Recently, the real estate market and land market transactions in some cities have reappeared in full swing, which has attracted the attention of the regulatory authorities, and the supervision of illegal funds flowing into the real estate market has been upgraded again. According to the statistics of the CBRCs public information, the media found that in the 50 days since April this year (April 1 to May 20), the CBRC has issued 223 tickets involving 32 tickets involving illegal blood transfusion real estate, and the total amount of fines is 10.688 million yuan. The main illegal acts involved include: some banks grant loans to real estate projects with insufficient capital, illegally grant loans to be used as land security deposits and land transfer funds, illegally grant personal housing loans, illegally grant false mortgage loans, illegally grant real estate self-financing loans by some trust companies, and illegally grant real estate loans by trust funds.
Since this year, housing prices have picked up in some cities or regions, and land market activity has also increased. Therefore, the central government has repeatedly stressed that we should stick to the bottom line of housing is not fried. Supervisory authorities intercept the illegal inflow of financial funds into the housing market, which means that the real estate market supervision and coding, land auction, housing financing, housing mortgage and other links will be effectively regulated. How to block illegal funds into the market is particularly critical.
Real estate is an industry with very heavy capital attribute. It needs huge funds for real estate enterprises to bid for land, develop real estate and operate and sell. According to the current level of housing prices around the country, the purchase of houses is also a high proportion of income expenditure. Especially in the past few years, with the acceleration of marketization, the real estate market shows more financial attributes. Financial means such as high-leveraged capital warehousing, financing loans and so on are more and more appearing in the real estate market. The ability to obtain funds through multiple channels has become a major core element of the trend of housing prices. If we do not control the admission funds, the combination of speculation demand and excessive funds will inevitably have a negative impact on the housing market. In recent years, land kings have appeared frequently in various places, and the proportion of housing loans to income of some residents has exceeded the international warning line, highlighting the huge side effects of hot money effect on the real estate market.
To regulate real estate, we should start with the supply of funds. In recent years, relevant departments have taken a series of measures to strengthen the control of banks, trusts and other financing channels to avoid excessive hot money flowing into the real estate market. In March of this year, the price index of new residential buildings in Baicheng expanded annually. In March, the turnover area of many hot first-and second-tier cities increased year-on-year. In some first-and second-tier cities, the transaction scale of residential land increased year-on-year. The resurgence of the transaction floor price and premium rate was prominent. In this situation, the regulatory authorities timely stated their position: firmly block the gray channel of illegal funds through the housing market, prevent the violent fluctuation of the primary and secondary markets caused by capital extracorporeal circulation, and ensure the stable and orderly development of the housing market under macro-control.
At present, there is a confrontation between two emotions in the domestic real estate market. On the one hand, most people still hold a wait-and-see attitude towards the real estate market. On the other hand, a small number of investors and even speculators, in some real estate enterprises and institutions continue to release the so-called property market regulation has been liberalized, another wave of big market will kill the so-called good news, mentality began to loosen, frequent market entry operations. Behind the confrontation of the two emotions, some housing companies and financial institutions are constantly exploring the regulatory bottom line. In order to make small profits, financial institutions will not hesitate to issue loans in violation of regulations; real estate enterprises will bet on a bullish market and bear more debts.
Research institutions survey data show that the second half of 2018 to 2021 is the peak of interest-bearing liabilities of some housing enterprises. In addition, many areas are at the critical stage of gradually digesting the excess land and housing supply. If we allow large-scale inflows of illegal funds at this time, it will inevitably lead to increased irrational sentiment, financial risk and market risk. Therefore, regulators need to strengthen the real-time monitoring and punishment of illegal funds entering the market. To cut off the supply for illegal funds entering the market is a good way to cool the housing market, which can play the role of bottom drawer.
Source: Yang Yi_NBJ10647, Responsible Editor of Beijing Newspaper