The financial sector launched a new plan to improve the assets and liabilities of high-quality real estate companies at the beginning of the year

　　Xinhua News Agency, Beijing, January

　　Xinhua News Agency "Xinhua Viewpoint" reporter Wu Yu

　　At present, efforts to promote the normal circulation of real estate and finance are one of the priorities of the financial sector.

The reporter learned a few days ago that in order to implement the deployment of the Central Economic Work Conference, effectively prevent and resolve the risks of high-quality real estate enterprises, and improve the assets and liabilities, relevant departments have drafted the "Action Plan for Improving the Balance Sheet of High-quality Real Estate Enterprises", and plan to focus on promoting 21 This task is to guide the balance sheet of high-quality real estate enterprises to return to the safe range, and promote the smooth transition of the industry to a new development model.

Efforts to improve the operating cash flow of high-quality real estate enterprises

　　To resolutely block risk contagion and effectively prevent and defuse the risks of high-quality leading real estate companies requires efforts from both supply and demand.

In order to prevent risks from spreading from risky real estate companies to high-quality real estate companies, and comprehensively implement measures to improve the operating and financing cash flow of high-quality real estate companies, relevant departments have drafted an action plan, which will be implemented as soon as possible in the near future.

　　The reporter learned that, in accordance with the idea of ​​stabilizing the present and benefiting the long-term, the plan focuses on four aspects of "asset activation", "debt continuation", "equity supplement" and "expectation improvement" through short-term targeted measures and medium- and long-term institutional arrangements. 21 job tasks.

　　In the "Asset Activation" campaign, optimize policies to activate reasonable demand, intensify efforts to ensure delivery of buildings, stabilize real estate sales, tighten corporate responsibilities for self-rescue, support high-quality real estate companies to improve asset quality through mergers and acquisitions, and strive to improve operating cash flow.

　　Baojiao Building is an important entry point for the financial sector to ensure the stable development of the real estate market.

Speed ​​up the new 150 billion yuan of special loans for guaranteed delivery buildings, establish a 200 billion yuan loan support plan for guaranteed delivery buildings, increase supporting financing for special loans for guaranteed delivery buildings, and strengthen judicial protection for guaranteed delivery buildings... A series of "guaranteed delivery buildings" , protecting people’s livelihood, and ensuring stability” work arrangements will be accelerated in the near future.

　　The work tasks also include the establishment of special refinancing for national financial asset management companies, support for their market-oriented participation in industry restructuring and mergers, and accelerate the clearance of risks.

In terms of promoting the construction of the housing rental market, the financial sector will also issue relevant documents on financial support for the development of the housing rental market in the near future, and set up a 100 billion yuan housing rental loan support plan to support some cities to pilot market-oriented bulk purchases of stock housing and expand the supply of rental housing .

　　Wen Bin, Chief Economist of China Minsheng Bank, believes that with the implementation of a series of financial support policies, the cash flow of high-quality real estate companies will be better guaranteed, and the steady progress of guaranteed delivery buildings will reduce risks.

After clearing the risks, the industry will gradually enter a sound development track.

Multi-channel, stable and high-quality real estate financing

　　The reporter learned that under the premise of controllable risks and ensuring the security of creditor's rights, the financial sector will start with stock and increment, increase financing support through multiple channels such as loans, bonds, and asset management, and maintain a stable financing cash flow for high-quality real estate companies. .

　　According to the action plan, in the next step, the financial management department will encourage financial institutions to independently negotiate with high-quality real estate companies to promote a reasonable extension of existing financing; increase new financing support such as credit and bonds; research banks to provide loans to high-quality real estate enterprise groups, reasonable Meet the liquidity needs at the group level; support the legal repayment of overseas debts, and provide policy support such as foreign exchange management.

　　To further reduce the financial leverage of high-quality real estate companies and improve their ability to resist risks, it is necessary to guide real estate companies to make good use of equity financing.

The action plan specifically proposes "equity supplementary actions" to support high-quality real estate companies to enrich capital.

On the one hand, support equity financing, adjust and optimize 5 housing enterprise equity financing measures such as mergers and acquisitions, refinancing, and refinancing; on the other hand, develop corporate real estate investment trust funds, cultivate professional and institutionalized housing leasing entities, and accelerate the construction of the housing leasing market .

　　Experts said that further stabilizing and broadening the financing channels of high-quality real estate companies and promoting the credit restoration of real estate companies will help guide the balance sheets of high-quality real estate companies to return to a safe range and boost market confidence and expectations.

Improving financial policies to boost confidence

　　At present, there is still great pressure to promote the stabilization and recovery of the real estate market, and it is urgent to implement precise policies to boost market confidence.

"Financial management departments must continue to improve real estate financial policies, and make short-term targeted measures and medium- and long-term institutional arrangements in accordance with the idea of ​​stabilizing the current situation and benefiting the long-term." Pan Gongsheng, deputy governor of the People's Bank of China, said.

　　In recent years, my country has accelerated the establishment and improvement of a long-term mechanism for real estate financial management, and has successively introduced systems such as the pilot program of the "three-tier and four-tier" rule for key real estate enterprises and the concentration management of real estate loans.

The action plan is clear, reasonably extend the transition period of the real estate loan concentration management system, and at the same time improve the "three-line and four-tier" rules for 30 pilot real estate companies, and improve some parameter settings on the basis of keeping the overall framework of the rules unchanged.

　　It is worth noting that the action plan is mainly aimed at high-quality real estate companies that focus on their main business, operate in compliance with regulations, and have good qualifications.

The plan only sets the conditions for high-quality real estate enterprises, and there is no specific list, which financial institutions can control independently.

　　The People's Bank of China and the China Banking and Insurance Regulatory Commission jointly held a major bank credit work symposium a few days ago, emphasizing that it is necessary to implement differentiated housing credit policies according to urban policies, better support rigid and improved housing needs, increase financial support for housing leasing, and do a good job for new citizens, Housing financial services for young people, etc., to promote and accelerate the establishment of a "rental and purchase" housing system.

　　Pan Gongsheng said that in the next step, the financial sector should deeply understand and implement the deployment of the Central Economic Work Conference, deeply study and judge major trends and structural changes such as the supply and demand relationship in the real estate market and the urbanization pattern, optimize and improve housing financial services, and gradually promote the new development of the real estate industry Mode transitions smoothly.