On February 24, the People's Bank of China and the China Banking and Insurance Regulatory Commission jointly issued a circular for public consultation on the Opinions on Financial Support for the Development of the Housing Rental Market (Draft for Opinions).
(2) Focus on supporting the development of specialized and large-scale housing rental enterprises with self-owned property. Financial support for housing rental should adhere to the orientation that houses are used for living, not for speculation, and focus on supporting self-owned property-based housing rental enterprises with independent legal person operation, clear business boundaries and professional real estate investment and management capabilities, so as to promote their large-scale and intensive operation and enhance the supply capacity and operation level of long-term rental housing.
(Three) establish and improve the financial support system for housing rental. Financial support for rental housing should be based on market allocation, providing diversified, multi-level and full-cycle financial products and services for the investment, development, operation and management of rental housing, with complete market functions, balanced structure and orderly competition.
-Financial institutions have a reasonable division of labor. Commercial finance should meet the reasonable financing needs of all kinds of rental housing subjects in accordance with the principles of compliance with the law, risk control and commercial sustainability. Policy-oriented finance and development-oriented finance are limited to providing financing for the development, construction and operation of affordable rental housing on the premise of conforming to the functional orientation and business scope.
-Financial product innovation norms. Housing rental credit products should have clear functions, reasonable term and interest rate pricing, and perfect risk assessment and post-loan management. Direct financing products should be simple and clear in structure, sound and effective in market restraint and operation mechanism, transparent in product pricing, and true and compliant in the use of funds. -Optimizing the allocation of
credit and capital markets. The credit market mainly meets the development and construction of rental housing by various entities, as well as the liquidity and daily operation needs of housing rental enterprises. The capital market focuses on the development of long-term financing instruments for rental housing investment. Credit market and capital market can cooperate and continue reasonably according to the income and risk characteristics of different links of housing rental.
2. Strengthen the innovation
of housing rental credit products and service modes (4) Increase credit support for the development and construction of rental housing. Supporting commercial banks to grant development and construction loans to real estate development enterprises, industrial parks, rural collective economic organizations, enterprises and institutions for the construction and reconstruction of long-term rental housing. The capital ratio of rental housing construction projects should not be less than 20% of the total investment of development projects, and the loan term is generally three years, with a maximum of five years. Commercial banks should establish a sound development and construction loan approval mechanism and risk management mechanism according to the cash flow of various subjects and the risk characteristics of real estate development, so as to improve the efficiency of loan approval and management level.
(5) Innovative groups purchase rental housing credit products in batches. For enterprises and qualified institutions to purchase idle houses in batches according to law for dormitory type indemnificatory rental housing, and for specialized large-scale housing rental enterprises to purchase idle houses in batches according to law for indemnificatory rental housing or commercial rental housing for long-term holding and operation, enterprises shall purchase idle houses in batches according to law. Commercial banks are encouraged to issue group purchase loans for rental housing on the premise of controllable risk, sustainable business and no new implicit debt of local governments. Commercial housing and commercial housing purchased with loans shall be housing with clear legal relationship and completed acceptance, and the purpose of housing lease shall not be changed during the duration of the loan. The term of the group purchase loan for rental housing shall not exceed 30 years, and the loan amount shall not exceed 80% of the assessed value of the property in principle.
(6) Supporting the issuance of housing rental operating loans. Where a housing rental enterprise operates a long-term rental housing with its own property rights, the maximum term of the housing rental operating loan shall not exceed 20 years, and the loan amount shall not exceed 80% of the assessed value of the property in principle, which can be used to replace the pre-development and construction loans of the property. The term of operating loans shall not exceed five years, and the loan amount shall not exceed 70% of the total rent receivable within the loan term in principle.
Commercial banks shall conduct due diligence on the legal compliance of the operation and management of rental housing, the rent level and rental rate of rental housing, as well as the professional competence, financial status and continuous prudent operation of rental housing enterprises, and reasonably design the term, interest rate and repayment method of loans in accordance with the operation and risk characteristics of rental housing enterprises.
Housing rental enterprises should take rental income as the first source of repayment. If a housing rental enterprise has other clear sources of repayment, commercial banks may issue pledge and mortgage loans, but they should carefully assess the legal risks of pledge and mortgage to ensure that the pledge and mortgage rights are enforceable. On the premise of compliance with the law, commercial banks are encouraged to grant credit loans according to the credit and operation of housing rental enterprises.
Explore the role of policy-oriented housing finance, support housing rental enterprises to hold and operate affordable rental housing for a long time, and give priority to meeting the housing rental needs of eligible new citizens, young people and other groups.
(7) Innovating comprehensive financial services for housing rental related enterprises. Commercial banks are encouraged to actively explore financial service models and financial products suitable for the needs of housing rental related enterprises, and to provide comprehensive financial solutions such as account opening, settlement, consultation and cash management to housing rental construction and operation enterprises, housing rental brokerage agencies and housing rental management service platforms.
