Consumption must be promoted to recover, investment must be effectively expanded, and new signals will further benefit the property market.

From the central to local governments, a more intense, broader, and more urgent battle to defend economic "stability" has begun.

On the afternoon of May 25, the State Council held a national video and telephone conference on stabilizing the economy, and the meeting was notified to all provinces, cities, and counties (districts). The meeting requested that stabilizing growth be placed in a more prominent position, efforts should be made to protect market entities, employment and people's livelihood, and China's economic resilience. Efforts should be made to ensure that the economy achieves reasonable growth and the unemployment rate drops as soon as possible in the second quarter, and to keep the economy operating within a reasonable range.

“The executive meeting of the State Council determined a package of 33 policies and measures to stabilize the economy in 6 aspects. Operable implementation details should be issued before the end of May. All the details should be issued. The State Council (May) 26th will provide instructions to 12 provinces "Send an inspection team to carry out special inspections on policy implementation and supporting services." At this meeting, Li Keqiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, made a clear request.

These 33 measures to stabilize the economy in 6 aspects were proposed at the State Council executive meeting on May 23, covering 8 aspects including finance, finance, investment, consumption, industrial chain, energy, employment and real estate. Stabilize the economic fundamentals. Specific details include:

Implementing full tax refunds for existing and incremental tax credits in more industries, increasing tax refunds by more than 140 billion yuan, and totaling tax refunds and reductions for the whole year to 2.64 trillion yuan.

Three social security insurance policies, including deferral of pension payments for small and medium-sized enterprises, individual industrial and commercial households, and five extremely poor industries, will be extended to the end of the year, and expanded to other extremely difficult industries. It is expected that 320 billion yuan will be postponed this year.

This year’s new special bonds (with a remaining quota of about 2.3 trillion yuan) will be basically issued by the end of June and will be basically used by the end of August, and the scope of support will be expanded to include new infrastructure. The re-guarantee cooperation business of the National Financing Guarantee Fund increased by more than 1 trillion yuan.

For loans to small and medium-sized enterprises and individual industrial and commercial households, truck loans, and temporarily distressed personal housing loans and consumer loans, banks will be supported to defer principal and interest payments within the year; the 90 billion yuan commercial truck loan issued by central automobile enterprises must be Banks and enterprises jointly postpone principal and interest payments for half a year.

This year, large state-owned commercial banks have added 1.6 trillion yuan in inclusive small and micro loans. Utilizing structural tools such as technological innovation, inclusive elderly care, and special re-loans for transportation and logistics, it is expected to provide more than 1.4 trillion yuan in re-loan funds.

Financial institutions will be guided to speed up the disbursement of credited loans, and it is planned to increase the policy development credit line by 800 billion yuan. Increase emergency loans for civil aviation by 150 billion yuan and support the aviation industry in issuing 200 billion yuan of bonds.

Restrictions on car purchases will be relaxed, and the purchase tax on some passenger cars will be reduced by 60 billion yuan in stages. Implement city-specific policies to support rigid and improved housing needs. Support the issuance of 300 billion yuan in railway construction bonds.

——A simple calculation shows that the total funds involved above are about 10.8 trillion yuan.

In mid-May, during an inspection tour of Yunnan, the Prime Minister emphasized that “all the new measures that have been identified can be used and implemented in May.” At the State Council executive meeting on May 23, the Prime Minister once again emphasized that all localities and departments must increase their sense of urgency and pay close attention to implementation. Relevant departments must refine the package of measures item by item and announce their implementation as soon as possible.

As the Prime Minister said, as a very large economy, once China's economic performance slips out of a reasonable range, it will be difficult to pull it back without paying a huge price and taking longer.

“(Governments at all levels) should tap into their own policy potential according to local conditions, and make every possible use of policies to assist market entities in rescuing them, stabilizing their jobs and expanding their employment. All types of market entities, including state-owned enterprises, private enterprises, and foreign enterprises, must be treated equally. ." Li Keqiang emphasized.

