In addition, the circular also stipulates that it is necessary to maintain the financing stability of asset management products such as bond financing and trust, support development policy banks to provide special loans for "guarantee buildings", encourage financial institutions to provide supporting financing support, do a good job in financial support for real estate project mergers and acquisitions, actively explore market supporters, extend the transitional arrangements for centralized management policies for real estate loans, optimize financing policies for real estate project mergers and acquisitions in stages, optimize leasing credit services, and broaden diversified financing channels in the leasing market.
In this regard, Li, chief researcher of the Housing Policy Research Center of Guangdong Urban Planning Institute, believes that the notice will bring the following effects:
1, real estate financing continues to tighten, and the effect of financial support policies is weak.
Real estate rose in the past and was highly leveraged. However, in the second half of the year, we should gradually reduce leverage, otherwise it will cause great risks and shocks to the economy and the contraction of residents' assets. However, from the data of 10 month, the tightening trend of real estate financing is obvious. On June 5,438+10, household loans decreased by1800 million yuan, which is another negative growth since February and April this year, with a year-on-year decrease of 482.7 billion yuan, reflecting the weakening of residents' financing needs. In June, 5438+ 10, the medium and long-term loans of enterprises (institutions) increased by 243.3 billion yuan, and in September, they increased by 654 billion yuan, and the medium and long-term loans of enterprise departments also narrowed slightly. Among them, financial institutions have obviously contracted real estate. This means that although a large number of easing policies have been introduced recently to support enterprises' reasonable financing, merger and reorganization, property security and stimulate residents' housing consumption financing, the policy effect is not obvious.
2. There is a liquidity trap in the industry, and the acceleration of deleveraging leads to risk diffusion and market failure, which requires a policy.
At present, the price of land output has fallen, risks have broken out, and expectations are pessimistic, forming a negative feedback cycle, leading to the failure of the real estate market, and all parties are avoiding risks. "Financial leverage" in turn is "financial leverage reduction", which leads to liquidity trap in the industry. The acceleration of deleveraging not only leads to the spread of risks to stable enterprises (such as Country Garden, Longhu, Jindi and Xuhui). ), but also spread to platforms and state-owned enterprises, and began to spread to people's livelihood and society. In the case of market failure, it is necessary for the government to intervene in time.
3. The general tone of this article is to stabilize the financing of real estate.
It reflects the management's efforts to stabilize real estate financing from various channels such as credit, trust, asset management, bonds, etc. From all aspects of real estate financing such as development loan, mortgage loan, M&A loan, mortgage loan, bankruptcy reorganization, loan extension, lease financing, etc., the content of policy support and the areas in urgent need of financing at present are clarified. Fundamentally speaking, we hope to steadily push forward the process of deleveraging, reduce the impact of risk disposal, stabilize market expectations, especially protect people's livelihood from shocks, and finally achieve stable real estate. Therefore, after the publication of this article, it is expected to correct the excessive credit crunch and ease the liquidity trap.
4. Strengthen policy support and adjust and rectify some policies.
First, for the supporting financing support provided under the special loan, another sub-subject management is set up and the logic of last in first out is implemented. During the loan period, the risk level will not be lowered, and those responsible will be exempted from liability. Special loans were originally imported funds endorsed by state-owned assets, hoping to attract commercial financing, but the effect was not satisfactory, mainly because institutions were worried about bad things. The innovation of this policy in many aspects, on the one hand, improves the tolerance of bad things and dispels concerns; On the other hand, protect loan rights.
The second is to consolidate the second arrow of bond financing. 165438+1October 8th, the Association of Inter-bank Market Dealers has issued the "second arrow" to expand the bond financing support tools for private enterprises and support private enterprises, including housing enterprises, to issue bond financing, with a total support scale of about 250 billion yuan. Then, 10, the first single financing was officially announced, and 20 billion storage racks were registered and distributed to Hualuolong Lake. Circular 254 stipulates that as long as enterprises with overall financial health and short-term difficulties enjoy the support of bond credit enhancement and have difficulties in repayment, they can definitely extend the period. Enterprises with state-owned assets can increase their credit and buy bonds, which is equivalent to credit injection and directional cash flow injection, and the market's concerns about risks can be dispelled.
Third, the third arrow of equity acquisition will be issued. It is clear that local governments will cooperate with banks, real estate enterprises, asset management companies and tripartite institutions to promote project acquisitions and mergers under the responsibility of their territories. This means that the third arrow of equity acquisition will be issued. In February, 2002165438+,the project of merger and acquisition was put forward, and the effect was not good. There are few specific successful cases, most of which are cooperative development projects. The purpose of this problem is to innovate in policy and improve the confidence of financial institutions in mergers and acquisitions.
Of course, in addition to tolerating, postponing and exempting risks and badness, local governments need to actively coordinate, mitigate the expectation of risk spread of financial institutions, and stop the disorderly decline of asset prices in order to mobilize financial institutions to receive M&A projects.
Fourth, the extension of the centralized loan transition period has created space for financial institutions to invest funds, collect mergers and acquisitions, and buy bonds.
Generally speaking, this article is a summary of a series of recent financial policies to support the stability of real estate, and also reflects the attitude of the regulatory authorities towards real estate finance, that is, stabilizing leverage and financing to avoid the occurrence of systemic risks caused by failure and deleveraging. The focus is also quite prominent, that is, to ensure property delivery, risk disposal, financial consumer rights and interests, and at the same time hope to transform into new real estate financing directions such as new citizens and leasing. However, many policies have been involved and mentioned before. More importantly, the demand side can stabilize and restore the hematopoietic function of the enterprise itself, thus creating a stable foundation for external financing. To do this, we should not only stop the decline of asset prices, but also alleviate residents' worries about the prospect of epidemic prevention and control. The good sign is that the latter has undergone positive changes, but due to the rapid rise in the past and the sudden change in fundamentals, asset prices cannot be alleviated in a short time, which is the biggest obstacle to the effectiveness of the policy. Therefore, it is expected that the overall downward trend will continue, but the decline will gradually narrow.
Huaxitang
Sales reference price: the price is to be determined.
Property address: about 100 meters west of the intersection of Beihuan West Street and Xiong Ying North Road, Luzhou District.
Property telephone number: 400-8 18-0066 to 005809.