It is necessary to have a deep understanding of the people's nature and politics of real estate work, continue to adhere to city-specific policies, do a good job in tackling the risk of unfinished commercial housing, and solidly promote key tasks such as ensuring the delivery of housing and digesting the stock of commercial housing.
China Housing Daily reporter Xu Qian reported from Beijing
On May 17, the central government held two major real estate meetings in one day, which is rare, which shows the advanced determination and attention of the senior management to ensure the delivery of buildings, destock, and resolve risks. From this day on, the national level began to deal with real estate issues from the perspective of top-level policy design.
On the morning of the 17th, the State Council held a national video conference on the work of ensuring the delivery of housing, and He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, attended the meeting and delivered a speech, making comprehensive arrangements for the work of ensuring the delivery of housing and putting forward clear requirements.
He Lifeng stressed that real estate is related to the vital interests of the people and the overall situation of economic and social development, and it is necessary to deeply understand the people's nature and politics of real estate work, continue to adhere to the city-specific policies, do a good job in the risk disposal of unfinished commercial housing, and solidly promote key tasks such as ensuring the delivery of housing and digesting the stock of commercial housing.
At 4 p.m. on the 17th, the Information Office of the State Council held the second regular briefing on the policies of the State Council, at which responsible persons of the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources, the People's Bank of China, and the State Administration of Financial Supervision and Administration introduced the relevant situation of the supporting policies for ensuring the delivery of housing and answered reporters' questions.
Dong Jianguo, vice minister of the Ministry of Housing and Urban-Rural Development, said that he would 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. At the same time, 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.
"The central bank will set up a 300 billion yuan affordable housing re-loan, encourage and guide financial institutions in accordance with the principles of marketization and rule of law, and support local state-owned enterprises to purchase unsold commercial housing at a reasonable price for placement or rental affordable housing." Tao Ling, deputy governor of the central bank, said at the meeting.
Do a good job in ensuring the delivery of housing
Doing a good job in the battle of ensuring the delivery of commercial housing projects is not only a matter of people's livelihood, but also a political task.
Dong Jianguo said that the real estate market is in the process of adjustment, and some commercial housing projects under construction and sold are facing delivery difficulties. 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. In order to do a good job in ensuring the delivery of housing and protect the legitimate rights and interests of buyers, the Ministry of Housing and Urban-Rural Development, together with the State Administration of Financial Supervision and other departments, will issue a work plan for the delivery of housing in urban commercial housing projects, focusing on three aspects:
First, it is necessary to take the protection of the legitimate rights and interests of buyers as the fundamental starting point and foothold, adhere to the principles of marketization and rule of law, take multiple measures at the same time, classify and dispose of them, do a good job in the battle of ensuring the delivery of commercial housing projects, prevent the risk of unfinished production, and promote the delivery of projects on time and with good quality, so that the people can get the houses that have passed the acceptance as agreed in the contract. For those who are still unable to deliver the house after exhausting all means, those who should take the judicial route should take the judicial route, and the protection of the legitimate rights and interests of the buyer should also be put in the first place in the judicial disposal.
Second, it is necessary to make full use of the urban real estate financing coordination mechanism and include the project in the "white list" to provide financing support. 297 cities at and above the prefecture level across the country have established a real estate financing coordination mechanism, which should play a strong role in leading and coordinating the delivery of housing.
Third, it is necessary to consolidate the responsibilities of local governments, real estate enterprises, and financial institutions. Local governments should assume territorial responsibilities and promote the coordination and cooperation of departments such as housing and construction, financial management, public security, natural resources, and auditing, as well as the courts, so that each performs its own duties and forms a joint force. Real estate enterprises should assume the main responsibility, formulate a "one project, one policy" disposal plan, actively dispose of assets, raise funds from multiple parties, and ensure that the project is delivered on time and with good quality. Financial institutions should implement the provisions on due diligence and exemption from liability, so as to "fully lend to the loan" for eligible projects, speed up the approval and issuance of loans, and support the delivery of project construction.
Dong Jianguo said that in terms of specific measures to ensure the delivery of urban commercial housing projects, the main consideration is to promote measures such as finding out the base, classifying disposal, judicial support, and establishing a long-term mechanism. In order to do a good job in the implementation of the plan, the national, provincial and municipal levels have mobilized capable forces, set up special work teams, implemented centralized office, and coordinated the promotion of work. At the same time, establish an information system for the delivery of housing projects to track the progress of supervision work in a timely and accurate manner.
Vacant land will be recovered for the construction of affordable housing
On the morning of May 17, the national video conference on ensuring the delivery of housing was proposed, and relevant departments planned to introduce policies for properly disposing of idle land and revitalizing stock land for real estate.
