According to the Xinhua News Agency, the relevant departments have drafted the Action Plan for Improving the Balance Sheet Plan of High-quality Housing Enterprises, and it is planned to complete 2 1 tasks from four aspects: optimizing policies, activating reasonable demand, strengthening the guarantee of building delivery, setting up special refinancing of National Financial Asset Management Corporation (AMC), setting up a housing rental loan support plan of 654.38+000 billion yuan, and promoting the reasonable extension of stock financing. We will adjust and optimize five equity financing measures such as mergers and acquisitions and refinancing of real estate enterprises, reasonably extend the transition period of centralized management system of real estate loans, and improve the "three lines and four files" rules of 30 pilot real estate enterprises.
The industry believes that the Action Plan will accelerate the implementation of real estate financial support policies, and the superimposed demand-side policies will continue to increase, or it will accelerate the stabilization and rebound of real estate sales and curb the spread of credit risks to head housing enterprises.
It is worth noting that on the same day, Zou Lan, director of the Monetary Policy Department of the central bank, said at the press conference of the State Council Office that the central bank has been studying and launching several other structural tools recently, focusing on supporting the smooth operation of the real estate market, including the Baojiaolou loan support plan, the housing lease loan support plan, and the private enterprise bond financing support tool. , which will be further disclosed and released.
2 1 four tasks
On June 65438+1October 10, the central bank and the China Banking Regulatory Commission jointly held a meeting, proposing to effectively prevent and resolve the risks of high-quality head housing enterprises, implement a plan to improve the balance sheet of high-quality housing enterprises, focus on high-quality housing enterprises with prominent main business, compliant operation, good qualifications and certain systemic importance, and carry out "asset activation", "debt continuation" and "equity supplement"
65438+ 10/3, Xinhua News Agency reported that the relevant departments have drafted the Action Plan for Improving the Balance Sheet of Quality Housing Enterprises, focusing on four aspects: asset activation, debt inheritance, equity supplement and expected promotion, and focusing on completing 2 1 tasks, which will be promoted as soon as possible in the near future.
According to reports, in the "asset activation" action, reasonable demand is activated by optimizing policies, efforts are made to ensure building delivery, stabilize real estate sales, compact the responsibility of enterprises to slim down and save themselves, support high-quality housing enterprises to improve asset quality through mergers and acquisitions, and strive to improve operating cash flow.
The task also includes setting up a national AMC special refinancing, supporting its market-oriented participation in industry restructuring and mergers and acquisitions, and accelerating the clearing of risks. In promoting the construction of the housing rental market, the financial department will issue relevant documents on financial support for the development of the housing rental market in the near future, and set up a housing rental loan support plan of 654.38 billion yuan to support some cities to purchase existing housing in batches in a market-oriented manner and expand the supply of rental housing.
In the "debt continuation" action, in the next step, the financial management department will encourage financial institutions to negotiate independently with high-quality housing enterprises to promote a reasonable extension of stock financing; Increase new financing support such as credit and bonds; Research banks provide loans to high-quality housing enterprise groups to reasonably meet the liquidity needs at the group level; Support the payment of overseas debts according to law and provide policy support such as foreign exchange management.
In the "equity replenishment" action, on the one hand, it supports equity financing, and adjusts and optimizes five equity financing measures for housing enterprises such as mergers and acquisitions and refinancing; On the other hand, we should develop enterprise real estate investment trust funds, cultivate professional and institutionalized housing leasing subjects, and accelerate the construction of housing leasing market.
In the "expected promotion" action, the transition period of the centralized management system for real estate loans will be reasonably extended, and at the same time, the "three lines and four files" rules of 30 pilot housing enterprises will be improved, and some parameter settings will be improved on the basis of keeping the overall framework of the rules unchanged.
The report also said that the action plan only sets conditions for high-quality housing enterprises, and there is no specific list, so financial institutions can grasp it independently.
Help real estate sales stabilize and rebound.
Regarding the content of the Action Plan for Improving the Balance Sheet Plan of High-quality Housing Enterprises, Li, the chief researcher of the Housing Policy Research Center of Guangdong Urban Planning Institute, said that the four actions are specific channels to comprehensively promote the simultaneous realization of real estate risk mitigation, building safety and stable expectations, and also point out several paths for financial institutions to participate in bail-outs and ensure the safety of capital investment, and are also a package deployment that can coordinate the stability of the real estate industry with financial stability, steady economic growth and people's livelihood security.
Li pointed out that the plan was promoted at the same time from three levels: housing enterprises, financial institutions and housing demanders. The balance sheet improvement of housing enterprises, including high-quality housing enterprises, also includes the risk disposal of housing enterprises in danger; On the financial side, it includes not only the credit repair of high-quality housing enterprises, the normalization of multi-channel financing, but also the acquisition and merger of out-of-danger housing enterprises and the release of some project risks; On the demand side, increase financial policy support, stabilize market sales, push forward the hard fund gap of Baojiao Building, activate the hematopoietic function of enterprises and restore market confidence.
It is worth noting that the plan mentioned that the relevant departments will reasonably extend the transition period of the centralized management system of real estate loans, and at the same time improve the "three lines and four files" rules of 30 pilot housing enterprises.
Note: The rule of "three lines and four gears" is the so-called "three red lines" policy. On August 20, 2020, on the basis of communication and discussion with relevant departments, the central bank and the Ministry of Housing and Urban-Rural Development issued the Regulations on Supervision and Financing Management of Key Housing Enterprises, and the debt management of housing enterprises will be based on "three red lines". First, the asset-liability ratio after excluding advance payment is greater than 70%; Second, the net debt ratio is greater than100%; Third, the short-term cash debt ratio is less than 1 times. According to the new financing rules of "three red lines", real estate enterprises are divided into four grades: red, orange, yellow and green. Among them, the annual growth limit of interest-bearing liabilities of green enterprises that have not crossed the line is 15%, and the annual growth limits of yellow and orange enterprises are 10% and 5%. Red-file housing enterprises cannot add interest-bearing liabilities. The new regulation was implemented in 202 1.
Li believes that this is to implement the requirements of the country and smoothly transition to a new model, rather than a storm-like transition, which leads to the outbreak of fallacies and risks. Among them, banks whose real estate loans are not up to standard and need pressure drop will not assess the pressure drop in the short term; Continued strict implementation of the "three red lines" will lead to the outbreak of debt risks and the spread of risks. The transition period is extended and the overall framework remains unchanged. When the property market stabilizes, relevant long-term mechanism measures will continue to be implemented and evaluated.
Haitong international Research Report believes that the "three red lines" policy sets an upper limit for the annual growth of loan scale, and the upper limit changes with the change of leverage ratio of developers. Relaxing this policy will help improve the business prospects of developers and cancel the upper limit of loan scale growth, which will make state-owned developers (at present, most developers can only increase the loan amount of 15% every year) more active in land acquisition and mergers and acquisitions. At the same time, private enterprise developers will usher in greater refinancing flexibility.
Chen Shen, chief analyst of Huatai Securities' real estate industry, believes that the Action Plan will accelerate the implementation of real estate financial support policies, and the superimposed demand-side policies will continue to increase, or it will accelerate the stabilization and rebound of real estate sales and curb the spread of credit risks to head housing enterprises.
Chen Cong, a real estate analyst at CITIC Securities, believes that asset activation is the key of the four major actions, and improving the current real estate sales is still the policy focus. It is expected that the supply-side and demand-side policies will continue to form a joint force to promote the emergence of market sales inflection points and credit inflection points as soon as possible.