Chinese government's latest policy statement on real estate


On March 29, the executive meeting of the State Council pointed out that the current international situation is becoming more complex and severe, domestic development is facing new challenges, and the downward pressure on the economy is further increasing. In a prominent position, coordinating stabilizing growth, adjusting structure, and promoting reforms, policies to stabilize the economy are released early, and measures that are not conducive to stabilizing market expectations are not taken, and a plan to deal with greater uncertainty may be formulated.


This means that stable economic growth this year is by no means something that can be easily achieved. At present, for the real estate sector, in terms of implementation strength, attitude and speed, we must fully implement the CPC Central Committee Political Policy on December 6 last year. The work objectives and requirements of "supporting the commercial housing market to better meet the reasonable housing needs of buyers, and promoting the healthy development and virtuous circle of the real estate industry" proposed by the bureau meeting are not waiting for me.

Real estate investment and housing consumption are one of the important pillars of the economy. To stabilize the real estate market and improve the economy, everything will be easy to handle. All supporting measures and work for the transformation of the new real estate development model must obey this overall situation. Now is the most critical moment for relevant departments and local governments to take their own responsibilities and actively introduce investment, sales, financing and consumption policies that are beneficial to the real estate market. Don't miss the best opportunity.

"Support the commercial housing market to better meet the reasonable housing needs of buyers, and promote the healthy development and virtuous circle of the real estate industry", this is a major strategic judgment made by the central government after reviewing the situation. This year, the risks and challenges faced by my country's economic development have increased significantly, and we must climb the slopes to overcome the hurdles. Consumption and investment are the "twin engines" for expanding domestic demand, and they are important supports for accelerating the construction of a new development pattern. Among them, eliminating outdated restrictive policies and measures for real estate, doing everything possible to promote the recovery of housing consumption, actively expanding the effective investment of real estate enterprises, and helping real estate enterprises to finance and resolve risks are the key to enhancing the endogenous power of development. In the current work of real estate investment, new infrastructure investment and housing consumption, only by actively adapting to the current situation, scientifically grasping, and actively acting, can we seize the opportunity to promote stable economic development and improve quality and efficiency. On the contrary, if you react passively or even go against the trend, you will miss the opportunity and pay the price.

Take the initiative and act quickly to adapt to the new situation of economic development. First, financial services must quickly keep up. At present, the phenomenon of real estate speculation has been fundamentally reversed, and financial risks have been effectively eliminated. Real estate financial risks should enter the transition stage from "broken" to "established". Whether it can adapt to the new situation of the virtuous circle of real estate depends on financial services. strength. At present, the pre-sale fund accounts of some housing enterprises have been closed at will, and there are tens of billions of funds lying on the account books, but the company can actually use only a few hundred million yuan for flexible activities. , it must be said that it is a very worrying situation. Risk prevention is only natural, but the consequences of overdoing it and hesitating and misjudging the situation will be even more serious. As a result, a large number of companies in the market have been in a deadlock for a long time or even went bankrupt. This is not the purpose of regulation. Therefore, the current real estate policy needs to be dredged from every link of the entire circular chain. The most critical link is financial services, such as increasing development loans, expanding the breadth of M&A loans, and increasing the reasonable amount of housing loans. In addition, policy tools that release monetary signals such as RRR cuts and interest rate cuts should be more forward-looking, precise, and timely, convey good confidence and expectations to the market, and effectively support the reasonable financing needs of real estate companies. All in all, the financial policies to stabilize the real estate and the economy should be implemented sooner rather than later, so as not to delay the fighters.

Take the initiative and act quickly to adapt to the new situation of economic development. Second, governments at all levels must dare to reform and make the most of the situation. For example, the most typical policies such as sales restrictions, for such measures introduced in the extraordinary period of the hot property market and excessive speculation, at present, the historical mission has been completed, and the exit should be withdrawn in time, and it must be rigid and continue without scientific grasp. , and can not do without the courage to reform on the spot. At present, affected by the debt default of real estate companies, home buyers are worried that the house will not be delivered, and the market sentiment for buying a house will decrease. If the entire chain cycle cannot be smoothed, the continued decline in real estate will significantly drag down economic growth. From the dredging of the entire real estate cycle chain, in addition to the outdated policies and measures, the land transfer policy also needs to be adjusted urgently, and actively reduce the threshold for land acquisition, so that profits are given to enterprises. In addition, effective measures such as real estate tax reduction and currency resettlement should be used actively and flexibly. We often say that policy implementation depends on speed. Conversely, the termination of outdated phased measures in the property market also depends on speed. In response to the situation, adopt what is right, and rush to change what is wrong. Resolute execution speed is an important means to implement and achieve the goal of stable development and a virtuous circle. In the current work in the real estate field, we should focus more energy on solving the urgent problems of key and difficult points, and we must seize the opportunity to stimulate the vitality of the system, activate the experience of the grassroots, and stimulate the actions of cadres.