In this regard, Liu Guohong, vice minister of the Ministry of Natural Resources, said that he would support local governments to proceed from reality and properly dispose of the idle residential land that has been transferred by means of recovery and acquisition as appropriate, so as to help enterprises solve their difficulties. At the same time, it promotes the economical and intensive use of land, prevents and resolves risks, and helps the high-quality development of real estate. There are two main lines: one is to dispose of idle land in strict accordance with the law, and the other is to increase support for the revitalization and utilization of stock land.
Liu Guohong said that the specific policy highlights can be summarized into three aspects:
The first is to support the optimization and development of enterprises. The main purpose is to 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 meet market demand.
The second is to promote market circulation and transfer. It is mainly to give full play to the role of the secondary market of land, support the transfer of advance registration and "transfer with mortgage", and encourage transfer or cooperative development.
The third is to support local governments to recover land at reasonable prices. The main purpose is to support local governments to recover idle land at a reasonable price in accordance with the principle of "purchasing according to demand" for the construction of affordable housing. Localities are allowed to adopt a parallel "repossession-supply" approach to simplify procedures, handle planning and land supply procedures, and better provide facilitation services.
"After the land is recovered and acquired, it will be used to build affordable housing, and it can also be used to build public supporting service facilities and improve the surrounding residential supporting conditions." Liu Guohong said that there are a number of support measures in specific policies.
The first is to increase financial support. Establish a sustainable financial guarantee mechanism, and provide financial support through local government special bonds for the recovered or acquired land used for affordable housing projects.
The second is to provide tax support. For the acquisition of commercial housing that has been completed, as well as the recovery and acquisition of stock land for the construction of affordable housing, after confirmation by the municipal and county people's governments, they can enjoy preferential tax policies for affordable housing in accordance with the existing regulations.
The third is to simplify the work process. For the acquisition of completed commercial housing or the resumption or acquisition of stock land for affordable housing, the municipal and county governments shall agree to allocate land together when approving the repossession, and implement the parallel handling of "repossession-supply", and the nature of land use rights can be changed and registered as allocated land according to the approval documents.
At the same time, the policy also clarifies the requirements for local governments, and the resumption and acquisition of land should be done according to their capabilities, and the balance of project revenue and expenditure should be considered as a whole, so as not to increase the risk of hidden government debt.
Destocking funds, the central bank out
The Politburo meeting held on April 30 proposed to study policy measures to digest the stock of real estate. According to analysts, the funds required to destock housing are between 1 trillion yuan and 5 trillion yuan. How to digest the policy measures of the stock of commercial housing? Where does the destocking money come from? This is a matter of great concern to all parties.
In this regard, Tao Ling said that the People's Bank of China plans to set up affordable housing re-lending as a newly created structural monetary policy tool. In accordance with the idea of "government-led and market-oriented operation", the People's Bank of China will provide low-cost re-lending funds, and 21 national banking institutions will be encouraged 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.
First, the scale of refinancing for affordable housing is 300 billion yuan, with an interest rate of 1.75%, a term of one year, and a period of four extensions, which includes 21 national banks such as 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.
Second, the acquired commercial housing 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.
Third, the city government selects local state-owned enterprises as the acquisition entity. The state-owned enterprise and its affiliated group shall not be involved in the hidden debts of the local government, shall not be a local government financing platform, and shall have bank credit requirements and credit space, and shall be promptly placed or leased after acquisition.
Fourth, voluntary participation. The city government decides whether to participate or not based on factors such as local demand for affordable housing and the inventory level of commercial housing. 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.
Tao Ling revealed that the People's Bank of China will issue an official document in the near future, which is the "Notice on Matters Concerning the Establishment of Affordable Housing Reloans". Taking into account the policy convergence, we will integrate the rental housing loan support program into the affordable housing refinancing policy for management, which will be fully promoted nationwide.
The loan amount of the "white list" project is 935 billion yuan
The "white list" is one of the key financing channels for real estate enterprises. "Since we established the mechanism in late January this year, as of May 16, in less than four months, commercial banks have approved the 'white list' project loan amount of 935 billion yuan in accordance with the internal approval process." Xiao Yuanqi, deputy director of the State Administration of Financial Supervision and Administration, said at the meeting.
He also said that in the near future, he will intensify his work and focus on the following aspects:
The first is 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. 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.
The second is to meet the reasonable financing needs of real estate enterprises and real estate projects under different ownership without discrimination, treat real estate enterprises and real estate projects under different ownership equally, and make reasonable assessments and actively support them in accordance with the principles of marketization and rule of law.
The third is to establish financial products and financial service systems that are compatible with the new model of real estate development. 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.
Fourth, we will work with the Ministry of Housing and Urban-Rural Development and other departments to fully promote the implementation of the urban real estate financing coordination mechanism.