寻找“合理而有效的需求”？面对持续不振的银行信贷需求，银监会对于“久居冷宫”的房地产领域，突然迸发出了热情。

Looking for“Reasonable and effective demand”？Faced with persistent the ailing bank credit demand，Banking regulator for“Perfectly placed”The real estate sector in，Broke into the enthusiasm。

　　在中国银监会近日召开的2012年第二次经济金融形势通报分析会议和2012年年中监管工作会议上，银监会主席尚福林指出，下半年，银监会要支持中低价位、中小套型普通商品房建设，优先办理居民家庭首套真实自住购房按揭贷款。

In the China banking regulatory commission (CBRC) held recently in 2012 the second economic and financial situation analysis and reporting meeting in the middle of 2012 supervision work conference，He points out that the chairman of China's banking，The second half，Banking regulator to support low price、Small-scale common commodity house construction，The first priority for households set of real self living buys a room to mortgage loan。

　　这一表态迅速在开发商中引发热议。7月31日，深圳市宝安区一家本土开发商的财务总监在接受本报记者采访时表示，难得见到监管当局对房地产发表以“支持”为关键词的公开表态。与信贷放松的“暗流”相结合，该公司将在融资和财务管理方面进行更加积极的调整和安排。

This comment in developers quickly by hot debate。July 31,，Shenzhen baoan district a local developers finance director in accepting our newspaper reporter to interview said，Hardly see regulators on real estate in published“support”Key words of public comment。And credit relaxing“undercurrent”Combined with，The company will be in financing and financial management more positive adjustment and arrangement。

　　同日，中国银监会研究局一位要求匿名的官员在接受记者采访时分析认为，监管当局对房地产类贷款的态度正在发生明确的变化，将开始支持“合理而有效的需求”。他亦坦言，这也是银行业无奈的选择。因为整体的信贷需求已低于银行的承受能力，有可能影响到一些银行的可持续发展。但是，能否在房地产领域获得有效需求，尚有很多疑问。

the，The China banking regulatory commission was placed a requested anonymity officials when accepting a reporter to interview that analysis，Regulators on real estate loans of attitude is occurring clear change，Will begin to support“Reasonable and effective demand”。He also said，This also is banking have no choice。Because of the overall credit demand has lower than bank bear ability，May affect some of the bank and sustainable development。but，In the real estate sector can get effective demand，, there are a lot of questions。

　　“支持说”落地将极为审慎 “Support said”Will be born is prudent

　　在银监会提供的消息中，尚福林指出，今年以来，银监会严格控制过热地区和高负债房地产企业的贷款规模，房地产贷款风险防控取得积极成效；商业银行信贷结构得到了调整。

In the news of the banking regulatory commission，He pointed out that，Since this year，Banking regulator to strictly control the overheating areas and high debt real estate loans of the enterprises in scale，Real estate loan risk prevention and control achievements；Commercial bank credit structure got adjustment。

　　“应该说，这种调整目前还没有达到监管层的要求，（所以）同时强调了风险防范，列出了风险防范的若干重点。”前述银监会研究局人士告诉本报记者，除了地方政府融资平台、房地产、流动性等传统风险揭示，上述会议还特别强调要关注“信用风险和案件风险”。

“Should say，This adjustment is still not achieve regulatory requirements，（so）While stressing the risks，The risk list some of the key。”The CBRC people research, told the reporter，In addition to the local government financing platform、Real estate、The liquidity of traditional risk revealed，The meeting also stressed the need for special attention“Credit risk and risk case”。

　　在这种惯常的辩证式思路下，今年上半年房地产类贷款的增长，集中在保障性住房建设信贷方面。截至6月末，保障性安居工程贷款余额5813亿元，同比增长54.3%，比各项贷款平均增速高38.4个百分点。

In this kind of customary dialectical type strategies，In the first half of this year the growth of real estate loans，Focused on the construction of affordable housing credit。By the end of June，Support the comfortable housing project loans outstanding 581.3 billion yuan，Year-on-year growth of 54.3%，The average growth rate than the loan is 38.4% higher。

