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This afternoon, Pan Gongsheng, governor of the central bank, spoke:
Overall, China's real estate industry is seeking a new balance", and the sentiment and ** of China's real estate market have begun to show a trend of normalization, and the real estate market is expected to have bottomed out. 
Real estate has bottomed out, we don't dare to judge at will, but the top management is different, they are the people who make the rules, and they are the ones who control the direction. Now the governor of the central bank has directly stated that real estate has bottomed out, which is equivalent to stamping!I'm going to put it bluntly: the state calls you to go!You don't need to listen to the words of intermediaries, you don't have to listen to the words of experts, and you can listen to the words of Internet big Vs, but you must listen to the words of the central bank governor.
According to our country's style of doing things, it is not easy to make a conclusion about an industry, and this must be the result of countless deliberations and countless meetings and discussions. Recently, there have been frequent high-level actions, especially in the adjustment and support of the financial side. We in the industry are actually feeling the change. Yesterday's meeting of the eight departments jointly issued a notice:Strengthen financial support measures to help the development and growth of the private economy. For some private enterprises with development prospects, it is necessary to meet the financing needs in advance, and not blindly suspend loans, pressure loans, withdraw loans, or cut off loans. It also specifically mentioned that private real estate enterprises should reasonably meet the financial needs of private real estate enterprises. If it is placed in the past, everyone will listen to these empty words, after all, from 2022, it will be said that the financing of real estate enterprises will continue their life on the financial side.
But we have all seen the final result, and real estate companies, especially private real estate companies, have been killed and injured. Banks and other financial institutions have given full play to their characteristics of sending umbrellas on sunny days and collecting umbrellas on rainy days.
As a result, the local property market has been further damaged, the local finances have been further damaged, the interests of buyers have been damaged, the upstream and downstream industrial chains have been seriously dragged down, and the real estate has not improved. In order to activate the current predicament, there must be external funds to enter, or perhaps only the interests of a certain group of people can be sacrificed.
At present, it seems that it can only be banks and other financial institutions, and in the past, banks were naturally unwilling to be the main culprit. Do you still remember the ** Financial Work Conference on November 4th, there are many interpretations on the Internet. But in fact, the most important point here is to pull the originally relatively independent central mother into a unified financial system, which is directly managed by the highest level. 
In the past, the policies issued by the high-level were passed down layer by layer, the speed was slow, the series was not smooth, and the implementation was greatly weakened. However, in the future, the cycle from the introduction of policies to the implementation will be greatly shortened. This is also an important reason why the governor of the central bank dares to say that real estate has bottomed out today. Last week, it was reported that the regulator is drafting a white list of Chinese real estate developers, and there may be 50 state-owned and private real estate companies that will be included in it, and the listed companies will receive support from various aspects, including credit, debt and equity financing.
There is a lot of speculation about this list, but the key point is that private real estate companies, and even real estate companies that have been thundered before will be included in it.
In addition to the 25 documents issued by the eight departments yesterday, it is also emphasized that it is necessary to increase the proportion of private "real estate enterprise credit" and "tolerance of non-performing loans". To put it bluntly, even if private real estate companies have no money to repay, even if the loan is a bad debt, they have to help them. At the symposium of financial institutions jointly held by the Central Mother, the State Administration of Financial Supervision and the China Securities Regulatory Commission, the meeting also put forward the "three not less than": the growth rate of real estate loans of each bank itself shall not be lower than the average growth rate of real estate loans in the banking industry;
The growth rate of corporate loans to non-state-owned real estate enterprises shall not be lower than the growth rate of local real estate;The growth rate of individual mortgages for non-state-owned real estate enterprises shall not be lower than the growth rate of mortgages of the Bank. This is the new KPI of the future of the banking and other financial sectors, and everyone must abide by it. These three are not less than similar to the "three red lines" in the past, that is, they all put forward specific quantifiable loan indicators for banks, guiding banks to operate, and pull more real estate loans back from the financial side. However, the content of the "three red lines" is indeed completely opposite, from the "three red lines" to "three not less than". If the policy of the first two years is not to hammer the property market to death, then this year is not to save the property market. There has been a complete reversal of policy. As a result, we have seen that the stock prices of many real estate companies such as Vanke, Gemdale, Country Garden, and Sunac have risen sharply recently. Soon, CCB immediately spoke out and expressed its strong support for real estate companies. 
At the same time, the head office of CCB came forward to convene a symposium of 6 real estate enterprises to prepare to further support the financing needs of real estate enterprises and supplement liquidity.
The six real estate companies include Vanke, Longfor, Midea Real Estate, Metro Development, Binjiang Group, and Dahua Group. Obviously, this is the beginning of grabbing the 50 relatively large and excellent real estate companies on the white list, the status and background of CCB must be clear to everyone, I believe that after CCB, other banks have to queue up to take the initiative to lend money. This afternoon, the Daily Economic News also got first-hand news, and the Bank of Communications is also taking action. A symposium was held in Shanghai to conduct research on real estate enterprises, and the participants included the vice president and business director of Bank of Communications, as well as the deputy general managers of various departments. (Real estate companies include Vanke, Greentown, Longfor, Midea Real Estate, Binjiang Group, Dahua Group, Yanlord Land, New Hope Real Estate, Excellence Real Estate, Seazen Holdings, Weixing Group, Lujiazui Group, Shanghai Pudong Development Group and Shoukai Holdings.) ）
Participating real estate companies and conference agenda Photo provided by the interviewee Real estate is a capital-intensive industry, and as long as there is money, there is hope.
Therefore, for the real estate industry, the most difficult time has really passed, and the developer thunderstorm is estimated to end here.
In the days to come, real estate companies will honestly build the best houses and hand them over to the people, and those who are not able to withdraw from the industry will wash their hands in the future, and those who have the ability will continue to work hard. And the people at least don't have to worry about buying unfinished buildings, at least the 50 real estate companies on the list are safe. As for the market performance, we have seen so many cities bailing out the market and making so many big moves, it seems that the effect is not obvious, in fact, it doesn't matter. Bailing out the market was supposed to be a long-term job, and if it didn't work once, then two or three times, and the most important thing is that now that the bottom has been confirmed, it's nothing more than waiting. There's nothing new under the sun, and everything will always be back on track. From the epidemic to the present, after two and a half consecutive years of adjustment, this round of real estate downturn has finally come to an end.
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