The risk of borrowing millions to buy a store

The market demand of commercial real estate projects is less than that of residential buildings, such as apartment-style hotels, serviced apartments, office buildings and property shops. However, with the restriction of property market, commercial real estate has become the focus of many developers because of its characteristics of unlimited purchase and limited loan. Compared with residential projects, the sales methods of commercial real estate are dazzling. Because most owners go for the return on investment, developers seize the owners' low-risk and high-return expectations to advertise, such as "monthly rent return, dividend at the end of the year", "signing custody to enjoy the extra discount of buying a house", stable income, original price or value-added repurchase, commitment to risk-free investment, one shop for three generations and so on. The lawyer will briefly analyze the three most common risks in store sales for the owner's reference:

First: Split sales.

Commercial projects do not have a clear apartment structure and unit division like residential buildings. Some large commercial buildings, with a single building area of several thousand square meters, have no physical division. Article 12 of the Measures for the Administration of Commercial Housing Sales stipulates: "Commercial housing should be sold in sets, not in single pieces." Whether non-residential commercial housing can be divided into sales, how many property units can be divided, and the minimum area of property units is not stipulated by national laws, which provides some developers with sales space.

Due to the lack of legal provisions, there are different attitudes towards divided sales throughout the country. For example, the Notice on the Division and Transfer of Shopping Mall and Office Building issued by Shanghai in 2004 stipulates that the owner of real estate shall not divide and transfer the real estate recorded as the ownership unit in the real estate register without authorization. The Notice on Strengthening the Management of Housing Division and Registration of Completed Non-residential Projects (J2010647) stipulates that the basic units of housing division, surveying and mapping and registration of completed non-residential projects are houses with fixed boundaries, which can be used independently and have a clear and unique number. They should be operated and used strictly in accordance with the purposes approved by the plan, and unauthorized division is prohibited. As early as 2006, Nanjing explicitly stopped split sales because of suspected disguised financing.

According to the inquiry of Qingdao Real Estate Trading Center, although there are no relevant regulations in Qingdao, the registration of property rights must be subject to the planning approval. In fact, it is not allowed to register the property rights of divided sales shops.

This kind of shops, also known as "property rights shops", are the epitome of split sales, return sales and after-sales charter. The existence of such shops is based on after-sale charter, and usually comes with a promise to return the capital. In some areas, property-style shops have indeed applied for real estate licenses, but they still cannot guarantee the rights and interests of owners. For example, the Intermediate People's Court of Xining City, Qinghai Province (20 17) Qing 0 1 Minzhong No.879 civil judgment, more than 30 owners sued the developer and the custody company for returning the store after obtaining the property certificate of Huitong Commercial Plaza and the custody agreement expired. The court held that the objective conditions for independent use are not available, and it is difficult to define individual independent space. Returning the store will inevitably infringe on the interests of most owners, so the owner's claim is rejected. At Yanda Avenue 1 1 Ganghui Xintiandi Commercial Plaza, Huizhou City, 183, the owner sued the developer and the custody company for returning the shops with partition walls and independent use space after obtaining the store property certificate and the custody agreement expired. After investigation, Huizhou Intermediate People's Court confirmed that many shops have fire shutters directly above them, or the fire shutters are located between two adjacent shops, some of which have building solid columns, and a few shops. However, the court held that the two parties bought and sold commercial houses, not residential houses, and did not explicitly prohibit the use of metal copper nails as a fixed boundary for determining property rights. Therefore, the shops that the owners require to be returned should have physical walls, and there is no factual and legal basis.

Second: Return to cost sales.

Cost price sales refers to the behavior that the developer promises to return the purchase price to the buyers within a certain period of time. Article 1 1 of the Measures for the Administration of Commercial Housing Sales stipulates: "Real estate development enterprises shall not sell commercial housing by returning to capital or in disguised form." In essence, return to cost sales is a disguised form of financing. The developer raised the house price and promised to return the principal in a few years. The advertising slogan of cash back sales is usually "original price repurchase" and "value-added repurchase".

Selling back funds by developers is a form of illegal fund-raising. The risk of returning to capital sales is that developers often fail to honor their promises of returning to capital, and after a few years, enterprises go bankrupt or abscond with money. And people who buy houses often get shops with poor management, high quality and low price, or even auction houses that have not yet been built.

The Genting International Project developed and constructed by Qingdao Genting Real Estate Co., Ltd. has been sealed up by Huangdao Court, Licang Court, Qingdao Intermediate People's Court and Jiangsu Haimen Court 10. It is sold by claiming that it will be paid back 10 years after purchase, and it has received 50,000 group purchases from buyers, with a total of 950 buyers. After receiving the WeChat report, Huangdao District Bureau of Land Resources and Housing issued an urgent notice. What is even more "chicken thief" is that the developer changed the name of the building to Yihe Greentown and changed the opening time and place to avoid supervision.

Third: after-sales charter

As a marketing tool for developers, after-sale charter originated from the "after-sale leaseback" in American real estate industry in 1960s, which is a legal and reasonable business behavior to solve the cash flow difficulties of developers. But since it was introduced into China from Hongkong in 1990s, it has blossomed everywhere. The advertising slogans of after-sale charter include: unified management, original price repurchase, provision of property subsidies, bank guarantee of annual income 10%, annual average rent of 9%, maximum guarantee of zero-risk investment, safety and wealth creation, etc. Forms include leaseback return, sales with rent, profit sharing, guaranteed dividends, etc. After-sale charter is characterized by promising to attract buyers to enter the market in the form of rent refund, and signing shop sales contracts and lease contracts at the same time. Among them, the store sales contract stipulates that the buyer buys the store developed by the developer, and the lease contract stipulates that the buyer will hand over the store to a third-party management company (usually an affiliated company or subsidiary of the developer) for unified custody, and the custody period is 10 or 20 years. This not only avoids the legal risk of after-sale charter, but also skips the disputes over handover, decoration and area, thus reducing a lot of troubles. For developers, the house price is set by themselves, and the fixed income paid to the owners in the early stage can be regarded as low-interest loans, which not only reduces the financing cost, but also can quickly withdraw funds and profit from it.

Waltz Plaza in huanghe road, West Coast New District, the total store price is1170,000, which is called "maximum leaseback 10%", that is, the leaseback agreement is signed with the developer, 10 year, 8% in the first three years, 9% in the middle four years and10 in the last three years. The Kaifeng International Financial Plaza in Chengyang District said that the annual income was 48,000, but the owner actually got more than 2,000.

"A well-sold property does not need to be rented back, and it is not easy to sell before it is rented back." Judging from such failure cases in recent years, the risk of after-sales charter is not low, and the income is not high. More real estate practitioners regard after-sales charter as a "time bomb". This kind of charter behavior is not unrelated to the financial pressure of developers. For example, after the completion of the project, the management is not good, the expected income level can not be reached, and there is no cash flow payment; For example, developers who mortgage projects under construction to obtain bank loans face repayment pressure; For example, after developer financing or disguised financing, the funds will be diverted to other projects. Once there is a problem in a certain link of the project operation, the capital chain will break and so on.