Interpretation

On July 2nd, the General Office of the State Council issued "Opinions on Accelerating the Development of Affordable Rental Housing", aiming at supporting the development of affordable rental housing from six aspects: land, capital, finance, tax support and optimizing administrative examination and approval. The key point is to reduce the burden of affordable rental housing enterprises and improve the enthusiasm of market entities such as enterprises, institutions and leasing enterprises to participate in the construction of affordable rental housing. At the same time, vigorously increase the supply of affordable rental housing to solve the housing difficulties of new citizens, young people and other groups, especially those engaged in basic public services.

Zhao Ran, president of ICCRA Housing Leasing Industry Research Institute, believes that "high accuracy and strong operability" are the outstanding features of the Opinions.

Zhao Ran pointed out that the opinions released this time are accurate. On the demand side, the population and demand characteristics of affordable rental services are defined, and the corresponding requirements for product design and rent setting are put forward, which fully reflects the determination to protect new citizens and young people. On the supply side, the policy directly hits two major contradictions in the development of the current affordable rental housing market: one is the mismatch between market supply and demand, and the other is the contradiction between the limited market payment ability and the large investment and low income of affordable rental housing enterprises. "Insist on matching supply and demand", "Vigorously develop dormitory-type affordable rental housing in industrial parks" and "encourage the construction of a certain proportion of affordable rental housing on the subway roof" proposed in the Opinions will greatly alleviate the contradiction between supply and demand mismatch in the market.

Small apartment and low rent meet the housing needs of new citizens.

The opinion clearly pointed out that affordable rental housing mainly solves the housing difficulties of eligible new citizens, young people and other groups, mainly small-sized units with a construction area of not more than 70 square meters, and the rent is lower than that of rental housing in the same location and the same quality market. The specific entry and exit conditions and specific area of small huxing are reasonably determined by the city people's government in accordance with the principle of basic protection.

Huang Hui, a senior analyst at RealData, pointed out that there will be 376 million floating population in China in 2020. Due to the low general income, the demand for leasing is mainly small apartment and low rent, while the main market supply is 60-90 square meters, and the supply scale of two-bedroom and public rental housing with a rent of more than 3,000 yuan is smaller, resulting in poor housing conditions for new citizens and young people, and it is difficult to find suitable housing, especially for maintaining urban operation. Therefore, affordable rental owners are mainly small-sized units with low rents. In the future, China will form a housing security system covering new citizens and other groups, alleviate the problem of insufficient structural supply of existing rental housing, and let new citizens, young people and other groups, especially those engaged in basic public services, live and work in cities.

Encourage multi-agents to participate in supply and rapidly expand the scale of housing.

The Opinions put forward that the government should provide land, fiscal, taxation, financial and other policy support for affordable rental housing, give full play to the role of market mechanism, guide multi-subject investment and multi-channel supply, adhere to the principle of "whoever invests owns it", mainly use collectively-operated construction land, idle land of enterprises and institutions, supporting land for industrial parks and idle housing in stock, rationally use newly-added state-owned construction land, and reasonably support commercial service facilities. Support specialized large-scale housing leasing enterprises to build and operate affordable rental housing.

Huang Hui pointed out that new citizens, young people and other groups are huge. By mobilizing social forces to participate, the supply of affordable rental housing can be effectively expanded. Previously, the rental problem of low-income families without housing was solved in the form of public rental housing. The government is facing great financial pressure, and the scale of rental housing provided is limited. With the help of market forces, revitalize the market stock, mobilize the enthusiasm of leasing enterprises, and increase the supply scale of affordable rental housing. By supporting specialized and large-scale housing rental enterprises to participate in affordable rental housing, it is also conducive to cultivating a mature housing rental market.

Revitalize the stock and ease the contradiction between job and residence imbalance

The "Opinions" mentioned that we should adhere to the matching of supply and demand. The people's government of a city should find out the demand for affordable rental housing and the housing resources in stock, combine the supply and demand and quality of existing rental housing, proceed from reality, adopt various ways such as building, rebuilding, renovating, leasing subsidies and using government idle housing as affordable rental housing, effectively increase the supply, scientifically determine the construction objectives and policies and measures of affordable rental housing during the 14 th Five-Year Plan period, formulate annual construction plans, and announce them to the public.

