This Saturday, we will welcome the beginning of winter solar term. In recent days, when the wind blows, Suzhou really feels like winter overnight. The cold weather in the north is inseparable from heating, and Suzhou naturally needs a pot of steaming mutton to cool down.

　　Friends in many places are "biased" against Suzhou people eating sheep. After all, on the style of eating mutton, the roast whole sheep and boiled whole sheep in clear water in northwest China are obviously more deeply rooted in people’s hearts, and the mutton paomo in Shaanxi is a landmark existence. How can the soft and weak tonality of Suzhou Jasper be compared with the bravery of the strong man in the northwest? We are a delicate and graceful school, and it is our strength to cook mutton properly, fresh and not mutton.

　　Dongshanhu sheep

　　Last year, Xiaobian took everyone around Suzhou to find all kinds of delicious mutton practices in Suzhou. Don’t underestimate the ability of Suzhou people to eat sheep. There are many different styles and methods just to stew the sheep. This year, Suzhou’s sheep-seeking plan will continue. I wonder what other delicious mutton can be found?

　　Dongshan baiwei mutton

　　This is the "first sheep" found last year — — Stewed mutton in Dongshan white. Dongshanhu sheep, a local sheep species, is used here, adhering to the ancient method, with the old stove firewood and stone pressure. The cooking time of a pot of sheep is as long as dozens of hours, and the stewed mutton smells fragrant. The key point is that there is no fishy smell. Even the small partners who are afraid of the smell of mutton can even eat several pieces.

　　Lotus leaf bag wrapped in meat

　　The local meat is still wrapped in fresh lotus leaves according to the ancient method, so that you can taste a faint lotus leaf fragrance when you eat meat.

　　White stew is one flavor, and braising in soy sauce is another. Compared with Dongshan, the original school of white soup, the braised mutton in Wujiang pays attention to a thick oil red sauce and chili pepper. This completely different cooking method creates a lingering and overbearing mutton flavor.

　　Taoyuan braised mutton

　　In Wujiang, braised mutton is the first dish to entertain guests, and the braised mutton in Taoyuan is the crowning touch of Sioux City’s food circle. Even the braised mutton skills here are the intangible cultural heritage of Wujiang District.

　　It is said that the skill of non-legacy level, this skill of cooking mutton is really extremely complicated. Relying on decades of experience, the old master knows how to skillfully control the temperature of mutton in the cauldron, and when to skim the foam and cook it is a technique. Finally, after 2~3 hours of cooking, different parts are cooked at different times one by one to ensure that each piece of meat has the best taste.

　　Cut the cooked mutton with scissors and put it into a big bowl, sprinkle with Chili noodles, then scoop in a spoonful of soup, and finally sprinkle with an ecstasy of garlic leaves and millet spicy. In this way, a braised mutton can be served directly on the table and become the protagonist of dinner.

　　Xiao bian grew up eating Shuangfeng mutton. At that time, on the winter weekend, what he most hoped for was a bowl of Shuangfeng braised mutton noodles. Shuangfeng area has now become a mutton landmark in Taicang.

　　Goat meat

　　Shuangfeng mutton is different from Wujiang and other places, and goat mutton is selected, with castrated ram and newly grown female sheep as the best choice. Before Shuangfeng cooks sheep, it needs to go through strict cleaning steps, and manually scrape off the residual fluff on the epidermis one by one. Because Taicang mutton is eaten with skin, this step is very important.

　　Eating mutton in Shuangfeng cannot escape two things: noodles and mutton soup. Shuangfeng mutton must be served with small wide noodles, which are tough and can’t be cooked for a long time. With rich mutton red soup, put a piece of mutton with skin and sprinkle a handful of garlic leaves to serve. The mutton is crisp and rotten, the sheepskin is soft and sticky, and it is delicious and delicious.

