北方三城南下取经，保交楼“南宁模式”何以成为全国范本

Core Insights - The establishment of the Kaifeng City Stabilization Fund marks the nationwide adoption of the "Nanning model" for ensuring housing delivery, indicating a replicable and promotable experience in addressing unfinished housing projects [1][3] Group 1: Background and Context - The "Nanning model" has been recognized as a successful case for addressing complex unfinished housing projects, which are often seen as "hard nuts to crack" due to issues like debt complexity and asset multiple pledges [2][4] - The stabilization fund in Nanning is the first of its kind in China, primarily funded by state-owned enterprises, and has inspired other regions to establish similar funds [2][3] Group 2: Challenges in Housing Delivery - Unfinished projects face three main challenges: "handover difficulties," "funding issues," and "management problems" [5][6] - Handover difficulties arise from bankrupt developers and the reluctance of original management teams to cooperate, complicating the transition to new management [5] - Funding issues stem from misappropriated pre-sale funds, leading to significant financial gaps that hinder market-based funding support [6] - Management problems include poor construction quality and incomplete infrastructure due to prolonged project halts [6] Group 3: Solutions and Innovations - The stabilization fund employs a dual isolation strategy to mitigate risks from original developers and management teams, ensuring that new funding is used exclusively for project completion [6][7] - To address funding gaps, the fund utilizes asset segmentation, special loans, and profits from commercial developments [6][7] - The fund emphasizes quality service and homeowner rights in project delivery, ensuring compliance with original construction plans [7] Group 4: Evolution of the Stabilization Fund - The stabilization fund is evolving into a 2.0 version, focusing on innovative funding sources and integrating economic development strategies [8][9] - The new model involves local governments contributing physical assets (land) to secure financing, reducing fiscal burdens while ensuring project initiation [9] - The fund's role has expanded from merely addressing housing delivery to becoming a platform for local asset management and industrial incubation [9][10] Group 5: Broader Implications - The successful practices of the stabilization fund are being replicated across regions, indicating a shift from localized solutions to a more standardized approach to real estate risk management [10] - The model creates a multi-win framework that balances government guidance, market leadership, and legal safeguards, promoting social stability and economic efficiency [10]