3. Broadening the diversified investment and financing channels
in the housing rental market (8) Enhancing the ability of financial institutions to provide housing rental loans. Supporting commercial banks to issue financial bonds for housing leasing and raising funds for increasing housing leasing development and construction loans and operating loans.
(9) Broadening the financing channels of housing rental enterprise bonds. Supporting housing rental enterprises to issue debt financing instruments, corporate bonds and corporate bonds for the construction, purchase and operation of rental housing. We will encourage the optimization of the bond issuance process, improve the efficiency of the issuance of housing rental bonds, and provide financing facilities for housing rental enterprises.
(X) Innovative Covered Bond. If the rental housing held and operated by a housing rental enterprise has a sustained and stable cash flow, the property mortgage may be used as a credit enhancement to issue housing rental guarantee bonds. Housing rental guarantee bonds are included in the bond management framework.
(11) Steady development of real estate investment trusts (REITs). We will steadily promote the pilot work of real estate investment trusts (REITs) and raise funds for housing rental enterprises to hold and operate long-term rental housing on the premise of controlling risks. We will support the trading and circulation of shares of real estate investment trusts (REITs), promote long-term stable operations, and guard against short-term speculation. Priority should be given to supporting the pilot projects of Real Estate Investment Trusts (REITs) in key areas supported by national policies such as Xiongan New Area, Hainan free trade port and Shenzhen Demonstration Zone of Socialism with Chinese Characteristics, as well as in large cities with net population inflow. Provide financial support for enterprises that use all kinds of construction land (including collective construction land, idle land owned by enterprises and institutions, etc.) To construct and operate long-term rental housing in accordance with the law.
(Twelve) guide all kinds of social funds to invest in housing rental in an orderly manner. Support financial institutions, asset management products and other market entities to standardize investment in housing rental related financial products. Housing rental enterprises and professional asset management institutions are encouraged to hold and operate rental housing for a long time through real estate investment trusts (REITs). Support long-term funds such as insurance funds to invest in the housing rental market. Housing rental enterprises and financial institutions are encouraged to use interest rate derivatives to hedge related interest rate risks.
4. Strengthen and improve the management
of housing rental finance (13) Strict boundaries of housing rental finance business. Housing rental finance business should be strictly positioned to support the development of the housing rental market, and should not provide financing for short-term speculation. Housing rental financial products and services should be clearly distinguished from non-rental housing financial products and services. It is strictly forbidden to finance non-rental housing in the name of supporting housing rental, and to use housing rental financial products for commercial real estate development in violation of regulations. Financial institutions should establish and improve relevant business systems, strengthen compliance review and evaluation, and ensure prudent compliance in carrying out relevant business.
(14) Strengthen the management of housing rental credit funds. Commercial banks and other institutions should strictly examine housing rental credit and post-loan management, strengthen the investigation and tracking of the authenticity of borrowers, project attributes and loan purposes, ensure that loan funds are used for housing rental construction and operation in accordance with the agreed purposes, and effectively prevent risks such as misappropriation of funds and cash arbitrage. If the lease attribute of the project or the lease purpose of the house changes during the loan period, the loan shall be recovered in time.
(Fifteen) standardize the innovation of direct financing products for housing leasing. Housing rental direct financing products should have good quality of basic assets, simple structure, clear legal relationship, open and transparent information, and the use of funds in accordance with the law. Relevant acceptance departments should clarify the business model of housing rental enterprises, the use of raised funds and other policies and audit requirements, improve information disclosure and post-supervision management, and take effective measures to ensure that the raised funds are used for related activities such as rental housing construction and operation, and shall not be diverted to other purposes.
(16) Preventing financial risks in housing leasing. Commercial banks and other institutions providing financing for housing leasing should establish and improve relevant systems, strengthen compliance review and evaluation, and ensure prudent compliance in carrying out relevant business.Standardize the management of financing subjects, formulate clear access standards, and implement list management for non-individual objects. The upper limit of the debt level of all kinds of housing rental enterprises and real estate development enterprises holding rental housing should be controlled to ensure that their asset-liability ratio remains in a moderate range. To strengthen the monitoring of the operation and management, financial situation and the use of funds of housing rental enterprises, and to take effective measures such as speeding up liquidation and collecting loans in advance to resolve risks if the housing rental enterprises violate the loan contract. Before financing,
housing rental enterprises must complete the relevant filing work on the housing rental management service platform established by the housing urban and rural construction department. The direct financing products of housing rental should fully reveal the risks related to housing rental business and real estate market, establish and improve the risk early warning and disposal mechanism, and protect the interests of investors.
(17) Establishing a monitoring and evaluation system for housing rental finance. The People's Bank of China takes the lead in establishing a special statistical system for housing rental finance, strengthening the statistics, investigation, monitoring and analysis of housing rental financial products, and exploring the establishment of a policy-oriented evaluation system for housing rental credit. Relevant departments should strengthen the sharing of information related to housing rental and give full play to the joint efforts of supervision.
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