The blood transfusion funds in the real estate market are in place one after another!
Recently, a number of real estate companies such as Country Garden, Shimao Group, China Aoyuan, and Jinke have announced that many of their projects have entered the "white list" of financing in various places, and some projects have obtained loans.
Believe,With the implementation of more loan support for real estate projects, the financing environment for real estate enterprises is expected to be further improved.
A few days ago, the State Administration of Financial Supervision once again mentioned at the 2024 work conference that it will actively and prudently prevent and control risks in key areas, strengthen credit risk management, and increase the disposal of non-performing assets. Accelerate the implementation of the coordination mechanism for urban real estate financing, urge financial institutions to vigorously support the construction of the "three major projects" such as affordable housing, and implement the requirements for the management of operating property loans. Cooperate with the prevention and resolution of local debt risks, and guide financial institutions to carry out debt restructuring and replacement in a market-oriented manner.
Yan Yuejin, research director of the E-House Research Institute, believes that the State Administration of Financial Supervision has mentioned three very specific real estate finance tasks, involving guaranteed delivery of buildings, new development models and commercial offices.
In the near future, it can be observed that the loan issuance of the real estate financing coordination mechanism and the loan funds for the construction of urban villages have been effective. Yan Yuejin believes that "it shows that the financial support is strong and fast, and it has played a very good policy effect." ”
It is foreseeable that the "heart" of the risk-related real estate companies can finally relax.
A number of insurance companies announced.
Its projects have entered the "white list" of financing
More than 30 projects of Country Garden have been selected into the real estate "white list".
On February 3, a person close to Country Garden revealed that after the first batch of real estate projects "white list" landed, Country Garden acted quickly and actively declared projects that met the requirements. Currently,Country Garden 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, all of which are in the "white list" of the territory. Follow-up projects in Guangdong, Hunan, Northeast China and other places are also expected to enter the "white list" one after another.
Country Garden said that after entering the "white list", the company's related projects will receive financing support, which will help alleviate financial pressure, promote guaranteed delivery, revitalize assets, and enhance the sustainable operation ability of the project. At the same time, the company deeply feels that the responsibility of ensuring delivery is great, and ensuring delivery is the bottom line that the company must adhere to.
Analysts believe that a number of Country Garden's projects have been shortlisted in 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.
In 2023, Country Garden will deliver more than 600,000 houses in total, with a cumulative delivery area of 71.62 million square meters, involving 249 cities in 31 provinces, of which 151 batches of 44,521 households will achieve "delivery is the best" Country Garden expects to deliver more than 480,000 units in 2024.
Shimao's 16 real estate projects were included in the "white list".
On February 4, according to Shimao Group, 16 of the 40 real estate projects declared by the company in pilot cities were successfully shortlisted for the "white list" formulated by the Ministry of Housing and Urban-Rural Development. Among them, the Wuhan Jinxiu Yangtze River project has completed financing and achieved payment. The remaining projects are being supported by local governments to communicate financing options with financial institutions.
These 16 projects are mainly distributed in Guangdong, Hubei, Chongqing, Jiangsu, Tianjin, Liaoning and Shandong provinces and cities, including Guangzhou Courtyard, Shimao Splendid Yangtze River, Shimao City Gate, Shimao River City Ming, Shimao Yunzhu Riverside, Shimao Qiyun Bay and Shimao Four Seasons Lotus Mountain. According to the requirements of the Ministry of Housing and Urban-Rural Development, Qingdao has sorted out the first batch of 84 real estate projects through the real estate financing coordination mechanism, with a total financing demand of about 250200 million yuan, involving 19 financing institutions.
Shimao Group's three projects, Shimao Brilliant Allure, Shimao Jinyu and Shimao Yuehai, are also on the "white list". These three projects were financed by more than 10 banks, including China Construction Bank, Bank of China, Agricultural Bank of China and Industrial and Commercial Bank of China, and more than 3,300 sets were guaranteed to be delivered.
Longfor and Jinke projects were selected into the real estate "white list".
On January 31, in accordance with the requirements of the special deployment meeting of the Ministry of Housing and Urban-Rural Development, Chongqing has sorted out the first batch of 314 "white lists" of real estate projects through the real estate financing coordination mechanism, with a financing demand of about 83 billion yuan and 22 financing institutions.
It is reported that in the first batch of "white lists" in Chongqing, there are 314 projects such as Huayu City Phase II, Longhu Haicheng Qingyunque, and Vanke Wisdom Valley, with a financing demand of about 83 billion yuan.
In this regard,Longfor sidesaid that a few days ago, the Chongqing Municipal Housing and Urban-Rural Development Commission and the Chongqing Supervision Bureau of the State Administration of Financial Supervision and Administration jointly pushed the first batch of real estate projects in Chongqing to financial institutions, and the Longfor Qingyunque project was listed. In the future, Longfor will actively cooperate with relevant departments, actively promote the implementation of policies, continue to operate steadily, and contribute to the stable and healthy development of the real estate market.
