The financial Associated Press reporter learned from the real estate enterprises that at present, the bank has informed some large high-quality real estate enterprises that the relevant M & A loans will no longer be included in the relevant indicators of "three red lines" for the debt bearing acquisition of the projects of insurance enterprises.
extended reading
The "red line" of bank real estate loans shall not exceed 40%
There are clear restrictions on the proportion of housing related loans.
On December 31, 2020, the central bank and the cbcirc issued the notice on establishing the real estate loan concentration management system of banking financial institutions (hereinafter referred to as the notice), which defined the institutional coverage, management requirements and adjustment mechanism of the real estate loan concentration management system.
China Everbright Bank Company Limited Co.Ltd(601818) financial market analyst Zhou Maohua told the first finance reporter that the setting of the real estate loan concentration management system is mainly to set a "safe boundary" for banks' lending to real estate, so as to avoid the inflow of credit resources into real estate, thus increasing the vulnerability of the financial system and guiding financial institutions to optimize their assets and liabilities, Let more resources flow into the weak links of the real economy and strategic emerging industries, and promote the healthy development of the real estate industry.
Specifically, according to the bank's asset scale, organization type and other factors, the real estate loan concentration management system is divided into five levels. Each level sets two upper limits: the proportion of real estate loan balance and the proportion of individual housing loan balance. Among them, the six major state-owned banks and China Development Bank are the first level, and the two upper limits are 40% and 32.5% respectively, the highest among the five levels.
five gears and two upper limits, and the maximum upper limit is 40%
The so-called real estate loan concentration management system mainly refers to the proportion of real estate loan balance and individual housing loan balance of Chinese funded legal person banking financial institutions established in China, which shall meet the management requirements determined by the central bank and the CBRC, that is, it shall not be higher than the corresponding upper limit determined by the central bank and the CBRC.
In response to reporters' questions, the central bank and the China Banking and Insurance Regulatory Commission said that the main purpose of studying and formulating the real estate loan concentration management system is to improve the toughness and robustness of the financial system and promote the steady and healthy development of the real estate market. At the same time, we will promote the structural reform of the financial supply side, strengthen the internal constraints of banking financial institutions, optimize the credit structure, support the financing of key areas of economic and social development such as manufacturing, science and technology and weak links such as small and micro enterprises and agriculture, rural areas and farmers, and promote the balanced development of Finance and real estate with the real economy.
In fact, in order to do a good job in real estate financial management, the central bank and other departments have actively explored and innovated macro Prudential tools, established a dynamic adjustment mechanism of down payment ratio from both sides of supply and demand, and piloted the "three red lines" of new financing regulations for real estate enterprises to help the real estate market develop steadily and healthily.
However, although China's real estate financial management has achieved remarkable results and the excessive flow of funds to real estate has changed significantly, the real estate loan exposure of the banking industry is still large. Ni Pengfei, a researcher at the Institute of financial strategy of the Chinese Academy of Social Sciences, said in a signed article that the quality of bank assets is vulnerable to real estate price fluctuations, which is a potential risk point that needs to be paid close attention to. At the same time, banks still have a strong preference for real estate credit, which also needs to be constrained through system design. Therefore, it is of great practical significance to establish a real estate loan concentration management system and put forward upper limit requirements for the proportion of bank real estate loan balance.
In Ni Pengfei's view, the real estate loan concentration management system is also an important practice of China's macro Prudential policy. At present, there are mainly two types of macro Prudential tools for real estate finance: one is supply side tools, which restrict the credit supply of financial institutions, such as real estate credit concentration, risk weight adjustment of real estate assets, industrial capital requirements, etc; The second is demand side tools, which restrain the credit demand of buyers, such as debt to income ratio (DSTi), loan to income ratio (LTI), etc.
The setting of the real estate loan concentration management system restricts the real estate financing from the supply side. The supervision sets the real estate loan concentration management requirements according to the asset scale, organization type and other factors of financial institutions. Specifically, it is divided into five grades, each of which sets two upper limits: the proportion of real estate loan balance and the proportion of individual housing loan balance.
