The property market fever: behind the real estate trust and heating hot columns hidden risk capital flows thousands of thousands of stocks the latest Rating Rating diagnosis simulated trading client Sina fund exposure table: the letter Phi lag of false propaganda, long-term performance is lower than similar products, to buy the fund by the pit how to do? Click on [I want to complain], Sina help you expose them! The property market "high fever" behind the real estate trust: the hidden risks of the temperature and then the reporter Kim editor Yu Yong 2000, 2016, the real estate market continued "high fever" phenomenon, and the heat transferred to the financial industry. Since May this year, the local "King" frequent, part of the first and second tier cities housing prices are staggering rise. At the same time, the real estate trust for a long time, also began to force in the second half of 2016, the issue market continues to heat up. Industry analysts say, with the sharp rise in housing prices, the real estate trust market risks are gradually accumulated. The property market "high fever" estate trust again to rise as the market "smell" is one of the most sensitive financial institutions, trust companies, changes in the market reaction speed is quite fast. Since 2016, the real estate market "fever" of a game, had already gradually fade out the market of real estate trust also took this "Dongfeng" heating up again. Statistical data from the trust with interest, in 2016 1 to August, a collection of trust on the market to issue a total of 595 real estate trust products, issue size of 154 billion 916 million yuan; last year the same period the scale of 136 billion 253 million yuan, an increase of 13.70%. A report from the national investment trust Taikang the research and development department show that since 2016, the scale of the issuance and collection of real estate trust accounted for significant increase than had a trend. A collection of real estate trust from a quarter monthly billion yuan of issuance, 16 billion 700 million yuan rise gradually to August, a collection of real estate trust issuance accounted for from the beginning of the 10% gradually increased to 17% in August. Real estate business has become the primary business of some trust companies to pull the profit growth this year. In fact, the rise of the real estate trust and the real estate industry is positively related to the degree of enthusiasm. According to reporters follow, and in the past long period last trust fund investment ranking different, the last two weeks of May this year, the amount of funds, the establishment of a collection of trust products in this period, the field of real estate investment is gradually rising from a low level. The field of real estate financing scale from the lowest ranking gradually rose to second or third. And that time, but also began to break out everywhere "King", the rapid rise in real