Heavy! How does the official announcement of the "Sixteen Financial Measures" affect the property market?

　　Chinanews.com, November 24th (Chinanews Finance and Economics reporter Zuo Yukun) The real estate market is welcoming major positive news again.

On the 23rd, the website of the central bank issued the "Notice of the People's Bank of China and the China Banking and Insurance Regulatory Commission on Doing a Good Job of Financial Support for the Steady and Healthy Development of the Real Estate Market" (hereinafter referred to as the "Notice").

　　The "Notice" contains 16 specific measures to comprehensively support the stable and healthy development of the real estate market from both supply and demand sides.

Industry analysts believe that this policy is unprecedentedly strong, and its core logic is: "Guaranteed housing delivery" promotes the recovery of home buyers' confidence, corporate debt extension + support for financing to stabilize market players, and support for individual home purchase credits to drive market sales recovery.

Data map: There are many tall buildings in the city.

Photo by China News Agency reporter Wang Dongming

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　　"Guaranteed delivery of buildings" is the focus of recent real estate work.

Prior to this, policy banks such as the National Development Bank and the Agricultural Development Bank have set up special loans for "guaranteed delivery buildings", with a scale expected to reach 200 billion yuan.

　　The "Notice" also proposes to actively do a good job in "guaranteed housing" financial services. In addition to supporting development policy banks to provide special loans for "guaranteed housing", financial institutions are also encouraged to provide supporting financing support.

　　"As for the supporting loans of financial institutions such as commercial banks, on the basis of encouraging the increase of credit lines, a clear guidance plan is specially proposed. For example, new supporting financing needs to be invested in projects with clear repayment sources, and it is divided into "special loan supporting financing" 'Subjects are subject to special management, and those who meet due diligence but still have bad performance can be exempted, etc.'" Zhongzhi Research Institute believes that the detailed rules introduced this time make financial institutions invest more accurately and use funds more efficiently, and at the same time exempt institutions from worries.

　　"'Supporting financing support' can be said to be a new support tool for guaranteed delivery of buildings, and the system framework of 'special loans + supporting financing support' in various places will be more complete." Yan Yuejin, Research Director of the Think Tank Center of E-House Research Institute, said.

Housing enterprise financing: reasonable extension of existing financing, support for credit enhancement and bond issuance

　　Funding is the lifeblood of real estate companies.

The "Notice" introduces the part of "maintaining real estate financing in a stable and orderly manner" in a large space, including stabilizing the issuance of real estate development loans, and treating state-owned and private real estate enterprises equally; supporting the reasonable demand for personal housing loans; stabilizing the credit extension of construction enterprises; Support the reasonable extension of existing financing such as development loans and trust loans; maintain the basic stability of bond financing; maintain the stability of financing for trust and other asset management products.

　　Li Yujia, chief researcher of the Housing Policy Research Center of the Guangdong Provincial Urban Planning Institute, pointed out that this reflects that the management has stabilized real estate financing from all channels such as credit, trust, asset management, and bonds; Restructuring, loan extension, leasing financing and other aspects of financing involving real estate, clarify the content of policy support.

　　The China Index Research Institute believes that "equal treatment of state-owned, private and other real estate companies" will improve the risk preference and financing atmosphere of financial institutions for private real estate companies, and alleviate the rapid credit shrinkage of private real estate companies; "support loans, trusts and other stock financing extensions1 "year" will greatly ease the pressure on real estate companies to repay debts, and effectively ease the cash flow tension of real estate companies, especially for private real estate companies that are not out of danger; "increasing the use of bonds, trusts, etc. Enterprises raise funds by issuing bonds through credit enhancement.

　　"Real estate finance has changed from traditional credit and debt financing to trust financing, and financial support has entered a new stage. Various financial institutions will support real estate through multiple channels, multiple angles, and multiple directions." Yan Yuejin pointed out that trust companies should reduce Pay attention to the incremental market, and at the same time look for new investment opportunities and business directions in the stock market.

Data map: Many real estate.

Photo by Zhang Yichen

Risk disposal of real estate enterprises: the "third arrow" is released at an accelerated pace

　　The "Notice" pointed out that actively cooperate with the risk management of troubled real estate enterprises, including providing financial support for mergers and acquisitions of real estate projects, and actively exploring market-oriented support methods.

Yan Yuejin said that this clarified the importance attached to the disposal of real estate non-performing assets, and especially strengthened the important roles and functions of the four major asset management companies.

　　The Middle Finger Research Institute believes that the resolution of M&A risks has been steadily advancing, and under the demonstration effect of previous successful cases, it is expected to expand the scope of disposal in the future.

At present, the first and second arrows of credit and bonds have been launched, and equity financing is an essential measure to resolve risks at the enterprise level. The successful experience of local governments participating in the mixed reform of private enterprises in the early stage has also become a good model. Therefore, the "third arrow" "Arrow" is expected to land quickly.

　　Li Yujia also believes that the "Notice" clarifies that local governments should cooperate with banks, real estate companies, asset management companies, and tripartite institutions to promote project mergers and acquisitions under the circumstances of territorial responsibilities. This means that the "third branch of equity acquisition" "Arrow" may be sent out.

Individuals: Concerns about deferment of loan repayment are eased, financial support for renting houses is accelerated

　　The "Notice" also proposes to protect the legitimate rights and interests of housing finance consumers in accordance with the law.

Encourage independent negotiations on deferred repayment of principal and interest in accordance with the law, and effectively protect the personal credit investigation rights and interests of deferred loans.

　　According to the "Notice", for individuals who have lost their source of income due to hospitalization or isolation due to the epidemic, or have lost their source of income due to the suspension of business due to the epidemic, as well as personal housing loans that have been changed or canceled due to the purchase contract, financial institutions can follow the principles of marketization and the rule of law to purchase houses. Individuals independently carry out consultations and make adjustments such as extensions and extensions.

　　Bo Wenxi, chief economist of IPG China, believes that ensuring the smooth progress of the deferred loan repayment work is also an important manifestation of protecting people's livelihood.

Some deferred loan repayment behaviors that comply with the policy will not be affected in terms of credit investigation, which ensures the legitimate rights and interests of home buyers.

　　In terms of housing leasing, the "Notice" clarifies the need to increase financial support for housing leasing, including optimizing housing leasing credit services and expanding diversified financing channels in the housing leasing market.

　　"By increasing the financial support for housing leasing and broadening the source of funds for the development of housing leasing, the scale and specialization of relevant housing leasing companies will be improved, which will help to speed up the construction of the housing leasing market and complement the housing leasing industry. Weaknesses." Bo Wenxi thinks.

　　"Increasing financial support for housing leasing is an important measure to promote the establishment of a housing system of 'simultaneous renting and purchase'." The China Finger Research Institute predicts that in the future, the financial support policies in the housing leasing field will be further accelerated, and housing leasing related companies will gain More support.

　　"Fundamentally speaking, the "Notice" is to steadily promote the process of deleveraging, reduce the impact of risk disposal, stabilize market expectations, especially protect people's livelihood from impact, and finally achieve real estate stability." Li Yujia believes that the "Notice" is helpful To correct the excessive credit tightening and ease the liquidity trap.

　　Zhang Bo, director of 58 Anju Guest House Industry Research Institute Branch, said that the release of the "Notice" is a concrete manifestation of "stabilizing land prices, housing prices, and expectations." Guaranteed demand, projects and housing enterprises”, with a wider range of support objects, which can effectively prevent the risk of a stall in the development of the real estate industry, and also help home buyers improve market expectations, stabilize confidence, and accelerate the pace of entering the market.

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