On February 4, the Ministry of Housing and Urban-Rural Development and the State Administration of Financial Supervision disclosed that as of the end of January, 170 cities in 26 provinces had established an urban real estate financing coordination mechanism, put forward the first batch of real estate project "white list" and pushed it to commercial banks, involving a total of 3,218 real estate projects.
Looking back, the whole process took less than a month from January 12 to meet the reasonable financing needs of high-quality projects, to the deployment meeting of the urban real estate financing coordination mechanism (hereinafter referred to as the "deployment meeting") held on the 26th, and then to the release of the first batch of "white list" projects, which is very efficient.
Li Yujia, chief researcher of the Guangdong Provincial Housing Policy Research Center, told the International Finance News that the first batch of projects is of strong demonstration significance, and they are all good projects of good quality, and some of them have already landed financing support.
A number of real estate companies spread the news.
In fact, after the first batch of real estate projects "white list" landed, large-scale real estate companies such as Country Garden, Sunac, CIFI, Shimao, Zhongnan, China SCE, and Jinke acted quickly and actively applied for projects that met the requirements.
At present, Country Garden has confirmed that more than 30 projects have been approved to enter the "white list", including many projects in Henan, Hubei, Sichuan, Shandong, Chongqing and other places. Subsequently, projects in Guangdong, Hunan, Northeast China and other places are expected to enter the "white list" one after another according to the ** approval. Sunac has more than 90 shortlisted projects, covering 20 cities including Beijing, Tianjin, Chengdu, Chongqing, Zhengzhou, Shenyang, Qingdao, Wuhan, Kunming, Xi'an, Taiyuan and Xishuangbanna. CIFI confirmed that 23 projects have been approved for inclusion in the "white list", distributed in Chongqing, Kunming, Beijing, Tianjin, Taiyuan, Wuhan, Luoyang, Wenzhou, Nanning and other cities. Shimao has applied for 40 projects in pilot cities, and 16 have been shortlisted. At present, more than 10 projects have entered the "white list", with a proposed financing amount of nearly 3 billion, and more than 20 projects are being promoted, with a total proposed financing amount of nearly 10 billion. After Jinke has more than 20 shortlisted projects in its base camp of Chongqing, a total of 53 projects have been shortlisted for the "white list" nationwide, and in addition to Chongqing, Henan, Shandong, Guangxi, Hubei, Liaoning and other places have also landed. Zhongnan Construction's projects in Nantong, Qingdao, Kunming, Chongqing and other places have also entered the white list.
Some industry insiders said that many projects of the above-mentioned real estate companies were shortlisted for the first batch of "white lists", indicating that although the company has encountered temporary difficulties, it has still been supported and recognized by the first and regulatory authorities. Recently, policy easing has entered the stage of accelerated implementation, and Guangzhou, Shanghai, Suzhou and other cities have successively relaxed purchase restrictions, which is expected to promote the release of housing demand. The coordinated efforts of demand-side and enterprise-side policies are expected to promote the gradual stabilization of the real estate market.
It should be noted that the push of the "white list" project does not mean that commercial banks must provide loans, and the latter also needs to carry out routine credit approval and risk control process control, but after the communication and cooperation between the Ministry of Housing and Urban-Rural Development and the financial sector, the information between the two sides is more symmetrical, and some uncertain factors affecting credit delivery can be eliminated, thereby boosting loan delivery.
178600 million.
In fact, since late November 2023, the rhetoric about the real estate "white list" has been fermenting, when it was reported that the regulator planned to issue a "white list" covering 50 real estate companies, including state-owned and private real estate enterprises, but there was no follow-up.
About two months later, regarding the progress of the "white list", the relevant departments proposed a new direction.
On January 12 this year, the Ministry of Housing and Urban-Rural Development and the State Administration of Financial Supervision jointly issued a notice on the establishment of an urban real estate financing coordination mechanism, stating that it is necessary to guide cities at and above the local level to establish a real estate financing coordination mechanism (hereinafter referred to as the "coordination mechanism") headed by the responsible comrades in charge of housing and urban-rural construction in the city, and the local housing and urban-rural development departments and the dispatched agencies of the State Administration of Financial Supervision are members.
