The central government and the local government jointly implement a multi-pronged approach to "guarantee the delivery of buildings": policy bank funding support, local governments issue military orders

　　The Paper reporter Ji Simin

　　Since the end of July this year, "guaranteing the handover of buildings and stabilizing people's livelihood" was first written into the meeting documents of the Political Bureau of the Central Committee. Whether it is the central level, local governments, or real estate companies, they have been actively making efforts to carry out work related to "guaranteing the handover of buildings".

With the joint efforts of many parties, the policy tools for "guaranteing the delivery of buildings" are being continuously improved.

Many ministries and commissions promote policy bank special loans to guarantee the delivery of buildings

　　From the perspective of the central government, on September 14, Wang Shengjun, spokesperson of the Ministry of Housing and Urban-Rural Development and director of the Department of Housing Reform and Development, said at a series of press conferences on the theme of "This Decade of China", At present, the special work is being carried out in an orderly manner.

　　Prior to this, in August of this year, the Ministry of Housing and Urban-Rural Development, together with the Ministry of Finance, the People's Bank of China and other relevant departments, issued special measures to support cities in need in promoting the construction and delivery of residential projects that have been sold overdue and difficult to deliver by means of special loans from policy banks.

　　It can be seen that the method of "guaranteing the delivery of buildings" with special loans from policy banks is being actively carried out in Zhengzhou.

　　According to the "Dahe Finance Cube", on September 13, the Office of the Leading Group for the Construction of Resettlement Housing in Zhengzhou and the Resolution of Problem Buildings issued the "Notice on Carrying out a Comprehensive Audit of the Projects that Plan to Use the Special Loan for Guaranteed Houses".

According to the notice, according to the relevant regulations and requirements of the nine ministries and commissions of the state on the use of special loans for guaranteed construction, Zhengzhou will conduct a comprehensive audit on the use of special loans for guaranteed construction in the city.

The notice is attached to the summary of Zhengzhou special loan projects. As of September 12, there are a total of 95 Zhengzhou special loan application projects.

　　At the same time, a number of central enterprises and AMC (non-performing asset management companies) have come forward to actively participate in the revitalization of real estate projects.

　　Taking Great Wall Assets, one of the four major state-owned financial asset management companies, as an example, according to the information disclosed by the official WeChat account "China Great Wall Assets" on July 8, in the first half of the year, Great Wall Assets conducted multiple rounds of docking with 12 key distressed housing companies. And project screening, in-depth research and judgment on the assets of the intended rescue projects provided by distressed housing companies.

At present, a project in Shenzhen, which has been successfully implemented with incremental investment, has been successfully implemented. Two other projects have been approved for investment. At the same time, 8 key projects around 7 distressed housing companies are steadily advancing, with a total amount of about 8 billion yuan.

　　Great Wall Assets stated that, based on asset characteristics, corporate demands, etc., Great Wall Assets plans to formulate risk mitigation measures by classification. First, it will introduce the leading state-owned enterprises to carry out mergers and acquisitions and reorganizations. Second, it will effectively isolate risks to promote subsequent development and guarantee delivery. Third The first is to develop the common benefit bond model to revitalize the underlying assets, and the fourth is to focus on exploring the asset-light revitalization model.

　　Taking China Cinda as an example, the information disclosed by the official WeChat account "China Cinda" on August 29 shows that in terms of deeply participating in the risk resolution of distressed housing enterprises, China Cinda has restructured existing debts, replenished funds for continued construction, Introduced effective paths for real estate risk mitigation such as brand building, closed project operation, and coordination with local governments, and implemented a number of distressed real estate enterprise risk mitigation projects such as the original Kaisa Group Guangzhou Nansha "Yuebanwan" to ensure the on-time delivery of 4,424 units of commercial housing and solve arrears Migrant workers received nearly 100 million yuan in wages, paid 200 real estate companies and 1 billion yuan in wealth management products, paid 271 580 million yuan in arrears from upstream suppliers, and led to the resumption of work and production of 35.4 billion yuan of existing projects.

　　At the same time, many central SOEs have acquired equity in private housing projects; some state-owned and state-owned enterprises have announced strategic investments in private housing companies.