In addition, on February 4, it was reported that the first batch of real estate projects in Chongqing were on the "white list".Jinke sharesAt present, Jinke has confirmed that more than 20 projects have been approved to enter the "white list".
Aoyuan projects were shortlisted for the first batch of "white list".
For example, China Aoyuan "thundered" at the end of 2021 and completed all the processes of domestic and foreign debt restructuring in two years. On February 1, China Aoyuan disclosed that projects such as Nanning Yujiangnan, Chongqing Yuefu, Jade Tianchen, and Hechuan Original were shortlisted for the first batch of real estate projects.
It is understood that in the past 2023, China Aoyuan has completed a total of 3With 540,000 units and 4.13 million delivery areas, the annual delivery number ranks 44th among the top 50 Chinese real estate enterprises in terms of super delivery capacity in 2023. Entering 2024, China Aoyuan has taken a step forward in the double guarantee action, delivering a total of 3,285 units in January, and successively fulfilling its commitment to deliver buildings in projects in Changshu, Foshan, Nanning, Liuzhou and other places.
It is worth noting that after the real estate development project is included in the "white list", it will build a financing coordination platform for government, banks and enterprises through the special class for real estate financing coordination in various districts and counties, and guide the project "white list" enterprises and main financing financial institutions to actively promote project financing. For projects with normal development and construction, sufficient collateral, reasonable assets and liabilities, and guaranteed repayment, establish a green channel for credit, optimize the approval process, shorten the approval time, and actively meet reasonable financing needs.
According to data from the National Bureau of Statistics, the funds in place for real estate development enterprises in 2023 will be 127459 billion yuan, a decrease of 13 percent from the previous year (2022).6%。Among them, domestic loans were 1,559.5 billion yuan, down by 99%；the utilization of foreign capital was 4.7 billion yuan, down by 391%；self-raised funds were 4,198.9 billion yuan, down 191%；deposits and advance receipts were 4,320.2 billion yuan, down by 11.1 percent9%；personal mortgage loans were 2,148.9 billion yuan, down by 91%。
Some analysts have pointed out that this loan issuance support can generally meet the demand for funds and help promote the start, completion and delivery of real estate in 2024. Speeding up the approval process for high-quality real estate projects and forming physical investment as soon as possible will help stabilize real estate investment.
The joys and sorrows behind the landing of the project whitelist
Once the project enters the "white list", how will the situation of real estate enterprises be improved?
The first is that new financing will be easier for real estate projects. An insider of a real estate company in East China told the first financial reporter: "Since 2023, non-state-owned real estate companies can clearly feel that new development loans have become more difficult, and the approval is stricter; For the insuring real estate enterprises, the main purpose of 'guaranteeing the delivery of the building' is to let the bank not withdraw loans, the original development loan can be extended, and it is more difficult to increase financing through the communication and coordination of the first department. ”
For many insuring real estate companies, although they have basically stopped taking land in the past two years, the stock of land in the past is still enough to develop for many years, and the volume of individual super-large projects is based on the development cycle of five or ten years, but it is more difficult for these projects under construction to obtain financing after the company is out of insurance. Next, as long as the qualifications of these projects meet the requirements of the documents, there is hope that the development chain will be turned again, and the projects will not be "one-size-fits-all" by financial institutions due to the group's debt explosion.
Secondly, the birth of the "project white list" will also enhance the confidence of home buyers, which is conducive to the improvement of sales. Previously, after the debt of real estate companies exploded, they not only faced the failure of bank loans, but also faced the distrust of home buyers and the decline in sales. A person from a real estate company told reporters that the "project white list" can cut the credit risk of the project with good qualifications and the company's headquarters to a certain extent, and the special fund for project financing can further solve the problem of ensuring the delivery of the building.
Some people in real estate companies are worried that there is hope for the delivery of the project, but there is still "no one to save it" at the level of real estate enterprise groups.
There was such a situation before: there was money on the project, but the group could not save itself, and after the real estate companies were in danger, many places strengthened the supervision of project funds, and even there was excess supervision. The person said that there was news that the "white list of real estate enterprises" would be pushed before, but the list was not seen for more than two months, and now the white list of real estate projects is out, which may further exacerbate the problem of the differentiation of the project and the group's financial situation.
Another person from a real estate company said: "The biggest problem encountered by the industry is still the problem of deteriorating sales, with the decline in sales, there are fewer and fewer projects that can be considered 'high-quality' by financial institutions, and the market recovery is the key to solving the problem." ”
Liu Shui, director of enterprise research at the China Index Research Institute, said that at present, all localities are speeding up the establishment and implementation of the real estate financing coordination mechanism, and the implementation of real estate project loan support will help improve the liquidity of real estate enterprises, help alleviate the tightening of real estate loans and expand real estate investment, and help promote a virtuous cycle of real estate and finance.
How motivated are banks?
