The Ministry of Housing and Urban-Rural Development announced today that the first batch of real estate project white list involves 3,218 real estate projects in 170 cities in 26 provinces, and has issued loans to 83 projects in 27 cities after being pushed to commercial banks, totaling 178600 million yuan. Among them, 84% of the projects belong to private real estate enterprises and mixed-ownership real estate enterprises, and the main goal is to ensure the delivery of buildings.
Sunac has more than 90 projects on the white list, which is not low compared with the more than 270 projects delivered in 2023. However, most of Sunac's projects are located in first- and second-tier cities, with better asset quality and a high margin of safety, and there will be no large discounts. In comparison, most of the projects are located in the third, fourth and fifth tier cities of Country Garden, and the asset quality is much worse than that of Sunac, and there are only more than 30 shortlisted projects, which can be seen.
In fact, the whitelist mechanism is only a kind of urban real estate financing coordination mechanism established by the state to solve the real estate problem, the purpose of which is to provide an implicit guarantee for projects with better qualifications, so that commercial banks can provide financial support to better complete the task of ensuring the delivery of buildings. Therefore, the final decision-making power is still the commercial bank. There has been no essential change in the projects on these whitelists before and after they are shortlisted, and those that can be financed by the bank will be financed, and those that cannot be financed will also be weighed.
In addition, the proportion of projects shortlisted in the white list is not too high in real estate enterprises, and only a small part of the problems are solved. Therefore, the debt problem of real estate enterprises has to be solved by other methods, especially in the first half of this year, real estate enterprises will enter a new round of debt repayment peak, who will explode again, who can survive, are unknown.