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On the afternoon of 17 May, the Information Office of the State Council held a regular briefing on the policies of the State Council, at which Dong Jianguo, vice minister of housing and urban-rural development, Liu Guohong, vice minister of natural resources, Tao Ling, deputy governor of the People's Bank of China, and Xiao Yuanqi, deputy director of the State Administration of Financial Supervision and Administration, briefed reporters on the relevant situation of supporting policies for ensuring the delivery of housing, and answered reporters' questions.
At the press conference, Dong Jianguo, Vice Minister of the Ministry of Housing and Urban-Rural Development, mentioned that the Ministry of Housing and Urban-Rural Development, together with the State Administration of Financial Supervision and other departments, will introduce a work plan for the delivery of urban commercial housing projects. Promote the delivery of the project on time and with good quality, so that the people can get the house that has passed the acceptance as agreed in the contract. For those who are still unable to hand over the house after exhausting all means, those who should take the judicial route should go through the judicial route.
Tao Ling, deputy governor of the People's Bank of China, said that the People's Bank of China will introduce four policy measures: one is to set up a 300 billion yuan affordable housing reloan, the second is to reduce the minimum down payment ratio of personal housing loans at the national level, the third is to cancel the lower limit of the national personal housing loan interest rate policy, and the fourth is to reduce the interest rate of housing provident fund loans of various maturities by 0.25 percentage points. The interest rate for refinancing affordable housing is 1.75%, with a term of one year and can be extended 4 times. The People's Bank of China (PBoC) will issue re-loans at 60% of the loan principal, which can drive bank loans of 500 billion yuan.
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The work of ensuring the delivery of housing will focus on four aspects, so as not to let the violators "get out of their shells"
Dong Jianguo, Vice Minister of the Ministry of Housing and Urban-Rural Development, said that the State Council held a national video conference on the same day to make comprehensive arrangements for the delivery of housing and put forward clear requirements. In the near future, the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources, the People's Bank of China, and the State Administration of Financial Supervision will issue relevant supporting policy documents.
For the current work of guaranteeing the delivery of housing, Dong Jianguo introduced four key contents:
The first is to do a good job in the battle of ensuring the delivery of commercial housing projects and prevent the risk of unfinished. In accordance with the principles of marketization and rule of law, classify and dispose of commercial housing projects under construction that have been sold but not delivered, promote the construction and delivery of projects, and effectively protect the legitimate rights and interests of home buyers.
The second is to further play the role of the coordination mechanism of urban real estate financing to meet the reasonable financing needs of real estate projects. The city government promotes the projects that meet the conditions of the "white list" to "make every effort to advance", and commercial banks "lend as much as possible" to the projects that comply with the "white list" to meet the reasonable financing needs of projects under construction.
The third is to promote the digestion of the stock of commercial housing. The city government adheres to the principle of "purchasing according to demand", and can organize local state-owned enterprises to purchase a part of the stock of commercial housing at a reasonable price for use as affordable housing.
Fourth, it is necessary to properly dispose of and revitalize the stock of land. At present, the stock of land that has not yet been developed or has been started but not completed shall be properly disposed of and revitalized through government recovery and acquisition, market circulation and transfer, and continued development of enterprises, so as to promote real estate enterprises to alleviate difficulties and reduce debts, and promote the efficient use of land resources.
Dong Jianguo further pointed out that the relationship between supply and demand in the real estate market has undergone major changes, the real estate market is in the process of adjustment, and some commercial housing projects under construction and sold are facing delivery difficulties. If the sold housing project is not completed, it will seriously damage the legitimate rights and interests of buyers and affect the stable and healthy development of the real estate market. In accordance with the decisions and arrangements of the Party Central Committee and the State Council, in order to effectively do a good job in ensuring the delivery of housing, and protect the legitimate rights and interests of home buyers.
Dong Jianguo said that the Ministry of Housing and Urban-Rural Development, together with the State Administration of Financial Supervision and other departments, will introduce a work plan for the delivery of urban commercial housing projects. To do a good job in ensuring the delivery of housing, we must take the protection of the legitimate rights and interests of home buyers as the fundamental starting point and end point, and adhere to the principles of marketization and rule of law. Promote the delivery of the project on time and with good quality, so that the people can get the house that has passed the acceptance as agreed in the contract. For those who are still unable to hand over the house after exhausting all means, those who should take the judicial route should go through the judicial route.
It is necessary to make full use of the urban real estate financing coordination mechanism and include the project in the "white list" to provide financing support. It is necessary to consolidate the responsibilities of local governments, real estate enterprises and financial institutions, local governments should bear territorial responsibilities, real estate enterprises should bear the main responsibility, and financial institutions should implement due diligence exemption regulations to support project construction and delivery.