estate prices period. The concern is that research from the national investment trust Taikang also showed that due to the low cost of financing channels open large real estate enterprises since 2016, the process of expansion of the current round of real estate trust business, the counterparty in large and medium-sized private Real Estate Company. SDIC Taikang trust research statistics show that, as of August 1st this year, real estate enterprises bonds 758 billion 800 million yuan, up 292%. In addition, the 20 theory

楼市高烧背后:房地产信托再升温 暗藏风险 热点栏目 资金流向 千股千评 个股诊断 最新评级 模拟交易 客户端 新浪基金曝光台:信披滞后虚假宣传,业绩长期低于同类产品,买基金被坑怎么办?点击【我要投诉】,新浪帮你曝光他们!   楼市“高烧”背后:房地产信托再升温暗藏风险   ⊙记者 金苹苹 ○编辑 于勇   2016年,房地产市场持续出现“高烧”现象,并将其热度迅速向金融行业传递。   伴随着今年5月份以来各地“地王”频出,部分一、二线城市的房价正以令人咋舌的程度上涨。与此同时,沉寂许久的房地产信托,也开始在2016年的后半程发力,发行市场不断升温。   业内分析人士称,随着房价急剧上行,房地产信托市场的风险也逐步累积。   楼市“高烧” 地产信托再升温   作为市场“嗅觉”最为敏锐的金融机构之一,信托公司对于市场变化的反应速度不可谓不快。2016年以来,地产市场的“高烧”一场接一场,此前已经渐渐淡出市场的房地产信托也乘着这股“东风”再度升温。   来自用益信托的统计数据显示,2016年1―8月份,集合信托市场上共计发行595只房地产信托产品,发行规模达1549.16亿元;同比去年同一时期的规模1362.53亿元,涨幅达13.70%。   而来自国投泰康信托研究发展部的一份报告则显示,2016年以来,集合房地产信托的发行规模和占比都呈显著的上升趋势。集合类房地产信托从一季度单月百亿元的发行规模,逐步上升至8月份的167亿元,集合房地产信托的发行占比从年初的不到10%逐步提升到8月份的17%。房地产业务已成为一些信托公司拉动今年盈利增长的首要业务。   事实上,房地产信托的升温与房地产行业的火爆程度成正相关。据记者跟踪了解,与以往较长时期处于资金信托投资领域最末位的排行不同,今年5月的最后两周,从资金投向上看,这段时期成立的集合信托产品中,房地产领域的投资正开始渐渐从低位回升。房地产领域的融资规模也从最末位的排名渐渐升至第二或第三位。而彼时,也是各地开始频繁爆出“地王”,地产价格快速上涨的时期。   值得关注的是,来自国投泰康信托的研究还显示,由于2016年以来大型房地产企业的低成本融资渠道通畅,信托公司此轮房地产业务的扩张过程中,交易对手以大中型民营房地产公司为主。国投泰康信托的研究统计显示,截至今年8月1日,房地产企业发债7588亿元,同比上涨292%。此外,2016年上半年上市房企的银行贷款规模较去年同期亦大幅增长158%。因此,信托公司的房地产交易对手以未能通过发债、银行贷款满足需求的民营房地产企业为主,项目区位集中在以杭州、南京、郑州、南昌为代表的人口密集、房价涨幅较快的二线省会级城市。   策略不同 行业内部现分化   虽然从总体上看,集合房地产信托产品的发行重现上升势头,但此次信托业在房地产业务的扩张却并非行业的普遍行为。   国投泰康信托研究发展部的报告指出:“当前发行房地产信托较多的公司,主要集中在市场嗅觉敏锐、且原先以房地产业务为主的信托公司。个别信托公司上半年成立的房地产信托规模占其全部集合信托规模的近50%。”   此外,记者根据用益信托提供的相关资料发现,今年前8个月,四川信托、中建投信托和中融信托发行的集合类房地产信托产品的数量位居业内前三,发行数量分别为123个、50个和40个;而这三家公司的房地产信托产品的发行规模则分别为175.17亿元、117.26亿元和257.91亿元。   统计还显示,今年前8个月,房地产信托发行规模达50亿元以上的公司包括了中铁信托、爱建信托、五矿信托、大业信托和杭工商信托。整体而言,今年以来发行房地产信托的公司有49家,在全部68家信托公司中占比达72%。   然而,在部分公司发力房地产信托业务之际,另一些信托公司却对房地产信托避而远之。用益信托的统计显示,2016年前8个月,作为一家大型信托公司,平安信托只发行了一只集合信托产品。部分中大型信托公司更是选择“零发行”房地产信托产品。业界在对待房地产业务的态度分歧明显。   有业内人士向记者表示,当前在市场无风险收益率持续下行的背景下,房地产信托产品的平均收益率仍保持在7%以上的水平,对于客户仍具有相当的吸引力。而这也可能是今年下半年以来部分信托公司再度发力房地产信托业务的原因――试图提升公司的盈利水平。   风险暗藏   作为集合信托产品中收益率相对较高的品种之一,房地产信托一度成为市场的“宠儿”。但随着房地产市场的调控措施不断出台,以及市场上不断曝出的兑付风险事件中常常涉及房地产信托,信托公司从2014年开始已渐渐收缩相关业务。   华东地区某信托公司高管对记者表示,当前信托公司正面临转型,除了发展创新业务,对于传统的信托业务领域正加以严格的风控。“比如房地产领域,我们目前几乎只做一线城市项目,而且对于具体项目的类型、交易对手的资质等都有严格要求,并且还要求有抵押物。”该人士指出。   对于房地产信托业务的风险,业内人士均抱有相对清醒的认识。除了此前不断暴露的兑付风险外,信托公司眼下对于三、四线城市的地产项目普遍持谨慎态度。而当前房价的持续高企,也令部分房价发“高烧”地区的政府祭出限购、限贷的政策,国投泰康信托研究发展部的相关人士就认为,政策风险是目前房地产信托面临的一大风险。   事实上,当前的房地产市场,在价格不断飙升的背后,风险也迅速累积。中原地产研究中心就认为,今年上半年的房地产企业虽然收获了历史上最好业绩,但“增收不增利”、负债率高企等风险已显现。面对不断“加杠杆”的楼市,其中存在风险和泡沫正成为业界共识。更有地产私募基金业内人士向记者表示,目前政策“去杠杆”的趋势越来越明显,以前拿地―开发―销售的模式将越来越难赚钱,因此当前炒房的空间已不大,投资者和机构都应该关注其中的风险。THE_END 进入【新浪财经股吧】讨论相关的主题文章: