This is another favorable policy for the property market after the central bank and the China Banking Regulatory Commission issued the "Finance 16 Document" on June 5438+0/KLOC-0.
Analysts believe that this move will help improve the efficiency of the use of pre-sale funds, alleviate the liquidity pressure of housing enterprises to a certain extent, and help achieve the goal of "ensuring the delivery of houses and stabilizing people's livelihood".
The notice pointed out that after the funds in the supervision account reach the supervision quota stipulated by the housing and urban-rural construction department, real estate enterprises can apply to commercial banks for issuing letters of guarantee to replace the funds within the supervision quota. According to the principle of marketization and rule of law, commercial banks can make their own decisions on the basis of fully evaluating the credit risk, financial status and reputation risk of real estate enterprises, and carry out the business of replacing pre-sale supervision funds with letters of guarantee with high-quality real estate enterprises.
Real estate enterprises can apply to commercial banks for issuing letters of guarantee to replace the funds within the supervision quota. The replacement amount of the letter of guarantee shall not exceed 30% of the funds needed to ensure the completion and delivery of the project in the supervision account, and the replaced supervision funds shall not be less than 70% of the funds needed to ensure the completion and delivery of the project in the supervision account.
In terms of risk prevention, commercial banks should guard against the risk of letter of guarantee business through measures such as margin and counter-guarantee of real estate enterprises, and withdraw risk capital and risk reserve according to regulations. In case of advance payment, the issuing bank shall take recourse measures from the real estate enterprise in time to ensure the security of creditor's rights.
The notice stipulates that real estate enterprises should use the pre-sale supervision funds replaced by letters of guarantee in accordance with the regulations, and give priority to project construction and repayment of debts arising from the project, and may not be used to purchase land, add other investments or repay shareholders' loans. Real estate enterprises should undertake the obligation to supplement the funds in the supervision account as agreed, so as to ensure that the project construction funds are sufficient.
At the same time, the Notice requires that commercial banks with a regulatory rating of 4 or below or assets of less than 500 billion yuan shall not carry out the business of replacing pre-sale regulatory funds with letters of guarantee.
The promulgation and implementation of the Notice will help high-quality real estate enterprises to ease the liquidity pressure, stabilize the expectations of the real estate market and promote the stable and healthy development of the real estate market. In the next step, the CBRC, the Ministry of Housing and Urban-Rural Development and the People's Bank of China will closely communicate and cooperate to jointly implement the Notice and guide commercial banks to carry out the business of replacing pre-sale supervision funds with letters of guarantee according to law and compliance.
What are the requirements for the amount and duration of the letter of guarantee? What requirements should commercial banks meet when issuing letters of guarantee to replace pre-sale supervision funds? How to use the letter of guarantee? How should commercial banks guard against operational risks? What responsibilities should real estate enterprises perform? The heads of relevant departments such as the China Banking Regulatory Commission, the Ministry of Housing and Urban-Rural Development, and the People's Bank of China answered questions from reporters and distributed them together with the Notice.
14 closed, and the real estate sector continued the upward trend of 1 1. Of the 125 A-share real estate stocks displayed by WIND, 84 closed up, of which 6 rose 10%. In terms of Hong Kong stocks, the real estate sector led the gains, with Country Garden soaring by 45.54% and Xuhui Holdings rising by 9.68%. Since June 165438+ 10, both stocks have tripled. Longhu Group has increased by 16.48%, which is also a threefold increase from the bottom10,31.
Attachment: Full text of the notice
Insurance regulatory bureaus of all banks, housing and urban-rural construction departments (commissions, management committees and bureaus) of all provinces, autonomous regions and municipalities directly under the Central Government and Xinjiang Production and Construction Corps, Shanghai headquarters of China People's Bank, branches and business management departments, city center branches of provincial capitals, sub-provincial city center branches, large banks, joint-stock banks and foreign banks:
In order to clarify the relevant requirements for commercial banks to issue letters of guarantee to replace pre-sale supervision funds, support high-quality real estate enterprises to rationally use pre-sale supervision funds, prevent and resolve liquidity risks of real estate enterprises, and promote the stable and healthy development of the real estate market, relevant matters are hereby notified as follows:
First, commercial banks are allowed to make independent decisions on the basis of fully evaluating the credit risk, financial status and reputation risk of real estate enterprises in accordance with the principles of marketization and rule of law, and carry out the business of replacing pre-sale supervision funds with letters of guarantee with high-quality real estate enterprises.
