First, the CBRC issued the Notice [2065438+09] No.23 (hereinafter referred to as the Notice) on "Consolidating the Achievements of Chaos Control and Promoting Compliance Construction", which aroused widespread concern in the market. At present, the downward pressure on the economy is great, and the situation of the "sweater war" between China and the United States is unknown. The original expectation of the market was that the policy tone of tightening monetary policy and strict financial supervision would be adjusted since deleveraging last year. However, the promulgation of this document confirms with the central bank's demand for orderly promoting structural deleveraging in the first quarter of 20 19, indicating that although the policy is looser than last year, the overall tone has not changed substantially. The policy has not been adjusted according to the economic downturn or the changes in the inflation situation this year. The "sweater war" will lead to inflation in the United States, which in turn will affect the global price increase and bring imported inflationary pressure to China. In addition, we can see that for specific industries, the regulatory policy has not been relaxed compared with last year, but has been significantly tightened. This is the real estate industry.
Second, the requirements of the notice for commercial banks cannot be:
Off-balance sheet funds are directly or in disguised form used for land transfer financing; Failing to strictly examine the qualifications of real estate development enterprises and illegally providing financing for real estate development projects with incomplete "four certificates"; Personal comprehensive consumer loans, commercial loans, credit card overdrafts and other funds were diverted to purchase houses; Funds illegally flow into the real estate market through shadow banking channels; The management of M&A loans, operating property loans and other loans is not strict, and the funds are misappropriated for real estate development.
Third, this requirement has not changed significantly since last year's strong supervision. The purpose of the Notice is mainly to supervise the effective implementation of relevant policies promulgated last year and prevent rebound and new regulatory arbitrage. Since last year, banks have basically no funds to intervene in the front-end financing of land acquisition. At present, the real estate financing business of commercial banks is mainly real estate development loans. For real estate development loans, banks have strict requirements and abide by the "four three two" requirements in the industry. Especially the requirements of "four certificates are complete" and "project funds are in place". For the qualification of real estate development, the requirements of local banking supervisors and the standards of banks are not exactly the same.