BEIJING, May 9 (Xinhua) — Today, Wang Yeqiang, an associate researcher of the urban circle Institute of the Academy of Social Sciences, said when introducing the “blue book of real estate” that the current real estate market is facing the arduous task of removing inventory from third-and fourth-tier cities; The long-term mechanism has not yet been formed, the housing rental system is in urgent need of improvement, and there are still some major problems such as insufficient shed reform and construction. In this regard, the “blue book of real estate” suggests classified regulation and control to promote the balanced development of the real estate market due to the city’s policies; Strengthen reform, give priority to legislation, and accelerate the implementation of the real estate tax law.
The press conference of China Real Estate Summit Forum and “blue book of real estate” of Chinese Academy of Social Sciences in 2017 was held today. Wang Yeqiang, associate researcher of urban circle Institute of Chinese Academy of Social Sciences and executive editor of Blue Book of Real Estate, introduced the relevant information.
Wang Yeqiang said that the main problems facing the current real estate market. First, the market differentiation is deepened and strengthened, and the task of removing inventory in third-and fourth-tier cities is arduous. On the one hand, the housing market in second-tier cities is in short supply and prices are soaring, facing the dilemma of timely replenishment of stocks. On the other hand, housing in most third-tier cities is still in short supply and housing prices are flat. The inventory is still relatively large. Judging from the development of the non-housing market, the inventory pressure of our office buildings and commercial business occupancy is greater, and the total amount for sale has increased. As for the third-and fourth-tier cities, the situation of inventory removal is still relatively severe. We think there are three difficulties in the following aspects: first, the idea that local governments rely on real estate to stimulate economic growth in the short term has not changed; secondly, the level of urban infrastructure and public services is still low, and it is difficult to provide equal services for migrant workers and the surrounding agricultural transfer population in the short term; third, it is subject to its own economic and social development level. Family income in third-and fourth-tier cities is generally not high, and market demand is difficult to expand.
Second, the long-term mechanism has not yet been formed, and the main responsibility of the government needs to be strengthened. From the regulation of the supply side, we think that the regulation of the supply side is not very ideal, and it will take time to build a long-term mechanism of the real estate market. Judging from the performance of the land market, developers compete for limited land resources at all costs for the expectation of house prices rising and the demand for replenishment of inventory in the first and second tier cities, which leads to the frequent emergence of “land kings, the average price of the transaction floor is high. Judging from the performance of the commercial housing market, the rapidly rising housing prices seriously overdraw the future consumption capacity of urban residents and ultimately affect the real potential of regional economic development.
Compared with the regulation of short-term demand side, the long-term steady development of the real estate market needs active supply side regulation, and the main responsibility of the government needs to be strengthened in the regulation of supply side. First, under the background of the new normal economy, the growth rate of local economy is slowing down. Local governments have the motivation to obtain more land fiscal revenue by maintaining the demand of land supply. After the local price rises, it also conveys the expectation of rising house prices to the market, which is easy to cause the real estate economic bubble. Second, housing has the attributes of investment and housing, which belong to the basic attributes of commodities. The government has the responsibility to maintain a moderate balance. If the two functions are unbalanced, it will inevitably lead to the abnormal development of the real estate market.
Third, the rental market has a long way to go, and the housing rental system needs to be improved urgently. The relative lag of housing rental market development is a defect of our real estate market. The rental market is less concerned and marginalized. From the current policy to vigorously develop the housing rental market, we think there are three main difficulties: first, the existing urban housing rental supply is mainly based on personal rental of self-owned housing, lack of professional institutional participation is not conducive to improving the whole social housing rental service level and forming a perfect housing supply system. It is necessary to further cultivate diversified market subjects and increase the rental housing supply through multiple channels. Secondly, the leasing parties mainly conduct transactions through real estate intermediaries, but there are also false information released by some intermediaries, thus inducing consumers to have black intermediaries and infringing the legitimate rights and interests of tenants, disrupt the order of housing rental market. Thirdly, there is a lack of relative legal system norms to guarantee the rights and obligations of both parties to the lease, and at the same time, there is no management system for the credit of the carriers of intermediary agencies of housing leasing enterprises, which leads to frequent housing leasing disputes, it is easy to cause disorder in the management of the rental market and seriously hinder the development of the rental market.
