buildings and confidence grow together - a look at the "guaranteed delivery housing" project that was successfully delivered
2024-09-19
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our reporter yang jie
figure ①③ qifucheng huiyuan community interior figure ②④ jinqiao xitang community interior photo by yang jie
"i've been looking forward to it for a long time! i've finally had you come home" - this is how a "guaranteed housing delivery" project in zhengzhou expressed its joy for the arrival of the owners, and this joy actually embodies the consensus and efforts of all parties.since the politburo of the cpc central committee held a meeting at the end of july 2022 proposing the policy direction of "ensuring the delivery of buildings and people's livelihood", various support measures for "ensuring the delivery of buildings" have been continuously introduced. since the beginning of this year, the intensity of policy support has "taken a step further", from "ensuring the delivery of buildings" to "ensuring the delivery of houses", local governments have implemented policies based on their cities, financial institutions have provided relevant services, and multiple parties have worked together to support real estate companies, and positive changes have occurred in the real estate market.recently, a reporter from securities daily visited two "guaranteed delivery housing" projects that were successfully delivered in zhengzhou, henan province. the reporter learned that it was the policy support, government coordination, financial efforts and other factors that jointly contributed to the smooth delivery of the projects, and the delivery also further encouraged local confidence in the property market.in fact, as the first pilot city in the country to implement the "one project, one policy" disposal model for guaranteed housing, the advancement of zhengzhou's "guaranteed housing" work is a microcosm of the country's "guaranteed housing" work, and it also has a certain degree of sample significance for other cities to continue to promote "guaranteed housing".many real estate projects in zhengzhou were successfully deliveredoverall market confidence has increasedwalking into the jinqiao xitang community, which is praised by zhengzhou citizens as the "ceiling of quality-improved housing in the high-tech zone", modern landscape gardens, thousands of green plants, interactive water systems and lawns come into view. the leisure sofas and chairs everywhere are filled with buyers who come to view the house and consult, which shows how popular this real estate project is.in stark contrast, the building was once a key project of the zhengzhou hi-tech zone. the reporter learned in the interview that the jinqiao xitang project was originally jointly developed by two local real estate companies, jinqiao and yongwei. at the end of 2021, it was first reported that "yongwei withdrew" due to a dispute between shareholders, and then there was news that more than 1 billion yuan of funds were misappropriated by shareholders. for a while, the jinqiao xitang project was caught in huge controversy.in order to ensure the delivery of the building, zhengzhou hi-tech zone established a special team called "yongwei xitang". in response to the owners' concerns about the funding guarantee, on july 2, 2022, the special team stated that 1.0115 billion yuan of funds misappropriated by shareholders had been recovered under the coordination of multiple parties, and the zhengzhou hi-tech zone management committee would appoint a state-owned asset company to supervise the use of project funds. the 1.0115 billion yuan of recovered funds and subsequent sales revenue would all be transferred to the supervision account under the name of the state-owned assets to ensure the construction of subsequent projects, with special funds for special purposes and closed operation.finally, with the joint efforts of all parties, the jinqiao xitang project was officially delivered on july 15, 2024. the sales center staff of the project revealed that the project has a total of about 2,500 houses, and nearly 90% have been sold.a real estate agency manager in zhengzhou told the securities daily reporter that the jinqiao xitong project turmoil represents the problems existing in a type of "guaranteed delivery of housing" projects, and also serves as a warning to the market, namely, how to strengthen supervision of pre-sale funds."at present, henan province has implemented special supervision of pre-sale funds. to ensure the safety of pre-sale funds, all income obtained by real estate developers from the pre-sale of commercial housing, including deposits, down payments, installment payments, one-time payments, bank mortgage loans, housing provident fund loans, etc., should be included in the scope of pre-sale funds supervision for commercial housing." the real estate agency manager further introduced that many commercial bank branches including industrial and commercial bank of china, china construction bank, central bank of china, zhengzhou bank, etc. are qualified to undertake the pre-sale funds supervision business for commercial housing.an employee of a commercial bank in zhengzhou told reporters that in order to ensure that the special funds are implemented and achieve real results, the bank actively cooperates with the "guaranteed delivery of housing" work arrangements, strictly follows the fund supervision agreement, does a good job in fund supervision and payment, and ensures the compliance of fund use.in the view of many owners and people working in real estate, the smooth delivery of the jinqiao xitang project has played a positive demonstration and reference role in zhengzhou's "guaranteed delivery of houses" work, and has also enhanced the overall confidence of the market to a certain extent.in september this year, the qifucheng project in zhongyuan district, which zhengzhou citizens called "the largest unfinished building", finally delivered houses. the reporter of securities daily saw that the entrance of qifucheng huiyuan community was crowded with people, and various businesses and decoration teams such as water and electricity, ceiling, decoration, and balcony enclosure gathered here to solicit business. in the community, a red banner with the words "looking forward to the stars! looking forward to the moon! finally waiting for