What real estate-related policies have been introduced by the state in the past two years?

In the past two years, the state has introduced real estate-related policies.

After more than a year of macro-control, there are still some puzzles to be solved in the real estate market: on the one hand, the willingness of urban residents to buy houses has hit record lows, on the other hand, house prices have been rising; On the one hand, most residents can't afford to buy houses, on the other hand, the hot sale of real estate is conveying the message that demand exceeds supply. True or false, in the criticism of people from all walks of life in the real estate industry, we feel that "squandering flowers is gradually fascinating." Through the fog, the only thing we can see clearly is the soaring housing prices. However, it is predicted that 2007 is destined to be an unusual year for the real estate industry, because the regulation effect in 2006 will be more obvious in 2007, the market is changing, and the policies will also change accordingly. In the future, housing prices should be stable. Then, what policies are expected to be introduced in the property market in 2007? If these policies are introduced, will they play a role in stabilizing housing prices?

[1] Land value-added tax was formally levied in February.

Key points The website of State Taxation Administration of The People's Republic of China, People's Republic of China (PRC) released the latest Notice on Issues Related to Land Value-added Tax Settlement Management of Real Estate Development Enterprises on June 16, requiring that land value-added tax ranging from 30% to 60% be formally levied on real estate development enterprises from next month. This means that the land value-added tax introduced from 1993 will be strictly levied.

According to the notice, the land value-added tax will be liquidated on the basis of real estate development projects. Including the completion of real estate development projects and the completion of sales; The overall transfer of unfinished real estate development projects; In three cases, such as direct transfer of land use rights, real estate projects should be liquidated with land value-added tax. The land value-added tax rate adopts four-level progressive tax rate. Among them, the lowest tax rate is 30% and the highest tax rate is 60%.

Since 1993, the settlement of land value-added tax has not been really implemented. We don't know the reason, but now it is levied again. What is its purpose? According to industry insiders, this policy will further narrow the profit margin of real estate enterprises, but it will not have a direct impact on housing prices. It can be seen that this policy is aimed at real estate enterprises. Although the object of collection is developers, will developers pass this part of the cost on to consumers to help raise housing prices? First of all, the collection of land value-added tax will lead to the increase in the transaction price and purchase cost of buyers, and the increase in the price of second-hand houses will also be passed on to first-hand houses, so the overall price increase in the real estate market will be inevitable. Secondly, real estate enterprises should ensure their own profits without violating national tax policies and building standards, that is, profit from property buyers.

[2] The rumor of levying property tax has been around for a long time.

Data Map According to the relevant person in charge of the Ministry of Finance of China, the basic framework of real estate tax reform, China is to merge the existing taxes and fees such as property tax, urban real estate tax, land value-added tax and land transfer fee into a unified property tax at the stage of real estate ownership. The basic principle is to scientifically predict the overall scale of current property tax and real estate development and construction fees, so that the overall scale of property tax will remain basically unchanged. In response to this statement, many researchers believe that this means that various taxes and fees collected in the past will be paid in batches during the period of property ownership. As a tax levied on real estate, its annual tax amount will change with the change of real estate market value or rent.

Comment on real estate tax reform's gradual approach. Looking at house prices alone, some people have put forward the maximum possible range of house price decline in pure theory. However, the house price is the result of multiple factors, and the change of a single factor in real estate tax reform may not be reflected in the final result. Perhaps the biggest beneficiary of real estate tax reform is the developer! First of all, reducing the cost of real estate development is conducive to alleviating the pressure on real estate enterprises' early development funds; Secondly, the initial decline in housing prices brought about by property tax will stimulate demand; Moreover, falling house prices have created space for the next round of price increases. "levying property tax can greatly reduce housing prices", this optimism is a bit early!

[3] The central bank is likely to raise interest rates again in the second quarter.

The two interest rate hikes in 2006 still failed to cool down the real estate industry, which puzzled many economists. Therefore, in 2007, the voice of raising interest rates at the market level is getting higher and higher. However, in the first quarter, due to the Spring Festival, a traditional festival in China, interest rate hikes will not be announced as usual. However, in the second quarter, local governments and developers will jointly push up property prices in an attempt to frustrate the macro-control effect. Therefore, only by raising interest rates at the market level can we curb overheated investment and maintain the normalization of economic development, and at the same time cooperate with the government to introduce new measures to curb housing prices.

Under the pressure of RMB appreciation, and China also needs to boost domestic demand with low interest rates, a large amount of capital is rapidly flowing to the real estate industry. The central bank raised interest rates mainly to curb investment demand and further stabilize real estate prices. As for the way to tighten monetary policy, Yin Jianfeng, an associate researcher at the Institute of Finance of China Academy of Social Sciences, believes that from the current domestic economic situation, if the central bank adopts the usual practice of raising interest rates slightly, it will not play much role in controlling housing prices. Yuan Kaihong, director of the Real Estate Research Center of Renmin University of China, said that although the central bank raised interest rates continuously this year, it may not have much impact, and international practices may not be applicable in China's economy. Therefore, the so-called interest rate hike channel may not have a great impact on the property market, and the China real estate industry has a strong ability to cope with policies, and its development will not be greatly hindered.

[4] It is the general trend to improve the housing security system and increase the supply ratio of affordable housing and low-rent housing.

According to the housing construction plan of Beijing (2006 -20 10) issued by Beijing Municipal Planning Commission, during the 11th Five-Year Plan period, Beijing plans to launch150,000 square meters of affordable housing, about 2 10/00,000 sets. Based on this calculation, 3 million square meters and about 40,000 sets of affordable housing should be launched every year. The plan also clearly points out that before 2008, the construction scale of the city's affordable housing will strive to complete 8 million square meters, about 1 654,38+0,000 sets. Sui Zhenjiang, director of the Beijing Municipal Construction Committee, recently revealed that this year, Beijing will build 300,000 square meters of low-rent housing, with affordable housing, medium and low-priced housing and small and medium-sized housing, which are located on both sides of traffic corridors and rail transit to ensure that low-income groups can solve their travel problems through urban public transportation. The location is mainly in the new urban area and the newly developed suburbs.

When designing the idea of housing system reform, we also fully draw lessons from the efforts and explorations of western countries in improving the public housing security system. The Decision of the State Council on Deepening the Housing System (1998 No.23) clearly stipulates that China implements a classified housing supply system, that is, commercial housing is provided to high-income people, affordable housing with certain housing social security is provided to low-income people, and low-rent housing with more housing social security is provided to low-income people. This is the right choice for China's national conditions, but in the later practice, we intentionally or unintentionally deviated from the guiding ideology and tried to solve the housing problem in China with a completely market-oriented method. Experts said: Before the 17th National Congress of the Communist Party of China, in order to alleviate the social pressure caused by rising housing prices, the government will make some efforts to adjust the housing system, and the reform ideas of the housing system will return to the spirit of Document No.23 or partially.

Conclusion: The macro-control measures of real estate are nothing more than tax policy, financial policy and housing structure to balance the supply and demand of real estate, thus stabilizing housing prices. Undoubtedly, macro-control policies have a great influence on the real estate market, but each policy cannot bind local governments, developers and property buyers at the same time. In 2007, the real estate market will focus on changing the real estate development model and adjusting the product structure, which means that more affordable housing products will emerge one after another.