Dong Jianguo further mentioned that the city government should guide project development enterprises to formulate a "one project, one policy" disposal plan in accordance with the principles of marketization and rule of law. Promote insolvent projects into judicial disposal procedures, bankruptcy of bankruptcy, reorganization of reorganization. In the disposal, it is necessary to put the protection of the legitimate rights and interests of the buyers in the first place. In this process, it is necessary to resolutely investigate and deal with all kinds of violations of laws and regulations in accordance with the law, and not allow those who violate laws and regulations to "break out of their shells" and not allow acts that harm the interests of the masses to get through in the dark.
The establishment of 300 billion yuan of affordable housing re-lending can drive bank loans of 500 billion yuan
Tao Ling introduced that the recent meeting of the Political Bureau of the Central Committee proposed to study the policy measures to digest the stock of real estate and optimize the incremental housing. The People's Bank of China has stepped up its efforts to conscientiously implement the following four policy measures based on the central bank's monetary policy and macro-prudential management functions:
The first is to set up a 300 billion yuan re-loan for affordable housing. Encourage and guide financial institutions to follow the principles of marketization and rule of law to support local state-owned enterprises to purchase completed and unsold commercial housing at a reasonable price for placement or rental affordable housing, which is expected to drive bank loans of 500 billion yuan.
The second is to reduce the minimum down payment ratio of personal housing loans at the national level, adjusting the minimum down payment ratio for the first home from no less than 20% to not less than 15%, and the minimum down payment ratio for the second home from no less than 30% to not less than 25%.
The third is to cancel the lower limit of the interest rate policy for personal housing loans at the national level. The interest rate of the first home and the second home loan will no longer set the policy lower limit, and the mortgage interest rate will be marketized. After the adjustment of the above-mentioned down payment ratio and mortgage interest rate policy, all localities can independently determine the minimum down payment ratio and the lower limit of the mortgage interest rate for the first and second homes in their jurisdictions according to the city's policies, and may no longer set the lower limit of the interest rate.
Fourth, the interest rate of housing provident fund loans of various maturities was lowered by 0.25 percentage points. After the adjustment, the interest rate of the personal housing provident fund loan for the first house of more than five years is 2.85%, which can better meet the housing needs of the housing provident fund depositors.
Tao Ling further introduced the specific situation of affordable housing refinancing: first, the scale of affordable housing refinancing is 300 billion yuan, the interest rate is 1.75%, the term is 1 year, and the period can be extended 4 times, and the issuance objects include 21 national banks such as China Development Bank, policy banks, state-owned commercial banks, postal savings banks, and joint-stock commercial banks. Banks issue loans in accordance with the principle of independent decision-making and assumption of risk. The People's Bank of China (PBoC) will issue re-loans at 60% of the loan principal, which can drive bank loans of 500 billion yuan.
Second, the acquired commercial housing is strictly limited to the commercial housing that has been completed and unsold by the real estate enterprise, and the real estate enterprises under different ownership systems are treated equally. In accordance with the principle that affordable housing is used to meet the rigid housing needs of wage and salary income groups, the house type and area standards of the purchased commercial housing should be strictly grasped.
Third, the city government selects local state-owned enterprises as the acquisition entity. The state-owned enterprise and its affiliated group shall not be involved in the hidden debts of the local government, shall not be a local government financing platform, and shall have bank credit requirements and credit space, and shall be promptly placed or leased after acquisition.
Fourth, voluntary participation. The city government decides whether to participate or not based on factors such as local demand for affordable housing and the inventory level of commercial housing. Wage earners who meet the conditions for protection can choose whether to participate in the placement or leasing at their own discretion. The real estate enterprise negotiates on an equal footing with the acquirer and decides whether to sell on its own. In accordance with the principles of risk-bearing and business sustainability, 21 banks made their own decisions on whether to issue loans to the acquirer.
Tao Ling said that this policy is an important measure introduced by the People's Bank of China to support the construction of a new model of real estate development, which is conducive to achieving multiple goals through a market-oriented approach. The first is to speed up the destocking of existing commercial housing. Local state-owned enterprises, with the support of banks, participate in the acquisition of completed and unsold commercial housing in a market-oriented manner, which can promote the destocking of the commercial housing market. The second is to speed up the supply of affordable housing. The acquired commercial housing is used as affordable housing for sale or rent, which can better meet the housing needs of wage and salary groups. The third is to help ensure the delivery of buildings and the "white list" mechanism. After the real estate enterprise sells the completed commercial housing, the returned funds can be used to continue the construction of the project under construction and improve the financial situation of the real estate enterprise.
In addition, according to the deployment of the State Council, the People's Bank of China (PBoC) will set up a rental housing loan support plan in 2023 to support eight cities including Jinan and Zhengzhou to pilot market-oriented bulk acquisition of housing stock and expand the supply of rental housing. Taking into account the policy convergence as a whole, the People's Bank of China (PBoC) has incorporated the rental housing loan support program into the affordable housing refinancing policy for management, which will be fully promoted nationwide.
