Real estate finance business started (1980 ~ 1993)
Starting from 1980, China's housing system reform began with selling houses on a pilot basis and increasing rent subsidies. In June of that year, CCB first piloted commercial housing development loans in Fujian and began to test the real estate credit business. 1983, the State Council promulgated the Measures for the Administration of Urban Individual Housing Construction, and CCB began to issue housing loans to employees of enterprises in Fujian, Guangdong and other provinces. From 65438 to 0985, CCB started housing savings loans and residential loans. 1987 65438+February, Yantai Housing Savings Bank and Bengbu Housing Savings Bank were established. From 65438 to 0988, the first national housing system reform conference was held, and the overall housing reform plan was issued. In the same year, the People's Bank of China incorporated residents' loans into consumer credit business. 199 1 Shanghai took the lead in establishing a housing provident fund system in China by learning from Singapore's model. By the end of 1993, there were 13 1 cities at or above the prefecture level in China, accounting for 60% of the total number of cities at or above the prefecture level.
Preliminary development of real estate financial system (1994 ~ 1997)
65438-0994 the State Council issued the Decision on Deepening the Reform of Urban Housing System, which stipulated the purpose, content and key points of the housing system reform in principle. Housing reform has entered a new stage, and the supporting real estate financial system has begun to sprout. First of all, a housing accumulation fund system has been established nationwide. 1994110 In October, the the State Council Housing Reform Leading Group, the Ministry of Finance and the People's Bank of China jointly issued the Interim Provisions on Establishing the Housing Provident Fund System, which established the housing provident fund system throughout the country and made it clear that the housing provident fund is a long-term mutual savings fund for housing. The second is to distinguish between policy and self-operated housing credit business. Led by the People's Bank of China, in conjunction with relevant departments, define the nature and scope of policy and self-operated housing credit business. Policy housing credit business refers to the housing credit business entrusted by governments at all levels and the military, coal, railway, petroleum and other systems, with policy housing funds as the source and operated by designated banks. The self-operated housing loan business of commercial banks refers to the housing loan business independently operated by commercial banks with local and foreign currency deposits as the source of funds, including housing development loans and personal housing loans. 1in April, 1997, the People's Bank of China promulgated the Trial Measures for the Management of Personal Housing Guaranteed Loans, which provided a policy basis for the development of housing consumption credit in China. The "Measures" stipulate the object, scope and handling bank scope of individual housing secured loans.
The real estate financial system has been continuously improved (after 1998)
1In July, 1998, the State Council issued the "Notice on Further Deepening the Reform of Urban Housing System and Accelerating Housing Construction", which clearly stated: stop housing distribution in kind and gradually monetize housing distribution; Establish and improve a multi-level urban housing supply system based on affordable housing; Develop real estate finance, cultivate and standardize the housing transaction market. This marks the beginning of the construction of real estate financial system serving the commercialization of housing. 1In May, 1998, the People's Bank of China promulgated the Measures for the Administration of Personal Housing Mortgage Loan, which stipulated that all commercial banks can provide housing loans for urban individuals to purchase ordinary commercial houses for their own use, and at the same time, they need to provide housing mortgage loans applied by home insurance. In 2000, the Ministry of Construction and the People's Bank of China issued the Trial Measures for the Management of Housing Loan Guarantee, which provided a policy basis for the development of housing loan guarantee business. In August 2003, the State Council requested to study and establish a national housing loan guarantee system. In 2002, the State Council revised the Regulations on Housing Provident Fund, clarified the decision-making system, institutional setup, account management and supervision system of housing provident fund, and standardized the management of housing provident fund. In February 2004, upon approval, China Construction Bank and Shi Hao Bank of Germany jointly established the Sino-German Housing Savings Bank in Tianjin. From June 5438 to February 2005, China Construction Bank successfully issued mortgage-backed security-"Jianyuan 2005-I" in the national inter-bank bond market, and the secondary market of housing mortgage loan in China was born.
Current situation of China real estate financial system
After nearly 20 years of exploration, cultivation and development, China's real estate financial system has begun to take shape, forming an organizational system with commercial banks as the main body and other financial institutions widely participating, a product system with various forms such as bank credit as the main body and trust, and a market system with the primary market as the main body and the secondary market being explored.
Initially formed an organizational system with banks as the main body.
