According to the statistics of an institution, as of May 29th, 28 provinces and cities have relaxed the supervision of pre-sale funds of commercial housing, mainly involving reducing key supervision funds, increasing the allocation nodes and proportion of key supervision funds, allowing bank guarantees to replace pre-sale supervision funds, and withdrawing pre-sale supervision funds in advance.
On April 29th, the the Political Bureau of the Communist Party of China (CPC) Central Committee meeting emphasized that the supervision of pre-sale funds of commercial housing should be optimized to promote the stable and healthy development of the real estate market. After this meeting, the cities with optimized supervision of commercial housing pre-sale funds were expanded from five cities such as Nanjing and Yantai to 28 provinces and cities such as Chengdu, Haikou, Jilin and Changchun.
"Under the premise of ensuring the delivery of the project, the core goal of relaxing the supervision of pre-sale funds in 28 provinces and cities is to improve the efficiency of the use of pre-sale funds, thus improving the liquidity of housing enterprises, and high-quality housing enterprises will benefit more." Yang Kewei, deputy general manager of the research center, said.
Since the second half of last year, the continuous tightening of the supervision of pre-sale funds of commercial housing has blocked the lifeline of developers' capital circulation. Not only "out of danger" housing enterprises, but also relatively stable housing enterprises such as Vanke, Xuhui and Longhu are also subject to capital supervision.
According to the data of Cinda Securities Research Report, from September last year to 65438+February, the national pre-sale fund supervision increased by about 1.6 trillion yuan, corresponding to the national commercial housing sales of about 4.7 trillion yuan in the same period. At that time, the industry expected that supervision could be loosened and some "water" could live.
"If the supervision of pre-sale funds is relaxed, it will definitely ease the liquidity pressure of enterprises." Wu Jianbin, executive vice president of Sunshine City, said.
A number of insiders of the Top 100 real estate enterprises told the reporter of China Real Estate News that the limited funds of the company are nearly 20 billion yuan, most of which are in the pre-sale fund supervision account. At present, the relaxation efforts in various places are too small, and these "living water" are still locked.
The supervision of pre-sale funds has been relaxed.
In addition to financial support, optimizing the supervision of pre-sale funds of commercial housing is a key measure to alleviate the supply side in various places this year.
1 At the end of the year, the three ministries and commissions jointly issued the Opinions on Regulating the Supervision of Commercial Housing Pre-sale Funds, which made unified arrangements at the national level for the first time and determined the supervision mechanism, aiming at guiding local governments to optimize the management that was too strict before.
In February, the Ministry of Housing and Urban-Rural Development issued the Measures for the Supervision and Management of Commercial Housing Pre-sale Funds, which generally standardized the supervision policy of pre-sale funds, and the local government was responsible for the specific rules and implementation.
On April 29th, the the Political Bureau of the Communist Party of China (CPC) Central Committee meeting put forward in its statement on real estate that "the supervision of pre-sale funds of commercial housing should be optimized to promote the stable and healthy development of the real estate market", which was the first time that the Political Bureau made clear instructions on the supervision policy of pre-sale funds.
Since then, the supervision of pre-sale funds in various places has ushered in marginal relaxation.
Specifically, Yinchuan, Luzhou, Changde and other five cities have increased the proportion of key regulatory funds allocated; Mianyang, Xuzhou, Fuyang and other six cities have increased the key supervision fund disbursement nodes; Jilin and Luohe reduce the proportion of key supervision funds; Allow nine cities including Nanjing, Changchun and Haikou to use bank guarantees instead of pre-sale supervision funds; Nine cities, including Haikou, Yantai and Suzhou, implemented differentiated control according to the credit rating of enterprises; Four cities including Changchun, Qinzhou and Luohe can withdraw pre-sale supervision funds in advance.
Liu Shui, research director of Enterprise Division of Central Reference Institute, said that the supervision of pre-sale funds of real estate projects generally accounts for 30%~40% of the total pre-sale funds. If the proportion of pre-sale funds is reduced by 10%, it will help to alleviate the financial shortage of housing enterprises. At present, all localities mainly adjust the supervision mode of pre-sale funds, including speeding up the examination and approval efficiency, relaxing the proportion of fund supervision and changing to bank guarantee, which has limited impact on alleviating the financial shortage of housing enterprises.
However, some cities are strengthening supervision. For example, Dalian issued the "Notice on Further Strengthening the Management of Commercial Housing Pre-sale Scheme" in May; Huangshi also revised and improved the relevant system in the same month, and made it clear that the pre-sale funds of commercial housing should be supervised in the whole process to prevent the risk of misappropriation of pre-sale funds of commercial housing and plug the management loopholes in the real estate market.
Bai Wenxi, chief economist of IPG China, believes that the supervision of pre-sale funds of commercial housing should not only ensure the timely delivery of projects, but also prevent excessive supervision from aggravating the liquidity pressure of housing enterprises. The recent optimization of the supervision of pre-sale funds in various places will play a role in promoting liquidity recovery and market recovery for the development of the real estate industry and housing enterprises themselves.
