165438+1the the State Council executive meeting held on October 22nd proposed that "the city should implement the policy of supporting rigid and improved housing demand, and guide local governments to strengthen policy propaganda and interpretation. Promote the landing of special loans for Baojiao Building as soon as possible, encourage commercial banks to issue new loans for Baojiao Building, and speed up project construction and delivery. Efforts will be made to improve the assets and liabilities of the real estate industry and promote the healthy development of the real estate market. "
Since the beginning of this week, housing financing has frequently ushered in favorable policies. 165438+1before October 23rd, the central bank and China Banking Regulatory Commission officially issued16 measures to promote the stable and healthy development of the real estate market. After the implementation of the "second arrow" policy, the first batch of private housing enterprise bonds with credit enhancement were issued on June 24. Affected by multiple positive news, A-share real estate services, real estate development and other concept sectors reappeared bright performance. By the close of165438+1October 24th, the above two concept sectors had increased by 2.02% and 2.04% respectively.
In this regard, many insiders interviewed by Securities Daily believe that this will help the real estate industry get out of the predicament and accelerate the bottoming out.
Financial support is increasing.
"Ensure delivery" has become the primary task.
"Bank guarantee can replace pre-sale supervision funds", the first batch of private housing enterprises issuing bonds after the expansion of the "second arrow", as well as the recent frequent voices of many departments on the real estate market and the landing of relevant financial support policies all seem to point to a key word-"Baojiaolou".
Ye Yindan, a researcher at China Bank Research Institute, said in an interview with Securities Daily that it is necessary and crucial to break the pessimistic expectation of the property market and promote the "guaranteed real estate" of housing enterprises. To achieve "guaranteed delivery", it is necessary to provide certain financial support for housing enterprises to help them prevent and resolve liquidity risks.
Since165438+1October 8, the Dealers Association issued a document saying "supporting private enterprises including real estate enterprises to issue bonds for financing", recently, the Dealers Association has accepted the overhead registration and issuance of a number of housing enterprises. Among them, Longhu Group's 20 billion yuan storage shelf project has been registered. At the same time, there is also the intention of China Bond Credit Enhancement Company to accept corporate credit enhancement business. Up to now, China Bond Promotion Company has received nearly 100 private housing enterprises' intention to increase their credit through the public business mailbox, and is actively promoting business development in accordance with relevant mechanisms.
According to the latest news obtained by the reporter, on June 24th, 165438+ Midea Real Estate and Hui Jin Group announced that they would issue RMB 65.438+05 billion and RMB 65.438+02 billion medium-term notes in the inter-bank market, which are private enterprise bonds of China Zengxin Company. This is also the first batch of bonds issued by private housing enterprises after the implementation of the "second arrow" extension expansion policy, marking the further release of the "second arrow" policy.
In addition, in response to relevant policies, a number of banks have released information this week, indicating that they will provide intentional credit lines for housing enterprises. For example, the reporter of Securities Daily learned from Country Garden that on June 24th, 165438+ Country Garden had signed a contract with the Postal Savings Bank to establish a long-term strategic cooperative relationship. According to informed sources, the total credit lines granted to Country Garden by the three major state-owned banks will exceed 1000 billion yuan. On the same day, ICBC also signed strategic cooperation agreements with 12 national real estate enterprises, providing intentional financing totaling 655 billion yuan.
The financing support of the regulatory authorities and financial institutions for housing enterprises does not stop there. At the annual meeting of the 2022 Financial Street Forum held recently, Yi Gang, governor of the People's Bank of China, said that in view of the risk exposure of some housing enterprises in the early stage, 200 billion yuan of special loans have been issued to support the construction and delivery of sold houses, and structural policy tools to encourage commercial banks to support the delivery of houses have been studied. China Yi Huiman, Chairman of China Securities Regulatory Commission also said that at present, we should pay close attention to the difficulties and challenges faced by the real estate industry, support the implementation of the plan to improve the balance sheet of high-quality housing enterprises, continue to support the reasonable bond financing needs of real estate enterprises, support the housing-related enterprises to carry out mergers and acquisitions and supporting financing, and support a certain proportion of housing-related enterprises to carry out equity financing.
"Baojiaolou is the primary task to stabilize the real estate market at present." Jaco, dean of the branch of 58 Anjuke Real Estate Research Institute, said in an interview with the reporter of Securities Daily that, therefore, a series of "combination boxing" of real estate financial policies attach great importance to the problem of "guaranteeing the delivery of houses", which is also an important measure to promote the confidence recovery of the real estate industry. With the further satisfaction of the reasonable financing needs of subsequent housing enterprises, the effect of "guaranteeing the bottom of the building" will continue to appear.
Various policies work together.
The "supply side" data may be improved.
According to the data of the Central Reference Institute, since June 5438+065438+ 10, 29 cities including Hangzhou and Xi 'an have issued 36 policies to support the property market, covering optimizing the purchase restriction policy, reducing the down payment ratio, increasing the amount of provident fund, and granting housing subsidies.
According to the data of mainstream mortgage interest rate in key cities released by RealData, the monitored mainstream first home loan interest rate in key cities 1 103 was 4.09%, down 3 basis points from last month, and the second home loan interest rate was 4.9 1%, which was basically the same as last month. Up to now, at least 18 urban mainstream first home loan interest rate has dropped to "3". Including 6 second-tier cities, 12 third-and fourth-tier cities. Only from the interest rate of the first home loan, only 103 city is higher than 4. 1%.
Chen Wenjing, director of market research of the Index Division of the Central Reference Institute, said in an interview with the Securities Daily that recently, favorable policies for the property market have been intensively introduced from the central government to the local government. On the one hand, it is manifested in the continuous follow-up of measures such as reducing costs and lowering the threshold of buyers' demand; On the other hand, focus on alleviating the financing pressure on the supply side of housing enterprises. However, judging from the real estate data of 10 released by the National Bureau of Statistics, it still takes time for policy transmission.
"For the real estate market in June 5438+065438+ 10 and February 65438+2, the boosting effect of the policy of stabilizing the property market is more reflected in the source of funds and the start of construction, that is, speeding up the delivery of existing projects, thus driving the improvement of the data of newly started and completed housing areas, thus resolving the risks in the real estate market." Ye Yindan pointed out that since the current sales rebate is still the largest source of funds for housing enterprises, whether the capital flow of housing enterprises can show a trend improvement and whether the property market can show a significant turning point depends on the recovery of real estate sales data. Combined with the transmission chain of "infrastructure-construction-sales-payment" in the real estate industry, it is expected that the real estate market will stabilize and rebound in the second quarter of next year.