The work of "guaranteing and handing over buildings", which has attracted much attention, is entering a period of substantial promotion.

　　On the evening of September 23, China Construction Bank announced that it plans to invest in the establishment of a housing rental fund with a scale of 30 billion yuan.

From the perspective of the specific investment direction and operation method, the fund will invest in the stock assets of real estate enterprises, transform them into rental housing, increase the supply of market-oriented long-term rental housing and affordable rental housing, and explore a new model of real estate development that combines rental and purchase.

　　Since the first meeting of the Political Bureau of the Central Committee on July 28 to "guarantee the handover of buildings", relevant policies and measures in various places have continued, and financial institutions, as important fund providers, have also participated in various forms.

Just on September 23, the person in charge of the relevant departments of the China Banking and Insurance Regulatory Commission stated that the China Development Bank paid Shenyang City, Liaoning Province, the country's first special loan for "guaranteeing and handing over a building" on the 22nd.

　　The person in charge of the relevant department of the China Banking and Insurance Regulatory Commission said that the China Banking and Insurance Regulatory Commission actively promotes and supports "guaranteing the delivery of buildings and stabilizing people's livelihood", and guides banks to actively participate in the study of plans to reasonably solve the hard capital gap under the orderly arrangement of cooperating with local governments to compact the responsibilities of all parties. , do a good job of providing qualified credit, and do everything possible to promote "guaranteing the delivery of buildings and stabilizing people's livelihood".

　　As an important part of "stabilizing people's livelihood" at present, the central and local governments are all pushing for "guaranteing the handover of buildings" and effectively safeguarding the rights and interests of home buyers.

The central-level policy bank special loan is an important starting point for this work at present.

Promote "guaranteed delivery of buildings" with guaranteed rental housing

　　On the evening of September 23, China Construction Bank announced that it plans to invest in the establishment of a housing rental fund, with a fund raising scale of 30 billion yuan, of which CCB subscribed for 29.999 billion yuan, and the source of funds is its own funds. Wholly-owned subsidiaries subscribed for 100 million yuan.

The term of the fund is tentatively set at 10 years, and it will be assessed whether it will survive.

　　CCB said that the fund will invest in the stock assets of real estate companies, transform them into rental housing, increase the supply of market-oriented long-term rental housing and affordable rental housing, and explore a new model of real estate development that combines rental and purchase.

　　Many industry insiders believe that the foundation will give priority to projects that have been built but not sold.

A person from a leading real estate company analyzed that although the projects that have been sold and delivered are relatively urgent issues at present, it involves too many small owners, which is more difficult.

The more operable and more efficient and better choice is the project that has a funding problem halfway through the construction and cannot be advanced to the pre-sale standard, but the difference is not far behind.

　　According to the above-mentioned real estate company sources, each developer, especially a large-scale developer, will have projects in different construction stages and states.

"If the pre-construction of the project does not meet the pre-sale standards, the developer's investment in the project is also very limited. In fact, it is possible to put it on hold or wait until the market improves before proceeding with the construction. To take over such a 'half-la-zi' project, perhaps it is precisely the Where this fund comes in.”

　　It is worth mentioning that, in addition to promoting guaranteed delivery and promoting the destocking of housing stock, CCB’s investment in the establishment of a fund is intended to further promote the implementation of the housing leasing strategy, acquire stock assets of housing companies, strengthen collaboration with relevant parties, and help explore new models of real estate development. , to promote the steady and healthy development of the real estate industry.

　　Coincidentally, in early September, a state-owned platform in Jinan also stated that it would purchase stock commercial housing to promote the supply of affordable rental housing.

　　Jinan Urban Development Group (hereinafter referred to as "Jinan Urban Development Group") recently issued a document stating that in accordance with the arrangements of the Jinan Municipal Party Committee and Municipal Government, on August 31, Jinan Urban Development Group Assets Operation Management Co., Ltd., a subsidiary of Jinan Urban Development Group, issued a tender announcement. In the six districts of Jinan City, the existing housing stock is acquired for leasing reserve housing.

First Financial learned from Jinan Chengfa Group that a total of 3,000 commercial housing units will be acquired this time.

　　The group said that through the acquisition of commercial housing as a rental reserve, the company provides a solid housing guarantee for Jinan City, gives full play to the role of the rental market in people's livelihood, and guarantees the rental of "a house to live in Jinan, and a house to stay in Jinan". market.

　　Whether it is the establishment of the housing rental fund or the purchase of houses by the Jinan state-owned platform, there is a huge demand for rental housing preparations in various places during the "14th Five-Year Plan" period.

　　In mid-August this year, the Ministry of Housing and Urban-Rural Development disclosed that during the entire "14th Five-Year Plan" period, the country plans to raise 8.7 million units (rooms) of affordable rental housing.

According to estimates by CITIC Securities, if the number of new affordable rental housing units nationwide during the "14th Five-Year Plan" period is between 8 million and 9 million units, the corresponding development investment will be around 1.7 trillion to 1.9 trillion yuan.

　　Judging from the cities that have announced construction plans in various places, the sources of relevant affordable rental housing mainly include renovation of existing housing and new construction.

