Development of credit interest rates go up 5% -20% of funds forced the developers face tightening, "go astray"

After several months of "digestion" loans to developers of new rules already are relentless.

May 11, SOHO China (00410. HK) in Hong Kong, said Pan Shiyi, chairman of the departments concerned the policy may be issued a restricted banking loans directly to the developers, turn to the construction unit loans; prerequisite conditions: First, developers and construction unit has signed the construction contract; second is to give developers more than 30% of the construction unit to advance the works.

Interviewed a number of banks to the next day, said Pan Shiyi, the above statement should be implemented for the commercial banks, "Interim Measures on Management of fixed assets loans," the move, the Bank has not received specific instructions regulatory authorities.

But people close to the bank regulators also said regulators had clearly requires commercial banks to "four-pronged, and control real estate development loan risk."

At the same time, development loans interest rates "corresponding rise." Our reporter has shown that joint-stock banks have asked the developers of 20% loan-to-float, a large bank loan rate for high-quality developers have to go up by about 10% more, the recent development has been suspended accepting applications for loans.

But one big firms concerned stakeholders, a number of financing platform's real estate company can still access bank credit through the parent company. In response, banks have called, as long as the stick with the industry bottom line, the developers will not survive.

Developers "go astray"

Developers have put down the shelves.

The most prominent phenomenon is that, due to face tight funding, the Housing Enterprise no longer expect the banks to provide preferential interest rates. "Poly such as leading enterprises, had the same tone, no matter what the project, all requirements for the prime rate; now be loose, floating 5% or 10% are acceptable." May 12, a listed bank-related told reporters, "While we still put in development loans, some banks are basically loans to real estate companies lost revenue."

Cogency. To larger sources in Shanghai, "the bank development loan-to-customer access threshold greatly improved recently largely stopped."

Capital supply and demand determine price. Development of the above listed banks have raised lending interest rates. "The developers withdrawal, the interest rate floating at least 20%, if less than 20%, depending on qualifications developers." The banks are blunt. And to enjoy the floating lower than 20%, to a large room enterprise group in overseas branches, so you can get cheap money, such as M & A loans, "so developers can with the banks in the country bargaining, but I guess we could not hold it long. "

In contrast, some big firms in the development of credit interest rates are more "moderate." The big firms say the Shanghai branch of the Bank's development lending interest rate has not improved significantly, about 10% of basic for the float, large enterprises can get the float housing 5% interest rate.

Control policy has been effective. May 12, Anhui sources of a large brokerage houses, at the local, in addition to the green city, Dalian Wanda and other developers have to take to move, other developers to take nearly stopped, due to strong market waiting to see the atmosphere, a loan-to-business almost stagnation.

But the reporter survey, the government is still real estate loan financing platform gate of "weakness." "For example, some local state-owned assets management subsidiary of financing platform, you can get loans from banks, but more for the prime rate, they will re-lend funds affiliated companies, to investment real estate." Shanghai branch of the larger institutions to respect .

According to his understanding of the case, these financial platform from arbitrage. General financing platform to get the bank lending rate to 6%, then, the platform companies commissioned by the form of loans granted to associated developers, the interest rate up to 10% financing platform from which also earn 4% interest rate.

In this regard, the big firms are called in the industry, "to adhere to floor, at least four lines," so let the real estate side control policy markedly.

Actual loans to pay yoke

Pan Shiyi, the above evaluation, new regulations have proved the power of the loan. One of the loan is the core of the new rules to "actual loans to pay" and "trustee to pay" instead of the banking sector before the passage of the "actual loans and deposits."

Shanghai introduced a number of commercial banks who, since late last year, loans, new regulations have been implemented; despite the Loan Offered by the Planning Board to reduce a number of interest income and increased operating costs in some areas, but to ensure special funds for credit funds and security Huishou .

Bank of Agriculture and Commerce in Shanghai, for example, in October 2009, the bank, a real estate development company to Shanghai paid a sum totaling 80 million yuan in loans. Mode of operation according to the original loans, 80 million yuan into the escrow account one-time, companies take to the bank for one year cost of 4.968 million yuan; and in accordance with the new loan payment, Shanghai Agriculture and Commerce Bank construction contract in accordance with its progress node trustee to pay the way to release case by case basis, estimates down, banks will reduce interest income 1,552,500 yuan.

Although the bank to save their own interest, but most developers laugh. Because non-bank professional Pan Shiyi, also recognizes "the main purpose of this policy is to limit the developers tun … … real estate loans from the bank is now much more difficult than those who took loans to the blind expansion of the developers will the risk of facing capital strand breaks. "

But a state-owned banks have revealed that some banks go against the "three ways, a Guide," illegal loans to corporate packaging, leading companies associated with real estate subsidiary of the Group to offer transfer credit for the high grab land for huge profits.

However, the big firms say regulators have noticed the real estate market this year, a quarter of the unusual circumstances, and some banks in the financing of non-developers conduct due diligence and asked commercial banks to the "four-pronged", and strictly control risks of real estate development loans.

According to its introduction, these requirements include, commercial banks under the list of developers enterprise-style management, the existence of idle land over more than one year are not allowed to issue new development project loans; on the land idle speculation over two years and to act, requiring Commercial banks have reduced loans and take security, blacklisting; improve collateral standards, the same time, be required to build projects in the mortgage, is not easily used as collateral for payment of land development loans, and loans shall not exceed Construction of 5 percent of the land has been secured, according to different risk profile of the corresponding lower percentage; funds for housing sales proved to be closed, and based on sales in proportion to the return of the progress of development loans, is difficult due to return on development loans to be no further extension.

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