The Association of Dealers clearly stated in the article that it will continue to promote and expand the bond financing support tool for private enterprises (the "second arrow") and support private enterprises, including real estate enterprises, to issue bonds for financing. The "Second Arrow" is financed by the refinancing of the People's Bank of China. It entrusts professional institutions to support private enterprises in issuing bonds and financing according to the principles of marketization and rule of law by means of guaranteeing credit enhancement, creating credit risk mitigation certificates and purchasing bonds directly. It is estimated that it can support about 250 billion yuan of private enterprise bond financing, which can be further expanded according to the situation.
20 18 in view of the financing difficulties encountered by some private enterprises, with the approval of the State Council, the People's Bank of China, together with relevant departments, adopted a "three arrows" policy combination from three financing channels: credit, bonds and equity to support private enterprises to expand financing. As the "second arrow", private enterprise bond financing support tools can effectively guide market institutions to improve risk appetite and financing atmosphere, effectively alleviate the credit contraction problem of private enterprises, promote the recovery of private enterprise financing and reduce the financing cost of private enterprises.
Recently, the Dealers Association organized China Bond Promotion Company to actively carry out bond financing and credit enhancement for some private real estate enterprises. Related work will be integrated into supporting tools to promote overall planning. In the future, with the expansion of the scope and scale of financing support for private enterprises to issue bonds, the role of support tools will be further played, which will help boost investor confidence, especially help stabilize and expand financing for private enterprises.
In this regard, Liu Shui, research director of the Enterprise Division of the Central Reference Institute, believes that intensive support for private housing enterprises to issue bonds will usher in a financing window for issuing bonds. The policy clearly points out that "supporting the healthy development of private enterprises and supporting private enterprises, including real estate enterprises, to issue bond financing", which shows that supporting private housing enterprises' financing is an important aspect of supporting the healthy development of private enterprises, and private housing enterprises are important support targets. Earlier, Pan, deputy governor of the People's Bank of China, went to China Bond Company for investigation and pointed out that "we should increase support for bond financing of private housing enterprises". 1 65438+1October1day, the dealers' association, the real estate association and the China Bond Promotion Company held a 2 1 private housing enterprise symposium. Around 10, the state made three clear actions to intensively support the financing of private housing enterprises, and private housing enterprises can increase their efforts to issue bonds for financing.
The "Second Arrow" is financed by the refinancing of the People's Bank of China. It entrusts professional institutions to support private enterprises in issuing bonds and financing according to the principles of marketization and rule of law by means of guaranteeing credit enhancement, creating credit risk mitigation certificates and purchasing bonds directly. That is, support private housing enterprises to issue bonds through guarantee and credit enhancement, creation of credit risk mitigation tools and direct purchase.
Liu Shui introduced that the scale of M&A loans and M&A bonds for real estate in the first half of the year exceeded 654.38 billion yuan. In May and August, demonstration housing enterprises raised tens of billions of funds through credit risk mitigation tools and fully guaranteed bond issuance. At the end of August, the regulatory authorities set up a special loan of 200 billion yuan for Baojiaolou. At the end of September, the regulatory directive added 600 billion yuan to real estate. In addition, this policy has supported tens of billions of private housing enterprises to issue bonds, with a total support of nearly one trillion housing enterprises.
In the future, the scope and scale of financing support for private housing enterprises will continue to expand.