The Information Office of the State Council held a regular briefing on the policies of the State Council on the afternoon of May 17, 2024, and the heads of the Ministry of Housing and Urban Rural Development, the Ministry of Natural Resources, the People's Bank of China, and the State Financial Supervision and Administration introduced the relevant information about the supporting policies for housing guarantee and delivery. Let's see——
Central Bank: launch four policies and measures
everything Set up 300 billion yuan of affordable housing refinancing 。 Encourage and guide financial institutions to support local state-owned enterprises to purchase the completed but unsold commercial houses at reasonable prices in accordance with the principles of marketization and rule of law, and use them as affordable housing for rationing or leasing, which is expected to drive bank loans of 500 billion yuan.
Second Reduce the minimum down payment ratio of individual housing loans at the national level The minimum down payment for the first set of housing will be adjusted from 20% to 15%, and the minimum down payment for the second set of housing will be adjusted from 30% to 25%.
Third Cancel the lower limit of the national individual housing loan interest rate policy 。 The loan interest rate for the first and second homes will no longer set a policy floor, so as to realize the marketization of housing loan interest rate.
After the adjustment of the above down payment ratio and housing loan interest rate policy, local governments can independently determine the minimum down payment ratio and the lower limit of the housing loan interest rate for the first and second housing in their jurisdiction according to the urban policy, or they can no longer set the lower limit of the interest rate.
Fourth Reduce the loan interest rate of housing provident fund of all maturity varieties by 0.25 percentage points 。 After the adjustment, the loan interest rate of personal housing provident fund for the first housing for more than five years is 2.85%, which can better meet the housing needs of the depositors of housing provident fund.
Ministry of Housing and Urban Rural Development: let the people get the houses that have passed the inspection as scheduled according to the contract
We should take the protection of the legitimate rights and interests of house buyers as the fundamental starting point and foothold, and adhere to the principles of marketization and rule of law. Ensuring the delivery of housing involves the vital interests of the people. We will adhere to the people centered development idea, take multiple measures and deal with it by category, We will fight hard to ensure the delivery of commercial housing projects, prevent and handle the risk of uncompleted housing, promote the timely delivery of projects with guaranteed quality, and let people get the houses that have passed the acceptance on time as agreed in the contract 。 For those who are still unable to pay the house by exhausted means, they should take the judicial way. In judicial disposal, the protection of the legitimate rights and interests of house buyers should also be put in the first place.
Ministry of Natural Resources: support local governments to recover and purchase idle residential land at a reasonable price
The Ministry of Natural Resources is preparing to introduce policies and measures to properly dispose of idle land and revitalize existing land, and support local governments to proceed from reality, Properly dispose of the idle stock residential land that has been transferred by taking back, purchasing and other means as appropriate to help enterprises solve difficulties 。 At the same time, we will promote the economical and intensive use of land, prevent and resolve risks, and help the high-quality development of real estate. There are mainly two lines: One line is to strictly dispose of idle land according to law, and the other is to increase support for the revitalization and utilization of existing land 。 The specific policy highlights can be briefly summarized in the following three aspects:
● First, support enterprises to optimize development. It is mainly to remove obstacles to development and construction, reasonably exempt the liability for breach of contract due to natural disasters and epidemics, and allow enterprises to reasonably adjust planning conditions and design requirements in accordance with procedures to better adapt to market demand.
● The second is to promote market circulation and transfer. It is mainly to play the role of the secondary market of land, support advance notice registration transfer and "transfer with mortgage", and encourage transfer or cooperative development.
● Third, support local governments to recover land at reasonable prices. It is mainly to support local governments to recover idle land at a reasonable price for affordable housing construction in accordance with the principle of "purchase on demand". Local governments are allowed to adopt the "recovery supply" parallel approach to simplify procedures, handle planning and land supply procedures, and better provide facilitation services.
Central Bank: Support local state-owned enterprises to purchase commercial houses that have been built but not sold at a reasonable price
The People's Bank of China will provide low-cost refinancing funds, encourage 21 national banking institutions to grant loans to local state-owned enterprises selected by the city government in accordance with the principle of marketization, and support the purchase of commercial houses that have been built but not sold at a reasonable price as affordable housing. The key points of this policy are as follows:
● First, the scale of affordable housing refinancing is 300 billion yuan, the interest rate is 1.75%, and the term is one year It can be extended for 4 times, and the distribution objects include 21 national banks such as China Development Bank, policy banks, state-owned commercial banks, Postal Savings Bank, and joint-stock commercial banks. The bank shall grant loans according to the principle of independent decision-making and risk bearing. The People's Bank of China will issue re loans at 60% of the loan principal, which can drive bank loans of 500 billion yuan.
