Diverse interests of the game
The data show that China's mainland real estate sale system introduced by the Hong Kong began in 1994, commonly known as "Forward House to buy," refers to the real estate development companies will be under construction in the real estate pre-sold to buyers by the buyers to pay deposit or Fangjiakuan of . China Real Estate Association, vice president of Chan Kwok-keung of sale system and mortgage system boils down to two of the cornerstones of the real estate market system.
Over the years, the pre-sale funds are a major source of funding for developers. According to the National Bureau of Statistics data, deposit and advance payment and personal mortgage loans accounted for more than 30% of real estate development funds, the formation of its own funds and housing prices, bank borrowings-third of the world situation.
As time progresses, the drawbacks of the pre-sale system has been highlighted. Pre-sale on the market to a certain extent, but also produced a certain amount of market risk. "Housing and Urban Policy Research Center of the Renqin Hong has said.
She pointed out that the eight indicators of the national housing climate index, two factors highly relevant sources of funding in real estate companies, bank loan growth, deposit and. Qin Hong pointed out, the financial property of the residential property market to enlarge the already overdrawn real demand. "To a high degree of vigilance the amplification of the real estate financial assets, property, the deleveraging of the policy should be the most effective control policies." She said.
The pre-sale system is the foundation of the existence of the real estate industry, financial and high leverage. Many industry insiders believe that it makes real estate investment property hugely magnified, thus boosting the bubble generation and enlargement. To cancel the pre-sale system in 2005, a heated discussion in 2010. Chinese Academy of Social Sciences recently released housing development (2012) report recommends that developers of commercial housing inventory conditions, timely cancel sale system, help control the developers funding chain to promote its fast built fast sales.
Abolition of the pre-sale system, means that the real estate market will fundamentally change the rules of the game, the development pattern of housing prices, the financial model, the profit model and even the business model the formation of huge challenges. The well-known real estate lawyer Chi believes that the abolition of the pre-sale behind the essence of the interests of the dispute, the dispute over interests of local governments, developers, banks and buy a house. The former three have been bundled together. This result in cancellation of the pre-sale difficulties.
The largest opposition to cancel the pre-sale of commercial property prices will surge, may also have the consequences of worrying the government: for example, local financing platform to be affected, the banks bad debts.
A large room of Guangzhou enterprises who told this reporter that the abolition of the pre-sale system, small and medium-sized developers or insufficient funds, the product structure does not meet market demand, developers will be the test of life and death. But that the removal of the pre-sale will reduce the supply, leading to the theory of price gains, the lack of data support. The information obtained by this reporter show that the current residential under construction amounted to 4.5 billion square meters, housing prices to melt the speed in the lower level of sales completion ratio of only 1.1:1.
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