Analysis of Hangzhou Real Estate Market in 2007
In 2007, there were too many topics worthy of our attention in Hangzhou real estate market. Policies, developers, land and consumers are all worthy of attention. The market is constantly changing in development. At the same time, in such changes, various elements of the market show different characteristics of the times, emitting a unique atmosphere in a development stage.
I. Summary of Macro-control Policies in 2007
2007 is the year of real estate regulation. The strength and intensity of this year's policies are unprecedented. Of course, the "variation" of the property market is still inconclusive. This year's macro-control of real estate may show greater power next year.
1. Land value-added tax settlement
65438+ Notice on Issues Related to Land Value-added Tax Liquidation Management of Real Estate Development Enterprises (hereinafter referred to as the Notice)124 October. After the promulgation of the "Notice", the land value-added tax will be implemented at a four-level progressive tax rate, that is, the land value-added tax will be calculated by stages according to different value-added rates. If the added value exceeds 200% of the project deduction, the tax rates of 30%, 40%, 50% and 60% shall be applied respectively, and the tax rate of 60% shall not be levied at all.
Since then, the curtain of real estate tax regulation in 2007 has been opened. According to the new taxation method, the slower the project development speed, the longer the land hoarding time, and the more taxes enterprises pay. This has cracked down on developers' hoarding of land to some extent.
The central bank raised interest rates six times in a year.
From March 18 to February 20 18, the central bank raised interest rates for six consecutive times. From June 5438+February 2, 2007, the benchmark interest rate of RMB deposits and loans of financial institutions was adjusted, and the benchmark interest rate of one-year deposits was raised to 4.14%; The benchmark interest rate for one-year loans is raised to 7.47%; The benchmark interest rates for other grades of deposits and loans will be adjusted accordingly.
Since 2007, the macro economy has maintained a rapid development momentum. Affected by food, energy and other structural factors, the consumer price index has been rising, and inflationary pressure has increased. The central bank hopes to prevent rapid economic growth from becoming overheated and structural price increases from becoming obvious inflation by raising interest rates.
Starting from New Year's Day next year, the new loan interest rate will be implemented. According to industry analysts, the impact of the current interest rate hike is not much, but the key to the interest rate hike is its own sustainability, and the impact of this interest rate hike is likely to be more reflected next year. At present, there are mainly three types of buyers who are really affected. One type is people with low down payment ratio; One is the people with relatively long loan term; There are still a group of people whose housing capital costs are higher. In order to reduce the high interest burden under the new interest rate standard, many property buyers apply to the bank for repayment.
3.4.6 Work plan for special rectification of real estate market order
The Ministry of Construction, the Ministry of Land and Resources, the State Administration for Industry and Commerce and other departments jointly launched a special rectification of the real estate market order, issued a work plan for the special rectification of the real estate market order, strengthened the supervision of the real estate market, audited and inspected real estate development enterprises according to law, and cracked down on illegal acts in real estate development, construction, trading and intermediary.
4. Combating foreign real estate speculation
On June 10, the Ministry of Commerce and the State Administration of Foreign Exchange issued the Notice on Further Strengthening and Regulating the Approval and Supervision of Foreign Direct Investment in Real Estate. The circular stressed that foreign investment in mainland real estate projects must be approved. At the same time, all foreign-funded real estate companies approved by local governments must be reported to the Ministry of Commerce for the record.
101October 3 1 day, the National Development and Reform Commission and the Ministry of Commerce issued the Catalogue of Industries with Foreign Investment (revised in 2007), which pointed out that China will continue to restrict foreign investment in the construction and operation of high-end hotels, villas, office buildings and international convention and exhibition centers, and foreign investment in land development must be joint ventures and cooperation with domestic enterprises. At the same time, the development and construction of ordinary residential land will be deleted from the category of encouraging investment.
5. Notice on canceling some local tax administrative examination and approval items on June 27th.
The circular announced the cancellation of Articles 4 and 6 of the Circular of State Taxation Administration of The People's Republic of China on Printing and Distributing Supplementary Provisions on Certain Specific Issues of Land Use Tax, that is, the preferential provisions on land use tax involving infrastructure projects and real estate developers were cancelled. At the same time, the relevant person in charge also said that the tax management of land transfer will be strengthened.
Preferential policies to reduce land transfer links will undoubtedly increase the development cost of real estate developers, and have a certain inhibitory effect on the current overheated investment in China real estate market. At the same time, we can improve the tax system of real estate and strengthen supervision. However, this policy may lead to more invisible land transfer and make developers transfer this part of the cost to the house price.
6.8. 13 the State Council's opinion on solving the housing difficulties of urban low-income families
The "Opinions" clearly require that the establishment and improvement of a policy system focusing on the low-rent housing system and solving the housing difficulties of urban low-income families through multiple channels should be accelerated, and the low-rent housing system should be regarded as the main way to solve the housing problems of urban low-income families.
With the rise of housing prices, the housing problem of urban residents is becoming more and more prominent. The document mentions for the first time that solving the housing difficulties of low-income families is an important responsibility of the government's public service, and regards housing as an important livelihood issue, and puts forward some specific regulations, which will undoubtedly help solve the housing difficulties of low-income families.
