Economy** Author Kang Shu.
Promoting the implementation of the urban real estate financing coordination mechanism will help support the development and construction of real estate projects, and meet the reasonable financing needs of real estate enterprises with different ownership systems without discrimination. At present, cities at and above the prefecture level are actively establishing a real estate financing coordination mechanism, which is headed by the responsible comrade in charge of housing and urban-rural construction, and the local housing and urban-rural development departments and the dispatched agencies of the State Administration of Financial Supervision are member units.
Recently, real estate financing has been positive one after another. Housing and urban-rural development and other departments have promoted the establishment of a coordination mechanism for urban real estate financing, and the central bank and other departments have proposed to give full play to the role of operating property loans to meet the reasonable financing needs of the real estate industry. The real estate industry chain is long and wide-ranging, has an important impact on the national economy, and is closely related to the lives of the people, and the strong support of the financial industry will help the real estate industry to continue to run smoothly.
Financial support is essential for the stable and healthy development of the real estate market. Banks provide development loans for real estate enterprises and housing mortgage loans for individuals, and also support the operation of the capital chain of enterprises by investing in real estate enterprise bonds, providing merger and acquisition loans to real estate enterprises, and extending existing loans. As of the end of 2023, most of the 350 billion yuan of special loans for "guaranteed delivery of buildings" have been put into projects, and commercial banks have also provided corresponding commercial supporting financing. At present, the real estate industry is still in the adjustment cycle, and the difficulties and problems existing in real estate financing need to be further solved.
Promoting the implementation of the urban real estate financing coordination mechanism will help support the development and construction of real estate projects, and meet the reasonable financing needs of real estate enterprises with different ownership systems without discrimination. At present, cities at and above the prefecture level are actively establishing a real estate financing coordination mechanism, which is headed by the responsible comrade in charge of housing and urban-rural construction, and the local housing and urban-rural development departments and the dispatched agencies of the State Administration of Financial Supervision are member units. The Coordination Mechanism organizes regular meetings with all parties to coordinate and solve difficulties and problems in real estate financing in a timely manner. Build a communication platform between government, banks and enterprises, and promote the effective connection between real estate development enterprises and financial institutions.
In order to better meet reasonable financing needs, the real estate financing coordination mechanism is directly oriented to specific real estate projects, which is more accurate. The coordination mechanism pushes a list of real estate projects that can be given financing support to financial institutions within the administrative region. Actively meet reasonable financing needs for projects with normal development and construction, sufficient collateral, reasonable assets and liabilities, and guaranteed repayment; For projects that encounter temporary difficulties in development and construction but can balance funds, we will not blindly draw loans, pressure loans, or cut off loans, but will provide greater support through the extension of existing loans, adjustment of repayment arrangements, and new loans. The real estate projects included in the list will receive stronger financial support, which will help promote the smooth construction and delivery of real estate projects and safeguard the legitimate rights and interests of home buyers. By the end of January this year, the first batch of projects is expected to be landed and loans will be sought. The coordination mechanism may be a "timely rain" for real estate projects facing financing difficulties.
Another recently introduced policy to support real estate, namely the improvement of the operating property loan policy, will help support the development of real estate enterprises, expand the scope of capital use, and improve the liquidity of real estate enterprises. On January 24, the General Office of the People's Bank of China and the General Office of the State Administration of Financial Supervision jointly issued the Notice on the Management of Operating Property Loans. The so-called operating property loan refers to the loan issued by a commercial bank to a commercial real estate enterprise legal person that has passed the completion and acceptance, completed the real estate property right certificate and put into operation, and has good comprehensive benefits. By the end of 2024, for real estate development enterprises with standardized operations and good development prospects, national commercial banks can also issue operating property loans on the basis of controllable risks and sustainable business sustainability, which can be used to repay the relevant loans and open market bonds in the real estate field of the enterprise and its group holding company (including consolidated subsidiaries).
This time, operating property loans are allowed to be used to repay loans and bonds, indicating that the scope of use of operating property loan funds has been expanded. This is conducive to reducing the financing cost of enterprises and reducing the short-term debt repayment pressure of enterprises. In recent years, some real estate companies have accelerated the layout of commercial real estate and other operating properties, compared with the traditional residential development business with high turnover and fast return on capital, the operating business mainly relies on the management of projects and services to earn returns, and the return on capital is relatively slow. In recent years, the proportion of operating property income of some real estate enterprises has continued to increase.
For some time, the financial sector has been implementing comprehensive policies from both the supply and demand ends of the real estate market, and has continuously increased financial support. It has clarified the housing credit policy of "recognising the house but not the loan", issued the "16 financial measures" to support the stable and healthy development of the real estate market, and studied and established a dynamic adjustment mechanism for the interest rate policy of the first home loan, lowered the lower limit of the interest rate policy for the second home loan, and guided the bank to reduce the interest rate of the first home loan in stock, which is playing a positive role. It is expected that the financial sector will continue to vigorously support the construction of the "three major projects", and optimize the personal housing loan policies such as down payment ratio and loan interest rate due to the city's policies, so as to better meet the financing needs of rigid and improved housing.