you to come home" was particularly eye-catching."after ten years, the house is finally delivered, and i feel relieved. thanks to the 'guaranteed delivery of buildings' policy, qi fu city has been revived and the rights of us home buyers have been protected," said an owner in the community.the delivery of jinqiao xitang project and qifucheng project is just a microcosm of zhengzhou's "guaranteed delivery of buildings" and "guaranteed delivery of houses". on august 23, at the "promoting high-quality development" series of thematic press conferences held by the state council information office, dong jianguo, vice minister of the ministry of housing and urban-rural development, said that it would guide all localities to implement the "one project, one plan, one special team, one bank, one audit, one judge" disposal model. this model was first piloted in zhengzhou and will be promoted nationwide.financial support for real estate is strong and effectivefinancing of “white list” projects is accelerating"securing delivery of housing" requires the joint efforts of multiple parties, among which funds are a key link.since the establishment of the urban real estate financing coordination mechanism at the beginning of this year, a series of policies have been introduced, and the implementation of "white list" projects in various places has accelerated. at the same time, commercial banks have implemented the due diligence exemption requirement of "lending as much as possible", opening up new channels for real estate companies to raise funds.dong jianguo said at the aforementioned press conference: "currently, commercial banks have approved more than 5,300 'white list' projects in accordance with the approval procedures, with an approved loan amount of nearly 1.4 trillion yuan. these funds are being disbursed in accordance with the project progress, which strongly supports the project construction and delivery.""the 'guaranteed delivery houses' that everyone often talks about now are not actually all unfinished projects. instead, the local government has sorted out a group of 'white list' projects. the properties in these projects must be delivered on time with guaranteed quality and quantity. we call them 'guaranteed delivery houses', and they are mainly aimed at those properties on the market that customers do not have much confidence in." a person engaged in real estate sales in zhengzhou told reporters.the reporter of securities daily learned from zhongyuan bank that in the battle of building guaranteed housing and resettlement housing in zhengzhou, the zhengzhou branch of zhongyuan bank has never stopped providing "real money" support. the bank actively implemented national policies, quickly established a special working group for the urban real estate financing coordination mechanism, connected projects one by one, optimized business processes, and made every effort to promote the implementation of the zhengzhou real estate financing coordination mechanism. since the beginning of this year, it has approved loans of nearly 5.6 billion yuan for "white list" projects and invested nearly 2.9 billion yuan.judging from the real estate business of commercial banks in the first half of this year, their support for real estate companies is also gradually increasing. the securities daily reporter sorted out the semi-annual report data of six large state-owned commercial banks and found that the proportion of real estate loan balances (based on group company loans and advances) of three of them increased compared with the end of 2023, and one remained unchanged. in terms of the non-performing loan rate of the real estate industry, in the first half of the year, the non-performing loan rate of the real estate industry of the six banks showed a "5-down and 1-flat" situation compared with the beginning of the year.while implementing the real estate financing coordination mechanism, commercial banks have also made good asset selection. wang jingwu, vice president of the industrial and commercial bank of china, said at the bank's mid-term performance meeting that icbc has focused on building a decentralized, diversified and balanced real estate investment and financing structure, increasing the disposal and clearance of risky real estate companies and projects, and increasing the proportion of provision withdrawals. the overall quality of real estate assets has remained stable. in the first half of the year, icbc's real estate non-performing rate fell by 2 basis points compared with the beginning of the year.a series of support measures and stable and improving data have boosted residents' willingness to buy homes. the "residents' home purchase intention survey report in august 2024" recently released by china index academy shows that since 2024, the government has stepped up efforts to promote "guaranteed delivery of houses", strengthened the implementation of local financing coordination mechanisms, and "lent as much as possible" to compliant "white list" projects, promoted the continuous construction and completion of projects, and promoted the continued decline in residents' delivery risk expectations. in august, residents' wait-and-see sentiment for buying houses declined to a certain extent, accounting for about 24%, down 2 percentage points from the high level."at present, my country needs to accelerate the establishment of a housing system that combines renting and purchasing, and accelerate the construction of a new model of real estate development, that is, to build 'good houses' that meet the new expectations of the people and better meet rigid and improved housing needs." liu hong, vice president of the agricultural bank of china, revealed the bank's key tasks in the next stage at the mid-term performance meeting. first, fully assist in the "house delivery guarantee" work. strengthen communication and docking with the government, innovate and use a variety of methods, do a good job in financing and risk disposal of related projects, and track and explore effective financial service models for digesting existing housing. second, improve the service quality and efficiency of the real estate financing coordination mechanism. continue to follow up on the "white list" projects, improve the full-process service mechanism, and do a good job in loan issuance in both quantity and quality. third, continue