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On August 28th, the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources, and the State Financial Regulatory Commission jointly issued a notice on improving the system for the sale of commercial housing. The notice mentions optimizing the management of pre-sales of existing projects. For commercial housing projects that have obtained construction planning permits before the implementation of this notice, the pre-sale conditions and pre-sale fund supervision will be implemented according to the original policies. The notice also emphasizes the need to reasonably determine the amount of supervision, optimize the use of pre-sale funds, strictly supervise pre-sale funds, and ensure the safety of pre-sale funds.On August 28th, a residential land parcel in Chongqings Liangjiang New Area was auctioned off. The parcel has a planned construction area of 75,535 square meters, a plot ratio of 2.15, a starting price of 608 million yuan, and a starting floor price of 8,046 yuan per square meter. Haicheng ultimately won the bid for the land parcel with a total price of 724 million yuan, a transaction floor price of 9,585 yuan per square meter, and a premium rate of 19.13%.On August 28th, the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources, and the State Financial Regulatory Commission jointly issued a notice on improving the sales system for commercial housing. The notice mentions increasing financing support. A lead bank system will be implemented for real estate projects, with real estate development companies and lead banks mutually selecting each other. One lead bank will be designated for each project, and the lead bank will provide development loans and other financing services either alone or by leading a syndicate. When real estate development companies apply for development loans using land use rights as collateral, the collateral should be set up as a collective of separate land use rights; relevant measures will be formulated separately. The notice supports real estate development companies in conducting financing through various means such as equity and bonds. For projects implementing both completed and pre-sale of existing housing, reasonable financing needs will be met according to market principles, ensuring that development loan disbursements match the project construction cycle.On August 28th, the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources, and the State Financial Regulatory Commission jointly issued a notice on improving the sales system for commercial housing. The notice mentions promoting the "delivery of property and issuance of property certificate" policy. Generally, initial registration of the property should be completed before the sale of existing housing. The notice also calls for optimizing procedures related to online signing of sales contracts, real estate registration, and mortgage loan processing in the sale of commercial housing, strengthening coordination, and promoting the simultaneous issuance of property ownership certificates by homebuyers upon delivery of the housing.On August 28th, the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources, and the State Financial Regulatory Commission jointly issued a notice on improving the system for selling commercial housing. The notice mentions promoting a deposit system for the sale of completed properties. For commercial housing projects implementing the sale of completed properties, after obtaining a construction permit, real estate developers can sign a deposit contract with homebuyers and legally collect a small deposit. The deposit contract should stipulate the deposit amount, the selling price of the commercial housing, the delivery time, and the liability for failure to fulfill the contract on time, protecting the legitimate rights and interests of both parties. Municipal and county housing and urban-rural development departments are responsible for deposit supervision, and housing fund supervision agencies are responsible for deposit supervision work, opening a deposit supervision account at the projects main bank. The deposit supervision is released after the house meets the delivery conditions. If the real estate developer breaches the contract and fails to deliver the house on time, the homebuyer has the right to terminate the deposit contract according to the contract, and the real estate developer shall return the deposit and bear the liability for breach of contract according to law. Local governments should formulate model texts for housing deposit contracts based on their actual conditions.

The RBNZ Hasn't Made A Decision on Central Bank Digital Currency Yet

Cameron Murphy

Apr 29, 2022 09:31

The Reserve Bank of New Zealand (RBNZ) announced on Friday that it had not made a decision on a possible central bank digital currency (CBDC), but that it would continue to look into the possibility.


The Reserve Bank of New Zealand (RBNZ) said in September last year that it was seeking public feedback on the usage of a CBDC, which is a digital version of a current currency.


Several nations are looking into using CBDCs, with the Federal Reserve of the United States issuing a much-anticipated report on the advantages and disadvantages of adopting a digital currency earlier this year.


The RBNZ said that public comments had helped to confirm the significance of privacy and autonomy in a CBDC, and that this will be a priority of future policy work.


In a statement, the central bank said, "Our belief is that CBDC and cash would be complimentary, rather than competing."


The RBNZ's director of Money and Cash, Ian Woolford, noted that the central bank was especially focused on taking real actions to strengthen the cash system's resilience and efficiency.

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