　　Shuangfeng mutton noodles, mutton with skin

　　When locals go to Shuangfeng’s mutton restaurant, they will definitely ask for a bowl of "Yangguang Soup" when they sit down. This soup is actually made of mutton soup and sheep blood, and pepper is added to the soup when drinking. Be sure to drink a big bowl while it’s hot, or you’ll get a layer of goat oil on your cold face, and you’ll get a discount.

　　Around Suzhou, you can taste the delicious mutton with different styles in Suzhou, each of which is full of personality and extremely delicious. This winter, Xiaobian will continue to search for delicious mutton dishes in Suzhou, and strive to mark this map of Suzhou mutton in more detail!

According to the data of the National Bureau of Statistics compiled by China Automobile Industry Association, in 2023, the operating income of the automobile manufacturing industry reached 10,097.58 billion yuan, up 11.9% year-on-year, accounting for 7.6% of the total operating income of industrial enterprises above designated size.

The chairman and general manager of Shenma Power are all Ma Bin, male, 53 years old, with a junior high school education background.

As of press time, the market value of Shenma Power is 8.3 billion yuan.

1. Shenma Power’s shareholding in northbound capital increased by 339,200 shares in the past 30 days, accounting for 0.08% of the outstanding shares;
2. In the past 30 days, no organization has conducted research on Shenma Power.

(Reporter Cai Ding)

　　CCTV News:Today (November 28th), a new round of real estate control policy was introduced in Shanghai. For households who already own a house in Shanghai or have no housing in Shanghai but have housing loan records (including commercial or provident fund housing loan records), the down payment ratio is not less than 50%.

　　The Shanghai Municipal Commission of Housing and Urban-Rural Development, the Shanghai Branch of the People’s Bank of China and the Shanghai Banking Regulatory Bureau jointly issued the Notice on Promoting the Stable, Healthy and Orderly Development of the Real Estate Market in this Municipality and Further Improving the Differentiated Housing Credit Policy. The Notice stipulates that,As agreed by the self-discipline mechanism of Shanghai market interest rate pricing, the following requirements are made for differentiated housing credit policies:

　　Since November 29, 2016, if a household purchases the first set of housing (that is, if there is no housing in this city under the name of the household and there is no commercial housing loan record or provident fund housing loan record) and applies for a commercial personal housing loan, the down payment ratio shall not be less than 35%.

　　In this city has a set of housing, or in this city has no housing but housing loan records (including commercial or provident fund housing loan records) of households to apply for commercial personal housing loans, the purchase of ordinary self-housing, the down payment ratio is not less than 50%; For those who purchase non-ordinary self-occupied houses, the down payment ratio shall not be less than 70%.

　　The "Notice" requires that all housing management departments should strengthen the review of housing transactions and conscientiously do a good job in housing credit housing information inquiry. Commercial banks should continue to strengthen the audit of the source of down payment funds and the authenticity of income certificates, and carefully grasp the specific implementation level according to the borrower’s family credit status and solvency. For those who have the characteristics of investment and speculative housing purchase, the down payment ratio and interest rate should be strictly determined. People’s Bank of China Shanghai Branch and Shanghai Banking Regulatory Bureau will strengthen supervision and inspection. In addition, the Shanghai Banking Regulatory Bureau, together with the land regulatory authorities, has thoroughly verified the sources of funds for some land auctions, and is taking administrative punishment measures against banking financial institutions that have verified that funds have entered the land trading market in violation of regulations. Follow-up will also actively cooperate with relevant departments to continuously carry out the verification of the source of land transaction funds.

　　On the same day, the Shanghai Housing Provident Fund Management Committee issued the Notice on Adjusting the Personal Loan Policy of the Housing Provident Fund in this Municipality:

　　First, strictly implement the differentiated credit policy of provident fund. On the premise of distinguishing between the first and second home purchases, the down payment ratio for the second improved home purchase will be raised to 50% for ordinary commercial housing and 70% for non-ordinary commercial housing, the loan interest rate for the second ordinary commercial housing will be raised by 10%, and the maximum personal loan for the second ordinary commercial housing will be lowered by 100,000 yuan, and loans will be stopped from being issued to employees’ families with two provident fund loans.