to do a good job in financing the "three major projects". dynamically dock the list of "dual-use" projects, promote the review and approval of mature affordable housing projects, and accelerate financing.chen wenjing, director of market research at china index academy, told the securities daily reporter that promoting the inclusion of projects that need financing support will help more projects obtain financing support and provide important guarantees for project construction and delivery. in the future, the project financing "white list" is expected to be further implemented and will play a greater role in "ensuring delivery of housing" and stabilizing market expectations.amc takes multiple measures to help real estate companiescontinue to help revitalize projectsin addition to commercial banks, there is another type of financial institution that has rich experience in resolving real estate project risks, corporate restructuring and relief, and crisis rescue, and plays a role that is different from other financial institutions. that is the asset management company (amc)."in zhengzhou, some developers of unfinished buildings are short of funds. after the company declares bankruptcy, amc will take over and inject capital, and continue to build the buildings through construction on their behalf," said the aforementioned real estate agency manager.at present, amc has achieved many positive results in prudently resolving real estate risks. the reporter of securities daily learned in the interview that zhengzhou xinda tianyue jiuzhang and future gongyuan were suspended due to the interruption of cash flow of the original project party, affecting the resettlement of nearly 1,500 villagers. in august 2023, china cinda headquarters took the lead, and its henan branch, cinda investment, cinda real estate, and cinda capital jointly participated in the project relief. based on the principle of "ensuring delivery and quality", they coordinated to solve the demands of owners, villagers, suppliers and other parties. with the strong support of the local government, the project was promoted to resume work in mid-august of that year.at present, future yuan no. 1 courtyard and no. 2 courtyard have been successfully delivered, and tianyue jiuzhang is expected to be delivered by the end of this year. a relevant person in charge of china cinda told the reporter of securities daily that in the above two projects, china cinda achieved the "breakthrough, repair, and blood-making" of multiple projects through the coordinated relief methods of linking relief projects, introducing new projects, and sharing resources of multiple projects. during this period, china cinda headquarters and its branches and subsidiaries efficiently linked and implemented comprehensive measures to carry out substantive restructuring of the projects in multiple dimensions such as equity, capital, management, and technology. it adopted the "five-step repair method" of adding assets, subtracting liabilities, adjusting equity, optimizing costs, and injecting brands to promote the revitalization of problem projects.china citic financial assets has actively created a citic-style industrial-financial collaborative real estate relief model of "incremental investment and restructuring of citic financial assets + effective isolation of citic trust + management, construction and operation improvement by citic consulting, citic pacific real estate and industrial companies + risk resolution of existing financial institutions + cooperation with government regulatory funds", taking into account the demands of local governments, residents, banks, troubled real estate companies and other parties, and tailoring a "comprehensive prescription" for the project to achieve a win-win situation for all parties.the reporter learned from china citic financial assets that recently, the second batch of sunac dongjiadu relief project (phase ii of bund one courtyard) implemented by china citic financial assets was officially launched, and 110 units were sold out on the first day of the launch, with a total transaction amount of 5.674 billion yuan. this is the second time the project was sold out after the first launch in april this year, with a total transaction amount of 15.6 billion yuan, indicating that the project has achieved significant results in relief.in general, there are three main types of relief models for real estate companies by amcs: the first is the collaborative model of "amc takeover + incremental capital investment + construction on behalf of others", that is, reorganization and then development; the second is that amc provides incremental funds directly or in conjunction with other bank consortiums through the "debt + equity" toolbox, and the real estate companies continue to operate; the third is that amc cooperates with local state-owned assets to establish a real estate relief fund or platform.the "china financial non-performing asset market survey report 2024" previously released by china orient shows that based on the questionnaire survey results of four types of respondents, including external experts and scholars, commercial banks, asset management companies, and intermediary institutions, the economic operation in 2024 will show the basic characteristics of increasing positive factors, continued strengthening of momentum, improved social expectations, rapid growth, optimized structure, and improved quality and efficiency. we must speed up the construction of a new model for real estate development, combine the new changes in the supply and demand relationship in the real estate market, and the new expectations of the people for high-quality housing, and coordinate the research on policy measures to digest the existing real estate and optimize the incremental housing.in the view of relevant persons in charge of china eastern, in order to further play a greater role in the relief and rescue of amc, relevant special policies are needed, especially special policy support in terms of capital costs, etc. because some projects are difficult to sell, and the risk of existing debts is still accumulating, the interlocking links have made the troubled projects stuck in the quagmire, and the difficulty of rescue is increasing. it is necessary to trade time for space and solve the problem step by step.image | zcool
produced by | zhou wenrui
