What is the impact of RRR's comprehensive interest rate cut for the first time in the new year on the property market? People in the industry generally believe that under the positioning of "housing and not speculating", although RRR interest rate cuts can release some liquidity and promote the stable development of the property market, the constraints on housing enterprises will not be weakened.
RRR relief funds for small and micro private enterprises.
Regarding the reason and timing of RRR's interest rate cut, the relevant person in charge of the People's Bank of China said: "Maintaining a reasonable and sufficient liquidity this time is conducive to the growth of monetary credit and social financing in line with economic development, creating a suitable monetary and financial environment for high-quality development and supply-side structural reform, and unblocking the transmission of monetary policy by means of market-oriented reform, which is conducive to stimulating the vitality of market players, further exerting the decisive role of the market in resource allocation, and supporting the development of the real economy.
At the same time, the RRR cut is aimed at small and micro enterprises and private enterprises. The relevant person in charge of the People's Bank of China said: "The RRR cut has increased the sources of funds for financial institutions. Large banks should focus on their services, while small and medium banks should pay more attention to their main business. They should actively use RRR to cut funds to increase support for small and micro enterprises. "
It is worth noting that in this RRR, small and medium-sized banks, such as city commercial banks, rural commercial banks serving counties, rural cooperative banks, rural credit cooperatives and rural banks, which operate only in provincial administrative areas, have obtained long-term funds of more than 654.38+02 billion yuan, which is conducive to small and medium-sized banks to strengthen their financial strength according to local conditions and return to their original sources to serve small and micro private enterprises. At the same time, the RRR cut will reduce the bank capital cost by about 654.38+0.5 billion yuan every year, which can reduce the actual cost of social financing through bank transmission, especially for small and micro enterprises and private enterprises.
The relevant person in charge of the People's Bank of China stressed that the RRR cut is a hedge against cash before the Spring Festival, and the total amount of liquidity in the banking system will remain basically stable, flexible and moderate, without flooding, which reflects the scientific and steady grasp of the counter-cyclical adjustment of monetary policy, and the orientation of prudent monetary policy has not changed.
The personal mortgage amount will be more generous.
Regarding the possible impact of the first RRR cut on the property market in the new year, Zhang Dawei, chief analyst of Zhongyuan Real Estate, said: "The purpose of the RRR cut by the central bank is very clear, which is to ensure the liquidity of the market, mainly to ensure the liquidity of small and micro enterprises and accurately inject water into the real economy. The purpose is by no means the property market and the stock market. "
"Historically, RRR's interest rate cut is beneficial to the real estate market and can ease the financial pressure. RRR's interest rate cut can alleviate the financial pressure of real estate enterprises. In addition, it can also obtain relatively stable credit prices for home buyers' mortgages. " Zhang Dawei said.
Jaco, Dean of the Branch of 58 Anjuke Real Estate Research Institute, said: "RRR began to cut interest rates at the beginning of this year, which shows that the pace of liquidity relaxation will continue in 2020. It is expected that the personal mortgage quota will be relatively plentiful in the first quarter of this year, and LPR will simultaneously increase the downward momentum, which will drive the overall property market to rise after the Spring Festival. "
It is still difficult to reduce the difficulty of enterprise financing.
"For real estate enterprises, RRR interest rate cuts are conducive to the financing of some enterprises, which is good for those large real estate enterprises, but it has basically no impact on small and medium-sized enterprises with narrow financing channels. It is expected that the follow-up market will continue to be the big fish eat small fish. " Zhang Dawei said.
However, industry experts also stressed that the RRR cut is aimed at supporting the development of small and micro private enterprises and the real economy, rather than "flooding" or targeting the real estate industry.
The Central Economic Work Conference held at the end of last year also pointed out that it is necessary to build a long-term mechanism for the healthy development of the real estate market, adhere to the positioning of "houses are used for living, not for speculation", consolidate the main responsibility of the city government for policy-making and classified guidance, and improve the housing market system and housing security system.
Under the positioning of "staying in the house without speculation", for the property market, although RRR interest rate cuts can release some liquidity and promote the stable development of the property market, the constraints on housing enterprises will not be weakened. Zhang Dawei said: "The real estate control policy still restricts housing enterprises from increasing leverage."
Jaco said: "The benefits of reducing RRR to development enterprises are limited, and the financing cost may drop, but the financing difficulty is still difficult to reduce."
"This RRR cut is not aimed at the real estate market, and there will be no signs of comprehensive relaxation in real estate regulation in the short term. The stability of funds brought by RRR interest rate cuts is conducive to the stability of the real estate market. The trend of the property market in 2020 mainly depends on the real estate credit lines and talent policies in various places. " Zhang Dawei concluded.
Beijing News reporter Xu Qian
Editor Wu Xin proofreads Cece.