"Since we established the mechanism in late January this year, as of May 16, in less than four months, the amount of loans approved for 'white list' projects has reached 935 billion yuan." On May 17, Xiao Yuanqi, deputy director of the State Administration of Financial Supervision and Administration, said at a press conference of the State Council Information Office.
In recent months, the real estate financing coordination mechanism has been continuously promoted to support the steady and healthy development of the real estate market. According to the latest data, 297 cities at and above the prefecture level across the country have established a real estate financing coordination mechanism.
Yicai learned at the above-mentioned press conference that in the near future, the State Administration of Financial Supervision 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", establish and improve the urban real estate financing coordination mechanism, continue to adhere to the city-specific policies, take the city as the main body and the project as the center, fully support the financing and completion delivery of projects that should be continued, and do a good job in ensuring the delivery of housing to protect the legitimate rights and interests of buyers.
The real estate financing coordination mechanism has been effective
In January this year, the State Administration of Financial Regulation, the Ministry of Housing and Urban-Rural Development and the Ministry of Natural Resources jointly issued the Notice on the Establishment of an Urban Real Estate Financing Coordination Mechanism to guide all localities to establish an urban real estate financing coordination mechanism, and proposed a "white list" of real estate projects that can be given financing support, which will be pushed to commercial banks within their respective administrative regions to support the financing and construction delivery of real estate projects under construction.
After the release of the document, all localities have actively promoted the implementation of the real estate financing coordination mechanism to support the reasonable financing needs of real estate projects.
Xiao Yuanqi said that the financing coordination mechanism is headed by the main responsible comrades of the city government, the deputy mayor in charge of urban construction, housing and finance is the deputy leader, and the relevant departments and financial institutions are member units to set up a special working class to carry out centralized office. The city coordination mechanism is mainly to summarize the situation of real estate projects within its jurisdiction, review the "white list" projects in accordance with the conditions and standards, and urge the relevant parties to increase rectification efforts and effectively solve the corresponding problems to meet the conditions and standards of the "white list" projects.
The "white list" is voluntarily declared by the real estate project company, and the district and county of the city where it is located pre-examine and submit the list. The urban coordination mechanism organizes screening and review, and those who meet the conditions and standards are included in the "white list", and those who do not meet the conditions and standards are to implement rectification, promote problem solving, and form a closed-loop management mechanism. In addition, the city coordination mechanism should be responsible for optimizing the supervision process of pre-sale funds and reasonably confirming the amount of pre-sale supervision funds. At the same time, it is necessary to consolidate the responsibilities of real estate enterprises and real estate project companies.
While establishing a coordination mechanism for real estate financing and pushing a "white list" to financial institutions, financial institutions are also increasing their support for "white list" projects.
In response to a question from CBN, Xiao Yuanqi said that as of May 16, commercial banks had approved the "white list" project loan amount of 935 billion yuan in accordance with the internal approval process.
It is reported that the State Administration of Financial Supervision guides commercial banks to actively connect with the city coordination mechanism, requiring these banks to establish a rapid response mechanism with a four-level linkage of the head office, provincial branches, secondary branches and handling banks, forming a four-level linkage rapid response mechanism from the head office to the province, to the prefecture and the city, and to the handling bank, and to shorten the time limit for business processing to the greatest extent by adopting the mode of "integration of review".
For example, the "white list" projects of real estate enterprises with different ownership systems are treated equally. Xiao Yuanqi said that under the premise of controlling risks, new loans, extension of existing loans, and the issuance of merger and acquisition loans can be used to provide financing support. The loan amount should match the construction cycle of the project, cover the funding gap for the completion and delivery of the project, promote the completion and delivery of the project, and effectively protect the legitimate rights and interests of buyers.
In addition, the "white list" projects are separately accounted for, the operation and management are closed, the funds between the projects are not mixed, and the project funds are strictly prohibited from being diverted for other purposes, so as to ensure that the funds are used to ensure delivery. Commercial banks should strictly examine the use and flow of credit funds, and agree with the borrower to open a project fund supervision account with the lending bank to ensure that project capital, loan issuance, payment and disbursement, and loan repayment are handled through the project fund supervision account. The pre-sale fund supervision account of the "white list" project should be opened with the host bank.
Provide financial products that are more in line with the new model of real estate development
From the perspective of the supply side, under the pressure on the capital of real estate enterprises and the cautious attitude of land acquisition, the year-on-year decline in real estate development investment in the first quarter was wider than that in January ~ February.
Recently, Vice Premier He Lifeng of the State Council pointed out during his investigation in Zhengzhou that it is necessary to improve the "white list" system for compliant real estate projects and "make every effort to advance". For projects included in the "white list", financial institutions should optimize the loan approval and disbursement process, speed up the speed of lending, and support the completion of project construction. For projects that do not meet the requirements of the "white list" for the time being, we should pay close attention to coming up with targeted solutions. For development loans and pre-sale housing funds, it is necessary to optimize account management and fund supervision, ensure closed operation, and strictly prevent misappropriation in violation of regulations.
Chen Wenjing, director of market research at the China Index Research Institute, believes that the accelerated construction of the "three major projects" and the further implementation of the urban real estate financing coordination mechanism are expected to drive the amount of real estate development investment and the restoration of the newly started area.
In the past period, the sales of the real estate industry have declined, and other financing channels have decreased, but the financing of the real estate industry by banks has maintained a steady and increasing trend. According to the data, at the end of the first quarter, the balance of loans in the construction industry increased by 10% year-on-year.
Xiao Yuanqi stressed that the next step will be to increase efforts to keep real estate financing steady and rising. We will continue to implement the "16 Financial Measures" and stabilize the investment of real estate funds.
According to him, on the one hand, it supports the reasonable extension of stock financing. As of the end of March, the balance of real estate development loan rollover increased by 147% year-on-year, and the loan maturity of existing real estate loans continued to be extended. On the other hand, we will actively do a good job in the provision of new credit for real estate. In the first quarter of this year, commercial banks issued 963.6 billion yuan of new real estate development loans and 1.3 trillion yuan of new personal housing loans, both of which were up from the fourth quarter of last year. The average interest rates of the first home loan and the second home loan decreased by 0.43 percentage points and 0.75 percentage points respectively over the same period last year.
At the same time, he pointed out that financial products and financial service systems that are compatible with the new model of real estate development will be established. In response to the new changes and new characteristics, financial institutions are required to upgrade and transform in product development, approval process, risk management, customer relationship management, etc., to provide financial products and financial service systems that are more in line with the new model, and to improve the pertinence and effectiveness of real estate financing and financial services.
(This article is from Yicai)