On May 17, the State Council New Office held a regular briefing on the policies of the State Council, and the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources, the People's Bank of China, the State Administration of Financial Supervision and Administration and other departments introduced the relevant situation of supporting policies for ensuring the delivery of housing
The Financial Times reporter sorted out the eight new policies and policy points released at the briefing:
Set up a 300 billion yuan re-loan for affordable housing
1
The scale of affordable housing re-lending is 300 billion yuan, the interest rate is 1.75%, the term is 1 year, and the period can be extended 4 times, and the recipients include 21 national banks such as China Development Bank, policy banks, state-owned commercial banks, postal savings banks, and joint-stock commercial banks.
Encourage and guide financial institutions to follow the principles of marketization and rule of law to support local state-owned enterprises to purchase completed and unsold commercial housing at a reasonable price for placement or rental affordable housing, which is expected to drive bank loans of 500 billion yuan.
Reduce the minimum down payment ratio for personal housing loans at the national level
2
Adjust the minimum down payment ratio from no less than 20% to not less than 15% for the first home, and adjust the minimum down payment ratio from no less than 30% to no less than 25% for the second home.
The lower limit of the interest rate policy for personal housing loans at the national level will be abolished
3
The interest rate of the first home and the second home loan will no longer set the policy lower limit, and the mortgage interest rate will be marketized.
After the adjustment of the above-mentioned down payment ratio and mortgage interest rate policy, all localities can independently determine the minimum down payment ratio and the lower limit of the mortgage interest rate for the first and second homes in their jurisdictions according to the city's policies, and may no longer set the lower limit of the interest rate.
The interest rate of housing provident fund loans of various maturities will be lowered by 0.25 percentage points
4
The interest rate of the first set of personal housing provident fund loans for less than 5 years (including 5 years) and more than 5 years will be adjusted to 2.35% and 2.85% respectively, and the interest rates of the second set of personal housing provident fund loans for less than 5 years (including 5 years) and more than 5 years will be adjusted to not less than 2.775% and 3.325% respectively.
Establish and improve the coordination mechanism for urban real estate financing
5
The State Administration of Financial Supervision and other departments will issue the Notice on Further Giving Play to the Role of the 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 earnestly do a good job in ensuring the delivery of housing to protect the legitimate rights and interests of home buyers.
Establish financial products and financial service systems that are compatible with the new model of real estate development
6
The State Administration of Financial Supervision requires financial institutions to upgrade and transform in product development, approval process, risk management, customer relationship management and other aspects in response to new changes and new characteristics, provide financial products and financial service systems that are more in line with the new model, and improve the pertinence and effectiveness of real estate financing and financial services.
Introduce a work plan for the tough battle to ensure the delivery of urban commercial housing projects
7
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 urban commercial housing projects. First, the city government should comprehensively investigate the city's commercial housing projects under construction and sold, lock down projects that are difficult to deliver, and establish project accounts. Second, the city government should guide the project development enterprise to formulate the "one project, one policy" disposal plan in accordance with the principles of marketization and rule of law. Third, for projects that need to be judicially disposed of, the local people's courts will accept the relevant cases in a timely manner; Prudently take property preservation measures for tough projects to support project construction and delivery. Fourth, we will vigorously and orderly promote the sale of existing houses and strictly supervise the pre-sale funds of projects.
Properly dispose of idle land and revitalize the stock of land
8
The Ministry of Natural Resources is preparing to introduce policies and measures to properly dispose of idle land and revitalize the stock of land, and support local governments to properly dispose of the idle stock of residential land that has been transferred by means of recovery and acquisition as appropriate.
The first is to allow enterprises to reasonably adjust the planning conditions and design requirements in accordance with the procedures. The second is to give full play to the role of the secondary market of land and support the transfer of advance notice registration and "transfer with mortgage". The third is to support local governments to recover idle land at reasonable prices in accordance with the principle of "purchasing according to demand" for the construction of affordable housing.
Source: Financial Times client
Reporter: Xu Beibei
Editor: Yang Jingyi
Email: [email protected]