Jinwu Financial News | CITIC Securities said that the real estate white list mainly focuses on projects with financing difficulties. The financing coordination mechanism progressed rapidly, and the first batch of “white lists” was launched. According to comprehensive media reports, Sunac China (01918), Country Garden (02007), Jinke Services (09666), Greenland Hong Kong (00337), and Shimao Group (00813) had more than 90, 30, 53, 34, and 16 projects respectively shortlisted in the first batch.
Judging from the specific project information mentioned by various companies, the bank believes that most of the projects that entered the first batch of whitelists still have a certain value, but temporary financing is difficult. They have obtained pre-sale permits and have pre-sale projects that are within the scope of guaranteed delivery. The bank believes that although housing companies' debt maturity and repayment obligations will increase after March 2024, there will be no new debt restructuring or debt rollover pressure, and credit risk is manageable. However, at this stage, housing prices continue to fall everywhere. Businesses can only seek cash flow balance by reducing operating expenses, and consumer spending may also be dragged down by shrinking asset prices. The bank believes that in the next step, the focus of the policy may shift to the demand side, driving down interest rates on personal mortgage loans and gradually liberalizing purchase restrictions may be the two most important main lines of the policy.