Yang Kewei believes that under the bottom line of the policy of "guaranteeing the delivery of houses", there will be two types of cities to follow up and relax the supervision of pre-sale funds: first, cities with too strict supervision of pre-sale funds, such as Qingdao, Shijiazhuang and Quanzhou; Second, cities with overall controllable project delivery risks, such as Suzhou, Xiamen and Wuxi. In the future, the supervision of pre-sale funds will tend to be standardized, and the whole process control and full-cycle supervision from land acquisition and development to sales collection and delivery will be truly realized.
Limited release of liquidity to housing enterprises
"As of the beginning of February, our available funds accounted for about 5% of the total funds, and the restricted ratio was as high as 95%. There is still no improvement. " On February 23rd, Zheng Rong Real Estate unveiled the corner of the current financial dilemma of housing enterprises in the investor conference call. Compared with the end of June last year, the limited proportion of monetary funds in Zheng Rong is only 2 1.26%.
Strict supervision of pre-sale funds began in the second half of 20021. After individual housing enterprises fell into the liquidity crisis, many cities began to "implement policies according to enterprises", and 36 provinces and cities such as Xi, Tianjin and Shijiazhuang successively issued policies to strengthen the supervision of pre-sale funds, requiring all housing purchase funds to be directly deposited into special supervision accounts and fully supervised.
This makes the use of pre-sale funds by housing enterprises go through the process from "free use" to "non-use".
According to Lin Zhong, Chairman of Xuhui Holdings, about 50% of the developer's funds are in the supervision account. "For example, if you have 60 billion yuan and 30 billion yuan in the supervision account can't be mentioned, this is really hard."
Wu Jianbin once said that the pre-sale can be paid off in two months at the earliest, and then the mortgage payment will be made according to the project progress node. Now it's almost time to hand over the house to repay the mortgage. The house is built, and it is finally going to be sold. Sign the contract online. The local government department is worried about unfinished business and wants to supervise you.
"When to borrow money? When it's finished. " Wu Jianbin said that there are hundreds of billions of housing enterprises on the books, but they have regulated 40 billion to 50 billion, so they can't repay their loans, because the money is regulated and can't be used for the time being.
The supervision of pre-sale funds is strong, which further increases the financial pressure of housing enterprises.
"In general, it is better to manage than to manage. We still have more than 654.38 billion yuan in the supervision account. " Insiders of a real estate enterprise in Shanghai said that the fine-tuning of pre-sale supervision funds in various places is difficult to play a big role, mainly due to the decline in industry confidence.
According to the data of 88 key listed real estate enterprises monitored by the agency, 4 1 real estate enterprises disclosed the relevant pre-sale supervision funds, and about half of them included the pre-sale supervision funds in the restricted cash-out scope. In 2026, 5438+0, restricted cash accounted for 29% of the total cash, an increase of 5 percentage points compared with 2020, and the growth rate was obviously accelerated. Some enterprises even account for more than 70% of restricted cash.
"The most typical example is Hejing Taifu, which is affected by the substantial increase in pre-sale supervision funds. Restricted cash increased from 3.9 billion yuan in 2020 to 21700 million yuan in 202 1 year, and the proportion of total cash holdings also increased from 9% to 74%. " Fang Ling, analyst of the agency, said that the tightening and relaxation of the pre-sale supervision fund policy directly affects the cash control of housing enterprises, thus affecting the short-term debt repayment pressure of enterprises.
Generally speaking, before the project sales are not delivered, the corresponding sales receipts are reflected as contract liabilities (that is, advance payment) in the balance sheet of real estate enterprises. If the pre-sale funds are limited, their proportion in the contractual liabilities will be higher.
Statistics show that at present, restricted cash including pre-sale supervision accounts for about 10% of contract liabilities in 4/kloc-0 key real estate enterprises. Relatively high-quality real estate enterprises such as China Shipping, Longhu and Xuhui account for more than 16%, and some enterprises with high liquidity pressure account for less than 5%, so there is overdraft.
Fang Ling believes that in this case, superimposed on the risk appetite of banks, this round of pre-sale control policy adjustment in various places has certain benefits for high-quality housing enterprises, but it has little impact on housing enterprises with relatively tight funds, and its release effect on the liquidity of housing enterprises is still relatively limited.
A market participant of the top 30 real estate enterprises also said that they really did not feel much change. For example, real estate enterprises can use the letter of guarantee issued by the bank to replace the pre-sale supervision funds, but only enterprises with good qualifications and high credit can use it. This is considered as a kind of credit enhancement of banks, and most private real estate enterprises cannot "cover the bottom".
"The housing enterprises in danger are the focus of supervision, and the New Deal will not change this situation." A housing enterprise executive said that it is only a means to increase the assistance to housing enterprises in danger and appropriately relax the supervision of pre-sale funds. The key is to establish market confidence, promote the sales return of real estate enterprises, and gradually restore the financing function of private real estate enterprises in the open market.
The door of "stabilizing the property market" has been opened, but for some housing enterprises, the current liquidity crisis still exists. As Wu Jianbin called for, it is hoped that housing enterprises will attach importance to operating cash flow management.