On January 5, the Ministry of Housing and Urban-Rural Development and the State Administration of Financial Supervision jointly issued the Notice on the Establishment of a Coordination Mechanism for Urban Real Estate Financing (hereinafter referred to as the "Notice"), which proposed that the coordination mechanism should put forward 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 project development enterprises, and in accordance with the principle of fairness and justice, and push it to financial institutions within the administrative region.
Chai Qiang, president and researcher of the China Institute of Real Estate Appraisers and Real Estate Agents, explained thisAccording to the "Notice", the urban people shall establish a real estate financing coordination mechanism, and the urban real estate financing coordination mechanism shall propose a list of real estate projects that can be financed, and provide them to financial institutions, and the financial institutions will provide financing support after evaluation.
As can be seen from the above information, the whitelist is actually a "project system". According to China Real Estate News, at the January 26 meeting on the deployment of the urban real estate financing coordination mechanism, it was clear that projects that can receive financing support need to meet the following five conditions:
1. The project is under construction. If the project is suspended for a short period of time, but the funds are in place to resume construction and delivery, it can also be included.
2. There is collateral that basically matches the financing amount.
3. Determine a loan sponsor bank and establish a closed supervision system for loan funds.
4. The pre-sale funds have not been withdrawn or the pre-sale funds have been recovered.
5. Formulate a loan use plan and a project completion plan.
A person from a large real estate company told the 21st Century Business Herald that if the "white list" and the above five conditions are true, it is more practical. On the one hand, "avoid beating to death with a stick", for example, some real estate companies whose overall financial situation is not very good will also have individual good projects, and banks can give financial support. On the other hand, supporting specific projects also reduces the pressure on banks compared to supporting specific real estate institutions. At the same time, the "project system" can also mobilize the enthusiasm of local coordination banks.
The whitelist is a list for banks, not mandatory, and each bank has its own criteria for real estate loans. A person from a joint-stock bank told the 21st Century Business Herald reporter that for example, some banks will consider national sales of TOP50 or regional sales of TOP10, TOP30 and other real estate companies, for commercial properties, banks mainly refer to the regional rent-to-sale ratio to evaluate. At the same time, the bank will also control the loan risk according to the conventional pre-loan-loan-post-loan, such as paying attention to whether the real estate company has litigation information, negative reports, arrears of business funds, and dishonesty. In his view, the whitelist is equivalent to a part of pre-loan risk control.
The president of a branch of a joint-stock bank told the reporter of the 21st Century Business Herald frankly"The authority of many banks' real estate loans has long been collected by the head office, and the local ** recommends to the local branch of the bank, and the branch cannot independently make a judgment on whether it can give a loan. If it is a local incorporated bank, the effect may be even better. ”
The aforementioned branch president also said"Banks have never stopped real estate development loans across the board, but the specific implementation at the grassroots level must also be analyzed on a case-by-case basis. ”
Now the main thing is to solve the problem of the enthusiasm of bank loans. Li Yujia, chief researcher of the Guangdong Provincial Housing Policy Research Center, said frankly that a project belongs to the "white list", which does not mean that the project is guaranteed by the first, but that the risk capital of the project can be balanced. In the end, it is up to the banks themselves to decide whether to price such loans and interest rates in accordance with the risk control system.
A number of bankers expressed concern to this reporter. They said that at present, financial institutions are generally more cautious about real estate loans, mainly worried about a series of issues such as the risk of unfinished buildings, regulatory accounts, and the removal of new houses. It is not excluded that some small and medium-sized banks will actively lend to real estate enterprises in order to meet their credit needs, but in the long run, the enthusiasm of banks to cooperate stems from the recovery of confidence in the real estate market.
The vice president of a bank said frankly that the most important thing for real estate loans within the bank is its ability to decentralize. First of all, it will look at the location of the project, because the location will determine its sales prospects, and then determine the length of the payment period; Secondly, it will depend on the nature of the enterprise, compared with small and medium-sized real estate enterprises, general banks favor central state-owned enterprises.
A bank vice president said that for example, if a real estate project requires one billion yuan, in addition to at least 20% of the real estate company's own funds, the remaining funds will generally be secured by the project land and construction in progress to obtain bank loans. If the pre-sale of off-plan housing reaches certain conditions, the bank will release the mortgage. In the end, after the real estate project is paid, the real estate company will return the principal and interest to the bank, and the rest will be retained as profits. The premise is that the project has a good ability to decentralize.
Guo Yi, chief analyst of Heshuo Institution, said that the essence of the white list is the best endorsement, and only in this way can financial institutions provide more financial support for real estate.
Li Yujia said in an interview with the 21st Century Business Herald reporterThe purpose of the "white list" is to protect the bank's creditor's rights, and to strengthen the cooperation between the housing and construction sector and the financial sector to jointly promote the implementation of real estate financing. In the current situation, only the implementation of the whitelist through a combination of top-down and bottom-up can boost market confidence and expectations.
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