China-Singapore Jingwei Client, January 6 (Xue Yufei) Recently, the official website of Beijing Municipal Commission of Planning and Natural Resources issued a supplementary announcement on the transfer of the right to use three plots including Shucun, Haidian District. The government holds the property rights of commercial housing, and the construction plan of high-standard commercial housing.”
The announcement aroused media attention, and some voices believed that a "new type of shared property housing" would appear in Beijing.
Compared with the lower prices of shared property housing, the starting prices of the above three plots are already higher. Among them, the starting prices of the two plots in Shucun, Haidian District have reached 67,000 yuan per square meter. Luxury housing projects above 100,000 yuan per square meter.
The original intention of launching public housing is to solve the housing problem of the "sandwich layer" of the society, so why do high-end residences also have shared housing?
What are the considerations for the new land transfer method?
When selling, the government only takes the original value and the liquidity is higher than the common property house
In 2017, Beijing introduced a housing policy with shared property rights to build "policy commercial housing where the government and buyers share property rights". This is considered an important attempt to solve the social "sandwich" housing problem.
Compared with the above-mentioned policies, the newly-built houses on the land sold this time belong to "commercial housing in which the government and the buyers share the property rights", and the word "policy" is not mentioned.
Supplementary announcement on the transfer of state-owned construction land use rights for 3 plots including the renovation of the shantytown in Shucun, Haidian Town, Haidian District, Beijing.
Source: Beijing Municipal Planning and Natural Resources Commission official website
The adjustment of the three parcels of land listing method can be understood as three "competitions": setting a reasonable upper limit price for the land. When the bidding price reaches the reasonable upper limit price of the land, the higher price will no longer be accepted, and it will be transferred to the on-site bidding for government holdings. There is a procedure for the property rights share of commercial housing.
At the same time, the parcel is set to have a preset share of the government's share of commercial residential property rights. When the on-site bid for the government's share of commercial residential property rights reaches the set preset share, it will be transferred to the high-standard commercial residential construction plan submission process.
According to media reports, this is the first time that Beijing’s public land transfer has adopted the method of "competitive land prices, bidding for the government’s share of commercial housing property rights, and bidding for high-standard commercial housing construction plans."
Regarding the sales price, the supplementary announcement made it clear, “For commercial housing projects whose quotations are significantly higher than the price of the surrounding projects on sale and the previous transaction price of this project and do not accept guidance, the pre-sale permits will not be issued for the time being for the pre-sale of off-plan housing and belong to existing housing For those who are selling, we do not apply for the record of sales of existing houses."
Pan Hao, a senior analyst at the Shell Research Institute, analyzed the Sino-Singapore Jingwei client. In addition to the conventional regulations such as "no transfer within 5 years after purchase," the supplementary announcement is more concerned about the properties of houses after rent, sale and retransaction. Relevant regulations, these aspects reflect the concession to the people.
The original housing policy stipulates that when houses are used for renting, the government and buyers obtain rents in proportion to the ownership of the houses; when they are listed for sale, they can only be resold to buyers who are also eligible to purchase houses with common ownership, and the government Keep the original proportion of house property rights; if you want to convert to ordinary commercial houses when you trade again, you need to purchase government property rights.
The above supplementary announcement stipulates that if a house has been purchased for rent, the full amount of the rental income belongs to the purchaser; if the purchaser has obtained the real property certificate for 5 years, the purchaser's share of the house property rights can be transferred at market prices, while the government holds The property rights of commercial housing are transferred together, and the government only obtains the purchase price by multiplying the sales price of the housing for the first time by the government’s share of the property rights of the commercial housing; The proportion of housing property rights is 100%.
Zhang Dawei, chief analyst of Centaline Real Estate, told the Sino-Singapore Jingwei client that, compared with shared property housing, the housing types specified in the supplementary announcement need to be sold for 5 years after obtaining the real property certificate, and the other policies are almost the same as ordinary commercial housing. .
Especially when it is sold on the market, the government must obtain the consent of the common property house, but there are no restrictions on this type of house. After the sale, the government only takes the purchase price of the original value of the commodity property rights held, and the purchaser fully enjoys the house appreciation. section.
The transfer target is not as strict as the common property house, but is for families that comply with Beijing's commercial housing purchase restriction policy, and the circulation of listings has improved a lot.
Controversial policy on the formulation of "new type of shared property housing" intends to guide expectations
Data Map: Land to be developed.
Photo by Xue Yufei, Sino-Singapore Jingwei
There are many types of products in the Beijing residential market, such as commercial housing, restricted competition housing, shared property housing, price-limited housing, two-restricted housing, affordable housing and so on.
Under the new land auction rules, which category should the newly built houses on the above-mentioned plots fall into?
Does it belong to the "new type of shared property housing" as the outside world said?
.
Zhang Dawei believes that the housing on the above-mentioned plots can neither be simply classified as commercial housing nor social housing. It is called a "new type of shared property housing". Although there is some truth, it is not entirely appropriate.
He said: “Commonly owned housing is at least that both parties have the right to make decisions, but when this type of housing is sold for the second time, the buyer can make the decision, and the buyer will enjoy all the benefits, which is quite different from the shared housing.”
He also said that according to the land transfer rules, if the land auction ends in the first stage, there is no situation that the government and the buyers share the property rights. This type of housing belongs to ordinary commercial housing with a five-year sales restriction period; if the auction enters In the second stage, that is, after "the parcel enters the stage of bidding for the government's share of the property rights of commercial housing, and bidding for the government's share of the property rights of commercial housing", this type of housing will be "commodity with common property rights between the government and the purchaser." housing".