Jaco, Dean of the Branch of 58 Anjuke Real Estate Research Institute, believes that the goal of this opinion is more clear. On the basis of the continuous introduction of rental housing construction goals in various places in the past, this policy requires scientific determination of the construction goals and policies and measures of affordable rental housing in the 14 th Five-Year Plan, formulation of annual construction plans, and publication to the public. It can fully and effectively meet market expectations and achieve a more orderly listing of rental housing.

At the same time, with the consent of the city people's government, larger cities with net population inflow and cities determined by the provincial people's government can increase the upper limit of the land area of industrial projects supporting the construction of administrative office and living service facilities in the industrial park from 7% of the total land area of the project to 15%, and the upper limit of the construction area will be increased accordingly. The increase will be mainly used for the construction of dormitory-type affordable rental housing, and the construction of complete sets of commercial housing is strictly prohibited; Encourage the concentration of land area or construction area corresponding to the supporting proportion of industrial projects in industrial parks, and unify the construction of dormitory-type affordable rental housing.

The "Opinions" propose that, with the consent of the city people's government, under the premise of conforming to the planning principles, unchanged ownership, meeting safety requirements and respecting the wishes of the masses, it is allowed to transform idle and inefficient non-residential stock houses such as commercial offices, hotels, factories, warehouses, scientific research and education into affordable rental houses; During the period of being used as affordable rental housing, the nature of land use will not be changed and the land price will not be paid back.

Huang Hui said that according to the land-related policies, the construction unit should use the land according to regulations or contracts, and the land price should be paid again if the nature of land use is changed. This policy makes it clear that enterprises and institutions will use idle land to build affordable rental housing, and idle and inefficient non-residential housing will be converted into rental housing without paying the land price, which will effectively revitalize all kinds of idle land in enterprises and institutions and revitalize idle non-residential housing into affordable rental housing.

Strengthen financial support and improve the enthusiasm of leasing enterprises

The "Opinions" proposes to increase credit support for the construction and operation of affordable rental housing and support banking financial institutions to provide long-term loans to self-sustaining entities of affordable rental housing in a market-oriented manner; In accordance with the principles of legal compliance, risk control and commercial sustainability, loans are provided to housing leasing enterprises that rebuild existing houses and form non-proprietary affordable rental housing. Improve the loan statistics suitable for affordable rental housing and treat it differently when implementing real estate credit management.

At the same time, support banking financial institutions to issue financial bonds and raise funds for affordable rental housing loans. Support enterprises to issue corporate bonds, corporate bonds, non-financial corporate debt financing instruments and other corporate credit bonds for the construction and operation of affordable rental housing. Enterprises that hold and operate affordable rental housing with sustained and stable cash flow can use real estate mortgage as a means of credit enhancement and issue housing lease guarantee bonds. Support commercial insurance funds to participate in the construction of affordable rental housing in accordance with the principle of marketization.

In addition, the central subsidy funds provide support. The central government subsidizes the construction of affordable rental housing that meets the requirements through existing capital channels, and comprehensively uses tax and fee means to increase support for the development of affordable rental housing.

Jaco pointed out that the Opinions clearly put forward financial and tax support for leasing enterprises. For example, the central government subsidizes the construction of eligible affordable rental housing, and supports banking financial institutions to provide long-term loans to self-sustaining entities of affordable rental housing in a market-oriented manner, which will be conducive to promoting the housing system with multi-channel guarantee and simultaneous rent and purchase.

It is noteworthy that, on the same day, the National Development and Reform Commission issued the Notice on Further Improving the Pilot Work of Real Estate Investment Trust Funds (REITs) in the Infrastructure Sector, which clearly included affordable rental housing (including affordable rental housing projects in municipalities directly under the Central Government and large cities with net population inflow) into the infrastructure REITs pilot. In this regard, Zhao Ran pointed out that this can be regarded as a supporting policy of this opinion, which will help accelerate the development of affordable rental housing from the capital side.

Huang Hui believes that after the opinions are issued, the obstacles faced by various affordable rental housing projects are expected to break through, and the scale of rental housing suitable for new citizens, young people and other groups, especially those engaged in basic public services, can effectively alleviate the mismatch of supply structure in the housing rental market. This year is the seventh year of both rent and purchase. With the implementation of fiscal and taxation policies, the financing methods of affordable rental housing are diversified, and the business burden of enterprises is reduced. In the future, a mature housing rental market with multi-agent supply and multi-channel guarantee will be formed, which can meet the diversified and quality rental needs, and all groups can live in cities and live and work in peace.

Original title: "Interpretation | the State Council's six major policies support affordable rental housing: let the housing difficulties groups live in peace"