The just-released 70-city house price data add to the concerns of housing prices rebound, but also that market regulation is at a critical juncture. The future of real estate regulation should adhere to, but it must be poked real "pain", cut off the land finance property bubble promoter, land market regulation price is expected to guide more important.
  After nearly 18 months experience in the property market regulation in some areas, to cancel the "limit orders", the relaxation of the purchase of other news has been denied, although local authorities ultimately denied, but many people still believe that with the local economic growth slowdown, the fiscal revenue decreased, so the news is not groundless.
  Although this time round has achieved initial results, but the local finance did not change the reality of over-reliance on land revenues, which is the biggest hidden dangers threatening the outcome of the real estate regulation. In the context of the first half of the economic downturn, the sharp drop in fiscal revenue, the local government relaxed the impulse of the property market is increasingly strong, "test drive" had become the norm, and blowing the trend of the market bubble.
  Land revenue for the importance of local fiscal? Private institutions released a Statistics show that in 2011, land revenue accounted for the average ratio of local fiscal revenue of more than three individual hot cities the percentage is even higher than 50%. Compared with the tax revenue, land revenue more "readily available", and do not have with the central sub-tax ", since the housing market-oriented reforms, the land soon became" valuable resources "of local government. This situation led to strong land transactions, and promote the supply of land, also caused by over-reliance of local economic development on the property. In addition to the land revenue, the tax income of real estate development and trading links, and real estate driven dozens of downstream industry revenue, have become important sources of income for local government.
  Control policies continue to simmer, such sources of income began to be affected. From the National Bureau of Statistics data show that the land transaction price in the first half of 344.1 billion yuan, down 13.3 percent; 399.64 million square meters of real estate sales, down 10%. In some cities, the government sector has been ahead of the real estate developers levy taxes and fees after three years; there are some cities, the salaries of civil servants need to rely on bank loans can be issued. These are precisely the frequent "test drive" the power of local governments the root. Deregulation market is expected to promote housing transactions to pick up, thereby bringing about the land transaction warming. It is worth noting that, in individual cities, land tender to sell has recently started to make in the auction to sell the "highest bidder", causing land prices to rebound. There area a large number of the introduction of new land, a long absence, "" re-appear in the first-tier cities. After nearly a year and a half of market regulation, land finance "Phantom of the Opera" quietly return.
  Therefore, in order to cut off the land finance Pushing Hands, first from the land market to start. At this stage, it is necessary to reiterate the importance of the tender to sell, so once again become the main body of the land transactions. Auction to sell the land, can learn from Beijing's approach to set a ceiling price, take a "limited land, the price competition, and limited land, competition to protect the housing area" to sell to avoid land price bubble.
  Secondly, the need to ensure the protection of housing land supply and to increase the ordinary commercial housing land supply, land supply and the first to benefit rigid demand groups. To land revenue truly into the budget, to take the "expenditure" to avoid the misappropriation and misuse of the land section.
  Finally, to accelerate the pace of real estate tax pilot, and gradually advancing nationwide. The taxation of housing to maintain links will local governments provide a stable tax base, to a certain extent, ease its dependence on the land transfer.
  Push hands, cut off the land finance local governments have the courage to cultivate new, stable economic growth point for local development, through a small micro-enterprises and tertiary industries, the support of the local dominant industries in the "labor pains" transformation. Transformation of economic growth, to get rid of the over-reliance on economic growth in the real estate market should be the proper meaning of the title of the current round of market regulation



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