China News Service, Beijing, February 6 (Reporter Wang Enbo) The State Administration of Financial Supervision of China held a special meeting on the 6th to further deploy and implement work related to the urban real estate financing coordination mechanism. The meeting proposed that reasonable financing needs for real estate “whitelist” projects “should be fully met.”
The meeting emphasized the need to further enhance awareness of the significance of establishing an urban real estate financing coordination mechanism. Recently, relevant work has made positive progress. Most cities have established urban real estate financing coordination mechanisms, proposed a "white list" of real estate projects and pushed it to commercial banks. Commercial banks responded actively, effectively matched the project list, and provided a batch of new financing and Loan extension to meet the reasonable financing needs of different real estate projects.
The meeting required that each regulatory bureau should set up a special work team to actively strengthen coordination with local governments and housing and construction departments, actively participate in various tasks of the coordination mechanism, and keep abreast of the operation of the coordination mechanism in each city within its jurisdiction. Guide and urge banks within the jurisdiction to improve systems and processes and try their best to meet reasonable financing needs. All regulatory bureaus must summarize good experiences and practices in accordance with the requirements of the coordination mechanism, and increase replication and promotion efforts. Existing problems and blockages must be reported in a timely manner, carefully studied and effectively solved through the coordination mechanism, so as to help the real estate market within the jurisdiction develop steadily and healthily.
The meeting required that all commercial banks should take the initiative to connect with the coordination mechanism, conduct timely review of the list of recommended real estate projects, speed up credit approval, and meet reasonable financing needs. Each commercial bank must establish a special working mechanism within its jurisdiction, optimize the loan approval process, refine the due diligence and exemption provisions, guide and urge all branches to strengthen research on real estate projects in their jurisdiction, and fully understand the situation. Matters that need to be resolved through coordination should be reported to the coordination mechanism in a timely manner and promoted for resolution. (over)