"Unconventional" Stabilizing the Property Market: How to Handle the Scale and Intensity of Policy Adjustment in the Property Market?

"The street office where my home is located has already issued a notice, and will implement the housing ticket placement policy, and will not give resettlement houses in the future." Li Siqi, a resident who once lived in a village in Erqi District, Zhengzhou, said that his community had been demolished eight or nine years ago, but the resettlement had never been completed. Many residents had to rent houses and wait for resettlement, so they were very concerned about the new housing ticket policy.

on June 2th, Zhengzhou issued the "Implementation Measures for Housing Ticket Resettlement in the Renovation Project of Large Shack Areas in Zhengzhou (Provisional)" (hereinafter referred to as the "Implementation Measures"), becoming the first key city in China to issue systematic documents on housing tickets this year.

according to the "implementation measures", the renovation of shanty towns in the central city of Zhengzhou, including Zhongyuan District, Erqi District, Jinshui District, Huiji District, Zhengdong New District, Economic Development Zone and High-tech Zone, will implement the housing ticket resettlement, that is, refer to the monetized resettlement method, but the compensation for the expropriated person is not cash, but the housing ticket-which can offset the purchase price when buying a house.

The area where Li Siqi lives is within the scope of the housing ticket placement policy. He told China Newsweek that the policy follows the principle of voluntariness, and it is not mandatory to use room tickets. If you don't want to choose room tickets, you can choose monetary resettlement, but "you can get rewards by choosing room tickets".

it is reported that in order to implement the new policy of housing ticket placement and stimulate the enthusiasm of relocated households (that is, the expropriated people) to choose housing ticket placement, Zhengzhou has set up a reward and preferential policy-if they choose housing ticket placement, the expropriated people will be rewarded with 8% of the resettlement compensation rights and interests, which will be included in the face value of the housing ticket as a policy reward, and at the same time, the expropriated people will be rewarded with a three-month transition fee in cash.

As one of the 22 real estate hot cities named by the Ministry of Housing and Urban-Rural Development, Zhengzhou has aroused widespread concern and heated discussion after the introduction of room tickets. This new policy in Zhengzhou is only a microcosm of the actions to boost the property market across the country.

"house ticket" reappears in the Jianghu

In fact, before the "Implementation Measures" were officially announced, the housing ticket resettlement for shantytown renovation in Zhengzhou has been implemented.

According to China News Weekly, Louhe Village, Mazhai Town, Erqi District, Zhengzhou posted a public notice on June 17th, and put out the implementation plan for the house ticket placement.

"The room ticket is a good thing for the local relocated households." Chen Xiang, who is engaged in real estate sales in Zhengzhou, told China News Weekly, "I can only wait for resettlement. Now I can choose room tickets or cash, and there are many preferential policies."

the implementation measures specify a number of incentives and preferential policies. in addition to the above-mentioned policy incentives and three-month transition fee, the house tickets can be selected by cooperative developers in the whole city, and the purchased houses are not included in the number of family purchase restrictions, and they can enjoy tax relief. They can go through the school district where the newly purchased houses are located, and they can also enjoy the interest rate of the first home loan if the purchase records or loans have been settled.

"If the relocated households are resettled according to the relocation, the resettlement houses are usually small property rights (collective property rights), which are about 5% of the price of commercial housing in the market, and cannot be listed and traded, and can only be transferred within the village collective." Chen Xiang said that commercial housing can now be selected through housing ticket placement. "One has property rights and the other has no property rights, which is not a concept."

However, compared with the compensation form of shantytown renovation in the past, the housing ticket placement in Zhengzhou has also caused different voices.

In view of the fact that the arrangement of room tickets is similar to the form of vouchers, some netizens even dubbed it "white compensation". A Zhengzhou citizen said, "In the past, demolition was either in kind or monetary compensation, but now a' white compensation' has been created."

It is understood that many of the demolition projects of villages in Zhengzhou before 216 have not been resettled yet. Many of these relocated households are not willing to choose housing ticket placement, such as those who are close to the central city and have a good geographical location, and are more willing to choose to move back.