Two, the letter of guarantee can only be used to replace the funds within the supervision limit of the pre-sale funds supervision account established according to law. Real estate enterprises shall open a supervision account for pre-sale funds in accordance with the Opinions on Regulating the Supervision of Pre-sale Funds of Commercial Houses (J.F. [2022] 16), and all the pre-sale funds of commercial houses such as down payment, mortgage loans issued by commercial banks and other forms of house purchase money shall be directly deposited into the supervision account. After the funds in the supervision account reach the supervision quota stipulated by the Ministry of Housing and Urban-Rural Development, the real estate enterprise may apply to the commercial bank for issuing a letter of guarantee to replace the funds within the supervision quota. The replacement amount of the letter of guarantee shall not exceed 30% of the funds needed to ensure the completion and delivery of the project in the supervision account, and the replaced supervision funds shall not be less than 70% of the funds needed to ensure the completion and delivery of the project in the supervision account.
Three. When the funds within the supervision limit are allocated and used, the bank that opened the supervision account for pre-sale funds (hereinafter referred to as the supervision account bank) shall inform the bank that issued the letter of guarantee of relevant information within 3 working days, and the bank that issued the letter of guarantee shall urge the real estate enterprise to make up the difference funds in the supervision account (the proportion of allocated funds × the letter of guarantee to replace the pre-sale supervision funds), and the amount of the letter of guarantee shall be reduced accordingly, so as to ensure that the funds in the supervision account are always not less than 70% of the funds required for project completion and delivery. If the real estate enterprise fails to make up the difference funds in the supervision account, the guarantee amount will not be adjusted.
Four, commercial banks should reasonably determine the duration of the letter of guarantee to ensure that it matches the project construction cycle. After the project is completed and delivered or the ownership of the commercial housing project is registered for the first time, the letter of guarantee shall be invalid accordingly.
Five, the regulatory rating of less than 4 or assets of less than 500 billion yuan of commercial banks shall not carry out the letter of guarantee to replace the pre-sale regulatory funds business. A commercial bank may not issue a letter of guarantee to the real estate enterprise as the main shareholder, controlling shareholder or related party of the bank to replace the pre-sale supervision funds. Financial companies of enterprise groups and other non-bank financial institutions may not issue letters of guarantee to replace pre-sale supervision funds.
Six, commercial banks in issuing replacement pre-sale supervision funds guarantee, should refer to the credit standard of development loans, fully evaluate the credit risk, financial situation, reputation risk, project sales prospects and surplus value of real estate enterprises, and carry out replacement pre-sale supervision funds guarantee business for high-quality real estate enterprises with stable operation and good financial situation. For projects with complex creditor-debtor relationship, involving many litigation disputes, excessive external guarantee amount and obviously lower construction progress than expected, the letter of guarantee should be issued cautiously. If there is a relationship between the project subject and the general contractor, the project risk should be fully evaluated. The letter of guarantee is fully included in the unified credit line of real estate enterprises and their affiliated groups.
Seven, commercial banks should prevent the risk of letter of guarantee business through margin, real estate enterprises counter-guarantee and other credit enhancement measures, and extract risk capital and risk reserve according to regulations.
Eight, real estate enterprises to provide a letter of guarantee issued by a commercial bank, to the housing and urban and rural construction departments to release the corresponding amount of funds in the pre-sale funds supervision account, supervision account bank should cooperate with the housing and urban and rural construction departments to do the necessary audit work. After the housing and urban-rural construction department has studied and agreed, it will issue a disbursement instruction to the regulatory bank. The supervision account bank allocates funds according to the allocation instructions of the housing and urban-rural construction departments, and reduces the account management quota by an equal amount.
Nine, in the period of validity of the letter of guarantee, if the remaining funds in the supervision account are not enough to pay for the project, the issuing bank shall pay the difference immediately after deducting the remaining funds in the account from the amount of the letter of guarantee. In case of advance payment, the issuing bank shall take recourse measures from the real estate enterprise in time to ensure the security of creditor's rights. Advance funds should be fully accrued and classified, and risks should not be hidden.
Ten, all localities shall not force commercial banks to issue letters of guarantee, and shall not link the issuance of letters of guarantee with the local pre-sale fund supervision qualification. Housing and urban-rural construction departments and financial management departments shall provide necessary support for commercial banks to carry out the business of replacing pre-sale supervision funds with letters of guarantee.
Eleven, real estate enterprises should be required to use the letter of guarantee to replace the pre-sale supervision funds, and give priority to project construction, repayment of debts due to the project. , shall not be used for the purchase of land, additional investment, repayment of shareholders' loans, etc. Real estate enterprises should undertake the obligation to supplement the funds in the supervision account as agreed, so as to ensure that the project construction funds are sufficient.
Twelve, all localities should strengthen the management of real estate enterprises, and seriously investigate and deal with the illegal use of funds by real estate enterprises. If the supervising bank and the issuing bank find that the real estate enterprise illegally uses funds or fails to make up the difference funds in time after the pre-sale funds are allocated, they shall report to the relevant departments in time. Housing and urban-rural construction departments and financial management departments can take joint interviews, administrative penalties and other measures to urge real estate enterprises to correct violations.
General Office of China Banking Regulatory Commission
General Office of the Ministry of Housing and Urban-Rural Development
General Office of China People's Bank
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