This sentence is directly related to Ji Lei's work. As the financial director of a Top5 real estate enterprise in South China, Ji Lei has long been troubled by the high proportion of pre-sale funds in his city, which makes the funds unable to be used flexibly. "In the eyes of a real estate financier, lying down with a large sum of money is a very uncomfortable thing."
Therefore, at the moment when he saw the news of the new regulations on pre-sale funds, Ji Lei was overjoyed and bluntly said that this was "the absolute benefit of first-tier cities". In the month of 65438+ 10, the sales continued to be sluggish, and the nodes with heavy thunder and little rain in the industry were quite likely to "meet the rain after a long drought". Boosting significance. He simply estimated that, compared with the previous key supervision in his city, it was in the form of advance payment 10%. If the new regulations are introduced, the key supervision amount of advance payment will be determined according to the construction and installation costs. Assuming that the amount is not less than 5,000 yuan per square meter, the two supervision methods can directly affect the project profit 1.5%-2%. Converted, if it is supervised according to the construction and installation cost, a project with a volume of 65.438+0 billion yuan can save nearly 20 million yuan only in capital cost.
In the following week, Ji Lei accelerated the communication with housing construction systems and banks at all levels, and the feedback he got made him withdraw his optimistic prediction. After receiving the documents, the Provincial Housing and Construction Department will convey them to the municipal housing and construction bureaus, and each city and county will formulate its own detailed rules. The city and county regulatory authorities euphemistically expressed the difficulty to Ji Lei: it is unrealistic to significantly reduce the proportion of supervision, because all departments have to bear the responsibility if something goes wrong.
"When the local rules are promulgated, we can evaluate whether the new regulations are good or bad." Ji Lei said.
According to the data of the National Bureau of Statistics, in 20021year, the sales receipts of real estate enterprises accounted for 52.9% of the sources of real estate development investment funds, of which deposits and advance receipts accounted for 36.8%, and personal mortgage loans accounted for 16. 1%. Under the background of tightening financing, the dependence of housing enterprises on their own hematopoietic sales return funds has increased, and the importance of pre-sale funds is self-evident.
Some insiders have analyzed that although there is a lot of concern about the tight effect of real estate policies at the current market level, from the perspective of regulating the industry and protecting the rights and interests of buyers, the original intention of the New Deal may need to be recognized. It should be said that this document specifically defines the direction, principles and framework of the supervision of real estate pre-sale funds, which is conducive to maintaining the long-term healthy development of real estate.
Omnidirectional specification
According to the Economic Observer, the recent nationwide supervision measures for pre-sale funds are actually the Opinions on Regulating the Supervision of Pre-sale Funds of Commercial Housing jointly issued by the Ministry of Housing and Urban-Rural Development, the People's Bank of China and the China Banking Regulatory Commission on October 29th, 65438 (hereinafter referred to as the Opinions).
The Opinions pointed out that the supervision of pre-sale funds of commercial housing is an important part of the pre-sale system of commercial housing. Recently, the supervision of pre-sale funds of commercial housing in some cities is not in place, and some real estate development enterprises illegally misappropriate pre-sale funds, seriously infringing on the legitimate rights and interests of buyers. The original intention of the three ministries to formulate the Opinions is to ensure the completion and delivery of real estate projects, safeguard the legitimate rights and interests of buyers and promote the stable and healthy development of the real estate market.
At present, the "Opinions" have been transmitted to the housing and construction departments of all provinces, autonomous regions and municipalities directly under the Central Government, the Shanghai headquarters of the central bank, branches, provincial capital (capital) city center branches, banking insurance supervision branches, commercial banks and so on.
The Opinions include nine aspects: how to determine commercial banks for pre-sale funds, how to set up supervision accounts, how to determine the amount of supervision, how to use funds, how to hold enterprises accountable for illegal misappropriation, and how to clarify the respective rights and responsibilities of the three supervision departments.
Earlier, the regional head of a Top5 housing enterprise revealed to the Economic Observer that in order to strengthen the capital turnover, his company has formulated a "strategy" to unfreeze the pre-sale supervision funds. For example, regulatory accounts are generally opened to key banks to improve decompression efficiency.
The "Opinions" began to fill the regulatory gaps that existed before, blocking the "shortcut" for some housing enterprises to illegally misappropriate pre-sale funds. For example, the first item is to determine the supervision bank through bidding, and it is clear that the municipal and county housing and construction departments, together with the branches of the People's Bank of China and the banking and insurance supervision department, will comprehensively consider the bank's credit status, supervision ability and service level, and determine the bank that can undertake the pre-sale fund supervision business through public bidding. Commercial banks that violate the provisions of the Opinions will be eliminated and continue to obtain the qualification of supervising banks.