Other documents related to this:
165438+ 10/4 The Ministry of Finance issued the Measures for the Administration of Low-rent Housing Security Funds.
165438+1On October 30th, the Ministry of Construction and other seven departments issued the Measures for the Administration of Affordable Housing.
7.9.2007 12 Combating land hoarding
China's Ministry of Land and Resources issued a notice that all provinces and cities should speed up the disposal and utilization of idle land. In principle, idle land fees are levied at 20% of the land transfer or allocation price. The industry believes that in the face of such high land idle fees, the "enclosure fever" of the real estate development industry is expected to cool down.
8. On September 27th, the CBRC's Notice on Strengthening Credit Management of Commercial Real Estate raised the down payment to 40%.
The "Notice" stipulates that if the first set of self-occupied housing is purchased, the down payment ratio of the loan shall not be less than 20%; Purchase the first set of self-occupied housing with a building area of over 90 square meters in Xing Tao, and the down payment ratio of the loan shall not be less than 30%; If you have used the loan to purchase a house and apply for the purchase of a second house (inclusive), the down payment ratio of the loan shall not be less than 40%, and the loan interest rate shall not be less than 1. 1 times of the benchmark interest rate of the same grade in the same period announced by the People's Bank of China. Moreover, the down payment ratio and interest rate level of the loan shall be greatly increased with the increase of the number of houses, and the specific increase range shall be determined by commercial banks independently according to the relevant principles of loan risk management.
The new mortgage policy has three main purposes: reducing the risk of bank mortgage, alleviating excess liquidity, protecting the interests of commercial banks and preventing financial risks; Crack down on speculation in the real estate market, ensure the demand for self-occupation and stabilize housing prices; Reduce the enthusiasm for real estate investment. With the increase of down payment threshold and interest rate, the profit margin of investment real estate is further compressed, and the risk is increased, which has a deterrent effect on real estate speculators and inhibits speculative demand to some extent. In the short term, the total demand for house purchase may drop, thus depressing house prices.
9.65438+1 October1People's Republic of China (PRC) Property Law
The Property Law stipulates: "State, collective and private property rights and the property rights of other obligees are protected by law, and no unit or individual may infringe upon them."
Some people have analyzed the impact of the promulgation of the Property Law on the real estate industry from the following six aspects: First, the residential property right will be automatically renewed after the expiration of 70 years, which has improved the intrinsic value of the residential property. Two, the implementation of strict land management system. Third, there are strict regulations on the way of land transfer. Four, the provisions of the demolition compensation to safeguard the interests of property owners, but may increase the cost of real estate development, slow down the pace of demolition and development. 5. Clarify the property rights of the public parts of the community, and provide a basis for regulating the real estate market. Sixth, it provides a legal basis for the collection of property tax.
10.10 June 5438+00 Provisions on Transferring the Right to Use State-owned Construction Land by Bidding, Auction and Listing (Order No.39)
The Regulations will be implemented on June 165438+ 10/day, 2007. The "Regulations" clearly include industrial land in the scope of bidding, auction and auction, and clarify that if the land transferee fails to pay all the land transfer price, the certificate of the right to use state-owned construction land will not be issued.
In a sense, Order No.39 regulates the land market from a more detailed level, which is a supplement to the land market policy norms and helps to standardize the land bidding, auction and hanging procedures; Crack down on hoarding and drive up housing prices; Restrain the rent-seeking behavior of rights in the process of land transfer.
1 1. Hangzhou has strengthened its supervision of the real estate market.
Hangzhou's Notice on Further Strengthening the Management of Commercial Housing (Pre-sale) has made a series of regulations to prevent hoarding in the property market and property hoarding.
1) The approved house must be sold at one time.
The notice requires that when applying for the approval of commercial housing (pre-sale), all houses used for "residence" must be publicly sold online at one time. When handling the examination and approval procedures for the sale of commercial housing (pre-), commercial housing for public construction purposes such as "office" and "business" can be declared separately according to the pre-sale of auction houses and the sale of existing houses. The existing home sales houses declared by the development enterprises will be converted into open online sales of existing homes at the same time as the initial registration of ownership is completed.
2) The mortgage of the project under construction shall not be handled for the forward delivery house.
The "Notice" stipulates that the mortgage of the project under construction shall not apply for the pre-sale (pre-payment) of commercial housing after the examination and approval procedures; Houses sold as existing homes can apply for mortgage of construction in progress before applying for initial registration of ownership, but they need to apply for cancellation of mortgage of construction in progress when applying for initial registration of ownership; For undeclared commercial housing projects, commercial housing (pre-) sale approval procedures shall not be applied for mortgage of projects under construction; After the initial registration of ownership is completed, the existing house mortgage procedures will no longer be handled.
3) Private houses of developers will be cleaned up centrally.
Hangzhou Housing Management Bureau will carry out centralized cleaning of private houses declared by real estate development enterprises from June 5438+1 October1date, 2004, and those that meet the sales conditions of existing houses should be turned into public sales of existing houses.
In addition, all commercial housing projects included in the real estate development plan must go through the examination and approval procedures for the pre-sale of commercial housing and implement online public sales. For commercial housing projects that have not declared the approval procedures for commercial housing sales (pre-sale), it is necessary to declare the approval procedures for commercial housing sales (pre-sale) before applying for initial registration of ownership.