Xinhua News Agency, Beijing, September 21 (Reporters Zheng Juntian, Wang Youling) Recently, the Ministry of Housing and Urban-Rural Development, the Ministry of Finance, the People's Bank of China and other relevant departments have introduced special measures to support cities in need in promoting overdue sales by means of special loans from policy banks. The construction and delivery of difficult-to-deliver residential projects are currently underway in a tense and orderly manner.

Many local governments have implemented policies based on the city to promote "guaranteing the delivery of buildings and stabilizing people's livelihood", and some suspended projects have begun to resume work.

  Relief funds are set up in many places to promote the resumption of work and production

  Relevant departments emphasized that the work of "guaranteing the delivery of buildings and stabilizing people's livelihood" adheres to the people-centered development philosophy, adheres to the principle of legalization and marketization, compacts the main responsibility of enterprises for self-rescue, implements the territorial responsibility of local governments, and effectively protects the legitimate rights and interests of home buyers.

  Recently, the establishment and operation plan of the Zhengzhou Real Estate Relief Fund was released to the public. The size of the fund is tentatively set at 10 billion yuan, and the relief projects are limited to the stock real estate projects whose future sales revenue can cover the project investment. The model is the unified loan and repayment model of shed reform, mergers and acquisitions, bankruptcy and reorganization, and rental housing models.

  In Wuhan, China Construction Bank plans to set up a rescue fund of 30 billion yuan with Hubei Province as a pilot project to purchase problem projects and convert them into public rental housing.

Nanning City established a stable real estate fund with an initial scale of 3 billion yuan.

  It is worth noting that in addition to local governments, asset management companies have also begun to accelerate their entry.

Following the signing of a bailout and restructuring agreement between China Huarong and Sunshine Group, Zhongnan Holdings and Jiangsu Assets announced a cooperation bailout on August 10.

According to the agreement, Jiangsu Assets or its designated subject and Zhongnan Holdings or its designated subject jointly set up a fund with a scale of 2 billion yuan and a duration of 3 years for project cooperation invested by Zhongnan Holding and its related parties, including existing debt restructuring, existing projects Continued construction, etc.

  In addition, Great Wall Assets disclosed that in the first half of the year, it has carried out multiple rounds of docking with 12 real estate companies to conduct in-depth research and judgment on the assets of the intended rescue projects. Some projects have been successfully implemented or approved for investment; the first rescue project of Cinda Assets was also successful in July. landing.

  With the joint efforts of local governments, financial institutions and real estate companies, there have been reports of resumption of work in many suspended buildings.

  Multi-project testing of the "financial institution takeover + entrusted co-construction" model

  At present, many suspended projects have been revitalized through financial institution takeover, creditor acquisition, auction of creditor's rights, and partner custody, etc., and the delivery of buildings has been guaranteed.

  According to an investigation report released by the Crane Research Center, Evergrande Group has successively signed agreements with a number of trust companies such as Everbright Trust and Minmetals Trust to divest some urban projects to trust companies, and the trust companies will inject funds into the project companies to ensure the follow-up of the projects. Development and construction.

Creditor CITIC Group acquired Kaisa's four projects in Shenzhen with a total value of about 50 billion yuan.

Wuxi Cuizhu Real Estate Development Co., Ltd. transferred the creditor's rights on the Ali auction platform, in order to introduce investors to continue the construction as soon as possible.

  Industry insiders believe that from a practical point of view, the "financial institution takeover + entrusted joint construction" model has promoted the orderly clearing of problem projects.

Take the first successful landing project of Cinda Assets to rescue real estate enterprises - Guangzhou Nansha "Yueban Bay" as an example. This project was acquired by Cinda at a discount, and Shenzhen Huajian provided incremental capital loans, and Cinda Real Estate entered the market. The trader is the construction agent, and the project is fully closed and managed.

  In Guangzhou, Guangdong, Kunming, Yunnan, Jiangyin, Jiangsu and other places, financial institutions have also brought in co-constructors to revitalize the suspended projects.

Guangzhou Baizhu Company's Baisheng Plaza was the first reorganization project ruled by the Guangzhou Intermediate People's Court, and was seized by the court due to a broken capital chain.

After the mediation of the Guangzhou Intermediate Court, all creditors reached an agreement on the project debt and repayment method, introduced restart funds, and Blue Green Shuangcheng, as the asset manager, was responsible for the development, continued construction and market repositioning, so as to achieve high-quality delivery and guarantee the rights of each creditor.

  Relevant departments said that real estate enterprises, as the main body responsible for guaranteeing the handover, actively disposes of assets, raises funds from various parties, and strives to complete the task of guaranteeing the handover.

In order to prevent the risk spillover of real estate enterprises, the local government takes the territorial responsibility of "guaranteing the handover of buildings and stabilizing people's livelihood", and helps enterprises to ensure the handover of buildings.

At present, with the joint efforts of all parties, positive progress has been made in securing the handover of buildings in various places, but there is still financial pressure.

  Cao Zhounan, chairman of Blue-Green Shuangcheng Holding Group, said that most bailout projects require start-up funds. Blue-Green Shuangcheng has established a special bailout fund of 1.8 billion yuan with financial institutions for resumption of work and production.

  Comprehensive classification is required

  At present, the reasons for the shutdown of real estate in various places are more complicated.

In addition to the establishment of a special rescue fund for real estate, many places have also supervised the continuation of construction of suspended buildings through measures such as setting up special classes, returning land payments, and optimizing the supervision of pre-sale funds.

  In Suzhou, the sub-district office in the area where the suspended project is located and the district-level functional departments jointly set up a working group to settle at the project site, urge the project to resume work as soon as possible, supervise the project quality, and implement "one policy and one special class on the first floor".

In Chongqing, the relevant departments set up a risk resolution and disposal team for real estate problem projects, arranged a special class to follow up the progress of the project construction, and closed the management of the project account funds.

  "Each real estate is different, and the specific situation is actually very complicated. It is recommended that each place's 'first floor, one policy' be handled differently." Ding Zuyu, CEO of E-House Enterprise Group, believes that the top priority is to quickly inject liquidity into the market and enterprises in the short term. If the project is to be fully revitalized, it still needs start-up capital first.

  Cao Zhounan believes that although some real estate companies have problems with cash flow, their assets are still there, and they are not insolvent.

The local government can buy back the land through the bailout fund, which is equivalent to the government purchasing and storing again, and the housing enterprise obtains "life-saving money" to achieve a win-win effect.

  A person in charge of a real estate company said that although real estate companies are facing liquidity pressure, they still have a lot of assets in their hands. It is suggested that the regulatory authorities encourage banks to open up mortgage financing to alleviate the financial difficulties of real estate companies and industry delivery problems.

  Relevant departments said that they will resolutely implement the decisions and arrangements of the Party Central Committee and the State Council, firmly adhere to the positioning of "houses are for living, not for speculation", steadily implement the long-term mechanism for real estate, and promptly improve relevant systems and policy toolboxes. Explore new development models, continue to rectify and standardize the order of the real estate market, create a market environment that is law-abiding, honest, and upright, and implement city-specific policies to promote a virtuous circle and healthy development of the real estate industry.