(Economic Observation) Many banks in Guangzhou strictly investigated the source of down payment for house purchases to crack down on the inflow of illegal funds into the property market
China News Service, Guangzhou, March 19 (Sun Qiuxia and Xu Qingqing) Recently, in response to the illegal inflow of funds into the property market represented by "business loans", Guangzhou's supervision has been increased.
According to media reports, at present, mortgage loan intermediaries in Guangzhou have received notices from many banks that since March 17 they will further investigate the source of the down payment. The “down payment” for the purchase of a house must be the family’s own funds. If it is verified that the source of the down payment is a loan, It is strictly forbidden to enter through bridges with advanced funds and loans from others under the name of others.
A bank account manager in Guangzhou told a reporter from China News Agency that current buyers of loans from the bank must provide proof of the source of the down payment and cannot use funds such as "business loans" and "credit loans".
It is understood that at present, buyers in Guangzhou have been informed by the bank that the mortgage approval has not been passed because they have "business loans" under their names.
Xie Yifeng, director of the China Urban Real Estate Research Institute, said in an interview with a reporter from China News Agency that many banks in Guangzhou have reviewed the sources of down payment funds for home buyers in order to prevent home buyers from buying houses through increased leverage.
After the promulgation of this policy, once a house purchaser using illegal funds is investigated, not only may he not be able to buy a house, but he will also face the risk that the deposit paid will not be refunded.
In Xie Yifeng's view, the government's determination to crack down on investment in housing purchases is relatively firm, which to a certain extent can alleviate the psychological expectations of rising housing prices.
It is worth noting that on March 16, the Guangdong Supervision Bureau of the China Banking and Insurance Regulatory Commission announced the illegal inflow of credit funds into the property market.
Among them, the Guangzhou region's banking institutions self-examined and found that the amount of problematic loans suspected of illegally flowing into the real estate market was 147 million yuan and 305 households.
Banking institutions will terminate the quota, settle the full amount at one time, and repay the loan in advance by installments.
Not just Guangzhou. On March 18, the Shenzhen Supervision Bureau of the China Banking and Insurance Regulatory Commission and the Shenzhen Central Sub-branch of the People’s Bank of China jointly issued the "Notice on Issues Concerning Operating Loans of Banks in the Jurisdiction", reporting three typical cases. Exposing the operating methods of operating loan funds illegally flowing into the real estate market, and requiring banks within the jurisdiction to further strengthen management of the illegal entry of operating loans into the real estate market.
Zhang Dawei, chief analyst of Centaline Property, believes that operating loans are the main reason for the apparent rise in this round of the property market.
Before 2019, it is unlikely to use business loans to buy a house because it is unprofitable.
Operating loans are generally paid back in 1 to 3 years, and the interest rate is much higher than that of mortgage loans.
In this case, most people will not use business loans to buy a house.
Zhang Dawei pointed out that in 2020, due to special policies, the operating loan cycle will become longer and longer, and the interest rate will be far lower than mortgage loans. Therefore, both homebuyers and banks have the intention of operating loans.
According to the sales price data of commercial housing in 70 large and medium-sized cities released by the National Bureau of Statistics of China on March 15, the housing prices of second-hand houses in the four major first-tier cities rose collectively, with Shanghai, Beijing, Guangzhou, and Shenzhen rising by 1.3%, 1.2%, and 1.2% respectively. 1.0%, 0.9%, the increase rate ranked the top four in the country.
Zhang Dawei pointed out that the recent suppression has been very effective against some short-term behaviors of using new house capital and new business registration to obtain business loans.
The strength of this policy can definitely curb the overheating of the market, return operating loans to its essence, help business operations, and curb the irrational and unhealthy development of the entire property market to a certain extent.
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