On August 8, according to the Beijing News reporter, the General Office of Zhengzhou Municipal People's Government recently issued the Operation Plan for the Establishment of Zhengzhou Real Estate Relief Fund (hereinafter referred to as the "Plan"). The government will take the lead in setting up a special relief fund with a tentative scale of10 billion yuan, which will operate in the form of a mother-child fund, and then all districts and counties will attract different types of social capital to set up sub-funds.

On the afternoon of the same day, the relevant staff of the General Office of Zhengzhou Municipal People's Government confirmed the authenticity of the "Proposal" document to the Beijing News reporter, saying: "This document is true, and whether it is released to the public depends on the relevant departments."

Li, chief researcher of the Housing Policy Research Center of Guangdong Urban Planning Institute, commented: "This is the first local fund in China to save the real estate market. It is an' introduction fund' with an exit mechanism and can be recycled. However, not every project can be favored by the rescue fund, and only those projects that can turn losses into profits in the later stage meet the criteria for capital injection. "

Can the "referral fund" have four or two thousand pounds?

Zhengzhou took the lead in setting up a10 billion yuan rescue fund, which was directly related to the "loan suspension incident" that spread across the country before. With regard to the original intention of setting up the rescue fund, the proposal points out that in order to implement the package of policies and measures to stabilize the State Council's economy, we should try our best to solve the urgent problem 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 mortgage loan, and boost market confidence.

According to the "Proposal", Zhengzhou Real Estate Relief Fund will set up a special relief fund under the central city fund in accordance with the principle of "government guidance, multi-level participation and market-oriented operation", with a tentative scale of 654.38+0 billion yuan, which will be operated in the form of parent-child fund. All districts and counties need to attract different types of social capital to set up sub-funds.

The participants in the special rescue fund are also relatively clear. The "Proposal" stipulates that social capital such as central enterprises and provincial state-owned enterprises, as well as municipal and district-level state-owned investment and financing companies above AA will be guided and encouraged to participate in revitalizing the future sales revenue of our city in a market-oriented and legal way. Stock real estate projects that can cover project investment.

In terms of operation mode, the relief fund, as the parent fund, takes urban state-owned enterprises and social capital (including but not limited to central enterprises, provincial state-owned enterprises, construction enterprises, asset management companies and financial institutions) as the main bodies to form sub-funds, and the contribution ratio of the relief parent fund is not higher than 30%.

After the main body of the sub-fund is established, the sub-fund will hire a third party to thoroughly evaluate the project to be revitalized, and determine 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.

This is equivalent to the mother-child fund as a "seed fund" respectively, which incited social capital twice. In this regard, Li analyzed: "Under the leadership of the government, setting up two-level maternal and child funds in urban areas to promote social funds with a small amount of investment is actually a model of introducing funds."

Yan Yuejin, research director of the think tank center of Yiju Research Institute, said: "This time, Zhengzhou has established a model of" parent fund-sub fund-item "to ease and transfer funds. The scale of the parent fund is 654.38+000 billion yuan, and the sub-fund is set up by 30% of the parent fund and 70% of the urban two-level institutions. At the same time, 40% of such sub-funds are invested and the rest are raised through mergers and acquisitions. "

"The special funds for bail-out only account for 30% of the capital contribution, and others rely on district-level sub-funds (40% of their own funds) and social capital injection. With this fund, the short-term liquidity difficulties have been solved and the project can be moved. With the sales rebate, the bail-out fund successfully withdrew and invested in the next project. " Li said to him.

"This kind of fund has a very good leverage effect. At present, the hard funding gap of some key projects in Zhengzhou is about 654.38+0.5 billion yuan. According to the operation mode of the parent-child fund, the hard funding for this kind of problem is finally' shared' with the parent fund by about 65.438+0.8 billion yuan. It can be seen that through the operation of such funds, the leverage effect can be effectively exerted, and the seemingly small10 billion funds can play a good bail-out effect. " Yan Yuejin added.

Which items are the first choice? Six screening criteria

According to the information provided by Ke Rui, Zhengzhou uncompleted residential flats are 27 1 000 square meters, with a total of 25,249 sets, accounting for 29% of Zhengzhou's turnover last year. At the same time, according to incomplete statistics, there are hundreds of buildings that have stopped working in Zhengzhou. So, which properties can be given priority in the rescue fund?

The "Proposal" points out that social capital will be used to revitalize 1-2 projects with high net assets of distressed real estate enterprises through special funds for bail-out, and the distressed real estate enterprises will be urged to use the replacement funds specially to alleviate the shortage of funds in some pre-investment projects that have stopped work and stopped mortgage, so as to achieve the leverage effect of "revitalizing one family and saving a batch" and gradually resolve potential risks.

According to the "Program", projects with higher net assets will become the first choice, that is, "stock real estate projects with future sales income that can cover project investment".

A document entitled "Project Screening Requirements" obtained by the Beijing News reporter from Zhengzhou industry insiders shows that the projects supported by the bailout fund should meet six requirements, including real estate projects with superior geographical location, complete supporting infrastructure and good reputation of developers; Give priority to government reserve projects obtained through bidding, auction and suspension in the open market; The ownership of creditor's rights and debts of the project company is clear, there is no seizure or freezing of equity and assets, there is no internal dispute among shareholders, and the project company only has independent development projects; Projects with sufficient surplus value, assets exceeding liabilities, and surplus saleable value sufficient to make up for previous liabilities and principal and interest of invested capital; Give priority to projects that can apply for M&A loan conditions, such as having obtained four certificates and the investment intensity has reached 25% of the total investment (excluding land payment); The project has no potential risks such as limited planning and development.

On the basis of meeting the above six requirements, Zhengzhou Development Zone, districts and counties (cities) and real estate head enterprises within their respective jurisdictions will screen stock projects that meet the conditions of revitalization in the same region, and connect state-owned enterprises at all levels and various social capitals in the form of "one project and one sub-fund".

An insider of a local real estate enterprise in Zhengzhou told the Beijing News reporter: "The first batch of rescue projects should be formulated in combination with the enterprise's own declaration and the government's screening criteria. As one of the pre-rescue housing enterprises, we have reported the list of trapped projects. "

On the previous July 27th, Zhengzhou proposed four innovative modes: shed reform, unified loan and repayment, merger and acquisition, bankruptcy reorganization and affordable housing leasing. The first batch of six housing enterprises, including Jianye, Kangqiao, Shimao and Sunac, tested the water, and chose to dock the four modes above the problem building under the housing enterprises to promote the work of "guaranteeing the delivery of the building".

It is understood that the10 billion yuan rescue fund launched this time is in the same strain as the first four paragraphs. The second mode of the four modes mentioned above suggests that for projects with assets greater than liabilities, the mode of acquisition and merger can be chosen, and the government will organize the docking of state-owned enterprises and financial institutions to solve the cash flow problem of enterprises.

At present, the "Program" is still in the early stage of application, and no specific projects have yet landed. A number of representatives of local real estate enterprises in Zhengzhou also told reporters: "At present, no specific projects have been involved, and we are still waiting for the detailed rules, and we have not yet reached the implementation stage."

Beijing News reporter Xu Qian

Editor Wu Xin proofreads Liu Jun.