高地價(jià)刺激中國開發(fā)商并購

Property developers in China spent more than $42bn on domestic mergers and acquisitions in 2016, as high land prices prompted large companies instead to swallow smaller rivals and snap up discounted existing projects.

2016年，中國房地產(chǎn)開發(fā)商在國內(nèi)并購上的支出超過了420億美元，高地價(jià)推動(dòng)大企業(yè)吞并規(guī)模較小的同行，并吃下折價(jià)的現(xiàn)有項(xiàng)目。

A government push for state mergers added further fuel to property sector deals, which hit an all-time high last year — up 32 per cent in value from 2015, according to Wind Information, a Chinese financial data provider.

根據(jù)中國金融數(shù)據(jù)提供商萬得資訊(Wind Information)的統(tǒng)計(jì)，政府對國企合并的推動(dòng)為房地產(chǎn)行業(yè)交易提供了更多動(dòng)力，去年該行業(yè)并購交易額創(chuàng)下歷史新高，較2015年增加32%。

Analysts expect the trend to carry on in 2017 as land prices continue to climb in first- and second-tier mainland cities.

分析師們預(yù)計(jì)，隨著中國內(nèi)地一、二線城市的地價(jià)繼續(xù)攀升，這一趨勢在2017年將延續(xù)下去。

“There is a lot of competition for land right now in the open land auction market,” said Van Liu, a Shenzhen-based analyst at Guotai Junan Securities. “But there are lots of opportunities for [corporate] acquisitions coming up now and those prices will look more attractive to buyers.”

“目前公開土地拍賣市場上存在激烈競爭，”國泰君安證券(Guotai Junan Securities)駐深圳分析師劉斐凡(Van Liu)說。“但是，現(xiàn)在出現(xiàn)很多(企業(yè))收購的機(jī)會(huì)，在買家看來，買地不如買企業(yè)。”

Residential land prices in China’s three largest cities of Beijing, Shanghai and Guangzhou rose by an average of about 3 per cent between July and September from the quarter before, according to the latest available data from the Ministry of Land and Resources.

根據(jù)中國國土資源部(Ministry of Land and Resources)的最新數(shù)據(jù)，今年第三季度，中國三個(gè)最大城市北京、上海和廣州的住宅土地價(jià)格環(huán)比平均上漲約3%。

However, the rise in prices in the same cities for newly built homes slowed to 0.1 per cent in November from the month before, according to the National Statistics Bureau. Price growth has slowed sharply from highs of 3-4 per cent earlier in the year as regulators put in place controls to make it more difficult tom buy second homes.

然而，根據(jù)中國國家統(tǒng)計(jì)局(NBS)的數(shù)據(jù)，11月這三個(gè)城市新建住宅價(jià)格環(huán)比漲幅已放緩至0.1%。隨著監(jiān)管機(jī)構(gòu)實(shí)施調(diào)控，增加了購買第二套房的難度，價(jià)格漲幅較今年早些時(shí)候3%至4%的高點(diǎn)大幅回落。

The higher cost of land but softening sales prices for homes pushed an increasing number of smaller companies to exit the market last year.

地價(jià)上升但房價(jià)漲幅放緩，推動(dòng)越來越多的小型房企去年退出市場。

In one of the largest deals of the year, Legend Holdings, the investment manager and owner of Lenovo computers, sold all of its property development assets for $2.1bn to Sunac China in September.

去年9月，投資集團(tuán)、聯(lián)想電腦的所有人聯(lián)想控股(Legend Holdings)將其所有房地產(chǎn)開發(fā)資產(chǎn)以21億美元出售給融創(chuàng)中國(Sunac China)，成為去年房地產(chǎn)行業(yè)規(guī)模最大的交易之一。

“It’s too expensive for them to expand their businesses so they are quitting the market,” David Yang, a Shanghai-based analyst at UOB Kay Hian, said of companies with smaller property developments. “We think this trend will continue in 2017.”

“對它們而言，擴(kuò)張業(yè)務(wù)的成本太高了，所以它們在退出市場，”大華繼顯(UOB Kay Hian)駐上海分析師David Yang說。“我們認(rèn)為，這一趨勢將在2017年繼續(xù)下去。”

State-backed groups brokered some of the biggest property transactions in 2016. In the largest domestic property deal to date, state-run conglomerate Citic Ltd sold nearly $5bn in property assets to China Overseas Land & Investment. The deal was flagged at the time as a bellwether for government-backed deals in the future.

2016年，政府支持的集團(tuán)完成了一些最大的房地產(chǎn)交易。國營企業(yè)中信股份(Citic Ltd)向中國海外發(fā)展有限公司(China Overseas Land & Investment)出售了近50億美元的房地產(chǎn)資產(chǎn)，是中國內(nèi)地迄今最大的一宗房地產(chǎn)交易。該交易在當(dāng)時(shí)被視為政府支持交易的未來風(fēng)向標(biāo)。

With smaller property companies often laden with external debt as a result of China’s cooling housing market, said Mr Yang, M&A typically has not been the first choice for developers. But better terms of onshore financing for some of the larger, well-connected property companies has helped encourage more takeovers.

David Yang表示，由于中國房地產(chǎn)市場的冷卻，小型房地產(chǎn)公司往往背負(fù)著外債，這意味著并購?fù)ǔ２皇情_發(fā)商的首選。但一些規(guī)模較大、關(guān)系過硬的房地產(chǎn)公司在國內(nèi)擁有更優(yōu)越的融資條件，幫助鼓勵(lì)了更多收購交易。