Dispose of idle land in strict accordance with the law, and support local governments to recover it at a reasonable price
Liu Guohong said that the Ministry of Natural Resources conscientiously implements the decisions and arrangements of the Party Central Committee and the State Council, and in accordance with the requirements of ensuring the delivery of housing, on the basis of extensive research, is ready to introduce policies and measures to properly dispose of idle land and revitalize the stock of land, and supports local governments to proceed from reality and properly dispose of the idle stock of residential land that has been transferred by means of recovery and acquisition as appropriate, so as to help enterprises solve their difficulties.
At the same time, the Ministry of Natural Resources promotes the economical and intensive use of land, prevents and resolves risks, and helps the high-quality development of real estate. There are two main lines: one line is to strictly dispose of idle land in accordance with the law, and the other line is to increase support for the revitalization and utilization of stock land. The specific policy highlights can be briefly summarized in the following three aspects:
The first is to support the optimization and development of enterprises. The main purpose is to eliminate obstacles to development and construction, reasonably exempt from liability for breach of contract caused by natural disasters and epidemics, and allow enterprises to reasonably adjust planning conditions and design requirements in accordance with procedures to better meet market demand.
The second is to promote market circulation and transfer. It is mainly to give full play to the role of the secondary market of land, support the transfer of advance registration and "transfer with mortgage", and encourage transfer or cooperative development.
The third is to support local governments to recover land at reasonable prices. The main purpose is to support local governments to recover idle land at a reasonable price in accordance with the principle of "purchasing according to demand" for the construction of affordable housing. Localities are allowed to adopt a parallel "repossession-supply" approach to simplify procedures, handle planning and land supply procedures, and better provide facilitation services.
In addition, in order to implement the main responsibilities of city and county governments and strengthen overall coordination, the Ministry of Natural Resources requires cities and counties to establish a coordinated decision-making mechanism for disposing of idle and revitalizing the stock of land, improve decision-making procedures, improve administrative efficiency, and keep the bottom line of policies.
Regarding the resumption of stock land for affordable housing construction, Liu Guohong said that the Ministry of Natural Resources is preparing to introduce a policy to explicitly support local governments to recover idle land that enterprises are unable to continue to develop at a reasonable price, or to acquire land that has been auctioned off in judicial and bankruptcy auctions. After the land is recovered and acquired, it will be used for the construction of affordable housing, and can also be used for the construction of public supporting service facilities and the improvement of surrounding residential supporting conditions.
At the same time, the policy also clarifies the requirements for local governments, and the resumption and acquisition of land should be done according to their capabilities, and the balance of project revenue and expenditure should be considered as a whole, so as not to increase the risk of hidden government debt.
For real estate enterprises with different ownerships, the "white list" project funds are strictly prohibited from being diverted for other purposes
How did a real estate project get on the "white list"? Xiao Yuanqi said that the city coordination mechanism is mainly to summarize the situation of real estate projects within the jurisdiction, in accordance with the conditions and standards to review the "white list" projects, for the temporary does not meet the conditions and standards of the project, to urge the relevant parties to increase rectification efforts, and effectively solve the corresponding problems, so that they meet the "white list" project conditions and standards.
The "white list" is voluntarily declared by the real estate project company, and the district and county of the city where it is located pre-examine and submit the list. The urban coordination mechanism organizes screening and review, and those who meet the conditions and standards are included in the "white list", and those who do not meet the conditions and standards are to implement rectification, promote problem solving, and form a closed-loop management mechanism. In addition, the city coordination mechanism should be responsible for optimizing the supervision process of pre-sale funds and reasonably confirming the amount of pre-sale supervision funds. At the same time, it is necessary to consolidate the responsibilities of real estate enterprises and real estate project companies.
According to Xiao Yuanqi, as of May 16, commercial banks have approved the "white list" project loan amount of 935 billion yuan according to the internal approval process.
In terms of specific measures, banks are required to optimize the loan approval and disbursement process, appropriately delegate approval authority, speed up lending, and manage project access, rating, credit granting, post-loan and other aspects separately, and allow separate credit lines. We should make every loan available, and treat the "white list" projects of real estate enterprises of different ownership systems equally. On the premise of controlling risks, financing support can be provided in a variety of ways, such as new loans, extension of existing loans, and issuance of M&A loans. The loan amount should match the construction cycle of the project, cover the funding gap for the completion and delivery of the project, promote the completion and delivery of the project, and effectively protect the legitimate rights and interests of buyers.
At the same time, the "white list" projects are separately accounted for, closed operation and management, funds between projects are not mixed, and project funds are strictly prohibited from being diverted for other purposes, so as to ensure that the funds are used to ensure delivery. Commercial banks should strictly examine the use and flow of credit funds, and agree with the borrower to open a project fund supervision account with the lending bank to ensure that project capital, loan issuance, payment and disbursement, and loan repayment are handled through the project fund supervision account. The pre-sale fund supervision account of the "white list" project should be opened with the host bank.
Editor: Captain
Review: Muyu