This national conference on stabilizing the economic market not only emphasized the country’s stabilization of the economic market, but also released a strong signal to stabilize the property market.

According to reporters, Yi Gang, Governor of the Central Bank, made two important statements about real estate at this meeting. First, he urged financial institutions to adhere to the two unwavering principles and increase support for private enterprises. Strengthen efforts to correct the contraction of credit to private housing companies as soon as possible. Second, city-specific policies should be implemented to support reasonable housing demand and maintain the smooth operation of the real estate market.

The financing difficulties of private real estate companies have not yet been alleviated. Data show that from January to April this year, domestic and overseas bond financing of real estate companies accumulated approximately 235 billion yuan, a year-on-year decrease of 41%. Among them, the scale of overseas bonds was approximately 44.2 billion yuan, a year-on-year decrease of 65%; the scale of domestic financing was approximately 190.8 billion yuan, a year-on-year decrease of 30%.

Private real estate companies are facing the greatest debt pressure.

According to Essence Securities statistics, 680.62 billion yuan of real estate debt will mature in 2022, and the maturity scale of each quarter is 174.12 billion yuan, 178.53 billion yuan, 203.73 billion yuan, 124.24 billion yuan, respectively. billion, the maturity pressure in the first three quarters is obviously greater.

In terms of domestic debt, private real estate companies have 230 billion yuan of real estate debt due throughout the year, of which 74.8 billion yuan has matured in the third quarter; state-owned real estate debt has matured 124.6 billion yuan throughout the year. Yuan. In terms of overseas debt, private real estate companies have US$41.7 billion due in 2022. The maturity pressure in the first three quarters is relatively high, all around US$11 billion; the maturity amount of state-owned real estate dollar bonds for the whole year is only US$8 billion.

The current downturn in the real estate market is an indisputable fact, and the difficulty of sales collection is difficult to solve. For real estate companies, it is urgent to prevent their debt defaults from continuing to spread, save industry credit, and restore normal financing for real estate companies.

The convening of the national conference on stabilizing the economic market has given hope to the industry. "The turning point is coming. It is expected that the central bank, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and other departments will introduce various policies through different methods to support real estate companies in resuming financing." A person from a real estate company believes.

At the same time, policies aimed at supporting rigid and improved housing demand will also be rolled out with greater intensity. Lian Ping, chief economist of Zhixin Investment and director of the research institute, predicts that the easing policy in the real estate market will be further strengthened, and further powerful policy measures will be launched based on the differentiated characteristics of local real estate markets from both the demand and supply ends to focus on releasing the market. The demand for home purchases will promote the stable and healthy development of the real estate market. Along with central policy adjustments, local real estate policies will gradually become moderately loose.

He believes that in terms of housing credit, commercial banks will further provide stable credit support, and there is still room for moderate reductions in residential mortgage interest rates; more cities will reduce the down payment ratio of mortgage loans, including key second-tier cities and some first-tier cities. City. Regulatory authorities will create a relatively loose financial environment and increase direct financial support for well-qualified real estate companies, including using bonds, trusts, REITs, credit default swaps or credit risk mitigation certificates and other tools, introducing non-performing asset management companies, and mitigating Cash flow and debt pressure of real estate companies. Some key cities will loosen land auction rules, cancel or adjust high-standard construction plans, and revitalize the land market. Relaxing the regulatory standards for pre-sale funds will reduce the financial pressure on real estate companies to a certain extent and increase the enthusiasm for acquiring land and starting construction.

On the afternoon of May 25, after organizing and watching the national video and telephone conference on stabilizing the economy, the governments of Hubei Province, Zhejiang Province, Jiangsu Province, Henan Province and other provinces immediately held meetings to deploy and implement measure.

"In accordance with the requirements of 'comprehensive, capable, accurate and efficient', we will fully implement various policies to help enterprises to bail out, not leaving out any one thing, not missing anything, and promoting precise drip irrigation of policies and direct benefits. , Let market entities benefit early and really quench their thirst," said Wang Hao, Governor of Zhejiang Province.