The Ministry of Housing and Urban-Rural Development and the Central Bank of the Ministry of Finance jointly promoted the special loan for "Baojiao Building"
/kloc-On the evening of August, 2009, the Ministry of Housing and Urban-Rural Development reported that the Ministry of Housing and Urban-Rural Development, the Ministry of Finance, the People's Bank of China and other relevant departments have recently introduced measures to improve the policy toolbox and support the construction and delivery of overdue residential projects through special loans from policy banks.
This is a major positive that excites the market. However, it is understood that not all projects will be included in the scope of special loan relief.
Relevant departments said that this special loan accurately focused on "guaranteeing the delivery of houses and stabilizing people's livelihood", strictly limited to the construction and delivery of residential projects that have been sold, overdue and difficult to deliver, and implemented closed operation and earmarking. Through special loans and bank loans, support the construction and delivery of overdue residential projects that have been sold, safeguard the legitimate rights and interests of buyers, and safeguard the overall situation of social stability.
At the same time, "the violation of laws and regulations behind overdue delivery will be seriously investigated and dealt with according to the law. If the original pre-sale funds of the project are misappropriated, the responsibilities of relevant institutions and personnel will be investigated. " The Ministry of Housing and Urban-Rural Development said.
Special loans give play to the effect of "four to two"
The long-term dependence of real estate enterprises on high debt, high leverage and high turnover mode has become more and more obvious under the background of overlapping industries and sluggish market, which is the fundamental reason why some sold commercial housing projects have been shut down or overdue delivery due to difficult capital turnover. The emergence of this situation has damaged the legitimate rights and interests of property buyers and affected social stability.
Relevant departments said that real estate enterprises, as the main body responsible for ensuring the delivery of buildings, should actively dispose of assets, raise funds from various sources, and strive to complete the task of ensuring the delivery of buildings. In order to prevent the risk spillover of real estate enterprises, local governments have effectively assumed the territorial responsibility of "ensuring the delivery of houses and stabilizing people's livelihood" and helped enterprises to do a good job in ensuring the delivery of houses. At present, with the joint efforts of all parties, all localities have made positive progress in ensuring the delivery of buildings, but there is still financial pressure.
In response to this problem, multi-departments jointly introduced measures to support the construction and delivery of overdue residential projects through special loans from policy banks.
However, the project selection of special loan investment is very strict, and it is only used for the construction and delivery of residential projects that have been sold, overdue and difficult to deliver. Accurately focus on "ensuring the delivery of houses and stabilizing people's livelihood" and implement closed operation and earmarking.
Li, chief researcher of the Housing Policy Research Center of Guangdong Urban and Rural Planning Institute, explained that closed operation and earmarking means that after the funds are invested in the project, the effect of "four to two thousand pounds" should be produced as soon as possible, market confidence should be restored, bank loans should be followed up, construction units and suppliers can quickly enter the site, promote the resumption of work and delivery, calm down market sentiment fluctuations, and retreat smoothly and completely after delivery to enter the next project.
At the same time, it is necessary to compact the main responsibility of enterprises to save themselves and implement the territorial responsibility of local governments. On the one hand, local governments should coordinate all relevant parties to ensure the delivery of buildings and stabilize people's livelihood; On the other hand, the violation of laws and regulations behind overdue delivery will be seriously investigated and dealt with according to the law. If the original pre-sale funds of the project are misappropriated, the responsibilities of relevant institutions and personnel will be investigated.
"At present, the key point is to solve the urgent problem of ensuring the delivery of houses and stabilizing people's livelihood, but the problems existing before the project will be investigated afterwards or at the same time, including violations of laws and regulations, misappropriation and withdrawal of pre-sale funds. Only in this way can we implement the principles of marketization and legalization that the country has always demanded, and persist in it consistently, so as to put an end to moral hazard, put an end to lying down, and punish violations of laws and regulations. " Li said to him.
It's not the government's insistence on "housing without speculation" to save the market.
