Provident Fund assets securitization opening housing inventory starts here
on November 21, the Legislative Affairs Office of the State Council to the public release of the housing Provident Fund management regulations (revised draft). According to the draft, Housing Fund intends to relax the conditions of extraction, staff housing rental, owner-occupied housing property, etc are expected to use the Fund to pay in the future. Revised draft provisions for the first time, self-employed with no employees, part-time employees and other flexible employment to pay housing fund.
in view of the above change, analysts said, more than 10 years, the housing Provident Fund management regulations played an important role in support of housing development. This explicitly in the revised draft of the extract range of housing accumulation Fund, covering the whole chain of housing consumption.
in addition to the relaxation of the conditions of extraction of the Provident Fund, the revised draft also specifically enhance the Fund's liquidity.
30th article of the revised draft and defines the value of the Fund: Housing Fund Management Center housing Provident Fund Management Committee approval, according to relevant regulations of the State's application for issuing securities backed by housing provident fund housing loans to individuals, or through a discount, such as financing, financing costs from the value-added benefits of housing accumulation Fund in Liechtenstein. In addition, the housing accumulation Fund can also be used to purchase Government bonds, CDs; as well as for the purchase of local government bonds and policy financial bonds, securities backed by housing provident fund housing loans to individuals, such as high-grade fixed-income products.
for move, industry of General views think, this is through has housing Provident Fund and capital markets Zhijian of channel, makes housing Provident Fund Management Center can from capital markets stream issued bonds, get funds, Provident Fund Management Center can put raised to of funds again loan to meet Provident Fund loan of personal purchase housing, also can used to purchase local government bonds, and policy sex financial debt, achieved assets of hedge value-added.
However, the point was also made, this increase makes China's public housing fund management center has become similar to United States of Freddie Mac and Fannie Mae. Even after China's public housing fund management center can stand alone companies, listed shares and so on.
through 2008, by United States Fannie and Freddie crisis triggered by the financial crisis until now people still on Fannie Mae and Freddie Mac "scared", therefore, Fund Management Center will become China's Fannie Mae and Freddie Mac may be extra vigilant.
Fannie Mae, the Federal National Mortgage Association, was established in 1938, is the largest of the "United States Government sponsored enterprises" engaged in financial business, to expand the capital to capital flows in the secondary housing market of specialized agencies.
Freddie Mac is the United States second largest in a Government-sponsored enterprise, commercial-scale second only to Fannie Mae. Established by Congress in 1970, as a aims to open up United States second-mortgage market, increase home ownership loans and housing loans for rental income.