Second, when real estate enterprises apply for pre-sale certificates, they can only open pre-sale fund supervision accounts. Housing and construction departments, banks and housing enterprises should sign a tripartite supervision agreement on pre-sale funds to clarify the collection and use of pre-sale funds, the amount of supervision, and the liability for breach of contract.
In addition, how to determine the amount of supervision is the most concerned content of housing enterprises.
The Opinions clarify that the supervision amount refers to the amount of funds needed to ensure the completion and delivery of the project in the supervision account, which is determined by the municipal and county housing construction departments according to the construction cost, construction contract amount and project delivery conditions of the commercial housing project. At the same time, it is stipulated that the advance payment, including the down payment, down payment, mortgage loan and purchase money paid by the purchaser, should all be directly deposited into the supervision account. After the funds in the supervision account reach the supervision quota, the excess can be extracted and used by the housing enterprises.
Another coup for the regional heads of Top5 housing enterprises to "flexibly use" the pre-sale funds is to shorten the time that the pre-sale funds stay in the monitoring account as much as possible. For example, after the mortgage loan, let the funds enter other accounts of the project first, and then put the funds into the monitoring account when the online signing and the government need to check the amount in the monitoring account. "Time for money must race against time."
The "Opinions" also require that the funds within the supervision quota must be used for special purposes and must be used for related project construction, including the necessary construction materials, equipment, construction progress payments and other expenses. The funds within the regulatory limit shall not be deducted by the bank without authorization before the first registration of the ownership of commercial housing projects is completed; A group company may not transfer the supervision funds of its subsidiaries.
202 1, the housing and construction departments in many places found that some insurance companies sold houses at a discount all over the country, but the advance payment was not used to pay for the project, but was directly transferred to the headquarters. In addition, it is not uncommon for banks to deduct pre-sale funds from supervision accounts without authorization.
65438+10.6, Foshan Housing and Urban-Rural Development Bureau issued an announcement, announcing the suspension of cooperation with Huaxia Bank on the project of pre-sale payment of commercial housing, because Huaxia Bank removed 200 million yuan of pre-sale payment from Caesar Yuefeng's supervision account without the consent of all regulators; One of the projects, with a construction special fund exceeding 65.438+0.2 billion yuan, was deducted by Guangfa Bank to offset the development loan.
At the same time, the opinion also requires the regulatory authorities to timely allocate funds according to the progress of the project. The first distribution node shall not be completed before the underground structure, and the last distribution node shall be the first registration of house ownership. The specific distribution nodes are determined by the municipal and county housing and construction departments. If a bank allocates funds within the regulatory limit without authorization, it shall be responsible for recovering the funds. If it cannot be recovered, it shall be liable for compensation.
On February 16, Ji Lei not only failed to persuade the local municipal housing and construction department to reduce the supervision quota, but was also told that all commercial banks must join the city's housing online signing and filing system in March, and at that time, from the moment when buyers sign their houses online, the purchase money must be deposited into the supervision account simultaneously, and the housing construction and banking systems should be connected. In the past, enterprises used the gap between different departments' supervision dislocation, and the way of misappropriating funds also failed.
This is also a content in the Opinions: the municipal and county housing construction departments should work with the financial supervision departments to promote the docking of the housing online signing filing system with the business management system of commercial banks, and strengthen the sharing of data and information such as housing online signing filing, account fund supervision and bank mortgage loans. The last item of the Opinions is to improve the working mechanism and determine the respective rights and responsibilities of the housing construction, banking and banking supervision departments. Specifically, the municipal and county housing and construction departments are mainly responsible for the supervision of pre-sale funds, formulate detailed rules for the implementation of supervision and the text of the tripartite supervision agreement, and supervise and inspect the implementation of pre-sale funds supervision; Branches of the central bank are responsible for guiding commercial banks to do a good job in account management and supervision. Banking and insurance supervision departments are responsible for supervising and inspecting the operational risks and compliance of commercial banks.
A person from the Provincial Housing and Construction Department revealed to the Economic Observer that his provincial office has recently held a working meeting to convey the spirit of opinions, but the provincial office will not take the initiative to draw a clear line, mainly to urge the cities to implement it, compact the territorial responsibility, and let the city and county housing and construction departments set their own supervision ratio and lending nodes.
