No real estate lending "Grace" "Dynamic fine-tuning" limited influence

Zhou Xiaochuan, governor of the People's Bank of China, said at the 2009 Lujiazui forum that a moderately loose monetary policy would continue, and that the specific operational strength needed to take a step closer to dynamic fine-tuning according to actual needs. The use of the word "dynamic fine-tuning" makes the trend of future monetary policy appear delicate. A lot of people are speculating about how big a impact this comment will have on the real estate industry.　　In fact, this "dynamic fine-tuning" does not have a significant impact on the current real estate industry, because even if the early monetary policy is quite loose, the real estate industry has not benefited from it. The proportion of real estate industry in March, according to the People's Bank of China published data, the month of RMB loans increased by 1.89 trillion yuan, the year-on-year increase of 1.61 trillion yuan. The data not only refreshed the record of China's single-month lending history, but also new loans in the first two months of the year, adding 4.58 trillion yuan to new loans in the second quarter.　　In other words, according to the total annual credit limit of 5 trillion yuan, the first quarter of new credit accounted for more than 90%. The face of such a day-long credit growth, coupled with almost the same time the housing market warmer. For a time, for developers to get "blood transfusion", and will lead to rising prices again speculation.　　However, that is not the case. May 6, the People's Bank of China issued the "Chinese Monetary Policy implementation report (first quarter of 2009)", the report said, from the first quarter of the yuan loan investment, the main financial institutions to the infrastructure industry, leasing and business services in the medium and long-term loans, The proportion of new and medium-term loans was 50.1% and 12.4%, respectively, 9.9 and 7.9% higher than the same period a year earlier.　　In contrast, medium-and long-term loans for the real estate sector accounted for 11.2% of the new medium-and long-term loans, down 8.7% from the 2008 period when monetary tightening was implemented. Development funding pressures still remain "development loans" this part has long been tightened. "The head of a joint-stock bank credit department said to reporters. The comments are diametrically opposed to speculation that banks will loosen real-estate loans.　　In Zhejiang, where private capital is particularly active, a local developer frankly told reporters that, in addition to the benchmarking of private enterprises and state enterprises, small and medium-sized development enterprises are basically difficult to borrow money to the bank. This fits well with what the central bank says in the report, "commercial banks are more inclined to invest their loans in large projects or big enterprises".　　For the development of the enterprise, the best way to deal with the future financial difficulties, is still the price of active sales of cash withdrawal. Hangzhou, for example, April, Hangzhou new House property market continues to the upward trend of March. According to the data provided by the transparent sales network, the April Hangzhou eight metropolitan area total sold 6268 sets, the average price for 12755.01 yuan/square meters. Compared with March, residential turnover rose 31.5%, and prices rose by 14.4%. Since May 15, a four-day Hangzhou People's Habitat exhibition, many developers have been subjected to the formerTrading to take the heat of the impact of the housing prices in the selection of the "micro-rise." But the development companies mentioned above still adopt the early promotion price to continue to digest the remaining property. "To tell the truth, I am cautious about future." "The actual financial pressure of the developers reflects, but also from the cooperative relationship between the intermediary agencies." "There are some cooperative developers, the capital chain stretched very tight." "Zhejiang Branch Granville International Real Estate vice chairman Chen said. The intermediary enterprise that has just introduced the global real estate intermediary chain Brand (Coldwell Banker) into Zhejiang Province, is brewing to expand the Hangzhou chain scale to 100, and in addition to open up 100 in Zhejiang provinces to join the cloth point. Chen's attitude is quite straightforward: "I think it's very competitive to help developers sell their new homes by using store dominance." According to Chen revealed, according to the agreement between the two sides, developers will be the availability of the price of the package will be advised to the agency for sales agent.　　Not only can alleviate the capital pressure, but also can quickly digest the housing. The pace of future lending may be slowing "the prospect of a full recovery is unclear." Wang Xufei, deputy general manager of Hangzhou Guangsha Capital Group, said, "This round of warming is only a structural adjustment, it is difficult to judge how long it will last." "As we all know, in general, the first quarter is often the peak of bank lending, with a view to" Peace of mind "to complete the annual target. This point, in the central bank's report also clearly pointed out that the March loan surge to a certain extent also by the commercial banks at the quarter of the assessment, and other factors, there is a "rush point" component.　　In the April to the next few months, financial institutions and businesses will need to "digest" it for some time.　　Wu Yonggang, an analyst at Cathay-Ontario bank, said that the overall credit trend in May this year should show a gradual downward trend, that is, the amount of new loans per month between 3000 trillion to 5000 trillion yuan, according to the monthly 3000万亿来 calculation, the total credit in 2009 will be within 8 trillion yuan. May 15, central bank governor Zhou Xiaochuan at the 2009 Lujiazui Forum said that a moderately loose monetary policy, according to the actual needs of the continuation of the dynamic fine-tuning, the specific operational strength needs to take a step forward.　　Before that, the bank's chairman, Mr Liu, said at the Asian bankers ' 2009 summit that it was necessary to keep the credit lever at its source, to tighten bank credit, and to insist that the banking system and capital markets should be properly segregated from the real estate market. For the two major departments responsible for the public words. Real estate industry veteran Chen sincerely believes that the first quarter of new loans set a historical day, on the one hand, the annual target close to completion, will make the loan pace of commercial banks may slow down; on the other hand, as the financial crisis continues to spread, China's real estate market adjustment posture has not ended, The risk of issuing development loans remains, as well as making banks cautious about the property sector.