Figure/vision china
The amount of real estate financing has been running at a high level for several months. Housing enterprises pay their debts while grabbing land, and the voice of real estate financing is endless.
A few days ago, in the notice issued by the China Banking Regulatory Commission, there were a number of clauses to strictly investigate real estate financing. In particular, it is mentioned that it is necessary to strictly investigate the land acquisition financing of real estate enterprises, and it is strictly forbidden to misappropriate M&A loans and operating property loans for real estate development and funds flow into real estate through shadow banking. This also means that the tightening of funds for housing enterprises is inevitable.
Financing is strictly investigated again.
Since the end of last year, the financing window of housing enterprises has been slowly opened, and the financing amount has continued to run at a high level.
According to the statistics of Zhongyuan Real Estate Research Center, after housing enterprises created a monthly financing amount of 260 billion yuan in April this year, in the first two weeks of May, although they encountered a small holiday, the financing amount continued to run at a high level. As of May 14 and May, housing enterprises have issued financing plans of nearly 80 billion yuan. Although it is lower than the level of the same period in April, overall, the financing costs of some enterprises continue to decrease.
It is an indisputable fact that the proportion of credit balance in the real estate industry continues to grow under the circumstances that housing enterprises have given the green light to financing. However, with the signs of recovery in the property market, especially the land market warming up again, the voice of fund supervision in the real estate industry began to appear.
On May 17, China Banking and Insurance Regulatory Commission, China issued the Notice on Carrying out the Work of "Consolidating the Achievements of Combating Disorders and Promoting the Construction of Compliance", which focused on the relevant policies that the real estate industry should strictly implement.
Judging from the contents of the notice, Yan Yuejin, research director of the think tank center of Yiju Research Institute, believes that this is the guidance of the banking system for financial risk management and control. While helping to reduce the financial risks of real estate, it also shows that the financial policy of stabilizing real estate has not been relaxed.
The circular calls for strict investigation of illegal financing provided by banking institutions to real estate development projects with incomplete "four certificates".
For non-bank areas, for real estate development projects with incomplete "four certificates", unqualified qualifications of developers or their controlling shareholders, and insufficient capital, direct financing will also be strictly investigated, and financing will be provided in disguise through equity investment+shareholder loans, accounts receivable, and income rights of specific assets.
Before granting loans to some illegal projects or projects with irregular documents, the result was to transfer the risks of real estate projects to the bank loan system. The industry believes that this control will have a deterrent effect on the financing of some non-standard housing enterprises.
Strictly control shadow banking to finance housing enterprises in disguise.
The above notice mentioned in 20 19 working points of banking institutions that it is strictly forbidden to use off-balance sheet funds directly or in disguised form for land transfer financing. At the same time, the trust field also requires that it is strictly forbidden to provide financing for real estate enterprises to pay the land transfer price directly or in disguise, and it is strictly forbidden to provide working capital loans for real estate enterprises directly or in disguise.
In fact, since April, due to the intensive financing situation of housing enterprises, enterprises have obviously accelerated their land acquisition.
According to the statistics of the Central Plains Real Estate Research Center, as of May 20th, the land sold in the top 50 hot cities in China was 1.37 trillion yuan, up 9.3% from 1.25 trillion yuan in 20 18 years. During the year, a total of 48 cities sold more than 100 billion yuan, of which Hangzhou sold 1 129 billion yuan.
The fiery land market attracts attention. Yan Yuejin believes that the inspection of land transfer financing is very timely. Recently, the land market in all parts of the country has suddenly warmed up, and the transfer of high-priced land has increased significantly. Land prices and premium rates in many cities have been rising, which is inconsistent with the current policy tone of stabilizing land prices.
"In the past, the practice of taking land in the land market and adhering to the seal of accounting firms was to review the source of funds. However, the recent review of land acquisition funds by some housing enterprises may be relaxed. However, under strict inspection, it is expected that the fund review of land acquisition by real estate enterprises will be strengthened, thus curbing the phenomenon of impulsive land acquisition. " Yan Yuejin said.
It is worth noting that the CBRC rarely mentioned that "funds illegally flow into the real estate market through shadow banking channels".
Yan Yuejin believes that the strict investigation of funds illegally flowing into the real estate market through shadow banking channels is actually to control the financing of some non-standard channels. Especially through wealth management products and various trust tools. In disguise, financing for housing enterprises. In the future, it is necessary to strengthen the control over all kinds of non-loan businesses of banks to prevent all kinds of banks' foreign investment behavior from evolving into private lending behavior.
The regulation of hot cities is tightening, and financing is difficult to release.
The above-mentioned strict investigation of the real estate industry is also a manifestation of the repeated tightening of the real estate credit policy. This move does not exist in isolation.
Zhang Dawei, chief analyst of Zhongyuan Real Estate, said that there were nearly 10 real estate control policies in various places last week, most of which were to tighten control. Among them, the Ministry of Housing and Urban-Rural Development issued an early warning of rising urban housing prices for two consecutive months. Early warning, interviews and accountability mechanisms are constantly emerging.
However, Evergrande Research Institute believes that from the current point of view, the monetary policy has been relaxed for several months and the market liquidity is abundant, but the real estate industry has been under strict supervision. Capital did not flow into the real estate industry in large quantities.
Specifically, all financing channels of real estate have not been opened. Bank credit threshold is still high, non-standard financing is limited, and the purpose of issuing credit bonds is limited. At present, we can only borrow the new and return the old, and we can't repay corporate bonds with interbank bills. At the same time, the supervision of overseas debts has been strengthened. 20 18 In May, the National Development and Reform Commission made it clear that the overseas issuance of bonds by housing enterprises was mainly used to repay debts due, restrict investment in domestic and foreign real estate projects, and supplement liquidity.
Therefore, Evergrande Research Institute believes that due to the tightening of real estate control policies in some hot cities, it is expected that real estate financing will not open in the short term.