What's the latest situation of Baojiao Building? It is still meaningful to stabilize the progress of people's livelihood.

At the end of July this year, "compacting the responsibility of local governments, ensuring the delivery of houses and stabilizing people's livelihood" became an important policy for the development of the real estate market. Two months have passed, how is the "walk to the building" going?

The reporter found out that under the instigation of the special loan of Guoan Building and the local relief fund, several provincial and municipal shutdown projects have resumed work one after another, and different "Guoan Building" models are also being explored in various places.

Although the initial scale of the disclosed special loan cannot completely cover all the unfinished shutdown projects, the work progress in recent months is still of great significance, especially in some cities with strong policies, and its demonstration effect and experience accumulation will bring positive impetus to the nationwide work of "guaranteeing the delivery of houses".

The national special loan was launched.

In order to prevent systemic risks in the industry and maintain the stable and healthy development of the real estate market, since July, the central government has repeatedly issued special supporting policies, and sent supervision and service working groups to local governments to promote implementation, releasing important signals to stabilize the economic market.

Among them, the launch of the national special loan for "Baojiaolou" became the first national bail-out policy since the "supply cut-off" incident. According to the forecast of China Merchants Bank Research Institute, the initial size of the rescue fund is 200 billion yuan, which will be arranged by China Development Bank and China Agricultural Development Bank under the guidance of the central bank within the existing loan quota.

Formally, special loans are borrowed, used and repaid by urban local governments. In principle, the loan term cannot exceed 3 years. At the same time, it is clearly put forward that "the real estate market will not be stimulated, and real estate enterprises will not be rescued", and the construction and delivery of residential projects that have been sold, overdue, difficult to deliver, closed down and special funds will be strictly limited.

On September 22nd, China Development Bank made a substantial step by paying the first special loan for Baojiaolou in Shenyang. Recently, the Agricultural Development Bank of China also publicly stated that it has fully implemented the tasks of "building delivery", equipment upgrading and medium-and long-term special loans for manufacturing, and the special loans for "building delivery" were completed at the end of the third quarter.

At the recent regular meeting of the Monetary Policy Committee of the People's Bank of China in the third quarter of 2022, the meeting mentioned that it is necessary to speed up the use of special loans for "Baojiao Building", appropriately increase efforts according to needs, guide commercial banks to provide supporting financing support, safeguard the legitimate rights and interests of housing consumers, and promote the stable and healthy development of the real estate market.

Explore the road to marketization

In addition to the above-mentioned special loans, local governments are also exploring feasible schemes to effectively promote the landing of the "Education Building".

According to the analysis of Ke Rui Research Report, at present, all localities actively implement the main responsibility of the city and take various measures to promote the work of "building preservation and delivery", mainly including the following aspects: First, set up special relief funds, such as Hubei Asset Management and Zheshang Asset Management jointly set up a 5 billion yuan relief fund to increase the acquisition and disposal of non-performing assets in the province.

The second is to send a working group or establish one-on-one support to urge the project to resume work as soon as possible. For example, Chongqing set up a real estate problem project risk resolution and disposal team, arranged a real estate special team to follow up the project construction progress, and closed the management of project account funds. Suzhou has fully implemented "one policy and one special class on the first floor".

In addition, the land payment for unfinished projects will be returned. For example, the Ganzhou Economic Development Zone government decided to purchase some unfinished plots of green space, and returned nearly 400 million yuan of land transfer fees for project construction according to the construction progress. Tianjin, Nanjing, etc. Combine leniency with severity, optimize the supervision of pre-sale funds, and implement differentiated management of enterprises and problem projects.

However, it is not an easy task to effectively solve the problem of shutdown of housing enterprises. Ke Rui said that many real estate enterprises are exploding, involving a wide range of cities and projects. Even high-quality projects will be shut down because of corporate thunderstorms; It is difficult to get the payment back from project sales, and many projects are illegally collecting pre-sale supervision funds, which has now fallen into the dilemma of insolvency.

Therefore, at present, when local governments are doing "bottom-floor protection", the bottom line principle is to save projects rather than enterprises, and at the same time strictly distinguish project risks from enterprise group risks, and rescue projects will be closed and earmarked. Priority should be given to supporting high-quality projects with good asset quality, and insolvent projects should adopt bankruptcy reorganization, custody and agent construction.

The most typical example is Zhengzhou, which has issued an operation plan to establish a real estate rescue fund, with the fund size tentatively set at 654.38+000 billion yuan. Not only does it explicitly require assets not to exceed liabilities in project screening, but it also innovatively sets up the operation mode of parent-child funds, coordinates the housing and construction departments, finance, public security and other departments, and promotes building delivery through marketization and legalization.

Another example is Nanning, which plans to set up a stable real estate fund with an initial scale of 3 billion yuan, which is funded by three state-owned enterprises, namely Nanning Rail Real Estate Group Co., Ltd., Nanning Transportation Investment Group Co., Ltd. and Nanning Weining Real Estate Development Co., Ltd., and managed by Jiangsu Yan Rui Industrial Investment Fund Management Co., Ltd.

When explaining the "Nanning Model", Nanning officials said that the stabilization fund follows the principle of "government-led, market-oriented operation", takes "market-oriented, regulated" mergers and acquisitions as the main means, is managed by a professional team, and adopts the "deep water" operation mode to find the business logic that can be established in the cracks.

