The "Notice" is divided into six sections, including keeping real estate financing stable and orderly, actively doing a good job in "guaranteeing the delivery of houses" financial services, actively cooperating with the risk disposal of trapped real estate enterprises, and protecting the legitimate rights and interests of housing finance consumers according to law, and sixteen measures to support the stable and healthy development of the real estate market.
Many insiders said in an interview with the reporter of National Business Daily on June 165438+ 10/3 that the Notice is very important and informative, which will have a positive and important impact on the current real estate market, and also reflect the attitude of the regulatory authorities towards real estate finance, so as to avoid the occurrence of systemic risks caused by failure and accelerated deleveraging.
According to CBN, the Banking Insurance Regulatory Bureau of a northern province said that it had received the above notice on the afternoon of 165438+ 10/2, and forwarded it to the insurance institutions of banks as required.
Screenshot of the notice circulated in the real estate circle.
Stabilize real estate development loans, and treat state-owned and private housing enterprises equally.
Sixteen financial measures in the notice include: 1, stabilizing real estate development loans; 2. Support the reasonable demand for individual housing loans; 3. Stabilize the credit supply of construction enterprises; 4. Support the reasonable extension of stock financing such as development loans and trust loans; 5. Keep bond financing basically stable; 6. Maintain the financing stability of asset management products such as trust; 7. Support development policy banks to provide special loans for "Baojiao Building"; 8. Encourage financial institutions to provide supporting financing support; 9. Do a good job in financial support for real estate project mergers and acquisitions; 10, actively explore market-oriented support methods; 1 1. Encourage independent negotiation according to law to postpone the repayment of principal and interest; 12. Effectively protect the personal creditor's rights of deferred loans; 13. Extend the transitional arrangements for the centralized management policy of real estate loans; 14, optimize the M&A financing policy of real estate projects in stages; 15, optimizing the rental credit service; 16. Broaden diversified financing channels in the leasing market.
In terms of keeping real estate financing stable and orderly, the Notice requires that real estate development loans be put on a stable basis. Adhere to the "two unwavering" principle and treat all kinds of real estate enterprises, such as state-owned and private, equally; Support the reasonable demand for personal housing loans, stabilize the credit supply of construction enterprises, keep the bond financing basically stable, and keep the financing of asset management products such as trusts stable.
Yan Yuejin, research director of the think tank center of Yiju Research Institute, told the reporter of National Business Daily on June 3 through WeChat 1 13 that the new regulation of "Circular No.6 of the Central Bank/KLOC-0" is a systematic summary and adjustment of the new round of real estate finance, and it is also the clearest and most comprehensive real estate financial system route since the 20th National Congress. In fact, the policy criticizes three discriminatory real estate credit lending practices, namely, less support for private enterprises, less support for real estate enterprises focusing on real estate main business, neglect of support for the whole real estate enterprise due to the explosion of projects, and clearly stipulates that all kinds of real estate enterprises such as state-owned and private enterprises are treated equally; This adjustment is helpful to correct the working ideas of financial institutions, ensure the impartiality of the route and enhance the execution.
Specifically, the Notice requires supporting the reasonable extension of stock financing such as development loans and trust loans. For stock financing such as development loans and trust loans of real estate enterprises, on the premise of ensuring the security of creditor's rights, financial institutions and real estate enterprises are encouraged to negotiate independently on the basis of commercial principles, and actively support them by extending stock loans and adjusting repayment arrangements to promote the completion and delivery of projects. Since the date of issuance of the Notice, if it expires in the next 6 months, it can be extended beyond the original provisions for 1 year, without adjusting the loan classification, and the loan classification submitted to the credit information system is consistent with it.
Yan Yuejin believes that from the aspect of work optimization, the policy mentioned two contents, namely, allowing 1 year extension and not adjusting the loan classification, which is of great significance.
