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People's Daily: Renting and Purchasing Simultaneously Keeping Real Estate Policy Continuously Stable

Time: 2018-01-04         Source: People's Daily         Author: People's Daily

Eat, wear, and live, the number of "live" most eye-catching. For the annual Central Economic Work Conference, many people are most concerned about the expression of housing policies, the most worried is the trend of the future real estate market. Regarding the housing issue, the Central Economic Work Conference focused on a number of issues: the housing system, the leasing market, the leasing companies, the long-term mechanism, and the stability of the regulatory policies, which have caused widespread concern among experts, scholars, and industry professionals.

Better Meet Residents' Multi-level Housing Needs

The Central Economic Work Conference proposed to speed up the establishment of a housing system that provides multi-subject supply, multi-channel guarantees, and rent-purchase measures.

In 2017, exploration of property rights housing in the Beijing and Shanghai pilots opened up new channels for solving housing problems. Under this approach, the government and the homebuyers share property rights, and the government transfers some of its “property right” for use, and home buyers can enter new homes at a lower price.

“In the past, the main supply of urban commodity housing was relatively single, mainly provided by developers. The central government proposed to explore multi-agent supply, which is to mobilize more social forces to participate.” Ren Xingzhou, researcher of the Institute of Market Research of the State Council Development Research Center, said that at present, The main suppliers of rental housing are more diverse. For example, development companies, state-owned enterprises, industrial parks, and real estate agencies all participate in the supply and operation of leased housing.

The so-called multi-channel guarantee means that the housing security methods and channels must be diversified. “In the future, the government is still the main body of housing security, but it is necessary to explore more ways and channels, mobilize more social forces to enter, and forms must be more diversified.” Ren Xingzhou said that in the past, there were low-rent housing in housing security. , affordable housing, and later there are public rental housing and shed conversion housing, "more types, more extensive means of protection, shanty towns in the past to the main housing resettlement in recent years, in the exploration of the monetization of the way, give The protected people have greater choices."

Multi-subjects and multi-channels refer not only to “houses” but also to “earths”. In August 2017, the Ministry of Land and Resources and other departments determined that 13 cities including Beijing, Shanghai, and Guangzhou will carry out trial construction of leased housing using collective construction land.

“The supply of urban housing land in the past was mainly used for the construction of commercial housing and leased housing through state-owned land auctions, or the government allocated part of the land for the construction of affordable housing. In the future, collective construction will be carried out in large and medium-sized cities with a net inflow of population. Land use will also be involved, mainly for the construction of rental housing.” Ren Xingzhou believes that the use of collective construction land for the construction of rental housing will not only increase the supply of land for urban leased housing construction, it will help to build a housing system for the simultaneous purchase of rent, but also beneficial Expanding the use of rural collective land, broadening the channels for collective economic organizations and peasants to increase income, can promote optimal allocation of collective land and economical and intensive use. "I believe that in the future, the urban housing supply system will further present the trend of multi-agent supply, diversification, and diversity."

"This kind of housing system will better meet the residents' multi-level housing needs: for urban residents who have the ability to purchase homes, support their purchase of commodity housing through the housing market; for residents who are unable to purchase housing, support them to rent and live in the market; For difficult families that cannot afford the rent and meet the conditions, the government provides public rental housing guarantees, said Han Shi, vice president of Longhu Group.

Developing the housing rental market, especially long-term lease

It is necessary to develop the housing leasing market, especially long-term leasing, protect the legitimate rights and interests of the leasing stakeholders, and support the development of specialized and institutionalized leasing enterprises. The Central Economic Work Conference has raised the development of the leasing market to an unprecedented level, and it is even more rarely emphasized for long-term leases.

"The lagging development of the rental market is the biggest shortcoming in China's urban housing supply, especially the long-term rental market is obviously inadequate." Ren Xingzhou believes that the longest lease is characterized by a longer lease period and a more stable contractual relationship, which is conducive to clear and stable The expectations of the leasing parties allow the tenants to feel at ease and the renters can rest assured.

