Changsha commercial housing price limit, clear the average profit rate of 6%-8%!

On June 65438+February 1 1, official website, the Changsha Municipal Development and Reform Commission issued the Notice on Defining the Price Composition of Commercial Housing Supervised by Cost Method (hereinafter referred to as the Notice), further strengthening the price management of commercial housing, and making it clear that the price is composed of "cost+profit+tax", with an average profit rate of 6%-8%. The notice will be implemented from 65438+February 1 1.

20 17 Changsha Municipal Development and Reform Commission issued the Interim Measures for the Administration of Price-limited Commodity Housing in Changsha, stipulating that the price of price-limited commodity housing consists of cost plus profit plus tax, with an average profit rate of 6%-8%.

The release of "Notice" is regarded by the market as version 2.0 of Changsha's new commodity housing price limit policy, and the price-limited housing has been expanded from price-limited commodity housing to all commodity housing.

Prevent "tax avoidance" while limiting the price.

According to the statement in the Notice, the cost of new commercial housing is mainly composed of floor price, prophase engineering cost, housing construction and installation engineering cost, community public infrastructure and supporting facilities, management cost, sales cost, financial cost, administrative fees and funds. Profit refers to the profits accrued by commercial housing development and operation enterprises according to regulations, with an average profit rate of 6%-8%. Taxation shall be implemented in accordance with the national tax law and relevant policies.

The "Notice" has made special provisions on expenses that shall not be included in the price of commodity housing. Compensation, liquidated damages, late fees, fines, construction fees for operating facilities, installation fees and office buildings shall not be included in the price of commodity housing.

This means that if housing enterprises want to achieve profitability, the sales cost in the marketing process needs to be further controlled.

"Real estate enterprises generally have the phenomenon of inflated costs. On the one hand, it is to achieve the purpose of tax avoidance. On the other hand, inflated costs will also increase pricing. After the introduction of the above documents, these two aspects can be effectively controlled. " The financial staff of a listed company told china securities journal (ID: xhszzb).

Yan Yuejin, research director of the think tank center of Yiju Research Institute, said that the practice of limiting profits will help prevent real estate enterprises from arbitrarily overpricing and excessively pursuing profits. For some enterprises with high financial and marketing costs, it is naturally difficult to obtain high profits, which will also spur housing enterprises to actively carry out scientific project investment and transactions.

Zhang Dawei, chief analyst of Zhongyuan Real Estate, said that the policy mentioned in the notice belongs to the category of price fixing, with the aim of controlling the rise of house prices. Compared with simple price limit, the practice of limiting profit rate is more complicated, with more dynamic indicators, and there will be great room for change in land acquisition cost, construction and installation cost and supporting cost. The above policies have a great impact on housing enterprises that acquired land at low cost in the early stage.

Yan Yuejin said that in the past two years, the control of land prices by local governments in the price limit policy is the key. The control of profit rate this time is the innovation of price limit.

An executive of a listed real estate enterprise told china securities journal (ID: xhszzb) that the current real estate control policies can be roughly divided into five levels: price limit, purchase restriction, sales restriction, loan restriction and business restriction. These five levels of supervision have different purposes. Among them, the restriction on purchases and loans is to divert the demand for home purchases, adjust buyers from first-and second-tier cities to third-and fourth-tier cities, and ease the pressure of rising housing prices in hot cities. Restricted sales have hit the real estate speculators and greatly reduced the space for speculative real estate speculation. The price limit can control the house price in a short time and make the house price lower as a whole. No matter what kind of restrictions, it will have an impact on the profits of housing enterprises.

Profits are compressed into a common phenomenon.

According to the research report of BOC International Securities, in the first three quarters of 20 19, the growth rates of main business income and net profit of listed companies in the real estate sector were 19.2% and 9%, respectively, which were 1.2 percentage points and 3.3 percentage points lower than those in the first half of 20 19. In terms of profit margin, the overall gross profit margin and net profit margin of the sector were 35.6% and 65,438+00.3%, respectively, which were 65,438+0.65,438+0.5 percentage points lower than those in the first half of 2065 and 438+09.

On the surface, in the above notice issued by Changsha, the average profit rate of commercial housing projects is set at 6%-8%, which is lower than the overall profit rate of 65,438+00.3% in the first three quarters of 2065,438+09, and the profit rate of related real estate enterprises may be depressed. However, Zhang Dawei pointed out that the profit margin of 6%-8% is not low. If this profit rate can be guaranteed, it is acceptable for housing enterprises. Changsha started from 20 19, mainly because the land transfer was limited and the profit of the project itself was limited. The profit of 6%-8% launched this time is the upper limit, and the lower limit is not guaranteed. It is not excluded that many projects will fall into losses like the limited competition rooms in Beijing. Therefore, the 6%-8% policy has limited operability.

Many insiders pointed out that it is inevitable that the net profit of housing enterprises will decline due to this policy, and it is not excluded that the net profit of some projects will drop to around 5%. However, the development of new projects in real estate enterprises is often divided into phase I, phase II and phase III, and the impact of a certain phase project on the overall performance of real estate enterprises is relatively limited, especially for large real estate enterprises.

Make pricing more scientific

It is worth noting that this practice in Changsha has already appeared in Hainan Province.

20 12 the interim measures for the administration of price-limited commodity housing in Haikou city, Hainan province, points out that the specific sales price of price-limited commodity housing should be determined according to the complete cost factors such as land transfer price, development cost, construction and installation cost, taxes and profits (not exceeding 6%). In the same year, Sanya issued the Interim Measures for the Management of Price-limited Commercial Housing in Sanya, which clearly stipulated the construction mode, purchase qualification, supervision and management of price-limited commercial housing, and required that the profit of price-limited commercial housing should not exceed 6% of the construction cost.

In this regard, Yan Yuejin said that the introduction of such policies actually makes the pricing of related housing enterprises' products more scientific, which not only ensures a certain profit margin for housing enterprises, but also ensures relatively stable housing prices.

Zhang Dawei said that the current regulatory policies are all fine-tuning, and prices will be tightened when they rise, and relaxed when they fall.