Chang Xiaoyu, Yang Jie
Recently, many places and departments have further introduced policies to promote the healthy and stable development of the real estate market, and financial institutions have also responded positively and took the initiative.
On the one hand, for the stock part, the regulatory authorities and local governments timely decompose and implement the requirements of stabilizing the real estate market, and financial asset management companies (AMCs) have also taken action to speed up the rescue of real estate companies; on the other hand, for the incremental part, many places strengthen Supervision of pre-sale funds to create a favorable market environment.
At present, the "guaranteed handover" policy measures have been implemented in many places, and home buyers are calling "very assured"; practitioners in third- and fourth-tier cities expect the policy coverage to be further expanded.
Experts interviewed by the "Securities Daily" reporter said that AMC has bailed out housing companies one after another, indicating that various support work has entered a substantive stage. The situation will increase.
At the same time, optimizing the supervision of pre-sale funds is an important aspect of implementing policies by city and consolidating the supervision responsibility of local governments. It is expected that other regions will follow suit in the future.
AMC accelerates bailout of housing companies
Recently, from the central government to the local government, clear instructions have been made to stabilize the real estate market.
The meeting of the Political Bureau of the Central Committee held on July 28 first mentioned "guaranteing the handover of buildings", emphasizing "compact the responsibility of local governments, ensure the handover of buildings, and stabilize people's livelihood"; the China Banking and Insurance Regulatory Commission addressed the topic "guaranteing the handover of buildings" three times within ten days.
At the local level, the Shanghai Banking and Insurance Regulatory Bureau mentioned in the 2022 mid-year work promotion meeting that "maintain real estate financing in a stable and orderly manner" and "support Shanghai to do a good job of 'guaranteeing and handing over buildings'".
At the same time, the regulatory authorities issued a number of policies during the year to encourage AMC to actively participate in the risk resolution work in key areas such as mergers and acquisitions of problematic real estate companies, reform of small and medium financial institutions, and risk management.
AMC's bailout of housing companies is accelerating.
On August 5, China Huarong announced that the company and Sunshine Group recently signed the "Bailout and Restructuring Framework Agreement" and held a bailout strategic cooperation meeting.
On July 19, Henan Assets and Zhengzhou Real Estate Group established the Zhengzhou Real Estate Relief Fund. Through asset disposal, resource integration, restructuring consultants, etc., it participated in the revitalization of problem real estate and the rescue of difficult real estate enterprises.
Since the beginning of this year, four national AMCs including China Huarong, Great Wall Assets, Cinda Assets, and Orient Assets have successively participated in mergers and acquisitions of insurance companies.
On August 7, the reporter learned from Great Wall Assets that in the first half of this year, the company carried out multiple rounds of docking and project screening with 12 key distressed housing companies through "headquarters docking" and "headquarters-branch linkage". In-depth research and judgment on the assets of the intended rescue project provided by the enterprise.
"Since March this year, among the public projects in which state-owned and local AMCs have participated in real estate risk resolution, the scale of rescue funds for projects that have disclosed cooperation plans is about 35 billion yuan." A reporter from the Daily said that from the bailout cases that have been published so far, the main bailout method of AMC is to set up a bailout fund or cooperation platform with industrial investors (usually central enterprises or local state-owned enterprises), and AMC will use the industrial chain and government resources to play a role. Mobilize the advantages of financing, and let the industrial investors give full play to the advantages of development and operation.
Zeng Gang, director of Shanghai Finance and Development Laboratory, told a reporter from Securities Daily that AMC, as a professional risk disposal institution, is more professional in risk disposal and resolution than other financial institutions, and can use diversified means and integrated platforms. Provide effective support for insurance companies.
In the future, AMC will make good progress and play an important role in helping real estate companies and key projects to rescue and mitigate risks.
It is worth mentioning that the "Zhengzhou City Real Estate Relief Fund Establishment and Operation Plan" recently issued by Zhengzhou mentioned that the real estate relief fund is set up under the central city fund in accordance with the principle of "government guidance, multi-level participation, and market-oriented operation". The special bailout fund, tentatively set at 10 billion yuan, will be operated in the form of a parent-child fund.