On August 65438+3, 2003, Jiangsu Yan Rui Industrial Investment Fund Management Co., Ltd. was appointed as the fund manager by bidding. Through the organic unity of government support according to law and professional operation, the fund operation is ensured to be implemented step by step, and the social and economic risks brought by the problem real estate are properly solved through "one building, one policy" and "combination of length and length".

In addition, a number of national AMC institutions are also entering the market. For example, Great Wall Assets has conducted several rounds of docking with 12 housing enterprises in the first half of the year, and conducted in-depth research on the assets of the proposed bail-out projects, and some projects have been successfully landed or approved for investment; In the first half of the year, China Cinda implemented a number of risk mitigation projects for the former Caesars Group Guangzhou Nansha Yuebanwan and other stranded housing enterprises through stock debt restructuring, supplementary construction funds and introduction of brand agency construction, which led to the resumption of production of 35.4 billion yuan stock projects.

Multi-project access to funds and domestic water

Driven by the top-down policy, the work of "guaranteeing the delivery of buildings" has gradually made substantial progress, and many projects are expected to resume work.

Recently, Shangqiu city officials said that the city seized the policy opportunity of special loans from policy banks, and the first batch of projects 17 were approved, with loans of 920 million yuan and 9200 sets of affordable housing, all of which have been allocated in place. The Municipal Housing and Construction Bureau conducted a comprehensive investigation of the city's real estate projects, and adopted various methods such as weekly scheduling and monthly supervision to guide the project to resume work in an all-round way.

In Harbin, a number of real estate projects applying for special loans for Baojiaolou were approved, and rescue funds were also in place. On September 27th, Baoneng Chengfa Harbin Company signed a tripartite agreement with Harbin Municipal People's Government and Harbin City Investment Company, and a special loan of 654.38+86 billion yuan officially landed. Plots 3, 4 and 5 of Baoneng City Project resumed work, and more than 654.38+0200 construction workers entered the site.

In Zhengzhou, the city's real estate relief funds have reached seven projects, namely Jianye Financial Island Office Building Project in Jinshui District, Jinyi Jinshui Bay, Wei Yong Lanting in Guancheng District, Weiyongxi County in Zhongyuan District, Jinyi Four Seasons City in Huiji District, Yuhua City in Zhongyuan District and Yuyuan Garden in Jinshui District. It also conducted a comprehensive audit of 95 projects that will be used for special loans of Baojiao Building.

The local financial system has taken active action. Zhongyuan Bank connects Zhengzhou and county platform companies, and plans to provide 5 billion yuan of financial support as a whole. The first batch of 300 million yuan has been successfully distributed. Bank of Zhengzhou is fully connected with Zhengzhou county (city) platform and city loan platform, and the amount of institutions under review exceeds 4 billion yuan.

A number of properties that had been caught in the "loan suspension" storm began to show signs of returning to work. For example, Mingmen Cuiyuan, _ Fucheng, Evergrande City and Xinyuan Jinshui Guancheng, as well as Sunac Yuhu Chen Yuan, Sunac Canal Source, Sunac Airport Chen Yuan and other projects. Among them, Mingmen Cuiyuan applied for the list of special loans for "Baojiaolou" in Zhengzhou City, and now it has entered the review stage.

Nanning stable real estate fund has also begun to land. The first phase of the fund is 3 billion yuan and the first phase is 800 million yuan. Nanning Rail Real Estate Group invested 300 million yuan, Jiaotou Group invested 250 million yuan and Weining Real Estate Company invested 250 million yuan. On August 26th, the first paid-in capital of the stabilization fund was fully put in place.

It is reported that the stabilization fund is actively docking Blu-ray Yongjing Lanwan Project, Evergrande Project and Datang Project, striving to complete the actual investment and normal operation of Blu-ray Project before the end of September, forming an investment plan for Evergrande Project, striving to form a demonstration project as soon as possible, and promoting the smooth spread of risk resolution in the real estate market.

In addition, Nanning Rail Real Estate, one of the funders of the fund, recently invested in Jinkeyi Project Company, and the transferred funds will be used for the subsequent operation and development of Nanning Jinkecheng and Nanning Jinkecheng Cuitianchen projects in batches, of which about 65,438+billion yuan will be injected into Jinkecheng project, becoming the first successful acquisition case of state-owned shareholding projects in the city.

In order to stabilize market demand, on September 28th, Nanning also launched a monthly group buying activity of "Supporting Rigid and Improved Housing Demand". 12 real estate enterprises signed letters of commitment, and 100% of the house purchase transaction funds entered the pre-sale fund supervision account and were included in the government supervision. The transaction price of the project is insured for 3 months; If the house cannot be delivered within 6 months, there is no reason to return a house for a refund.

Ke Rui said that at present, the work of Baojiaolou will be piloted in some cities, and relevant work experience will be summarized, and then a systematic solution will be formed, which will be fully promoted throughout the country. From the perspective of pilot cities, setting up real estate rescue funds and special loans from policy banks may be a more effective solution.

Among them, the special loans of policy banks are used as leverage to incite more commercial banks to follow up loans, so as to alleviate the financial difficulties of Baojiao Building and support the construction and delivery of sold, overdue and difficult-to-deliver residential projects. For the real estate enterprises involved in risks, the way of accountability will be adopted afterwards, and the legal responsibility of the enterprises that stopped working will be traced back after the delivery problem of the stopped working projects is solved.