The central bank and two other departments have extended two financial policies to provide sustained and stable support to real estate enterprises

Release time:Apr 14, 2024 03:45 AM

Beijing, July 10th (Xinhua) -- The central bank and two other departments have extended two financial policies to provide sustained and stable support to real estate enterprises

Xinhua News Agency reporter Wu Yu

The People's Bank of China and the State Administration of Financial Supervision and Administration of China issued a notice on the 10th, adjusting the two financial policies previously announced to support the stable and healthy development of the real estate market, and extending their application period to December 31, 2024. The relevant person in charge of the People's Bank of China stated that this move aims to guide financial institutions to continue extending the existing financing of real estate enterprises and increasing financial support for guaranteed delivery of properties.

In order to promote the stable and healthy development of the real estate market, the People's Bank of China and the former China Banking and Insurance Regulatory Commission jointly launched 16 financial measures in November 2022, clarifying support policies from maintaining stable and orderly real estate financing, actively providing financial services for guaranteed delivery of properties, cooperating with distressed real estate enterprises to handle risks, and increasing financial support for rental housing.

The relevant person in charge of the People's Bank of China introduced that after the release and implementation of the "16 Financial Articles", it has played a positive role in maintaining reasonable and moderate real estate financing, promoting the resolution of real estate enterprise risks, and achieved good policy results. "Taking into account the current situation in the real estate market, in order to guide financial institutions to continue extending the existing financing of real estate enterprises and increase financial support for guaranteed delivery of properties, the financial management department has extended the applicable period of relevant policies."

The reporter found that the extension policy focuses on two aspects. On the one hand, it supports the reasonable extension of existing financing such as development loans and trust loans, and on the other hand, it encourages financial institutions to provide supporting financing for guaranteed delivery buildings.

In terms of stock financing extension, the original policy stipulated that "from the date of issuance of this notice, if it expires within the next six months, it is allowed to extend it for an additional year beyond the original regulations.". After this policy adjustment, "those expiring before December 31, 2024 can be extended for an additional year beyond the original regulations", which is good news for many real estate companies, helping to alleviate their financial pressure and improve the financing environment of the real estate industry. Meanwhile, this is also beneficial for financial institutions to mitigate the risk of existing loans.

In addition, the original policy stipulated that "within six months from the date of issuance of this notice, the supporting financing issued to special loan support projects shall not be downgraded in risk classification during the loan term; the new and old debt repayment entities shall be managed as qualified loan entities. For newly issued supporting financing that forms non-performing loans, relevant institutions and personnel who have fulfilled their duties may be exempted from liability.". After this adjustment, the applicable period has also been extended to before December 31, 2024.

Industry insiders say that this delay will help dispel some of the concerns of financial institutions about new supporting financing for real estate enterprises, provide a moderately relaxed financing environment for real estate enterprises, and guide financial institutions to provide sustained and stable financial support for real estate enterprises.

In addition, the reporter also learned from the People's Bank of China that the guaranteed delivery building loan support plan, which was supposed to expire on March 31, 2023, has been confirmed to continue implementation.

Industry insiders have stated that since the beginning of this year, financial management departments have introduced a series of measures to address the financing issues of real estate enterprises. Starting from the stock and increment, they have increased support for multi-channel financing such as loans, bonds, and asset management, maintaining stable financing cash flows for high-quality real estate enterprises. This will help guide the balance sheets of high-quality real estate enterprises to return to a safe range and promote a smooth transition of the industry to a new development model.

The Monetary Policy Committee of the People's Bank of China recently held a meeting for the second quarter of 2023, proposing to support the demand for rigid and improved housing through urban policies, solidly carry out various work to ensure the delivery of buildings, people's livelihoods, and stability, promote the stable and healthy development of the real estate market, accelerate the improvement of the housing rental financial policy system, and promote the establishment of a new model for the development of the real estate industry.

The relevant person in charge of the People's Bank of China stated that financial institutions should effectively implement measures in accordance with requirements, support the demand for rigid and improved housing based on urban conditions, maintain reasonable and moderate real estate financing, increase financial support for guaranteed delivery of buildings, promote market-oriented clearance of industry risks, and promote stable and healthy development of the real estate market.

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