Financial regulators have continuously strengthened macro-prudential supervision of real estate and achieved certain results. However, in recent years, there are still a lot of funds flowing to the real estate sector: first, loans flowing to real estate and related fields continue to increase; Secondly, the impact of the epidemic has led to a decrease in residents' consumption, but the scale of individual housing loans has risen instead of falling; Thirdly, housing prices in some cities represented by first-tier cities have risen significantly, and signs of housing bubble risk have emerged. In this context, it is necessary to continuously strengthen the macro-prudential supervision of real estate, and the announcement is timely and targeted.
Considering the differentiation of the real estate market in different regions and the significant difference in the proportion of real estate loans from different banks, the Notice has made two flexible provisions. First, a hierarchical management and regional differential adjustment mechanism has been established. According to the scale and type of assets of banking financial institutions, the concentration of real estate loans is divided into five levels for management. In addition, a regional differential adjustment mechanism has been established. Second, banks with real estate loans and personal housing loans exceeding the upper limit will be given a certain business adjustment transition period. These two regulations can better stabilize market expectations and promote the steady adjustment of the proportion of real estate loans and personal housing loans of banking institutions in various regions to a reasonable level.
Whether it is macro-prudential measures such as centralized management of real estate loans or measures such as restricting purchases and loans, it is hoped to prevent the risk of real estate bubble by blocking the flow of funds to real estate, but blocking alone is not enough. From the experience of previous years, under the situation of strengthening real estate supervision, even if some cities increase the down payment ratio, households will turn to consumer loans to buy houses, resulting in a sharp increase in the scale of consumer loans. If the proportion of individual housing loans in some banks reaches the upper limit stipulated in the Notice in the future, households may still try to obtain loans through other forms and then use them to purchase houses. Moreover, in recent years, the phenomenon of entity enterprises investing in real estate has occurred frequently, which also means that even if the banking department strictly manages real estate loans in accordance with the upper limit stipulated in the Notice, some entity enterprises may still obtain loans in the name of entity investment and then invest in the real estate field.
Insufficient endogenous growth momentum of the real economy and low return on investment are the fundamental reasons for a large amount of funds flowing to real estate. It is difficult to solve the fundamental problem simply by blocking, and the combination of blocking and blocking can effectively prevent the risk of housing bubble. In addition to blocking the flow of investment and speculative funds to real estate, we should also clear the obstacles faced by the real economy as soon as possible and cultivate more development space and investment opportunities: First, take new technologies such as artificial intelligence as the starting point, accelerate technological progress, and strive to cultivate new growth points; The second is to further reduce taxes and fees, especially to reduce the non-tax burden of enterprises; Third, accelerate the development of small and medium-sized financial institutions such as private banks, build a financial service system that matches the financing needs of small and medium-sized enterprises, and alleviate the financing difficulties of small and medium-sized enterprises; The fourth is to further optimize the business environment and eliminate the entry barriers such as "glass door", "spring door" and "revolving door" faced by private investment in education and medical care.
Source: China Economic Net