Real estate risk exposure Trust investment concentrated steering

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Real estate risk exposure Trust investment concentrated steering

2022-05-15 00:08:15 23 ℃

Report reporter Chen Jialing Guangzhou report

In recent years, affected by factors such as the continuous strict supervision of the financial industry and the change of real estate adjustment, a major traditional business position in the trust industry -real estate trust has undergone profound changes.

Recently, a reporter from China Business Daily sorted out 61 trust companies in the 2021 financial report that as of the end of 2021, the total scale of trust assets to the real estate industry was approximately 1.97 trillion yuan, a decrease of about 439.177 billion yuan from 2.41 trillion yuan in 2020 in 2020. Yuan, a decrease of about 18.23%. Among them, the scale of 47 trust companies' real estate trust business declined year -on -year, and 14 increased year -on -year.

At the same time, since 2021, various trust companies have adjusted and upgraded the real estate business, risk disposal, and future exhibition ideas, including strengthening real estate credit risks and its derivative risk management control, carried out the analysis of stock real estate bond analysis , Strictly control the entry threshold for the exhibition industry and trading opponents, as well as research and exploration of long -term rental apartments, affordable rental housing REITs and other fields.

Nearly 80 % of institutions shrink real estate business

From the perspective of industry data, the scale of the real estate business of 47 trust companies decreased year -on -year, a total of 450.96 billion yuan. Among them, Zhongrong Trust, CITIC Trust, Ping An Trust, Minmetals Trust, Shandong Trust, Bohai Trust, Lujiazui Trust and AVIC Trust decreased by more than 20 billion yuan year -on -year.

In fact, the scale of real estate trust has been significantly declining since 2020. This is mainly affected by real estate financial supervision policies. In the trust industry, the work of "two pressures and one drop" continues to be carried out. The main goals of 2021 include the scale of financing trusts must continue to drop by about 20%, and the illegal financial interbank channels must be cleared; the scale of real estate does not exceed the end of 2020.

Specifically, Ping An Trust has dropped by 24%of the scale of financing trust in 2021, the size of the real estate business has dropped by 29%, and the scale of the financial industry channel is basically clear; CITIC Trust's trust assets entrusted in 2021 fell below trillion yuan, and the cumulative cumulative trust assets invested in the real estate field in the past two years decreased by 111.697 billion yuan.

However, corresponding to it, the scale of the 14 trust companies expanded, such as the great cause, Changan Trust, Jintan Trust, and Beijing Trust, which increased a total of 19.081 billion yuan.

It is mainly a small and medium -sized trust company that grows against the trend. In addition, from the perspective of the total scale of trust assets invested in the real estate field at the end of last year, the relatively high companies that account for relatively high small and medium trusts are mainly small and medium -sized trusts.

From the perspective of the industry, as of the end of 2021, 61 trust companies invested in the proportion of trust assets in the real estate sector, mainly within 30%. Specifically, 29 are less than 10%and 22 are in 10%to 30%. Among them, the two trust companies accounted for more than 50%, including Wanxiang Trust (60.08%) and Aijian Trust (52.31%). The Hangzhou industrial and commercial trust with the highest proportion of real estate trusts in 2020 dropped by 7.566 billion yuan, and the proportion fell from 62.14%to 49.17%.

It is worth mentioning that, from the impact of the business layout on the performance of the trust company, some trust companies with some heavy -duty real estate business have been significantly impacted.

"The traditional financing business, which is the main source of income sources of the trust company, continues to drop, and the risks in the real estate sector continue to be exposed. The top trust companies have become more significant, and the trend of industry differentiation has slowed down." Executive Dean Fang Hongyu and Researcher Yuan Xiheng's latest research report shows that the top 20 companies in net profit account for 77.64%of the industry's profit, which is 10.99 percentage points from 2020.

In addition, a number of trust companies analyzed the challenges of the real estate trust business to the development of the industry in the annual report.

