Trust Apocalypse Averted in 2014

Trusts are coming due and those in the real estate sector were the subject of great concern this year. As it stands today, trust firms are scheduling their final payments and are not expected to default. Apocalypse averted, at least for now. Next year will be another year of concern if the housing and credit markets don't rebound.

到期近百亿元 10月房地产集合信托兑付压力大

Recently, the Air Trust two single payment crisis facing the real estate collective trust, but also exposed the real estate redemption pressures currently facing collective trust. According to the "Securities Daily" reporters to incomplete statistics, in October, according to the expected end date count, a total of 34 models of real estate trust plan faces set to expire, the size of the total 9.06336 billion yuan, an average annual yield of 9.45%, the total principal plus earnings totaling nearly 10 billion yuan.

In fact, since the beginning of the year, from the "glorious estate" began, payment crisis on the real estate trust set constantly being mentioned. However, from the expiry date of the situation in terms of real estate collective trust, not so bad as expected before.

Both AVIC Trust REIT final scheduled payment

Recently, two real estate trust schemes set in the Air Trust are as about redemption. Previously, the industry fears project stopped due to sponsorship problems and hurt the trust plan may not be as about redemption.

October 29, the Air Trust official said, because the guarantor's attention to problems in the Air Trust "Apocalypse No. 308," Hao Yuan Properties Structured Capital Trust scheme are as scheduled seize ready liquidation of principal and interest to investors such as about redemption.

Statistics show that "Apocalypse No. 308" Trust Scheme was established in October 2012, using a structured product design, which raised a total capital of 690 million yuan priority, period of 2 years, mainly for loans to Hangzhou Hao Yuan for "Hao Yuan Jiang Times Center "project. The trust plans by "Jiaxing long beads," "From Teng Industry", "Shanghai Grand Lapa" (Lapa Shanghai Real Estate Development Co., Ltd.), "Henin-Hardenne on Bai" provides unlimited joint and several liability guarantee (Haining Bai Investment Management Limited) . In addition, the main financing actual controller Wu Yuan, Ma also provide personal unlimited joint and several liability.

Earlier problems due to the project sponsor, can lead to trust scheme as concerns about payment.

Aviation Trust official said that at present, the construction of the project properly, apartment has been capped and sale, commercial and corporate office has reached pre-condition, by the current real estate market downturn, sales better than expected. In response, companies pay close attention to strengthen the management and control of the project, to discuss institutional investors, in order to safeguard the interests of investors. The allocation will project cash flow, increase trust funds and other institutional measures to achieve inferior priority investors after payment schedule.

Prior to this, "Apocalypse 340 number" in the Air Trust Kunming Li Yang Star City Capital Trust Trust loan scheme, due to guarantee Fang Yunnan Tin Group, the former chairman Lei Yi was taken in for questioning discipline inspection departments and other reasons, such as the ability to trigger payment of approximately concerns. However, on October 17, the expiration date of the plan, the Air Trust announcement that the trustee has received clear "in the Air Trust · Apocalypse No. 340 Kunming Li Yang Star City Capital Trust Trust loan scheme 'under the second phase of the trust principal and interest a total of 208 million yuan, the trustee will trust contract, trust beneficiaries to expire after five working days the second phase of the full distribution of trust units is expected to trust benefits.

October

Redemption pressures faced nearly billion

Air alert cashing two trust estate trust set to lift, but it shows the hidden REIT pressure.

According to newspaper reporter to statistics, by the end date is expected to be considered. October 34, a total of facing the real estate trust schemes set to expire, the size of the total 9.063 billion yuan, an average annual yield of 9.45%, the total principal plus earnings totaling nearly 10 billion yuan.

According to incomplete statistics, real estate trust expires in October, the largest Minmetals trust, according to the first in the industry. Data show that Minmetals Trust expires October 4 Total number of real estate investment trust, the total size of 193,870 yuan, the average annual yield of 7.30%.

In recent years, several rounds of severe real estate subject to regulation impact, many real estate development companies, poor financing, trust financing housing prices become an important channel to obtain financing. Meanwhile, the high safety margin and market cost of capital trust products, sought after by high net worth clients, real estate trusts popular, become the main business of a lot of trust. In this process, the average yield of long-term real estate investment trust in the first place, the financing expanding, record highs.

However, with the peak of maturity have established a collection of real estate trusts, and the real estate market has been declining housing prices, sales decline in both the real estate trust schemes set expiry under pressure.

Previously, studio Trust with interest statistics show that the second half of 2014 to 2015 is expected to total real estate investment trust funds set maturity scale of 328.295 billion yuan, of which 45.563 billion yuan in the third quarter 2014 and fourth quarter of 53.04 billion yuan, 526.11 in the first quarter 2015 billion yuan, 57.521 billion yuan in the second quarter, third quarter, 62.191 billion yuan, 57.369 billion yuan.

GF Securities latest research reported that from January 2014 the distribution of the trust expires, the redemption pressure mainly in May and December. Payment of an event of default occurs mainly in real estate, coal energy and infrastructure industries, including real estate investment trust in an event of default accounted for 70% of total non-compliance events. Future cash pressure second and third tier real estate investment trust will be relatively large, regional distribution, real estate trust is expected to default risk, Hangzhou and Chengdu will be relatively high.

However, Asia-Pacific chief economist at Bloomberg European music Eagle said that with China's real estate market continues to decline, the number of breach of trust will continue to rise, but on the whole is controllable, after all the real estate downturn is not allowed too central.

And a trust industry sources, in accordance with the requirements of the real estate trust financing, real estate projects are 50% of the mortgage rate mortgage, and some even lower. In a multiple measures to increase trust in the Air Trust "Apocalypse 308" project, worth about $ 1 billion of land and inferior mortgage assets after the guarantee. It is also able to say about payment guarantee. And generally in the first few months of cash, trust will do the preparatory work, if confirmed payment difficulties would mortgage, pledge of assets for disposal. Thus, although the market is not good, but the overall risk is still controllable.