It is strictly prohibited to issue loans to real estate projects that have not obtained the "four certificates".

The "Notice on Relevant Issues Concerning Strengthening the Supervision of the Real Estate and Securities Business of Trust Companies" (Yinjianbanfa [2008) No. 265) stipulates that it is strictly prohibited to apply to companies that have not obtained the state-owned land use certificate, construction land planning permit, Loans are granted to real estate projects with a construction project planning license and a construction project construction license.

The state stipulates that a certificate must be obtained before applying for a project loan to prevent companies from financing prematurely during the project development process, having a small proportion of their own funds, or even misappropriating project loan funds.