According to the website of the People's Bank of China, on July 10, the People's Bank of China and the State Administration of Financial Supervision jointly issued a notice on extending the deadline for policies related to financial support for the stable and healthy development of the real estate market. The details are as follows:
Notice of the State Administration of Financial Supervision and Administration of the People's Bank of China on Extending the Deadline of Financial Support for the Stable and Healthy Development of the Real Estate Market
Shanghai headquarters of the People's Bank of China, all branches, business management departments, central sub-branches in provincial capital cities and sub-provincial cities; , Postal Savings Bank of China, all joint-stock commercial banks; all trust companies, insurance companies, and financial asset management companies:
If the relevant policies of the "Notice of the People's Bank of China and China Banking and Insurance Regulatory Commission on Doing a Good Job in the Current Financial Support for the Stable and Healthy Development of the Real Estate Market" have an applicable period, the applicable period will be uniformly extended to December 31, 2024.
The People's Bank of China
State Administration of Financial Supervision
July 10, 2023
Attachment: Answering reporters' questions
The person in charge of the State Administration of Financial Supervision and Administration of the People's Bank of China
Relevant policies on extending financial support for the stable and healthy development of the real estate market
Notice of deadline to answer questions from reporters
Q: What is the background of this policy?
Answer: On November 11, 2022, the People's Bank of China and the former China Banking and Insurance Regulatory Commission jointly issued the "Notice on Doing a Good Job of Financially Supporting the Stable and Healthy Development of the Real Estate Market" ("Notice" for short), from the perspective of maintaining stable and effective real estate financing. 16 support policies have been clarified, two of which specify the applicable period. After the "Notice" was issued and implemented, it played a positive role in maintaining reasonable and moderate real estate financing and promoting the resolution of real estate enterprise risks, and achieved good policy effects. In comprehensive consideration of the current real estate market situation, in order to guide financial institutions to continue to extend the stock financing of real estate companies and increase financial support for guaranteed delivery buildings, the People's Bank of China and the State Administration of Financial Supervision have decided to extend the applicable period of relevant policies.
Q: Which two policies are involved in the extension?
Answer: The policy extension involves two things:
First, for stock financing such as development loans and trust loans for real estate companies, on the premise of ensuring the security of creditor's rights, financial institutions and real estate companies are encouraged to negotiate independently based on commercial principles, and actively extend stock loans and adjust repayment arrangements. Provide support to facilitate project completion and delivery. For those due before December 31, 2024, an extension of one year beyond the original regulations may be allowed, and the loan classification may not be adjusted, and the loan classification submitted to the credit investigation system shall be consistent with it.
Second, in accordance with the requirements of the "Notice", for supporting financing issued by commercial banks to special loan support projects before December 31, 2024, the risk classification will not be lowered during the loan period; Management of qualified borrowers. If the newly issued matching financing is poorly formed and the relevant institutions and personnel have performed their duties, they may be exempted from liability.
Except for the above two policies, other policies that do not involve applicable deadlines are valid for a long time. All financial institutions should earnestly implement the requirements of the document, implement policies according to the city to support rigid and improving housing demand, maintain reasonable and moderate real estate financing, increase financial support for guaranteed delivery buildings, promote market-based clearing of industry risks, and promote a stable and healthy real estate market develop.
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