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On May 17, the People's Bank of China announced the establishment of affordable housing reloans, encouraging and guiding financial institutions to support local state-owned enterprises to purchase completed and unsold commercial housing at reasonable prices for affordable housing.
Authoritative sources said that the refinancing of affordable housing is an important measure introduced by the People's Bank of China as a support for the construction of a new model of real estate development, which is conducive to achieving multiple goals through a market-oriented approach. It includes accelerating the decentralization of the stock of commercial housing, accelerating the supply of affordable housing, helping to ensure the delivery of buildings and the "white list" mechanism.
It is understood that the scale of affordable housing refinancing is 300 billion yuan, with an interest rate of 1.75%, a term of 1 year, and can be extended 4 times. The recipients include 21 national banks, including the China Development Bank, policy banks, state-owned commercial banks, postal savings banks, and joint-stock commercial banks. Banks issue loans in accordance with the principle of independent decision-making and assumption of risk. The People's Bank of China (PBoC) will issue re-loans at 60% of the loan principal, which can drive bank loans of 500 billion yuan.
The reporter learned from the investigation that state-owned enterprises in Zhengzhou, Nanjing, Zhuhai and other places have taken the lead in participating in the process of destocking housing through direct acquisition, trade-in, etc., and preliminary statistics show that the planned acquisition of housing in various cities has exceeded 10,000 units. The People's Bank of China (PBoC) has set up a special re-lending tool in a timely manner to support local state-owned enterprises in acquiring existing real estate for use as affordable housing, reflecting the support for the implementation of the decisions of the CPC Central Committee and the initiative of local governments to resolve the risks of housing stock.
A list of policy points for refinancing affordable housing
What is the target of the acquisition?
The acquisition object is strictly limited to the commercial housing that has been completed and unsold by the real estate enterprise, and the real estate enterprises under different ownership systems are treated equally. In accordance with the principle that affordable housing is used to meet the rigid housing needs of wage and salary income groups, the house type and area standards of the purchased commercial housing should be strictly grasped.
What is the subject of the acquisition?
The acquisition entity shall be selected by the city government, and the selected local state-owned enterprises and their affiliated groups shall not involve the hidden debts of local governments, shall not be government financing platforms, and shall have the credit requirements and credit space of banks. Adhere to market-oriented operation, and the acquisition funds are recovered through leasing and operating income and future sales income to ensure business sustainability and not increase the hidden debt of local governments.
What are the purposes of the acquisition?
The acquired commercial housing is used for the placement or leasing of affordable housing.
How to participate?
Voluntary participation, the city government independently decides whether to participate according to local affordable housing demand, commercial housing inventory level and other factors. Wage earners who meet the conditions for protection can choose whether to participate in the placement or leasing at their own discretion. The real estate enterprise negotiates on an equal footing with the acquirer and decides whether to sell on its own. In accordance with the principles of risk-bearing and business sustainability, 21 banks made their own decisions on whether to issue loans to the acquirer.
The scale of affordable housing refinancing is moderate
"The new instrument is a continuation of the Rental Housing Support Loan Holding Program." Authoritative sources said that the People's Bank of China has previously set up a rental housing loan support program, and in some cities to pilot the market-oriented bulk acquisition of housing stock, expand the supply of rental housing, the pilot in the cities in an orderly manner, the commercial sustainable model has taken shape, the policy adjustment is also equivalent to the practical experience to the whole country.
For the majority of home buyers, whether they can deliver the house on time is undoubtedly the most concerned thing. Policies such as special loans for guaranteed delivery of buildings and coordination mechanisms for urban real estate financing have been introduced in the early stage, which have effectively alleviated the financing difficulties of real estate projects.
According to market experts, the People's Bank of China's newly established affordable housing re-lending will form a synergy with the "white list" mechanism for guaranteed delivery of buildings. After the real estate enterprise sells the commercial house, the returned funds can be used for the continuation of the project under construction, earnestly fulfill the statutory responsibility of ensuring the delivery of the building, and safeguard the legitimate rights and interests of the buyers. After the ability of real estate enterprises to withdraw funds is enhanced, it is also conducive to more of their projects to meet the "white list" conditions, forming a virtuous circle and boosting the confidence of home buyers.
The acquisition of stock housing is changed to protection
Previously, some experts suggested that increasing the supply of affordable housing is the general direction, and in the context of changes in the supply and demand of real estate, it is possible to win more than one stone by acquiring the stock of housing for affordable use.
Specifically, on the one hand, it is conducive to accelerating the "destocking" of the commercial housing market. Guiding local state-owned enterprises to participate in market-oriented acquisitions with the support of financial institutions can quickly form group purchasing power and accelerate the de-stocking of commercial housing. For the current real estate inventory of large and long de-capitalization cycle of the city, it will undoubtedly play a certain supporting role. On the other hand, it is conducive to accelerating the supply of affordable housing market. By revitalizing the stock, it will help alleviate the structural contradiction of the current real estate market with a large supply of commercial housing and a low supply of affordable housing, and better solve the housing difficulties of wage and salary groups.
Authoritative sources said that revitalizing the stock is also the key to resolving real estate risks. On the books of real estate companies, there is land and real estate for sale, and on the other hand, debt. In order to repay debts and resolve risks, in addition to coordinating financing support from various channels as much as possible, it is mainly necessary to sell real estate and land and revitalize the stock of assets into debts. In the past, most of the debts corresponding to land and real estate of real estate enterprises will eventually be transferred to residents along with commercial housing transactions, but in the case of a downturn in the real estate market, the original real estate and capital cycle of "land acquisition and demolition households-local governments-real estate enterprises-residents" has been broken, and it is difficult to sell houses to residents as originally planned, and real estate companies and local governments are facing the problem of inventory backlog. With the support of the new tools, local state-owned enterprises can become new buyers of houses in the market, opening up the market cycle. Market experts suggest that in the longer term, land and other assets can be used as the object of asset revitalization in the future.
Reviewer: Zhang Qinfeng
Editor: Jiao Yuanyuan
Proofreader: Zhang Jing
Producer: Zhang Nan
Issued by: Peng Yong
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