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Common property right house should take precautions to prevent investors from exploiting loopholes
- Time of issue:2017-08-10 16:48
Common property right house should take precautions to prevent investors from exploiting loopholes
(Summary description)Before the policy trend of pre-sale with the same rights in Guangzhou property market, the co ownership of Beijing has become a hot topic in the property market. Recently, the Interim Measures for the administration of jointly owned housing in Beijing has solicited public opinions.
- Time of issue:2017-08-10 16:48
The rent and sale profit of the co ownership housing tend to the real demanders, or lead to the return of the demand for housing spillover to the area around Beijing
Before the policy trend of pre-sale with the same rights in Guangzhou property market, the co ownership of Beijing has become a hot topic in the property market. Recently, the Interim Measures for the administration of jointly owned housing in Beijing has solicited public opinions.
The general idea of the interim measures is to change 250000 self occupied commercial housing units to be put on the market from 2017 to 2021, and 30% of the new Beijing people can enjoy the bonus. In addition, it will also give full consideration to the requirements of two children and the elderly, and give priority to multi bedroom, especially by encouraging permanent residence through "balance of work and residence" and "no transfer without compensation for price difference".
This novel concept of "housing with common property rights" simply means that the individual buyer and the government jointly buy a house, and each party holds the corresponding proportion of shares according to their share of capital contribution, but the right to use the house is all in the hands of the buyer, and even allowed to rent. Five years later, buyers can continue to buy full ownership from the government, or they can go on the market and sell their houses for cash withdrawal.
As soon as the co ownership housing is launched, it has become the focus of attention. Some views in the market believe that a large number of joint property rights houses entering the market will have an impact on the house prices; others believe that the commercial houses with complete property rights will become more precious because of the introduction of the common property rights houses. But in fact, according to the reporter of Beijing Youth Daily, the launch of the co ownership housing is an important part of the government's implementation of the "long-term mechanism", and also the improvement and adjustment of the original affordable housing and self housing system. Although it has the property of commercial housing, it has given priority to the "internal circulation loop" and will be divided into two completely different markets from the general commercial housing, let alone the housing price and property Health has a direct impact.
Affordable housing with the property of commercial housing
It is not the first in Beijing that individuals and the government "pool" to buy a house.
The earliest explorer of this model was Huai'an City, Jiangsu Province. Then, in 2010, Shanghai also launched the co ownership housing. The original intention of this mode is to reform the construction and supply of "affordable housing" to replace affordable housing to meet the demand of "sandwich layer" house.
As early as April 2014, the Ministry of housing and urban rural development convened a forum on pilot cities of CO ownership housing in Beijing. Six cities, including Beijing, Shanghai, Shenzhen, Chengdu, Huangshi and Huai'an, were clearly listed as pilot cities of public housing in China.
From the time point of view, after years of practice and discussion, the launch of Beijing's common property rights housing is not a sudden impulse policy. The industry generally believes that the joint property rights housing will become an important part of the long-term mechanism and undertake the transitional part of commercial housing and affordable housing.
In the exploration of various places, there are actually subtle differences in the positioning of the housing with common property rights. The most important thing is whether it should be included in the affordable housing system or the commercial housing system?
For example, in 2013, Beijing launched housing with the nature of common property rights, named "self occupied commercial housing". This is a plan to build the housing with common property rights into a "transitional form" between affordable housing and commercial housing.
In Chengdu, Sichuan Province, it is clearly stipulated that the former affordable housing and limited price commercial housing should be unified into the common property right housing, and become the main form of purchasing security housing.
In the view of some scholars, the common property housing has dual attributes. Economist Ma Guangyu said that in the housing with common property rights, the part held by individuals belongs to the nature of commercial housing, while the other part held by the government belongs to the nature of affordable housing. Because the proportion held by individuals will be greater than that held by the government, and the government will be able to buy back the part held by the government in the future, so the property of commercial housing is more concentrated.
However, according to Gu Yunchang, deputy director of the housing policy expert committee of the Ministry of housing and urban rural development, the housing with common property rights is the affordable housing. "The target population is similar to the past affordable housing and two restricted housing, all of which are middle and low-income families. Although we refer to commercial housing in operation, it still has the nature of security. "
As to whether the common property right is the property of commercial housing or the property of security housing, there are still disputes in the industry. However, it is worth noting that the draft of opinions on the common property right clearly proposes that the community of the common property right should be built according to the standard of ordinary commercial housing.
