The CBRC Halted The Four Company's Real Estate Trust Business To "Check The Rules Of The Birds".

Yesterday, it was reported that, following September

Stop illegal trust to kill the birds

It is understood that in the four companies, founder East Asia Trust, Sichuan trust and Minmetals trust completed the restructuring and opening up in 2010, and in order to make achievements, they performed radical in the real estate trust business.

The Bohai trust, which was held by HNA Group, was called off because of its cooperation with a small number of developers who were not careful enough to operate.

According to the statistics of Bohai securities, from 1 to September, 2905 sets of fund trust products were set up, with a scale of 501 billion 987 million yuan, up 104% and 105% respectively over the same period.

From the year-on-year growth rate, both monthly and cumulative data indicate that the establishment of trust trust data is still growing rapidly.

From the data set up from 1 to September, the largest scale of investment in various trust funds is real estate.

The scale of the establishment of the real estate trust is 221 billion 595 million yuan, accounting for 44%.

With the compression of bank credit, the real estate trust business has witnessed explosive growth, and the liquidity risk of the real estate trust has been gradually accumulated. Due to the poor sales in the real estate market, the risk that some products cannot be paid on schedule will increase.

Due to the requirements of risk control, regulators require all trust companies to strictly control the scale of development of real estate trusts and control the issuing speed, and require all trust companies involved in real estate related businesses to go to the regulatory authorities for examination and approval.

From September, the payment risk of stock items was monitored one by one.

Now directly halting the four companies' business, the regulation is escalating gradually.

Prior to this, the real estate trust of Lucheng group has been investigated. Many analysts believe that the CBRC's investigation is only aimed at understanding the overall product composition and risk situation of the trust company, rather than halting the sale of the new trust products of the real estate development enterprises.

But this escalation has caused a deterrent effect on the industry.

Cashing risk increased banks began to focus on risk

In fact, following the 24% quarter growth of real estate trust in the two quarter, the growth of real estate trust products slowed down. The CBRC set a capital requirement of 3% for real estate trust products. The rapid growth of trust in 2011 has led many large trust companies to approach the lower limit of capital adequacy requirements.

Bai Hongwei, an analyst at CICC, thinks that compared with bank loans, the disclosure of real estate companies' trust leverage may not be enough.

In the two quarter of this year, the total amount of real estate trust was RMB 605 billion yuan, an increase of 24%, an increase of 92% over the same period, and the total amount of bank loans of real estate developers was about 3 trillion and 400 billion yuan.

In addition, if a real estate trust project breaks down, the bank may suffer some indirect credit losses, because many trust loans are guaranteed by the project parent company, and many banks may face credit risk because they distribute these products.

At present, there is news that the Sichuan trust's recent sale of "Chuan Xin Qingdao Hyatt" real estate trust products is "borrowing new and old", which has been excluded from the list of cooperative trust companies by ICBC and Construction Bank.

It is understood that the project and China Trust investment last year is the same project, a number of trust companies wind control departments have failed to pass the project in Sichuan trust successfully launched.

"Like the trust of green city, we have never dared cooperate with them. We dare not touch it. The risk is too high.

As a matter of fact, there are many projects that are unable to get the money back and refinance, and the lever is also getting higher and higher.

A joint stock bank responsible for the development of financial products related person in charge told reporters.

"There are still a lot of trust funds raised by trust companies, which only help developers increase project capital, and then lend money to banks. The leverage of funds is very high."

In addition, analysts at CICC believe that if the current tightening position continues, developers should face bigger cash flow problems in the four quarter of 2011 and the first half of 2012.

Real estate developers' cash can not be withdrawn, and it will also cause real estate trust projects to not be paid on schedule.

Once the trust assets default, it is possible to cause losses to investors who buy trust products.

At present, these initiatives have made the trust companies' real estate trusts business seriously hampered.

In order to avoid risks and expand new profitable businesses, many trust companies have turned to new investment fields, mainly including affordable housing, artworks, mineral resources and infrastructure industries, industrial and mining enterprises and other fields.

Bohai securities analysts believe that diversification of investment is conducive to the continued growth of the trust industry.

A trust company with financing qualification and financing capability has a faster net capital replenishment, so the potential for expansion of business scale is larger.