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作者: 来源: 日期:2016-10-26 8:39:42

China orders property loan curbs





China is introducing restrictions on property-related lending, as the central government takes the lead in efforts to head off a housing bubble.



Property developers are facing curbs on their ability to raise finance by issuing debt or equity, after two government regulators were instructed to step in, it has emerged.



The China Securities Regulatory Commission and the National Development and Reform Commission — China’s economic planner — have been instructed by high-level officials to restrict developers’ issuances in the Hong Kong stock market, in the Hong Kong bond market and in the Chinese interbank bond market, according to local news magazine Caixin.



The news comes less than a week after the Shanghai Stock Exchange froze all bond issuances by property developers. Securities dealers told local media last Wednesday that they have been told to await tighter rules on which companies can issue debt. The exchange is drawing up the new rules under the supervision of the national securities regulator.



This pattern of policymaking is very similar to what happened last year with the stock market crisis response,” said Li Tang, a housing analyst at NSBO China, an investment bank. “First, local governments acted, but in a soft way, and not much pain was inflicted. Then, after the politburo leaders give a direction from the top, we see a concerted national push.”

“这种政策制定模式与去年股市危机应对措施的情况非常相似,”投资银行蓝橡资本中国(NSBO China)的住房分析师Li Tang表示。“首先,地方政府采取了行动,但是是以一种柔性的方式,没有造成太多痛苦。然后,在政治局领导人从顶层发出指示后,我们看到一种协调的全国努力。”


At least 22 local governments have already introduced new curbs on buying homes, with most of these policies being announced during the national holiday earlier this month following a summer of unusually high house price growth.



Growth in transaction volumes and prices has slowed in the most overheated 15 cities in recent weeks, but prices are still up more than 30 per cent in large cities such as Beijing and Shenzhen, shutting many out of the housing market.



China’s top leadership has come to worry that an out-of-control property market could provoke future social unrest, according to local media reports of a meeting of the central government’s politburo at the end of September.



Soaring property prices have also encouraged a massive extension of loans to homebuyers and property developers in the formal and shadow lending markets.



Outstanding mortgage loans are at their highest level, rising 17 per cent to Rmb16.6tn ($2.5tn) in the first half of this year. Loans to property developers have been growing at an accelerating pace for the past three years, and increased by a quarter in the year to September, according to government data.



In its third-quarter conference last Friday, China’s bank regulator stated that one of its key missions this year was to “rigorously control the financial risks related to property markets”. This includes “prohibiting illegal lenders and those with funds from illicit sources from entering the property market”.



Online peer-to-peer lenders have been crowdfunding loans to pay the downpayment on a mortgage, thus helping potential homebuyers get past minimum downpayment restrictions in order to buy a house with less money upfront.



The bank regulator also said it would “strengthen the regulation of wealth management products and prevent banks from illegally using WMP funding to enter the property market”. WMPs are created from a pool of investments and often sold to bank retail customers.




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