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People's Daily: renting and buying to keep the real estate policy continuous and stable

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

Eat and wear and live, the number of "live" is the most eye-catching. For the annual Central Economic Work Conference, many people are most concerned about the expression of the housing policy, the most concerned about the future real estate market trends. Regarding the housing problem, the Central Economic Work Conference has been a lot of ink: housing system, leasing market, leasing enterprises, long-term mechanism, and continuity of regulatory policies, which have attracted widespread attention from experts, scholars and industry insiders.

Better meet the needs of residents in multiple levels of housing

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

In 2017, the exploration of shared property housing in Beijing and Shanghai opened a new channel for solving the housing problem. In this way, the government and the purchaser share the property rights, the government will transfer some of the property rights that they hold, and the buyers can enter the new house at a lower price.

“In the past, the supply of commercial housing in urban areas was relatively simple, mainly provided by developers. The central government proposed to explore multi-subject supply, which is to mobilize more social forces to participate.” Ren Xingzhou, researcher at the Market Research Institute of the Development Research Center of the State Council, said that The supply of rental housing is more diverse, such as development companies, state-owned enterprises, industrial parks and real estate agencies are involved in the supply and operation of rental housing.

The so-called multi-channel guarantee is 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 the form must be more diversified." Ren Xingzhou said that in the past, there were low-rent housing in the way of housing security. Economically affordable housing, and later public rental housing and shed conversion resettlement housing, "more types, more secure means, shanty towns in the past to relocate in the physical housing, in recent years, are exploring the way of monetization, giving The protected people have a greater choice of space."

Multi-agent, multi-channel, not only refers to "house", but also refers to "land". In August 2017, the Ministry of Land and Resources and other departments determined that 13 cities including Beijing, Shanghai and Guangzhou will carry out pilot projects for the construction of leased housing using collective construction land.

"In the past, the supply of urban housing land was mainly used for the construction of commercial housing and rental housing through state-owned land auctions, or the government allocated some land to build affordable housing. In the future, in some large and medium-sized cities with net inflows of people, collective construction Land use will also be involved, mainly for the construction of rental housing.” Ren Xingzhou believes that the use of collective construction land to build rental housing can not only increase the supply of urban rental housing construction land, but also help to build a housing system that is both rent-free and affordable. Expanding the use of rural collective land, broadening the channels for collective economic organizations and farmers to increase income, can promote the optimal allocation of collective land and economical and intensive use. “I believe that the urban housing supply system will further show the trend of multi-agent supply, diversified methods and diversity structure in the future.”

"This housing system will better meet the multi-level housing needs of residents: for urban residents who have the ability to purchase houses, support them to purchase commercial housing through the housing market; for residents who cannot afford to buy housing, support them to rent from the market; For families that are difficult to afford rent and meet the conditions, the government provides public rental housing security,” said Han Shi, vice president of Longhu Group.

Developing a housing rental market, especially long-term leases

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

“The lag in the development of the rental market is the biggest shortcoming in China's urban housing supply, especially the long-term rental market is obviously insufficient.” Ren Xingzhou believes that the biggest feature of long-term lease is that the lease period is longer and the contractual relationship is relatively stable, which is conducive to clear and stable. The expectation of both parties to the lease will give the tenant peace of mind and the renter peace of mind.

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

Facing the future, to achieve the simultaneous purchase and purchase, the key is to make up for a short-term lease that exists before the project.

“Unlike the development and construction of commercial housing, it can be sold, the funds can be recovered quickly, and the long-term rental apartment must be held for a long time. The capital recovery period is long and the capital pressure is high. Especially in the initial stage, a large amount of funds should be used for land auction and construction. And operation." Ren Xingzhou believes that it is necessary to seriously study the financing, taxation and other related policies for the long-term rental market, so that the construction and operation of the long-term rental market can achieve sound development and foster a long-term market more effectively.

In 2017, Longhu Group, which has been deeply involved in the real estate industry for more than 20 years, launched long-rent apartment products. Up to now, it has laid out 16 cities and has 15,000 rooms. “The presence of brand developers will promote long-term rental apartments to move towards productization and refinement.” For the healthy development of long-term rental apartments, Han Shi made specific recommendations: First, the housing rental enterprises and institutions that have been registered and filed according to law. Second, to provide tax incentives to support; Second, to support eligible housing leasing companies to issue bonds, real estate securitization products, steadily promote the real estate investment trust pilot, and expand direct financing channels.

While encouraging and supporting policies to keep up, local governments should also undertake scientific planning and long-term planning for the development of the rental market.

“At present, there are a large number of rental needs in some cities that are solved through the scattered housing of individual owners. While encouraging enterprises to build new large-scale rental housing, they should not neglect the supply of huge stock rental market.” Ren Xingzhou believes that There are a variety of measures available for stock rental housing resources. On the one hand, by strengthening supervision and policy support, the leasing behavior of individual owners is more standardized and transparent. On the other hand, support and encourage institutions specializing in the integration of leasing resources to effectively pool dispersed individual housing resources, carry out unified renovation and operation, provide specialized management and services, and enable decentralized resources to become institutionalized. Leasing supply and providing higher quality services to tenants.

Differentiate regulation, strength is not relaxed, avoid big ups and downs

In 2017, China's real estate market regulation continued its severe situation. According to the statistics of the Chain Research Institute, as of now, a total of 54 cities across the country have introduced regulation and control, with a total of 129 restrictions on purchase policies, 169 restrictions on loans, 15 cities to implement “reward and loan recognition”, and 48 cities are restricted.

Under severe control, the market is stabilizing. In November 2017, the price of new commercial housing in 11 of the 15 hot cities declined year-on-year, ranging from 0.2 to 3.2 percentage points, and house prices were already lower than the same period in 2016.

“The Central Economic Work Conference proposed to maintain the continuity and stability of the real estate market regulation policy, which means that the overall real estate regulation and control policy will not change much in 2018.” Ren Xingzhou believes that the continuity and stability of the policy indicates the goal of regulation. Will not waver, the strength will not relax, we must not allow speculative factors to return to the market, pay attention to prevent and resolve the real estate market risks; at the same time, maintaining policy stability will also avoid the market hard landing, ups and downs.

"From the perspective of external environment, current economic growth still has strong reliance on real estate development investment. The reform of financial, land, taxation and other systems related to real estate and the equalization of urban public services will take time to develop the leasing market and shared property rights. In the short term, it is difficult for housing to have a substantial impact on the market. From the perspective of endogenous mechanisms, the demand for residents to buy houses for asset value appreciation is still there. The driving force for banks to add leverage to real estate is still strong. The local government’s dependence on land transfer fees is still very high. Strong." In the view of Yang Xianling, the president of the Chain Research Institute, the real estate regulation and control policy in 2018 will maintain a neutral tightening trend.

Yang Xianling expects that the “five-limit” policy of the first- and second-tier cities will continue. The restricted sales may be extended to some third- and fourth-tier cities where the price has risen rapidly but the control policy has not been implemented. The residential mortgage policy will also remain Tight situation.

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