In an interview with Sino-Singapore Jingwei Client, the chief analyst of Heshuo Institution Guo Yi also said that although this type of housing is the same as shared property housing, it is shared by buyers and the government, but it cannot be called a "new type of shared property housing." Perhaps it is more appropriate to call it "shared property housing".
In addition, the above three plots are relatively high-quality, and the starting price of the land is relatively high. The residential products to be built in the future tend to be high-end, which is not in line with the idea of co-ownership housing to solve the "sandwich layer" housing demand.
The three plots are the second-class residential land in the south plot of B-1 in Shucun shanty town reconstruction in Shucun, Haidian Town, Haidian District, Beijing (Beijing Land Complete Storage (Hai) [2020] No.048), Haidian Town, Haidian District, Beijing Reconstruction of Shucun shanty towns B-1 North plot R2 Class II residential land (Beijing soil storage and hanging (sea) [2020] No.049), Beijing Chaoyang District Jinzhan Township 3005-08 Plot R2 Class II Residential land (Beijing soil storage and hanging (North Korea) [2020] 051).
Specifically, Haidian Shucun Plot No. 48 and Plot No. 49 are adjacent to the North Fifth Ring Road, near the Shangdi business district and surrounded by Internet technology companies.
According to the transfer announcement, the starting price of the Shucun No. 48 land is 5.59 billion yuan, which is equivalent to about 67219.82 yuan per square meter; the starting price of the Shucun No. 49 land is 6.21 billion yuan, which is about 67228.89 yuan per square meter. Meter.
Guo Yi said that the two plots in Shucun are very high-quality. According to his understanding, there are currently about 20 real estate companies willing to bid. Based on the starting price of 67,000 yuan/square meter and the surrounding second-hand housing prices, these two plots may be turned into luxury housing projects with a unit price of more than 100,000 yuan/square meter.
Guo Yi said that although the No. 51 plot of Jinzhan Township in Chaoyang District cannot be compared with the Shucun plot, due to the positive impact of the Free Trade Zone and other benefits, the Jinzhan Township area is relatively hot, and the starting price of the plot has reached 50,000 yuan/ Square meters.
The land was sold together with the land next to it, but it was unsold because of the high starting price. Later, the land was divided into two, one of which was taken away by China Overseas Land Development, which built the first China Overseas Land Development Project. The current price is around 70,000 yuan per square meter.
As to why the government adopted a new method of land supply, Zhang Dawei analyzed that due to the high market attention of the two plots in Shucun, many real estate companies are interested in bidding. In order to prevent excessively high land transaction prices and the emergence of "land kings", the government The department adopted the land auction method of "competing land prices, bidding for the government's share of commercial housing property rights, and bidding for high-standard commercial housing construction plans" to reduce land transaction prices and avoid stimulating the market.
Guo Yi also believes that preventing high land prices in the two plots of Shu Village is an important reason for the government departments to adopt the new land auction method.
She said: "This round of property market control policies is to allow buyers to look at land prices more rationally. In the past, many developers used land prices to persuade buyers, telling them that if land prices have risen, house prices will naturally rise. This will indeed affect some buyers. People’s psychological expectations. Now, the government and the buyers jointly hold the property rights of the house. If the house price falls in the future, the income of the buyer’s share will decrease, and the government department’s corresponding share of the house payment will remain unchanged. The loss is magnified. In this way, the government allows home buyers to judge the future value of the house more rationally."
Better than competing for self-owned hot land or promoting new regulations
Data map: sand table of the sales department.
Photo by Xue Yufei, Sino-Singapore Jingwei
In fact, in order to prevent land auction prices from being too high and stimulating the market, a common practice everywhere is to allow real estate companies to compete for their own share after the land auction reaches the upper limit.
"After reaching the upper limit of bidding, letting real estate companies bid for the self-holding ratio. This not only did not bring direct land benefits to the government, but also made it impossible for real estate companies to quickly solve the problem. Moreover, many self-owned properties did not achieve good operations." Guo Yi said, “The government has not affected the income from land transfer by occupying part of the property rights of the housing, but it also reserves an asset income against the price of the benchmark. It can also stabilize market expectations, which has obvious advantages.”
According to the transfer announcement, Haidianshu Village No. 48 and No. 49 land bidding for the government's ownership of commercial residential property rights will start at 5%, and then the bidding ladder will be 0.3%; starting from land No. 51, Jinzhan Township, Chaoyang District The initial bidding share was 0.3%, and then the bidding ladder was 0.3%.
The announcement did not disclose the government's highest share of property rights in commercial housing.
Zhang Dawei said that in order to curb the overheating of land auctions, Beijing may in the future promote the practice of "competing for the government's share of property rights in commercial housing" in popular and high-quality land. Guo Yi predicts that in the future some relatively core areas in Beijing's inner city will adopt this land auction strategy, which may be a normalized policy.
It is worth noting that, unlike ordinary commercial housing, the supplementary announcement clarified that buyers who have obtained the real property rights certificate for less than 5 years are not allowed to transfer the property rights of the purchased house.
Guo Yi said: "In the past, there was no restriction on the sale of commercial housing. If the government suddenly introduced a policy to restrict the sale of all commercial housing, it may have a big negative expectation for the market. The sale of specific commercial housing plots will be restricted. , Everyone’s sensitivity to it will decrease, and they don’t think the government is tightening up regulation as a whole."
According to the announcement, the deadline for listing bids for plots 48 and 49 in Haidianshu Village is January 21, 2021, and the deadline for listing bids for plot 51, Jinzhan Township, Chaoyang District, is February 1, 2021.
Whether there will be products in Beijing's high-end residential market where buyers and the government share property rights, let us wait and see.
(Zhongxin Jingwei APP)
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