At present, many policies and measures to "guarantee the delivery of houses" have been heard, and buyers have called them "very relieved"; Practitioners in third-and fourth-tier cities expect the policy coverage to be further expanded.
Experts interviewed by the Securities Daily reporter said that AMC has successively rescued housing enterprises, indicating that various support work has entered a substantive stage. With the clear instructions of the central authorities on "Baojiaolou", it is expected that the cooperation between AMC and insurance companies will increase. At the same time, optimizing the supervision of pre-sale funds is an important aspect of the city's policy and compacting the supervision responsibility of local governments. It is expected that other regions will follow suit.
AMC accelerates the rescue of housing enterprises.
Recently, from the central government to the local governments, there are clear instructions to stabilize the real estate market. The meeting of the Political Bureau of the Communist Party of China held on July 28th mentioned "guaranteeing the delivery of houses" for the first time, emphasizing "compacting the responsibility of local governments, guaranteeing the delivery of houses and stabilizing people's livelihood". The CBRC asked the topic of "guaranteed delivery of buildings" three times in ten days. At the local level, the Shanghai Banking Insurance Regulatory Bureau mentioned at the mid-year work promotion meeting held in 2022 that "keeping real estate financing stable and orderly" and "supporting Shanghai to do a good job of" guaranteeing buildings and handing over houses ".
At the same time, during the year, the regulatory authorities issued a number of policies to encourage AMC to actively participate in risk resolution in key areas such as mergers and acquisitions of problem housing enterprises, reform of small and medium-sized financial institutions and insurance.
AMC is speeding up the rescue of housing enterprises. On August 5th, China Huarong announced that the company and Sunshine Group had recently signed the Framework Agreement on Rescuing the Market and held a strategic cooperation meeting on rescuing the market. /kloc-In July, 2009, Henan Assets and Zhengzhou Real Estate Group set up Zhengzhou Real Estate Relief Fund to participate in the rescue work of revitalizing the problem real estate and helping the housing enterprises in difficulty through asset disposal, resource integration and restructuring of consultants. Since the beginning of this year, four national AMCs, including China Huarong, Great Wall Assets, Cinda Assets and Oriental Assets, have successively participated in the acquisition and merger of real estate enterprises in danger.
On August 7, the reporter learned from Great Wall Assets that in the first half of this year, the company conducted several rounds of docking and project screening with 12 key housing enterprises through "general docking" and "general linkage", and conducted in-depth research on the assets of the intended bail-out projects provided by housing enterprises.
"Since March this year, among the public projects in which state-owned and local AMCs have participated in real estate risk resolution, the scale of project rescue funds that have disclosed cooperation schemes is about 35 billion yuan." Zhang, chief analyst of the banking industry in the research department, told the Securities Daily reporter that from the current public bail-out cases, AMC's main bail-out method is to jointly set up a bail-out fund or cooperation platform with industrial investors (usually central enterprises or local state-owned enterprises). AMC will give full play to the advantages of industrial chain and government resource mobilization and financing, and industrial investors will give full play to the advantages of development and operation.
Ceng Gang, director of the Shanghai Finance and Development Laboratory, told the Securities Daily that AMC, as a professional risk management institution, is more professional than other financial institutions in risk management and resolution, and can provide effective support for enterprises taking risks with diversified means and integrated platforms. In the future, AMC will make good progress and play an important role in helping housing enterprises and key projects get rid of risks.
It is worth mentioning that the "Zhengzhou Real Estate Relief Fund Establishment and Operation Plan" recently issued by Zhengzhou City mentioned that the real estate relief fund was established by the central city fund in accordance with the principle of "government guidance, multi-level participation and market-oriented operation", with a tentative scale of 654.38+000 billion yuan, which is operated by the parent-child fund.
"The establishment of Zhengzhou bail-out fund model has a guiding role." Yan Yuejin, research director of the think tank center of Yiju Research Institute, told the Securities Daily reporter that such funds have a leverage effect. At the same time, their investment and operation also reflect the orientation of gathering various social funds, especially funds including asset management and commercial banks. Objectively, it will enhance the financial strength to solve the problem, which is of positive significance for quickly solving the problem of "unfinished buildings" in the third quarter.
Ms. Li, the third-phase marketing center of Zhongle Baihua Mansion in Xinyang City, Henan Province, told the Securities Daily reporter that "the measures of' protecting the corner building' in many places have not been directly transmitted to Xinyang City in a short time." She expects that the policy coverage will be further expanded. "The measures of' Baojiaolou' can prevent the risk of' uncompleted residential flats' from the source, but at present, only some provincial capital cities have introduced relevant measures, hoping that the future policy coverage will cover third-and fourth-tier cities and give buyers more confidence."
Strengthen the supervision of pre-sale funds in many places
At the beginning of this year, the Ministry of Housing and Urban-Rural Development, the Central Bank and the China Banking Regulatory Commission jointly issued the Opinions on Regulating the Supervision of Commercial Housing Pre-sale Funds (hereinafter referred to as the Opinions) to strengthen the supervision of pre-sale funds. Subsequently, many relevant rules were introduced one after another.
Ming Ming, chief economist of CITIC Securities, told the Securities Daily reporter that many places have implemented the detailed rules in accordance with the Opinions, including how to determine commercial banks for pre-sale funds, how to set up supervision accounts, how to determine the amount of supervision, how to use funds, illegal misappropriation by enterprises, and how to clarify the respective rights and responsibilities of the three regulatory authorities. The differences are as follows: first, the verification methods of supervision quota are different, some places are based on a certain proportion of the total pre-sale price, and some places are fixed project cost or project cost multiplied by coefficient; Second, in the process of commercial housing construction, the project node setting method of fund withdrawal is different from the balance requirement of the pre-sale fund supervision account of the corresponding node.
In order to further observe the implementation of regulatory requirements, the Securities Daily reporter, as a buyer, consulted the broker of a newly-opened real estate project (commercial house) in Jinshui District of Zhengzhou City online. The other party introduced, "The project plans to deliver the house by the end of 2024, and the delivery time and quality are guaranteed."
When the reporter expressed concern about the "unfinished" auction, the broker said that the current regulatory requirements require that all the income from the pre-sale of commercial housing by real estate development enterprises should be deposited into the regulatory account, with the aim of ensuring the delivery of houses, preventing "unfinished" and protecting the rights and interests of buyers.
Some property buyers in Zhengzhou talked to reporters about the most intuitive feelings after the policy was released. "Now the real estate sales office doesn't even have financial personnel. They are all professional POS machines for fund supervision accounts provided by banks, which is very reassuring. "
The same thing happened in Xinyang city. Ms. Li said, "Since the introduction of the pre-sale fund supervision policy in Henan, all developers must issue detailed information such as the fund supervision account when handling the pre-sale permit for commercial housing."
In Ming Ming's view, optimizing the supervision of pre-sale funds is an important measure for cities to implement policies and compact the supervision responsibility of local governments. It is expected that other regions will follow suit.
Chen Wenjing, director of market research in the Index Department of the Central Reference Institute, said that development is the best way to solve the problem, and the real estate control policy still needs to be exerted. At present, the real estate market is still in the stage of deep adjustment. It is necessary to continue to strengthen policy optimization due to the city's policy, give local governments greater autonomy, lower the threshold for buying houses and reduce the cost of buying houses. For example, second-tier cities further optimize policies such as restricting purchases, loans and sales, promote the release of reasonable housing demand, and promote the stable and healthy development of the real estate market.