Li Yu Jia, chief researcher of Guangdong Housing Policy Research Center, said: "The fundamental reason for the restart after more than two years is that in the process of promoting Jie Bao Tower, the developer's capital chain is tight, the amount of special loans and relief funds is limited, and the access conditions are strict. Therefore, it is necessary to inject high-credit funds from all sides. 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 is restarted and is expected to be put into real estate rescue projects. Information picture
PSL used to be used for shed reform, but now it will be used for real estate market bail-out.
PSL, namely mortgage supplementary loan, is one of the monetary policy tools that the central bank provides financial support to policy banks. Policy banks apply for PSL from China People's Bank 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, among which, PSL funds shall be submitted according to the actual quota before 25th and the expected quota 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 central bank's specific policy tools and one of the central bank's basic money delivery methods. It needs to conform to the principles of' specific use, earmarking, ensuring capital preservation and low profit, and ensuring safety'. It is a powerful tool for credit expansion and credit support. "
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 serving shantytown renovation, which can be clearly reflected from the scale change of PSL.
20 14,10 June, the central bank first described PSL as "providing long-term stable funds for development finance at appropriate cost to support shantytown renovation" in the third quarter monetary policy implementation report.
Judging from its development and application, Li pointed out: "Mortgage supplementary loan is an innovative and distinctive monetary policy tool during the large-scale monetization resettlement of shed reform in the last round. The basic logic is that CDB issues PSL loans, injects funds for compensation and resettlement of shed reform projects, and local governments sell land and repay PSL after demolition, forming a closed loop of "investment-application-repayment" of funds. Since then, this mode of directional injection of money has pushed up the cost and accelerated the progress of shed reform, and the house price has risen 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 predicts: "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 relief 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 by Bao Jielou. At present, the decision-making level has paid more attention to the problem of cleaning 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, plus the leverage effect after these funds enter the commercial operation field, they will be able to release huge financial blessings for the' Baojiao Building'. " Bai Wenxi said.
There will be no flooding, and a threshold for applying for funds will be set.
It is worth noting that on July 27 this year, in order to promote the work of "guaranteeing the delivery of buildings", 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 shed reform, unified loan and unified return mode is to apply for project loan funds from China Development Bank under the leadership of the government.
According to the unified loan and unified repayment fund management measures 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 allocates funds to the project company jointly funded by it and the district-level investment and financing entity, and then the project company is 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 resettlement building area to development building area) will be changed to the government-led mode, and the liquidity of developers will be alleviated by purchasing existing resettlement houses and house tickets, so as to 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 through special loans. "
In response to the work of "Protecting Education Building", Henan, Zhejiang, Guangxi and other places have successively launched government relief funds. At the same time, the first special loan of "Baojiao Building" of China Development Bank also landed in Shenyang on September 22nd.
In this regard, Li pointed out: "The difference from special loans is that special loans are invested by the Ministry of Finance (such as CDB) and included in local government debts, which are undertaken, used and repaid by state-owned enterprises or platforms. PSL is an independent investment behavior of policy banks such as CDB. Although it has policy attributes and public attributes, it still needs to maintain low profits. "
Beijing News reporter Xu Qian
Editor Yang proofreads Liu Baoqing.