Greedy capital and dereliction of duty in supervision! What problems have been exposed by the loan suspension of uncompleted residential flats? How to solve it?

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Author: Li guangman source: Li guangman freezing point review wechat official account id:ligm-479210127 has been reprinted with authorization

Recently, the loan suspension of uncompleted residential flats spread across many provinces across the country has become increasingly fierce, and a financial event is emerging. We need to understand that the loan suspension event of uncompleted residential flats is that there are uncompleted residential flats first, and then house buyers “stop lending in a group”. The core problem is whether the pre-sale funds that should be used for special purposes and have a special account are diverted for other purposes, and whether supervision is seriously absent.

This time it was the common people who were hurt. Not long ago, rural banks in Henan and other provinces experienced a thunderstorm, and the money that the common people had in the bank suddenly could not be withdrawn. The teller was also given a red code to restrict movement. Although the government has launched the classified advance fund arrangement in advance to advance customers with 50000 yuan or less, there is still no solution to solve customers with more than 50000 yuan.

Over the years, we have been emphasizing the prevention and resolution of systemic risks in the financial sector, but systemic risks in the financial sector have occurred repeatedly. In 2015, high leverage and equity pledge evolved into a disaster of stock market crash, which made countless ordinary shareholders return to poverty overnight. Since then, campus loans, all kinds of end-of-life loans and P2P network loans have emerged one after another, causing many people to fall into various financial scams and be seriously injured. The life saving money saved by ordinary people for many years has been looted in rounds of financial scams.

High housing prices and various financial scams are the heartache of ordinary people. The current loan suspension of uncompleted residential flats is the result of high housing prices and financial risks. People have saved money for a lifetime or even several generations to buy a house. Finally, these house purchase funds are misappropriated for other purposes, and the house is uncompleted. The buyer’s house is gone, and he will continue to bear the mortgage for 30 years. What’s more puzzling is that no one has taken responsibility for such a big thing. So how did all this happen?

In my personal opinion, there are many reasons, but there are only two main reasons, one is the greed of capital, the other is the dereliction of duty of supervision.

Let’s first talk about the greed of capital. In order to obtain more profits, real estate developers take the advance payment of buyers to the bank as collateral to obtain more loans, and then use these loans to purchase land, use the semi-finished real estate developed by these lands for pre-sale, and then use the pre-sale money to obtain land, loan again, purchase land again, and pre-sale again. This greedy snowball development method is like a Ponzi scheme, and ultimately it must be the rupture of the capital chain and the unfinished pre-sale house, The buyer has two empty houses. These real estate developers have no sympathy and compassion for buyers who pay money but can’t get a house. They only have 100%, 300% and 500% profits in their eyes, and only have their own luxurious life. When they have money, they don’t have to finish the building, but spend a lot of money to raise football clubs, buy luxury houses abroad, private yachts and private planes. This is the greedy and ruthless nature of capitalists, If we don’t control and strictly supervise these capitalists’ greed, they will play the capital game of empty gloves and white wolves indefinitely. They can develop countless Suites but leave everyone with no room to live in, just as capitalists can produce a lot of milk but would rather that everyone can’t afford to dump it than sell it to everyone to drink.

Besides the dereliction of duty in supervision, the housing pre-sale system implemented by our country is itself a system that is conducive to the government, developers and banks, because this system requires buyers to pay the house payment and loan in advance one to two years. In essence, it is a disguised price increase, which first exploits the buyers. Let’s not talk about this first, just say that China stipulates that the house purchase money paid in advance by the buyer must be deposited in a special account, which can only allocate the corresponding construction funds to the developer according to the housing construction progress with the consent of the regulatory department. The reason why there are uncompleted residential buildings and no funds to complete the building is that these pre-sale funds are not allocated to the developers according to the project progress, but allocated to the developers in advance. The developers take these funds not for the subsequent construction of the project, but for other purposes, or for larger-scale land acquisition, or for other projects, or are squandered. The regulators or banks responsible for supervising the use of these funds undoubtedly know that these funds have been misappropriated for other purposes, because this phenomenon has become the norm in the circle, so the regulatory authorities, developers and banks have formed a community. In addition to the buyers, the other three parties have the major responsibility for the formation of uncompleted residential flats.

After the incident, all parties expressed their positions, but none of them admitted that they had corresponding responsibilities. Is it the responsibility of the buyer to form uncompleted residential flats? Is it the responsibility of the buyer to misappropriate the prepaid house purchase money for other purposes? Some people here talk about the legal problems of the people who stop lending and the dishonesty of the property buyers, that is, no one talks about the responsibilities of the government, banks and developers. It seems that all parties are trying to serve the property buyers, but the house of the property buyers is gone, and they will continue to repay the mortgage for 30 years.

I think it is the joint responsibility of regulators, banks and developers that caused the situation of uncompleted residential flats, and these three parties must bear their respective responsibilities. I think to solve the problem of uncompleted residential flats, first, we should control developers, not allow them to leave the country and escape, and let them bear corresponding legal responsibilities in the future. The second is to check all the assets of all major shareholders of the developer, and use all the checked funds to solve the problem of uncompleted residential flats. Third, the regulatory authorities or relevant government departments and banks have both interests and responsibilities in this process. Therefore, relevant government departments, banks and developers should set up a coordination organization to take out funds first to ensure the follow-up construction of the project until completion, and the buyer will continue to repay the loan after receiving the house. I think the major banks said in their statements that the amount involved is small and the risk is controllable. Since the amount is small and the risk is controllable, it should not be a big problem to spend a certain amount of money on the follow-up construction of uncompleted residential flats. Fourth, the relevant principals of regulators and banks that operate funds in violation of regulations should be held accountable until they bear legal responsibility.

The key here is that the government should assume the corresponding responsibilities and assume the main responsibility. The developers, banks and the government should not be allowed to shirk their responsibilities to each other, and then do nothing, or cover things, hide them, and press them, that is, do not solve the problem. If so, we must let the discipline inspection and supervision department intervene to find out what corruption is in this, it is not accountability The problem of moving seats is to bear legal problems.

Here, we should not accuse those buyers who participate in the loan suspension, or even make them bear legal responsibility, but also give them a bad credit record. They are the real victims. After paying the down payment for the house purchase, they didn’t receive the house they bought, and they still have to continue to pay the 30-year mortgage for the uncompleted house. Do you think it’s fair and reasonable for them? Don’t talk to me about the law, and don’t talk to me about credit, because all the reasons are caused by developers, banks and regulators, who are only bearing the consequences of evil.

From the stock market crash in 2015 to all kinds of “loans” that later deceived people, to P2P, from the recent thunderstorm of rural banks in Henan and other provinces to the breaking of the capital chain of real estate developers, there have been a large number of uncompleted residential buildings, and home buyers have stopped lending in groups. We should deeply reflect on whether there are systemic risks in our financial system these years? Have real estate and financial risks caused harm to ordinary people?

Over the years, so many things have happened to the financial system. Have any of us ever taken responsibility? Has anyone been held accountable for this? People’s affairs are major events, but no one is responsible for hurting the people, and no one is held accountable. Is this normal? If it goes on like this, I’m afraid the stories of yesterday and today will happen tomorrow, and the people will be repeatedly hurt by financial risks.

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