[Reading guide] 150 billion yuan! The central bank re-issued the PSL
**: The Times
On February 1, the People's Bank of China (PBOC) announced that in January, the China Development Bank, the Export-Import Bank of China and the Agricultural Development Bank of China had a net new mortgage supplementary loan (PSL) of 150 billion yuan.
Industry insiders believe that special loans are an important financial tool innovation to promote the transformation of urban villages, which is conducive to accelerating the transformation of urban villages.
The central bank injected another 150 billion yuan in PSL
On February 1, the central bank issued an announcement showing that in January, the China Development Bank, the Export-Import Bank of China, and the Agricultural Development Bank of China added a net of 150 billion yuan of PSL.
This is the second time that the central bank has invested 150 billion yuan in PSL after restarting the PSL investment of 350 billion yuan in December last year.
According to the central bank's interpretation, the main function of PSL is to support the development of key areas of the national economy, weak links and social undertakings, and provide large-scale financing to financial institutions with a long term.
At the end of last year, Pan Gongsheng, governor of the central bank, publicly stated on many occasions that he would provide medium and long-term low-cost financial support for the construction of "three major projects" such as affordable housing and urban village renovation. Industry insiders generally believe that in December last year, the central bank restarted PSL after 10 months, and will mainly invest in the "three major projects", especially the transformation of urban villages and the construction of affordable housing.
CRC believes that both the construction of affordable housing and the transformation of urban villages require a lot of money, and the recent resumption of PSL has paved the way for this. It is expected that in the new round of PSL and urban village transformation mode, it can play a supporting role for the current sluggish property market to a certain extent. However, the specific effect still depends on the continuous delivery of subsequent PSL, and the scope and actual implementation of urban village transformation depend on the amount of demand that can be driven in the end.
Many places have received the first batch of special loans for the transformation of urban villages
On January 30, the Development Bank issued the first batch of 90 special loans for the transformation of urban villages800 million yuan, involving nearly 100 projects in Guangzhou, Zhengzhou, Jinan, Nanjing, Shijiazhuang and other cities, benefiting more than 100,000 village (resident) households, and building 23 resettlement houses840,000 sets.
On January 30, the official WeChat of the Agricultural Development Bank showed that the Agricultural Development Bank issued a loan of 79 million yuan for the Nangaoji Urban Village Reconstruction Project in Xinhua District, Shijiazhuang City, marking the successful landing of the first special loan for urban village transformation by a financial institution in the country. During the same period, the Agricultural Development Bank also put 40 in Jinan and Chengdu respectively500 million yuan, 108.4 billion yuan to support the first batch of special loans for projects.
According to incomplete statistics from the **Times reporter, Guangzhou, Qingdao, Wuhan, Chengdu and other places have officially announced that they have obtained the first batch of special loans for urban village transformation.
On January 30, the official WeChat of the Guangzhou Housing and Urban-Rural Development Bureau issued a document saying that the first batch of special loans for urban village renovation in the country landed in Guangzhou. It is understood that 14 urban village reconstruction projects, including Tan Village, Luochongwei Area, Baiyun District, Guangzhou City, and Dali Village, Minkeyuan Area, have received the first batch of special loans of 142.6 billion yuan from the China Development Bank and the Agricultural Development Bank for urban village transformation, and the first 1.5 billion yuan has been issued. The funds will be used for the preliminary work of the project, expropriation and compensation resettlement, resettlement housing construction and supporting infrastructure construction of resettlement housing communities.
On the same day, the official WeChat of Qingdao Housing and Urban-Rural Development Bureau said that 10 urban village reconstruction projects in Qingdao were granted 154 special loans for urban village transformation by the China Development Bank and the Agricultural Development Bank3.3 billion yuan, of which 4 projects have received special loans35.8 billion yuan, marking the successful implementation of the first batch of special loans for urban village renovation in Qingdao. The funds will be used for the preliminary preparation of the project, expropriation and compensation, the construction of resettlement houses and their supporting facilities, etc., which will effectively promote the steady implementation of the city's urban village renovation work.
In addition, the Hubei branch of the Agricultural Development Bank issued the first special loan for the reconstruction of urban villages in Wuhan City152.3 billion yuan will be used to support the transformation of urban villages in the Hanjiang Bay area of Qiaokou District, three villages in Hanyang District, and six villages in the eastern part of Qingshan District, with 9,550 households renovated and 14,985 resettlement housing units started.
On January 31, the official WeChat of the Chengdu Housing and Urban-Rural Development Bureau said that the first batch of special loan support projects for urban village renovation landed in Chengdu. The first batch of 62 urban village reconstruction projects in Chengdu have received special loan support from the state, with a total capital scale of more than 120 billion yuan, ranking among the best cities of its kind in the country. Up to now, the China Development Bank and the Agricultural Development Bank have signed a total of 29 projects with Chengdu, with an investment of about 1.5 billion yuan, all of which have been allocated to the project demander, marking the successful investment of the first batch of special loans in the urban village reconstruction project in Chengdu.
Special loans have accelerated the transformation of urban villages
Since 2023, the transformation of urban villages in megacities has been emphasized many times, and as one of the "three major projects", it is an important increment of steady economic growth in 2024. However, the transformation of urban villages is a complex and arduous system project, and the balance of funds is the key to its smooth implementation.
Li Yujia, chief researcher of the Housing Policy Research Center of the Guangdong Provincial Urban Planning Institute, pointed out that many previous meetings clearly proposed to increase the support of funds for the "three major projects", realize the provision of high-quality financial services for social and economic development, and promote the virtuous cycle of finance and real estate.
Li Yujia believes that the main purpose of the special loan is to solve the problems of too much capital investment in the early stage of urban village transformation, too long capital cycle, mismatch of input-output cash flow, and term mismatch, so as to boost the enthusiasm of state-owned enterprises and urban investment to promote the transformation of urban villages and reduce the cost of urban village transformation. "Special loans are an important financial tool innovation to promote the transformation of urban villages, which is conducive to accelerating the transformation of urban villages, implementing the public attributes of urban village transformation, and ensuring that the planning goals can be achieved. He said.
Wu Jianqin, research director of the China Index Research Institute, said in an interview with a reporter from the ** Times that policy banks have recently landed special loans for the transformation of urban villages, which is of great significance to promoting the transformation of urban villages in super megacities. First, policy bank loans have the characteristics of low cost and long cycle, which can directly provide medium and long-term low-cost financial support for the transformation of urban villages, and better match the characteristics of long cycle of urban village transformation and emphasizing comprehensive benefits. the second is to support the transformation of urban villages with more diversified funds in the future, and more market entities will invest in the transformation of urban villages, so as to form positive expectations and demonstration effects; Third, it has a positive effect on reducing local financial pressure, preventing local debt risks, and realizing the effective circulation of the capital chain.