The central bank held a meeting to promote the re-lending of affordable housing to accelerate the destocking of existing commercial housing

Finance Associated Press

2024-06-12 17:56Published on the official account of Cailianpress, a subsidiary of Shanghai Poster Industry Group

In order to thoroughly implement the spirit of the meeting of the Political Bureau of the CPC Central Committee, and in accordance with the executive meeting of the State Council and the national video conference on ensuring the delivery of housing, on June 12, the People's Bank of China held a meeting in Jinan City, Shandong Province to promote the work of refinancing affordable housing, to investigate and promote the pilot experience of the early rental housing loan support plan, and to deploy the promotion of affordable housing refinancing. Pan Gongsheng, secretary of the party committee and governor of the People's Bank of China, attended and spoke at the meeting. Liu Qiang, member of the Standing Committee of the Shandong Provincial Party Committee and Secretary of the Jinan Municipal Party Committee, attended the meeting and delivered a speech. Tao Ling, member of the party committee and vice governor of the People's Bank of China, presided over the meeting.

The meeting pointed out that the development of the real estate industry is related to the practical interests of the people and the overall situation of economic operation and financial stability. The establishment of affordable housing re-lending, encouraging and guiding financial institutions in accordance with the principles of marketization and rule of law, to support local state-owned enterprises to purchase the completed stock of commercial housing at a reasonable price for affordable housing placement or leasing, is an important measure for the financial sector to implement the Political Bureau of the CPC Central Committee on the overall digestion of stock real estate and the optimization of incremental housing, and to promote the construction of a new real estate development model, which is conducive to accelerating the destocking of stock commercial housing through market-oriented methods, increasing the supply of affordable housing, and helping to ensure the delivery of housing and the "white list" mechanism.

The meeting stressed that financial institutions and relevant units should thoroughly implement the deployment of the Political Bureau of the CPC Central Committee and the executive meeting of the State Council, deeply understand the people's nature and politics of real estate work, and not only emancipate the mind and broaden the thinking, but also grasp it steadily and solidly promote. In accordance with the idea of "government guidance and market-oriented operation", we will learn from the experience of the previous pilot, strive to promote the implementation of the affordable housing re-lending policy and accelerate the destocking of the stock of commercial housing. Strengthen institutional safeguards and internal and external supervision, adhere to voluntary participation, purchase on demand, and reasonable pricing, ensure business sustainability, strictly avoid new local hidden debts, and effectively prevent moral hazard.

The People's Governments of Jinan, Tianjin, Chongqing and Zhengzhou, as well as the Industrial and Commercial Bank of China and China Construction Bank, respectively made speeches based on the experience of the pilot project in the early stage, and the participating cities and financial institutions conducted in-depth exchanges on promoting the implementation of affordable housing re-lending.

The meeting was held via video conference. Fan Shaojun, vice mayor of Tianjin, Shang Kui, vice mayor of Chongqing, Yu Haitian, mayor of Jinan, Cao Jinbiao, chief economist of the Ministry of Housing and Urban-Rural Development, relevant departments and bureaus of the People's Bank of China and the State Administration of Financial Supervision and Administration, China Development Bank, Agricultural Development Bank, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, Construction Bank, Bank of Communications, Postal Savings Bank, and responsible comrades of some city governments attended the meeting at the main venue. Responsible comrades of other policy banks, national commercial banks, some city governments, and branches of the People's Bank of China at or above the prefectural and municipal levels attended the meeting at the branch venues.

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