The scale is tentatively tentatively tens of billions. Zhengzhou landed in the country's first real estate bailout fund.

China Times (chinatimes.net.cn) reporter Li Beibei Shanghai report

On August 5th, a reporter from Huaxia Times learned that Zhengzhou recently issued the "Zhengzhou Real Estate Rejection Fund Establishment Operation Plan" (hereinafter referred to as the "Plan"), which is mainly used to alleviate the real estate project's suspension of work and stop mortgage monthly supply brings brings brings Social issues and financial risks boost market confidence, and this is also the first local real estate bailout fund to land since the "suspension of loan storms" in July.

The "Plan" shows that the Zhengzhou Real Estate Rearry Fund will set up a special fund under the central city fund in accordance with the principle of "government guidance, multi -level participation, and market operation". In principle, the proportion of special funds for bailout special funds is not higher than 30%. State -owned investment and financing companies in the area where the project is located shall participate in the establishment of the sub -fund, and the proportion of the subjects of each subject shall be determined by all parties.

Hope to pry more social capital

The documents show that after discussions with some financial institutions, central enterprises, municipal -level state -owned investment and financing companies, and real estate enterprises, the "Plan" was formulated in combination with the actual difficulties faced by Zhengzhou real estate. A set of policies and measures to solidify the economy, try to solve the difficulty of urgent difficulties in the broken capital chain of real estate enterprises, alleviate the prominent social problems caused by the current real estate project's shutdown mortgage and mortgage monthly supply and systemic financial risks that may be triggered, and boost market confidence. "

According to the content of the plan, the Zhengzhou Real Estate Relief Fund was established under the principles of "government guidance, multi -level participation, and market -oriented operation", and a special fund was set up under the central city fund, and the scale was tentatively set by 10 billion yuan. The "Tianyancha" platform shows that the Zhengzhou National Central City Fund was established in 2019. The major shareholders are Zhengzhou Zhongdechuang Industrial Investment Co., Ltd., and eventually the actual controller is the Zhengzhou Finance Bureau.

In terms of operation methods, the "Plan" stipulates that the special fund of the bailout and the two -level state -owned company, social capital (including but not limited to central enterprises, provincial state -owned enterprises, construction enterprises, asset management companies, financial institutions, financial institutions) In principle, the proportion of special funds for bailout special funds in principle is not higher than 30%.

After that, Zi Fund hired a third party to evaluate the dedication of the project to be revitalized, and determined the activation method and price based on the net assets of the project; the revitalization funds were raised through the subsidiaries' own funds or financing methods. At the same time, the Zizi Fund implemented a fully closed management of the project, gradually recovered investment in accordance with the sales progress, and successively withdrawn it; the special project was used for the housing real estate of critical housing enterprises.

In terms of the investment direction of the bailout fund, the "Plan" clearly specifies the fund's main body through guidance and encouragement of central state -owned enterprises, social capital, and cities and district -level state -owned investment and financing companies above AA to participate in the revitalization " The future sales revenue in Zhengzhou City can cover the stock real estate project that can cover project investment. " At the same time, the "Plan" stipulates that the bailout fund drives social capital and revitalizes the existing projects with higher net assets with high net assets in crisis, and urge crisis to replace funds to alleviate other suspension of other suspension of mortgage monthly supply. The lack of funds in the real estate hopes to achieve the leveraged effect of "revitalizing one and saving a batch", and gradually resolve potential risks.

In terms of specific implementation steps, first of all, the heads of the heads and counties in all districts and counties to sort out which projects are activated and active, and connect with state -owned enterprises and social capital at all levels in the "one project, one child fund" method. Fund declaration. And the plan should include and is not limited to the situation of the project, the future income calculation of the project, the way of activation, the use of the activation funds, and the fund organizational form, the scale and period, the ratio of equity, the funding letter issued by the investors, the fund withdrawal method, etc. Elements.

In addition, in order to ensure the security of funds, the "Plan" emphasized that after receiving the activity funds, the critical housing companies should use all the funds for its early investment. The Housing Security Bureau and the Zhengzhou Audit Bureau are responsible for supervision throughout the process.

The threshold for rescue is high?

Yan Yuejin, research director of the Think Tank Center of the E -House Research Institute, told a reporter from the China Times that the establishment of the Zhengzhou bailout fund model has a very good orientation. "Such funds have a very good leverage to leverage." Yan Yuejin pointed out that, for example, the funds and hard gaps of some key projects in Zhengzhou are about 1.5 billion/piece at present. The hard funds were "shaped" to the parent fund about 180 million. "Based on this, it can be considered that through the operation of such funds, it can effectively exert the leverage effect, so that the seemingly not much of the size of 10 billion yuan can exert a good relief effect." Yan Yuejin believed.

"Huaxia Times" reporter noticed that there is an industry voice that the size of the 10 billion -bailout fund announced by Zhengzhou this time is that the focus is on attracting more social capital, but the motivation for most institutions may be limited. At the same time, the threshold for the rescue of the problem of relief funds on the problem of the problem is also high, and the landing effect is yet to be tested by the market.

In this regard, Zhang Bo, president of the 58 Anju House Research Institute branch, analyzed the reporter of the Huaxia Times that from the perspective of Zhengzhou's tens of billions of bailout funds, it is indeed a project that focuses on resolving assets greater than liabilities. "The action method drives social capital to solve the completion of the project." There is indeed a certain threshold. " The purpose of establishing a threshold is that the scale of the bailout fund itself is limited and cannot fully solve all the projects that exist. Therefore, through the way to "solve a batch of batch", better restore the confidence of the industry; The project is also to control the corresponding risks and ensure the effective implementation of the early movement of the fund. As for the limited view of social capital attraction, Zhang Bo believes that there is no need to be pessimistic: "The participation of society will gradually resolve the risk in the future. It is normal for Fang Capital to wait and see. "

A personnel who developed in Zhengzhou also told the reporter of "Huaxia Times", "I feel that the threshold is normal, and the local (Zhengzhou) is still very positive. The law is in place, or all supports. "The person said sincerely:" This orientation and demonstration effect, it feels good. "

As the person said, since the "suspension of loan storms", Zhengzhou has been insisting on solving the problem of suspension of real estate and suspension of loans and real estate enterprises, and stepping up the confidence in the real estate market.

According to the official website of Henan Asset Management Co., Ltd., on July 19, Zhengzhou Real Estate Group Co., Ltd. and Henan Assets jointly established the Zhengzhou Real Estate Reservation Fund to participate in the active real estate activity and difficult housing through asset disposal, resource integration, and reorganization consultant. Enterprise rescue and other siege work.

At the end of July, the Zhengzhou Housing Management Bureau organized eight key real estate companies to meet, intending to support the four models of shack -to -renewal, acquisition, bankruptcy and reorganization, and affordable leased housing to support the problems of these housing companies in Zheng.

Entering August, 13 departments including the Henan Provincial Department of Natural Resources and other departments recently issued the "Implementation Opinions on Comprehensively Implementing the" Payment of Certificate of Paying a House "in a comprehensive implementation of the new commercial houses", and decided to fully implement new urban planning scope from January 1, 2023 The pre -sale commercial housing project that has obtained the right to use state -owned construction land "pays the certificate".

However, from the market response, the "stop loan storm" has also affected the Zhengzhou property market. According to the recent market monitoring data released by Ke Rui Henan, the average monthly visit to the Greater Zhengzhou single project in July was about 202 groups. The 15 sets decreased by about 7%, and the conversion rate was declining.

Editor -in -chief: Zhang Bei Editor: Zhang Yuning

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