重磅！“白名单”政策大调整，贷款最长可展期5年

Core Viewpoint - The recent policies from financial regulatory authorities and the Ministry of Housing and Urban-Rural Development aim to enhance the urban real estate financing coordination mechanism, particularly through the "white list" project loan policies, which are expected to boost industry confidence and improve the financing environment for real estate projects [7][9][10]. Group 1: Policy Changes and Impacts - The "white list" projects can now benefit from loan extensions of up to five years, providing a more lenient repayment buffer for real estate companies [7][10]. - The approval amount for "white list" projects has been steadily increasing, projected to exceed 5 trillion yuan by the end of 2024 and surpass 7.5 trillion yuan by the end of 2025 [9]. - The policies are designed to stabilize market expectations and enhance confidence among stakeholders, facilitating project completion and delivery [10][19]. Group 2: Project Delivery and Market Recovery - As financing for projects is secured, the delivery of commercial housing is progressing smoothly, with over 7.5 million units sold but not delivered being completed by October 2025 [13]. - Major real estate companies, such as Vanke and Sunac China, have reported significant progress in meeting delivery targets, with Vanke delivering 117,000 units in 2025 [13][14]. - The successful completion of housing delivery is crucial for restoring market confidence and is a key indicator of whether companies can return to normal operations [15]. Group 3: Debt Restructuring and Risk Management - Since 2025, debt restructuring and corporate reorganization among real estate companies have accelerated, with Kaisa Group being the first major listed real estate company to successfully undergo judicial reorganization, involving debts of 147 billion yuan [16]. - A total of 44 listed companies with outstanding debts of 2.72 trillion yuan are still disclosing financial reports, with 18 companies having announced debt restructuring plans totaling 1.88 trillion yuan [16]. - The ongoing debt restructuring efforts among major firms like Sunac China and Country Garden are expected to clear industry risks and provide confidence for smaller companies to pursue similar restructuring [16][17]. Group 4: Future Outlook - The establishment of the "white list" financing coordination mechanism is expected to alleviate liquidity pressures for eligible projects, enhancing credit support for compliant projects and improving buyer confidence in new home deliveries [19][20]. - The regulatory framework is shifting towards a normalized operation of buyer rights protection mechanisms, supporting real estate companies in returning to normal business operations [20].