Interface News Reporter | White Sails
On May 17, the property market ushered in a series of blockbuster policies, first of which were the three major policies of "reducing down payments, lowering interest rates, and government acquisitions", and then the regular policy briefing of the State Council took the delivery of housing as the theme of the meeting, promoting the timely delivery of the project and effectively protecting the legitimate rights and interests of buyers.
According to the analysis of industry insiders, real estate is related to the vital interests of the people, and the delivery of new houses and housing security are important contents that the people are concerned about, and more and more powerful policies are needed to support and solve them. In addition, the interpretation of relevant supporting policies at this briefing also provides an important reference and guidance for the subsequent formulation of property market policies in various places.
The four major work priorities are "escort" and delivery
On the afternoon of May 17, the Information Office of the State Council held a regular briefing on the policies of the State Council, at which Dong Jianguo, Vice Minister of Housing and Urban-Rural Development, Liu Guohong, Vice Minister of Natural Resources, Tao Ling, Deputy Governor of the People's Bank of China, and Xiao Yuanqi, Deputy Director of the State Administration of Financial Supervision and Administration, introduced the relevant situation of supporting policies for ensuring the delivery of housing.
Dong Jianguo said that at present, the relationship between supply and demand in the real estate market has undergone major changes, the real estate market is in the process of adjustment, and some commercial housing projects under construction and sold are facing difficulties in delivery. If the sold housing project is not completed, it will seriously damage the legitimate rights and interests of buyers and affect the stable and healthy development of the real estate market.
At the briefing held this time, Dong Jianguo introduced the four major priorities of ensuring the delivery of housing, including preventing and disposing of the risk of unfinished projects, meeting the reasonable financing needs of real estate projects, digesting the stock of commercial housing, and revitalizing the stock of land.
Specifically, the first is to do a good job in the battle of ensuring the delivery of commercial housing projects and prevent the risk of unfinished production. In accordance with the principles of marketization and rule of law, classify and dispose of commercial housing projects under construction that have been sold but not delivered, promote the construction and delivery of projects, and effectively protect the legitimate rights and interests of home buyers.
The second is to further play the role of the coordination mechanism of urban real estate financing to meet the reasonable financing needs of real estate projects. The city government promotes the projects that meet the conditions of the "white list" to "make every effort to advance", and commercial banks "lend as much as possible" to the projects that comply with the "white list" to meet the reasonable financing needs of projects under construction.
The third is to promote the digestion of the stock of commercial housing. The city government adheres to the principle of "purchasing according to demand", and can organize local state-owned enterprises to purchase a part of the stock of commercial housing at a reasonable price for use as affordable housing.
Fourth, it is necessary to properly dispose of and revitalize the stock of land. At present, the stock of land that has not yet been developed or has been started but not completed shall be properly disposed of and revitalized through government recovery and acquisition, market circulation and transfer, and continued development of enterprises, so as to promote real estate enterprises to alleviate difficulties and reduce debts, and promote the efficient use of land resources.
In the view of Cao Jingjing, general manager of the index research department of the China Index Research Institute, the "guaranteed delivery" project focuses on the commercial housing projects that have been sold and difficult to deliver under construction.
The "white list" of real estate projects has also become the focus of attention. Xiao Yuanqi introduced at the regular policy briefing of the State Council that in January this year, the "Notice on the Establishment of an Urban Real Estate Financing Coordination Mechanism" was issued. In the near future, the State Administration of Financial Supervision and Administration will also issue the "Notice on Further Giving Play to the Role of Urban Real Estate Financing Coordination Mechanism to Meet the Reasonable Financing Needs of Real Estate Projects" to establish and improve the urban real estate financing coordination mechanism.
Li Yujia, chief researcher of the Guangdong Provincial Housing Policy Research Center, said that the real estate financing coordination mechanism is not only a new model of real estate management, but also the most important starting point for promoting the delivery of housing.
Specifically, it is to take the establishment of the project white list as an opportunity to strengthen the cooperation between the housing and construction departments and the financial sector, consolidate the two-way linkage mechanism of "push-feedback" and "delivery-use-recovery", and promote the transformation of more projects into compliant projects as much as possible, so as to realize the project "should be advanced" and "should be loaned to the fullest", which is an important path to fight the tough battle of ensuring the delivery of commercial housing projects.
"Purchase on demand" commercial housing, national promotion, central bank support
"Ordering on demand" stock of commercial housing is a major highlight of the policy briefing. This morning, He Lifeng, member of the Political Bureau of the CPC Central Committee and vice premier of the State Council, proposed that in cities with a large inventory of commercial housing, the government can purchase some commercial housing at a reasonable price as appropriate.