At present, China has initially formed an organizational system of real estate financial institutions with commercial banks as the main body, serving real estate development and housing consumption. First, a real estate financial organization system with state-controlled commercial banks as the main body and joint-stock commercial banks, city commercial banks, credit cooperative institutions and other banking financial institutions has been formed, and its business accounts for the vast majority of the real estate financial market share. Second, the emergence of professional housing loan banks. Sino-German Tianjin Housing Savings Bank started its pilot project in February 2004. Third, other institutions serving housing financing, guarantee and insurance business have been established, such as trust and investment companies, housing home purchase guarantee companies and insurance companies.
The product system based on loans and supplemented by other varieties is gradually reasonable.
The financing of real estate development mainly depends on bank credit. Real estate development credit mainly includes land reserve loans and real estate development loans. At the end of 2005, the national real estate development loan balance reached 9 1, 4 1 100 million yuan, an increase of 17.03% over 2004. Among them, the loan balance of land reserve institutions reached 654.38+022.5 billion yuan, an increase of 47.94%; Loans for real estate development reached 579.5 billion yuan, up by 17.08%. The second is to carry out real estate development financing through trust products, mainly including trust loans, property rights trusts and trust equity financing. Among them, trust loans occupy a dominant position in the trust business model. At the end of 2005, the trust loans of financial institutions in China reached 4065438+300 million yuan, which was relatively small. The third is financing through issuing stocks and bonds. At present, the scale of financing by real estate enterprises in this way accounts for a small proportion of the total financing.
Housing mortgage loan is the focus of bank's real estate finance business. Housing loans issued in the field of housing consumption mainly include individual housing loans, decoration loans, portfolio loans and re-trading housing loans. At the end of 2005, personal housing loans reached 1.84 trillion yuan, up15.75% year-on-year; The non-performing rate of housing mortgage loan is less than 3%, which has become a high-quality asset of commercial banks. After 2003, the competition in the real estate financial market has become increasingly fierce, and the innovation of housing credit products has changed with each passing day. In order to attract customers, expand market share, improve comprehensive competitiveness and meet customers' diversified and personalized demand for loan products, commercial banks have continuously introduced new products, mainly including: fixed interest rate housing loans, direct customer housing mortgage loans, housing revolving credit, biweekly housing loans, relay loans, housing plus mortgage loans, "0-year repayment plan" and "mobile mortgage combination repayment method".
Enter the stage of mortgage brand competition. While commercial banks are increasing product innovation, their brand awareness and service awareness are also increasing. Because commercial banks generally regard housing loans as priority business and high-quality assets, the competition is becoming increasingly fierce, and the market competition is gradually rising to brand competition. Brand service and brand marketing have become the main direction of housing loan business development. At present, there are many influential housing loan products and brands such as Happy Home of CCB, Happy Home of ICBC, Golden Key of ABC and Ideal Home of BOC.
Housing loan insurance (guarantee) business has developed. 1998 in order to encourage commercial banks to carry out housing loan business and promote the development of the real estate market, the People's Bank of China stipulated in the Measures for the Administration of Individual Housing Loans that those who apply for individual housing mortgage loans must apply for housing insurance. After that, insurance companies constantly improved housing insurance products, increased product categories, improved payment methods and improved the service level of housing loan insurance. With the continuous development of entrusted loan business of housing provident fund, the demand for loan guarantee is increasingly apparent. Thanks to the efforts of the Ministry of Construction and the People's Bank of China, since 2000, the housing home purchase guarantee business has achieved rapid development, providing a liability guarantee for the provident fund housing entrusted loan. As of June, 2006, 26 institutions counted by the Ministry of Construction provided joint and several liability guarantee for the loan of 65.438+0.634 billion yuan of borrowers.
The real estate financial market is still dominated by the primary market.
In view of the fact that the history of China's real estate financial system construction is less than 30 years, and its rapid development is nearly 10 years, real estate financial transactions are mainly concentrated in the primary market. In order to spread the risk of housing mortgage loan, solve the problem of maturity mismatch of commercial banks and the liquidity demand of real estate lending institutions, the People's Bank of China began to explore the securitization of housing mortgage loan in cooperation with relevant departments from 65438 to 0998, and cultivated and developed the secondary market of housing finance in China. On June 5438+February, 2005, China Construction Bank successfully issued and traded the first batch of mortgage-backed security with RMB 3,065,438+0.7 billion in the national inter-bank market, marking the birth of China's secondary housing mortgage market.