The coordination mechanism should clarify the division of labor, and propose a list of real estate projects that can be given financing support according to the development and construction of real estate projects and the qualifications, credit, and financial conditions of the project development enterprises, and push them to financial institutions within their administrative regions.
Financial institutions will evaluate the support targets pushed by the coordination mechanism, and establish a green channel for credit extension for projects with normal development and construction, sufficient collateral, reasonable assets and liabilities, and guaranteed repayment, optimize the approval process, shorten the approval time limit, and actively meet reasonable financing needs; For projects that encounter temporary difficulties in development and construction but can basically balance funds, we will not blindly draw loans, cut off loans, or pressure loans, but will support them by extending existing loans, adjusting repayment arrangements, and adding new loans.
On the morning of January 26, the Ministry of Housing and Urban-Rural Development held a deployment meeting of the urban real estate financing coordination mechanism (hereinafter referred to as the "deployment meeting"), with the participation of 35 key cities and 25 provinces. In addition to provincial capitals, non-provincial capitals such as Shenzhen, Xiamen, Dalian, Qingdao, Ningbo, Dongguan, Foshan, Wuxi, Suzhou and Changzhou also participated.
At the deployment meeting, it was proposed that before the end of January 2024, the first batch of real estate project "white list" may be landed and strive for loans.
According to the news on February 4, as of the end of January, 170 cities in 26 provinces have established urban real estate financing coordination mechanisms, put forward the first batch of real estate project "white list" and pushed it to commercial banks, involving a total of 3,218 real estate projects. After receiving the list, the commercial bank reviewed the projects in accordance with the regulations, and has issued loans to 83 projects in 27 cities with a total of 178600 million yuan.
It is worth mentioning that in the above list of projects, 84% of the projects belong to the projects developed by private real estate enterprises and mixed-ownership real estate enterprises, which truly implements the equal treatment to meet the reasonable financing needs of real estate enterprises under different ownerships; In addition, the acceleration of the implementation of the urban real estate financing coordination mechanism will effectively alleviate the shortage of funds for real estate enterprises, support the development and construction of projects, and promote the stable and healthy development of the real estate market.
In Li Yujia's view, under such a docking mechanism, the future bank financing will no longer distinguish between ownership (state-owned enterprises or private enterprises), but from the quality of the project itself, such as whether there is a mortgage, closed operation of funds, repayment plan and other dimensions, "this is a feasible path for the 'white list' to land."
These cities have "landed".
According to the statistics of the Central Plains Real Estate Research Institute, as of February 3, there have been 13 cities and provinces that have clearly issued policies mentioning the white list, with a total of 1,749 projects mentioned in total, and the financing demand exceeds 300 billion.
The first loan landed in Nanning, Guangxi.
On January 30, four days after the Ministry of Housing and Urban-Rural Development held a relevant deployment meeting, Nanning City has established a real estate financing coordination mechanism and pushed the first batch of 107 real estate project "white lists" to local financial institutions, among which the Beitou Heyuan project has been awarded the Nanning Branch of Minsheng Bank 3300 million yuan development loan.
The next day, Chongqing, Harbin, Qingdao and other cities followed the rhythm and disclosed their respective "white lists".
Among them, there are 314 projects in the first batch of "white list" in Chongqing, with a financing demand of about 83 billion yuan, involving 22 financing institutions, and the Agricultural Bank of China Chongqing Branch has approved the first local real estate white list project, and the new loan is 3200 million yuan, it is expected that the first 54.5 million yuan will be put in place in early February, mainly used for enterprises to pay wages and project funds;
Harbin's first batch of financing support projects real estate enterprise "white list" has a total of 19 projects, involving financing needs of more than 2.7 billion yuan, at that time the relevant person in charge of the city's housing and urban-rural development bureau said that the second batch of applications have been counted, there are about twenty or thirty projects.
There are 84 "white lists" of the first batch of real estate projects in Qingdao, which have been pushed to financial institutions, with a financing demand of about 250200 million yuan, involving 19 financing institutions; Chengdu also said that it has completed the first batch of whitelist review, covering 227 real estate projects, and the first choice for enterprises to dock with the first batch of list review 28.
