There are often "bad debts" of funds behind "bad ends", and it is not uncommon for pre-sale funds to be misappropriated
To prevent risks in the property market, many pre-sale funds "tighten spell"
Reading tips
Since December, policies have been issued in many places across the country to strengthen the supervision of pre-sale funds for commercial housing, to ensure that the pre-sale funds are earmarked for use, and to prevent the property market risks caused by unfinished buildings from the source.
These new policies have targeted the previous regulatory loopholes, and standardizing pre-sale funds has become an important part of preventing and deflating financial risks in real estate.
Recently, news of unfinished commercial housing has spread from time to time, and some unreliable developers have broken their capital chains and ran away with payment, resulting in projects unfinished and buyers moving into their new homes indefinitely.
In order to protect the legitimate rights and interests of buyers and prevent risks in the property market, since December, policies have been introduced in many places across the country to strengthen the supervision of pre-sale funds for commercial housing, to ensure that pre-sale funds are earmarked for use, and to prevent the emergence of unfinished buildings from the source.
The reporter learned that because domestic commercial housing sales are mostly pre-sales, a regulatory system for pre-sale funds for commercial housing has been established across the country. However, due to different implementations, it is not uncommon for some local funds to be misappropriated.
But now, under the situation that the funds of real estate companies are generally under pressure, can the "tightening curse" of pre-sale funds be effective?
Can the property market risks caused by unfinished commercial houses be stopped?
Will the developer "bleed" because of this?
This reporter conducted an investigation and interview.
Aiming at "bad debts", strictly control the pre-sale funds of commercial housing
More than 3 months ago, the unfinished real estate of Kunming "Different Happy City" was on the hot search.
After 6 years of delay, the house has not yet been delivered, and the news that buyers have no choice but to move into unfinished buildings to "help themselves by group" has sparked heated debate.
In a series of discussions, strengthening the supervision of pre-sale funds is considered a permanent solution.
According to Lang Ziyang, a staff member of the Kunming Bureau of Housing and Urban-Rural Development, there are two main reasons for the unfinished commercial housing: one is that there are too many developer projects and too much paving. When the market demand declines, the real estate cannot be sold in time, which leads to the capital chain. Fracture; Second, the development of housing requires a complete set of certificates such as planning certificate, land certificate, construction certificate, and pre-sale certificate. Some developers started construction while applying for the certificate, and finally got stuck in the certificate, causing the project to stop.
The reason for most unfinished properties is the break of the capital chain.
In response to this, Kunming recently issued the "Notice of the Kunming Municipal People’s Government Office on Strengthening the Supervision of Pre-sale Funds for Commercial Housing (for Trial Implementation)" (hereinafter referred to as the "Notice") to apply for pre-sale permits for commercial housing within the central area of the main city of Kunming For projects, the collection and deposit of pre-sale funds (including the deposit, down payment, one-off payment and subsequent payments including pre-sale commercial housing mortgage loans and other pre-sale funds paid by the purchaser in accordance with the contract), expenditure and use Supervision and management.
Before the completion of the project, the funds can only be used to pay for the project's construction costs, construction materials, auxiliary facilities, statutory taxes and due bank loans.
Real estate development companies can withdraw 5% from the pre-sale funds to pay for office and management expenses.
In addition, the Kunming Municipal Housing and Urban-Rural Development Bureau will implement hierarchical supervision of the pre-sale funds of commercial housing based on the qualifications, operating performance and integrity records of real estate development enterprises.
For real estate development enterprises that are engaged in real estate development and operation in Kunming, have first-class qualifications, good performance, and no bad behavior records, the proportion of key supervision funds for development projects can be reduced to 25%.
If bad behavior occurs once within a year, the proportion of key supervision funds for new and under construction projects will increase to 30%.
Seal loopholes, supervise new policies to prevent property market risks
"Commercial housing pre-sale funds supervision implements the government's full-process supervision and the principle of special funds. The most important role is to effectively prevent developers from running away with money." Lang Ziyang said that for buyers, this "Notice" is equivalent to Add a security lock to the house.
In fact, this is not the first time pre-sale funds are "padlocked".
For a long time, domestic commercial housing sales have mostly adopted the pre-sale method, that is, buyers pay deposits, down payments, loans and other funds to developers in advance, and developers get the money to use them for project construction.
In order to prevent developers from using funds for other purposes, my country has gradually established a corresponding pre-sale fund supervision system: developers deposit pre-sale funds into special supervision accounts of commercial banks, and after the construction progress reaches a certain standard, The competent government departments and banks shall review and allocate the corresponding funds, and the funds shall not be withdrawn or used at will.
However, the reality is that some buyers' house payment has not entered the supervision account, and the funds entered into the supervision account may also be withdrawn by the developer at will and used for other purposes.
Industry insiders revealed to reporters: "There has always been a regulatory system for pre-sale funds for commercial housing, but it is not uncommon for pre-sale funds to be misappropriated."
"According to the requirements, developers need to set up an independent fund supervision account, and buyers will directly transfer the purchase price to this account. However, many developers will let buyers transfer the purchase price to other accounts, and some even directly transfer Transfer to the private account of the developer’s legal representative. In this case, the developer can misappropriate the funds at will." Song Weiwei, a lawyer at Yunnan Xinjinqiao Law Firm, said that even if the entire purchase price is placed in the fund supervision account, the When selling funds, some developers defraud the bank to approve the pre-sale funds by providing false documents.
If the government does not monitor the progress of the developer's construction, the funds will also be misappropriated.
The reporter combed and found that the above-mentioned regulatory loopholes were all targeted by the policy.
Contents such as "full process supervision", "special account dedicated", and "graded supervision" were highlighted.
The industry believes that this will bring a profound change to the pre-sale model of the real estate market.
Capital supervision becomes stricter, and real estate companies must improve their ability to resist risks
In the opinion of experts, the supervision of pre-sale funds only draws a "bottom line" for developers.
"Only for construction funds, and this part of the cost accounts for a low proportion of the total cost. Real estate companies should have enough funds for this part, otherwise it will show that their own anti-risk ability is weak, and there is a risk of project failure." Yunnan New Asia Real estate analyst Li Hua said.
However, in recent years, this "bottom line" has been frequently lost.
According to media reports, in the first half of this year, some regions also relaxed the supervision of pre-sale funds and moved the pre-sale funds withdrawal node forward to help solve the problem of capital turnover of real estate companies.
"Under the background of'one city, one policy' and city-specific policies, the financial supervision of the real estate market in different regions has shown similar trends, which confirms that these regions may have broken the capital chain of real estate enterprises in the near future." Beijing Technology and Business University School of Economics Zhou Qingjie, Executive Director of the Research Center, said that in the second half of the year, the policies to strengthen the supervision of pre-sale funds issued by various localities are a way to prevent and defuse real estate financial risks by regulating pre-sale funds under the new trend of stabilizing housing prices.
The reporter noted that there are concerns in the market that, as one of the important sources of funds for real estate companies, pre-sale funds have been chanted as a "tightening curse", and the real estate capital chain may be further under pressure.
There are also concerns that the pre-sale system in the real estate market will be affected by the shock.
In this regard, while tightening supervision, various localities have repeatedly emphasized policy intentions.
Lang Ziyang said that the supervision of pre-sale funds is mainly aimed at the prevention of unfinished buildings and the improvement of supply efficiency, and the continuous strengthening of supervision will help the sustainable development of the real estate industry.
Zhou Qingjie also said that supervision is not a suppression.
"Although it will increase the pressure on the available funds for real estate companies, this is precisely the advantage of high-quality companies with strong financial strength to enter the real estate industry."
Yellow elm