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Reconfirmation of "return to normal" of real estate financing in November, real estate loans increas

Date: 2021-12-15
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Financial institutions continued to improve their real estate financing behavior. According to the data released by the people's Bank of China on December 13, the investment in real estate loans by financial institutions continued to grow. At the end of November, the balance of individual housing loans was 38.1 trillion yuan, an increase of 401.3 billion yuan in the current month, an increase of 53.2 billion yuan over October.


The scale of real estate loans continued to increase month on month, which was also significantly warmer than the same period in 2020. The reporter learned from the regulatory authorities and several banks that at the end of November, the real estate loans of banking financial institutions increased by more than 200 billion yuan year-on-year. Among them, the balance of individual housing loans increased by more than 110 billion yuan year-on-year, and development loans increased by more than 90 billion yuan year-on-year.

Recently, banks have loosened their real estate loan lines to varying degrees. Among them, large banks are gradually releasing the stock quota, while small and medium-sized banks are fine-tuning according to their own space and room in combination with the policy tone.

 

Housing related credit continued to improve

Individual loan investment increased significantly

The financing behavior of financial institutions to real estate enterprises has improved significantly for two consecutive months. Compared with September, the real estate loan in October increased significantly, with a chain increase of more than 150 billion yuan. Among them, real estate development loans increased by more than 50 billion yuan month on month, and personal housing loans increased by more than 100 billion yuan month on month.


'Combined with the data of the past two months, real estate loans, especially personal mortgage loans, have gradually rebounded, which can better meet the reasonable demand.' Wen bin, chief researcher of Minsheng Bank, said that this is not only conducive to the stable and healthy development of the real estate market, but also very necessary for banks to prevent their own credit risks.


Zhou Maohua, a macro researcher in the financial market department of Everbright Bank, believes that personal real estate loans have warmed up for two consecutive months, reflecting that the financial management department has timely corrected the housing loan policies of some financial institutions, which has played an obvious effect. Real estate sales pick up, real estate enterprises accelerate the return of funds, cash flow pressure gradually eases, real estate confidence is expected to gradually pick up, and it is expected that the subsequent real estate investment will stop falling and stabilize.


Protecting the rigid demand bank's 'grain and grass first'

The reporter learned from a number of banks that recently, in some regions and banks, real estate loans emphasize the satisfaction of 'reasonable capital demand' on the premise of 'no change in the general direction'. Among them, large banks are gradually releasing stock demand, while small banks are fine-tuning and revising according to specific conditions.


The president of an East China branch of a large bank disclosed that in early November, the bank had put in the approved credit projects of the stock of real estate companies. He said that at this stage, the stock problem should be solved first, and the increment is 'step by step'.


The housing loan credit policy of some joint-stock urban commercial banks has also been loosened. According to a person from the real estate business department of a joint-stock bank, the bank's current policy is to 'promote the release within the control limit', which also means to speed up the release of stock credit. The president of a branch of a listed urban commercial bank in Shanghai said that recently, the bank has signaled that it is ready to liberalize the housing related credit policy, but at the level of his branch, no clear instructions have been received.


Some time ago, affected by the rising risk of individual real estate enterprises, some banks had short-term and extreme market reaction, and once tightened credit funds. However, under the continuous and active guidance of the financial management department, the reasonable capital demand of the real estate market is being met.


'This year, especially in the first half of the year, due to the rapid rise of house prices in some first and second tier cities and the emergence of risk events of individual real estate companies, the risk preference of financial institutions has decreased. Some financial institutions have deviations in the implementation of real estate loans, and the issuance of reasonable financing needs for development loans and personal just needed loans has been stopped.' Wen Bin said that this is contrary to the original intention of the real estate regulation policy. In September, the regulatory authorities corrected the deviation in the implementation process and fine tuned the real estate credit policy to ensure the stable and healthy development of the real estate market.


The central economic work conference in 2021 also responded positively to social concerns. The meeting proposed that we should adhere to the positioning that houses are used for living rather than speculation, strengthen expected guidance, explore new development models, adhere to the simultaneous development of rental and purchase, accelerate the development of long-term rental housing market, promote the construction of indemnificatory housing, support the commercial housing market to better meet the reasonable housing needs of buyers, and promote the virtuous circle and healthy development of the real estate industry due to urban policies.


Positive signals continue to improve, and the financing environment continues to pick up

Another prominent manifestation of the gradual return of the real estate market to steady development is that the financing positive signals of real estate enterprises are continuous, and the financing channels are becoming more and more unblocked.


China interbank market dealers association held a symposium on real estate enterprise representatives on December 10. The meeting said that priority will be given to supporting the registered debt financing instruments of enterprises in line with the real estate regulation policies for the construction of M & A projects or sold projects under construction. It is reported that China Merchants Shekou and other enterprises recently plan to register and issue debt financing instruments in the inter-bank market to raise funds for mergers and acquisitions of real estate projects.


According to participants, the dealers association will focus on supporting enterprises that comply with real estate regulation policies to register and issue medium and long-term debt financing instruments, give priority to raising funds to supplement the capital gap of sold projects under construction, and for equity acquisition of real estate projects or assets, support building delivery, people's livelihood and stability, and actively meet the reasonable financing needs of real estate, Promote the healthy development and virtuous circle of the real estate industry.


Industry insiders believe that it is timely to encourage real estate enterprises in line with the regulatory policies to issue M & A bonds, which is the embodiment of promoting the steady and healthy development of the real estate industry and the market, and will also accelerate the adjustment and clearing progress of the real estate industry.


Previously, the news of real estate bond issuance was intensively spread. The reporter found that since November, country garden, poly development, China Merchants Shekou, Guangming real estate and other real estate enterprises have registered and issued debt financing instruments in the inter-bank market. According to wind data, the domestic bond issuance amount of real estate enterprises in November was 47.1 billion yuan, an increase of 84% month on month.


The person in charge of relevant departments of the people's Bank of China recently said that the risk of individual real estate enterprises in the short term will not affect the normal financing function of the medium and long-term market. Recently, domestic real estate sales, land purchase and financing have gradually returned to normal. Some Chinese real estate enterprises have begun to repurchase overseas bonds, and some investors have also begun to buy US dollar bonds of Chinese real estate enterprises.


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