On May 17, the State Council Information Office held a regular briefing on the policies of the State Council to introduce the relevant policies for ensuring the delivery of housing. Dong Jianguo, Vice Minister of the Ministry of Housing and Urban-Rural Development, said at the meeting that it is necessary to do a good job in the tough battle of ensuring the delivery of commercial housing projects and prevent the risk of unfinished construction. 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.
Let the people get the house that has passed the acceptance as agreed in the contract
Dong Jianguo said at the meeting that the current supply and demand relationship 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 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 introduce a work plan for the tough battle of ensuring the delivery of housing for urban commercial housing projects, focusing on three requirements: First, take the protection of the legitimate rights and interests of buyers as the fundamental starting point and foothold, and adhere to the principles of marketization and rule of law. Ensuring the delivery of housing involves the vital interests of the broad masses of the people, and will adhere to the people-centered development philosophy, take multiple measures at the same time, classify and dispose of it, do a good job in the tough battle of ensuring the delivery of commercial housing projects, prevent the risk of unfinished disposal, and promote the delivery of the project on time and with good quality, so that the people can get the house that has 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. In January this year, the "Notice on the Establishment of an Urban Real Estate Financing Coordination Mechanism" was officially issued, guiding all localities to establish an urban real estate financing coordination mechanism, proposing a "white list" of real estate projects that can be given financing support, and pushing it to commercial banks within their respective administrative regions to support the financing and construction delivery of real estate projects under construction. 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. Set up a 300 billion yuan affordable housing re-loan, and the recent meeting of the Political Bureau of the Central Committee proposed to study the policy measures to digest the stock of real estate and optimize the incremental housing. In terms of funds, the People's Bank of China has launched four policy measures, including setting up a 300 billion yuan affordable housing reloan, reducing the minimum down payment ratio of individual housing loans at the national level, abolishing the lower limit of the interest rate policy for individual housing loans at the national level, and lowering the interest rate of housing provident fund loans of various maturities by 0.25 percentage points. Tao Ling, deputy governor of the People's Bank of China, introduced at the meeting that the interest rate of affordable housing refinancing is 1.75%, with a term of one year and can be extended four times, and the target of issuance includes 21 national 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. Tao Ling said that the focus of the policy is that the acquired commercial housing is strictly limited to the commercial housing that has been completed and not sold by real estate enterprises, and real estate enterprises with 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. Second, the city government selects local state-owned enterprises as the main body of acquisition. 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. The third is voluntary participation. The city government independently decides whether to participate according to the local demand for affordable housing, the inventory level of commercial housing and other factors; 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 commercial sustainability, banks make their own decisions on whether to issue loans to the acquirer. In terms of properly disposing of idle land and revitalizing the stock of land use planning, Liu Guohong, vice minister of the Ministry of Natural Resources, said that in accordance with the requirements of ensuring the delivery of housing, the Ministry of Natural Resources 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, 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. 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. Support local governments to recover idle land at reasonable prices in accordance with the principle of "purchasing on 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.
Establish and improve the coordination mechanism for urban real estate financing
Since its establishment, the Urban Real Estate Financing Coordination Mechanism (hereinafter referred to as the "Financing Coordination Mechanism") has been widely welcomed by all parties. Recently, a number of commercial banks have expressed their intention to support the "white list" projects of real estate financing, and many real estate companies have also said that some projects have been supported. According to Xiao Yuanqi, deputy director of the State Administration of Financial Supervision and Administration, as of May 16, commercial banks have approved the "white list" project loan amount of 935 billion yuan according to the internal approval process. Xiao Yuanqi pointed out 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. 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. Source: People's Daily, China Net Finance
Edit: Be careful
The 2024 annual magazine of "New Finance" is now open for subscription!
For communication, cooperation, contributions, and copyrights, please add WeChat: cfo920
Statement: The articles, pictures, etc. published in the WeChat official account of "New Wealth Management" belong to the relevant rights holders, if there is improper use due to objective reasons, please contact us to delete or modify them in a timely manner in accordance with the law.