2. What is the effect of the policy?
A. The three core operating financial indicators of the pilot enterprises, namely, asset-liability ratio, net debt ratio and short-term cash debt ratio, have been significantly improved, the debt scale has steadily decreased, the financing behavior has become more prudent and self-disciplined, and the overall operation has tended to be stable. In recent years, stimulated by the scale, the turnover rate of real estate enterprises in Chinese mainland has accelerated, and at the same time, with the general increase of debt indicators, many risks have been added to the operation of enterprises. The central bank and the Ministry of Housing and Urban-Rural Development issued "three lines and four files" rules for fund monitoring and financing management of key real estate enterprises.
B. When the policy was introduced, some brokers counted 224 real estate bond issuing enterprises with annual report data of 20 19 in the whole market, of which at least 109 had an interest-bearing debt growth rate of 20 19, which was higher than the standard and needed to be reduced. "This is actually a physical examination of the financial health of different grades of housing enterprises, and then help enterprises to do their own financial management better.
C. Not only do we monitor and manage the liabilities of real estate enterprises, but the central bank and the China Banking Regulatory Commission jointly issued the Notice on Establishing a Centralized Management System for Real Estate Loans of Banking Financial Institutions, which set an "upper limit" for the balance of real estate loans and personal housing loans of financial institutions, set a transition period for financial institutions that exceed the upper limit, and establish a regional differential adjustment mechanism.
3. Institutional significance:
A, the central bank said that this system is not only an important part of the long-term real estate mechanism, but also an important part of the financial macro-prudential policy framework. Since the implementation, the concentration of real estate loans and personal housing loans of banking financial institutions has steadily declined. "The proportion of real estate loans decreased by 0.6 percentage points, of which the proportion of personal housing loans decreased by 0.2 percentage points. Therefore, while the real estate loan business is restricted to some extent, commercial banks put more energy into supporting small and micro, agriculture, rural areas and farmers, which are economically weak areas. The proportion of loans in key areas such as supporting manufacturing and supporting scientific and technological innovation has also increased significantly. " Zou Wei said.
B. The latest data shows that the growth rate of RMB real estate loans dropped by 2.2 percentage points compared with the end of last year, among which the growth rate of individual housing loans dropped by 1.6 percentage points compared with the end of last year. The central bank said that the next step will continue to focus on stabilizing land prices, housing prices and expectations, and continue to improve the long-term mechanism of real estate financial management. The central bank also reiterated the principle of "no housing speculation" and said that it is necessary to do a good job in policy implementation and promote the balanced development of finance, real estate and the real economy.