China Railway Trust bluntly stated: "In 2021, the trust industry accelerated clearly, the scale and number of risk projects continued to rise. Under the spread of high pressure and real estate debt risks in financial supervision, the trust company was impacted by its first rushing. deepwater zone'."

Everbright Trust also stated: "During the reporting period, affected by the macroeconomic decline, the repeated pneumonia epidemic and regulatory policies of the new crown pneumonia, some real estate customers' operating conditions and funds return were greatly affected, and the risk of credit default was generated."

Regarding "the unfavorable factor affecting business development", CITIC Trust pointed out: "The risks in key areas such as real estate, urban investment financing increased rapidly, and the pressure of trust products increased. Trust companies need to further enhance risk prevention, resolution and replacement capabilities. There are pressures and challenges in the demands and challenges of properly balanced business innovation and development, protecting the legal interests of beneficiaries, and protecting shareholders' rights and interests. "

Strict control of the exhibition area and trading opponents' quasi -entry threshold

In the past many years, real estate has been an important area for trust funds. With the decline in business scale and high default scale, various trust companies have adjusted and upgraded the real estate business, risk disposal, and future exhibition industry ideas.

Our reporter learned from the latest annual report of the trust company that since 2021, a number of trust companies have regularly conducted pressure tests, resolving stock risks on real estate business, and controlling real estate trust business according to regulatory requirements. For example, Everbright Trust, strengthen real estate credit risks and its derivative risk control, establish a professional docking mechanism for clients in housing enterprise groups, strengthen overall management, normalize and standardize real estate business risks; carry out the analysis of stock real estate bonds, according to market rating and internal research and judgment according to the breach of contract according to the breach of contract. , Early warning, the management of the credit risk grades of the trading subject, and so on.

Another example is Ping An Trust. According to the annual report, the company regularly held a seminar on "one household and one policy" and "one district and one policy" seminar last year to discuss and analyze the company's existing real estate and political and letter business customers. Risks, customized and more flexible risk strategies and control programs, deeply dig business opportunities, accurately guide the exhibition industry, customize product solutions, and prevent project risks.

"In order to strengthen the risk control, the company strictly controls the exhibition area and the rivals entrance threshold for investment real estate projects." Aijian Trust said in the 2021 annual report: "In the selection of the exhibition area Function, preferred areas for exhibition industry; transaction opponents choose, encourage high -quality regional real estate company transaction opponents with stronger and strategic positioning, and make higher requirements for project return and cash coverage rates, and in In the management and control plan, the company's initiative is strengthened to strictly control the management plan during the control period to reduce the market risk caused by the fluctuation of real estate prices. "

Regarding the future direction of the real estate trust, Yang Xiaodong analyzed by the China Chengcheng Trust Investment Research Department that with the improvement of the market environment, the real estate business will transition from the traditional financing business model to the diversified model of equity investment. It will concentrate on high -quality enterprises and first- and second -tier cities.

"The risk of the real estate market has not been fully released, the market capacity is possibly possibly of shrinking, and the development prospects of state -owned enterprises are relatively beneficial." The research report released by Shaanxi Investment Trust on May 9th.

Coincidentally, Shu Zhanwei, a China Rong Trust Innovation R & D Department, also analyzed that state -owned real estate enterprises mainly based on central enterprises and local state -owned enterprises assume increasingly important roles in the real estate market. From the perspective of the trust exhibition industry of the state -owned housing enterprise in the trust company in the past two years, the financing costs of state -owned real estate enterprises have shown a downward trend. Trading opponents mainly provide financial services around the platform of central enterprises or local state -owned core housing enterprises. The main areas of the state -owned enterprise real estate trust industry in the trust company, especially the provincial capital cities such as Changsha, Xi'an, Wuhan, etc.

In addition, a trust company is currently studying and exploring long -term rental apartments, affordable rental housing REITs and other fields. In this regard, Ping An Trust recently said in an interview with this reporter that in the fields of affordable rental housing, long -term rental apartments, trust companies can increase cooperative relationships with some high -quality developers and head operation institutions to explore " Holding+rental "model, developing related equity investment, REITs and other innovative tools.