Risk warning aims to force housing companies to cut prices and increase sales

This is only a guidance signal passed by the regulatory layer, aimed at increasing the amount of land development by the housing enterprises through the pressure of credit tightening, and increasing sales strength. This reporter Wangxiaoxia intern xie regaling These two days, the central bank, the Banking Regulatory Commission on real estate credit policy and credit risk.　　The central bank reiterated the need to strictly enforce differential housing policies, and regulators issued intensive warnings about the risk of real estate credit, especially development loans. "In real estate loans, the risk of personal mortgages is very small, while developers of development loans have a certain risk, but at present the risk is manageable."　　Tente, chief economist at Minsheng Securities, said in an interview with the China Economic Times that most of China's real estate loans are quality loans. Mortgage risk Overall controllable Tente said that the reason that China's real estate loans are mostly quality loans, on the one hand, because many loans have better asset mortgage, mortgage ratio is relatively high; on the other hand, the commercial bank in the issuance of loans, the loan enterprise repayment capacity, project implementation capacity, etc. This is quite different from the US real estate loan before the financial crisis: first, the US housing market itself does not have too much growth driving force, and secondly, they have a lot of subprime loans, these subprime loans are mainly for the 70后 of those who are not strong repayment capacity of the group issued.　　So, comparatively speaking, China's overall credit risk is not big. This reporter from the south of an international bank of the President to understand that the market is not too much risk. Because, the current housing prices in March this year after the formation of the crazy, even under the policy control down 20%, but also only to return to the level before March this year, house prices are still high running.　　Moreover, after March this year, although house prices rose, but did not really form a lot of market turnover, and banks did not form a large scale of credit. "Risk warning mainly refers to developers of development loans." Beijing Yang Shaofeng, general manager of the Quartet real estate brokerage company in the interview with the reporter, the current CBRC has instructions to commercial banks, hoarding land development enterprises can not borrow, the Ministry of Land and Resources is also the national crackdown on hoarding behavior. "In this case, the hoarding of land has become the biggest burden of development companies." "Risk warning may force the house to cut prices Yang Shaofeng said that the current cash flow is very dangerous for companies with insufficient capital, more land hoarding and weaker development capabilities. On the one hand, the market volume is depressed, enterprises do not have capital inflow, on the other hand, the Ministry of Land to increase the inventory of corporate land, forcing enterprises to increase the size of land development, and increase the amount of development means that the capital investment to increase.　　In this case, the development of the enterprise both from the bank can not borrow money, and cannot be sold through the market back, the fund chain stretched too tight, it will easily break. In fact, there are already some people in the industry that "some real estate developers have a capital chain fracture phenomenon." It is understood that senior regulators also have such a stance. Because the current property market transactions continue to shrink, the developer sales funds are not smooth,Make the developer capital chain tight.　　The continued contraction of bank credit has also made developers miserable. "If this continues, developers will be increasingly short of money," he said. Yang Shaofeng told reporters that the government was also worried about the market crash. "Now why the banks do stress testing, on the one hand, the risk is placed within the controllable range, on the other hand, it is hoped that through credit tightening pressure to increase the amount of land development, increase sales, in fact, is to force companies to sell at a lower price."　　"So, the mortgage risk warning does not mean that the risk is really big, this is only a guidance signal from the regulatory layer, that is, the current bank on the loans to developers is still tightening policy, companies want to ease the financial pressure, only by cutting prices to quickly sell." "Of course, not all real estate companies are vulnerable to the financial chain." "Tente that the domestic developers after years of development, the current strength has been quite strong, whether credit strength or asset size, are not the same as in the past." Moreover, the real estate sector has been adjusting more than once over the past decade, but none has been seen in the late 90, indicating that market demand is rising as economic growth and household incomes rise.　　Most importantly, the capital accumulation of the housing enterprises has also been very substantial.　　China Institute of Management Science researcher Li Kaifa in the interview with the reporter also thought that the current developers are not short of money, capital pressure is not very large, otherwise, prices have already really started to decline. "The capital chain of real estate developers will not break at least in 2010. Li Kaifa said that the current market on the rising prices of "false fall", the Ming and the dark rising phenomenon, can only show that the capital pressure is not really going to crush the housing enterprises.