去年，企业发债规模为3056亿元，同比下降31%。其中境内发债2963亿元，同比下降15%；而境外发债相比同期大幅下降90%到93亿元，占比同比下降了18个百分点至3%。

彼时克而瑞在报告中提到，整体行业面融资面仍然处于筑底阶段，多数民营房企尤其是出险房企融资难的问题依然突出。结合今年1月的融资情况来看，民营房企融资依旧艰难。

难在何处

同策研究院研究总监宋红卫告诉《国际金融报》记者，目前行业无担保的信用类融资主要以国央企为主，这部分企业的开发贷、信用贷等的融资成本基本能降到2%以内，“银行有放贷指标，追着这些优质企业放贷”。

他指出，对于民营开发商而言，融资倾向于资产负债率不高、有抵押物担保的房企，出险房企则需有进一步的增信措施，比如有其他企业背书或是拿出优质资产抵押等，金融机构才有可能会放款，并且相关贷款在项目上要封闭管理。

这样的门槛并不容易达到。

宋红卫向记者强调，民企融资很难，除非从优质资产切入还有可能，而这也是救市政策从“企业白名单”到“项目白名单”转变的原因，他认为向“项目白名单”转变可增加房企自救的可能性。

假设某个出险房企已经处于资不抵债的情况，若不给它融资，通过资产处置来解决债务问题的话，不仅债权人损失巨大，还有可能导致保交楼不能推动，进而带来民生问题；而通过“项目白名单”模式意味着即使是出险房企，只要项目好，能带来收益，在封闭管理，风险可控的情况下就能融资，企业实现盈利就有了新的资金来源偿债。

供职于某华南房企的行业人士也向记者表示，

“项目白名单”对出险房企的帮助会更大。

中原地产首席分析师张大伟亦称，能够入围“白名单”的房地产项目很多都是出险房企的优质项目，它们自身条件不错，此前被集团债务拖累才导致了停工烂尾，现在有资金进来拉一把就能够快速盘活。

只有项目盘活之后，才有可能恢复融资功能。有行业人士称，市场有一些基金公司想投地产项目，但又怕有风险，他们需要相关方介入帮助做尽调，进行担保，“如果确实有利可图，干嘛不投”。

造血能力有待改善

谈到政策的有效期，宋红卫称，当下的政策只能化解部分企业的债务压力，甚至一些企业能在存量贷款置换上得到一些政策性优惠，不过这也是基于维持行业稳定的出发点，避免短期内出现三次爆雷潮，引起市场恐慌，冲击信心。

“现在民企所处的融资环境、政策环境比过去要好很多，对于企业来说，类似现在这种小角度的切入其实也会有一定帮助，但很难说完全解决难题，这个还需要很长时间。”

近期以来，关于支持房企融资的消息不断传来，比如去年11月末的“三个不低于”，对银行提出放贷要求；再如此前相关部门印发的《关于做好经营性物业贷款管理的通知》，明确经营性物业贷款的资金使用范围扩大，可偿还存量房地产贷款和地产债。

宋红卫在谈到该政策时表示，2024年上半年仍然是房企债务集中到期的集中时间段，偿债压力比较大，上述政策一定程度上可解决房企短期偿债的现金流需求，保护房企信用；一旦短期偿债压力下降、融资通道打通，房企就会实现新的投资、开发、销售及现金流回收，实现新的业务循环，这才是企业自救的闭环逻辑。

只是，从目前投资拿地情况来看，在资金有限、全力保交付的大背景下，房企自身造血能力仍尚待改善。

克而瑞数据显示，2023年全年，房企拿地金额TOP 100总量为15485亿元，较2022年下降6%，销售百强有近半数投资暂停，百强拿地销售比创下近五年次低，仅为0.21。

易居企业集团CEO丁祖昱曾在一则报告中指出，从拿地金额TOP 100企业来看，2023年，央国企是土地市场的绝对主力，其中央企拿地金额占百强比例接近四成，与地方国企合计占比达到66%，城投、民企则分别仅有14%和20%。

今年1月，由于多数核心城市集中供地尚未启动，且部分低能级城市土地供应并不多，导致品牌房企投资仍处于“间歇期”，百强房企仅有不到11家企业有土储入账，

克而瑞监测的30家典型房企月度拿地金额不足200亿，环比下降86%。

该机构指出，拿地金额TOP100中，城投几乎占据半壁江山，拿地金额超过民企和央国企，占百强总金额比例接近40%，“预计国央企以及部分优质民企在一季度投资态度会相对积极，尤其对于热点地块将积极参拍，力争年内达成开工甚至开售”。

记者吴典

编辑孙婉秋

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