● Second, the purchased commercial houses are strictly limited to the commercial houses that have been built but not sold by real estate enterprises And treat real estate enterprises with different ownership equally. According to the principle that indemnificatory housing is used to meet the rigid housing needs of wage earners, the house type and area standards of purchased commercial housing should be strictly grasped.
● Third, the city government selects local state-owned enterprises as the acquisition subject. The state-owned enterprise and its affiliated group shall not be involved in the implicit debt of the local government, and shall not be the financing platform of the local government. At the same time, it shall have bank credit requirements and credit space, and shall be quickly allocated or leased after acquisition.
● Fourth, voluntary participation. The city government decides whether to participate or not according to the local demand for affordable housing, the inventory level of commercial housing and other factors. The wage earners who meet the security conditions can independently choose whether to participate in the placement or leasing. The real estate enterprise and the acquisition subject negotiate on an equal basis and decide whether to sell or not independently. The 21 banks independently decided whether to grant loans to the acquisition subject in accordance with the principles of risk bearing and commercial sustainability.
For the above policies, the People's Bank of China will issue an official document in the near future, which is the Notice on the Establishment of Affordable Housing Refinancing.
State Administration of Financial Supervision and Administration: "white list" projects of different ownership real estate enterprises are treated equally, and all loans should be made
Satisfy the reasonable financing needs of real estate enterprises and real estate projects with different ownership without discrimination. Properly evaluate and actively support real estate enterprises and real estate projects with different ownership without discrimination according to the principles of marketization and rule of law.
● Establish a green channel. The bank is required to optimize the loan approval and issuance process, appropriately delegate the approval authority, speed up the lending speed, manage the project access, rating, credit extension, post loan and other aspects separately, and allow separate credit lines. At the same time, specific rules for dutiful exemption should also be formulated to exempt grass-roots banks and relevant employees from liability if they have been diligent and dutiful as required, or if the loan risks are caused by force majeure.
● Make all loans available. The "white list" projects of different ownership real estate enterprises are treated equally. Under the premise of risk control, financing support can be provided by means of new loans, extension of existing loans, and issuance of M&A loans. The loan amount should match the project construction period, cover the fund gap of project completion and delivery, promote the project completion and delivery, and effectively protect the legitimate rights and interests of house buyers.
● Set up separate accounts for "white list" projects, close operation management, do not mix funds between projects, project funds are strictly prohibited to be used for other purposes, and ensure that the funds are used to ensure delivery 。 Commercial banks should strictly review the use and flow of credit funds, agree with the borrower to open a project fund supervision account in the lending bank, and ensure that project capital, loan issuance, payment and disbursement, loan repayment, etc. are handled through the project fund supervision account. The pre-sale capital supervision account of the "white list" project shall be opened in the main bank.
The Ministry of Housing and Urban Rural Development of the People's Republic of China: Classify housing projects, and prevent violators from getting out of their shell
The city government should guide project development enterprises to formulate "one project, one policy" disposal plan in accordance with the principles of marketization and rule of law. Marketization is to include eligible projects or projects that can take market-oriented measures to improve conditions into the "white list" to provide financing support and promote project construction delivery. The rule of law is to promote the insolvent projects to enter the judicial disposal procedure, the bankruptcy of the bankruptcy, and the reorganization of the reorganization. In the process of disposal, the protection of the legitimate rights and interests of the house buyer should be put in the first place. In this process, we must resolutely investigate and deal with all kinds of violations of laws and regulations in accordance with the law, so as not to let the violators "get away with their mistakes", and not to let the behaviors that harm the interests of the masses muddle through.
Central Bank: Incorporate the loan support plan for rental housing into the policy of affordable housing refinancing for management
In 2023, the People's Bank of China set up a loan support plan for rental housing to support 8 cities, including Jinan and Zhengzhou, to pilot market-oriented batch purchase of existing housing and expand the supply of rental housing. Over the past year, the pilot project has been launched in 8 cities in an orderly manner, and the commercial sustainable leasing business model has initially taken shape, which has played a positive role in digesting the stock of housing. Make overall consideration of policy convergence, Incorporate the rental housing loan support plan into the affordable housing refinancing policy for management, which will be comprehensively promoted nationwide 。
