Financial regulatory authorities in many places strictly investigated the illegal flow of loans for business purposes into the real estate market
Credit funds entering the property market in violation of regulations are subject to strong supervision
□ The reporter's trainee reporter Zhang Shoukun
□ reporter Wang Yang
Recently, some enterprises and individuals have violated regulations to invest loans for business purposes in the real estate sector. The problem is prominent, affecting the effect of real estate control policies and squeezing credit resources to support the development of the real economy, especially small and micro enterprises.
On March 26, the People’s Bank of China, the China Banking and Insurance Regulatory Commission and the Ministry of Housing and Urban-Rural Development jointly issued the "Notice on Preventing the Illegal Flow of Loans for Business Purposes into the Real Estate Sector" (hereinafter referred to as the "Notice"), requiring banking financial institutions to conduct pre-loan and loan The three links of middle and post-loan management were started, prudent and compliance operations were strengthened, and loans for business purposes were strictly prevented from flowing into the real estate sector in violation of regulations.
Recently, financial regulatory authorities in many places have investigated misappropriation of operating loans and strictly blocked the illegal entry of funds into the property market.
The interviewed experts believe that strict supervision of the illegal inflow of operating loans and other funds into the real estate market will undoubtedly generate a strong deterrent. Operating loans will return to the essence of serving small and micro enterprises, and the effects of real estate control policies will be further reflected.
Use business loan arbitrage to buy a house
A gray industrial chain has been formed
Business loans are financing products served by SME owners or individual industrial and commercial households. They were originally used to supplement liquidity for business owners. The previous interest rate was not low, and the term was mostly 1 to 2 years.
Since last year, in order to alleviate the economic impact of the new crown pneumonia epidemic, the government has increased its financing support for small and micro enterprises and private enterprises.
Major banks have thrown out low-interest operating loans, and even directly discounted operating loans.
Under the special policies during the epidemic prevention and control period, the period of operating loans is getting longer and longer, up to 20 years.
The original intention of operating the loan business was good, but some people took advantage of the opportunity to buy a house with the money from the operating loan, enjoying a lower interest rate and a longer repayment period.
The interest rate of operating loans is lower than that of mortgage loans. Operating interest rates are 3% to 4%, while mortgage loan interest rates are 5% to 6%.
For example, for the same loan of 3 million yuan, in 20 years, the interest of the operating loan is 820,000 yuan less than the interest of the mortgage loan.
It is understood that in Shanghai, Hangzhou and other places, operating loans to buy houses has even become a new business in the eyes of many middlemen. Banks, guarantee companies and lending institutions have thus created a complete gray industrial chain.
Especially since last year, real estate speculation with operating loans has almost become an open secret.
Zhao Xiuchi, vice president and secretary-general of the Beijing Real Estate Law Society, believes that there are special regulations for the purpose of various loans and should be earmarked for use.
If a commercial bank knows that operating loans flow into the real estate market and does not prohibit it, it violates the provisions of the Commercial Banking Law; and if an enterprise or individual illegally flows business loans into the real estate market, it also violates the "Interim Measures for the Administration of Personal Loans" and "Working Capital Loans" Interim Measures for Management.
From March 1 to 26, the China Banking and Insurance Regulatory Commission announced 21 fines for penalizing banks for violations of housing loans, with a total fine of 19.1 million yuan, involving Bank of China, Bank of Communications, Construction Bank, Agricultural Bank of China, Zhejiang Ruian Rural Commercial Bank, etc. 14 banks.
The flow of credit violations to the property market is the focus of punishment.
On March 26, in order to further prevent the illegal flow of loans for business purposes into the real estate sector, the three ministries jointly issued the "Notice", requiring the China Banking and Insurance Regulatory Bureau, local housing and urban-rural construction departments, and branches of the People's Bank of China to jointly carry out the illegal flow of business loans into real estate. Special troubleshooting for problems.
Specifically, it includes strengthening the verification of the qualifications of borrowers, the review of credit needs; the management of loan periods, loan collaterals, and strengthening of joint punishments.
Difficulties in monitoring the flow of funds
Illegal inflows affect the property market
There are many reasons behind the illegal flow of business loans into the real estate sector.
Yang Qinfa, director of the Institute of Real Estate Policy and Law of East China University of Political Science and Law, told the reporter of the Rule of Law Daily that since the real estate market prices have basically maintained an upward trend in recent years, many people who do not have the ability to buy houses also want to get a share of the real estate market as soon as possible, thereby operating the business. Misappropriation of funds to purchase houses, many business loans do not have real business needs.
In order to obtain commissions for real estate transactions, some intermediary agencies did not hesitate to conduct false propaganda, creating panic in the real estate market. Many users who just needed money for housing purchases also entered the real estate market in advance.
