Still No Confirmation on Final Bullet Mortgage Easing

The article below dubs mortgage easing as the final shot to rescue the housing market (short of a major policy effort from up high). At the end, a developer says without detailed rules, these policies will have no effect, just as the central bank telling banks to ease mortgages earlier this year had zero impact.

From May: PBOC Delivers Political Message to Banks: Lend to Individual Home Buyers; Monitor Public Opinion and Respond to Negative Media Reports


Since September 22, the "big four" open credit limit rumors continue to simmer: rumor, rumor, confirmation, and then the rumor.

For a time, filled in the printing of the "credit limit" relaxation news more elusive.

"No smoke without fire." Centaline Dawei, director of market research Beijing guess, the decision-making or because of the recent local government and the market pressure, tentatively release deregulation signal.

21st Century Business Herald reporter interviewed from many developers, agencies, research institutions and other informed, relaxed credit limit is the trend, but will gradually, gradually advancing according to market conditions, future or will start on the first suite of standards identified adjustments implemented "Housing does not recognize loan", the release of rigid demand had been accidental injury.

Relax credit limit or bailout last weight

As of September 24, there are only Beijing, Shanghai, Guangzhou, Shenzhen, Zhuhai, Sanya 6 to still perform the purchase.

According to the 21st Century Business Herald reporter statistics, the current round of bailout policies related to various aspects of ordinary housing that standard, taxes support.

In other words, in 2011 at the beginning of the "new country eight" package policy covers, the remaining "credit limit" policy has not yet adjusted.

"Local governments can use policies have been used, but the downward trend in the real estate market has not changed." Dawei case presentation.

According to the National Bureau of Statistics, August, 70 cities, 68 cities new commercial home prices fell, prices fell a record number, year term, prices dropped back more than a year ago near the city.

Centaline monitored 40 key cities nationwide data also show that in September before the 21st turnover situation, the overall decline slightly over the same period August 3%, which is poor performance of second-tier cities, down 8%.

It is precisely because the policy was seen as a relaxation of mortgage property market last straw.

Honorary Vice President of the China Real Estate Association Zhu, one believes that the purchase of relaxation only address a small part of the purchase eligibility issues, the impact of limited credit policy, the purchasing power of buyers has not been resolved, it should be supporting the introduction of support for credit policy, otherwise limited influence policy.

It is worth mentioning that recently launched a second round of bailout tide, and more content from the bailout policy shifted focus to relax the restriction of credit, provident fund and other funds dimension of the problem.

"Local governments in the credit policy and not much autonomy." Said Zhang Dawei, but issued a document on the one hand can give the market confidence, it can also put pressure on the bank.

Yet Rules

21st Century Business Herald reporter interviewed since many developers, agencies, research institutions and other informed, relaxed credit limit is the trend, but will gradually, gradually advancing according to market conditions.

Chain of home real estate market research Zhang Xu believes that once the first suite to relax that standard, together, under the name of the room but there is no record of the loan buyers and "selling one-for-one" improvement of people will enjoy preferential first set of buyers, the first After suites identified adjustments will lead into a three percent down payment by Liu Cheng, the implementation of the first suite of standard lending rate. Equivalent to halve the purchase threshold, or because the policy will lead to accidental injury had just need to return to the market.

At the same time, no house loan first set of buyers, second homes and investment-oriented buyers will be unaffected by the new policy.

Zhang Xu believes that changing the first suite that standard will lead to some of the funds are not sufficient demand in the market actively wards, while the proceeds from the sale of the original replacement housing available to make such funds with a certain type of home buyers affordability.

In fact, recently issued a document has been how to perform "Housing does not recognize loan" policy in the first suite identified.

The day before, Qingdao Land Resources and Housing Authority issued a document that, after the sale of the only housing but also newly purchased housing households pay off the original purchase loans, apply for housing loans again identified by the first mortgage.

Fuzhou, September 22 issued a document also said that the first suite to make adjustments to that standard, proposed after the buyers who pay off home loans, apply for loans to purchase again identified by the first loan.

Prior to August 1, Shaoxing housing construction sector also made loans without regard to the number of buyers, two suites standards in order to be the number of housing as home buyers actually have that standard.

In addition, although the regulators did not have the same tone, but according to 21st Century Business Herald reporter, some local, some of the projects identified in the first suite of standards, has begun the implementation of "Housing does not recognize loan" policy.

A Hangzhou developer told 21st Century Business Herald reporter, Hangzhou Bank in early August had relaxed the first suite of recognized standards, such as China Merchants Bank [1.73% funding research report], have paid off the mortgage balance that is considered the first suite, No room in the main city of Hangzhou, then buyers are also visible headed sets.

September 24, a national housing prices 21st Century Business Herald, director told reporters that he learned from the Hangzhou local commercial banks, credit limit policy will be adjusted, but the real dispatch execution take some time.

On the one hand is to predict the possible impact of the market; on the other hand, the real dispatch execution also requires the introduction of specific executable rules.

'Enthusiasm for local commercial banks loan is unlikely to cope with trouble in many ways, for example, only with brand enterprises cooperation, lengthen the approval cycle. "The developers said that without the introduction of rules, only the central bank and the previous propaganda similar effect was not significant.

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