Food, clothing, housing and transportation are the basic needs of life, among which "housing" is regarded as just need by many people.
In the past two days, there was a meeting that attracted people's attention, which was closely related to "living."
The teleconference on accelerating the development of affordable rental housing and furthering the regulation of the real estate market held on the 22nd reiterated: Adhere to the positioning of houses for living, not for speculation, and do not use real estate as a short-term economic stimulus.
The positioning of "housing to live without speculation" continues to consolidate, which has given many people "reassurance."
Whether it is buying a house, renting a house, or building a house, money is indispensable.
Therefore, real estate finance is a key part of the implementation of "housing to live without speculation".
In recent years, my country has accelerated the establishment and improvement of a long-term mechanism for real estate financial management. In particular, under the guidance of the “third-line and four-tier” rules and the real estate loan concentration management system, many real estate companies have become more prudent and self-disciplined in financing, and banking financial institutions’ The concentration of personal housing loans has steadily decreased.
In June, the overall increase in the sales price of commercial housing in 70 large and medium-sized cities showed a steady but declining trend; at the same time, at the end of June, the growth rate of RMB real estate loans in my country dropped by 2.2 percentage points from the end of the previous year.
It can be seen that the control policies, including the real estate financial policy, are already taking effect. The real estate credit environment in some cities has changed, and the increase in housing prices has stabilized.
What kind of "weapon" can make the regulation so immediate?
How does the "three lines and four levels" rule and the real estate loan concentration management system work?
Come and find out.
To promote the stable and healthy development of the real estate market, first of all, real estate companies need to be healthy.
However, some real estate companies are greedy for everything and blindly expand, and their core operating financial indicators are "red light". This has also led to the phenomenon of high leverage and high debt in the real estate industry.
In order to enhance the marketization, regulation, and transparency of financing for real estate enterprises, in August last year, the People's Bank of China, the Ministry of Housing and Urban-Rural Development, together with relevant departments, formulated fund monitoring and financing management rules for key real estate enterprises, namely the "three lines and four levels" rule.
The "three lines" are actually the "three red lines", which specifically refer to: 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; the year of interest-bearing liabilities of "orange file" companies The growth rate shall not exceed 5%; the “yellow file” enterprises shall not exceed 10%; the “green file” enterprises shall not exceed 15%.
With a clear "third-line and four-level", real estate companies must meet the corresponding requirements in order to raise funds and continuously optimize their financial indicators.
This is equivalent to a "physical examination" of the financial health of the real estate company to help it better improve its financial management.
Behind health is self-discipline.
Real estate companies have become more cautious and self-disciplined in their operations and financing, and their overall operations have become more stable.
Taste the sweetness, more and more real estate companies have joined the ranks of "self-discipline".
At the beginning of the pilot, the central bank selected 12 representative real estate companies as the pilot objects, and at the beginning of this year it expanded to 30 real estate companies with large debts.
Zou Lan, Director of the Financial Markets Department of the People's Bank of China, said that the "three lines and four gears" rule is effective from the perspective of the situation in the past year of implementation and the reactions of all sectors.
The pilot company’s asset-liability ratio, net debt ratio, and cash short-term debt ratios have significantly improved compared to the three core operating and financial indicators, and the debt scale has steadily declined.
Many other real estate companies outside the pilot program are also actively benchmarking rules and optimizing and adjusting their own business behaviors.
In addition to focusing on the demand side, financing management cannot ignore the supply side.
In addition to monitoring and managing the debts of real estate enterprises, the People's Bank of China has also strengthened the management of banking financial institutions-formulating a management system for the concentration of real estate loans.
The system sets up "two red lines" for different types of banking institutions of different sizes in terms of the proportion of real estate loan balance and the proportion of personal housing loan balance.
The former ranged from 40% to 12.5%, and the latter ranged from 32.5% to 7.5%.
As the saying goes, eggs cannot be put in a basket.
Banks should also pay attention to structural optimization of credit allocation, which is not only related to the institution's own risks, but also of great significance to the healthy and stable development of the entire economy.
Since the implementation of the system, the concentration of real estate loans by banking financial institutions and personal housing loans has steadily decreased.
Data show that at the end of June, the growth rate of my country's real estate development loan balance and the growth rate of personal housing loan balance dropped by 3.3 and 1.6 percentage points respectively from the end of the previous year.
In Zou Lan’s view, while the real estate loan business is subject to certain constraints, commercial banks are focusing more on supporting weak economic links such as small and micro businesses and "agriculture, rural areas and farmers". At the same time, loans in key areas such as manufacturing and technological innovation account for the proportion of loans. Get promoted.
Data show that at the end of June, the balance of inclusive small and micro loans in my country increased by 31% year-on-year, and the growth rate was 18.7 percentage points higher than the growth rate of various loans in the same period; the balance of long-term loans in the manufacturing industry increased by 41.6% year-on-year, the growth rate was higher than the same period last year 16.9 percentage points.
The People’s Bank of China stated that in the next step, it will continue to adhere to the positioning that houses are used for living and not for speculation, implement the long-term real estate mechanism, continuously improve the "third-line and four-tier" rules and the real estate loan concentration management system, and implement policies. , Improve the resilience and soundness of the financial system, and promote the balanced development of finance and real estate with the real economy.
To firmly grasp the key to real estate finance, we must continue to strictly implement the "weapon" of regulation and control, manage the supply and demand ends of real estate finance, and make regulation policies more precise, which will not only target real estate speculation, but also better meet rigid demand.
(Reporter Wu Yu)