Due to insufficient funds, these users will obtain corporate operating funds as a down payment through various channels in order to realize the house purchase plan as soon as possible.
Zhao Xiuchi said that some intermediaries will even provide cash-out services and clearly mark the prices to provide customers with a channel for "business loans" to be converted into mortgages; in some banks, due to lax supervision and other reasons, there may also be loan officers in violation of regulations to release business loans to The phenomenon of home buyers.
In Yang Qinfa's view, in order to evade the supervision of the flow of funds, companies will open multiple bank accounts, and then transfer funds between accounts, increase the settlement volume of fund receipts and payments, and greatly increase the workload of the supervisory department.
The first payment of a loan from a bank by an enterprise becomes easier to supervise. When funds continue to flow, especially after inter-bank flows, it is difficult for the lending bank to supervise.
In addition, once banks over-regulate the flow of funds, companies will turn to other banks to open accounts, which to a certain extent also forces the banking industry to relax the supervision of the flow of funds.
Yang Qinfa believes that the illegal entry of business loans into the property market may push up real estate prices, increase the difficulty of real estate market regulation, and may harm the normal development of companies that originally need loans.
Departmental linkage to strengthen supervision
Pay attention to identifying real needs
It is understood that the "Notice" urges banking financial institutions to further strengthen the verification of borrowers' qualifications, strengthen credit demand review, strengthen loan term management, strengthen loan collateral management, strengthen post-loan management, and strengthen internal management of banks. Operate prudently and compliantly, and strictly prevent the illegal flow of loans for business purposes into the real estate sector.
The "Notice" also requires that the management of intermediary agencies be further strengthened, a "blacklist" of violations should be established, penalties and accountability should be increased, and regular disclosures should be made.
After the issuance of the "Notice", financial regulatory authorities in many places have taken active actions to focus on business loans and prevent business loans from flowing into the real estate sector in violation of regulations.
Banks under the jurisdiction of Beijing have conducted self-inspections on the compliance of personal operating loans and other businesses issued since the second half of 2020. The self-examination found that the amount of personal operating loans suspected of illegally flowing into the Beijing real estate market was approximately 340 million yuan.
The Beijing Banking and Insurance Regulatory Bureau, in conjunction with relevant departments, selected key institutions to further carry out special inspections. It has discovered that approximately 30 million yuan of credit funds suspected of illegal inflows into the real estate market have been incurred, and initiated administrative penalty case filing procedures and investigations and evidence collection for 4 banks.
On April 2, the Shenzhen Banking and Insurance Regulatory Bureau, the Shenzhen Municipal Bureau of Housing and Urban-rural Development, and the People's Bank of China Shenzhen Center Branch issued an announcement that they will carry out joint investigation actions to prevent illegal operation of loans from flowing into the real estate sector in accordance with the requirements of the "Notice".
On April 5, the Hefei Municipal Housing Security and Real Estate Administration issued the "Notice on Further Promoting the Stable and Healthy Development of the City’s Real Estate Market", which required strengthening the source of personal housing loan down payment funds, minimum down payment ratio, debt service income ratio, and loan qualifications. Review, and seriously investigate and deal with the illegal inflow of loans for business purposes into the real estate market.
In the face of increasingly stringent financial supervision, some members of the public expressed concern: Will their normal house purchase loans be affected by this?
Zhao Xiuchi answered that the "Notice" is aimed at loans issued in violation of regulations and does not affect the normal issuance of real estate loans.
"It should be noted that if business loans are used in violation of regulations, home buyers may be included in the credit'blacklist' and may not be able to apply for home purchase loans."
Zhao Xiuchi said that, under the current circumstances, in order to truly prevent the illegal flow of loans for business purposes into the real estate sector, financial institutions and financial management departments must cooperate with the Ministry of Housing and Urban-Rural Development to determine whether the borrower’s loan period and loan flow are illegal to flow into the real estate sector. field.
Small and medium-sized enterprise loans are generally relatively short. If the short-term is long, the large amount of funds is used to purchase a house or to pay for the borrowing before and after the purchase of the house, there will be certain problems; it is also possible to establish a credit blacklist system where the borrower makes a promise to help. The role of risk prevention.
Yang Qinfa reminded that while taking precautions, attention should be paid to distinguishing the difference between real demand and illegal inflow.
"Banking financial institutions must further increase their support for small and micro enterprises, continue to increase the supply of funds to key areas and weak links of economic and social development, and thoroughly implement the party and the state’s strategic deployment of financial support for the development of small and micro enterprises, and maintain The continuity and stability of the credit support policy for small and micro enterprises will give full play to the positive role of loans for business purposes in supporting the real economy."