　　The second is to reflect the fairness, sustainability and risk control of the provident fund system. The multiple of the loan amount determined by the borrower with the balance of the provident fund deposit account decreased from 40 times to 30 times; Strictly implement the calculation ratio of the repayment ability of the Ministry of Housing and Urban-Rural Development to reduce the monthly repayment amount to no more than 40% of the salary base, and the caliber of the second set of improved housing identification standards.

　　In addition, the city will increase the supply of commercial housing land to ensure that the supply of commercial housing land will increase year-on-year in 2016. Further strengthen the management of pre-sale behavior of commercial housing, strengthen the supervision of real estate enterprises and employees, continue to carry out special rectification of the real estate market order, and resolutely crack down on property hoarding, speculation of housing prices, false advertisements, deception of consumer transactions and various price violations by real estate development enterprises and brokerage enterprises; We will intensify efforts to investigate and deal with acts such as compiling rumors, spreading false information and disrupting market order, and deal with them severely according to the law and regulations. Cultivate and develop the housing rental market, encourage social professional institutions to continuously expand the scale of agency leasing business, effectively implement the registration and filing system of residential housing lease contracts, standardize housing leasing behavior, stabilize housing leasing relations, and protect the legitimate rights and interests of leasing parties.

　　The city will continue to adhere to the housing market system of "residence-oriented, citizens-oriented and ordinary commodity housing-oriented", constantly improve the "four-in-one" housing security system, continue to strictly implement the provisions of "Shanghai Nine Articles" and "Shanghai Six Articles" in accordance with the requirements of the state on housing purchase restriction and loan restriction, strengthen the responsibility of market regulation, strengthen supervision and inspection, implement the assessment system, ensure the implementation of various regulatory policies, and promote the stability of the city’s real estate market.

　　Policy question and answer

　　1. How do commercial banks identify the first home loan?

　　A: If a resident’s family has no housing in Shanghai, and the credit information system of the People’s Bank of China shows that there is no record of commercial housing loans or provident fund housing loans in all parts of the country, it will be implemented according to the first home loan policy, and the down payment ratio will not be less than 35%.

　　Second, how do commercial banks identify second-home loans?

　　Answer: If a resident’s family has no housing in Shanghai, but there are commercial housing loan records or provident fund housing loan records in all parts of the country through the credit information system of the People’s Bank of China, or if it is found in the Shanghai real estate transaction system that he already owns a house (whether he has a housing loan record or not, whether his housing loan is settled or not), the second home loan policy will be implemented, that is, if he buys an ordinary self-occupied house, the down payment ratio will be no less than 50%; For those who purchase non-ordinary self-occupied houses, the down payment ratio shall not be less than 70%.

　　3. When will this policy adjustment be implemented?

　　A: In order to minimize the impact of policy adjustment on newly applied families, this policy adjustment is based on the online signing time of the house purchase contract. If the online signing time is after November 29th (inclusive), the new policy will be implemented; if the online signing time is before November 28th (inclusive), the original policy will remain unchanged.

　　Four, how to purchase housing information query for housing credit?

　　Answer: After signing the house purchase contract, the borrower and his family members should apply to the Municipal Housing Information Center to check the housing situation under the family name with the house purchase contract, the Borrower’s Family Housing Inquiry Application Form reviewed by the loan bank, the identity documents of the borrower and his family members, household registration book, marriage certificate and other materials, and the Municipal Housing Information Center will issue the inquiry results within 5 working days after accepting it, which will serve as the basis for the loan bank to examine the loan.

　　In order to facilitate the inquiry procedures, most commercial banks in Shanghai provide agency services for housing information inquiry. With the authorization of the parties, the loan bank can handle the inquiry with the relevant materials to the Municipal Housing Information Center.

　　V. The "Notice" proposes to strictly verify the information about the housing situation of the households who purchase houses. What are the specific contents?