　　按照尚福林的上述表态，今年下半年，普通商品房建设和购房按揭贷款将获得“支持”。就此，参加上述会议的该银监会研究局人士表示，支持将会体现在个别地区，采取总规模控制的方式，标准则是“合理且有效”。但是，“这种表态是否能够获得各地方银监局的普遍支持，并不好下结论，因为考核他们的指标是系统的，而不是单个的，他们会非常审慎。”

According to the above comment he，The second half of this year，Common commodity house construction and the mortgage loan will be available“support”。on，Attend the meeting of the banking regulatory commission (CBRC) research groups said，Support will be reflected in the individual regions，Take the total scale control way，Standard is“Reasonable and effective”。but，“This comment whether can acquire each place the CBRC's popular support，Is not good to conclusions，Because of their index is system evaluation，Not a single，They will be very careful。”

　　金融脱媒趋势愈发明显 Take off the financial media trend is increasingly clear

　　监管当局的此番支持表态能否推动房地产信贷规模增长，一些银行的分行也有很多疑问。中国农业银行(601288,股吧)深圳分行高级客户经理梁艳裳接受本报记者采访时表示，他们研究分析发现，深圳房地产类融资盘面有表内下降、表外上升的特点，可以确认是金融脱媒趋势，直接影响了房地产类贷款的合理增长。

The transgressions of regulatory authorities statement can promote credit support real estate scale growth，Some of the bank branch also have many questions。Agricultural bank of China(601288,Shares it)Shenzhen branch manager and senior customer LiangYan accept our newspaper reporter to interview said，They study found，Shenzhen of real estate finance disk has shown in the table decline、The characteristics of the rising outside the watch，Can confirm is financial to take off the media trend，The real estate loans directly affect the reasonable growth。

　　这种趋势的原因无疑是表外融资的日益活跃。前述深圳宝安房地产公司财务总监表示，去年底房地产贷款全面收紧之时，地产企业不得不寻求融资路径。半年下来，代付融资、票据、债券、信托和股权融资等已经很成熟。“现在，利率市场化的试探性努力也给了地产商表外融资更多的创新空间。”

The reason of this trend is undoubtedly off-balance-sheet financing increasingly active。The shenzhen baoan real estate company finance director said，Real estate loans at the end of the overall tightening，Real estate enterprise have to seek financing path。Half year down，Paid financing、bills、bonds、Trust and equity financing was mature。“now，Interest rate marketization tentative efforts also give developers off-balance-sheet financing more innovation space。”

　　此外，梁艳裳透露，“有的房地产企业将信托融资放在‘实收资本’项下。信托融资有回购的问题，属于企业或有负债，但这么一处理，报表上反映不出来是负债。”前述房地产公司财务总监则表示，还有一些开发商将中期票据放在其他应付款项下面，也存在此类问题。

In addition，LiangYan frontal revealed，“Some real estate enterprise will trust financing on‘Paid-in capital’Under a。The trust financing has its problems，Belong to enterprise or liabilities，But such a treatment，Statements reflect not to come out is a liability。”The real estate company, said chief financial officer，And some developers to bill on other payment middle below，There are also such problem。

　　对此，前述银监会官员表示，银监会作为监管当局是高度关注这类问题的潜在影响的。上述年中会议上，房地产信托的风险管理再次被设定为重点方向。这是因为，“从2011年第四季度以来，银行业不良贷款余额已连续三个季度环比上升，房地产信托是一种相伴随的操作风险。”在此基础上，银监会在今年下半年将探索企业负债全口径管理的办法，并要求各银行应关注企业发债的安全性、流动性。

this，The banking regulatory commission officials said，Banking regulators are highly attention as the problem of the potential impact。The above years on the meeting，The risk management of the real estate trusts again is set to key direction。This is because，“From 2011 years since the fourth quarter，Banking bad loans for three quarter balance has been rising annulus，Real estate trust is a accompanied by operation risk。”Based on this，Banking regulator in the second half of this year will explore the caliber of the management of the enterprise liabilities way，And ask Banks should pay attention to the safety of the enterprise translated、liquidity。