A local relocated household waiting for resettlement said that the relocated house can be used for rent. If the commercial house is paid with the room ticket, it often means that the unit price of the new house is higher. "The area will definitely shrink compared with the relocated house, and you may have to pay for it yourself, so you will have no money to decorate it."

Li Siqi told China Newsweek that the situation of each family may be different. Some people are willing to choose room tickets, while others prefer to move back. As far as he is concerned, he is more willing to choose monetary compensation.

Song Xiangqing, vice president of the Institute of Government Management of Beijing Normal University and president of the Henan Business Economics Association, told China Newsweek that the housing ticket placement policy introduced by Zhengzhou is a very good measure to activate the property market, stimulate consumption and stimulate domestic demand under the background of epidemic prevention and control, and also gives people more choices in buying houses.

In fact, this is not the first time that Zhengzhou has introduced a new policy to help the property market this year. In March of this year, Zhengzhou began to loosen the policy of "recognizing houses and loans" and started the "first shot" of property market policy adjustment, becoming the first key city to loosen the policy of "recognizing houses and loans" since the tightening of regulation in 216.

although the new policy of stabilizing the property market in Zhengzhou continues, the feedback from the market is limited. According to the data of the China Housing Association, the transaction volume of new commercial housing in Zhengzhou in May was 426, square meters, down 16.5% from the previous month and down 5.2% from the same period last year. The turnover of second-hand houses was 335, square meters, down 14.2% from last month and up 3.6% year-on-year.

It has long been an open secret that commercial housing in Zhengzhou is under great pressure of destocking. According to the data of the annual report of Zhengzhou Branch of RealData, as of February 222, the residential inventory in Zhengzhou's main urban area was high in five areas, all of which were over 18 months, among which Jinshui District was the highest, with 35.4 months of decontamination.

According to the data of China Housing Association, the narrow inventory of commercial housing in Zhengzhou is 13.95 million square meters, and the decontamination cycle is as high as 34 months.

According to the data of the National Bureau of Statistics, the price of new houses in 7 cities fell for the first time in May compared with that in more than six and a half years, with the price index of new houses in second-tier cities rising by .3% and Zhengzhou falling by 2.5%. Since August 221, Zhengzhou's first-hand and second-hand housing prices have both fallen for 1 consecutive months.

In this context, the housing ticket placement for shantytown renovation has been put on the agenda. In fact, before this, Zhengzhou shantytown renovation has begun to adopt the policy of monetary resettlement.

the placement of room tickets was not initiated by Zhengzhou. As early as 215, some cities introduced the room ticket system in the demolition and resettlement of shacks. At that time, the real estate market also faced great destocking pressure, among which Erdos, Inner Mongolia, with high inventory, was the most representative.

In January, 216, Dongsheng District of Erdos City introduced the room ticket system. By the end of May of that year, Dongsheng District had digested 13,566 sets of houses with an inventory of 1.84 million square meters, accounting for 4% of the housing inventory and 3% of the total area, and the effect of destocking was obvious.

Li Yujia, chief researcher of Guangdong Planning and Housing Policy Research Center, said that after the shed reform and destocking in 215, the Ordos property market gradually returned to the right track.

However, after 218, with the compulsory withdrawal of the monetization authority of shed reform, the room ticket system temporarily withdrew from the historical stage.

A number of interviewed experts said that the room ticket system is conducive to the directional destocking of the local property market and promotes the circulation efficiency of the real estate market, which is exactly the problem that Zhengzhou property market needs to solve at present.

Yan Yuejin, research director of think tank center of Yiju Research Institute, told China News Weekly that if the housing ticket promotion work is in place, the construction of resettlement houses can be reduced or cancelled, which objectively reduces the pressure on the government to directly build such houses.

