Tighten the supervision of pre-sale funds or pilot existing home sales.
In recent months, Quzhou, Fuzhou, Guilin, Luzhou, Huangshi, Huizhou, Shantou and other places have strengthened the supervision of pre-sale funds. According to industry insiders, under the pre-sale of real estate, the risks brought by high leverage of real estate enterprises are particularly prominent in the context of tight funds. From quality problems to contract disputes, from delayed delivery to overall allocation reduction, and even developers running away, the real estate under construction has been difficult to deal with for many years.
In this context, the above-mentioned people said that while strengthening the pre-sale supervision of commercial housing, we should gradually reduce the proportion of pre-sale projects and pilot the sale of existing homes. This will not only minimize the above disputes, but also curb the unrestricted high-leverage expansion of enterprises and reduce the financial risks of real estate enterprises.
Pre-sale expansion and unfinished projects are frequent.
On the one hand, soaring housing prices, on the other hand, unfinished buildings that have been put on hold for several years. In recent years, with the rapid development of the real estate market, the financial pressure for the rapid expansion of housing enterprises is great. At the same time, due to the rapid growth of the market, pre-sale supervision is not in place, and unfinished projects are frequent.
In recent months, the unfinished project of "Another Happy City" in Kunming has attracted many people's attention. After six years of unfinished projects, the owners had to live in a house that was still a cement block, build their own stairs, pull wires and start living like a construction site. The reason for the failure is that the developer diverted nearly 654.38 billion yuan from the pre-sale of 12 Building 1255 Suite for other purposes.
The message board of local leaders of People's Daily Online also shows that the delivery of the Jiayuan project in Lianjun County, Rucheng County, Chenzhou City in 20 14 years should be completed by the end of 20 17 according to the contract, but the project is still in a state of suspension, and no building can meet the delivery conditions. In this regard, the Network Information Office of Chenzhou Municipal Committee replied that according to the agreement, the county headquarters only charged 30% of the house price at that time and distributed it to the developer according to the floor construction situation, and the remaining commercial housing purchase price was managed by the developer. At present, the poor management of developers themselves leads to the shortage of construction funds.
The owner of Hermè s xixi Mansion Project in Yanta District, Xi 'an reported that the house has not been occupied since it was purchased on 20 14, and the relevant person in charge replied that it is understood that the Hermes Xixi Mansion project was capped on 20 18 and 10, but due to the financial problems of the developer Shaanxi Zhehua Real Estate Development Co., Ltd., subsequent construction could not be carried out. At present, the remaining problems are being solved through litigation, and the project construction will be restarted after the litigation results are determined.
The owner of Jin Lan International Community, qibin district, Hebi City, Henan Province reported that the project capital chain was broken due to misappropriation of huge project funds. The main body of the project was capped on 20 14, and it has been stopped so far, involving as many owners as 10038.
In fact, not only small housing enterprises, at the beginning of this year, the Taihe Group project with a capital chain crisis also had the problem of unauthorized misappropriation of pre-sale funds. The owner of the second phase of Beijing Yard reported that the funds for the pre-sale project were misappropriated and the project was suspended.
In this regard, Beijing Chaoyang District Housing Management Bureau replied that according to Article 13 of the Measures for the Supervision and Management of Pre-sale Funds of Commercial Houses in Beijing, "during the pre-sale period of the project, the purchase price shall be directly deposited into a special account. Real estate development enterprises may not directly collect pre-sale funds for commercial housing other than the down payment. " Because Taihe Company violated the above provisions in the process of selling houses, the bureau repeatedly requested rectification and suspended online signing. It is reported that Taihe has completed some rectification.
Kang, secretary-general of the Legal Affairs Committee of China Real Estate Association, said that the core of the supervision system of pre-sale funds is to ensure that the pre-sale funds are used for the construction of pre-sale projects through the supervision of the use of pre-sale funds by third parties, so as to ensure that the pre-sale projects are successfully completed and there will be no harm to the legitimate rights and interests of buyers. However, the supervision of pre-sale funds is based on the online signing of pre-sale projects. If the items on sale are sold without pre-sale permission, or the sales permission is not obtained through online signing, the administrative department will not be able to grasp the situation of the items on sale in time and effectively, nor can it supervise the pre-sale funds. In this case, the potential transaction risk is great.
