Can the new policy of "changing business to living" become a new path to revitalize existing commercial service properties?

Recently, the Guangzhou Municipal Bureau of Planning and Natural Resources and the Guangzhou Municipal Bureau of Housing and Urban-Rural Development issued the Guiding Opinions on the Renovation of Commercial Office Rental Housing in Guangzhou (hereinafter referred to as the Opinions).

The "Opinions" pointed out that non-residential stock houses such as commercial and business office buildings that have been built, have gone through the procedures for paid land use or have been initially registered will be converted into rental houses in units of buildings or relatively independent parts according to regulations.

A number of Guangzhou market veterans said in an interview with the National Business Daily reporter that the main background of the Opinions is to provide specific local implementation rules under the establishment of a housing system with both rent and purchase; On the other hand, it is to revitalize the stock of commercial services in Guangzhou market. However, for developers, the key to the transformation lies in whether the commercial service property can be calculated to rent housing.

Increase residential increment and reduce the stock of commercial services.

This opinion is also to implement the Opinions of the General Office of the State Council on Accelerating the Cultivation and Development of the Housing Leasing Market (Guo Ban Fa [2065438+06] No.39), the Implementation Opinions of the General Office of the People's Government of Guangdong Province on Accelerating the Cultivation and Development of the Housing Leasing Market (Guangdong Government Office [2065438+07] No.7, hereinafter referred to as the Implementation Opinions) and. The latter two documents both put forward that "commercial housing is allowed to be transformed into rental housing according to regulations" and "the land use period remains unchanged, and the adjusted water, electricity and gas prices are implemented according to residents' standards".

Dtz pointed out in a report on "Commercial Housing Reform" that the "Implementation Opinions" echoed the State-run document from a distance, but as no specific implementation rules were provided, they were only issued as general guidance, so local governments still need to formulate specific operational rules before implementation. The Opinions can be said to be a local operation rule.

The "Opinions" pointed out that its work goal is to accelerate the cultivation and development of the housing rental market, optimize the functional structure of various types of housing in Guangzhou, effectively improve the effective supply of rental housing, cultivate the housing rental market in Guangzhou, and establish a housing system with both rent and purchase.

Xiao, chief analyst of Ke Rui Guangzhou, said that from the market background, the Opinions comprehensively considered the practical problems of high stock of commercial service properties, difficult operation of some commercial service properties and high vacancy rate in recent years, and provided new ideas for revitalizing these stock commercial service properties.

After Guangzhou's "3.30 policy", the inventory of commercial and service properties in Guangzhou market is seriously overstocked. The "3.30 Policy" stipulates that all first-hand apartments in the market will be sold only to legal entities and not to individuals.

According to the data of Guangzhou Zhongyuan Research and Development Department, in the 20 months after the "March 30 Policy", the average monthly transaction volume of apartments in Guangzhou fell to 67,000 square meters, and the inventory backlog was serious, and the peak period of destocking reached 53 months. To this end, Guangzhou also promulgated the "12. 19 commercial service policy" at the end of last year, stipulating that the commercial service nature of the land sold before the "3.30 policy" can be sold to individuals.

The stock of the rental market is also high. According to the statistics of Guangzhou Zhongyuan Research and Development Department, the turnover of office buildings in Guangzhou slowed down in the first half of the year, and the vacancy rate dropped slightly by 0.4% to 7.55% compared with the end of last year. Among them, the vacancy rates of office buildings in Tianhe North and Yuexiu Business Circle rose to 6.72% and 7.45% respectively. Due to industry monitoring, lease cost control and other factors, some office tenants in game development, P2P lending and biotechnology industries quit.

In addition, emerging business district projects have also been put on the market. At present, there are more than 25 commercial projects under construction in Pazhou, with a total construction area of over 2.5 million square meters. Furthermore, some office projects in another emerging business district, Financial City, have begun to be delivered to the market, but the vacancy rate of the project is high due to the imperfect commercial facilities in this sector.

Does the stock of commercial service property usher in new opportunities?

"Commercial and residential" has become a new way to revitalize existing commercial service properties, but not all commercial service properties are suitable for renovation. On the one hand, the Opinions have strict requirements for reconstruction projects; On the other hand, reconstruction projects still need to reach a certain level of return on investment.

Judging from the requirements of the Opinions, the project applying for reconstruction must meet the requirements of clear ownership, structural safety, fire safety, environmental protection and sanitation, property specification, complete supporting facilities and technical standards. In addition, when the decoration project is initially registered, it should be registered as a whole (only one ownership certificate should be handled) and the whole transfer should be made. Ownership, transfer, mortgage and sale shall not be divided, and the original land use period, land use nature and building volume shall remain unchanged.

"For developers, because the property of' commercial change to live' must meet the restrictions such as overall confirmation and inseparable transfer, this means that if you choose' commercial change to live', the cycle required to realize the return of funds through housing rental income will be greatly extended, so this option may not be given priority. For some historical stock properties on hand, more consideration is given." Small further statement.

Long Bin, an expert member of Guangdong Housing Society, pointed out to the reporter of National Business Daily that although the commercial reform of rental housing may increase the rental supply, it can also solve the problems of poor sales of commercial services and excessive inventory of developers under the "3 30 policy". "However, from commercial development to the construction and operation of self-sustaining rental housing, this bend has turned too big for developers, and investment measurement and market evaluation have to be repeated."

However, Qiao, executive director of Colliers International Consulting Services in South China, said that developers will definitely be inclined to renovate, which is better than leaving them vacant. Turning to long-term rental apartments is actually a way of changing from inventory to living. Some office buildings and skirt buildings may not be rented out or the rent is very low due to the geographical location and height restrictions, but residential products will not be affected by this and there will be more markets.

However, Long Bin believes that the rental rate of return in Guangzhou is generally not high, the return rate of high-end apartments is high, and the return rate of ordinary housing rental is low. "Because the location and conditions of different projects are very different, it is impossible for commercial service properties to turn to rental housing. In a word, the benefit is limited, which provides a new way for the comprehensive evaluation of some projects. As for ordinary buyers, there is no impact at present. "