南京規(guī)定開發(fā)商買地須用自有資金

Officials in one of China’s hottest property markets have banned developers from borrowing money to buy land, as local governments embrace increasingly drastic measures to curb soaring home prices.

中國(guó)最熱樓市之一的地方政府已禁止開發(fā)商借款購(gòu)地。目前中國(guó)各地的地方政府正采取越來越嚴(yán)厲的措施來遏止房?jī)r(jià)飆升。

Prices of new residential properties in Nanjing, capital of eastern Jiangsu province, were up 40 per cent year on year in September, in line with increases in other big cities.

在華東的江蘇省首府南京，9月新建住宅價(jià)格同比上漲40%，與其他大城市樓價(jià)漲幅相仿。

Over recent months, local governments have tried to cool residential property prices by making it more difficult for people to buy homes. The unprecedented decision by officials in Nanjing to cut off developers’ access to the banking system for land purchases highlights how local governments’ policy focus is shifting to real estate companies and their funding sources.

近幾個(gè)月來，地方政府試圖通過加大購(gòu)房難度來給房?jī)r(jià)降溫。南京官員們作出前所未有的決定，阻止開發(fā)商在購(gòu)地時(shí)利用銀行體系的資金，此舉突顯地方政府的政策重點(diǎn)正在轉(zhuǎn)向房地產(chǎn)公司及其資金來源。

Highly leveraged developers, colloquially known as “land kings”, have driven prices to record levels in many Chinese cities over the past year. Local governments were initially reluctant to act, as auctions of land are an important part of their revenue base. In September, however, the government and central bank ordered local governments to cool overheated property markets.

有“地王”之稱、杠桿水平極高的開發(fā)商，在過去一年里把中國(guó)許多城市的房?jī)r(jià)推高至創(chuàng)紀(jì)錄水平。地方政府最初不愿意采取行動(dòng)，因?yàn)橥恋嘏馁u是其重要的財(cái)政收入來源。然而在9月份，中央政府和央行勒令地方政府給過熱的房地產(chǎn)市場(chǎng)降溫。

“Bidders must use their own funds [at auctions],” Nanjing’s land bureau said. The notice banned developers from bidding with funds from banks, trust companies and insurers. They were also banned from using money raised either on capital markets or through the issuance of wealth management products and “other unregulated funds”.

南京市國(guó)土資源局發(fā)出通知稱，競(jìng)買人拿地須用自有資金。該通知禁止開發(fā)商利用來自銀行、信托公司和保險(xiǎn)公司的資金進(jìn)行投標(biāo)。它們也被禁止使用在資本市場(chǎng)上募集的資金，或使用通過發(fā)行理財(cái)產(chǎn)品等募集的“違規(guī)資金”。

Nanjing was due yesterday to hold its first land auction since late September, when central government directives to cool markets began to take effect.

南京定于昨日舉行自9月下旬(當(dāng)時(shí)中央政府有關(guān)降溫市場(chǎng)的指令開始生效)以來的第一次土地拍賣。

Last month China’s securities and banking regulators began to restrict real estate developers’ ability to issue new shares and bonds. “All the relevant [national] regulators and government departments have intervened to curb developers’ financing,” said Jonas Short at NSBO, a policy research group. “It is an example of the concerted action that you get when [Beijing] is convinced something must be done.”

上月，中國(guó)的證券和銀行業(yè)監(jiān)管機(jī)構(gòu)開始限制房地產(chǎn)開發(fā)商發(fā)行新股和債券的能力。“所有相關(guān)的(國(guó)家)監(jiān)管機(jī)構(gòu)和政府部門都進(jìn)行了干預(yù)，以抑制開發(fā)商的融資，”政策研究團(tuán)體藍(lán)橡資本英國(guó)(NSBO)的喬納斯•肖特(Jonas Short)表示。“這是在(北京方面)確信必須有所作為時(shí)，你會(huì)看到的那種協(xié)調(diào)行動(dòng)的一個(gè)例子。”

Corporate bond sales by real estate developers have come to a complete halt this month while their issuance of trust products fell by a quarter in October compared with September. Trust products bundle corporate loans and other assets that are sold on to a variety of investors, including bank depositors.

房地產(chǎn)開發(fā)商的公司債券發(fā)售本月已完全停止，而它們?cè)?0月的信托產(chǎn)品發(fā)行量也比9月下降了四分之一。信托產(chǎn)品把公司貸款和其他資產(chǎn)捆綁打包，然后出售給各類投資者，包括銀行儲(chǔ)戶。

Thomas Gatley at Gavekal Dragonomics said the immediate impact on many developers would be limited. “Property developers are cash-rich from excellent sales this year,” said Mr Gatley. “Only the smaller ones will be affected. More broadly, it is high demand for housing in China’s top cities that drives both land and house price growth.”

龍洲經(jīng)訊(Gavekal Dragonomics)的托馬斯•加特利(Thomas Gatley)表示，對(duì)許多開發(fā)商來說，直接影響將是有限的。“今年極佳的銷售表現(xiàn)使房地產(chǎn)開發(fā)商現(xiàn)金充足，”加特利說。“只有較小的開發(fā)商會(huì)受到影響。整體而言，推動(dòng)地價(jià)和房?jī)r(jià)雙雙上漲的因素是人們對(duì)一線城市的住宅需求居高不下。”