CBN丨Chinese regulators stress to facilitate real estate financing

China Business Now李莹亮 2022-11-22 20:34

中英文带你速览中国经济头条。

Hi everyone. I’m Stephanie LI.

大家好,我是主持人李莹亮。

Coming up on today’s program.

重点提要 

  • Central bank and financial regulators voiced more supports for real estate financing;

  • Sinopec inks a historic 27-year LNG purchase deal with Qatar Energy.

Here’s what you need to know about China in the past 24 hours 

中国经济要闻

China's financial regulators on Monday stressed the need for facilitating financing for the real estate sector at the Annual Conference of Financial Street Forum 2022, as more financial support would be in the pipeline to stabilize the sector.

"The real estate sector is related to many upstream and downstream industries, and its virtuous cycle is of significance to healthy economic development," said Yi Gang, governor of the People's Bank of China.

The PBOC has tailored policy solutions to local specificities, including cutting mortgage rates and down payment ratios to support real housing needs, Yi said.

In all, 200 billion yuan ($27.9 billion) worth of special loans were unveiled to support the delivery of sold housing projects while a structural policy tool was launched to encourage commercial banks to support the delivery, Yi said.

The program of "the second arrow" - a risk-sharing scheme to facilitate bond financing of private enterprises, including private real estate enterprises - was also expanded, he added.

Shortly before Yi's remark, the PBOC released a statement on Monday that called for efforts to maintain steady financing to the real estate sector, including loans to property developers, construction firms and individual homebuyers.

The country will support the reasonable extension of existing loans and trust loans relevant to real estate development and facilitate additional financing affiliated with the special loans to ensure housing project delivery, the statement said, after the PBOC and the China Banking and Insurance Regulatory Commission convened a meeting on Monday with heads of commercial banks.

Data from the National Bureau of Statistics showed that the country's real estate development investment shrank by 8.8 percent year-on-year during the first 10 months of the year, faster than an 8 percent decline a month earlier.

The country's over-five-year loan prime rate, a benchmark for mortgage rates, was kept at 4.3 percent on Monday.

Yi Huiman, chairman of the China Securities Regulatory Commission, said at the forum that the CSRC will support real estate enterprises' plans to improve their balance sheets, mergers and acquisitions in the real estate sector and equity financing of enterprises that have a certain size of real estate business, he said.

Pan Gongsheng, deputy governor of the PBOC, said the country will roll out short-term measures and improve long-term mechanisms to promote healthy and sustainable development of the real estate sector.

11月21日,人民银行、银保监会联合召开全国性商业银行信贷工作座谈会,研究部署金融支持稳经济大盘政策措施落实工作。

值得注意的是,在保交楼、稳地产方面,座谈会集中释放了一波利好政策,涵盖供给需求两侧。

近一段时间以来,房地产市场利好政策频出。从供给侧政策来看,座谈会上,人民银行、银保监会又有最新定调,包括拟向商业银行推出2000亿元“保交楼”再贷款;明确加大对优质房企内保外贷业务的支持力度;将房地产贷款集中度管理的过渡期延长两年;引导企业逐步自主发债,后续近一步下调中债增进提供的增信比例以及房企提供抵押品的反担保比例等。

今年8月,住建部会同财政部、人民银行等有关部门出台专门措施,以政策性银行专项借款的方式,支持有需要的城市推进已售逾期难交付的住宅项目建设交付。

潘功胜介绍,在前期推出的“保交楼”专项借款基础上,人民银行拟面向全国性商业银行推出2000亿元“保交楼”贷款支持计划,为商业银行提供再贷款支持。该项贷款支持计划为全新的、阶段性政策,以鼓励商业银行支持“保交楼”工作。

