On January 20, the National Housing and Urban-Rural Construction Work Conference was held in Beijing by video. The meeting emphasized that in 2022, efforts should be made to “increase confidence, prevent risks, stabilize growth, promote reform, and strengthen the team”, and proposed “strengthening the regulation of the real estate market, promoting the structural reform of the housing supply side, implementing urban renewal actions, implementing Eight key tasks include rural construction actions, implementing carbon peaking and carbon neutrality goals and tasks, promoting the transformation and upgrading of the construction industry, promoting reform and innovation and the construction of the rule of law, and strengthening party building.
Compared with the 2021 work conference of the Ministry of Housing and Urban-Rural Development, “increasing confidence, preventing risks, and stabilizing growth” is the largest incremental information. To this,shellResearch Institute Chief MarketinganalystXu Xiaole XiangsecuritiesA reporter from the Daily said, “Compared with last year, it is the first time to emphasize ‘increasing confidence, preventing risks, and stabilizing growth’, and for the first time proposed to ‘establish a regulatory responsibility mechanism for ministries, provinces and cities’ in the real estate sector.”
“Confidence enhancement” mainly emphasizes expectation management. Xu Xiaole said that the market downturn in the second half of 2021 is mainly due to the superposition of a number of financial tightening policies, resulting in an unbalanced market rhythm and weakening market expectations.the fourth quartercreditWith the improvement of the environment, market transactions have accelerated and bottomed out, and the second-hand housing climate index, which represents market expectations, stopped falling and stabilized in December. This shows that the fundamentals of the real estate market have not changed, housing demand is still strong, and market confidence has gradually recovered.
“Risk prevention” is reflected in putting it in a more prominent position. The meeting specifically mentioned “resolutely and forcefully handling the overdue delivery risk of real estate projects of individual leading real estate companies”. Xu Xiaole said that there have been many discussions on the supervision of pre-sale funds recently. First, reasonable fund supervision is necessary. After the default of real estate companies in the second half of 2021, some cities have tightened the supervision of pre-sale funds to prevent “delivery risks”, but there are also cities where excessive tightening has occurred, which has caused real estate companies to encounter greater difficulties in difficult times. Liquidity pressure, maintaining the moderate liquidity of housing enterprise funds is an important measure to lead the industry out of the trough.
In this regard, Chen Wenjing, deputy research director of the Index Division of the China Index Research Institute, told the “securitiesThe reporter of the Daily said that in 2022, it is expected that the “guarantee delivery” will be strengthened in various places.M&APolicy support; on the other hand, strengthen the supervision of pre-sale funds, but under the pressure of corporate funds, localities may flexibly adjust the supervision policies of pre-sale funds. Seek a new balance between usage efficiency.
“Stable growth” means that the real estate market still has a large demand support, and there is still room for growth in the future. Xu Xiaole said that in 2020, the urbanization rate of my country’s permanent population is 63.9%, and it is still in the stage of rapid urbanization. Every year, more than 11 million new urban jobs are created, which brings a large number of new housing needs. At the same time, a large number of old houses built before 2000 are of small size, poor quality and incomplete supporting facilities, and the residents’ demand for improving their living conditions is relatively strong.
“At present, the tone and focus of real estate work are shifting to the ‘three guarantees’, that is, guaranteeing property handover, people’s livelihood and stability.” Li Yujia, chief researcher of the Guangdong Provincial Housing Policy Research Center, told the “Three Guarantees”.securitiesDaily reporter said that in recent months,real estate developmentInvestment and newly started land acquisition have declined, and some housing companies have defaulted on their debts.Bank, developers and home buyers and other market entities are pessimistic about the industry, so we must start from the three aspects of “increasing confidence, preventing risks and stabilizing growth”. Steady growth.
It is worth mentioning that the meeting also proposed to “establish a regulatory responsibility mechanism for ministries, provinces and cities” and called for “strengthening policy coordination and linkage.” In Xu Xiaole’s view, this is an upgrade on the basis of “implementing policies according to the city”, and it is also a further refinement of “distinguishing central and local powers and implementing differentiated regulation”, decomposing regulation responsibilities into three layers, and avoiding unilateral actions by cities. Driven by the realization of short-term goals, excessive tightening or excessive relaxation of real estate control policies and implementation.
Xu Xiaole believes that the launch of this “mechanism” will help to coordinate policies among cities, ensure an orderly recovery of the real estate market, and enable the stable implementation of the effective stabilization policies in the previous practice. Li Yujia also told the “Securities Daily” reporter that this is to give full play to the three-level linkage mechanism, so that all functions and main responsibilities must be implemented, and the effect of ministries and provinces on the management of local cities and smooth information is a major innovation in refined management. .
(Article source: Securities Daily.com)