On Tuesday afternoon, Midea Real Estate (03990.HK) announced that it had successfully issued the 2023 second tranche medium-term notes ("23 Midea Real Estate MTM002") and the 2023 third tranche green medium-term notes ("23 Midea Real Estate MTN003 (Green)") on Monday.

Among them, the issuance scale of "23 Midea Real Estate MTN002" is 500 million yuan, with a term of 1+1 years, a coupon rate of 4.7%, an interest start date of August 14, 2023, and a maturity date of August 14, 2024; the issuance scale of "23 Midea Real Estate MTN003 (Green)" is 420 million yuan, with a term of 2 years, a coupon rate of 4.9%, an interest start date of August 14, 2023, and a maturity date of August 14, 2025. The combined issuance scale of the two tranches is 920 million yuan.

The 500 million yuan second tranche medium-term notes issued by Midea Real Estate this time are pure credit-based; the 420 million yuan third tranche medium-term notes not only have a green label, but also have obtained full bank coverage for the creation of CRMW. In the current market environment, credit issuance and the creation of CRMW require high credit requirements for private real estate enterprises, reflecting the relatively high security of Midea Real Estate at present.

In the secondary market, as of the close of Hong Kong stocks on August 15th, the stock price of Midea Real Estate closed at HKD 6.58, down 1.05%, with a turnover of HKD 11.6016 million, and the current total market value of the company is approximately HKD 9.445 billion.

It is understood that Midea Real Estate is one of the first batch of real estate companies supported by the "second arrow". The company has been successfully approved for a 15 billion yuan medium-term note quota by the China Interbank Market Dealers Association.

Public data shows that in 2022, Midea Real Estate successfully issued approximately 2.75 billion yuan of corporate bonds and 5 billion yuan of medium-term notes. In April 2023, Midea Real Estate once again successfully issued 1.2 billion yuan of medium-term notes, becoming the first private real estate company to obtain the joint venture risk mitigation certificate (CRMW) from China Bond, Bank of Communications, and CITIC Securities, three authoritative institutions.

According to the company's previous disclosure of data, as of the end of 2022, Midea Real Estate held a total cash amount of approximately 26.391 billion yuan, with a bank credit line of approximately 152.7 billion yuan, and an unused bank credit line of approximately 108 billion yuan. The company has sufficient cash and financial resources. As a green file private real estate company, the company's financing costs continue to decrease, with a weighted average financing cost of 4.62%, and a weighted average financing cost of newly added debt of 4.52%, a year-on-year decrease of 11 basis points.

In addition, as of the end of 2022, Midea Real Estate had short-term borrowings of approximately 13.681 billion yuan and long-term borrowings of approximately 34.773 billion yuan. The company's asset-liability ratio was 80% and net debt ratio was 43.9%, all of which decreased compared to 2021.

Recently, Midea Real Estate released data on its official WeChat public account, showing that as of the end of July, the company has delivered a total of 42,000 units, covering 38 cities and involving 77 projects. Among them, about 28,000 units were delivered ahead of schedule, with an early delivery rate of about 65%. It is reported that since 2021, Midea Real Estate has delivered a total of over 200,000 units, and in the whole year of 2022, Midea Real Estate delivered over 80,000 units ahead of schedule or as scheduled.

(Note: One U.S. dollar equals 7.2 Chinese yuan.)

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