The latest policy of real estate loan

165438+1October1,China People's Bank and China Banking Regulatory Commission issued the Notice on Doing a Good Job in Financial Support for the Stable and Healthy Development of the Real Estate Market, and issued16 measures to support the stable and healthy development of the real estate market.

The notice consists of six parts, namely, keeping real estate financing stable and orderly, actively doing a good job in "guaranteeing the delivery of houses" financial services, actively cooperating with the risk disposal of trapped real estate enterprises, protecting the legitimate rights and interests of housing finance consumers according to law, adjusting some financial management policies in stages, and increasing financial support for housing leasing.

Among the specific policies, measures such as reasonably extending loans, maintaining the financing stability of asset management products such as trusts, and extending the centralized transition period of loans have attracted widespread attention in the market. The following are some major interpretations.

Aspect 1: at the beginning of the notice, it is emphasized to stabilize real estate development loans. State-owned, private and other real estate enterprises are treated equally. Encourage financial institutions to focus on supporting the steady development of real estate enterprises with perfect governance, outstanding main business and good qualifications.

According to experts' analysis, the policy actually criticized three discriminatory real estate credit lending practices, that is, less support for private enterprises, less support for real estate enterprises focusing on real estate main business, and neglect of support for the whole real estate enterprise because of the risks of the project.

Aspect 2: The notice mentioned that it is necessary to support the reasonable extension of stock financing such as development loans and trust loans. If the loan expires within the next 6 months from the date of issuance of the notice, it may be extended beyond the original provisions of 1 year, without adjusting the loan classification, and the loan classification submitted to the credit information system is consistent with it.

In this regard, experts pointed out that the extension is an important measure for financial institutions to prevent loan default and prevent non-performing loan ratio. In view of the special situation of the real estate market, the application of extension system in the field of real estate loans will increase, which is a necessary operation to resolve risks.

"The extension period is 1 year, which objectively shows that we will still strongly support housing enterprises to ensure the delivery of the building next year. All kinds of financial institutions should understand the setting of this time point, make full use of policies, actively support the work of real estate enterprises and ensure the delivery of buildings. " Experts said.

Aspect 3: Encourage asset management products such as trusts to support the reasonable financing needs of real estate. Encourage financial institutions such as trust companies to speed up business transformation, support the reasonable financing needs of real estate enterprises and projects in accordance with the principles of marketization and rule of law on the basis of strictly implementing the regulatory requirements for asset management products and doing a good job in risk prevention and control, and provide financial support for real estate enterprise project mergers and acquisitions, commercial pension real estate, rental housing construction, etc. according to laws and regulations.

Experts believe that this is the latest statement of the regulatory authorities on trust business, and the policy in this field may turn in the future. In the past few years, real estate trust financing has been greatly restricted. The relaxation in the first half of this year was mainly aimed at the rental market, and now it is further relaxed to release warmth. This move marks a new stage of real estate financial policy, and financial institutions will support real estate from multiple channels and directions.

In addition, this notice mentioned the concept of "transformation" to trust companies, especially "real estate enterprise project M&A business", which means that trust companies should pay less attention to the incremental market and look for new investment opportunities and business directions in the stock market.

The notice also mentioned that it is necessary to keep bond financing basically stable, support high-quality real estate enterprises to issue bond financing, and promote professional credit enhancement institutions to provide credit enhancement support for bond issuance of real estate enterprises with overall financial health and short-term difficulties. Encourage bond issuers and holders to communicate in advance, make good arrangements for bond payment funds, and make reasonable arrangements for extension and replacement through consultation for those who are difficult to pay on time, and actively resolve risks.

Aspect 4: Extend the transitional arrangement of centralized management policy for real estate loans.

This measure is also of great significance. Experts believe that this is an important turning point, which will reduce the concerns of commercial banks and provide sufficient space for a new round of mortgage loans.

However, experts also said that the notice is mainly to maintain the healthy and stable development of the current real estate market, that is, to stabilize leverage and financing and avoid the systemic risks brought about by the acceleration of deleveraging, rather than taking the old road again. The development model of high leverage and high turnover in the real estate industry has become a thing of the past.

The following is the full text of the notice (key points):

Notice on doing a good job in the current financial support for the stable and healthy development of the real estate market

Yinfa [2022] No.254

In order to implement the decision-making arrangements of the CPC Central Committee and the State Council, we insist that the house is used for living. Not for speculation, fully implement the long-term mechanism of real estate, support rigid and improved housing demand due to urban policies, maintain reasonable and moderate real estate financing, safeguard the legitimate rights and interests of housing consumers, and promote the stable and healthy development of the real estate market. The relevant matters are hereby notified as follows:

First, keep real estate financing stable and orderly.

(1) Stabilizing loans for real estate development.

