Li, chief researcher of Guangdong Housing Policy Research Center, said: "The fundamental reason for the restart after more than two years is that during the promotion of the building, the developer's capital chain is tight, the amount of special loans and bail-out funds is limited, and the access conditions are strict. Therefore, it is necessary to inject high-credit funds from all aspects. In addition to increasing the amount of start-up funds, state-owned credit can also be injected. "
In the eyes of the industry, this round of PSL has started again and is expected to be put into real estate bail-out projects. Information picture
PSL used to be used for shed reform, but today it will be used for property market bail-out.
PSL, namely mortgage supplementary loan, is one of the monetary policy tools of the central bank, providing financial support for policy banks. Policy banks apply to the People's Bank of China for PSL by way of pledge, and the collateral includes high-grade bond assets and high-quality credit assets.
According to the regulations of the People's Bank of China, China Development Bank, The Export-Import Bank of China and Agricultural Development Bank submit PSL quota applications to the central bank on 26th of each month, of which the actual amount shall be submitted before 25th, and the expected amount shall be submitted from 25th to the end of the month. PSL funds can only be used to issue loans for specific projects.
Bai Wenxi, chief economist of IPG China, said: "PSL is one of the specific policy tools of the central bank, and it is also one of the basic money delivery methods of the central bank. It needs to conform to the principles of" specific purpose, earmarking, guaranteeing capital and making small profits, and ensuring safety ". This is a powerful credit expansion and credit support tool. "
PSL has two major functions: base money supply and targeted loan support. Because PSL is characterized by long-term and low cost, it can further dredge and conduct monetary policy by putting in long-term liquidity and targeted credit. However, in practice, PSL pays more attention to the service of shantytown renovation (referred to as "shed renovation"), which can be clearly reflected from the scale change of PSL.
20 14,10 June, the central bank introduced PSL for the first time as "providing long-term and stable funds for development finance to support shantytown renovation" in the third quarter monetary policy implementation report.
Judging from its development and use, Li pointed out: "Mortgage supplementary loan is an innovative and distinctive monetary policy tool during the large-scale monetization resettlement period of the last round of shed reform. The basic logic is that CDB issues PSL loans and injects the funds invested in the compensation and resettlement of shed reform projects. After the demolition is completed, the local government sells land to repay the PSL, forming a closed loop of funds' investment-application-repayment'. Since then, this mode of directional injection of money has pushed up the cost of shed reform, accelerated the progress of shed reform, and the house price rose in the later period. In 20 19, the central bank began to significantly reduce PSL. "
For the purpose of this round of PSL issuance, Shenwan Futures Research Institute predicted: "PSL provides a source of debt funds for policy banks, which will help real estate long-term mechanism policy tools to land faster and better; It is expected that the restart of this round of PSL will also be invested in real estate rescue fund projects, as well as underground pipe corridors and key water conservancy projects determined by the National People's Congress. "
Yan Yuejin, research director of the think tank center of Yiju Research Institute, predicted: "PSL has played a great role in the monetization reform of 20 14 shed reform, reflecting the positive role of policy financial instruments. At present, at least a large part of PSL's efforts will be linked to the work of Baojiao Building, which is a financial policy that needs attention in such fields everywhere. "
"At present, PSL may be used in Baojie Building. At present, the decision-makers pay more attention to the problem of Procter & Gamble Building. Because PSL is issued by the central bank to policy banks or commercial banks, and these banks can multiply the PSL quota under the multiplier effect, coupled with the leverage effect after these funds enter the commercial operation field, they will be able to release huge financial blessings for the' Baojiaolou'. " Bai Wenxi said.
It will not flood, and it will set a threshold for fund application.
It is worth noting that on July 27 this year, in order to promote the work of "guaranteeing the delivery of houses", Zhengzhou took the lead in launching four modes: shed reform, unified loan and repayment, acquisition and merger, bankruptcy reorganization and affordable housing leasing. Among them, the unified loan and repayment mode of shed reform is to apply for project loan funds from China Development Bank under the leadership of the government.
According to the Management Measures of Unified Loan and Unified Repayment Funds approved by Zhengzhou City, the main body of unified loan and unified repayment is responsible for applying for loan funds for resettlement housing projects from CDB, and the overall asset-liability ratio does not exceed 80%. The unified borrowing and repayment entity will allocate funds to the project company established by the district-level investment and financing entity, and then the project company will be responsible for the use of loans to promote the comprehensive utilization and development of the project as a whole.
In addition, according to media reports, Zhengzhou has signed a 300 billion yuan agreement with CDB, of which 654.38+06 billion yuan is used for shed reform loans. In the future, the resettlement mode of "An Kai Ratio" (the ratio of the construction area of resettlement houses to the development construction area) will be changed to the government-led mode, which will ease the mobility of developers by purchasing existing resettlement houses and house tickets, promote the full resumption of work of urban resettlement houses, and form more physical investment.
At the same time, Li analyzed: "Although it is open again, its screening of projects is still relatively strict, and we cannot be too optimistic. However, when it is superimposed with special loans, it can produce greater credit enhancement and boost market confidence. Of course, as a market-oriented enterprise, CDB has its own advantages in project screening and risk identification, and can promote some projects that may not be promoted by special loans. "
In response to the work of "Baojiaolou", Henan, Zhejiang, Guangxi and other places have successively launched government relief funds. At the same time, the first special loan of the National Development Bank "Baojiaolou" also landed in Shenyang on September 22nd.
In this regard, Li pointed out: "The difference from special loans is that special loans are put in by the Ministry of Finance and incorporated into local government debts, which are undertaken, used and repaid by state-owned enterprises or platforms, but are independent investment behaviors of policy banks. Although there are policy attributes and public attributes, it is still necessary to maintain a low profit. "
Beijing News reporter Xu Qian
Editor Yang proofreads.