Among them, Industrial And Commercial Bank Of China Limited(601398) , China Construction Bank Corporation(601939) , Agricultural Bank Of China Limited(601288) , Bank Of China Limited(601988) , China Development Bank, Bank Of Communications Co.Ltd(601328) , and postal savings bank of China are the first grades. The upper limit of real estate loans and individual housing loans are 40% and 32.5% respectively, the highest among the five grades; Followed by 17 medium-sized banks such as China Merchants Bank Co.Ltd(600036) , agricultural development bank, Shanghai Pudong Development Bank Co.Ltd(600000) , China Citic Bank Corporation Limited(601998) , Industrial Bank Co.Ltd(601166) , Bank Of Shanghai Co.Ltd(601229) , which are the second tier, and the two upper limits are 27.5% and 20% respectively.
The third is small Chinese funded banks and non County Rural cooperative institutions, mainly including urban commercial banks, private banks, large and medium-sized cities and urban rural cooperative institutions, with two upper limits of 22.5% and 17.5% respectively; The fourth level is county-level rural cooperative institutions, with two upper limits of 17.5% and 12.5% respectively; The last file is village banks, with two upper limits of 12.5% and 7.5% respectively.
Tianfeng Securities Co.Ltd(601162) Liao Zhiming, chief analyst of banking industry, told reporters that from the perspective of proportion limit, the policy of real estate credit concentration will benefit big banks. At present, the proportion of real estate loans of big banks has not reached the upper limit. From the perspective of all banks as a whole, the upper limit pressure on the proportion of real estate loans is small, and the policy has a long transition period, which has a neutral impact on real estate credit financing in 2021. It is expected that the increment of full caliber real estate loans will reach more than 600 billion yuan in 2021.
differentiated management, set a 2-4-year transition period
It is worth mentioning that when setting the management requirements for the concentration of real estate loans, the regulators did not adopt a "one size fits all" approach, but differentiated management. According to the notice, in order to reflect regional differences and determine the management requirements for the concentration of real estate loans of local legal person banking financial institutions, there is appropriate flexibility. At the same time, the management system also sets a transition period to ensure the smooth implementation of policies and promote the steady and healthy development of the real estate market and financial market.
The specific requirements are that by the end of December 2020, if the proportion of real estate loans and personal housing loans of banking financial institutions exceeds the management requirements by less than 2 percentage points, the transition period of business adjustment shall be 2 years from the date of implementation of this notice; If it exceeds 2 percentage points or more, the transition period of business adjustment is 4 years from the date of implementation of this notice. The business adjustment transition periods for the proportion of real estate loans and the proportion of individual housing loans are set respectively.
Zhou Maohua told reporters that this differentiated management fully considered the asset volume, organization type, stock real estate loans and other factors of financial institutions, as well as China's national conditions, market business status and institutional affordability, so as to further ensure the stable operation of the real estate and financial system.
As for the impact of the establishment of a real estate loan concentration management system on the real estate market, the central bank and the China Banking and Insurance Regulatory Commission said in response to a reporter's question that, in general, the establishment of a real estate loan concentration management system is conducive to the formation of stable policy expectations of market subjects and the stable, healthy and sustainable development of the real estate market.
It is understood that since 2019, the central bank and the China Banking and Insurance Regulatory Commission have carried out extensive research on the concentration management system of real estate loans, fully communicated with financial institutions, fully considered the actual situation of banking financial institutions in the setting of relevant indicators, and adopted various mechanism arrangements such as classification and grading, differential transition period and regional regulation mechanism.
"At present, most banking financial institutions meet the management requirements. The central bank and the China Banking and Insurance Regulatory Commission will require them to steadily carry out real estate loan related businesses and keep the proportion of real estate loans and personal housing loans basically stable." Relevant persons in charge of the central bank and the cbcirc.
For banking financial institutions that exceed the management requirements, the supervision will require them to reasonably select the business adjustment mode and reasonably distribute the business adjustment scale according to the year, so as to ensure that the adjustment rhythm is relatively stable and the adjustment work is carried out steadily and orderly. For individual banks with great pressure to reduce the adjustment, differentiated treatment will be carried out by extending the transition period and other ways to ensure the smooth implementation of the policy.
In addition, the notice said that 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. At present, the central bank is working with relevant departments to study and formulate relevant opinions on Housing leasing financial business and establish corresponding statistical systems.
Meanwhile, in order to cooperate with the implementation of the new asset management regulations, the real estate loans returned during the transition period of the new asset management regulations (to the end of 2021) are not included in the statistical scope. (source: First Finance)
(Financial Associated Press)
