On July 14, the Information Office of the State Council held a press conference to introduce the financial statistics for the first half of 2023. Zou Lan, Director of the Monetary Policy Department of the People's Bank of China, said at the press conference that considering the profound changes in the relationship between supply and demand in China's real estate market, there was room for marginal optimization in the policies issued in the long-term overheated stage of the market in the past, the financial sector would actively cooperate with relevant departments to strengthen policy research and implement policies according to the city. Promote the steady and healthy development of the real estate market.
Zou Lan pointed out that some development enterprises have been operating with "high leverage, high liabilities and high turnover" for a long time, and that the uncontrolled expansion of asset-side land, construction projects under construction and diversified assets has resulted in high liabilities. From the perspective of debt source structure, nearly 70% of them are personal advances and advances from upstream and downstream enterprises, and the proportion of financial liabilities is about 31%, of which bank loans account for less than half.
From the perspective of bank real estate credit structure, the total balance of real estate loans is more than 50 trillion yuan, of which the balance of personal housing loans is close to 40 trillion yuan, the vast majority of which are self-occupied, relying on household income to repay loans monthly, and the non-performing rate is below 0.5% for a long time. For individual housing loans that have been sold but not completed and delivered on time, according to the current law, priority will be given to protecting the interests of the people who buy houses. This part of the loan may face certain risks, but the proportion of the total amount is very low and the risk is controllable. The balance of real estate development loans is about 13 trillion yuan, of which the balance of real estate development and guaranteed housing construction loans is about 6 trillion yuan, and the repayment is guaranteed. The loans of development enterprises are about 6-7 trillion yuan, because some development enterprises have difficulties and the bad rate has increased, but it is very small compared with the total amount of bank loans.
Zou Lan introduced that since the second half of 2021, the financial sector, in accordance with the deployment of the Party Central Committee and the State Council, has cooperated with relevant departments to increase the support for guaranteed delivery, maintain the stability of key financing channels for real estate, and accelerate the clearance of industry risks.
First, we will increase financial support for guaranteed delivery and launch two batches of special loans totaling 350 billion yuan. We will set up a 200 billion yuan loan support plan to guide commercial banks to actively provide supporting financing and effectively promote the resumption of construction projects around the country.
The two is to stabilize key financing channels such as bonds and equity. Since November last year, under the framework of the "Second Arrow", it has provided credit enhancement support for the issuance of about 26 billion yuan of bonds by private housing enterprises. After the SFC optimized the listing and financing policy of real estate enterprises, many enterprises have received equity financing support.
Third, to promote the transformation and development of the industry, the People's Bank of China and the General Administration of Financial Supervision formulated the Opinions on Financial Support for the Development of the Housing Rental Market to provide diversified and full-cycle financial services for housing rental. The 100 billion yuan rental housing loan support plan has also been steadily promoted, and has landed in pilot cities such as Jinan and Zhengzhou. Since
this year, the real estate market as a whole has shown a steady trend, but the risks accumulated by some housing enterprises over a long period of time still need some time to gradually digest. In view of the current situation of the real estate market, the People's Bank of China and the General Administration of Financial Supervision recently jointly issued a circular to extend the two applicable policies in the "16 Financial Articles" to the end of December 2024, so as to guide financial institutions to continue to extend the stock financing of real estate enterprises and increase financial support for guaranteed delivery. At the same time, the period of the 200 billion yuan guaranteed building loan support plan will be extended to the end of May 2024 in accordance with the needs of the guaranteed building work.
In the next step, the People's Bank of China will thoroughly implement the decision-making and deployment of the Party Central Committee and the State Council, adhere to the orientation of "houses are for living, not for speculation", cooperate with relevant departments and local governments to do a solid job in guaranteeing the delivery of buildings, people's livelihood and stability, meet the reasonable financing needs of the industry, and continue to create a favorable financial environment for the orderly clearance of industry risks.
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