Event: on March 1, the general office of Zhengzhou Municipal People’s government issued the notice on promoting the virtuous circle and healthy development of the real estate industry (hereinafter referred to as the notice), saying that it supports the rescue of real estate enterprises and the relaxation of real estate sales.
The official website of Zhengzhou municipal government is released, with strong signal significance. This notice is issued by the general office of Zhengzhou Municipal People’s government and posted on the official website of Zhengzhou Municipal People’s government. Although we have observed that real estate financing and sales have been relaxed in some areas since the beginning of the year, signals from strong second tier cities with clear attitude and strong strength are still relatively rare. The notice launched the “first shot” to relax the real estate policy in strong second tier cities.
Local governments stepped forward to increase credit support for distressed real estate enterprises, and the debt default risk of real estate enterprises is expected to be mitigated. The notice made it clear that it would “regularly organize the connection between banks and enterprises”, encourage financial institutions to extend and renew loans to troubled enterprises, and increase the support of M & A loans. Recently, the debt maturity pressure of real estate enterprises has increased. The government will endorse and promote the connection between banks and enterprises, which is expected to play a better role in underpinning the credit risk of real estate enterprises or slow down.
In the second tier cities, it is the first time to offer the second set of housing “to recognize the loan but not the house”, and guide financial institutions to release more mortgages and reduce interest rates.
On the buyer’s side, the notice makes it clear that if a family that has a set of housing purchases again after paying off the loan, the housing loan shall be implemented according to the first set, that is, the second set of housing “recognizes the loan but does not recognize the house”, which is significantly more relaxed than the previous “recognizing the house and recognizing the loan”. On the side of financial institutions, guide institutions in Zheng to increase mortgage investment, reduce mortgage interest rates, give preferential policies to institutions that reduce mortgage interest rates, and give priority support to new financial deposits, fund accounts and other deposits.
Investment suggestion: the strong second tier policy will be loosened, and the steady growth will continue to increase
At present, the main line of the banking sector is: wide credit → steady growth → improvement of economic expectations → valuation repair. At present, the banking sector is not only playing the game underpinning policy, but also improving the game expectation, and the market is still midway. Zhengzhou’s relaxation of real estate sales and its statement of support for the rescue of real estate enterprises are the embodiment of the incremental policy. It is suggested to pay attention to Bank Of Chengdu Co.Ltd(601838) , Bank Of Hangzhou Co.Ltd(600926) , Bank Of Ningbo Co.Ltd(002142) , Bank Of Jiangsu Co.Ltd(600919) , Bank Of Nanjing Co.Ltd(601009) , high-quality joint-stock banks Industrial Bank Co.Ltd(601166) , Ping An Bank Co.Ltd(000001) ., China Merchants Bank Co.Ltd(600036) .
Risk warning: the economic recovery is lower than expected; Real estate risk exposure; The quality of bank assets fell more than expected.