The director of Beijing Jin v. Law Firm said that developers have the need to quickly withdraw funds, expand the scale and earn more benefits. In order to withdraw funds quickly, developers often use the method of pre-sale. Before the project is completely completed, the funds returned from pre-sale cannot be used for other purposes. Many developers don't want to see the money there, and they will choose to misappropriate the regulatory funds for other investments or other purposes. In addition, many small housing enterprises have been involved in small loans such as P2P before, and most of the funds are used to fill holes.
"Before that, the legislative punishment was not enough, and the legislative punishment was not directly proportional to the huge benefits obtained by developers in violation of fund supervision. Developers are profit-seeking. When the illegal cost is far lower than the possible income, many developers will choose illegal misappropriation. " Wang Yuchen said.
High debt and financial pressure.
Indeed, compared with the huge debt pressure, punishment is only nine Niu Yi hairs for housing enterprises, and "finding money" has become the main topic of many housing enterprises. On August 20th, Xiamen Jianfa Group Co., Ltd. announced that it plans to issue the fourth phase of medium-term notes in 2020, with an issuance scale of no more than 654.38+0.5 billion yuan and a term of 3+N years.
According to the prospectus, the funds raised by this bill are intended to be used for debt repayment financing instruments, not for real estate business, financial industry and related work, nor for purchasing wealth management.
As a matter of fact, as of the signing date of the prospectus, the balance of compensation bonds of Xiamen Jianfa was 76.08/kloc-0.0 billion yuan, including 8.5 billion yuan for ultra-short-term financing bonds, 2,654.38+0.25 billion yuan for medium-term notes and perpetual notes, 9.3 billion yuan for directional debt financing instruments, 30.755 billion yuan for corporate bonds and 654.38+for corporate bonds.
Previously, on August 13, South China City announced that it had completed the issuance of $200 million senior notes due on August 12 with the interest rate of 1 1.5%. On the same day, Xuhui Holding Group announced that on 12, the company's guarantor and subsidiary entered into a purchase agreement with the initial buyer on the issue of bills. After reaching certain completion conditions, the company will issue 65.438+0.2 billion yuan of senior notes due in 2023, with an interest rate of 5.85%.
Under the pressure of housing enterprises' debts, the financing action has accelerated. According to the statistics of the Central Plains Real Estate Research Center, in the first half of August, the issuance scale of credit bonds in the real estate industry reached 2,665.438 billion, which was at a high level in the year. During the year, housing enterprises issued a total of 8 1 1, with a total financing amount of 624.2 billion.
"Especially in recent days, housing enterprises have intensively issued large amounts of financing. Overall, housing financing in July has set a new record for the same period in history. " Zhang Dawei, chief analyst of Zhongyuan Real Estate, said.
"Now capital flow is the most important thing for enterprises." A real estate enterprise said that in the second half of this year and next year, real estate enterprises will face debts exceeding10.5 trillion yuan to be repaid. For the real estate industry with tight capital chain, the pressure has never been reduced, which is why more and more real estate enterprises are willing to issue bonds at high interest rates.
Zhang Dawei said that on the whole, domestic real estate sales have eased, and most enterprises have increased their sales. However, in order to cope with the possible market changes in the future and speed up the capital reserve, housing enterprises seize the window period to increase all financing means and raise as much as possible. Although some enterprises' financing cost is less than 6%, some enterprises' financing cost exceeds 13%.
In fact, the previous semi-annual report of the problem housing enterprise Taihe showed that Taihe Group failed to complete the principal and interest of 17 Taihe MTN00 1, 18 Taihe MTN002, 17 Taihe MTN 0 1 in the first half of this year. As of August 15, the outstanding loan amount of Taihe was 34.9 billion yuan, and the interest was 4.332 billion yuan.
