guarantees the delivery of buildings, stabilizes people's livelihood, and provides relief policies
According to Xinhua News Agency on August 19, the Ministry of Housing and Urban-Rural Development, the Ministry of Finance, the Central Bank of and other departments recently introduced measures to save "unfinished buildings" and promote "guaranteed delivery of buildings" through policy-based banks special loans. It is reported that the initial scale of this special loan reached 200 billion yuan, and the central bank guided the arrangements of the National Development Bank and the Agricultural Development Bank of China in the existing loan quota. The central government will grant a 1% interest subsidy to policy banks based on the actual amount of loans, and the interest subsidy period shall not exceed two years.
State Council news screenshot
State assets relief targets are real estate projects rather than real estate companies
Recently, due to the cyclical fluctuations in real estate and policy regulation, large-scale delivery of pre-term housing has been overdue across the country. Considering that directly rescuing real estate companies can easily make real estate companies depend on them; and the allocation of profit-seeking resources by real estate companies may not necessarily invest funds in construction to save projects, so as to calm the emotions of home buyers and protect people's livelihood to promote stability, the government's choice of rescue projects is more conducive to maintaining stability.
It is reported that special loans are strictly limited to the construction and delivery of residential projects that have been sold, overdue, and difficult to deliver. They are applied by each unit of under-construction and overdue projects. The relevant government housing and construction departments shall approve them step by step and issue them to the co-management account. The application shall be made according to the project nodes, and the closed operation shall be implemented, and the special funds shall be used for special purposes.
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Accurate relief, strict review, or difficult to achieve timeliness
Real estate relief funds are issued by the state to alleviate the overdue or unfinished delivery caused by funding problems by real estate companies. It is essentially a low-interest loan for construction. "There is a mortgage when there is a loan." In order to ensure financial order and the safety of borrowing funds, banks will inevitably strictly review the assets and liabilities of borrowing projects to evaluate subsequent repayment capabilities. According to the current analysis of the progress of various projects, "guarantee projects" have also increased the difficulty of sorting out debts and debts. Because the fund allocation of many projects by developers is often intertwined with , it is not easy to sort out clearly.
According to years of research and analysis by real estate investors, many projects with funding gaps are either sold for pre-sale houses, lack of fund construction and delivery, or are not in good sales and tight overall operations. For mortgage loans, the former's assets have been sold without collateral, while the latter's assets have been mortgaged for engineering, and cannot be "one house and two deposits". To sum up, there are fewer projects that meet the conditions under the premise that the policy is not loosened, and it may be difficult to achieve timely efficiency in full implementation of the policy.
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Injection of capital to ensure the delivery of the building is just a breakthrough, and the key battle is to save market confidence.
Recently, the company "exploded" is mostly due to market regulation and poor investment and operation, and what it encounters is not just the problem of circulation funds. When various mortgage financings in the real estate industry are difficult to solve, it is difficult to make enterprises change their fate by just the injection of small-scale credit funds. Li Yujia, chief researcher of the Housing Policy Research Center of the Guangdong Provincial Institute of Urban Planning, said in an interview that the scope of application of special loans is relatively limited, mainly projects that can balance funds. For projects with hard funding gaps, it is necessary to build mechanisms in the process of multi-party fund balance, including the start of the project itself and the balance between projects. These require innovative policy tools to be implemented after strengthening local main responsibilities.
The entry of state-owned assets into the market to "guarantee the payment of buildings" can only solve the urgent needs of people's livelihood. To fundamentally solve the real estate difficulties and save market confidence, otherwise, if these old "unfinished buildings" are solved, more new "unfinished buildings" will appear.
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