Original title: From guaranteed delivery to guaranteed delivery, the policy strength "goes up to the next level"

Worker's Daily - Shi Lanna, a reporter of China Industrial Network

Real estate concerns the immediate interests of the people and the overall situation of economic and social development. Recently, multiple policies to stabilize the property market have been launched, and the work of ensuring the delivery of houses has continued.

In the morning of May 17, the national video conference on ensuring the delivery of housing stressed that the key work of ensuring the delivery of housing, digesting the stock of commercial housing and other key work should be solidly promoted. This is a comprehensive deployment of housing guarantee and delivery after the meeting of the Political Bureau of the Central Committee of the Communist Party of China (CPC) on April 30 called for "doing a good job in housing guarantee and delivery and protecting the legitimate rights and interests of buyers". In the afternoon of May 17, at the regular policy briefing of the State Council, the relevant heads of many ministries and commissions further clarified the supporting policies for housing guarantee and delivery. Ensuring the delivery of housing has become an important task to stabilize the real estate market.

How does the word difference reflect the strength of the policy of "building a higher level" and the determination to stabilize the real estate market and people's livelihood, from the first proposal of "building protection" at the meeting of the Political Bureau of the Central Committee of the Communist Party of China in July 2022 to the recent launch of several heavy policies of "building protection"?

It is generally believed in the industry that compared with the guaranteed delivery of buildings, the guaranteed delivery of buildings has more comprehensive requirements, wider scope and more precise tasks. From the time the developer completes the building to the time when the owner moves in smoothly, there are a series of links such as house acceptance, obtaining the house ownership certificate, improving the supporting facilities, and moving in. The guarantee and delivery of the house can cover the above links. Compared with the guarantee and delivery of the house, the policy is more powerful, which indicates that China attaches more importance to protecting the legitimate rights and interests of house buyers.

In fact, under the promotion of the policy, the work of ensuring the delivery of buildings has achieved remarkable results. Data shows that by the end of 2023, 3.5 million insured buildings have been delivered, with a delivery rate of more than 86%; Most of the 350 billion yuan special loan for building guarantee has been invested in specific projects, and the overall recovery rate of the special loan project for building guarantee has reached 99.9%.

On this basis, the guarantee and delivery work put forward higher requirements. When the guaranteed delivery building has reached a high delivery rate at the project level, it pays more attention to the full process and full function delivery at the housing level. From this perspective, the policy of guaranteed housing delivery is obviously helpful to bridge the gap between the delivery rate and the delivery rate, the acceptance rate, and the occupancy rate, so as to promote the further recovery of the confidence in housing purchase and stabilize the real estate market.

At the moment when the real estate market is in the process of adjustment, if the sold housing project is uncompleted, it will seriously damage the legitimate rights and interests of the buyer and affect the steady and healthy development of the real estate market. Both guaranteed delivery and guaranteed delivery are related to the protection of the legitimate rights and interests of buyers and the stability of the overall social situation, and play an important role in preventing market risk spillovers. Effectively do a good job in ensuring the delivery of houses, so that people can get the houses that pass the acceptance as scheduled according to the contract, and ensure the people's livelihood and stability.

To ensure the delivery of houses, we should take the protection of the legitimate rights and interests of house buyers as the fundamental starting point and foothold, and the responsibility subjects should do their own work to form a joint force. The responsibilities of local governments, real estate enterprises and financial institutions should be compacted. Compacting the responsibilities of financial institutions is a new concept, which reflects that more attention should be paid to the role of finance in supporting project construction and delivery.

In January this year, the Ministry of Housing and Urban Rural Development and the State Administration of Financial Supervision jointly issued the Notice on Establishing a Coordination Mechanism for Urban Real Estate Financing. At present, 297 cities at prefecture level and above have established real estate financing coordination mechanisms. To promote the guarantee and delivery of housing in a down-to-earth way, the city government needs to promote projects that meet the "white list" conditions to "make progress as much as possible", and commercial banks need to "make full use of loans" for compliance "white list" projects to meet the reasonable financing needs of projects under construction.

In addition, measures such as promoting the digestion of commercial housing stocks and properly disposing and revitalizing land stocks will also help real estate enterprises ease difficulties and reduce debt. Whether it is encouraging local state-owned enterprises to purchase a part of the stock of commercial housing at a reasonable price as affordable housing, or the Central Bank has set up 300 billion yuan of affordable housing refinancing, or "threshold lowering" policies such as reducing the down payment ratio, the lower limit of housing loan interest rate, and the interest rate of provident fund loans, all of these policies are taken as supporting policies to promote the steady development of housing guarantee.