For this policy orientation, industry analysts pointed out that the purpose of this notice is to provide financial support for affordable rental housing, which will help achieve the supply target of affordable rental housing during the 14 th Five-Year Plan period and stabilize the funds of real estate enterprises. It is noteworthy that this policy can break the development constraints of the affordable rental housing market? What problems does the leasing company need to clarify?
On February 8, the central bank and the China Banking Regulatory Commission issued the Notice, clarifying that banking financial institutions should increase their support for affordable rental housing. Image source /IC photo
The "loosening" of affordable rental housing loans will help to enhance the enthusiasm of enterprises.
On the afternoon of February 8, the People's Bank of China and China Banking and Insurance Regulatory Commission issued the Notice, clarifying that banking financial institutions should increase their support for affordable rental housing.
The "Notice" pointed out that since the date of issuance, the relevant loans issued by banking financial institutions to affordable rental housing projects holding the "Certificate of Affordable Rental Housing Projects" are not included in the centralized management of real estate loans; Banking financial institutions should increase their support for affordable rental housing and provide financial products and services in accordance with the principles of legal compliance, controllable risks and sustainable business.
In this regard, Huang Hui, a senior analyst at RealData, said that the Notice is in line with the policy orientation of the Opinions of the General Office of the State Council on Accelerating the Development of Affordable Rental Housing, and aims to provide financial support for affordable rental housing, help achieve the supply target of affordable rental housing during the Tenth Five-Year Plan period, and stabilize the funds of housing enterprises.
For housing enterprises, Huang Hui analyzed that this policy will help to improve the enthusiasm of housing enterprises to participate in affordable rental housing, and will effectively expand the supply of affordable rental housing. "Previously, under the requirements of centralized management of real estate loans, the loans used by housing enterprises for affordable rental housing were also included in the calculation, which restricted the participation of housing enterprises in affordable rental housing to some extent; The "Notice" stipulates that loans related to affordable rental housing are not included in the centralized management of real estate loans, which is conducive to enhancing the enthusiasm of housing enterprises and giving play to the advantages of housing investment and construction, thereby increasing the supply of affordable rental housing. "
In addition, Huang Hui pointed out that this policy will also help enterprises involved in housing security construction to stabilize funds. The first half of 2022 is still at the peak of the debt maturity of housing enterprises, and the financial pressure faced by housing enterprises is still relatively large. Due to the long payback period of investment in the development and construction of affordable rental housing and the relatively low profit return, calculating the quota separately will help housing enterprises to actively participate in the construction of affordable housing, ensure the stability of cash flow, and realize a virtuous circle of capital and operation of housing enterprises.
Zhao Ran, Dean of ICCRA Housing Leasing Industry Research Institute, pointed out that from the current situation of the development of affordable rental housing in China, how to mobilize the enthusiasm of enterprises to acquire special land for rental housing and revitalize existing assets, and promote land acquisition enterprises to start construction as soon as possible are all practical problems encountered in the process of market development. Many traditional real estate enterprises are hesitant when choosing to enter the housing leasing market because of the pressure of "three red lines" in the real estate industry. "The introduction of this policy has clarified the industry boundaries from the capital side, eased the worries of enterprises, and will greatly promote the expansion of affordable rental housing and accelerate the pace of projects entering the market."
In addition, Zhao Ran further pointed out that this policy also clearly pointed out that the next step is to continue to increase financial support for the construction of affordable housing and the development of the long-term rental market, so as to promote the virtuous circle and healthy development of the real estate industry. Financial support will also expand from affordable rental housing to long-term rental market in the future, and the scope of Pratt & Whitney will be further expanded. From the international experience, the liberalization of financial and tax policies is the biggest driving force for the development of housing leasing industry.
Housing enterprises should grasp the direction and rhythm of credit adjustment under the warm policy.
It is worth mentioning that the development of affordable rental housing is the top priority of China's housing system construction. According to the data of the Ministry of Housing and Urban-Rural Development, as of mid-June this year, 5438+ 10, nearly 30 provinces, autonomous regions and municipalities have issued implementation opinions on accelerating the development of affordable rental housing; During the "14th Five-Year Plan" period, 40 key cities plan to add 6.5 million sets (rooms) of affordable rental housing.
"The large-scale construction of affordable rental housing has provided opportunities for the development of various market players. For example, development companies can take this opportunity to provide the government with construction services for affordable rental housing. " Xu Yuejin, deputy research director of the Index Division of the Central Reference Institute, said.
In this context, the policy level has shown its support intention for the affordable rental housing market. Since last year, the National Development and Reform Commission, the Ministry of Housing and Urban-Rural Development and other departments have launched a number of initiatives to vigorously develop affordable rental housing.