On February 1, Hubei Province also pushed the first batch of 221 real estate projects to various financial institutions, involving 16 cities and prefectures with a financing demand of 71.2 billion yuan. Among them, there are 158 projects with normal development and construction, sufficient collateral, reasonable assets and liabilities, and guaranteed repayment, involving 466 financing needs600 million yuan, accounting for 655%；There are 63 projects that have encountered temporary difficulties in development and construction, but the funds can be basically balanced, involving financing needs of 245400 million yuan, accounting for 345%。
More than 60% of these projects in Hubei Province came from private enterprises and other types of enterprises. Specifically, among the 221 projects, there are 39 central enterprises and state-owned enterprises, with financing needs of 224100 million yuan, accounting for 315%；There are 10 projects of mixed-ownership enterprises, and the financing demand is 59400 million yuan, accounting for 83%；There are 172 private enterprises and other types of enterprises, with 428 financing needs500 million yuan, accounting for 602%。
It is reported that at present, the coordination mechanism of various cities and states in Hubei has organized some real estate projects to carry out bank-enterprise docking, and substantial progress has been made in financing 16 projects and nearly 3 billion yuan.
Zhang Dawei, chief analyst of Centaline Real Estate, pointed out that on the whole, the first batch of cities to release the "white list" are basically cities with high inventory pressure and high sales pressure, and the "white list" of some provinces and cities is still advancing.
Taking Henan as an example, some real estate companies familiar with the local situation said that Henan's "white list" combing work is still in progress, and the speed and process of each city are different.
A person related to a real estate company in South China also said that his company has declared several projects in Shenzhen, but the city has not yet announced the specific list.
What does the "whitelist" do?
A common concern in the market is, what does it mean to be on the "white list"? How much help will it be for the project or even the business?
In Zhang Dawei's view, the "white list" is meaningful, but it may not have a practical effect. He bluntly said that real estate projects into the "white list" does not mean that they can obtain financing from financial institutions, local ** will push the real estate project "white list" to the financial institutions in the region, and then these financial institutions will screen out the projects that can issue loans, "the final decision is in the financial institutions, not the local **".
According to what he said, bank loans still have to look at the countervailing and repayment**, there are good assets, positive assets to get loans, although the emergence of the "white list" is conducive to some high-quality projects, but also to avoid in order to meet the requirements of the "white list", some cities for large real estate enterprises to increase capital supervision, thereby affecting the overall flow of real estate enterprises.
According to public information, the projects shortlisted for the "white list" must fully meet the following five requirements: 1. The project is under construction, including projects that can resume work immediately after the funds are in place, and can be completed and delivered; 2. The project has collateral or mortgage guarantee that basically matches the financing amount; 3. The project has identified the host bank to apply for the loan, and accepts the closed management of the loan funds; 4. The pre-sale funds of the project have not been withdrawn, or the funds have been recovered in a timely manner; 5. The project has preliminarily formulated a plan for the use of loan funds and a completion plan.
In other words, only high-quality projects can be included in the "white list". "These real estate projects that can be shortlisted for the 'white list' have good conditions, and they have been dragged down by the group's debts to lead to the shutdown, and now they can be quickly revitalized if they have funds to pull in. Zhang Dawei said.
The above-mentioned South China real estate company related people also told the "International Financial News" that the "white list" is the most meaningful for some high-quality projects that have been implicated and forced to suspend work because of the credit bankruptcy of the parent company. ”
He bluntly said that in fact, Shenzhen has been doing relevant actions for a long time.
In 2022, a company called Anju Construction was established, and it specializes in targeted bailouts with similar projects that are still worth saving, and the reference selection criteria are also reliable. According to him, at present, Shenzhen's unfinished projects have been basically alleviated, and this year, Anju Construction will do more work on credit asset evaluation and endorsement to help these projects resume their financing functions.
Industry insiders working for a Chinese ** insurance real estate company are also optimistic about the above-mentioned "white list", "It will not be worse if it can be maintained, otherwise the liquidity will dry up." He said that his company has applied for more than 20 projects, and because the declaration speed process is different in each city, it will be dynamically updated in the future.
When talking about the difference between the policy and the special bailouts established in various places before, the person said that the previous special bailouts were targeted at the China Development Bank, with limited funds, but this time it was directly benchmarked against commercial banks, and with the previous experience paved, there will be some improvement. (*International Finance News).
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Article**: International Finance News