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Real estate financing regulation extended to 16 urban residential projects in the asset management field

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  • Source: Dongyang Information Network

    The reasons for the rapid rise in residential real estate have been extended to more areas.

    On December 27, the reporter of the 21st Century Business Herald exclusively learned from agencies close to the supervisory level that when the supervisory level sought opinions on the latest asset management filing specifications, the transfusion of real estate management products such as securities asset management and fund subsidiaries The circumstances of the project impose additional constraints.

    According to the above-mentioned sources, asset management plans such as asset management by securities companies, fund subsidiaries, and other direct and indirect use of "general residential real estate projects in hot cities with rapidly rising real estate prices" will not be filed for the time being. According to sources close to the supervisory level, hotspot cities that are rising too fast currently mainly include 16 large and medium cities such as Beijing, Shanghai, Guangzhou, Shenzhen, etc. Your list is mainly used by the Ministry of Housing and Urban-Rural Development of Standards.

    For this reason, after the financing of real estate companies in banks, trusts, bond markets and other channels has been tightened, the financing efficiency brought by asset management products to real estate companies has also been concerned by regulators and taken action.

    In fact, the issue of asset management products participating in real estate financing is not uncommon. In the opinion of the industry, the solicitation of opinions on the one hand puts real estate companies under more intense financial pressure on the one hand, and personally makes asset management agencies that participate in this type of business affected by the business side.

    Affected by 16 cities

    The personnel of the above-mentioned agencies close to the supervisory level revealed that the supervisory level intends to require that the asset management agency, through the establishment of asset management products, be directly and indirectly used in "hot-spot urban ordinary residential real estate projects with real estate prices rising too fast", and will not be temporarily recorded.

    According to its disclosure, there are five main types of asset management financing methods that are not filed, including not limited to entrusted loans ; nested trust plans and a bit of financial products; transfer of trust beneficiary rights and a bit of beneficiary rights; repurchase and third-party acquisitions , Betting, regular dividends and other characteristics of the real shares and real debts, the transfer of equity in real estate development enterprises, and one-way financing behavior.

    In the industry's opinion, the supervision of the real estate financing asset management business is strengthened, because the supervisors are increasing the importance of the role of blood transfusion in real estate asset management products. Prior to this, the main means for the supervisory authorities to curb the overheated development of real estate was manifested in the prohibition of equity financing such as IPOs and refinancing of housing companies.

    "In the past, the supervisors paid more attention to the control of equity financing and capital market level, but this time the real estate projects were suspended, indicating that the supervisors have paid more attention to the issue of transfusion of real estate companies by securities institutions." December 27, Beijing The head of a fund subsidiary said.

    In fact, it is not uncommon for asset management agencies such as brokerage asset management and fund subsidiaries to set up financing models for blood transfusion real estate companies through asset management products. On the one hand, the above-mentioned asset management institutions may not directly issue raised products to participate in financing projects, and personally, they can also act as a "channel" for banks, private equity and other funds to flow to real estate companies.

    The person in charge of the above-mentioned fund subsidiary said, "This is related to the large-scale development of the asset management business in recent years. In order to prevent arbitrage, the supervisors have previously been involved in the management and control of asset management, such as 463. When the document was proposed, it did not regulate the securities regulatory agencies, so the products of securities dealers and fund subsidiaries were used in the local debt financing. "

    It is worth mentioning that not all real estate financing plans will be suspended for record. The consultation draft also has a clear definition of hot cities-including 16 Beijing, Shanghai (real estate), Guangzhou (real estate), Shenzhen (real estate), Xiamen (real estate), Hefei (real estate), Nanjing (real estate) , Suzhou (real estate), Wuxi (real estate), Hangzhou (real estate), Tianjin (real estate), Fuzhou (real estate), Wuhan (real estate), Zhengzhou (real estate), Jinan (real estate) and Chengdu. The above-mentioned sources close to the regulator revealed that your list will also be adjusted in time according to the relevant requirements of the Ministry of Housing and Urban-Rural Development.

    In addition, there are no residential projects targeted at this filing suspension, and commercial real estate and other types of projects are not under control. "Since it is a residential project, the targeted housing prices will rise too fast this year. Of course, commercial housing, affordable housing, industrial land and other project financing will be affected." On December 27, a listed housing company in Beijing Company vice president said.

    Need to fulfill the penetration obligation

    In addition to residential projects in the aforementioned hot cities, direct financing of asset management products to developers is also restricted.

    The above-mentioned persons close to the supervisory level revealed that according to the current soliciting opinions, the asset management plan will not provide real estate companies with financing to supplement working capital or pay land transfer gold prices through bank-entrusted loans, trust plans, and other methods. Indirectly, it facilitates various institutions to issue down payment loans and other illegal activities.

    "The down payment loan for you is usually an institution that does not take part in it, and once again does not have private funds and P2P, but the developer financing previously relied on the financing ability of asset management products." The vice president of the above-mentioned housing company Beijing Branch frankly.

    It is worth mentioning that the reason for the nested trust plan and the financing model of a few financial products are also under control. The supervisory layer has put forward a penetrating review requirement for the nested and arbitrage behavior of real estate financing projects that have stabilized.

    The above-mentioned persons close to the supervisory level revealed that according to the requirements of the consultation draft, the asset manager should diligently and dutifully perform the obligation of penetrating and reviewing the underlying assets. "The supervisory authorities require institutions to strictly review the funding direction and carry out layers of penetration, and the final investment direction of Xuanze meets the requirements."

    "Under the mode of nested reasons for the operation of the parent fund, there is no room for real estate financing at all, but judging from the announcement of the regulatory layer, the institutions that violate the rules will be severely punished, so most institutions usually do not Do not commit crimes, "said the head of the above-mentioned fund subsidiary.

    However, it said together that under the pressure of the new eight bottom lines and the new policies of fund subsidiaries, the new regulations on the real estate financing ban may form a more severe constraint on non-standard businesses of securities firms, funds and other institutions.

    "Then I do n’t agree on the rules such as expected returns and priority on guarantees. The non-standard asset management was not good before, and now the real estate project financing of high-quality cities has also been affected. This has caused brokers and fund companies. Business space is not narrow. "Said an AMC-based securities management asset management investment manager in Beijing.

    In addition, the consultation also emphasized the standardization of the process of investment in real estate companies under the asset management plan.

    "The supervisory level requires managers to further improve the process of fund account management and payment management, and to strengthen the continuous monitoring of the flow of funds," said the person close to the supervisory level. "I think I am also mainly worried that the raised funds will be used for payment outside of the contract. , The cause of transgression of blood transfusion real estate project in disguise. "