In June this year, 65438+1October1National Development and Reform Commission and other 2 1 departments issued the Tenth Five-Year Plan for public services, which clearly mentioned that large cities with positive housing conditions and net population inflow should vigorously develop affordable rental housing, mainly to solve the housing difficulties of eligible new citizens, youth and other groups, and the units should be small households with a construction area of not more than 70 square meters.
65438+10.20, according to media reports, at the national conference on housing and urban-rural construction, the relevant person in charge of the Ministry of Housing and Urban-Rural Development said that this year we should continue to promote the structural reform of the housing supply side, adhere to both rent and purchase, multi-agent supply and multi-channel guarantee, and optimize the housing supply structure; Vigorously increase the supply of affordable rental housing, focusing on big cities with net population inflow, and build and raise 2.4 million sets (rooms) of affordable rental housing throughout the year.
During the "14th Five-Year Plan" period, 40 key cities plan to add 6.5 million sets (rooms) of affordable rental housing. Information picture
The development of affordable rental housing is inseparable from the support of the financial sector. "Notice" further paves the way for the development of affordable rental housing and increases financial support after clarifying the national development planning objectives of affordable rental housing.
In this regard, Li Quan of FangDongdong Apartment College pointed out that the policy is a clear signal from the top. For affordable rental housing, financial support will be given, especially for state-owned enterprise developers, which will effectively solve the liquidity and flexibility of loan funds, and the corresponding Reits infrastructure support for affordable rental housing will be further accelerated. "The future livelihood is the most important thing, and it will usher in a very good opportunity for state-owned enterprises to serviced apartment for a long time." Yan Yuejin, research director of a think tank center of a residential research institute, also believes that from the perspective of the development of affordable rental housing market, the relaxation of credit policy and the encouragement of credit supply will make mortgage better support the development of affordable rental housing.
Then, for housing enterprises, what adjustments will be made in specific strategies? In this regard, Yan Yuejin analyzed that housing enterprises should accurately understand this policy from two points. First of all, recognize what is affordable housing. Judging from this policy, this kind of housing must have a "proof of affordable rental housing project". The projects obtained by housing enterprises have to go through a process, that is, apply to the housing management department for a certificate of affordable rental housing projects, and then enjoy such preferential policies; Second, housing enterprises should pay attention to the adjustment of credit work of commercial banks, that is, increase mortgage investment in the field of affordable rental housing in 2022. Housing enterprises should actively grasp the adjustment direction and rhythm of credit work, actively apply for such affordable rental housing loans, and truly strive to build affordable rental housing in 2022.
Affordable rental housing and market-oriented rental housing should be "two-pronged"
According to Hu Jinghui, chief economist of Jing Hui think tank, it is a good thing that the loans for affordable housing are not included in the "two centralized" management, and banks can boldly lend money to support the rapid development of affordable housing in various places. But there may also be some problems that cannot be ignored and need attention.
Specifically, first, the procedures are cumbersome. Enterprises applying for affordable rental housing loans have to go through a series of "green lights" from the government for affordable rental housing projects, and the approval process and procedures are cumbersome, so it may be difficult for ordinary enterprises to apply; Second, the interest rate is high. In fact, even if the special loan for affordable rental housing is obtained, the comprehensive annualized financing cost is about 5%, which is higher than the current interest rate of 3.8% to 5% for SMEs, and the loan enterprises are under great pressure.
In addition, we should also pay attention to the problem of "excessively favoring security and neglecting market-oriented leasing", that is, excessively favoring loan support for affordable rental housing and neglecting support for market-oriented rental housing supply and operating entities may lead to insufficient supply of rental housing as a whole. Hu Jinghui said that although affordable rental housing can get many preferential policies, it will also be required to be lower than the market rent in the same lot 15%-20%. If the policy dividend is removed, basically all market participants are in a state of meager profit; If the enthusiasm of market participants is not enough, then there will be fewer participants, supply will be insufficient and rents will rise.
Based on this, Hu Jinghui said that in order to really do a good job in the long-term rental market, we must take both affordable and market-oriented measures. While supporting the supply of affordable rental housing, we should also strengthen support for the supply and operation of market-oriented rental housing.
However, it is worth mentioning that the statement that "housing lease loans are not included in the assessment of mortgage concentration" has also appeared in the past. At the end of 2020, the central bank issued the Notice on Establishing a Centralized Management System for Real Estate Loans of Banking Financial Institutions, which clearly pointed out that "in order to support the vigorous development of the housing leasing market, housing leasing-related loans will not be included in the calculation of the proportion of real estate loans for the time being." From this point of view, Yan Yuejin pointed out that the central bank's thinking is generally unchanged, and similar "exemption clauses" are another typical example of policy loosening after M&A loans withdrew from the "three red lines" assessment. From the perspective of mortgage concentration, it also shows that the policy is slightly loose in the same direction, which is indeed in line with the capital situation and demands of housing enterprises.
Beijing News reporter Zhang Xiaolan
Editor Yang proofreads.