Fourth, there are still deficiencies in shed reform and construction, and the efficiency of housing security needs to be improved. Shantytowns are important measures to improve the living conditions of families with difficulties, optimize the urban spatial structure and expand domestic demand. However, there are a series of problems in local practice. Due to land planning and other problems, shantytowns generally have remote spatial location, far away from the city center or town center, and unreasonable planning and layout. Secondly, the land expropriation policy of shanty towns transformation is not perfect, some of the expropriation objects have too high expectations, and the expropriation and resettlement compensation fees in some areas cannot be realized objectively, which objectively plus-sized the difficulty of expropriation. Thirdly, shantytowns transformation projects often adopt large-scale centralized construction, with huge capital investment in the early stage, while the sources of shantytowns transformation funds are relatively limited, resulting in relatively lagging construction of shantytowns supporting facilities and community public services.
For the above problems, the Blue Book of Real Estate suggests that it should be classified and regulated to promote the balanced development of the real estate market due to the city’s policies. The key measure to solve the imbalance between supply and demand in the current real estate market is still classified regulation, because the city has adopted policies. The market regulation of first-line and hot cities first changes from single demand regulation to both supply and demand regulation. First, we need to revitalize the land stock of the city, encourage and support the excavation of the existing land, and maximize the benefits of the land. The second is to adjust and optimize the urban internal land use structure and reasonably increase the proportion of residential land. The third is to improve the supply structure of commercial housing, increase the supply quantity of small and medium-sized houses and increase the floor area ratio of buildings. Prevent and crack down on the behavior of real estate developers, solve the problem of idle land, control the land premium, and strengthen the regulation of land supply. The fourth is to shift from a single adjustment of housing prices to a comprehensive adjustment structure. On the one hand, it is necessary to strengthen the supply of housing markets at different levels, stabilize market expectations, and prevent housing prices from rising too fast. On the other hand, we need to strengthen housing security, build and enhance the supply of affordable housing, and increase monetization subsidies to meet the housing needs of low-income people and families with housing difficulties.
— Standardize development, purchase and rent simultaneously, and improve the new pattern of housing supply system. The housing rental market is an important part of the housing supply system and an important channel to solve the housing problem of urban residents. It requires four aspects of work to establish a combination of housing purchase and rent.
— Promote innovation, prevent risks, and enrich financial support methods for real estate. Actively promote the securitization of commodity housing mortgage loans. Actively carry out real estate investment trust funds. Perfect the policy-oriented housing finance system. In the short term, we can consider continuing to improve the housing provident fund system to make it easier for users to use the housing provident fund and reduce the housing provident fund loan interest rate. In the long run, we should actively explore the establishment of policy-oriented financial institutions, such as preparing to build public housing banks and authorizing their financing businesses related to urban infrastructure and real estate development and construction.
— Strengthen reform, give priority to legislation, and accelerate the implementation of real estate tax law. The existing real estate tax system has an obvious characteristic of heavy transaction and light protection. We need to clarify China’s real estate tax system. In terms of tax system arrangement, we should consider real estate development, retention, transfer, taxation of rental and other links. While increasing the tax burden of maintaining real estate, we should consider reducing the taxes and fees in the development and trading links, which is conducive to encouraging housing circulation, operation and leasing, and promoting the economical use of resources, at the same time, on the basis of summarizing the pilot experience of real estate tax, the functional orientation, path selection and system design of real estate tax are studied and systematically designed.
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zhongxin.com, May 9th today, Wang Yeqiang, an associate researcher of the City Circle Institute of the Academy of Social Sciences, said when introducing the “blue book of real estate” that the current real estate market is facing the arduous task of removing inventory from third-and fourth-tier cities; long-term mechanism has not yet been formed, housing leasing system