"At the same time, it also ensures that such housing funds remain in the housing field, and it is also an important embodiment of ensuring the stability of the financial system and preventing the housing funds from flowing to non-real estate fields." He said.

an industry insider in Zhengzhou said that the key to whether the housing ticket system is beneficial or not depends on its implementation. "The achievement of all this depends on the implementation of policies, such as whether the housing ticket price is reasonable, whether the government has invested enough funds, whether various incentives and concessions for resettlement households are in place, and whether the repayment rate of housing enterprises can keep up."

many places have loosened the purchase restriction

It is worth noting that, except Zhengzhou, many places across the country have also restarted the room ticket system. The policy of changing sheds into housing tickets seems to be becoming one of the important measures to boost the property market in many places.

according to the incomplete statistics of China Newsweek, at least 2 cities across the country have begun to explore and implement the housing ticket placement policy this year, including Xinyang, Xuchang, Wenzhou, Shaoxing, Changshu, Ezhou, Yibin and Jieshou.

some analysts have pointed out that high inventory and high pressure of melting are the same characteristics of the property market in these cities.

In fact, since the beginning of this year, various localities have continuously introduced policies to boost the property market, from non-hot cities to hot cities, from provident fund policies to restrictive policies such as purchase restriction, loan restriction and sales restriction, and the scope and intensity have been continuously expanded, especially since June, the actions to boost the property market in various localities have become more intensive. Open purchase restriction is one of the means to stabilize the property market that is often adopted in various places. For example, Nanjing recently adjusted the property market purchase restriction policy again, allowing non-local household registration personnel to pay social security to buy houses.

Yu Yang, who is going to settle in Nanjing, told China Newsweek that he had planned to buy a house in Nanjing several months ago, but Nanjing needed social security records for two years in a row before buying a house, and the threshold was too high, so he had to give up for the time being.

"Now that the purchase restriction has been released, it only takes six months to change the social security, and it can be paid back, even in the suburbs of the main city." Yu Yang said that he rekindled the idea of buying a house.

As one of the central cities in the Yangtze River Delta, Nanjing's property market has always been known as "stable", but it has been moving frequently recently. According to the incomplete statistics of China Newsweek, from the beginning of April, in more than two months, Nanjing has successively issued more than a dozen property market regulation policies.

Hefei, Anhui has made greater strides, not only paying social security to buy houses, but also releasing a big move to allow enterprises to buy houses.

According to local media reports, on June 24th, Hefei adjusted the purchase restriction policy, including the household registration of collective households registered in the urban area and families who have taken refuge in relatives and friends, and they have the same qualifications for buying houses as urban households. In the identification of the qualification of non-registered households in this city to purchase houses, the social security tax recognition is retroactive and paid back; Legal persons and unincorporated organizations can purchase newly-built commercial housing and second-hand housing in urban areas.

In Yan Yuejin's view, the real estate markets such as Nanjing and Hefei are not bad compared with similar cities. He told China Newsweek that the above policy adjustment shows that even hot cities are now under pressure in the real estate market.

in order to boost the property market, many cities have also made a fuss about the provident fund. It has become the choice of many cities to reduce the down payment ratio and increase the loan amount.

On June 23rd, the New Deal issued by Quanzhou, Fujian Province adjusted the down payment ratio of the provident fund loan for the first home to not less than 2%, and for the purchase of two houses, the down payment ratio was adjusted to not less than 3%, and families with two or three children could add another 1, yuan on the basis of the maximum loan amount.

The provident fund "relay loan" implemented in Zhuhai, Guangdong Province has also attracted attention, which mentioned the implementation of "one person buying a house to help the whole family". In other words, immediate family members can withdraw money from the provident fund account to help each other pay the down payment or repay the house purchase loan. Similar policies have been introduced in Shaoyang, Hunan, Chaozhou, Guangdong, Ziyang, Sichuan, Chuxiong, Yunnan, Ganzhou, Ganzhou, Hebei and Qinhuangdao.

