One project, one sub-fund
According to the proposal reported by Dahe Daily, Zhengzhou Real Estate Relief Fund will be used to "try its best to solve the urgent need of the capital chain break of real estate enterprises, alleviate the outstanding social problems and possible systemic financial risks caused by the current shutdown of real estate projects, and boost market confidence."
According to the principle of "government guidance, multi-level participation and market-oriented operation", Zhengzhou Real Estate Relief Fund has set up a special relief fund under the Central City Fund, with a tentative scale of 654.38+0 billion yuan, operating in the form of parent-child fund. Relevant development zones, districts and counties (cities) attract different types of social capital to set up sub-funds according to rescue projects, and the funds will be put in place by stages according to the establishment of projects and sub-funds.
The reporter of the National Business Daily noticed that in February 2065438+2008, the Zhengzhou Municipal Government announced that it had decided to set up the Zhengzhou National Center City Industrial Development Fund Management Committee to strengthen its leadership over the Zhengzhou National Center City Industrial Development Fund. Zhengzhou National Center City Industrial Development Fund is managed by a professional fund management company, which is responsible for project collection, industry research, due diligence, risk early warning and post-investment management. The working mechanism of project pre-declaration, project reserve primary selection, policy information communication, investment dynamic feedback, project early warning and departmental linkage has been established.
The Fund Management Committee is the highest decision-making body of Zhengzhou National Center City Industrial Development Fund, which is responsible for examining and approving major issues such as the investment field of the fund, the establishment scheme of sub-funds, the arrangement of government preferential measures, the risk prevention and control mechanism, the exit channel, the fund performance evaluation, etc., and does not interfere with the daily operation and management of the fund.
Qixinbao shows that Zhengzhou National Center City Industrial Development Fund Co., Ltd. was established on 2065438+September 20, 2009. The major shareholder is Zhengzhou Zhongrongchuang Industrial Investment Co., Ltd., which currently holds 65% of the shares. After the equity penetration, it is suspected that the actual controller is Zhengzhou Finance Bureau.
Image source: happy treasure
The special fund for bail-out focuses on guiding and encouraging social capital such as central enterprises and provincial-level state-owned enterprises, as well as AA state-owned investment and financing companies at the listing and district levels to participate in revitalizing existing real estate projects with future sales income covering project investment in a market-oriented and legal way, alleviating the short-term liquidity difficulties of housing enterprises, and solving the problems of shutdown and monthly mortgage payment that some society pays attention to by dedicating the revitalized funds to the problem real estate projects of troubled housing enterprises.
In the mode of operation, the sub-fund formed by special relief fund, state-owned companies in urban areas and social capital (including but not limited to central enterprises, provincial state-owned enterprises, construction enterprises, asset management companies and financial institutions) is the main body of implementation. In principle, the payment ratio of the special relief fund is not higher than 30%. The sub-fund employs a third party to thoroughly evaluate the project to be revitalized, and determines the revitalization method and price based on the net assets of the project; The revitalization funds are raised through the self-owned funds of sub-funds or financing methods, of which the self-owned funds are not higher than 40% in principle, and the rest are raised by actively seeking loans from financial institutions for mergers and acquisitions.
More importantly, "the sub-fund implements closed management of the project, gradually recovers the investment according to the sales progress, and gradually withdraws; The revitalized funds are used exclusively for real estate projects with housing problems. "
By the development zone, county (city) in conjunction with the real estate enterprises within their respective jurisdictions, the stock projects that meet the conditions of revitalization will be screened, and the state-owned enterprises at all levels and all kinds of social capital will be docked according to the method of "one project and one sub-fund", and the operation plan for the establishment of sub-funds will be drawn up.
As of press time, the reporter of China Business Daily has not found any relevant documents in official website, Zhengzhou Municipal People's Government, and there is no news from Zhengzhou Citizen Hotline.
However, Zhengzhou real estate industry insiders confirmed the authenticity of the "Program" to reporters through WeChat on August 6, indicating that the policy does exist.
Continue to enhance market confidence.
The above-mentioned people hold a very positive attitude towards the real estate relief fund: "This is a very good policy. Recently, many developers have exposed some problems and the overall cash flow is still tight. The current situation is that many property buyers are afraid to buy a house, fearing that they will not be able to hand over the house smoothly. If these shutdown projects are successfully resolved, confidence in the real estate market will definitely be further enhanced. "
"The problem faced by housing enterprises now is mainly liquidity, not just the tightening of financing. Since 2022, the sales scale of Zhengzhou property market has also dropped a lot, which makes the liquidity pressure of housing enterprises huge. "
"This bail-out fund, on the one hand, policy funds can enter most unfinished projects through the bail-out fund, solve a series of problems and enhance market confidence; On the other hand, developers do not directly finance, which eliminates the risk that developers' bosses blindly continue to expand their operations and their debts will rise instead of falling. "
"This is a good policy for Zhengzhou real estate market, but it still needs to be implemented." The person told reporters on WeChat.
Recently, Zhengzhou has successively issued a number of policies to enhance the confidence of the real estate market.
On July 19, Zhengzhou Real Estate Group and Henan Assets both indicated that they would set up special working classes to jointly set up Zhengzhou Real Estate Relief Fund, and participate in the rescue work such as revitalizing problem real estate and rescuing housing enterprises in difficulty through asset disposal, resource integration and consultant reorganization.
On the evening of July 26th, the market came out that Zhengzhou made statistics on "head housing enterprises voluntarily withdrawing from projects" and supported projects of key enterprises such as Jianye, Xinyuan, Cambridge, Shimao, Greenland, Zhengshang and Sunac. There are four exit modes: shed reform, unified loan and repayment, merger and acquisition, bankruptcy reorganization and affordable housing lease.
On June 20th, Zhengzhou City indicated that it would implement the resettlement of housing tickets for shantytown renovation, stipulating that "the holding period of housing tickets shall be calculated from the date of issuance of housing tickets, and the longest period shall not exceed 12 months, and the expropriated person shall pay the purchase price within the validity period of housing tickets". Experts believe that the policy has the function of supporting the market, which is conducive to destocking and boosting the overall confidence of the real estate market.
Previously, in March 1, Zhengzhou issued the 18 policy to help the property market, and made adjustments in terms of supporting reasonable housing demand, improving housing supply, increasing credit financing support, promoting the construction and renovation of resettlement houses, and optimizing the real estate market environment. Zhengzhou New Deal is also considered by the industry to be the strongest property market rescue policy since 2022.
Judging from the market reaction, the overall real estate market sales in Zhengzhou improved in June, even doubled.
According to the data of Zhengzhou Housing Security and Real Estate Administration, in June, Zhengzhou sold 1 1428 sets of commercial housing with a sales area of14.49 million square meters, while in May, it sold 6,066 sets of commercial housing with a sales area of 728,000 square meters.
In June, Zhengzhou sold 7 190 sets of second-hand houses with a transaction area of 776,900 square meters. In May, 3,478 sets (rooms) of second-hand houses were sold in Zhengzhou, with an area of 372,500 square meters.