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- Debt system: how are the authorities trying to reduce the risks of bankruptcy of developers in order to protect shareholders
Debt system: how are the authorities trying to reduce the risks of bankruptcy of developers in order to protect shareholders
In recent days, the topic of sustainability of the construction industry has once again become the focus of attention: Russian President Vladimir Putin has instructed the government and the Central Bank to work out measures to reduce the risks of bankruptcy of developers by June 15. This is no coincidence: after all, not only the fate of thousands of shareholders depends on the stability of developers, but also the fulfillment of strategic tasks to provide citizens with affordable housing. Izvestia looked at the challenges the industry is facing, what solutions experts are offering, and how these measures can change the market.
What prevents the construction industry from working stably
The construction sector is currently facing a number of challenges that cannot be solved by government support alone. As the head of the analytical center "Dom.Russian Federation" Mikhail Goldberg, the key problems remain the reduction of new projects and the reduction of the sample within the framework of project financing. In the first months of the year, the volume of new supply on the market decreased by 18% compared to last year, and if the negative trend continues, by 2027 the market will face a shortage of housing and rising prices.
— At the same time, developers are forced to resort to discounts and installments to support demand: the average discount has already exceeded 5%, — says the expert. — However, the massive use of installments reduces receipts to escrow accounts (a special account opened at the time of the transaction to ensure its fulfillment. — Izvestia), which increases the cost of borrowed funds and increases the financial burden on companies.
The weighted average rate for project financing has already reached 10.4%, which makes new projects less profitable, said a representative of the state organization under the government of the Russian Federation.
Effective demand is another acute problem, which, in turn, is pointed out by a member of the Public Council (OS) under the Ministry of Construction of Russia, President of the NOTIM (National Association of Organizations in the field of Information Modeling Technologies). Mikhail Viktorov.
The completion of preferential mortgage programs has sharply reduced the number of buyers, which forces developers to reduce the volume of launching new projects and acquiring land, experts explain. The situation is aggravated by rising wages, inflation, migration restrictions and the rise in the cost of building materials. All together, this leads to an increase in the cost of construction and, as a result, to higher prices for the end user.
Experts agree that reducing the project financing rate is a key support tool. In addition, according to the position of both market participants and specialists, it is now important to expand the coverage of family mortgages, especially for families with several children, and stimulate the digitalization of the industry: electronic document management, platforms for monitoring construction and the use of Russian software can significantly increase transparency and reduce costs.
Izvestia sent requests to the Ministry of Construction, the Ministry of Finance, and the Central Bank, but no responses had been received by the time of publication.
Government support: new programs and tax benefits
Government support measures are becoming particularly important in the context of high key interest rates and sanctions pressure. Vladimir Maksimov, the Minister of Construction of Chuvashia, explained to Izvestia that preferential mortgage loans, subsidizing interest rates on project financing and tax incentives for developers still remain effective.
He recalled that the Russian president had instructed to expand the Family Mortgage program to families with children under 14 and families of ITS participants, optimize taxation and prohibit banks from charging additional fees on preferential mortgage products. The temporary loan rate subsidy program for developers completing construction in 2026 should stabilize the market and improve the financial situation of companies.
— Special attention is paid to providing housing for privileged categories of citizens — orphans, large families, as well as the implementation of federal programs for the resettlement of emergency housing and support for young families. This is not only to support the industry, but also to solve social problems," the minister said.
Anton Glushkov, President of the National Association of Builders (NOSTROI), notes that the risks for consumers are minimal due to bank guarantees and escrow accounts. However, high requirements for reserves for project financing create an excessive burden on developers. Lowering these standards could prevent bankruptcies without harming the banking system.
— Another point is the issue of, perhaps not total, but large—scale subsidization of project financing rates, — says Anton Glushkov. — The drop in demand is now, of course, reflected in the launch of new projects on the market. Developers are in no hurry to launch new projects (bring them to the market, purchase land plots, take on an additional credit burden). All this will lead to a rather large shortage of supply in the housing market in the next two to three years. Therefore, incentives through subsidizing project financing can revitalize the market, encouraging companies to actively launch new facilities.
In addition, at the moment, in his opinion, the administration of ongoing projects deserves special attention. Regular monitoring of the ratio of funds raised to escrow accounts and an open dialogue between developers and the regional executive authorities make it possible to quickly assess the financial condition of a project and provide targeted support to help developers realize their current housing.
Special attention is paid to small towns and transparent support criteria.
Vladimir Putin has urgently instructed to develop a temporary program to subsidize the interest rate on loans provided to developers as part of project financing for housing construction, primarily in small towns, with a planned deadline for commissioning facilities in 2026.
In conditions of economic instability and high key interest rates, developers in small towns are particularly vulnerable. As Alexey Lukyanchikov, the founder of the Element engineering company, emphasizes, it is there that the margin is minimal, and access to banking resources is limited. Temporary subsidization of project financing in these regions is not just an anti-crisis measure, but an investment in the development of territories.
However, according to the expert, it is important to ensure transparency of the criteria for support: the company that really builds, and not "paper" offices, should receive help. This approach will increase the completion rate of facilities and protect the interests of shareholders.
Mark Zavodovsky, co-founder of Baza Development, believes that subsidy programs should be targeted and support individual groups: companies in regions with low demand, developers implementing large-scale integrated development projects, and young developers entering the market.
Reducing the risk of bankruptcy, he notes, is impossible without supporting demand from the population: this requires measures to reduce inflation, increase wages and increase the availability of mortgages. The return of a massive preferential mortgage is unlikely, but the expansion of support for certain categories of the population can stimulate the market.
Aigul Yusupova, Managing Partner of Unikey, believes that targeted measures are needed to stabilize the industry.: subsidizing loan rates for the completion of construction, special credit lines from government institutions, debt restructuring, and government guarantees on bonds from reliable developers.
According to her, demand can be stimulated by expanding the geography of preferential mortgage programs and tax holidays for companies. However, it is important to prevent an uncontrolled infusion of funds into the industry in order to avoid new long-term construction projects and losses among shareholders.
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