In addition to "conventional" measures such as relaxing the purchase restriction, reducing the down payment ratio, lowering the interest rate, and increasing the amount of provident fund, all localities have tried their best to save the market. Some cities have slogan of "getting a job" by buying a house, and even included selling a house in the assessment. Some places have introduced the promotion policies of "wheat for down payment", "garlic for down payment" and "watermelon for down payment".

Self-help by "unconventional" means

Since January this year, many buildings in Yulin have received visiting groups organized by local governments at all levels or functional organs.

Many real estate agents in Yulin City told China Newsweek that this year, they have indeed received many official house-viewing activities. "The number of people is uncertain, most of them are organized by county-level organs or from towns and villages."

Yulin even used the big trick of buying a house and "sending a job". According to the "Several Policies and Measures of Yulin City on Accelerating Population Entering the City", the local authorities are responsible for recommending more than three jobs to new citizens who have bought houses in the city and are not employed, and the salary is not lower than the minimum wage in Yulin.

nowadays, in Yulin, from every district and county to every township, the task of "bringing people into the city" has been assigned. "No matter how many houses are purchased or how many permanent residents are added, there are clear tasks." Zhang Ming, who works in an institution in Yulin, told China News Weekly that almost all institutions and institutions have been assigned tasks.

China Newsweek also learned that all levels of organs and units in Yulin also include "pulling people into the city" in the assessment, with quantitative and specific indicators every year, and also set up a reward and punishment mechanism to deduct points from the performance of counties (cities, districts) that cannot complete the task of population entering the city until their performance is degraded.

Take Bobai County as an example. The county holds a weekly progress meeting on population entering the city. At the progress meeting on March 16th, Bobai County interviewed the towns and departments that ranked the last three in that week.

Coincidentally, Qingdao, Shandong Province will also promote residents to buy houses into the assessment. Qingdao Xuejiadao Sub-district Office recently issued the Notice on Promoting Residents to Buy Newly-built Commercial Houses (hereinafter referred to as the Notice). The Sub-district Office should not only organize the group purchase of commercial houses, but also include the promotion of residents to buy houses in the work assessment. Some netizens ridiculed that "the end of the universe is Kao Gong, and the end of Kao Gong is to help developers sell houses".

The Notice also clearly puts forward the work target, and by the end of June, each community will have completed at least two online signposts. "If it is not completed, the community will be deducted, and the community secretary may be deducted." A staff member of the street office said.

Changsha's new property market policy is also full of creativity. At the beginning of May, Changsha introduced the policy of "rent for purchase", and the property under its name was used as rental housing, which will not be included in the number of family housing units, so that it can bypass Changsha's current purchase restriction policy to buy commercial housing.

A similar policy also appeared in Chengdu, Sichuan. On May 31, Chengdu launched a new policy of renting houses for "house tickets". Residents rented their own houses to new citizens, young people and other groups, and promised to abide by the relevant policies and regulations of affordable rental housing and not to be listed and traded within five years, and included in the management of affordable rental housing management service platform, and they can buy another house.

if the above-mentioned "rescue measures" are enough to break people's traditional cognition, then "garlic for housing and barley for housing" makes many people feel "nonsense".

At the end of last month, Jianye City, Qixian County, Kaifeng City, Henan Province, advertised "5 yuan/Jin, garlic for house", and the buyers sold garlic to the designated purchaser, which could offset part of the down payment, up to 1, yuan.

On June 2th, Jianye Real Estate in Minquan County, Shangqiu City, Henan Province also launched the promotion activity of "2 yuan/Jin, wheat for house", which can reach a maximum of 16, yuan.

although the above promotion activities were urgently stopped by the developers with the concern of public opinion, some analysts pointed out that although the publicity stunt of "barter" promotion is greater than the actual effect, the severe destocking challenges faced by the above cities and developers can be seen. Before the impact of the epidemic on the overall economy slows down, it is expected that more cities and housing enterprises will save themselves in an "extraordinary" way.

"housing is not speculation" is still the bottom line

According to incomplete statistics of Zhongtai Securities, from January to May this year, 134 cities across the country introduced a total of 326 local relaxations.