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Uzmanlar Evergrande krizini değerlendirdi: 'Beylikdüzü'nde yaşananlara benziyor' - HAKANSEYHAN
Levent Gökmen Demirciler lgokmen@ekonomist.com.tr Çinli Evergrande şirketi, Çin’in en büyük üç gayrimenkul şirketinden biri. Çin’in 280 kentinde projeler üreten firmanın bankalara ve piyasalara ödemekte zorlandığı 300 milyar doların üstünde borcu bulunuyor. Temerrüde doğru giden firmanın, 2008 senesinde ABD’de başlayıp dünyaya yayılan küresel kriz şeklinde benzer bir kriz yaratıp yaratmayacağı merak mevzusu… Çin ve gelişmekte olan piyasalara tesirinin iyi mi olacağı da dört gözle beklenen mevzular içinde…
Birkaç gündür gündemi meşgul eden Çin’deki Evergrande krizi tedirginlik yarattı. Bankalara ve piyasaya 300 milyar doların üstünde borcu olan Evergrande şirketi, Çin’in en büyük üç gayrimenkul şirketlerinden biri. Çin’in 280 kentinde projeler üreten firmanın kredi borçlanmasından kaynaklandığı belirtiliyor. Borçlarını çevirmekte zorluk çeken firmanın 2020 yılından itibaren Çin hükümetinden destek istediği ve borçlarını çevirmekte zorlandığı, şu anda doludizgin temerrüde doğru gittiğine vurgu yapılıyor.
YUNANİSTAN’IN BORCU KADAR Yunanistan’ın borcuyla aynı düzeyde borcu bulunan firmanın krizinin likidite krizi olduğuna işaret edilirken firmanın önümüzdeki dönemde kupon ödemelerini yapamayacak durumda olduğu da vurgulanıyor. Firmanın elinde bekleyen 1,4 milyon konut ve ticari birim bulunurken, 10 milyon şahıs bu konut ve ticari birimlerin bitmesini bekliyor. Şirkete kızgın olan tutum sahipleri protestolar düzenliyor.
Çin hükümetinin Evergrande’nin alacaklılarla oturup anlaşmasını ve varlıklarını satıp bu borçlarını ödemesini beklediği, piyasada bu durumun stres yarattığı sadece krize varacak bir boyuta ulaşmadığına da vurgu yapılıyor.
Gayrimenkul Gelişen Piyasalar Uzmanı, İstanbul Üniversitesi Öğretim Üyesi Prof. Dr. Ali Hepşen , Çin’deki Evergrande krizinin ABD’den başlayıp dünyaya yayılan 2008 krizinden değişik bulunduğunu ve küresel bir krize niçin olamayacağını söylüyor.
“BEYLİKDÜZÜ’NDE YAŞANANLARA BENZİYOR”Hepşen, “Evergrande krizi, daha oldukça Beylükdüzü’nde 2008 senesinde borçlarını döndürememekten batan inşaat şirketlerinin yaşamış olduğu krize benziyor. Bundan dolayı domino tesiri yaratmaz. Borçlanma senedi, menkul kıymet mevzusu sebebiyle Cenup Doğu Asya’da bozulmaya yol açabilir. Bireysel mağduriyetlere niçin olabilir sadece sistemi sıkıntıya sokmayacaktır” yorumunu yapıyor.
Hepşen, temerrüt söz mevzusu olursa uzun solukta Çin Borsası ve öteki gelişmekte olan piyasalara dolaylı tesirinin olabileceğini de vurguluyor.
“TÜRKİYE’Yİ ETKİLEMEZ” Evergrande şirketinin devletimizde bir iştiraki olmadığına dikkat çeken Gayrimenkul Hukuku Derneği Başkanı Av. Ali Güvenç Kiraz , şu detayları veriyor:
“Türkiye inşaat sektörü ağırlıkla Apkis (arsa oranı karşılığı inşaat) üstüne çalışıyor ve 2019 sonrası da sektör (büyük konut üreticileri ) frene bastılar ve oldukça azca üretim var şu an. Doğal olarak bizde sektör oyuncularının ana para piyasaları ile ilişkisi de 1-2 şirket hariç neredeyse asla yok. Kısaca GYO’lar haricinde oldukça azca şirket borsa fon şeklinde ana para piyasası argümanı ile halka açık. Bu aşamada ana para piyasalarına yapacağı tesir haricinde bizim gayrimenkul sektörümüze mühim bir tesiri olacağını düşünmüyorum.”
Kiraz, “Bu firmanın bilhassa Çin mucizesi kapsamında iyi mi bir şirket olduğu da mühim. Kısaca 10 milyonluk şehirler oluşturma düşüncesi ekseninde Çin içinde bir şirket ise kendi ekseninde Çin Hong Kong şeklinde yerlerde büyük bir tesir yaratabilir. Fakat Çin, dünya üstünde de gayrimenkul yatırımları yapıyor Afrika, Asya ve Avrupa’da. Amsterdam yenileme sürecinin nerdeyse mühim bir aktörüydüler. İşte bu aşamada burada da kullanılan bir şirket ise küresel anlamda negatif bir tesir oluşabilir” yorumunu yapıyor.
“TEMERRÜDE DÜŞME İHTİMALİ YÜKSEK” Küresel borsalarda bugün sert satışlara yol açan Evergrande’nin perşembe günü yapılacak izahat ise tehlikeli sonuç. Yatırım Finansman Menkul Değerler ‘den meydana getirilen değerlendirmede ise, “Temerrüde düşme ihtimali yüksek. Bunun bir güvence krizi yaratması ise Asya piyasalarından başlamış olacak bir küresel kriz tetiği olabilir. Bu hafta gündem yoğun ve volatilite yüksek olacak. VIX’ın yükselişi ise ana trendlerin bozulma ihtimalini güçlendiriyor.” ifadelerine yer verildi.
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