The CBRC cut off financial funds into the real estate to leverage funds to market the way the curtain was gradually containment, regulators efforts to cool the property market is still overweight. Following the issuance of credit limit policy and tightening of bank lending funds into the property market, the CBRC issued the first sound last weekend to control the flow of bank funds to the real estate industry. It is worth mentioning that, last week, the market also reported some housing prices bonds were stopped news. Thus, mortgage, finance, bonds and other property market can get the main way of funds are brought on "magic curse", the real estate deleveraging curtain opened in full swing. Strictly prohibit financial management funds into the property market in October 22nd, China Banking Regulatory Commission issued the three quarter economic and financial situation analysis content, clearly pointed out that to strengthen the management of financial capital investment, strictly prohibit bank financing funds violations into the real estate field. This is the first round of the property market regulation and control policy, the CBRC first hit the cooling agent. It is understood that there are many ways for bank funds to enter the real estate, financial management is one of the ways that can not be underestimated. The day before the debt Gordon’s banking financial center issued the "Chinese registered custodian bank [0.29% funding research report] industry financial market report (the first half of 2016)" shows that the first half of this year, 13.06% of the bank financial capital flows to the real estate, the scale of the proportion from third last year rose to second, a total of 2 trillion and 90 billion yuan. Compared with the end of 2015, bank financing to the real economy of 15 trillion and 880 billion yuan, of which the proportion of investment in real estate is 9.68%, that is, the balance is 1 trillion and 540 billion yuan. This means that in the first half of this year, the inflow of bank financing funds into the real estate industry increased by 550 billion yuan. But not the 2 trillion and 60 billion financial funds are illegal into the property market, how the bank’s transport behavior is illegal? Insiders said, some banks through the channel to buy loan assets, or buy out the right to benefit, which can be used to finance capital docking real estate intermediary Shoufu loan, and the first payment of the loan is the regulatory ban illegal behavior. Central Plains real estate chief analyst Zhang Dawei further introduced, banks use financial funds indirectly involved in the form of down payment loans, including financial leasing, private equity securitization products, because they are bypass financing, there are also difficulties in judging. The day before the Beijing Daily reporter survey also confirmed this point. Although facing regulators repeatedly hit, but the down payment loan has not completely disappeared, there are still real estate intermediary for buyers and banks "act as a go-between", disguised from the bank loaning money to still exist. In addition, trust is also a channel for banks to make good use of financial funds. Liao Hekai, a wealth management researcher, said that trust products can diversify investment, so that the actual investment can not be seen, that is to do a pool of funds, cover transactions. Previously, regulators have been heavily punish trust funds pool chaos. In the document issued on Saturday, the CBRC also pointed out that it is necessary to strengthen the real estate trust business compliance management. According to the trust statistics, as of October 23rd, the trust company issued a total of 658 real estate class trust this year, the scale reached 195 billion 18 million yuan. Liao Hekai said that before the trust products issued by the newspaper, the preparation is all.