In the past, whether it is affordable housing or self housing has never been mentioned. The draft of opinions on CO ownership houses not only explicitly stipulates that most of the units to be provided in the future will be multi bedrooms with an area of more than 60 square meters, but also put forward that it will be close to metro lines and bus lines, at least one parking space for one household, library, fitness center and coffee shop as standard equipment, and realize full coverage of wireless network (WiFi) in the community; Installation of face recognition system, this series of requirements in the ordinary commercial housing community are rare high-end configuration, all of which are mentioned by the common property right housing, which also represents that the common property right housing will become a new product with no inferior quality to the ordinary commercial housing, and its positioning is more inclined to the commercial housing.
In this regard, a person in charge of a real estate enterprise told Beiqing daily that since the housing was actually put into the market, there have been many drawbacks. When the land is transferred, the land cost of the self housing part is lower, and the land cost of the commercial housing part is higher. Therefore, after the completion of the project, the environment and supporting facilities of the commercial housing community are far better than that of the self housing part. There are even fences and fences between the two sides, resulting in a lot of friction. In contrast, the construction foundation of the common property rights housing is to keep up with the ordinary commercial housing, and also conforms to the "long-term mechanism" of regulation and control, encouraging buyers to live for a long time.
The common property right house is more flexible in renting and selling to avoid the loophole of "driving a luxury car to live in a suitable housing"
Moreover, in terms of system design, compared with the previous affordable housing, two limit housing and self owned housing, the co ownership housing has also significantly enhanced the market elasticity.
In the past model, the price of affordable housing is significantly lower than that of the surrounding commercial housing because the government has sacrificed the land transfer income or invested financial funds to subsidize. However, since the property right is handed over to the buyers at one time, in order to avoid the profiteering behavior of the buyers, many rigid regulations have been designed, such as no renting and no transfer within 5 years. But in practice, it is difficult to supervise.
In contrast, the flexibility of the housing with common property rights is obviously enhanced. For example, there is no hard and fast regulation on how to determine the share of property rights of individuals and the government. Instead, it is proposed to determine the proportion of the average price of project sales in the price of ordinary commercial housing with the same location and quality.
Such flexibility effectively reduces the purchase threshold of the future common property right housing, which is conducive to solving the "sandwich layer" housing demand. For example, if the plot is in the suburbs and the total price is low, the proportion of individual investment can be higher, and the share of property rights can also be higher. If the location of the plot is good and the total price is high, in order to reduce the burden of buyers, the government can invest more and occupy more shares.
In addition, the biggest difference between this kind of housing and other affordable housing is to allow leasing. In the past, affordable housing, public rental housing and other affordable housing are not allowed to sublet, but the common property rights housing can be sublet. However, because of the government property rights, the leasing needs to distribute benefits with the holding agency. In the opinion draft, it is clear that if a house with common property rights has been purchased for rent, the buyer and the holding agency shall obtain the corresponding part of the rental income according to the share of the property right of the house.
At the same time, in order to reflect the requirements of security, the public housing rental will be given priority to families with affordable housing records or families that meet the housing purchase conditions.
Not only that, it also increases the market factors in the withdrawal of the common property rights housing and the transformation into commercial housing listing. According to the draft of the measures, if a purchaser of a house with joint property rights has obtained the real estate ownership certificate for more than five years, he / she can transfer the share of the property right of the house purchased at the market price.
But at the same time, it also strictly limits the object of transfer. Under the same price conditions, the holding agency can give priority to purchase the house and continue to use it as a house with common property rights; if the agency gives up the right of preemption, the transfer object of the house buyer should be other families that meet the purchase conditions of the house with common property rights.
It is not difficult to see that, as in the past, it has become more and more difficult to look forward to renting or selling houses with common property rights.
It is not difficult to see that the co ownership housing launched by Beijing this time is actually the upgrading and improvement of self occupied commercial housing.
