Many places have set up relief funds to promote the resumption of work and production
The relevant departments emphasized that the work of "guaranteeing the handover of buildings and stabilizing people's livelihoods" adheres to the people-centered development ideology, adheres to the principle of the rule of law and the market-oriented approach, and presses down on the main responsibility of the enterprises for self-help and the implementation of the local responsibility of the local government to safeguard the legitimate rights and interests of the purchasers.
Recently, Zhengzhou City, the real estate relief fund set up to operate the program released to the public, the size of the fund is temporarily set at 10 billion yuan, the relief project is limited to the future sales revenue to cover the project investment in the stock of real estate projects, a clear relief project of the four development modes, that is, shantytown unified loans and reimbursement, mergers and acquisitions, bankruptcy reorganization and rent-protection mode.
In Wuhan, China Construction Bank intends to set up a 30 billion yuan bailout fund, using Hubei province as a pilot, for acquiring problematic projects and converting them into public rental housing. Nanning has set up a smooth real estate fund with an initial size of 3 billion yuan.
It is worth noting that, in addition to local governments, asset management companies have also begun to accelerate their entry. Following the China Huarong and Sunshine Group signed a relief restructuring agreement, South China Holdings and Jiangsu assets announced on August 10 to cooperate in relief. According to the agreement, Jiangsu assets or its designated subject and the South China Holdings or its designated subject **** with the establishment of the size of 2 billion yuan, the duration of three years of the fund, for the South China Holdings and related parties to invest in the project cooperation, including the stock of debt restructuring, the continuation of existing projects.
In addition, the Great Wall assets disclosed that in the first half of the year has been with 12 real estate enterprises to carry out many rounds of docking, the intention of the relief project assets in-depth research and judgment, part of the project has been successfully landed or approved to fund; Cinda assets the first single relief project was also successfully landed in July.
Under the combined efforts of local governments, financial institutions and real estate enterprises, there have been news of the resumption of work on a number of suspended properties.
Multiple projects to test the water "financial institutions to take over entrusted *** building" mode
At present, many suspended projects through the financial institutions to take over the acquisition of creditors, creditors acquisition, auction debt, partner trusteeship and other ways to revitalize, to achieve the delivery of the building.
Kerry Research Center released a survey report shows that Evergrande Group has signed agreements with Everbright Trust, Minmetals Trust and many other trust companies to divest some of its urban projects to the trust companies, which in turn injected funds into the project companies to safeguard the project's subsequent development and construction. The creditor, CITIC Group, acquired four projects of JIAZHAOYE in Shenzhen with a total value of approximately RMB50 billion. Wuxi Cuizhu Real Estate Development Co. transferred its claims on the Ali Auction platform in a bid to bring in investors to renew the construction as soon as possible.
Industry insiders believe that, from a practical point of view, the "financial institutions to take over the entrusted *** construction" mode to promote the orderly clearing of the problem projects. The first successful project of the Cinda Asset Relief Real Estate Enterprises - Guangzhou Nansha "Yue Companion Bay" as an example, the project by the Cinda discounted acquisition of the project debt, Shenzhen Huajian to provide incremental capital borrowing, Cinda real estate into the field of operation on behalf of the construction, the implementation of the project funds all closed The project is managed by a closed-door management system.
In Guangzhou, Guangdong, Yunnan Kunming, Jiangsu Jiangyin and other places, financial institutions also through the introduction of **** builders to revitalize suspended projects. Guangzhou Baizhu Company's Bai Sheng Plaza, the first reorganization project ruled by the Guangzhou Municipal Intermediate Court, was seized by the court due to a broken capital chain. Under the mediation of the Guangzhou Municipal Intermediate Court, the creditors reached an agreement on the project debt and repayment method, and restart funds were introduced to protect the rights and interests of the creditors by having Bluegreen Twin Cities as the asset manager responsible for the development renewal and market repositioning to achieve quality delivery.
The relevant departments said that the real estate enterprises as the main body of the responsibility to ensure the delivery of the building, and actively dispose of assets, raise funds from various sources, and strive to complete the task of ensuring the delivery of the building. Local governments in order to prevent the risk of real estate enterprises spillover, effectively assume the "protection of delivery of buildings, stabilize people's livelihood" of the local responsibility to help enterprises to do a good job to protect the delivery of the work of the building. At present, in all parties *** with the efforts of the work around the guarantee of delivery of positive progress, but there is still financial pressure.
Cao Zhounan, chairman of the blue and green Twin Cities Holding Group, said the vast majority of relief projects require start-up capital, blue and green Twin Cities has been set up jointly with financial institutions a 1.8 billion yuan of relief special fund for the resumption of work and production.
The need for a comprehensive classification of policy
At present, the reasons for the suspension of real estate around the more complex. In addition to the establishment of a special real estate relief fund, many places also through the establishment of a special class, the return of land money, optimize the pre-sale capital supervision and other measures to supervise the construction of suspended buildings.
In Suzhou, the suspended project is located in the area of the street office and district-level departments jointly set up a working group stationed at the project site, urging the project to resume work as soon as possible to monitor the quality of the project works, the implementation of the "building a policy a task force". In Chongqing, the relevant departments set up a real estate problem project risk resolution disposal team, arrange special teams to follow up on the progress of the project construction, and closed management of the project account funds.
"Each property is not the same, the specific situation is actually very complex, it is recommended that each place 'a building a policy' differentiated treatment." Ding Zuyu, CEO of E-House Enterprise Group, believes that it is imperative to quickly inject liquidity into the market and enterprises in the short term, and the problematic projects should be revitalized in full force, and start-up capital is still needed in the first place.
Cao Zhounan believes that some real estate enterprises have cash flow problems, but the assets are still there, not insolvent. Local governments can buy back the land through the bailout fund, which is equivalent to the government's storage again, real estate enterprises to get "life-saving money" to achieve a win-win effect.
The head of a real estate company said that although real estate companies are facing liquidity pressures, but there are still a lot of assets in their hands, suggesting that the regulator encourage banks to open up secured financing to alleviate the financial difficulties of real estate companies and the industry delivery problems.
The relevant departments said, will resolutely implement the CPC Central Committee, the State Council decision-making and deployment, firmly adhere to the "house is used to live, not to speculate on" positioning, the steady implementation of the long-term mechanism of real estate, and urgently improve the relevant systems and policy toolkit, to explore the new development model, and continue to rectify and standardize the order of the real estate market, to create a law-abiding and honest, clear and clean environment, to create an effective mechanism for the real estate market. To create a law-abiding and honest, clean and positive market environment, and to promote the benign cycle and healthy development of the real estate industry according to the city's policy.