Adhere to the "Two Unswervings" and treat all kinds of real estate enterprises, such as state-owned and private enterprises, equally. Encourage financial institutions to focus on supporting the steady development of real estate enterprises with perfect governance, outstanding main business and good qualifications. Financial institutions should reasonably distinguish the risks of project subsidiaries and group holding companies, and meet the reasonable financing needs of real estate projects in accordance with the principle of marketization on the premise of ensuring the security of creditor's rights and the closed operation of funds. Support the project host bank and syndicated loan model, strengthen the management of the whole process of loan approval, issuance and recovery, and effectively ensure the safety of funds.

(2) Support the reasonable demand for individual housing loans.

Support all localities to implement differentiated housing credit policies according to national policies, reasonably determine the down payment ratio of local individual housing loans and the lower limit of loan interest rate policies, and support rigid and improved housing demand. Encourage financial institutions to reasonably determine the specific down payment ratio and interest rate level of individual housing loans according to their own operating conditions, customer risk status and credit status. Support financial institutions to optimize housing financial services for new citizens, reasonably determine the first set of personal housing loan standards for new citizens who meet the conditions for buying houses, scientifically and prudently evaluate the credit level of new citizens in multiple dimensions, and improve the convenience of loan repayment.

(3) Stabilize the credit supply of construction enterprises.

Encourage financial institutions to optimize credit services for construction enterprises on the basis of controllable risks and sustainable business, provide necessary loan support, and maintain sustained and stable financing for construction enterprises.

(4) Support the reasonable extension of stock financing such as development loans and trust loans.

For stock financing such as development loans and trust loans of real estate enterprises, on the premise of ensuring the security of creditor's rights, financial institutions and real estate enterprises are encouraged to negotiate independently on the basis of commercial principles, and actively support them by extending stock loans and adjusting repayment arrangements to promote the completion and delivery of projects. If it expires within the next 6 months from the date of issuance of this notice, it may be allowed to extend beyond the original provisions for #3p4# years, and the loan classification will not be adjusted, and the loan classification submitted to the credit information system is consistent with it.

(5) Keep bond financing basically stable.

Support high-quality real estate enterprises to issue bonds for financing. Promote professional credit enhancement institutions to provide credit enhancement support for real estate enterprises with overall financial health and short-term difficulties. Encourage bond issuers and holders to communicate in advance and make arrangements for bond redemption funds. If it is really difficult to pay on schedule, reasonable arrangements such as extension and replacement shall be made through consultation to actively resolve risks. Support bond issuers to buy back bonds in domestic and foreign markets.

(6) Maintain the financing stability of asset management products such as trust.

Encourage asset management products such as trusts to support the reasonable financing needs of real estate. Encourage financial institutions such as trust companies to speed up business transformation, support the reasonable financing needs of real estate enterprises and projects in accordance with the principles of marketization and rule of law on the basis of strictly implementing the regulatory requirements for asset management products and doing a good job in risk prevention and control, and provide financial support for real estate enterprise project mergers and acquisitions, commercial pension real estate, rental housing construction, etc. According to laws and regulations.

Two, actively do a good job in the "safe building" financial services.

(seven) to support the development of policy banks to provide "building delivery guarantee" special loans.

Support the National Development Bank and the Agricultural Development Bank to issue special loans for "Baojiao Building" to borrowers who have been examined and filed in compliance with the law in an efficient and orderly manner in accordance with relevant policy arrangements and requirements, for closed operation and special funds to support the accelerated construction and delivery of overdue residential projects that have been sold.

(eight) to encourage financial institutions to provide supporting financing support.

After the creditor's rights and debts arrangement, special loans and new matching financing judicial guarantee are clearly defined for special loan support projects, financial institutions, especially the main financing commercial banks of individual housing loans or their leading syndicates are encouraged to provide new matching financing support for special loan support projects in accordance with the principles of marketization and rule of law, so as to promote the resolution of the risks of undelivered individual housing loans.

For the remaining goods, the sales receipt can cover both special loans and new supporting financing projects, while the remaining goods cannot cover both special loans and new supporting financing projects, but the supporting mechanism for new supporting financing and special loans has been clearly arranged and the repayment source has been implemented. Encourage financial institutions to actively provide new supporting financing support on the premise of voluntary business.

The borrower of the newly-added matching financing shall be consistent with the implementer of the special loan support project, and the assets and liabilities of the project shall be audited, evaluated and confirmed by qualified institutions organized by the local government, and the implementation plan of "one construction, one policy" has been formulated. Commercial banks can set up a new sub-subject of "special loan matching financing" under real estate development loans for statistics and management. In principle, the matching financing shall not exceed the term of the corresponding special loan, and the longest shall not exceed 3 years. The sales revenue of the project shall be transferred to the special account for the project opened in the main financing commercial bank or other commercial banks, and the special account for the project shall be managed by the commercial bank providing new supporting financing. It is clear that according to the principle of "last in, first out", the sales refund of the surplus value of the project should give priority to the repayment of the newly added supporting financing and special loans.