　　A: Shanghai Housing Information Center will strictly verify the information about the borrower’s family housing situation with all lending banks. First, check the information about the housing situation declared by the borrower under the names of his family members; The second is to check the marital status and other information declared by the borrower through networking with civil affairs departments; The third is to compare the consistency of the borrower’s declaration of relevant information in property tax, housing purchase restriction and differentiated housing credit application.

　　6. What is the basis for this adjustment of provident fund loan policy?

　　A: According to the differential credit policy of Shanghai housing provident fund, in the past, it was mainly to review the housing situation under the name of the family applying for loans. Even if the paid-in employees have used provident fund loans, they can still apply again after paying off. This adjustment is to simultaneously review the housing situation under the family name and the provident fund loan record. For the families of paid employees who have purchased the first set of housing and have never used the provident fund, the differentiated credit policy of the provident fund will not be adjusted; For the paid workers’ families who have used the provident fund loan once, even if there is no house under their name, they can only enjoy the second set of improved housing loan policy; The third provident fund loan will not be issued to the paid employee families who have used the provident fund loan twice. This is conducive to the differentiation and fairness of provident fund loans, but also reflects the object of provident fund support.

　　Adjusting the loan policy of the second set of improved housing is a corresponding adjustment according to the requirements of this real estate regulation and control. In 2010, the Ministry of Housing and Urban-Rural Development and other four ministries and commissions required that the down payment ratio of the provident fund for the second set of improved housing should not be less than 50%, and the loan interest rate should not be less than 1.1 times of the loan interest rate for the first set of housing provident fund in the same period. In November 2014, in order to support housing consumption, according to the documents of the People’s Bank of China and the China Banking Regulatory Commission, Shanghai implemented the provident fund loan policy for purchasing the second set of improved ordinary housing with reference to the first set of housing policies. However, under the current background of real estate regulation and control, the down payment ratio, provident fund loan interest rate and maximum loan limit are adjusted accordingly to better reflect the differentiated management with the first set of first-time home buyers.

　　The adjustment of the monthly income base ratio of the borrower’s ability to calculate repayment is based on the spirit of "the upper limit of the ratio of monthly repayment amount to monthly income is controlled at 50%-60% on the premise of ensuring the borrower’s basic living expenses" in the Notice on Effectively Improving the Use Efficiency of Housing Provident Fund (Jian Jin [2015] No.150). At present, the repayment ability of provident fund borrowers in Shanghai is calculated as the monthly repayment principal does not exceed 50% of wage income. If interest is added, the monthly repayment amount accounts for about 70% of wage income, which exceeds the upper limit control standard of 50%-60%. This adjustment from 50% to 40% can truly reflect the borrower’s solvency, and the monthly principal and interest payments are controlled within the scope stipulated by the policy to reduce the risk of default of provident fund loans.

　　The strict identification of purchasing the second improved housing is further clarified according to the spirit of "The second housing provident fund personal housing loan is only granted to the paid workers’ families (including borrowers, spouses and minor children) whose existing per capita housing construction area is lower than the local average level, and the loan purpose is only limited to the purchase of ordinary self-occupied housing with improved living conditions" in the Notice on Relevant Issues Concerning Regulating the Housing Provident Fund Personal Housing Loan Policy (Jian Jin [2010] No.179).

　　To calculate the deposit balance multiple of provident fund loan amount, the loan risk leverage and the principles of mutual assistance, fairness, sharing and sustainability of housing provident fund are usually considered comprehensively. Other cities in the country are not higher than 25 times, generally between 10 and 20 times. Shanghai has taken into account factors such as policy continuity and gradual progress, and this time it is appropriately lowered from 40 times to 30 times (the supplementary provident fund is lowered from 20 times to 10 times).