对于房地产企业来说,“内保外贷”的一个作用就是跨境“增信”。但去年以来,房企海外举债热闹局面不再,境外融资渠道对房企的友好程度下降。

对此,潘功胜表示,要通过内保外贷业务跨境增信支持房企海外融资,商业银行境外分支行要加大对优质房企内保外贷业务的支持力度,加快项目落地。

而在11月21日的2022金融街论坛年会上,央行行长易纲,证监会主席易会满,央行副行长、外汇局局长潘功胜等都谈及了房地产问题。

“房地产业关联很多上下游行业,其良性循环对经济健康发展具有重要意义。当前房地产市场出现了一些调整,我们配合有关部门和地方政府,‘一城一策’用好政策工具箱,降低了个人住房贷款利率和首付比例,支持刚性和改善性住房需求。”易纲表示。

易会满表示,当前要密切关注房地产行业面临的困难挑战,支持实施改善优质房企资产负债表计划,继续支持房地产企业合理债券融资需求,支持涉房企业开展并购重组及配套融资,支持有一定比例涉房业务的企业开展股权融资。

“金融部门出台了多项金融支持政策,坚决阻断、弱化风险外溢,稳定市场预期与信心。包括房地产政策在内的各项政策较好地发挥了逆周期调节的作用,产生了积极的市场效果。”潘功胜表示。

Moving on to regional highlights

区域观察

  • The central bank and other seven government departments co-issued a document on Monday on setting up five financial experimental zones for technological innovation in Shanghai and four nearby cities in the Yangtze River Delta region, which include Nanjing, Hangzhou, Jiaxing, and Hefei. The document outlined plans to further upgrade the experimental zones covering the five selected cities into an advanced demonstration areas for assisting tech innovation, policy reforms and industrial fusion within the next five years. The central bank also mentioned the need to encourage application of the latest technologies in the financial sector including blockchain and 5G in accelerating tech innovation. Plans for IPOs of technology firms will also be supported. 

    长三角五城建设科创金融改革试验区:11月21日,据人民银行官网消息,近日,人民银行、发展改革委、科技部、工业和信息化部、财政部、银保监会、证监会、外汇局等八部门印发《上海市、南京市、杭州市、合肥市、嘉兴市建设科创金融改革试验区总体方案》。《方案》提出,通过5年左右时间,将上海市、南京市、杭州市、合肥市、嘉兴市科创金融改革试验区打造成为科创金融合作示范区、产品业务创新集聚区、改革政策先行先试区、金融生态建设样板区、产城深度融合领先区。《总体方案》要求银行完善科创金融银行服务体系,鼓励试验区内地方法人金融机构重点支持科创企业;支持符合条件的国内机构试点通过QDLP等参与境外科创企业并购;鼓励更多软件、大数据、人工智能等领域优质企业在国内上市;支持在上海浦东新区设立国家金融科技研发机构;强化科创金融风险联防联控等。

Next on industry and company news

产业及公司新闻

  • Oil giant Sinopec has signed a 27-year purchase agreement with Qatar Energy to buy 4 million tons of LNG per year, the Beijing-based company announced yesterday. The LNG will be delivered to Sinopec directly from Qatar Energy's North Field East expansion project through the buyer's receiving terminal, the Qatari firm said. This is the first long-term LNG purchase deal between two state-owned energy companies and the first LNG purchase agreement for the expansion of Qatar's North Field project, Sinopec added.

    中卡签署史上最大液化LNG项目11月21日,中国石化宣布与卡塔尔能源公司签署了为期27年的液化天然气(LNG)长期购销协议,卡塔尔能源公司将每年向中国石化供应400万吨LNG。据悉,该协议同时创下两项之最:协议时间跨度史上最长,且气源来自史上最大的液化天然气项目。该协议是中国石化与卡塔尔能源公司签署的第二个LNG长期购销协议,也是卡塔尔北方气田扩能项目的第一个LNG长期购销协议,标志着LNG行业诞生了有史以来时间最长的天然气供应协议。

  • China Eastern Airlines, the first carrier to order the C919 aircraft, will be the first to operate the country's first self-developed large passenger plane by June next year. The C919 has met the regulatory requirements of the Civil Aviation Administration of China, and it is ready to fly in the first half of 2023, the carrier said yesterday. China Eastern will also buy new China-made ARJ21 regional planes, as the firm has already operated 11 of them as of last month.