In the past, self occupied commercial housing projects are often sought after because they are lower than the price of surrounding commercial housing. Many examples of driving luxury cars to buy affordable housing and self occupied commercial housing are also common. Although there are five years can not transfer and make up the land income requirements, but because the price is far lower than the commercial housing, once the lock up period is over, the buyer can still obtain a very considerable profit.
However, under the co ownership mode launched this time, due to the government's priority to buy back, even if the housing value increases, the buyers can only get the value-added income of part of the property rights, and the government will give priority to buy back and then sell them to the buyers who meet the conditions of common property rights.
Therefore, in the view of the insiders, there are clear divisions in the definition of property rights, the sharing of rental income and the income of property rights, which is an upgrade and supplement to the original security housing system.
Solving the "sandwich layer" housing problem
Although the common property rights housing is mainly to upgrade and improve the existing affordable housing system in Beijing, it should be noted that this draft clearly stipulates that 30% of the new Beijing people will enjoy the dividends of the common property rights housing. Compared with the affordable housing and self housing, the more open household requirements are considered by the industry to solve the needs of many "sandwich layers". In particular, the housing demand overflowed by Beijing's house price and the purchase demand restricted by purchase restriction may realize the home ownership through the common property right house.
A sales director of a state-owned enterprise disclosed to the reporter of Beiqing daily that, in his opinion, if the 250000 sets of common property rights houses are launched as planned within five years, it will certainly have a certain impact on the groups who just need to buy a home for the first time.
The first group who just need to buy a home for the first time has two characteristics: one is price sensitive; the other is that the purchase of a house is really used to live, and stay for at least 5 years (corresponding to the realization time limit of the common property house). And this part of the existing home buyers point to two blocks, one is low price second-hand housing, the other is the general new housing around Beijing.
The location of newly-built houses with common property rights mentioned in this policy will be preferentially arranged in areas with relatively complete supporting facilities such as convenient transportation, public service facilities and municipal infrastructure, so as to promote the reasonable matching of employment and residence, and promote the balance of employment and residence, which is likely to have a backflow impact on Beijing's overflowing house purchase demand.
Therefore, if the co ownership policy is introduced smoothly, and the supply quantity of the houses in the shared production areas can meet the requirements, it can be predicted that under the similar prices, the ordinary houses and low-quality second-hand houses in the surrounding Beijing area led by Yanjiao will be affected most.
However, for the improvement demand of Beijing, due to the more stringent requirements on space, supporting facilities and quality of improvement products, and the strict purchase restrictions of common property houses, the impact on the improvement products is relatively small.
The common property right housing is beneficial to the balance of work and residence
Ease traffic congestion
Zhao Xiuchi, a professor at the Capital University of economics and trade and vice president of the Beijing real estate law society, said that although it is more cost-effective to rent a house at present, people are still used to buying a house due to the influence of traditional concepts and some objective factors. However, due to the high housing prices in Beijing, many people do not have the ability to buy a house. Through the provision of housing with common property rights, the share of property rights held by the government and individuals is clarified, and the house price of house buyers is reduced, which is conducive to the realization of people's housing dream.
"The introduction of the housing policy with common property rights in Beijing is conducive to the balance of work and residence, and to solve the problem of traffic congestion in big cities in Beijing." Zhao Xiuchi said that Beijing's traffic congestion is due to the overpopulation of the city on the one hand and the separation of work and residence on the other hand. To provide the supply of housing with common property rights and give priority to the purchase of local residents and local employment personnel by district as the unit, which can realize the living nearby, which is conducive to the realization of the balance of job and residence, and thus to the solution of traffic congestion in Beijing.
The key of "the house with common property rights" is the pricing problem
Economist Ma Guangyuan believes that Beijing's "common property rights housing" is an upgrade and optimization version of the past "self housing".
In particular, the increase of the commodity attribute of the "common property right house" will make the property right of the house and the government's investment more transparent. Therefore, the key to the problem is still the pricing of the "common property rights housing". Since Beijing's "co ownership housing" has replaced the former "self housing", the government's pricing is 30% lower than that of the surrounding commercial housing. Will the co ownership house be 30% lower than the surrounding price?