　　7. What is the self-discipline mechanism of Shanghai market interest rate pricing?

　　A: The self-discipline mechanism of Shanghai market interest rate pricing is a self-discipline coordination mechanism of Shanghai banking financial institutions under the supervision and guidance of the Shanghai Headquarters of the People’s Bank of China, which plays an important role in Shanghai real estate financial regulation and control. First, according to the requirements of Shanghai real estate regulation and control, under the guidance of the Shanghai Headquarters of the People’s Bank of China, according to the principle of "making policies according to the city", the differentiated housing credit policy adjustment plan is determined through consultation. Second, it has played a key role in unifying the specific implementation standards of differentiated housing credit policies, standardizing the cooperation between commercial banks and real estate intermediaries, preventing off-site fund-raising and leverage in the real estate market such as "down payment", and maintaining the order of the housing financial market, effectively urging commercial banks to fully implement Shanghai’s real estate financial regulation and control policies. (CCTV reporter Sheng Yuyu)

After the production and sales exceed 30 million vehicles and the export ranks first in the world, the next development of China’s automobile industry needs to be optimistic and rational.

In terms of scale, according to the data of China Automobile Industry Association, in 2023, the production and sales of automobiles in China were 30.161 million and 30.094 million respectively.A record high. Cui Dongshu, secretary-general of the Association, issued a document saying that in 2023, China’s automobile production and sales scale has occupied 33% of the world automobile market share, and in the future, China’s automobile production and sales share will exceed 40% and move towards 50%.

The data shows that in 2023, the overall income of China’s automobile industry exceeded 10 trillion yuan, and the profit reached.508.6 billion yuan, the profit growth rate is lower than the income growth rate. In addition, the profit rate of the automobile industry is 5.0%, which is lower than the average profit rate of the whole industrial enterprise of 5.8%.In the past decade, the profit rate of China’s automobile industry has shown a downward trend, and this figure will reach 8.7% in 2015.

Cui Dongshu pointed out that the recent decline in profits of the automobile industry is still relatively large, and automobile companies are facing greater profit pressure. The production and sales of the automobile industry are good at a high base. However, as the source of profits mainly depends on exports and high-end luxury models, most other enterprises have experienced a sharp decline, and some enterprises have increased their survival pressure.

Under the transformation of new energy, the automobile industry is currently in a situation where fuel vehicles are profitable but shrinking rapidly, and new energy vehicles are growing at a high speed but losing a lot.

Yang Jing, director of Fitch Ratings Asia-Pacific Enterprise Rating, told Interface News that the decline in profits of the automobile industry was affected by factors such as the shortage of supply chains of previous joint venture brands, the increase in short-term costs, and the decline in sales of fuel vehicles. Although Chinese independent brands have made up the market share of joint venture brands with new energy vehicles, their profitability is still weak.

In addition, from the perspective of scale effect, BYD and other head companies have a large market share, but the market share of other brands is still small. "If the sales scale of new energy brands does not reach a certain level, it is difficult to significantly improve profit margins just by reducing costs and increasing efficiency."

Yang Jing believes that at present, it is difficult for the profit rate of the automobile industry to return to its original level in a short period of time, and the industry as a whole may show a downward trend in the medium and long term. In the future, it is necessary to pay attention to the decline of battery costs and intelligent profitability.

At the same time, Cui Dongshu pointed out that going to sea will be the next explosion point of China’s automobile industry in the next decade.

Cui Dongshu said that China’s automobile export market has shown strong growth in the past three years, and the growth rate of China’s automobile export will remain at 56% in 2023. From the perspective of export amount, in 2023, automobile exports reached 101.6 billion US dollars, with a growth rate of 69%, and the average price of bicycles also increased from 18,000 US dollars to 19,000 US dollars.

According to the full-caliber data of the Association, the overseas sales of China automobile manufacturers such as SAIC passenger cars and Chery have reached more than half of the sales of enterprises, and BYD’s export sales have also jumped by 334%.

However, it is worth noting that Fu Bingfeng, executive vice president and secretary general of China Automobile Industry Association, said in an interview that the number of automobile exports of a country is counted according to the principle of territoriality, which also includes the number of automobiles produced locally by foreign brands and then exported, so the number of automobile exports cannot be simply used as a criterion.