    东航成全球首家运营C919航司:11月21日,中国东方航空股份有限公司召开线上2022年第三季度业绩说明会,关于C919飞机的引进进展及后续计划。董事会秘书汪健表示,首架C919将于今年年底交付并于明年上半年满足民航局规章要求后尽早投入商业运营,其余订单将结合供应商的生产和交付计划预计在明后年完成交付。东航此前公告披露,C919目录单价为6.53亿元。汪健介绍说,公司自2020年开始引进国产ARJ21飞机,截至今年10月底,运营ARJ21飞机11架,总体运行较为平稳。

  • Chinese electric vehicle and battery maker BYD will deliver 64 electric buses to Norway’s Nobina, Europe’s largest bus operator, in the second quarter of 2023. The order comprises 40 12-meter and 24 15-meter electric buses equipped with BYD’s self-developed electric thermal management system, which will be able to adapt to the extreme Norwegian weather, the Shenzhen-based company announced on its WeChat account yesterday.  

    比亚迪纯电动巴士获挪威大单:近日,比亚迪与北欧最大公交运营商Nobina签订64台大巴订单,这批车辆计划于2023年第二季度交付,在挪威Nedre Glomma地区投入运营。新订单包括40台12米及24台15米纯电动巴士。两款车均配有比亚迪自主研发的电热管理系统,充分适应挪威极端天气。

  • Leading Chinese liquor maker Kweichow Moutai said sales revenue before tax has exceeded 100 billion yuan so far this year, mainly because of strong sales from Moutai-branded liquor, the Guizhou province-based company said in a statement yesterday. The liquor maker said it is confident of achieving the revenue target of 125.9 billion yuan this year, up 15 percent from last year.

    茅台酒销售收入已破千亿:11月21日贵州茅台的披露消息,茅台酒含税销售收入1,005.69亿元,连续两年成为千亿级酒类大单品,这也意味着贵州茅台酒股份公司的营收规模应在此前即已提前超过1000亿元,比2021年实现同样业绩提前了一个月。

  • Svolt Energy Technology, the world's 10th biggest battery maker, has been given the green light to go public on the Shanghai Stock Exchange’s Nasdaq-style Star Market, expecting to raise 15 billion yuan. The Great Wall Motor-backed manufacturer intends to invest 11.5 billion yuan of the proceeds in three projects to expand its production capacity of lithium batteries in Jiangsu and Guangxi provinces, with a total investment of 36.8 billion yuan.

    蜂巢能源IPO获受理:近日,锂离子电池系统供应商蜂巢能源科技股份有限公司科创板上市申请获上交所受理,此次IPO拟募资150亿元。根据该公司发布的招股说明书,蜂巢能源计划将募集资金投向9个项目,其中,位于常州、湖州、遂宁的锂离子电池项目将分别消耗45亿、40亿和30亿元的资金,另有20亿元将被用于补充流动资金。

Switching gears to financial news

金融市场消息

  • China's monetary policy has provided significant support to the real economy and has proved to be well-calibrated, governor of PBOC said Monday. As the Chinese economy is faced with challenges and downward pressure this year, authorities have adjusted the monetary policy in a timely fashion to provide greater support to the real economy, Yi Gang said. The PBOC has not substantially expanded its balance sheet, he added, noting that its size has remained relatively stable over the past five years, with an average growth rate of 2.6 percent. 