On February 16, the research report issued by Northeast Securities commented that the New Deal will not change the mode of territorial supervision, territorial execution, territorial responsibility and differentiated supervision of pre-sale funds, and the policy spirit is far more important than the method.
In fact, the supervision of pre-sale funds in the Opinions is not from scratch. With the establishment of the pre-sale system of commercial housing in China, the management of pre-sale funds has been gradually improved. As early as 1994, "People's Republic of China (PRC) Urban Real Estate Management Law" and "Urban Commercial Housing Pre-sale Management Measures" were successively promulgated, and the two policies constituted the supervision framework of the pre-sale system, including pre-sale conditions and pre-sale fund supervision.
However, the Administrative Measures for the Pre-sale of Urban Commercial Housing only stipulates that "the municipal and county real estate administrative departments are responsible for the pre-sale management of urban commercial housing within their respective administrative areas", but does not clarify the rights and responsibilities of the pre-sale fund rulemakers, lenders and other departments. All localities should formulate their own pre-sale fund management regulations and implementation rules.
In the second half of 20021,the regulatory authorities found that many real estate enterprises, including Evergrande, used the regulatory gap with suppliers to obtain pre-sale regulatory funds in advance by issuing false invoices. In addition, the financial department is the unit that actually examines loans in some cities, and some enterprises bypass the housing and construction department and seek bank withdrawals with the investment certificate of the engineering party.
The above-mentioned provincial-level housing and construction departments also revealed that some cities regard loose supervision of pre-sale funds as one of the conditions for attracting investment. "In the case that cities generally cannot strictly implement policies such as full-process supervision and node lending, individual cities are too strict and become heterogeneous, which also attracts large taxpayers to criticize' supervision is not flexible enough'".
Before the promulgation of the Opinions, the Supreme People's Court, the Ministry of Housing and Urban-Rural Development and the Central Bank issued a document on June 20, 65438, and then put a judicial yoke on the supervision of pre-sale funds, clarifying the power and responsibility relationship between the courts, banks and the housing and urban-rural development departments, and clarifying that the supervision department should bear the responsibility for failing to fulfill its supervision and review obligations and causing misappropriation of funds.
How to calculate this account?
Project cost, construction contract amount and project delivery conditions are the main standards for the supervision amount of pre-sale funds. The power to adjust measures to local conditions and reasonably estimate the amount of supervision belongs to the Municipal Housing and Construction Bureau.
The regulatory standards and extraction rules vary greatly from place to place, which are mainly divided into three categories: floating based on the project budget (0%-30%), floating based on a certain proportion of the total advance payment (10%-40%), and fixed calculation based on the construction and installation cost per unit area (about 3,000-5,000 yuan per square meter).
In terms of the node and proportion of capital withdrawal, cities control the minimum retention ratio or the maximum utilization rate of key supervision funds according to the project progress. The minimum retention ratio of the main structure of each city is between 20% and 55%, and the minimum retention ratio is between 3% and 20% during the completion acceptance.
Zhang Ao, head of the Yangtze River Delta region of Top5 housing enterprises, concluded: For enterprises, it is more "cost-effective" to multiply projects in first-and second-tier cities by a certain base according to the construction and installation cost quota or project budget, while cities in the third, fourth and fifth tiers adopt a certain proportion of the total pre-sales.
A simple estimate shows that land prices account for a relatively large proportion of the selling prices in first-and second-tier cities. Suppose that the house with a unit price of 65,438+10,000 yuan/square meter will be supervised by 20%, while the house with a unit price of 5,000 yuan/square meter in third-and fourth-tier cities only needs to be supervised by 65,438+10,000 yuan/square meter, compared with the construction and installation cost of 30,000 yuan/square meter.
Zhang Ao believes that the original intention of pre-sale fund supervision is to ensure housing delivery and prevent unfinished projects. The key supervision amount should be the project cost required to ensure the delivery of the house. Therefore, it is a reasonable calculation method to float a certain base according to the project budget. For example, Zhejiang is monitored according to the general contracting or 130% cost list.
In addition to strictly controlling the key supervision funds, some cities have also superimposed the requirements for supplementary loans, which makes Zhang Ao feel very bound. Some cities, such as Hangzhou, Zhejiang, Longyan, Fujian, Nanyang, Henan, Nanjing, Jiangsu and Zhenjiang, require banks to strictly implement the requirement that individual housing loans can only be issued after the main building is filled.