According to the current opinion draft, the pricing rule of "common property right house" is that its average selling price is lower than the price of ordinary commercial housing with the same location and quality. It is comprehensively determined based on the project development and construction cost and appropriate profit, and taking into account the family's affordability.
Take the pricing of "self owned housing" as an example. In the past, the selling price of self owned housing is lower than 30% of the price of ordinary commercial housing in the same neighborhood. However, the "self owned housing" purchased previously is fully owned. After being converted into a "common property right house", the selling price may be lower than 30% of the selling price of the same lot, but a house with only 70% property right is obtained.
Therefore, Ma Guangyuan believes that the final pricing of public housing and the proportion of government investment will have more impact on whether this kind of housing can really protect more people who just need to buy houses.
Beijing has lower access threshold than Shanghai
As early as Beijing launched the concept of CO ownership housing, Shanghai began to try the concept of CO ownership housing. Yang Hongxu, vice president of the E-House Research Institute, said that Shanghai began to implement the co ownership house in 2010. Compared with the operation mode of Shanghai, the biggest difference between Beijing's draft and Shanghai's operation mode lies in the entry threshold: Shanghai's implementation of the double stranded line restriction: living difficulties, per capita residential area of less than 15 square meters; income difficulties, per capita monthly disposable income of less than 6000 yuan, per capita property of less than 180000 yuan. However, Beijing only requires no housing, and has not made more demands on income and property for the time being. Obviously, if it is finally launched in accordance with the draft, the coverage of CO ownership housing in Beijing will be far greater than that in Shanghai.
At the same time, Yang Hongxu believes that the common property right housing in Shanghai is evolved from the affordable housing, while the common property right housing in Beijing is evolved from the self occupied commercial housing. Shanghai's policy threshold is high, so there is no need to line up, wait and draw numbers. In Beijing, due to the low policy threshold stipulated in the draft, it is likely that a large number of people will queue up in the future to win the lottery. Therefore, he believes that more detailed definition should be given to applicants to ensure that families with difficulties enjoy preferential policy dividends.
outside the box
Singapore group house:
The "internal circulation" system ensures the long-term stability of housing prices
As for the new concept of CO ownership housing in Beijing, Singapore has launched a similar housing group housing as early as more than ten years ago to ensure the living needs of low-income groups.
In Singapore, due to the existence of group housing, commercial housing and affordable housing have become two completely different markets. Compared with the commercial housing whose price fluctuates with the market, it is actually only provided to the high-income people who account for 15% (less than 15%) of the total number of residents, the low-income people who account for more than 80% of the total number of residents are provided with government-owned housing, and the lowest income people who account for 5% of the total number of residents are provided with low-cost housing.
With the premise of affordable housing for middle and low-income people, and considering the important condition of land shortage, the government started to build small apartments of 42-70 square meters for a period of time. Later, with the development of economy and the increase of residents' income, it gradually increased the size of apartments, and resolutely did not build large group houses. In the past 20 years, the construction of 50-125 square meters of group houses is the main one.
Government funding is needed to start the construction of government housing units. Later, with the increase of residents' income, group houses began to be sold. In addition to tax and low interest loan support, the government's investment in housing construction can be fully recovered.
Singapore has also put emphasis on the implementation of the "internal circulation" system of government housing units, which stipulates that each household can only own one set of government-owned housing. If some residents want to buy larger government-owned housing units or even commercial housing because of the increase in income, the government will buy back their existing government-owned housing units, which will be sold to other residents who need this level of government-owned housing. It is gratifying that such internal circulation provisions also see similar requirements in the draft for public housing with common property rights: "after five years of purchasing a house with common property rights, the buyer can transfer the ownership share of the house purchased according to the market price. Under the same price conditions, the holding agency can give priority to purchase and continue to use it as a house with common property rights; if the holding agency gives up the right of preemption, the transfer object of the house buyer shall be other families that meet the purchase conditions of the house with common property rights. "
The result of the implementation of group housing in Singapore is to stabilize the local housing prices, because the proportion of commercial housing under 15% is strictly controlled. No matter how the house price rises, it is not enough to shake the price of group housing, which accounts for 85%. In addition, the internal circulation mode also ensures the long-term stability of housing prices. (Li Heng)
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