Property market regulation policy does not mention private capital ratio developers secretly pleased

Real estate developers can now be more relaxed. 2009, the real estate development enterprise source of funds amounted to 5.7128 trillion yuan, and the whole country completes the real estate development investment only is 3.6232 trillion yuan, this 2.0896 trillion yuan's difference causes the housing enterprise temporarily not to worry about this round regulation the so-called tightening monetary measures; The 2009 Hot Real Estate consumer market will be the developer's money bag stuffed with real gold and silver.　　And this dense introduction of regulatory measures, there is no explicit mention of the developer's own capital ratio restored to 35%, but also to the developers from the bottom of the smile. 2010 with low volume of dismal start of the real estate market, ushered in the country's most powerful sound regulation.　　Following a series of regulation and control policies for the real estate industry in December 2009, a comprehensive blueprint of land, credit, taxation and administrative supervision was used to define the keynote and structure of China's real estate regulation policy in the 2010. Then the Department of Housing and other six departments jointly convened a press conference, and issued "on the promotion of urban and state-owned mining shanty towns reform work guidance", the specific implementation of "State 11" content.　　This control thinking clear, clear, is more systematic and comprehensive from the "structure, suppression speculation, risk control, Ming responsibility," four aspects to accelerate the curb prices too fast rise. But careful people found that the blockbuster five real estate control policies did not mention the real estate developers own capital rate. In the "Country 11" also only pointed out that the strict implementation of real estate project capital requirements, is strictly prohibited to meet the credit policy requirements of real estate development enterprises or development projects to issue real estate development loans.　　But the public is not clear about what the capital requirements are and what proportion of the project is. September 2004, the central government to regulate the heat of the real estate market at that time, has asked for loans for development enterprises, the proportion of their own capital should not be less than 35%.　　In the following years, with the housing market heating up, the central government has issued a series of policies to regulate the real estate development market, "35%" The deadline has never been loosened. Time to China's economic crisis hit by the 2009, the export of foreign trade seriously frustrated, investment and consumption has become the driving force of China's economy out of the mire, the real estate as a small number of stepped investment and consumption of two carriages is the industry.　　On May 27, the State Council announced the results of the adjustment of capital ratio of fixed assets investment projects, and the minimum capital ratio of ordinary commodity housing projects was lowered from 35% to 20%. After the introduction of the policy, the industry pointed out that the reduction in the proportion of capital, in fact, the majority of developers the most "remedy" of the "rescue" prescription.　　The lower proportion of its own funds, it means that the real estate developers to lower the threshold of loans, can use less money to borrow more loans, thereby enhancing corporate confidence. From the later development of the real estate market, it does enhance the confidence of the enterprise. Developers are on the verge of breaking the capital chain as to get nectar, in a well-funded environment, they will have their own capitalGold's leverage played to the extreme. The increase in the area of new construction, not only led to the upstream industry development, but also prompted the "King" one of the emergence of house prices, such as bamboo "high".　　Despite the start of the second half of 2009, the first-tier city housing turnover continued to decline, but the developer's enthusiasm has not been affected. Too fast rising housing prices and high real estate development enthusiasm, and finally attracted the control policy of the intensive introduction.　　From "state four" to "State 11", from the Ministry of Land and the SFC in conjunction with the verification of real estate listed companies refinancing projects, to the central bank announced the increase in deposit preparation rate, one months, clearly put forward or affect the real estate control measures issued continuously, and even frequently pointed to the fund chain developers "The tightening of liquidity in the central bank means that the lending threshold for real estate companies will improve and the financing environment for real estate companies will be tighter than in 2009." "said Chen Kwok-keung, director of the Beijing Institute of Real Estate.　　Chen, vice president of China Index Research Institute, said that these measures, all show that the relevant departments of the real estate industry policy is from "encourage" to "tightening." Although a range of policies have ostensibly tightened monetary policy, analysts say this has also created momentum for the continued expansion of real estate Trust financing in the 2010, and that the trust, a super substitute for real estate financing, is gradually jumping to the stage. "The rapid implementation of the real Estate Investment trust Fund (REITS) pilot work proposed by the Central Bank working Conference can be said to be a positive signal to the real estate enterprises."　　"said the analyst.　　Changbaoliang, chief economist of the National Information Center's Economic forecasting department, said that although the real estate industry "pillar" status of the reference, disappeared from the central, but the real estate and car is still the 2010 GDP growth, the country in curbing the rapid rise in housing prices, but also to maintain real estate development investment growth rate. The real estate industry researcher says, low own capital ratio, will cause more people to join in the real estate development. They will use the increasingly diversified financing channels to play the leverage of their own funds, if applied, can continue to promote the development of the real estate industry.