十四五期间，银行业处置房地产不良资产的6大手段与8大难题

Core Viewpoint - The real estate sector plays a crucial role in China's economic development, impacting over 50 industries, with employment peaking at nearly 100 million people and contributing 13% to GDP. The banking sector's real estate loans account for 25% of total loans, and real estate financing constitutes about 20% of total social financing. The average non-performing loan (NPL) rate for listed banks in real estate is around 4%. The ability to manage real estate NPLs over the next decade is vital for the stability of the banking industry and its service to the real economy [1]. Group 1: Measures Taken - The banking sector has established a comprehensive asset disposal system during the 14th Five-Year Plan, focusing on "ensuring delivery, safeguarding livelihoods, and maintaining stability," which includes six core measures: traditional disposal methods, bulk transfer and AMC collaboration, asset securitization, substantial restructuring and relief, digitalization and judicial collaboration, and policy support and mechanism innovation [1][2][3][4][5][6][7][8][9][10][11]. Group 2: Key Issues Faced - The banking industry faces significant challenges in managing real estate NPLs, including a mismatch between the increasing volume of NPLs and the capacity to dispose of them, with a surge in defaults leading to a NPL rate exceeding 10% for some small banks. The average auction failure rate for NPL packages has reached 35% due to insufficient professional institutions capable of cross-regional and cross-category disposal [12][13]. - The value of collateral has significantly decreased, with property values in some third and fourth-tier cities dropping by over 40%. The auction clearance rate for distressed properties in these areas is as low as 26.7%, leading banks to repeatedly lower prices [14]. - High disposal costs and inefficiencies are prevalent, with lengthy judicial processes and heavy tax burdens hindering asset recovery. The average litigation and execution cycle in central and western regions can take 18-24 months [15]. - The complexity of debt structures and difficulties in collaborative disposal are exacerbated by intertwined debts among distressed developers, complicating the prioritization of claims among various stakeholders [16]. - The legal and institutional framework is inadequate, with deficiencies in bankruptcy restructuring mechanisms and inconsistent implementation of policies across different regions [19][20]. - There is a shortage of incremental funding for asset management companies (AMCs), limiting their ability to address the needs of distressed projects effectively [21]. - Information asymmetry and valuation challenges persist, with fragmented data and significant discrepancies in asset valuations leading to potential losses during transfers or auctions [24][25][26]. - Policy coordination and execution discrepancies hinder effective asset disposal, with fragmented policies and inadequate local government support affecting the efficiency of interventions [27][28].