The supervision of pre-sale funds of commercial housing has been optimized in advance.

Following the promulgation of the National Measures for the Supervision and Management of Commercial Housing Pre-sale Funds in February this year, on April 29th, the the Political Bureau of the Communist Party of China (CPC) Central Committee meeting put forward the idea of "optimizing the supervision of commercial housing pre-sale funds", which is the first time that the central government has given clear instructions on the supervision policy of pre-sale funds that has attracted much attention.

Why should the New Deal be optimized in less than three months? How should it be optimized? The insiders interviewed by the Securities Times reporter believe that after the introduction of the National New Deal, the local implementation effect is not obvious and needs to be improved. It is suggested that some high-credit housing enterprises should be reasonably allowed to unfreeze some supervision funds with bank guarantees, appropriately reduce the retention ratio of pre-sale funds, and optimize the node for returning pre-sale funds.

In addition, the Securities Times reporter found that after the the Political Bureau of the Communist Party of China (CPC) Central Committee meeting, Huizhou, Xuzhou, Meizhou, Lianyungang, Yueyang, Changchun and other places intensively introduced policies to stabilize real estate, and put forward optimization measures in the supervision of pre-sale funds.

A national policy has been formulated.

The implementation effect is not obvious.

At the beginning of February this year, the national "Measures for the Supervision and Management of Commercial Housing Pre-sale Funds" has been promulgated, which is the first time that the new regulations on the supervision of commercial housing pre-sale funds have been uniformly deployed at the national level and the supervision mechanism has been determined.

Xia Yifeng, a researcher in the real estate industry of Bank of China Securities, believes that although the national management measures have been introduced, it is intended to correct some cities that have excessively tightened the supervision of pre-sale funds, which will alleviate the financial pressure of housing enterprises to some extent. However, from the landing effect, the loosening of pre-sale funds and the actual implementation of financial institutions are relatively weak. She believes that the proposal of "optimization" at the the Political Bureau of the Communist Party of China (CPC) Central Committee meeting shows that the central government attaches great importance to the supervision of pre-sale funds.

"After the introduction of the unified national pre-sale fund supervision policy, the policy effect is not obvious. Because local governments adopt protectionism and worry about unfinished buildings, the effect of local implementation is not obvious, which is also related to the liquidity risk of housing enterprises. " An industry insider who asked not to be named told the Securities Times reporter.

Li, chief researcher of Guangdong Housing Policy Research Center, also said in an interview with the Securities Times reporter that although the new regulations on the supervision of pre-sale funds were introduced at the national level, due to the super-financing of many projects, the pre-sale funds were misappropriated and the cash flow was not enough to cover the debts. Banks, trusts or other financial creditors, as mortgagees, naturally lock in the pre-sale funds and refuse to withdraw them, resulting in the funds lying there, but the project is unfinished or stopped. There is also a situation where all creditors come to advocate the protection of creditor's rights, and the multi-party game leads to deadlock and the funds cannot be moved. In February this year, the Ministry of Housing and Urban-Rural Development issued a new regulation on the supervision of pre-sale funds. The content, quota and scope of supervision were clearly deployed. Except for the supervision of key funds, everything else can be extracted, but this still cannot solve the problem and needs to be improved.

Marginal relaxation of pre-sale funds

It is expected to be effectively implemented.

Regarding how to optimize the supervision policy of pre-sale funds, Li believes that the new and old cuts are a better solution. After the new funds come in, supplemented by policy support (such as floor area ratio incentives, planning adjustments, etc.). ), the funds are closed, and the scope of use is isolated from the projects involved in the previous assets and liabilities. Release new pre-sale funds through the revitalization of new projects. Guarantee the building first, then repay the new investor, and the remaining funds are used to solve other debts.

Xia Yifeng believes that the possible improvement directions of the supervision of pre-sale funds in the future include: reasonably allowing some high-credit housing enterprises to unfreeze some supervision funds with bank guarantees; No longer "one size fits all", but relaxed the pre-sale supervision of the echelon. For housing enterprises with high credit rating, appropriately reduce the proportion of pre-sale funds retained; Further liberalize the supervision time of pre-sale funds.

"The way of bank guarantee is a good idea in theory, but there are also problems, that is, banks have to charge a handling fee for opening a set of guarantees. This handling fee is not low, which is equivalent to borrowing another sum of money and increasing the cost." An industry insider who asked not to be named told the Securities Times reporter that it may be better to optimize the supervision of pre-sale funds from the cash withdrawal node. The most important thing is that the amount of supervision should be clear.

Securities Times reporters found that after the the Political Bureau of the Communist Party of China (CPC) Central Committee meeting, Lianyungang, Huizhou, Xuzhou, Meizhou, Yueyang, Changchun and other places intensively introduced measures to stabilize real estate, and all proposed optimization measures in the supervision of pre-sale funds.

For example, Changchun, Lianyungang and Xuzhou all proposed to adopt the guarantee method. Changchun proposed to allow qualified commercial banks to issue letters of guarantee for real estate development enterprises, and replace pre-sale supervision funds with letters of guarantee; Lianyungang proposed that on the basis of strictly implementing the supervision system of pre-sale funds of commercial housing, we should explore ways of guarantee and release some funds for the construction and operation of real estate projects.

Changchun, Xuzhou, Meizhou, Yueyang and other places also proposed to optimize the exit node of commercial housing pre-sale supervision funds.

Among them, Xuzhou proposed to adjust from the original pre-sale batch to withdraw key supervision funds by building; Meizhou plans to increase the number of withdrawals of advance payment. For the pre-sale project whose renovation project has been completed and the pre-sale payment at this progress node has been withdrawn according to the tripartite supervision agreement, on the premise that the funds in the pre-sale payment supervision account are sufficient to account for 65,438+00% of the total funds, depending on the integrity of the enterprise and the subsequent engineering quantity, the number of pre-sale payment withdrawals can be appropriately increased by 65,438+0 ~ 2 times.

Xia Yifeng predicted that the marginal relaxation of pre-sale funds in some cities in the future is expected to really land at the implementation level.