"In view of the special situation of the real estate market, the application of the extension system in the field of real estate loans will increase. The extension mode is helpful to promote the stability of the loan policy of financial institutions and prevent the relationship between financial institutions and housing enterprises from deteriorating, so it is necessary to resolve risks. The extension period is 1 year, which objectively shows that it is still necessary to vigorously support the work of housing enterprises to ensure the delivery of buildings next year. All kinds of financial institutions should understand the setting of this time point, make full use of policies, actively support the work of real estate enterprises and ensure the delivery of buildings. "
Li, chief researcher of Guangdong Housing Policy Research Center, told the National Business Daily reporter on WeChat 1 13 on the afternoon of June 30 that the government needs to intervene in time in the case of market failure. "At present, the downside risk of land output price breaks out, and the expectation is pessimistic, forming a negative feedback cycle, which leads to the failure of the real estate market. All parties are avoiding risks, and "financial leverage" is reversed to "financial leverage reduction", which leads to a liquidity trap in the industry. Judging from the recent financial data, 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, mergers and acquisitions, property security, and stimulate residents' housing consumption financing, the policy effect is not obvious. "
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.
Support development policy banks to provide special loans for "guarantee buildings"
With regard to the risk management of housing enterprises in distress, which has attracted the most attention from the market in recent two years, the Notice encourages commercial banks to carry out M&A loan business for real estate projects in a steady and orderly manner, focusing on supporting high-quality real estate enterprises to acquire housing enterprises in distress, and supporting the development of policy banks to provide special loans for "Baojiao Building".
The circular also requires financial institutions to actively explore market-oriented support methods. For some projects that have entered judicial reorganization, financial institutions can help promote the resumption and delivery of projects in accordance with the principles of independent decision-making, self-risk and self-financing. Support qualified financial institutions to steadily explore and resolve the risks of trapped real estate enterprises in accordance with laws and regulations through the establishment of funds, and support the completion and delivery of projects.
Specifically, in terms of "Baojiaolou" financial services, the Notice requires commercial banks to provide supporting financing for special loan support projects within 6 months from the date of issuance of the Notice, and the risk classification will not be reduced during the loan period; After the new and old debts are written off, the borrowers are managed as qualified borrowers. If the newly issued matching financing is not good and the relevant institutions and personnel have fulfilled their responsibilities, they can be exempted.
Li believes that according to the requirements of the Notice, as long as all enterprises with overall financial health and short-term difficulties enjoy the support of bond credit enhancement and have difficulties in repayment, it is clear that they can be extended. Enterprises with state-owned assets can increase their credit and purchase bonds, which is equivalent to credit injection and directional cash flow injection, and the market's concerns about risks can be dispelled.
In addition, the circular also gives guidance on broadening diversified financing channels in the housing leasing market, encourages commercial banks to issue financial bonds to support housing leasing, raises funds for the development and construction loans and operating loans of housing leasing in Canada, and steadily promotes the pilot projects of real estate investment trusts (REITs).
"Fundamentally speaking, I 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 announcement, it is expected to correct the excessive credit tightening and slow down the liquidity trap. " Li believes.
In fact, before the exposure of the Sixteen Financial Measures, the market had already had signals concerning policies such as real estate financing.
165438+1At the beginning of October, Yi Gang, governor of the central bank, said at the "International Financial Leaders Investment Summit" of the Hong Kong Monetary Authority that the People's Bank of China actively supported the healthy development of the real estate industry, reduced the interest rate and down payment ratio of individual housing loans, and encouraged banks to support the construction and delivery of sold houses through the special loan of "Baojiao Building" to support the demand for rigid and improved housing. "With the continuous advancement of urbanization in China, we believe that the real estate market can maintain a stable and healthy development."
1October 8, 165438+ Bank of China (60 1988) Market Dealers Association (hereinafter referred to as Dealers Association) said that with the support and guidance of the People's Bank of China, in order to implement a package of policies and measures to stabilize the economy, we should adhere to the "two unwavering" principle and support the healthy development of private enterprises.
In June165438+1October 10, the dealers association accepted the shelf registration and issuance of 20 billion yuan of Longhu Group, and China Bond Promotion Company accepted the business intention of increasing credit of enterprises simultaneously; 165438+1October 1 1, Metro Holdings (60 1 155) indicated that it intends to apply to the Association of Dealers for a new registered quota of15 billion yuan debt financing instruments, but this
165438+1October 12, Poly Development announced that it had received four notices of acceptance of registration from the dealers' association and agreed to accept the registration of the company's medium-term notes and short-term financing bonds, with a total amount of 1000 billion yuan. The registered amount is valid for two years from the date of each acceptance of the registration notice.
(1) No