The local government issues a "military order"

　　From a local level, according to incomplete statistics from The Paper, since July, the cities include Zhengzhou in Henan, Xingyang in Henan, Shaoxing in Zhejiang, Pingxiang in Jiangxi, Hefei in Anhui, Taiyuan in Shanxi, Xianyang in Shaanxi, Suining in Sichuan, Lianyungang in Jiangsu, Lishui in Zhejiang, and Pingdingshan in Henan. , Zhumadian in Henan, Luoyang in Henan, Jinan in Shandong, Liangshan in Sichuan, Xi'an in Shaanxi, Shantou in Guangdong, Jingdezhen in Jiangxi, Chongqing, Cangzhou in Hebei, Dongguan in Guangdong, Shenzhen in Guangdong, Ganzhou in Jiangxi, etc. "One plan, one policy" was coordinated and disposed of in a timely manner. Leaders at all levels made sure that the project was linked to the bottom line, strengthened the supervision of pre-sale funds, and coordinated the introduction of regional state-owned enterprises and financial institutions to revitalize the project.

　　Among them, Zhengzhou issued a "military order", requiring the city's suspended real estate to fully resume work within 30 days.

　　According to a report by Dahe Daily on September 7, recently, Zhengzhou City has issued a notice on the "Implementation Plan for the Special Action Plan for Safe Delivery of Buildings in Zhengzhou City, "Work hard for 30 days to ensure the full resumption of construction of the city's suspended buildings".

The notice pointed out that before October 6, all real estate projects in Zhengzhou will be fully and continuously resumed work.

　　The above notice requires that all efforts and effective resources should be concentrated on the reasons why the real estate project with the suspension problem could not be delivered on time and the suspension was unfinished. Comprehensive and continuous substantive resumption of work is the final standard for resolving the judgment.

　　Taking Shaoxing as an example, on September 19, the WeChat public account "Shaoxing Release" released "Breakthrough!

Shaoxing strives to "guarantee the delivery of buildings", which mentions that Shaoxing has set up a special class for real estate to conduct comprehensive inspections of all residential projects in the city on a regular basis. For key projects, formulate risk mitigation "one policy for the first floor", and urge the establishment of risks through guidance and supervision. Special classes for project disposal, setting up project fund security accounts, coordinating the use of project funds, revitalizing existing assets and other measures, fully implement the goals and tasks of "guaranteing the delivery of buildings and stabilizing people's livelihood".

　　The relevant person in charge of the special class office for the stable and healthy development of the real estate market in Shaoxing stated in an interview with the media that all Evergrande projects in Shaoxing are progressing in an orderly manner, and we can also ensure that all projects in Shaoxing area, including Evergrande There is no problem with the delivery of the project.

This year, the Evergrande project plans to complete 1,729 sets of buildings, and 786 sets have been delivered.

　　In addition, Shaanxi Xianyang and Sichuan Suining proposed "one-to-one assistance" and "one-to-one linking".

Xianyang, Shaanxi Province requires that, on the premise of ensuring quality and quantity and ensuring safety, the construction progress of the projects under construction should be accelerated, and the houses should be delivered on time.

　　Chen Xiao, a senior analyst at Zhuge Housing Data Research Center, believes that since the central government proposed to guarantee the handover of buildings, Duocheng has actively explored the rescue model and promoted the work of guaranteeing the handover of buildings.

Among them, Zhengzhou, as the first city to formulate a clear and efficient governance plan for the issue of "guaranteing the handover of buildings", reflects Zhengzhou's determination to promote the recovery of the property market, resolve the risks of housing enterprises, and protect the rights and interests of home buyers. This move will improve market confidence. Vibration has a significant boosting role, and it will also provide a certain reference for other cities that are under pressure to deliver.

Establishment of real estate rescue funds in many places to revitalize industry liquidity

　　In addition to clarifying the "guarantee handover", recently, many local governments have taken the lead and linked various forms of state-owned capital such as local AMCs and local state-owned enterprises to jointly establish a real estate rescue fund.

　　According to statistics from the China Index Research Institute, since this year, Zhengzhou, Nanning, Zhejiang, Hubei, Shaanxi, Shaoxing and other provinces and cities have clearly established bailout funds to stabilize the development of the real estate market.