For automobile export, the export of automobile products is in the primary stage, followed by building factories overseas to produce automobiles. Most automobile manufacturers such as Japan and Germany adopt this model (not included in the statistics of export volume). Cui Dongshu pointed out in the article that Japanese automobile exports are weaker than overseas production scale. In 2022, Japanese automobile production at home and abroad accounted for 69%, and major automobile manufacturers accounted for more than 70% overseas.

In the past two years, BYD, Changan, SAIC, Great Wall Motor, Chery and many other American automakers have begun to invest and build factories in South China and Southeast Asia, which will have great potential in export and overseas production in the future.

　　"Recently, we are studying and launching several other structural tools, mainly focusing on supporting the smooth operation of the real estate market, including the Baojiaolou loan support plan, the housing rental loan support plan, and the private enterprise bond financing support tools. We will make some other detailed disclosures and releases after the introduction." On January 13, at the press conference of the State Council Office, Zou Lan, Director of the Monetary Policy Department of the Central Bank, introduced.

　　In the past few days, the real estate policy has been favorable. On the 10th, the People’s Bank of China and China Banking and Insurance Regulatory Commission jointly held a symposium on credit work of major banks. At the symposium, CBN was informed that in order to effectively prevent and resolve the risks of high-quality head housing enterprises and improve their assets and liabilities, the relevant departments drafted the Action Plan for Improving the Balance Sheet Plan of High-quality Housing Enterprises (hereinafter referred to as the Action Plan). The action plan focuses on 21 tasks from four aspects: assets, liabilities, rights and interests, and expectations, including the implementation of some issued policies and some new policies.

　　Chen Wenjing, director of market research in the Index Division of the Central Finger Research Institute, said that the four major policy directions of financial support for real estate are clearer: differentiated credit support on the demand side, improvement of policy tools for guaranteeing the delivery of buildings, improvement of the balance sheets of high-quality housing enterprises, and improvement of financial support policies for housing leasing.

　　Improve the balance sheet of high-quality housing enterprises

　　From the specific content of the action plan, on the asset side, we should activate reasonable demand by optimizing policies, increase efforts to guarantee the delivery of buildings, stabilize real estate sales, compact the responsibility of enterprises to slim down and save themselves, and strive to improve the operating cash flow of high-quality housing enterprises. We will support the demand for rigid and improved housing, speed up the special loan for newly-added Baojiaolou, set up a 200-billion-yuan loan support plan for Baojiaolou, set up a special re-loan for national asset management companies, and set up a 100-billion-yuan housing rental loan support plan. A series of measures are accelerating.

　　On the debt side, under the premise of risk control and ensuring the security of creditor’s rights, we will start with the stock and increment, increase the multi-channel financing support such as loans, bonds and asset management, and keep the financing cash flow of high-quality housing enterprises stable.

　　On the equity side, support high-quality housing enterprises to enrich their capital through equity financing measures, reduce financial leverage and enhance their ability to resist risks.

　　In terms of the expected improvement of the real estate market, it is clear that it is necessary to establish a positive image of high-quality housing enterprises, ensure the delivery time and quality of commercial housing, improve the quality of financial statements and information disclosure of housing enterprises, improve market expectations and rebuild industry confidence.

　　Zou Lan said at the press conference that the action plan focuses on high-quality real estate enterprises that focus on their main business, operate in compliance, have good qualifications and have certain systemic importance, and focuses on promoting 21 tasks in four aspects: asset activation, debt succession, equity supplement and expected promotion. Comprehensive measures are taken to improve the cash flow of high-quality real estate enterprises and guide the balance sheets of high-quality real estate enterprises to return to a safe range. These tasks include not only the implementation of the policies that have been issued, but also a series of new measures such as setting up special refinancing for national asset management companies and setting up housing rental loan support plans.

　　While clarifying the basic conditions of high-quality housing enterprises, the action plan indicates that there is no specific list, and financial institutions can grasp it independently. At present, most real estate enterprises that have signed intention credit agreements with state-owned banks and other prime bank can be classified as high-quality real estate enterprises. The industry also believes that the absence of a specific list means that the scope of supporting enterprises is also expanding.

　　Liu Shui, director of enterprise research at the China Central Finger Research Institute, believes that the formulation of the action plan shows that the management department has made a more systematic and overall solution to prevent and resolve the risks of high-quality head housing enterprises. "Asset activation effectively improves the operating and financing cash flow of housing enterprises. Debt continues to ease the liquidity tension. Supplement equity, optimize the structure of assets and liabilities, and reduce leverage ratio. The expected improvement will repair industry confidence. "

　　"Three lines and four gears" will be adjusted

　　What is particularly striking is that the action plan clearly needs to improve the "three lines and four files" rules for 30 pilot housing enterprises, and improve some parameter settings on the basis of keeping the overall framework of the rules unchanged.

　　The so-called "three lines and four gears" means that in August 2020, the Ministry of Housing and Urban-Rural Development and the central bank held a symposium on key real estate enterprises, at which three regulatory requirements were put forward: the asset-liability ratio excluding advance payments should not be greater than 70%, the net debt ratio should not be greater than 100%, and the cash short-term debt ratio should not be less than 1 times.

　　According to the number of lines on the "three red lines", real estate enterprises are divided into four grades of management: red, orange, yellow and green. For each grade reduction, the upper limit of the growth rate of interest-bearing liabilities will increase by 5%, and the annual growth rate of interest-bearing liabilities of real estate enterprises in the green position should not exceed 15%.

　　According to the regulatory requirements, from January 1, 2021, housing enterprises officially entered the test period of reducing leverage; By the end of June 2023, all the "three red lines" indicators of pilot housing enterprises must meet the standards, and all housing enterprises will meet the standards by the end of 2023.

　　Since then, downshifting, debt reduction and burden reduction have become the main theme of housing enterprise management. In this tide of reducing leverage, many housing enterprises optimize their balance sheets by reducing borrowing and controlling land acquisition. Until 2021, the leverage ratio of the whole industry generally showed a downward trend. However, since 2022, affected by repeated epidemics, supply cuts and other factors, the sales of housing enterprises have fallen sharply, and the return and cash holdings have dropped significantly. The "stepping on the line" housing enterprises have a tendency to expand.

　　According to Cree’s statistics, from the classification of sample real estate enterprises, the number of real estate enterprises stepping on the line has increased significantly since the middle of 2021, and the proportion of green housing enterprises in the first half of 2022 has dropped from 42% at the beginning of the year to 32%; The proportion of yellow, orange and red housing enterprises has risen, and the proportion of red housing enterprises has increased year by year, from 7% in mid-2021 to 17% in mid-2022.

　　At the same time, there is the problem of excessive contraction of financial institutions. Some financial institutions will require that the balance of interest-bearing liabilities of "red-file" enterprises should not be increased, which is misunderstood as that banks are not allowed to issue new development loans. After the enterprises pay back the loans, the newly started projects that should have been reasonably supported will not get loans, which has also caused some enterprises’ capital chains to be tight to some extent.

　　Last year, industry suggestions for fine-tuning the "three red lines" began to appear. For example, Sheng Songcheng, former director of the Survey and Statistics Department of the People’s Bank of China, suggested in April last year that the deleveraging cycle should be appropriately extended without changing the goal of deleveraging policy, including appropriately adjusting the three red lines and loan concentration assessment requirements, so as to gain time for the industry to respond to the epidemic.

　　At the beginning of last year, there was market news that banks had informed some large-scale high-quality real estate enterprises that the relevant M&A loans were no longer included in the "three red lines" related indicators for the debt-bearing acquisition of insurance enterprise projects. However, the "third line and fourth gear" is still an important criterion for financial institutions to judge housing enterprises.

　　Experts interviewed in the industry believe that the "three red lines" standard will be fine-tuned, and it is expected that the requirements of the red line will not change. It may be the same as the loan concentration, extending or setting the transition period, weakening different gears, and increasing the tolerance for debt growth. The requirements for land acquisition and cash flow will also decrease. As a result, some enterprises will have certain leverage space.

　　Yan Yuejin, research director of Shanghai Yiju Real Estate Research Institute, believes that mortgage concentration and three red lines will continue to be implemented, and the overall reform idea is still in line with the long-term mechanism of real estate financial management, but it will be combined with short-term and medium-and long-term work. At present, the short-term emergency policy will be emphasized, so the concentration of mortgage and the three red lines will be relaxed or buffered.

　　Liu Shui said that reasonably extending the transition period of the real estate loan concentration management system and improving the parameter setting of the "three-line and four-file" rules of housing enterprises will give housing enterprises a relaxed financing environment and reduce the pressure of financing and debt. On the one hand, extend the transition period of real estate loan concentration management system, reduce the credit constraints of banks, and provide loose conditions for banks to support real estate financing. On the other hand, according to the actual situation of the industry, flexibly adjusting and perfecting the parameter settings of "three lines and four gears" and reducing the requirements for housing enterprises can reduce the pressure on the operation, financing and debt of housing enterprises.

　　The market is expected to go out of the trough.

　　"The industry’s debt structure is highly diversified, and financial liabilities only account for 31%, of which bank development loans account for 14%, domestic and foreign bonds account for 9%, and non-standard financing accounts for 8%; The rest are mainly 30% of the upstream and downstream enterprises, 32% of the individual house payment in advance, and 7% of the taxes and fees delayed. " Zou Lan said at the press conference.

　　Real estate has a systematic impact on economic development and risk prevention and control. The Central Economic Work Conference made it clear that to effectively prevent and resolve major economic and financial risks, it is necessary to ensure the stable development of the real estate market, do a solid job in ensuring the delivery of buildings, people’s livelihood and stability, meet the reasonable financing needs of the industry, effectively prevent and resolve the risks of high-quality head housing enterprises, and improve the balance sheet.

　　Since 2022, in response to some adjustments in the real estate market, financial management departments have made efforts from both supply and demand to promote the smooth operation of the real estate market. With the gradual emergence of relevant policies, the financing environment of the real estate industry, especially high-quality housing enterprises, has improved significantly.

　　Zou Lan introduced that from September to November 2022, real estate development loans increased by more than 170 billion yuan, an increase of more than 200 billion yuan year-on-year. In the fourth quarter of 2022, domestic real estate corporate bonds issued more than 120 billion yuan, a year-on-year increase of 22%.

　　"Recently, many banks have signed a huge amount of strategic credit cooperation with real estate enterprises, but they are all thunder and rain." A person from the investment banking department of a brokerage firm who has been tracking the real estate sector for a long time said that banks may delay the landing on the grounds that the concentration of real estate loans has been relatively high. If the action plan is followed up, it may clear the way for financial institutions such as banks to provide support to the real estate industry.

　　Yuan Hao, an analyst in the real estate industry of Shenwan Hongyuan, believes that improving the "three lines and four files" rules for 30 pilot housing enterprises indicates that the scope of the "guarantee subject" will be further expanded, and the debt growth ceiling of the "four files" housing enterprises will be optimized, especially the green file housing enterprises may have more room for expansion at the debt end, and the subsequent green file housing enterprises will be more active in land acquisition and help the sales increase steadily.

　　Lian Ping, chief economist and dean of the research institute of Zhixin Investment, believes that in 2023, driven by stronger policies, the real estate market is expected to gradually step out of the "trough" in the second half of the second quarter, and key cities will take the lead in stabilizing and rebounding. The growth rate of real estate sales, land acquisition and investment throughout the year is marginally improved compared with that in 2022. At the same time, a series of factors such as improved demand, improved employment environment, accelerated repair of service consumption, increased support for boosting policies and low base will promote a significant rebound in social consumption.