Central Bank: Promote the balanced development of finance and real estate with the real economy

　　The central bank once again made it clear: Adhere to "housing and housing not speculation" to promote the balanced development of finance and real estate with the real economy

　　Finance is an important part of the real estate long-term mechanism. The People’s Bank of China stated that in recent years, my country has accelerated the establishment of a sound real estate financial management long-term mechanism. The concentration of real estate loans and personal housing loans has steadily decreased.

In the next step, we will continue to focus on stabilizing land prices, housing prices, and expectations, and continue to improve the long-term mechanism of real estate financial management.

　　In the context of high leverage and high debt in the real estate industry, in order to enhance the marketization, regularization, and transparency of financing for real estate companies, the Central Bank and the Ministry of Housing and Urban-Rural Development have introduced the "three lines and four files" of capital monitoring and financing management for key real estate companies since August last year. rule.

The three red lines mean that the debt-to-asset ratio after excluding advance receipts is greater than 70%, the net debt ratio is greater than 100%, and the cash short-term debt ratio is less than 1 time.

According to the situation of stepping on the line, real estate companies are divided into four levels of "red, orange, yellow, and green". The scale of interest-bearing liabilities of "red file" companies cannot be higher than the current level, and the annual growth rate of interest-bearing liabilities of "orange file" companies cannot be higher. If it exceeds 5%, the “yellow file” enterprise shall not exceed 10%, and the “green file” enterprise shall not exceed 15%.

The

So this is actually the financial health of housing prices of different grades to carry out a medical examination, and accordingly to help companies better to do their financial management.

Over the past year, the pilot companies’ asset-liability ratio, net debt ratio, and short-term cash debt have significantly improved compared to the three core operating and financial indicators. The debt scale has steadily declined, operating financing behavior has become more prudent and self-disciplined, and overall operations have become more stable.

　　The central bank said that this measure is conducive to correcting the blind expansion of some real estate companies, enhancing their own anti-risk capabilities, and also conducive to the formation of stable financial policy expectations for real estate companies.

　　Not only does the central bank monitor and manage the debt of real estate companies, the central bank has also formulated a real estate loan concentration management system for banking financial institutions, that is: two upper limits are set for the proportion of real estate loan balance and the proportion of personal housing loan balance. Set a transition period for financial institutions that exceed the upper limit, and establish a regionally differentiated adjustment mechanism.

Zou Lan, Director of the Financial Markets Department of the People's Bank of China: To

put it simply, concentration management means that as a commercial bank, this excessive proportion of (credit) cannot be concentrated in a certain industry sector.

In layman's terms, it is a truth that the eggs cannot be put in the same basket, because if the basket is overturned, the eggs may be broken.

　　The central bank stated that this system is not only an important part of the long-term real estate mechanism, but also an important part of the financial macro-prudential policy framework.

Since implementation, the concentration of real estate loans by banking financial institutions and personal housing loans has steadily decreased.

Zou Lan, Director of the Financial Markets Department of the People’s Bank of China:

The proportion of real estate loans fell by 0.6%, of which the proportion of personal housing loans fell by 0.2%. Then while the real estate loan business is subject to certain constraints, commercial banks Put more energy into these economically weak areas such as supporting small and micro enterprises and agriculture, rural areas and farmers.

In addition, the proportion of loans in key areas such as supporting manufacturing and supporting technological innovation has increased significantly.

　　The latest data shows that the growth rate of RMB real estate loans at the end of June dropped by 2.2 percentage points from the end of the previous year, of which the growth rate of personal housing loans dropped by 1.6 percentage points from the end of the previous year.

The People’s Bank of China stated that the next step will be to insist on the positioning of houses for living, not for speculation, and to implement policies to promote the balanced development of finance and real estate with the real economy.