　　Taking Zhengzhou as an example, on August 5 this year, the "Zhengzhou Real Estate Relief Fund Establishment and Operation Plan" was officially released. According to the content of the plan, the Zhengzhou Real Estate Relief Fund follows the principle of "government guidance, multi-level participation, and market-oriented operation". A special bailout fund will be set up under the Central City Fund, with a tentative scale of 10 billion yuan.

　　According to the operation plan, the bailout fund, as the parent fund, will leverage 60% of the social capital to jointly form revitalized capital investment projects.

　　According to the "Zhengzhou Daily", as of September 17, the number of fund relief projects has reached 7, with an estimated capital investment of more than 3.3 billion yuan. At present, the relief projects have gradually resumed work.

　　Taking Nanning as an example again, according to Nanning Daily, Nanning City, Guangxi Zhuang Autonomous Region established the Nanning Stable Real Estate Fund. The first phase of the fund is 3 billion yuan. The first investment was paid on August 18. Work has been carried out around "guaranteing the handover of buildings and stabilizing people's livelihood", and research on some projects has been carried out.

　　According to Xinhua News Agency, 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.

　　The China Index Research Institute believes that in the short term, the bailout fund solves the risk problem at the project level by promoting the merger and acquisition of risky projects.

In the long run, the most important role of the bailout fund is to inject liquidity into related housing companies after revitalizing the project through linkage with the market. The company can inject the cash back into other projects, thereby revitalizing the overall liquidity of the group.

When local funds promote local projects to gradually relieve difficulties, risk-exposed companies are also expected to revive, and play a supporting role in the re-stabilization of the industry.

　　At the same time, the Ministry of Housing and Urban-Rural Development emphasized that the special work of "guaranteing the handover of buildings" is being carried out in an orderly and orderly manner, clarifying the rhythm of the current special loan follow-up, and further releasing a positive signal.

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

Real estate companies rescue themselves, expressing their "guaranteed handover"

　　From the perspective of the enterprises themselves, many real estate enterprises are working hard to seek financing and actively carry out self-help.

　　Enterprises including Zhuoyue Group, Zhongjun Group, Greenland Holdings and other companies are actively communicating with relevant departments and plan to promote cooperation with China Bond Credit Enhancement Company.

　　According to The Paper, the National Association of Financial Market Institutional Investors has twice convened a number of private housing companies to hold symposiums to discuss supporting private housing companies to issue debt financing through credit enhancement support from China Bond Credit Investment Co., Ltd.

　　According to people familiar with the matter, there are 8 real estate companies that have received credit enhancement and bond issuance in the first batch, including Longfor Group (00960.HK), Gemdale Group (600383.SH), Country Garden (02007.HK), and CIFI Holdings Group. (00884.HK), Seazen Holdings (601155.SH), Sino-Ocean Group (03377.HK), Midea Land (03990.HK) and Binjiang Group (002244.SZ).

　　In the second symposium, the Dealers Association convened a group of companies including Zhongnan Construction (000961.SZ), Jinke (000656.SZ), Powerlong Properties (01238.HK), Shimao Group (00813.HK), R&F Properties (02777) .HK) and many other private real estate companies.

　　With the efforts of many parties, some real estate companies expressed their "guaranteed handover".

　　On September 12, according to Evergrande’s official website, Evergrande Group held a weekly meeting on resumption of work, production, and delivery. Xu Jiayin, chairman of Evergrande Group, informed the meeting about the resumption of work and production and put forward two requirements.

Xu Jiayin mentioned that the company must earnestly fulfill its main corporate responsibility, work hard and work hard, and work hard for the resumption of work, production and delivery.

　　On September 9, according to the WeChat public account "Jianye Group", Jianye Real Estate held a work deployment meeting in autumn, and carried out a comprehensive mobilization and careful deployment of the special work of "guaranteing the handover of buildings and stabilizing people's livelihood".

This autumn work deployment meeting further clarified that the work of "guaranteing the handover of the building" will become the focus of the next stage of Jianye Real Estate.

For the next step of guaranteeing the handover of the building, CCRE has clearly put forward five specific measures: "increase sales efforts, make good use of government bailout policies, accurately allocate funds, fully communicate with partners, and establish special classes and dynamic plans". Do a good job of financial and organizational guarantees in the process of resumption of work.