Since July, the credit risk of the real estate industry has intensified, which has seriously affected residents' consumer confidence and economic stability.
According to the data of the central bank, the scale of social financing increased by 756,654.38 billion yuan in July, which was 31965.438 billion yuan less than the same period of last year. While the incremental data of the scale of new credit and social financing is far less than the market expectation, the broad money (M2) increased by 12% year-on-year, which reached a record high. It can be seen from the data of M2 that market players are not short of money now, but they don't want to borrow money and dare not spend money.
Essence Securities reported that with the fermentation of liquidity problems in the real estate industry, household departments and related enterprise departments showed signs of balance sheet contraction, which also formed a mapping between financial data and asset prices in the same period. It is predicted that the future evolution of the real estate industry will greatly affect the process of economic recovery in the second half of the year.
"The recent real estate risk events reflect the exposure of real estate risks since last year and have not been eliminated. In the medium term, this will drag down China's macro-economy. To further formulate monetary policy, we must first prevent the further spread of real estate credit risks. " Zhang Jianhua, a professor at Wudaokou Finance College in Tsinghua University, said.
At present, stabilizing the overall situation is the fundamental principle, and there must be no emotional panic or even confidence collapse from the real estate sector to the financial market, which urgently requires the introduction of new policy tools; At the same time, the general tone of "housing and not speculating" will not change. This is also the content repeatedly emphasized by recent high-level meetings.
On July 28th, the Political Bureau of the Communist Party of China (CPC) Central Committee Conference listed real estate as "risk prevention". How to deal with risks in the second half of the year, and avoid spreading to people's livelihood security and financial fields, and keep the bottom line of systemic risks will be an important tone of monetary policy.
On August 10, the central bank issued the monetary policy implementation report for the second quarter of 2022, which pointed out: "Firmly adhere to the positioning that houses are used for living, not for speculation, insist on not using real estate as a short-term means to stimulate the economy, insist on stabilizing land prices, house prices and expectations, make full use of the policy toolbox to support rigid and improved housing demand, steadily implement the prudent management system of real estate finance, and promote the healthy development and virtuous circle of the real estate market.
On August 12, the heads of relevant departments of the China Banking Regulatory Commission said at the briefing that the China Banking Regulatory Commission actively guided banks to actively participate in the research on the scheme of reasonably solving the hard funding gap, do a good job in providing qualified credit, and do everything possible to promote "ensuring the delivery of houses and stabilizing people's livelihood" under the orderly arrangement of local governments, so as to compact the responsibilities of all parties.
16 On August 6th, the symposium held in Shenzhen showed that the economy continued to pick up in July, but there were still some fluctuations. Weak demand is a prominent contradiction in economic operation. With a large economy and a large population, we should try our best to promote consumption, expand mass consumption such as automobiles, and support rigid and improved housing demand.
This time, the Ministry of Housing and Urban-Rural Development, the Ministry of Finance, the People's Bank of China and other departments launched special loans for policy banks, and once again stressed: "Firmly adhere to the positioning that houses are used for living, not for speculation, steadily implement the long-term mechanism of real estate, and promptly improve relevant systems and policy toolboxes, explore new development models, constantly rectify and standardize the order of the real estate market, create a market environment that is law-abiding, honest and clean, and promote the virtuous circle and healthy development of the real estate industry because of the city's policies."
This once again shows the position at the policy level, that is, the special loan is not a government bailout, not a bottom-up market, not to stimulate the property market, but to solve the outstanding problems existing in the current property market, avoid affecting people's livelihood and social stability, and avoid systemic risks.
Li said that in response to the risks in the real estate market, whether it is the previous encouragement of mergers and acquisitions, the rescue fund or the current special loan, the overall environment and premise of its application must be "living in a house that is not speculative" and steadily implementing a long-term mechanism. At the same time, explore new development models and rectify and standardize the order of the real estate market. Only in this way can we usher in the sustained, healthy and benign development of real estate. Blindly rescuing the market will miss the window of adjustment, which may lead to greater risks in the future.