Pan Hao, a senior analyst at RealData, said that judging from the relationship between new debt issuance and debt maturity in the past 18 months, the trend of new debt issuance in 20 19 years was basically delayed by 1 month compared with the debt maturity trend, and after entering 2020, the trends of the two are basically the same, that is, the peak of debt repayment is also the peak of debt issuance. According to the existing bond scale statistics, from August 2020 to the first half of 20021,there were 4 bonds with a monthly maturity exceeding 1000 billion yuan, and the debt repayment pressure of housing enterprises continued to increase, and the demand for issuing bonds would remain high for a long time. "
The call to cancel the pre-sale system has revived.
Recently, Danyang Housing and Construction Bureau pointed out that in order to effectively reduce the delivery risk of pre-sale commercial housing and prevent conflicts, the third-party custody of pre-sale funds for new commercial housing was carried out in Danyang from August 18.
It is reported that the third-party custody mode of pre-sale funds is a professional third-party fund custody platform provided by the government. The buyer, the development enterprise and the custodian institution * * * signed a tripartite agreement on pre-sale funds of commercial housing, stipulating that the loan funds for pre-sale commercial housing should be remitted to a third-party escrow account. According to the progress node of the custody project, the custody institution will complete the main structure 1/2, complete the capping of the main structure, and complete the issuance and initialization of the project completion acceptance worksheet.
In mid-August, Quzhou City's Notice on Strengthening the Supervision of Commercial Housing Pre-sale Funds in Quzhou City will strengthen the supervision and management of commercial housing pre-sale funds. It is required that 130% of the total project cost of underground space and aboveground part of commercial housing construction projects should be taken as the key supervision object of commercial housing pre-sale funds, and the amount of funds should be 130% of the remaining project cost from each payment node to the delivery conditions of commercial housing.
In Fuzhou, the Measures for the Supervision of Commercial Housing Pre-sale Funds in Fuzhou (Trial) points out that the supervision amount of pre-sale funds for new commercial housing projects should not be higher than 1.2 times of the total project cost in principle.
The node where the developer withdraws the advance payment is linked to the construction progress. The "Measures" stipulate that before the main structure is capped, the cumulative application for use shall not exceed 60% of the regulatory quota; Before the completion and acceptance of the project, the cumulative application for use shall not exceed 85% of the supervision quota; Before the project is delivered for use, the cumulative application for use shall not exceed 95% of the supervision quota; After the new commercial housing project completes the project completion acceptance record form, the regulatory bank will terminate the supervision of the pre-sale funds of commercial housing.
Wang Yuchen said that there are more and more problems caused by insufficient fund supervision. For example, the occurrence of uncompleted residential flats often stems from the misappropriation of supervision funds by developers. With the increase of local events to maintain stability and safeguard rights, local governments have gradually discovered the risks of supervision of pre-sale funds, prompting more local governments to speed up the improvement of supervision of pre-sale funds.
Wang Yuchen believes that the next step should be to further improve legislation, enhance the openness and transparency of regulatory funds, and strengthen penalties for illegal housing enterprises. On the other hand, Hainan has fully entered the existing housing sales system, which is a good signal. The next step is to gradually reduce the proportion of pre-sale projects and pilot existing home sales. This can not only minimize the above disputes, but also restrain the unrestricted high-leverage expansion of enterprises and reduce the capital risk of real estate enterprises.
In fact, it is reported that the regulatory authorities have the idea of implementing existing home sales. A few days ago, when the Ministry of Housing and Urban-Rural Development and the People's Bank of China jointly held a symposium on real estate enterprises, some regulatory authorities said that the pre-sale system was a policy adopted in the context of the shortage of housing in the past. At this stage, the supply of existing homes is sufficient, and whether the pre-sale system exists is reasonable. The next step will be to strengthen the discussion in this regard.
In addition, Wang Yuchen suggested that property buyers must conduct a basic review of developers and their affiliated companies, especially shareholder companies, when buying a house. See if developers and affiliated companies have foreign debts, uncompleted residential flats, arrears in project funds, and overdue delivery of commercial housing. "Now the network is very developed, and these verifications can be achieved even without the cooperation of professional lawyers. For example, you can enter the name of the developer on China Judgment Document Online, find the relevant judgment about the developer, and then check whether there are the above problems. For example, you can check the general situation of developers and affiliated companies in Tian Yan or enterprise inspections, paying special attention to legal risks and administrative penalties. "