"The establishment of the Zhengzhou bailout fund model has a guiding role." Yan Yuejin, research director of the Think Tank Center of the E-House Research Institute, told the "Securities Daily" reporter that such funds have a leverage effect, and at the same time, their investment and operation also reflect the integration of various The orientation of quasi-social funds, especially funds including asset management and commercial banks, will enter, objectively enhance the financial strength of solving problems, and have positive significance for quickly solving the problem of "unfinished buildings" in the third quarter.
Ms. Li, the third-phase marketing center of Zhongle Baihua Mansion in Xinyang City, Henan Province, told the Securities Daily reporter, "Because the various measures of 'guaranteeing the building' in many places have been introduced not long ago, they have not been directly transmitted to Xinyang City." She looked forward to the coverage of the policy. Further expansion, "the measures of 'guaranteing the delivery of buildings' can prevent the risk of 'unfinished buildings' from the source, but currently only some provincial capital cities have introduced relevant measures. So confident."
Strengthen the supervision of pre-sale funds in many places
At the beginning of this year, the Ministry of Housing and Urban-Rural Development, the Central Bank and the China Banking and Insurance Regulatory Commission jointly issued the "Opinions on Regulating the Supervision of Pre-sale Funds for Commercial Houses" (hereinafter referred to as the "Opinions") to strengthen the supervision of pre-sale funds.
Subsequently, relevant regulations were issued in many places.
The chief economist of CITIC Securities told the "Securities Daily" reporter that many places have implemented the detailed rules in accordance with the "Opinions", including how to determine the pre-sale funds in commercial banks, the establishment of regulatory accounts, how to determine the regulatory limit, how to use the funds, and corporate violations. Misappropriation will be held accountable, and the respective rights and responsibilities of the three-party regulatory authorities will be clarified.
The differences are: First, the approval method of the supervision quota is different. In some places, it is based on a certain proportion of the total pre-sale price, and in some places, the project cost is fixed or the project cost is multiplied by a coefficient; The setting method of the project node for withdrawal and the balance requirements of the corresponding node's pre-sale fund supervision account are different.
In order to further observe the implementation of regulatory requirements, a reporter from Securities Daily, as a house buyer, consulted online a broker of a newly opened real estate project (commodity house) in Jinshui District, Zhengzhou City.
The other party introduced, "The project plans to deliver the house by the end of 2024, and the delivery time and delivery quality are guaranteed."
When the reporter expressed concerns about the "unfinished end" of the off-plan house, the broker said that now the supervision requires that all the income obtained from the pre-sale of commercial housing by real estate development companies should be deposited into the supervision account, the purpose is to guarantee the delivery of the house and prevent the "unfinished end" , to protect the rights of buyers.
Some homebuyers in Zhengzhou told reporters about the most intuitive feeling after the policy was released, "Now there are no financial staff in the sales office of the real estate building. All of them are professional POS machines for fund supervision accounts provided by banks, which makes people very reassured."
The same situation also happened in Xinyang City.
According to Ms. Li, "Since the introduction of the pre-sale fund supervision policy in Henan, all developers must provide detailed information such as fund supervision accounts when applying for commercial housing pre-sale certificates."
In Mingming's view, optimizing the supervision of pre-sale funds is an important measure to implement city-specific policies and consolidate local government's supervision responsibilities. It is expected that other regions will follow suit in the future.
Chen Wenjing, the market research director of the Index Division of the China Index Research Institute, said that development is the best way to solve the problem, and the real estate control policy still needs to continue to exert force. Give local governments greater autonomy, lower the threshold for purchasing houses, and reduce the cost of purchasing houses. For example, in second-tier cities, policies such as purchase restrictions, loan restrictions, and sales restrictions will be further optimized to promote the release of reasonable housing demand and promote the stable and healthy development of the real estate market.