(Economic Watch) Nearly 40 policies to stabilize the property market were introduced in one and a half months
China News Service, Beijing, February 16 (Reporter Pang Wuji) Since the beginning of 2022, within a month and a half, policies to "stabilize the property market" have been issued frequently in various places, and the deeply adjusted Chinese real estate market has also begun to show signs of stabilization.
Statistics released by the Central Plains Real Estate Research Institute on the 16th show that since 2022, real estate-related policies have been issued nearly 80 times in various parts of China, of which the release of supportive policies to stabilize the property market has been released nearly 40 times.
property market.
Photo by Sun Rui
On the one hand, national ministries and commissions continued to stabilize the capital chain of the property market.
Last week, the People's Bank of China and the China Banking and Insurance Regulatory Commission issued a notice stating that loans related to affordable rental housing projects are not included in the management of the concentration of real estate loans.
Huang Hui, a senior analyst at the Shell Research Institute, said that while this policy provides financial support for affordable rental housing, it is also conducive to stabilizing the capital chain of housing companies participating in the construction of affordable rental housing.
The first half of 2022 is still the peak period for the debt maturity of real estate companies.
A research report released by S&P Ratings shows that in 2022, the domestic bond maturity of 116 sample companies will be about 230 billion yuan (RMB, the same below), of which March and July are the peak maturity.
If overseas dollar debt is taken into account, the debt pressure faced by real estate companies in the first half of the year is even greater.
On the other hand, various localities have also intensively issued various supportive policies, including direct subsidies for house purchases, adjustment of provident fund policies, and lowering the threshold for settlement.
According to statistics, since the beginning of this year, Huizhou, Zhaoqing, Luzhou, Hefei, Kunming, Yulin, Zhuhai, Baoding and other places have introduced different policies to subsidize the purchase of houses, and the subsidy targets include talents, migrant workers, and new citizens.
At the same time, more than ten cities in Fuzhou, Zhuzhou and Beihai have relaxed their provident fund policies.
In addition, Zhongshan, Jiaxing, Tianjin and other places have relaxed the conditions for settlement, which is conducive to attracting population and injecting vitality into the local property market.
Zhang Dawei, chief analyst of Centaline Real Estate, pointed out that since the beginning of 2022, the keynote of real estate policy has continued the policy direction of the fourth quarter of last year, with warm winds blowing frequently.
Last year, the property market quickly entered a period of adjustment against the backdrop of tightening financing at both ends of supply and demand.
This year, with the gradual stabilization of personal mortgage loan data, the property market is also expected to stabilize at an accelerated pace.
It is worth noting that after the sharp contraction in financing in January, there have been positive signals from housing companies financing recently.
First, there are frequent real estate M&A financing actions.
A few days ago, Ping An Bank will start the issuance of the first 5 billion yuan of real estate M&A themed bonds in the near future, and the raised funds will be specially used for real estate project M&A loans.
In addition, Shanghai Pudong Development Bank, China Guangfa Bank and China Merchants Bank have successively launched real estate project M&A financing support plans.
According to institutional statistics, the total capital scale in the field of real estate M&A financing has approached 50 billion yuan.
In recent days, real estate financing has also shown signs of opening.
According to data from the Central Plains Real Estate Research Institute, there have been more than 16 real estate enterprises with a total of more than 60 billion yuan in various financings that have received feedback from the capital market.
On the 16th, there were new developments in the financing of Zhengzhou Real Estate Group, Shoukai Group, Wuxi Taihu New Town Development, Gemdale Plaza and many other companies or projects.
Will the policy warm air blow the property market all of a sudden?
Li Yujia, chief researcher of the Guangdong Housing Policy Research Center, pointed out that it is necessary to see that all policy support is limited and has not broken through hard constraints such as purchase restrictions and loan restrictions.
As a long-term mechanism, the management of real estate loan concentration and "three red lines" will not be withdrawn.
In the past, the rigid expectation of "only rising but not falling" in housing prices has been broken. Coupled with measures such as second-hand housing reference prices and penetrating supervision of capital sources, "leveraging" real estate speculation has become a thing of the past, and it is difficult for the real estate market to repeat the past "" Mad Cow" quote.
At present, financial institutions are still relatively cautious in investing in the real estate industry, and it is difficult to reproduce the influx of funds from various sources in the past.
The China Index Research Institute recently conducted a market survey for financial institutions in the first quarter of 2022. According to institutional feedback, 48% of the institutions decided to reduce the scale of investment, of which 22% of the institutions had a year-on-year decrease of more than 15% in their investment; 33% of the institutions Basically maintaining the level of the previous year; only 19% of the institutions will see a significant increase in their investment.
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