The main problems existing in China's real estate financial system at the present stage
Generally speaking, China's real estate financial market is still in the primary stage, and relevant systems and systems are under construction, which has obvious primary stage characteristics such as market construction and system creation, which is consistent with the primary stage of China's real estate market and the indirect financial leading characteristics of the financial industry. The main questions are:
The financing channel of real estate development is relatively single. In view of the obvious characteristics of indirect finance in China's financial industry, direct finance and capital market are underdeveloped, and the proportion of direct financing in the whole economic activities is too small. Accordingly, China's real estate financial activities are mainly based on bank credit, and the source of funds is highly dependent on banks. According to estimates, more than 60% of the real estate development funds directly or indirectly come from the credit funds of commercial banks.
Real estate financial institutions are single, and systemic risks are concentrated in banks. At present, China's real estate financial market institutions are relatively single, mainly banks that provide credit funds, and lack insurance (guarantee) institutions that are common in many developed economies and aim to share the responsibility for housing mortgage default.
Real estate financial transactions are concentrated in the primary market. The development of China's real estate financial market is still very inadequate, mainly based on traditional bank credit products, lacking direct financing products, which is obviously lagging behind and unbalanced. China's real estate financial market structure is not perfect. Although the primary market has begun to take shape, the secondary market that can solve the financial liquidity of real estate is still in its infancy and its development is very immature. Compared with the national housing mortgage loan 1.84 trillion, mortgage-backed security (Jianyuan -I Securities) has only 3 billion yuan, so it is necessary to further expand the scale and institutional scope of the pilot securities.
Lack of policy real estate finance. Housing security is an important part of social security system, and it is also an important aspect of building a harmonious society and achieving political and economic stability. For certain groups, such as the poor, low-income people, workers who have just joined the work, if there is no policy housing system and corresponding financial support, the government's policy goal of "adequate housing for all" will not be realized as soon as possible, and it will be difficult to meet the housing needs of vulnerable groups, which will adversely affect social stability and social development. At present, China lacks a clear housing security system for specific groups, and therefore lacks a clear policy-based real estate financial system arrangement, which is difficult to meet the needs of economic and social development.
Suggestions on perfecting the real estate financial system
general idea
Taking product innovation as a breakthrough, we will study and establish a real estate financial system that conforms to China's national conditions, operates in an orderly manner, has moderate supervision, is effective in regulation, is linked with the primary and secondary markets, shares risks and responsibilities, and develops in a coordinated way.
Service "both renting and selling, focusing on sales;" The housing reform goal of "taking commerce as the mainstay and policies as the supplement" is to study and establish the primary market of real estate finance which is suitable for China's housing system and conforms to the national conditions. Taking income as the standard, we will build a commercial real estate financial system for middle-and high-income families and a policy real estate financial system for low-income families, taking into account the housing problems of specific groups such as the poor and new employees. Study the establishment of housing secondary loan market and insurance (guarantee) institutions to achieve the goal of doing their own jobs, diversifying risks and improving the mismatch of bank funds.
In-depth study of the real estate financial system
The construction of real estate financial system is a systematic project with strong professionalism, wide coverage and great influence. It is necessary to set up an inter-departmental and interdisciplinary research group on the construction of real estate finance system, comprehensively consider the future development strategy of real estate finance, and provide policy basis for the establishment of China's housing finance system.
Implement differentiated real estate financial policies
Use various forms to broaden the financing channels for housing development and construction and improve the management of pre-sale funds. Strengthen financial innovation to meet multi-level housing financing needs. We will carry out innovations in financial products and institutional systems in the second-hand housing market and the rental market. Vigorously promote the standardization of the primary market of housing finance and promote the steady development of the secondary market.
Adopt differentiated financial policies to treat housing development. In the stage of land purchase and early development, different land supply policies should be implemented according to the different purposes of housing construction. For example, the land of low-rent housing for the poor should be allocated by the government; For small and medium-sized ordinary commercial housing land, we should take active and steady financial measures to support it, such as improving the development of equity financing channels and guiding all kinds of funds to participate; For high-grade residential or villa land, it is strictly stipulated that development enterprises can only use their own funds to purchase land and complete the early development. In the housing construction stage, actively explore the use of various financing tools to provide funds for the construction of small and medium-sized ordinary commercial housing, and give appropriate financial expenses, deadlines and other aspects of support. For high-end residential or villa projects, the financing conditions and costs should be appropriately raised ... (Please see China Finance, No.9, 2007).