On the afternoon of February 20, the Ministry of Housing and Urban-Rural Development held a video scheduling meeting to accelerate the implementation and effectiveness of the urban real estate financing coordination mechanism. The meeting reported that as of February 20, 214 cities in 29 provinces had established the real estate financing coordination mechanism, proposing in batches “whitelists” of real estate projects eligible for financing support and pushing them to commercial banks, involving a total of 5,349 projects; 162 projects in 57 cities had obtained bank financing totaling 29.43 billion yuan, an increase of 11.3 billion yuan compared to before the Spring Festival holiday.
Relevant experts told our reporter that at the beginning of the Spring Festival work period, the Ministry of Housing and Urban-Rural Development immediately held a video scheduling meeting on the urban real estate financing coordination mechanism, reflecting the high importance attached by national ministries to the establishment of the urban real estate financing coordination mechanism. The meeting further clarified relevant requirements and will further enhance the understanding of this work in various regions. The accelerated implementation of the urban real estate financing coordination mechanism will surely provide precise financing support for real estate project development and construction, effectively promote government-bank-enterprise linkage, and play an important role in promoting the stable and healthy development of the real estate market.
Yu Xiaofen, dean of the China Housing and Real Estate Research Institute at Zhejiang University of Technology, said that the data reported at the meeting greatly boosted confidence. She believes that with the accelerated implementation of this mechanism, it will play a very important role in stabilizing market expectations and alleviating the funding pressure on real estate enterprises. She suggested that all localities should make full use of this mechanism, strengthen information sharing, and promptly provide relevant financial institutions with information on project construction and operation, pre-sale fund supervision, etc. Banks and other financial institutions should also optimize relevant business management mechanisms and risk control, increase financing support for real estate “whitelist” projects, and at the same time strictly manage the destination of projects and funds to jointly maintain the real estate market.
Yan Yuejin, research director of the E-House Research Institute, said in an interview with our reporter that since the work deployment of the urban real estate financing coordination mechanism in January this year, many places in China have actively promoted the implementation of the real estate financing coordination mechanism, further refined implementation measures and detailed rules, and promoted precise docking and better cooperation between real estate enterprises and financial institutions to meet the reasonable financing needs of real estate enterprises. This will greatly boost people's confidence.
“The urban real estate financing coordination mechanism is an integral part of the long-term mechanism in the real estate finance sector,” said Li Yujia, chief researcher of the Guangdong Housing Policy Research Center. The smooth operation of the financing coordination mechanism hinges on two closed loops: first, the “push-feedback” work loop. On the one hand, this loop solidifies the responsibility of housing and urban-rural development departments for project management, enabling the pushed projects to be whitelisted; on the other hand, feedback from the financial sector also helps promote the housing and urban-rural development departments to further improve project financing conditions. Only through two-way interaction can projects meet financing conditions and financing become normalized. Second, the “disbursement-use-repayment” management loop. This loop is key to whether the financing coordination mechanism can operate smoothly. Normal operation of this loop also means that the “push-feedback” work loop is healthy. Abnormal operation means that the “push-feedback” work loop needs further improvement.
“The establishment of the urban real estate financing coordination mechanism helps better meet the reasonable financing needs of real estate enterprises, ensure the normal development and construction of real estate projects, prevent under-construction projects from suspending work or delayed delivery, effectively safeguard the legitimate rights and interests of homebuyers, effectively dispel homebuyers' concerns, and boost market confidence,” said Chai Qiang, president of the China Institute of Real Estate Appraisers and Agents. He believes that under the impetus of this meeting, all localities will attach greater importance to promoting the implementation of the urban real estate financing coordination mechanism, effectively promote government-bank-enterprise linkage, provide precise financing support for real estate project development and construction, and promote the stable and healthy development of the real estate market.
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