Commentator Xue Hui
Recently, many banks such as China Construction Bank and Bank of Communications have invited real estate companies to discuss how to support their reasonable financing needs.
The "three no-less" policies that have been widely circulated before (that is, the growth rate of each bank's own real estate loans must not be lower than the average real estate loan growth rate, and the growth rate of corporate loans to non-state-owned real estate enterprises must not be lower than the bank's real estate growth rate. , the growth rate of personal mortgages to non-state-owned real estate enterprises is not lower than the bank's mortgage growth rate) was also mentioned by the bank. This move means that regulators are urgently promoting banks to speed up financing for real estate companies to alleviate the downward trend of the real estate industry.
Indeed, for real estate companies, there have been “warm breezes” at the policy level recently. Just before the symposium, eight departments including the People's Bank of China, the State Administration of Financial Supervision, and the China Securities Regulatory Commission jointly issued the "Notice on Strengthening Financial Support Measures to Support the Development and Growth of the Private Economy", proposing 25 specific measures to support the private economy. Among them, it is mentioned that "support the stability of key financing channels such as credit and bonds, and reasonably meet the financial needs of private real estate enterprises."
However, the frequent good news has created a "scissors gap" with the financial pressure of some real estate companies. For example, recently, real estate companies in many places have slashed prices on their projects to withdraw funds. This is an example. Although the relevant local regulatory authorities finally took action to "correct" this drastic price reduction that was suspected of disrupting market order, the continued occurrence of such "corrections" also illustrates that some real estate companies are in urgent need of project funds.
In fact, since the regulatory authorities proposed the "three arrows" for financing of real estate companies last year, the "blood loss" situation of real estate companies has been alleviated, but it has not been fundamentally reversed. How to effectively crack the "crux" of
? This will obviously test real estate companies, regulators, banks and other parties.
Take the "three no less than" hotly discussed in the market as an example. This move will promote banks to accelerate lending to real estate companies, but how? To whom? There are no practical "operational rules". Even the "white list of 50 real estate companies" that was previously revealed is just a concept, because banks have not reached a consensus on the identification standards of "white list real estate companies", so it is naturally difficult to "take the medicine according to the prescription."
The author believes that banks also want to "release" the funds lying in their accounts because it is related to their own performance development. But if you think about it from another perspective, banks also need to guard against risks. Otherwise, not only will their own performance not be good, but they may be "trapped".
Based on this, the important task of supporting reasonable financing of real estate companies cannot only rely on banks, but also needs to be shared by all relevant links.
We know that financing for real estate companies involves issuing bonds in addition to loans. The "three arrows" proposed previously are aimed at corporate bond issuance. However, last year, it mainly asked institutions to issue bonds to real estate companies to increase credit, but the effect and scope were limited. In the future, can supervision increase the credit of some companies and expand the scope of bond issuance by real estate companies? In this way, part of the financing of real estate companies will rely on increased loans from banks, and the other part will be digested by the bond market, and the risks will not be too concentrated.
In addition to the above two aspects that need to be further "activated", there is another important aspect that needs to be "activated" - that is to revitalize the "restricted funds" of real estate companies.
The funds of real estate companies are under pressure in this round. In addition to the market downturn, slow and low repayments, another reason is that a large amount of pre-sold funds are trapped in the supervision accounts of various local projects, becoming "restricted funds" ", unable to come forward to repay due debts.
It is true that the supervision of pre-sale funds has indeed played a role in "protecting people's livelihood." But in some areas, there is also overcorrection. For example, in some places, in addition to supervising pre-sale funds, the government also requires real estate companies to open a "construction guarantee" account before pre-sale. The deposited account is dedicated to construction and procurement to prevent unfinished business. In some places, developers are required to build the house until the main body is completed before they can pre-sell it, almost converting pre-sale to ready-to-sell. The above two situations will intensify the financial pressure of enterprises invisibly.
It is worth noting that at recent symposiums between many banks and real estate companies, some real estate companies have reported the supervision of pre-sale funds. This problem is obviously not something that can be solved by one bank alone, and requires comprehensive consideration by all relevant parties.
The author believes that to support reasonable financing of real estate companies, we cannot just focus on banks, but must take a "multi-pronged approach" - first, let banks have practical lending rules and standards, because with detailed rules and standards, banks can lend Only in this way can we release it clearly and with peace of mind, thereby reducing the pressure of financial risks; secondly, we must further expand the channels for credit enhancement and bond issuance by real estate companies; finally, we must allow some pre-sale funds to be used flexibly. In this way, this "chain link" can be easily untied, thus helping the healthy and stable development of the real estate market.
Daily Economic News
Keywords:EDITOR_DEFINED-real estate company,INDUSTRY-bank,EDITOR_DEFINED-every hot review