For the matching financing provided by commercial banks for special loan support projects within six months from the date of issuance of this notice in accordance with the requirements of this notice, the risk classification will not be reduced within the loan period; After the new and old debts are written off, the borrowers are managed as qualified borrowers. If the newly issued matching financing is not good and the relevant institutions and personnel have fulfilled their responsibilities, they can be exempted.

Third, actively cooperate with the risk disposal of trapped real estate enterprises.

(nine) do a good job in financial support for real estate project mergers and acquisitions.

Encourage commercial banks to carry out M&A loan business of real estate projects in a steady and orderly manner, and focus on supporting high-quality real estate enterprises to merge and acquire troubled real estate enterprise projects. Encourage financial asset management companies and local asset management companies (hereinafter referred to as asset management companies) to give full play to their experience and ability in the disposal of non-performing assets and risk management, and negotiate with local governments, commercial banks and real estate enterprises. * * * * Promote the accelerated disposal of assets. Encourage asset management companies to cooperate with third-party institutions such as law firms and accounting firms to improve the efficiency of asset disposal. Support qualified commercial banks and financial asset management companies to issue M&A theme financial bonds for real estate projects.

(10) Actively explore market-oriented support methods.

For some projects that have entered the judicial reorganization, financial institutions can help promote the return to work and delivery of projects in accordance with the principles of independent decision-making, self-risk and self-financing. Encourage asset management companies to participate in project disposal by acting as bankruptcy administrator and restructuring investors. Support qualified financial institutions to steadily explore and resolve the risks of trapped real estate enterprises in accordance with laws and regulations through the establishment of funds, and support the completion and delivery of projects.

Four, according to the law to protect the legitimate rights and interests of housing finance consumers.

(eleven) to encourage independent consultation in accordance with the law to postpone the repayment of principal and interest.

For individuals who are hospitalized or isolated due to the epidemic, or individuals who have lost their source of livelihood due to the suspension of business and unemployment due to the epidemic, and personal housing loans that have been changed or revoked due to the purchase contract, financial institutions can negotiate with the buyers independently according to the principles of marketization and rule of law, and make adjustments such as extension. All parties concerned must abide by the rules, abide by the contract and fulfill their commitments according to law. In this process, financial institutions should do a good job in customer service, strengthen communication, protect the legitimate rights and interests of financial consumers according to law, and classify assets according to relevant regulations. Acts of malicious evasion of financial debts shall be dealt with according to laws and regulations, and a good market order shall be maintained.

(twelve) to effectively protect the personal creditor's rights of deferred loans.

If the repayment arrangements of individual housing loans are adjusted, financial institutions shall submit credit records in accordance with the new repayment arrangements; If it is determined by the judgment or ruling of the people's court that it should be adjusted, the financial institution shall adjust the credit record according to the effective judgment or ruling of the people's court, and adjust what has been submitted. Financial institutions should properly handle relevant credit objections and protect the rights and interests of information subjects according to law.

Verb (abbreviation of verb) adjusts some financial policies in stages.

(thirteen) to extend the transitional arrangements for the centralized management policy of real estate loans.

For banking financial institutions that cannot meet the requirements of real estate loan concentration management on schedule due to objective reasons such as epidemic situation, the People's Bank of China, China Banking Regulatory Commission or branches of the People's Bank of China, and China Banking Regulatory Commission agencies will reasonably extend their transition period according to the relevant provisions of real estate loan concentration management and the actual situation through objective evaluation.

(14) Optimize the M&A financing policy of real estate projects by stages.

Relevant financial institutions should make good use of the staged real estate financial management policies issued by the People's Bank of China and the China Banking Regulatory Commission, which are applicable to major commercial banks and national financial asset management companies, and accelerate the marketization of real estate risks.

Sixth, increase financial support for housing leasing.

(fifteen) to optimize the housing rental credit services.

Guide financial institutions to focus on increasing credit support for self-sustaining property-based housing leasing enterprises with independent legal person operation, clear business boundaries and real estate professional investment and management capabilities, rationally design loan terms, interest rates and repayment methods, and actively meet the medium and long-term capital needs of enterprises. Encourage financial institutions to provide financial support for various subjects to purchase and rebuild real estate projects for housing leasing in accordance with the principles of marketization and rule of law. Loans granted by commercial banks to affordable rental housing projects that hold the Confirmation of Affordable Rental Housing Projects are not included in the centralized management of real estate loans. Commercial real estate is transformed into affordable rental housing. After obtaining the ownership of affordable rental housing, the bank's loan term and interest rate are subject to the relevant policies on affordable rental housing loans.

(sixteen) to broaden the housing rental market diversified financing channels.

Support housing leasing enterprises to issue direct financing products such as credit bonds and guarantee bonds, which are specially used for the construction and operation of rental housing. Encourage commercial banks to issue financial bonds to support housing leasing, and raise funds to increase housing leasing development and construction loans and operating loans. Steadily promote the real estate investment trust funds (REITs) pilot.

People's Bank of China

China Banking and Insurance Regulatory Commission

2022165438+1October 1 1