Original title: The nationwide supervision measures for the pre-sale funds of commercial housing have introduced the “decompression” of the cash flow of housing enterprises
Our reporter Wang Lixin
On the evening of February 10, it was reported that the nationwide measures for the supervision and management of pre-sale funds for commercial housing (hereinafter referred to as the “Measures”) have been formulated and promulgated recently. If the news is true, the real estate industry will usher in substantial positives.
As we all know, the “Administrative Measures for the Advance Sale of Urban Commercial Houses” promulgated in 1994 stipulates that “the specific measures for the supervision of the advance sale of commercial houses shall be formulated by the real estate management department”, and “the competent construction administrative departments of provinces and autonomous regions, municipal construction administrative departments or real estate Administrative departments may formulate detailed implementation rules in accordance with these Measures.”
The biggest difference between the “measures” mentioned in the above-mentioned news and the relevant provisions in the “Administrative Measures for the Pre-sale of Urban Commercial Houses” issued in 1994 is that the provisions on pre-sale funds are clearly unified across the country, which is conducive to regulating pre-sale. use of funds. It is reported that the “measures” clearly stipulate that “pre-sale fund quota supervision is “key quota supervision”, which shall be approved by the city and county-level urban and rural construction departments according to the project cost contract, etc., which can ensure the fund quota required for the completion of the project. When the funds in the account reach After the supervision limit, the funds exceeding the limit can be withdrawn and used freely by the real estate company.”
An insider from a well-known developer told the “Securities Daily” reporter that he had indeed been informed of the “measure” yesterday. In fact, after the debt defaults of well-known real estate companies, some local governments have problems with excessive supervision of pre-sale funds, such as zero allocation of funds. The above documents will correct these behaviors, which will help some funds face difficulties. The real estate enterprises ease the cash flow situation.
“First of all, reasonable capital supervision is necessary. Since the default of housing companies in the second half of last year, some cities have tightened the supervision of pre-sale funds to prevent ‘delivery risks’, but there are also cases of excessive tightening. Let real estate companies encounter greater liquidity pressure in difficult times.” Pan Hao, a senior analyst at Shell Research Institute, told the “Securities Daily” reporter that the introduction of the above “measures” will greatly strengthen the standardization of pre-sale fund management. and flexibility, which will help real estate enterprises to rationally arrange the use of funds and operate stably. At present, maintaining the moderate liquidity of housing enterprise funds is an important measure to lead the industry out of the trough. In terms of “guaranteing delivery”, the government, enterprises, financial institutions and other parties need to work together to promote the smooth resolution of risks.
In this regard, Chen Wenjing, deputy research director of the Index Division of the China Index Research Institute, also told the “Securities Daily” reporter that under the current pressure of local governments to “guarantee the delivery of buildings” and the use of pre-sale funds by enterprises is limited, the national new The introduction of the pre-sale fund management measures will help guide the local “guaranteed handover”, at the same time, it will play a positive role in alleviating the current financial pressure of enterprises and improving the efficiency of capital use, which is conducive to safeguarding the legitimate rights and interests of home buyers and stabilizing home buyers. , is also conducive to opening up the circular use of funds and promoting a virtuous circle in the real estate industry.
Pan Hao also said that in 2022, the liquidity pressure faced by real estate enterprises is still relatively large. In the short term, real estate enterprises need to maintain capital liquidity through various means so that the enterprise can continue to operate. The implementation of the “measures” will help to reasonably manage and control the funds of real estate enterprises, so that the liquidity pressure of some real estate enterprises can be alleviated to a certain extent.