    易纲称货币政策支持实体经济力度稳固:央行行长易纲21日在2022金融街论坛年会上表示,2018年以来,央行累计实施降准13次,平均法定存款准备金率从15%降到了大约8%,共释放了长期流动性约10.8万亿元,人民银行资产负债表规模基本稳定在38万亿元到40万亿元之间,而我国广义货币M2余额则从2017年末的近170万亿元增加到现在的260多万亿元,货币政策对实体经济支持力度是比较稳固的。

  • Chinese lenders labeled “global systemically important banks” (G-SIBs) shall issue total loss-absorbing capacity tools (TLAC) in offshore markets to meet the country’s target, according to the PBOC's deputy governor. Domestic banks whose systematic risk profile is deemed to be of such importance that their failure would trigger a broader financial crisis should establish and improve TLAC’s internal management mechanism and draw up plans to achieve the medium- and long-term targets of phased TLAC regulatory requirements by 2025 and 2028, Xuan Changneng said yesterday.

    央行研究总损失吸收能力规则:央行副行长宣昌能11月21日在2022金融街论坛年会上表示,在管理办法的基础上,央行将进一步研究系统重要性银行总损失吸收能力(TLAC)信息披露和内部TLAC规则等,不断完善我国TLAC监管制度体系,提高全球系统重要性银行在境内外的可处置性。宣昌能表示,应继续加大对TLAC非资本债务工具的市场培育力度,改善发行环境,拓宽投资者范围,鼓励我国全球系统重要性银行赴境外市场发行TLAC非资本债务工具。针对国内全球系统重要性银行,宣昌能表示,应建立完善的TLAC内部管理机制,制订中长期TLAC达标规划,确保2025年和2028年起分别满足TLAC监管要求。

  • The Beijing Stock Exchange's (BSE) benchmark index, also known as the BSE 50 Index, closed 2.55 percent higher on its debut on Monday. The index has 50 stocks considered to be representative of the market, providing a tool to monitor the overall performance of the BSE for all sides, the bourse said Friday. 

    北证50开门红:11月21日,北京证券交易所首只指数——北证50正式上线,实现开门红。北交所官网显示,北证50指数当日收盘报1028.72点,上涨2.55%,成交额合计12.54亿元。总体而言,北证50指数将为各方提供客观表征市场的基准工具,同时为指数化投资创造条件,吸引中长期增量资金入市。这意味着,北交所即将进入指数化投资时代。

Wrapping up with a quick look at the stock market

股市收盘情况

  • Chinese stocks closed mixed on Tuesday, with the benchmark Shanghai Composite edging up 0.13 percent, while the Shenzhen Component shed 1.18 percent. Hong Kong stocks fell for a fifth straight trading day, with the benchmark Hang Seng index sinking 1.3 percent and the TECH index dropped 3.2 percent.

    A股分化港股走低:周二A股三大指数涨跌不一,沪指冲高回落,两市分化明显。截至收盘,沪指涨0.13%,深成指跌1.18%,创业板指跌1.83%,沪深两市全天成交额8846亿元。港股走低,恒指低开低走,午后跌幅扩大,截至收盘,恒指跌1.31%,恒生科技指数大跌3.21%,热门科技股普跌。

Biz Word of the Day

财经词汇划重点

  • TLAC (Total Loss-absorbing Capacity) is an international standard designated so that failing G-SIBs will have sufficient absorbing and recapitalization capacity available in resolution for authorities to implement an orderly solution that minimizes impacts on financial stability, maintains the continuity of critical functions, and avoids exposing public funds to loss, according to the Financial Stability Board, an international body monitoring the global financial system. TLAC is measured with two indicators, TLAC risk-weighted asset ratio and TLAC leverage ratio exposure ratio. 

    TLAC即总损失吸收能力,指的是全球系统重要性银行(G-SIBs)在进入处置程序时,能够通过减记或转股方式吸收银行损失的各类资本或债务工具的总和,其主要用风险加权资产与最低杠杆率来进行衡量和计算。TLAC中主要规定了总损失吸收能力的最低TLAC要求和最低杠杆率要求。

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI 

Sound Editor: Stephanie LI

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

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策划、编辑:李艳霞 

播音:李莹亮

撰稿:李莹亮

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(作者:李莹亮 编辑:李艳霞)