Take the initiative and act quickly to adapt to the new situation of economic development. Third, real estate companies must recognize the general trend and follow the trend. This year is a year of concentrated debt repayment for housing companies. For most housing companies, at this point, debt repayment is still an obstacle that is difficult and must be overcome. Directly choosing to "lie down" is not a rational solution to the problem. Although the company has pains in the market and debt, it is a hurdle that it has to pass. On the one hand, we must do everything possible to invigorate sales; on the other hand, we must actively seek extension, exchange offers, repurchase bonds, and accelerate asset disposal with investors in terms of debt, so as to obtain a “buffer period” for debt. At present, from the perspective of policy, the improvement of the real estate development mechanism has been used as the underpinning for the industry to turn to sound and healthy development in the medium and long term. Moderate activation of the demand side is also in progress, which will create a stable environment for the industry to downgrade. Industry credit risks will be gradually resolved. It is not an exaggeration. It is the most difficult time before the dawn of the industry. Real estate companies must work hard and survive this short cycle. Only by living can we see the dawn and win-win with the industry. As long as there is any way to promote self-rescue, enterprises should not hesitate. Whether it is selling project equity or selling business sectors, as long as there is still a way to do it, they will resolutely not lie down, not to mention that the policy is already making efforts to correct deviations step by step, what does the enterprise have? The reason is not to try your best. For real estate companies, it is of course the most important and most useful thing to obtain real money now, but it is also very important to adapt to the concept, to have a good understanding, to have the right approach, and to be effective in work, because without this kind of overall thinking, it is easy to lie down. . It is easy for a company to lie down, but it is not so easy to stand up again.

Take the initiative and act quickly to adapt to the new situation of economic development. Fourth, let those who dare to take responsibility go up and those who do not act down. We can learn from the ecological and environmental protection supervision mechanism and methods, and the special central ministries and commissions can strengthen supervision and inspection, and promote the implementation. Whether it is development or reform, the emphasis is on implementation, but of course it is difficult to implement. At present, in the work of "supporting the commercial housing market to better meet the reasonable housing needs of buyers, and promoting the healthy development and virtuous circle of the real estate industry", some departments and localities have not turned it into conscious thought and action, and some are not conscious of the time. Policies and measures are not scientifically grasped, they are hesitant, or the scales are weak; some focus on meetings rather than implementation, and even some departments and localities do not act or take responsibility in their work, and shirk the blame. Supervision and inspection can timely solve the problems of ineffective work, poor results, and some departments that do not provide guidance and those that should invest. Departments and localities that fail to implement central policies in a timely and ineffective manner shall be seriously held accountable in accordance with regulations, disciplines and laws, and responsibilities for dereliction of duty shall be clearly identified, and accountability shall be serious, precise, and effective in accordance with relevant regulations. Regarding the spirit of the latest real estate policy of the central government, the most important thing at present is to put more energy into the implementation, and put the focus of development and reform on solving the actual problems of the market.

In recent years, although our economic growth rate has slowed down, there are still many opportunities for development. Buying a house and renting a house to achieve a better life are still the rigid needs of the current people. In addition, real estate investment and consumption are resilient and have sufficient potential, and their economy will continue to be healthy. The development provides favorable support that cannot be ignored. For the role of real estate, it is necessary to recognize the new situation, make good use of new opportunities, and scientifically and effectively activate and maintain housing consumption and real estate, an economic growth point and a pillar industry. Those who implement the policies and guidelines of the central government should be praised and rewarded; those who do not implement the policies and guidelines of the central government should be held accountable and "changed".