Relief funds were set up in many places to promote the resumption of work and production.
The relevant departments stressed that the work of "ensuring the delivery of houses and stabilizing people's livelihood" adheres to the people-centered development concept, adheres to the principle of rule of law and marketization, compacts the main responsibility of enterprises to save themselves, implements the territorial responsibility of local governments, and earnestly safeguards the legitimate rights and interests of buyers.
Recently, the operation plan for the establishment of Zhengzhou Real Estate Relief Fund was released to the public. The fund size is tentatively set at 654.38+000 billion yuan. The relief project is limited to the existing real estate projects whose future sales revenue can cover the project investment, and four development modes of the relief project are defined, namely, shed reform, unified loan and repayment, acquisition and merger, bankruptcy reorganization and capital preservation rental mode.
In Wuhan, China Construction Bank plans to set up a 30-billion-yuan rescue fund in Hubei Province on a pilot basis to purchase problematic projects and transform them into public rental housing. Nanning set up a stable real estate fund with an initial scale of 3 billion yuan.
It is noteworthy that in addition to local governments, asset management companies have also begun to accelerate their admission. Following the signing of the bail-out and restructuring agreement between China Huarong and Sunshine Group, Zhongnan Holdings and Jiangsu Assets announced their cooperation in bail-out on August 10. According to the agreement, Jiangsu Assets or its designated entity and Zhongnan Holdings or its designated entity * * * jointly set up a fund with a scale of 2 billion yuan and a duration of 3 years, which will be used for project cooperation invested by Zhongnan Holdings and related parties, including stock debt restructuring and continuation of existing projects.
In addition, Great Wall Assets disclosed that in the first half of the year, it had conducted several rounds of docking with 12 housing enterprises, conducted in-depth research on the assets of the intended bail-out projects, and some projects have been successfully landed or approved for capital contribution; Cinda Asset's first bail-out project also successfully landed in July.
With the joint efforts of local governments, financial institutions, and housing enterprises, news of resumption of work has been reported in several stopped buildings.
Multi-project test water "financial institutions take over entrusted construction" model
At present, many shutdown projects have been revitalized by means of financial institution takeover, creditor acquisition, creditor auction and partner custody, and the building has been guaranteed.
According to the survey report released by Kerry Research Center, Evergrande has successively signed agreements with a number of trust companies, such as Everbright Trust and Minmetals Trust, to divest some urban projects to trust companies, and the trust companies have injected funds into the project companies to ensure the subsequent development and construction of the projects. Creditor CITIC Group acquired Caesar's four projects in Shenzhen with a total value of about 50 billion yuan. Wuxi Cuizhu Real Estate Development Co., Ltd. transferred its creditor's rights on Ali auction platform in order to introduce investors to continue construction as soon as possible.
The insiders believe that from the practical point of view, the mode of "financial institutions taking over entrusted construction" has promoted the orderly clearing of problem projects. Taking "Moon Half Bay" in Nansha, Guangzhou as an example, Cinda Asset Rescue Housing Enterprise was the first successful landing project. In this project, Cinda purchased the project creditor's rights at a discount, Shenzhen Huajian provided an incremental capital loan, Cinda Real Estate entered the site to operate as a construction agent, and all the project funds were in place.
In Guangzhou, Guangdong, Kunming, Yunnan, Jiangyin, Jiangsu and other places, financial institutions have also introduced * * * builders to revitalize shutdown projects. Bai Sheng Plaza, Guangzhou Baizhu Company, was the first reorganization project ruled by Guangzhou Intermediate People's Court, which was sealed up by the court because of the broken capital chain. Under the mediation of Guangzhou Intermediate People's Court, creditors reached an agreement on project debts and repayment methods, and introduced restart funds. As asset managers, Blue and Green Twin Cities are responsible for development, renewal and market repositioning, achieving high-quality delivery and protecting creditors' rights and interests.
According to the introduction of relevant departments, real estate enterprises, as the main body responsible for ensuring the delivery of buildings, actively dispose of assets, raise funds in various ways, and strive to complete the task of ensuring the delivery of buildings. In order to prevent the risk spillover of real estate enterprises, local governments have effectively assumed the territorial responsibility of "ensuring the delivery of houses and stabilizing people's livelihood" and helped enterprises to do a good job in ensuring the delivery of houses. At present, with the joint efforts of all parties, all localities have made positive progress in ensuring the delivery of buildings, but there is still financial pressure.
Cao Zhounan, chairman of Blue-Green Twin Cities Holding Group, said that most disaster relief projects need start-up funds, and Blue-Green Twin Cities has set up a special disaster relief fund of 654.38+0.8 billion yuan in cooperation with financial institutions for resuming work and production.
A comprehensive classification policy is needed
At present, the reasons for the suspension of real estate in various places are more complicated. In addition to setting up special relief funds for real estate, many places have also set up special classes to return land funds and optimize the supervision of pre-sale funds to urge the stopped real estate to continue construction.
In Suzhou, the sub-district offices and district-level functional departments in the area where the shutdown project is located jointly set up a working group to enter the project site to urge the project to resume work as soon as possible, supervise the project quality, and implement "one policy, one specialist, one class on the first floor". In Chongqing, the relevant departments set up a risk resolution and disposal team for real estate projects, arranged special classes to track the progress of project construction, and implemented closed management of project account funds.
"Every property is different, and the specific situation is actually very complicated. It is recommended that' one floor, one policy' be treated differently. " Ding Zuyu, CEO of Yiju Enterprise Group, believes that it is imperative to quickly inject liquidity into the market and enterprises in a short time. If the problem project wants to be fully revitalized, it still needs to start the capital first.
Cao Zhounan believes that although some housing enterprises have cash flow problems, their assets are still there, and they are not insolvent. Local governments can buy back land through the relief fund, which is equivalent to the government purchasing and storing again, and housing enterprises get "life-saving money" to achieve a win-win effect.
A person in charge of a housing enterprise said that although housing enterprises are facing liquidity pressure, they still have a lot of assets in their hands. It is suggested that the regulatory authorities encourage banks to open mortgage financing to alleviate the financial difficulties of real estate enterprises and the delivery problems of the industry.
The relevant departments indicated that they will resolutely implement the decision-making arrangements of the CPC Central Committee and the State Council, firmly adhere to the positioning that "houses are for living, not for speculation", steadily implement the long-term real estate mechanism, improve the relevant systems and policy toolboxes, explore new development models, constantly rectify and standardize the real estate market order, create a market environment that is law-abiding, honest, clean and honest, and promote the virtuous cycle and healthy development of the real estate industry by taking measures according to the city.