For the entire market, the lease is equally significant. “Leasing is not only the core work of the current perfect housing system, but also the only way to solve the housing problems of the new citizens in the process of new urbanization. It can also promote the stability of the housing market by diverting the demand for housing and reducing the demand for housing mortgage financing.” Tsinghua University Real Estate Institute Director Liu Hongyu believes.

To face the future and achieve simultaneous acquisitions and purchases, the key is to make up for the shortage of leases that existed before a project.

"It is different from the sale and development of commercial housing, which can be sold quickly. The funds can be recovered quickly. Long-term rental of apartments for construction must be held for a long period of time. The period of fund recovery is long and financial pressure is high. Especially in the initial stage, a large amount of funds should be used for land acquisition and construction. And operation.” Ren Xingzhou believes that it is necessary to seriously study the relevant policies on financing and taxation for long-term rental markets so as to achieve a healthy development in the long-term rental market construction and to cultivate long-term rental markets more effectively.

In 2017, Long Lake Group, which has been deep-growing in the real estate field for more than 20 years, has launched long-term apartment products. As of now, it has 16 cities and 15,000 rooms. “The entry of brand developers will promote long-term apartments to move toward productization and refinement.” For the healthy development of long-term apartments, Mr. Han Shi made specific recommendations: First, housing rental companies and institutions that are registered and filed according to law. Support tax preferential policies; Second, support qualified housing leasing companies to issue bonds and real estate securitization products, steadily push forward the trial of real estate investment trust funds, and expand direct financing channels.

While encouraging and supporting policies to keep up, local governments should also make scientific plans and long-term plans for the development of the leasing market.

“Currently, in some cities, there is a large amount of leasing demand that is solved through the decentralized individual owner’s housing. While encouraging enterprises to build large-scale rental housing, the supply of a huge stock leasing market should not be ignored.” Ren Xingzhou believes that the livelihood There are a variety of measures available for stocking rental housing resources. On the one hand, through the strengthening of supervision and policy support, the leasing behavior of individual owners is more standardized and transparent. On the other hand, organizations that support and encourage the specialization of leasing resources integrate the scattered individual housing resources effectively, conduct unified decoration and management, provide specialized management and services, and enable scattered resources to become institutionalized. Leasing supply, and provide tenants with higher quality services.

Differentiation and control, strength is not relaxed, avoid ups and downs

In 2017, the regulation of China's real estate market continued its severe situation. According to statistics from the Chain Home Research Institute, as of now, a total of 54 cities across the country have issued regulations, with 129 restrictions on purchase policies, 169 restrictions on credit, 15 cities implementing “recognition of housing and credit recognition,” and 48 cities restricting sales.

Under severe regulation, the market is becoming stable. In November 2017, the price of newly constructed commercial housing in 11 of the 15 hotspot cities decreased year-on-year, falling by 0.2 to 3.2 percentage points, and house prices had fallen below the same period in 2016.

“The Central Economic Work Conference proposed to maintain the continuity and stability of the real estate market's regulation and control policies, which means that the overall real estate control policy in 2018 will not change much.” Ren Xingzhou believes that the continuity and stability of the policies indicate the objectives of regulation and control. It will not waver and will not relax. It must not let speculative factors return to the market and focus on preventing and resolving risks in the real estate market. At the same time, maintaining policy stability will also avoid a hard landing and ups and downs.

“From the perspective of the external environment, the current economic growth still has a strong dependence on real estate development and investment. Reform of real estate-related financial, land, and taxation systems, as well as the equalization of urban public services, will take time to develop the leasing market and common property rights. It is difficult for housing, etc., to have a substantial impact on the market in the short term; from the endogenous mechanism, the demand for residents to buy houses to increase the value of their assets is still increasing, the incentive for banks to increase leverage on real estate is still strong, and the dependence of local governments on land sales is still very high. "Strong." According to Yang Xianling, director of the Chain Home Research Institute, real estate control policies in 2018 will remain neutral and tight.

Yang Xianling predicts that the “five-limit” policy will continue in the first and second-tier cities in the future, and restrictions on sales may be extended to third- and fourth-tier cities where prices have increased rapidly in the previous period but have not yet exerted control policies. Residents’ mortgage policies will also be maintained from Tight situation.

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