On February 8, 2022, the people's Bank of China and the China Banking and Insurance Regulatory Commission issued the notice on the exclusion of indemnificatory rental housing related loans from the management of real estate loan concentration (hereinafter referred to as the notice), which clearly stated that indemnificatory rental housing related loans were not subject to the management of real estate loan concentration, and encouraged banking financial institutions to comply with laws and regulations, control risks Based on the principle of commercial sustainability, increase support for the development of affordable rental housing. The following points deserve attention:
First, affordable rental housing is an important starting point for the implementation of "no speculation in housing" and "simultaneous development of rent and purchase". It is an effective way to revitalize the real estate stock market and explore a new development model. The low-income and low rent housing system is mainly characterized by the common use of public housing and low-income housing for young people. With the in-depth promotion of the policy of "no speculation in housing and housing", the regulation and supervision of the real estate market have been continuously strengthened, the financing of real estate enterprises is limited, the market transaction is cooled, the real estate market is transitioning from increment to stock, and from sales to rent and purchase simultaneously. With its special nature, affordable rental housing undertakes the multiple tasks of stabilizing growth, protecting the main body and promoting people's livelihood It has played an important role in reducing housing costs. The central economic work conference in 2021 set the tone of the real estate market by "exploring a new development model", emphasizing the development of long-term rental housing and promoting the construction of indemnificatory housing. The real estate stock market will usher in more development opportunities. Indemnificatory rental housing can revitalize the stock real estate market from many aspects such as leasing business, reconstruction of old residential areas, community services and property management, so as to ensure the rigid demand for housing Improve housing conditions. In January 2022, nearly 20 provinces disclosed the annual plan for the construction of affordable rental housing in the 2022 government work report. The scale of affordable rental housing planned to be built in many places is 2-5 times that of last year. Affordable rental housing has become a key livelihood project and is expected to usher in explosive growth.
Second, there has long been evidence that indemnificatory rental housing is not included in the concentration management of real estate loans. The notice is an established arrangement after the improvement of the relevant systems of indemnificatory rental housing. At the end of 2020, the central bank and the China Banking and Insurance Regulatory Commission issued the notice on establishing the real estate loan concentration management system of banking financial institutions, which set the real estate loan concentration requirements in five grades according to the asset scale and organization type of banking financial institutions, and set "two red lines" for bank real estate loans. It clearly puts forward the exception, that is, in order to support the vigorous development of the housing rental market, the housing rental related loans will not be included in the calculation of the proportion of real estate loans, and points out that after formulating the relevant opinions on housing rental financial business and establishing the corresponding statistical system, the housing rental related loans that meet the definition will not be included in the scope of centralized management statistics, The relevant signals had been released at that time. In June 2021, the State Council issued the opinions on accelerating the development of indemnificatory rental housing, clarifying the basic system and supporting policies of indemnificatory rental housing. In order to encourage banks to provide loans to the indemnificatory rental housing market, it specifically pointed out that differential treatment should be given in the implementation of real estate credit management. On this basis, all localities have accelerated the construction of relevant mechanisms for affordable rental housing, and made good progress in project identification, data statistics, supervision and management, monitoring and evaluation. The notice has met the landing conditions. At this time, it is proposed to not only point out the direction for the development of real estate enterprises, but also provide sufficient space for the flexible adjustment of bank credit in the new year.
Third, the banking industry and real estate enterprises should grasp the policy opportunities. Their two-way efforts will promote the rapid development and efficient growth of affordable rental housing. For the banking industry, since 2020, under the background of the impact of the epidemic and credit constraints, the growth rate of real estate loans has continued to decline, the non-performing rate of housing loans has risen, banks have insufficient confidence in the real estate market, and their financing enthusiasm has decreased. After the promulgation of the notice, affordable rental housing will become an important driving force for the increase of bank real estate loans. It is not only in line with the major policies of the state, but also better serve the needs of people's better life. It is a key breakthrough in expanding real estate business. The banking industry should adhere to the positioning of "housing without speculation", comprehensively grasp the real estate loan concentration system and the new policy of affordable rental housing, increase support for affordable rental housing, strictly identify affordable rental housing projects, effectively invest funds in the field of affordable rental housing that meets the requirements, and provide financial services through market-oriented means such as credit and bonds, Innovate financial products such as ABS and REITs of rental housing, strengthen data statistics and risk monitoring, and promote legal compliance, risk control and commercial sustainability of financial services. For real estate enterprises, financing difficulties and high liabilities have become the norm, and most enterprise entities are already in the bottleneck period. The notice is of great benefit to real estate enterprises, and the development of affordable rental housing market will become an important direction. Real estate enterprises will actively grasp this business opportunity, make efforts to rent business, transformation of old residential areas, community services and other stock market fields, and accelerate diversified transformation.