In terms of funds to support the digestion of housing stock, Tao Ling said at the regular policy briefing held in the afternoon that it is planned to set up affordable housing refinancing as a newly created structural monetary policy tool. The scale of affordable housing refinancing is 300 billion yuan, with an interest rate of 1.75%, a term of 1 year, and a period of 4 extensions. 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.
According to her, this new policy tool will be based on the idea of "government-led and market-oriented operation", with the People's Bank of China providing low-cost re-lending funds, and encouraging 21 national banking institutions to issue loans to local state-owned enterprises selected by the city government in accordance with the principle of marketization, and support the acquisition of completed and unsold commercial housing at reasonable prices for use as affordable housing.
For this policy, Yan Yuejin, research director of the E-House Research Institute, analyzed that this kind of funds are mainly for the acquisition of inventory housing of real estate enterprises, and are used for placement or rental of affordable housing, which has a positive effect on the collection and storage of inventory housing of real estate enterprises and better meet the construction of affordable housing.
"According to the deployment of the State Council, in 2023, the People's Bank of China will set up a rental housing loan support plan to support eight cities such as Jinan and Zhengzhou to pilot market-oriented bulk acquisition of housing stock and expand the supply of rental housing. Over the past year, the pilot project has been implemented in eight cities in an orderly manner, and a commercial and sustainable rental business model has taken shape, which has played a positive role in digesting the stock of housing. Considering policy convergence as a whole, the rental housing loan support program will be incorporated into the affordable housing refinancing policy for management, and comprehensively promoted nationwide. Tao Ling said.
According to Tao Ling, for the above policies, the People's Bank of China will issue an official document in the near future - "Notice on Matters Concerning the Establishment of Affordable Housing Reloans".
According to Cao Jingjing, in addition to the direct acquisition of real estate projects mentioned in this meeting, many cities have also made a lot of explorations in the past two years in the trade-in (state-owned enterprises accept the old for the new, intermediaries give priority to selling, etc.), non-residential to rent and other paths. Among them, since April this year, Nanjing's state-owned enterprises have made some positive progress in the new model of replacing the old with the old. In the future, more detailed supporting policies will be further implemented to digest the stock of real estate, and detailed policies for state-owned enterprises to acquire stock housing, such as the scale of acquisition and purchase price, are also expected to continue to follow.
"This time there is no limit to the scope of the city, if the implementation can be accelerated, it will be conducive to alleviating the financial pressure of enterprises, accelerating the destocking of the commercial housing market, and also helping to accelerate the supply of affordable housing." Cao Jingjing said.
It is expected that the implementation of the policy of revitalizing the stock of land in various regions will be accelerated
Revitalizing the stock of land is also the focus of this regular policy briefing.
Liu Guohong revealed that it is ready to introduce policies and measures to properly dispose of idle land and revitalize the stock of land, and support local governments to proceed from reality and properly dispose of the idle stock of residential land that has been transferred by means of recovery and acquisition as appropriate.
The revitalization of land stock is mainly carried out from three aspects. Liu Guohong said that on the one hand, it is necessary to support enterprises to optimize development, eliminate obstacles to development and construction, reasonably exempt from liability for breach of contract caused by natural disasters and epidemics, and allow enterprises to reasonably adjust planning conditions and design requirements in accordance with procedures to better adapt to market demand.
On the other hand, it is also necessary to promote market circulation and transfer, give full play to the role of the secondary market of land, support the transfer of advance notice registration and "transfer with mortgage", and encourage transfer or cooperative development. The third is to support local governments to recover idle land at a reasonable price in accordance with the principle of "purchase on demand" for the construction of affordable housing, and promote it from the aspects of increasing financial support, giving tax support, and simplifying the work process.
Yan Yuejin said that this is the first time that the Ministry of Housing and Urban-Rural Development has made important instructions on the revitalization of stock land, which belongs to the category of "stock real estate" in a broad sense, and has great inspiration for understanding "digesting stock real estate", and it is expected that the revitalization policy of stock land in the near future will also be accelerated. He further explained that in the past, the purpose of revitalizing the stock of land was to reduce idle and wasteful land, but this time the focus has changed, that is, it is mainly to alleviate the difficulties of real estate enterprises and reduce debt.
Li Yujia also analyzed that the revitalization of the stock of houses and land is to digest the stock of new houses for sale, reduce the debt of developers, restore hematopoietic function, bail out the capital chain, and reduce debt pressure, so as to better implement the main responsibility of developers to ensure the delivery of housing.