Economic Daily: make good use of the "white list" financing policy of real estate

Source: Economic Daily

The coordination mechanism of urban real estate financing has achieved results. Sheng Laiyun, deputy director of the National Bureau of Statistics, said at a news conference held by the State Council Information Office a few days ago that since this year, in order to solve the problem of real estate financing difficulties, the relevant departments have launched a "white list" financing project support policy. From the data of the first quarter of 2024, the decline in loans of domestic real estate enterprises has narrowed by 1.2 percentage points, which is in line with the "white list" coordination mechanism The implementation of financing policies is directly related.

The effect is becoming more and more obvious. It is necessary to take advantage of the situation, summarize experience in time, clear up the obstacles and difficulties in the implementation of the policy, further strengthen the scientificity of decision-making, and make good use of the real estate "white list" financing project support policy. In January this year, the Ministry of Housing and Urban Rural Development and the State Administration of Financial Supervision and Administration jointly issued the Notice on Establishing a Coordination Mechanism for Urban Real Estate Financing, requiring cities at all levels and above to establish a coordination mechanism for real estate financing, build a "government bank enterprise" communication platform, and help real estate enterprises and financial institutions achieve accurate and effective docking.

We should promote "government, banks and enterprises" to work together to make financing support more smooth. The original intention of establishing the urban real estate financing coordination mechanism is to ease the information asymmetry between banks and real estate enterprises and enhance mutual trust between both sides. In market transactions, trust is a scarce resource, and mutual distrust is the norm. Especially when one party's risk has been exposed, credit enhancement becomes more and more important. "Government, bank and enterprise" are effective ways to increase credit. On the one hand, compared with banks, government departments have more corporate credit data, which helps alleviate the problem of asymmetric information between banks and enterprises; On the other hand, a number of credit granting banks negotiate on an equal basis, make collective decisions and act in concert, which helps to reduce risks such as loan drawing and "stampede", prevent panic from spreading, and avoid harming normal operating real estate enterprises.

It is necessary to distinguish project risks from group risks to make financing support more accurate. As the coordination mechanism proposes a list of projects rather than a list of enterprises, the risk of real estate enterprise group is distinguished from the risk of a single project. This not only improved the accuracy of financing support, avoided the bank's "one size fits all" approach to specific projects due to the risk of real estate enterprise groups, but also stabilized the expectations of property buyers, and avoided the shutdown and overdue delivery of projects under construction. Next, we should handle the relationship between "fast and stable". For projects under normal development and construction, "fast" support is required; For projects with temporary difficulties in development and construction, we should provide "stable" support to meet the reasonable financing needs of real estate projects more accurately and without discrimination.

We should adhere to the principles of marketization and rule of law, and make financing support sustainable. Although the "white list" is pushed to the financial institutions in the administrative region by the coordination mechanism, it cannot be "apportioned". The principle of marketization and rule of law should be adhered to, and the specific financial institution should decide whether to lend, because the final risk is also borne by the financial institution. In the decision-making process, financial institutions should scientifically and fairly evaluate the support objects pushed by the coordination mechanism, and actively meet their reasonable financing needs for projects with normal development and construction, sufficient collateral, reasonable assets and liabilities, and guaranteed repayment sources; For projects with temporary difficulties in development and construction, but with balanced funds, we should not blindly withdraw, hold back or cut off loans.

We should effectively prevent new credit risks and make financing support safer. At present, there is a popular view in the market: the reason why real estate enterprises are unstable is that banks refuse to lend. This view is unfair and dangerous. You should know that the money lent by the bank is not the bank's own money, but the depositor's money. To maintain the security of bank credit funds is to maintain the security of deposits and maintain social stability. If a project does not comply with the risk prevention and control regulations, and the principal cannot be recovered with a high probability after lending, the entrance must be strictly closed, credit management must be strict, and new credit risks must be prevented, otherwise more serious systemic risks may arise.

We should treat this round of adjustment of the real estate industry rationally, strengthen confidence, actively act, and seek solutions. After more than 20 years of rapid expansion, it is normal for the real estate industry to enter into a phased adjustment period, which is also conducive to building a new development model for the follow-up. More importantly, China's urbanization process is still in progress, and the demand for improvement and rigid demand of the real estate market is still large. China's real estate market has the support conditions for sustainable and healthy development.

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