Zhang Ao calculated an account, assuming that the project price in Hangzhou is 50,000 yuan per square meter, and the down payment is 6,543,800 yuan+0.5 million yuan. Multiplying the project cost by 654.38+0.30%, it is concluded that the monitoring amount is 5,000 yuan, but the remaining 35,000 yuan loan will not be issued until it is capped. "It is equivalent to selling this house. Excluding the monitored 5,000 yuan, the remaining down payment (654.38 million yuan) can be extracted and used by the enterprise according to the project contract, and from pre-sale to capping, some loan funds need to be locked for a long time. "
Suppose a 25-storey house is built with 1/3(8 floors), then the remaining 16 floors will take at least 4 months to complete, which is equivalent to 35,000 yuan being frozen for at least 4 months. According to the annualized interest rate of 6%, the project profit is affected by about 1.5-2 points.
For a project with sales of about 65.438+0 billion yuan, the interest cost of getting a loan after a four-month delay needs to increase by about 65.438+0-20 million yuan, and the net profit will decrease by about 65.438+0/4-654.38+0/5.
The monitoring proportion and extraction methods vary from place to place. Ji Lei, who lives in the Pearl River Delta, has a completely different accounting model from Zhang Ao.
The city where Ji Lei is located requires that 8% of the advance payment be monitored after all the advance payment is fully deposited in the supervision account. However, the bank added an invisible clause when implementing it: the remaining 92% funds can be withdrawn before the project is completed, but only for the project.
This means that the actual monitoring ratio exceeds 30%. Ji Lei revealed that "enterprises can only withdraw part of the advance payment when they make big project contracts. In some places, the unit price of the project contract can be inflated to 1 0,000-10.5 million yuan/square meter; Secondly, depending on the relationship, let the regulatory authorities bend the rules, but they can only take 30%-40% at most, and nearly 60% of the advance payment needs to be frozen for nearly two years.
As the person in charge of finance, Ji Lei regards pre-sale funds as an important fulcrum of interest-free leverage, and every project needs to do its best to unfreeze funds. His thawing steps are generally: first solve the tax, then solve the project cost, and the remaining 50%-60% (usually land price) can not be moved until the completion.
The scale of the pre-sale certificate is also affecting the accounting rhythm of housing enterprises. Zhang Ao said that some cities allow 1-2 buildings to collect evidence, but some areas in Zhejiang and Jiangsu require a minimum of 30,000 square meters and a maximum of 50,000 square meters. For enterprises, one is that it may not be sold after completion, and the other is that it directly affects the acquisition of monitoring funds. "After getting the pre-sale certificate of the 30,000-square-meter house, I need to fill in the pre-sale funds of this part of the project cost first, and then I can extract the extra part after filling it out. Assuming that the monitoring ratio is 30%, if the house of 30,000 square meters is not easy to sell, then the pre-sale amount of the house is less than 30%, which means that the lower limit of the house thawing ratio has not been reached. " Zhang Ao hopes to cancel or relax the minimum area for obtaining the pre-sale certificate, for example, one or two buildings can obtain evidence separately.
Starting from 20211,enterprises in Chengdu, Hangzhou and other places are allowed to use bank guarantees instead of reducing part of the supervision quota. However, Ji Lei still encountered a lot of resistance in practice. "Banks are unwilling to issue letters of guarantee to private housing enterprises. On the one hand, private housing enterprises are generally short of funds, and banks are unwilling to grant credit; On the other hand, the letter of guarantee does not make money, generally it is 1‰, and the highest is 1%-2% ". In order to get the letter of guarantee, Ji Lei needs to transfer the large deposits in the whole region to a bank to trade with it.
During the Lantern Festival, Ji Lei traveled all over the local regulatory authorities, hoping to participate in the formulation of local pre-sale funds. "After all, it was still the New Year before the fifteenth day of the first month. He took the opportunity of the New Year visit to actively communicate and try to reduce the frozen funds of the company."
The president of a top 50 real estate enterprise is very calm about the promulgation of the Opinions. "I don't see signs that the pre-sale funds will be greatly relaxed. On the contrary, the pre-sales supervision amount of many projects has not reached the prescribed amount, and then I need to find money everywhere to make up for it. "
However, some insiders said that the introduction of the Opinions made the supervision of pre-sale funds have rules to follow. The starting point and the end result of the policy are to prevent the unfinished business and ensure the delivery of the house. The essence is to protect the interests of property buyers and law-abiding developers, which is conducive to the virtuous circle and long-term healthy development of the industry.