An industry insider told reporters that most of the sources of subsidized rental housing were supplied through special land plots, which were acquired and constructed by urban investment and state-owned enterprises in the district; the other was through project matching.

　　Although the above-mentioned housing stock of investment housing companies as a form of subsidized rental housing has rarely appeared before, it is indeed an effective way to raise subsidized rental housing.

　　Xu Yuejin, deputy research director of the Index Division of the China Index Research Institute, told Yicai that, on the one hand, by purchasing existing commercial housing, the supply of subsidized rental housing can be quickly formed, and the housing difficulties of new citizens and young people can be solved quickly; Project comparison and selection can guarantee the quality of rental housing projects to a certain extent.

On the other hand, by purchasing commercial housing to raise subsidized rental housing, it will help to eliminate the inventory of the property market, ease the operating pressure of some housing companies, and provide support for accelerating the stabilization of the property market.

　　"This model appears in the current real estate market situation, and it can be regarded as a policy to expand policy tools under the policy's 'what should be done'." Some real estate industry insiders believe, "At present, state-owned capital has sold a large amount of money. The way of purchasing is helpful to the de-designation of projects, and if some project screening conditions can be lowered in the later stage, it will also be beneficial to 'guaranteing the delivery of buildings'."

Multi-party efforts to promote "guaranteed handover"

　　In August this year, the Ministry of Housing and Urban-Rural Development, the Ministry of Finance, the People's Bank of China and other relevant departments announced measures to improve the policy toolbox and support the construction and delivery of residential projects that have been sold overdue and difficult to deliver through special loans from policy banks.

According to market sources, the initial scale of this special loan reached 200 billion yuan.

　　It is reported that this special loan focuses precisely on "guaranteeing the delivery of buildings and stabilizing people's livelihood", and is strictly limited to the construction and delivery of residential projects that have been sold, overdue, or difficult to deliver, and implement closed operation and special funds.

Through special loan leveraging and bank loan follow-up, the construction and delivery of residential projects that have been sold overdue and difficult to deliver are supported.

　　The China Index Research Institute believes that the placement of special loans for policy banks by the regulatory authorities will prompt local governments to speed up the implementation of policies and ensure the resumption of work and production of projects and timely delivery.

　　At the local level, according to the monitoring data of the China Index Research Institute, since July, nearly 30 provinces and cities have introduced measures to "guarantee the handover of buildings", including the timely coordination and disposal of problem projects "one plan and one policy", and leaders at all levels linking up the projects. Get the bottom line, coordinate the introduction of regional state-owned enterprises and financial institutions to revitalize projects, and establish bailout funds.

　　For example, Zhengzhou City has issued a plan for the establishment and operation of a real estate bailout fund. The size of the fund is tentatively set at 10 billion yuan. The bailout projects are limited to existing real estate projects whose future sales revenue can cover the project investment, and four types of development projects for bailout projects are defined. 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.

　　In addition to the operation at the level of the bailout fund, many places have promoted the "guaranteed handover" through administrative means and one policy on the first floor.

　　On September 19, the official Weibo of the Information Office of the Shaoxing Municipal People's Government stated that the city has set up a special class for real estate to conduct a comprehensive inspection of all residential projects in the city on a regular basis. Measures such as special classes for risk project disposal and the establishment of project fund security accounts, fully implement the task of "guaranteeing the delivery of buildings and stabilizing people's livelihood".

　　Under the joint efforts of many parties, the real estate completion data rebounded, and the industry's warm wind was looming.

The latest data from the National Bureau of Statistics shows that the area of ​​housing completed in August was 48.33 million square meters, a year-on-year decrease of -2.5% in a single month and a month-on-month increase of +42.5%. -36.0% narrowed sharply.

　　In Henan, where the most efforts have been made to rectify unfinished buildings, more positive progress has also been reported.

On the 17th, the Henan Provincial Government Information Office held a press conference. Wang Yi, deputy director of the province's Department of Housing and Urban-Rural Development, said that since the beginning of this year, Henan has promoted the resumption of construction of 694 suspended and unfinished projects, and 50 suspended and unfinished projects have been completed and delivered. .

　　Wang Yi said that since the second half of last year, due to the superposition of factors such as changes in the macroeconomic situation, cyclical adjustments in the industry, structural contradictions, and the impact of the epidemic, the real estate market has experienced periodic difficulties, and the tasks of securing the delivery of buildings and stabilizing people's livelihood have become prominent.

In this regard, Henan established a provincial leading group for the disposal and resolution of problematic real estates to vigorously promote related work.

　　Everbright Securities stated that the China Banking and Insurance Regulatory Commission actively promotes and supports "guaranteeing the delivery of buildings and stabilizing people's livelihood", including guiding banks to actively participate in the study of plans to reasonably solve the hard capital gap under the orderly arrangement of cooperating with local governments to compact the responsibilities of all parties, and do a good job in Qualified credit.

Development and policy financial institutions have adopted different methods to safeguard the legitimate rights and interests of house buyers and maintain the overall situation of social stability.

　　Author: Sun Mengfan ▪ Zheng Na

　　(China Business News reporters Qi Ning and Du Chuan also contributed to this article)