At the end of July this year, "Compacting the responsibilities of local governments, ensuring the delivery of buildings and stabilizing people's livelihood" became an important policy for the development of the real estate market. Two months later, how is the "delivery guarantee" going? The reporter found that under the pry of the national special loan for guaranteed delivery of buildings and the local rescue fund, the shutdown projects in several provinces and cities have been gradually resumed, and different "guaranteed delivery" models are also being explored in various regions. Although the initial scale of the disclosed special loans cannot fully cover all uncompleted projects, the work progress in recent months is still of great significance. Especially in some cities with strong policies, its demonstration effect and accumulated experience will positively promote the nationwide work of "guaranteed delivery buildings". The launch of national special loans To prevent systemic risks in the industry and maintain the steady and healthy development of the real estate market, since July, the central government has repeatedly issued special supporting policies, and sent supervision and service teams to local areas to promote implementation, releasing an important signal of stabilizing the economic market. Among them, the launch of the national special loan of "guaranteed delivery of buildings" became the first national rescue policy since the "supply interruption" incident. China Merchants Bank Research Institute said that the initial scale of the rescue fund was 200 billion yuan, which will be arranged in the existing loan lines by China Development Bank and Agricultural Development Bank of China under the guidance of the Central Bank. Formally, special loans are borrowed, used and repaid by local governments in cities. In principle, the loan term cannot exceed 3 years. At the same time, it is clearly proposed that "the real estate market will not be stimulated and the real estate enterprises will not be rescued". It is strictly limited to the delivery of residential projects that have been sold, overdue and difficult to deliver around the country, and it is closed for operation and earmarked for special purposes. On September 22, China Development Bank paid Shenyang the first special loan of "building guarantee" in China, which was a substantive step. Recently, the Agricultural Development Bank of China also publicly said that it had fully implemented the tasks of "building guarantee", equipment renovation and manufacturing industry medium and long-term special loans, and had completed the work of "building guarantee" special loans by the end of the third quarter. At the recent third quarter regular meeting of the monetary policy committee of the People's Bank of China in 2022, the meeting mentioned that it is necessary to accelerate the implementation and use of the special loan of "guaranteed delivery of buildings", and appropriately increase efforts as needed to guide commercial banks to provide supporting financing support, safeguard the legal rights and interests of housing consumers, and promote the steady and healthy development of the real estate market. In addition to the above special loans, local governments are also exploring feasible solutions to accelerate the implementation of the "guaranteed delivery of buildings". According to the analysis of Kerry Research, the local government is actively implementing the main responsibility of the city and taking multiple measures to promote the work of "ensuring the delivery of buildings", which mainly includes the following aspects: First, the establishment of a special rescue fund, such as the joint establishment of a 5 billion yuan rescue fund by Hubei Provincial Asset Management and Zhejiang Commercial Asset Management, to increase the purchase and disposal of non-performing assets in the province. Second, dispatch a working group or establish a one-to-one linkage to help and urge the project to resume work as soon as possible. For example, Chongqing set up a real estate problem project risk resolution and disposal team, arranged a special real estate team to follow up the project construction progress, and closed the project account fund management