银监会切断理财资金流入 房地产去杠杆化启幕各路资金通向楼市的路渐渐被围堵,监管层对楼市的降温力度还在加码。继多地发布限贷政策、收紧银行流入楼市的贷款资金后,上周末,银监会首次发声,控制银行理财资金流向房地产行业。值得一提的是,上周市场还曾传出部分房企发债被叫停的消息。由此,房贷、理财、债券等楼市可以获取资金的主要方式都被带上了“紧箍咒”,房地产去杠杆化的大幕全面拉开。严禁理财资金违规入楼市10月22日,银监会发布三季度经济金融形势分析会内容,明确指出要加强理财资金投资管理,严禁银行理财资金违规进入房地产领域。这是本轮楼市调控政策中,银监会打出的第一针降温剂。据了解,银行资金进入房地产的途径很多,理财是其中不容小觑的一个方式。日前,中债登旗下的银行业理财登记托管中心发布的《中国银行[0.29% 资金 研报]业理财市场报告(2016上半年)》显示,今年上半年,有13.06%的银行理财资金流向了房地产,规模占比从去年的第三升至第二,共计有2.09万亿元。纵比2015年末,银行理财投向实体经济15.88万亿元,其中投向房地产的占比为9.68%,即余额为1.54万亿元。这也就意味着,今年上半年银行理财资金流入房地产行业新增了5500亿元。但并非这2.06万亿理财资金都是违规流入楼市的,银行怎样的输送行为算是违规呢?有业内人士介绍,一些银行通过通道买断贷款资产,或者买断受益权,由此可以用理财资金对接地产中介首付贷,而首付贷就是监管层明令禁止的违规行为。中原地产首席分析师张大伟进一步介绍,银行利用理财资金间接参与首付贷的形式,包括融资租赁、私募资产证券化产品等,因为都是绕道融资,判断上也存在难度。北京商报记者日前的调查也证实了这一点。虽然面临监管层屡屡打击,但首付贷仍未完全销声匿迹,仍有房地产中介为购房者与银行之间“穿针引线”,变相从银行得到资金来垫资的情况仍然存在。此外,信托也是银行理财资金非常善用的一个通道。用益理财研究员廖鹤凯表示,信托产品可以分散化投资,这样就看不到实际投向,即做一个资金池,掩盖交易方式。此前监管层也曾重拳整治信托资金池乱象。银监会在上周六发布的文件中也提到,要加强房地产信托业务合规经营。据用益信托统计数据显示,截至10月23日,信托公司今年共发行了658只房地产类集合信托,规模达到1950.18亿元。廖鹤凯表示,信托产品发行前都要经过报备,报备了就都是合规的,且集合类产品都是事先报备。不过,廖鹤凯也提到,作为银行通道的单一类或事务管理类的信托产品,都是事后报备,开始并看不到具体投向,没法监管,给投机者留下了空间。“楼市此路不通”事实上,对于流入房地产市场的资金,监管层一直保持高度关注。在银行理财之前,银行房贷和企业债券等募资渠道也都上了“关注名单”,目的就在于严格控制进入房地产领域的资金,给楼市降温,避免楼市泡沫进一步膨胀。9月30日至10月4日,短短五天时间,北京、天津、苏州、深圳等共计12个城市先后发布新楼市调控政策,多地重启限购限贷。执行限贷政策的,例如深圳将二套房首付比例提高至七成,北京将首套普通住宅和二套普通住宅的首付比例分别上调至35%和50%。随后信贷调控风波纷纷来袭。10月12日,央行召集17家商业银行召开住房信贷会议,要求各银行理性对待楼市,加强信贷结构调整,强化住房信贷管理,控制好相关贷款风险。10月19日,央行上海总部组织25家在沪银行行长和房贷部门相关负责人等召开会议,再次要求银行要继续严格执行限贷政策,切实防范各类资金违规流入土地市场。此外,北京商报记者获悉,为防房价下跌给金融系统造成的风险,一些地方也开始进行银行对于房价下跌的压力测试。银监会主席尚福林在三季度经济金融形势分析会上也再次提到,严控房地产金融业务风险,严格执行房地产贷款业务规制要求和调控政策;审慎开展与房地产中介和房企相关的业务;规范各类贷款业务管理,严禁违规发放或挪用信贷资金进入房地产领域。张大伟分析认为,迹象表明,此轮房地产信贷监管收紧,已经不限于一城一地,也绝非流于表面。不仅如此,随着房地产调控政策的严厉推行,关于暂停房地产公司公司债[0.02%]审核的传闻也不时兴起。上周市场传闻交易所进行了口头指导,暂停地产企业公司债发行,但并为下发正式文件。对此,有地产公司人士向北京商报记者表示,尚未收到通知。随后也有人士辟谣,称房地产企业公司债的审核仍正常进行。但市场的猜测仍未停歇。有知情人士透露,证监会打算对于房地产企业发债出一个审核标准,在正式标准下发以前,两个交易所的房地产项目不会往前推进,因此,市场将这种状况解读为暂停。标准发布后,房地产项目应该可以正常进行,但发债的要求会有所提高。这也意味着,监管层对房地产企业通过债券融资的方式已有所严查。全面降杠杆大幕拉开数据显示,今年前三季度人民币贷款增加10.16万亿元,分部门来看,住户部门贷款,即来自居民的包括房贷在内的这些贷款增加4.72万亿元。换言之,前三季度新增贷款中,有近半为房贷。而9月数据显示,单月新增人民币贷款1.22万亿元,环比增加29%,超过预期;以房贷为主的居民中长期贷款新增5741亿元,创历史新高。在对楼市主要募集资金通道实施监管的背后,也是一次为楼市降杠杆的行动。在张大伟看来,本轮房价部分城市上涨的主因有三,钱太多,可买的东西却不多,同时银行积极给一二线城市房地产加杠杆,加上部分投资者已经在这一轮房地产投资中获利,“资金潮+资产荒+财富效应”这三者是市场开始疯牛的主要原因。张大伟表示,现在严格监管资金杠杆,主动降低房地产杠杆,这也是之前加杠杆过快过高的回归。易居房地产研究院总监严跃进表示,所谓“降杠杆”主要有两方面,个人购房降杠杆和机构降杠杆,从目前来看,监管层主要是在机构层面进行打压,可以规避违规资金进入楼市、推高房地产泡沫,也使得企业后续经营更加规范。“终极目标还是房地产市场平稳健康发展态势,而不是出现过多资金投资进入,否则对楼市有很大风险,这种风险还会危及商业和金融业。”北京大学经济学院金融系副主任吕随启也从金融风险角度进行了分析,他表示,监管层的意图就是进一步降杠杆,同时也是要稳定银行的体系,化解银行风险。房地产调控刚刚开始,理财资金现在进入楼市,就跟直接买房一样,买完就下跌了,而一旦房价下跌钱就收不回来了。所以这也是在提醒银行,调控刚开始,还没到头,要及早地地控制风险。还有业内人士表示,银行理财其实就是打包的债务,不少其实是房地产债务打包而成的,而打包的债务和不打包的债务一样都可以打水漂成为坏账,客户以为自己买的是高收益,其实买的是风险。对于这一说法,严跃进同样表示,银行有自己的投资银行部,把理财资金拿去做市场投资,不排除为了推出高的理财收益,投资银行部进行一些违规操作,把部分理财资金购买债券时,偏重企业发行债券,以此可以提供高的收益回报,实际上在这个循环中,高收益要由楼市来负担,楼市最后又由房价上涨来托底。更多精彩内容欢迎搜索关注微信公众号:腾讯财经(financeapp)。相关的主题文章: