Page 16 - CCFA Journal - 8th Issue
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经济热点 Economy hotspots 加中金融
专栏 1：银行监管账户监管条例介绍 Box 1: An introduction to escrow bank account
regulations
在中国，大多数房地产和住宅开发项目普遍采取预售
制。在预售制度下，房企可在动工前出售住宅项目，但 In China, most real estate and residential development
当局要求其将预售资金存入银行监管账户，并交由市级 projects use a presale system. Under this system, property
政府监管。地方政府和银行对这笔资金进行第三方监 developers are allowed to sell their residential projects prior
to construction, but are required by the authorities to
管。根据各地的不同规定，这些预售资金纳入监管账户 deposit the funds raised from the presales into escrow bank
的比例各不相同。 accounts, which are monitored and regulated by local
然而，鉴于房企融资端大幅收紧，2021 年底多地出台新 governments at the municipal level. Effectively, local
政策来加强对预售资金的监管，防止房企挪用建设资金 governments and banks conduct third-party supervision.
用于偿还贷款等行为。这就像是囚徒困境：尽管各地在 According to different local regulations, the fund supervision
合理程度上强化了对预售资金的监管，但多地集体行动 ratio of these accounts varies across regions.
或导致了整个房地产部门的信贷紧缩（参见《未来数月 However, in late 2021, amid a significant squeeze on
房企面临较大财务压力》，2021 年 12 月 22 日）。地方 financing for property developers, many cities have actively
政府的行动包括： introduced new policies to tighten the management of
presale funds owing to fear of diversion to other regions for
2021 年 11 月 7 日，江苏南通海门区相关部门发布通知， debt repayment. It’s like a prisoner’s dilemma: though each
要求全面加强商品房预售资金监管，并要求各银行机 local government is rational in stepping up its monitoring of
构、各房企确保新建商品房预售资金用于本项目建设。 presale funds, the collective actions of local governments are
equivalent to a credit crunch for the whole property sector
2021 年 11 月 8 日，河北省石家庄市住房和城乡建设局宣
布，商品房预订款、首付款及按揭款等款项全部纳入监 (see China: Developers face significant financial challenges in
the next few months, 21 December 2021). Evidence from
管专用账户，预售资金用于项目工程建设支出。任何违 local governments includes:
法违规行为一经发现，将面临严厉打击。
•On 7 November 2021, the government in Haimen district of
在此背景下，多方媒体报道称，今年 2 月份相关部门下 Nantong, Jiangsu, released a document calling for
发了关于商品房预售资金监管的相关意见，对预售资金 comprehensively strengthening the management of presale
的监管进行了全国统一，防止地方对房企获取现金流的 funds for commercial houses, and demanding all banking
监管力度过紧或过松。实施细则规定，预售款的拨付进 institutions and property developers ensure that presale
度要根据工程建设进度来进行；地方住建局及商业银行 funds for new commercial houses are used for the
应配合执行新规，明确各单位的责任分工。4 月 29 日召 construction of the related project.
开的中央政治局会议强调，要“优化商品房预售资金监 •On 8 November 2021, the housing regulator of Shijiazhuang
管”。
in Hebei announced that commercial residential building
reservation deposits, down payments and mortgage
payments would all be included in the escrow account, and
presale funds would only be used for construction
expenditures. Any violation would result in severe penalties.
Against this backdrop, in February this year, it was widely
reported that Beijing announced a notice to unify the escrow
account regulations based on nationwide standards and
prevent local governments from under-/over-tightening
developers’ access to cash flow (see Escrow account
regulation details announced, 10 February 2022). The
implementation details state that the releasing of
developers’ contracted sales cash flows should follow the
project construction progress; the local bureau of housing
and urban-rural development, as well as commercial banks
should cooperate to execute the new regulations with a clear
demarcation of responsibility by the respective entities. At
the April Politburo meeting held on 29 April this year, Beijing
explicitly called for efforts to “optimize presales funding
regulations”.
CCFA JOURNAL OF FINANCE August 2022
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