Sino-Singapore Jingwei Client, January 22 (Xue Yufei) In the face of the fiery real estate market, relevant departments in Shanghai took decisive action.

On the evening of the 21st, eight departments including the Shanghai Municipal Commission of Housing and Urban-Rural Development and the Shanghai Municipal Housing Management Bureau jointly issued the "Opinions on Promoting the Stable and Healthy Development of the City’s Real Estate Market" (hereinafter referred to as Opinions). There were 10 opinions in total, ranging from increasing land supply to combating false We have strengthened market regulation in many aspects, including divorced house purchases, adjustment of the VAT exemption period, and priority to satisfy "houseless families" buying houses.

The opinions will be implemented on January 22.

The Sino-Singapore Jingwei Client interprets the six impacts of the New Deal on the Shanghai property market in detail.

Interpretation 1: Increase land supply in key areas

  Data map: the property market.

Photo by Sino-Singapore Jingwei Wan Keyi

  The opinion pointed out that the land market management should be improved.

Optimize the land supply structure and increase the supply of land for commercial housing, especially in the five major new cities (Nanhui, Songjiang, Jiading, Qingpu, Fengxian New City) around the suburban rail transit stations.

Adhere to the linkage mechanism of real estate and land, guide enterprises to acquire land rationally, and stabilize land prices.

  Yan Yuejin, research director of the Think Tank Center of E-House Research Institute, analyzed the client of Sino-Singapore Jingwei. This policy emphasized three points.

First, the land supply needs to increase and the structure needs to be adjusted. This is more in line with the characteristics of Shanghai's current housing demand and can truly ease the contradiction between supply and demand.

Second, the policy clarifies the adjustment of land supply in regional markets, especially mentioning land supply along the rail transit and the five major new cities, which will help increase housing projects in such areas.

The third is to adhere to the real estate and land linkage mechanism to stabilize land prices. This is to prevent land price increases from being transmitted to housing prices.

Interpretation 2: Combating "fake divorce" purchases

  The opinion pointed out that strictly implement the housing purchase restriction policy.

If the couple is divorced, if either party purchases commercial housing within 3 years from the date of divorce, the number of housing units owned by the couple shall be calculated based on the total number of units in the family before the divorce.

  Zhang Dawei, chief analyst of Centaline Property, told the Sino-Singapore Jingwei client that the previous online lottery recognition policy did not appear in the New Deal, but the New Deal proposed that the number of divorced family properties should be calculated within 3 years, which has cracked down on some "false divorces" The purchase of houses may reduce the demand for purchases of some hot properties.

  Zhang Bo, Dean of the 58 Anju Guest House Property Research Institute, told the Sino-Singapore Jingwei Client that the policy will directly affect those who want to obtain the qualification to purchase a house through "false divorce" and obtain the first set of house purchase qualification through "false divorce". Containment effect.

In 2020, many cities have blocked the loopholes of "false divorce", and Shanghai's signal for tightening this time is also very clear.

Interpretation 3: Increase the transaction cost of second-hand housing

  The opinion proposes to adjust the VAT exemption period and increase the VAT exemption period from 2 years to 5 years.

  If an individual purchases less than 5 years of housing for external sales, the full amount of value-added tax will be levied; if an individual purchases more than 5 years (including 5 years) of non-ordinary housing for external sales, the difference between the sales income and the purchase price of the housing Value-added tax is levied; individuals who purchase ordinary houses for more than 5 years (including 5 years) are exempt from value-added tax.

  Zhang Bo said that increasing the tax on the transaction link can effectively reduce the demand for new investment, but it will also restrict the flow of second-hand housing to a certain extent.

In 2021, the supply of new houses in Shanghai is expected to be strengthened to alleviate the shortage of supply caused by the decrease in the number of second-hand houses listed.

  Zhang Dawei analyzed that the exemption of VAT for ordinary residences for more than 2 years has become exemption for more than 5 years, which has increased the transaction cost of second-hand houses.

Shanghai is currently scarce of second-hand housing listings, and transaction costs are likely to be quickly passed on to home buyers, making the demand for a few new homes more concentrated.

Interpretation 4: Strictly prevent the illegal flow of funds into the property market

  The opinion puts forward that strict implementation of differentiated housing credit policies.

Implement the concentration management of real estate loans, strengthen the prudent management of personal housing loans, and guide commercial banks to strictly control the pace and growth of personal housing loans to prevent surprise loans.

Guide commercial banks to further strengthen the management of loan review, and intensify the verification of the source of down payment funds and debt-to-income ratio of home buyers.

Strictly prevent credit loans, consumer loans, business loans and other funds from flowing into the real estate market in violation of regulations.

  Yan Yuejin said that the biggest highlight of the policy is the "real estate loan concentration management", and banks are bound to be more conservative in subsequent loan issuance.

Some real estates that have a lot of speculation will also face the possibility of tightening in loans.

  Zhang Bo believes that the illegal flow of funds into real estate has already been strictly supervised before, and Shanghai is also stricter in the implementation of differentiated credit. This time he emphasized it again.

In the next step, it is expected that there will be clearer investigations and crackdowns on the illegal inflow of consumer loans and business loans into the property market.

Interpretation 5: Priority lottery for "family without room"

  The opinion pointed out that strict management of commercial housing sales.

Strictly manage the filing and management of new commercial housing sales plans.

Strictly implement various management systems such as the "one price clear" and "real name system" for commercial housing sales.

Improve the housing selection system of newly-built commercial housing by notarization lottery, and give priority to satisfying the self-occupied housing needs of "family without housing".

Strengthen the supervision of pre-sale funds to protect the legitimate rights and interests of buyers.

  Zhang Bo said that Shanghai has done a good job in "one room, one price", publicity and filing. This time, "one price is clear" is proposed to prevent developers from charging fees in violation of regulations and parking spaces.

The "real-name system" management can effectively combat speculation on housing qualifications and improper transfer of profits.

  Zhang Bo also said that perfecting the new house notarization lottery is to combat the price speculation of new houses.

In order to ensure the stability of house prices, Shanghai has implemented a strict new house price limit system in the past two years, which has caused the prices of second-hand houses in some sectors to be upside down, which has led to violations of new house sales, such as privately charging "tea fees" , Internal violation operations, etc.

After the policy is promulgated, it will strengthen management and control at the sales level.

  Yan Yuejin said that the policy proposes to give priority to satisfying the demand for self-occupied home purchases of "houseless families", and it is expected that specific priority lottery subscription rules will be introduced in the future to ensure priority purchases of homeless families.

Interpretation 6: Contingent policy implementation

  Zhang Dawei said that the main reason for this round of Shanghai's housing price increase was the emergence of "new wave" and the rising housing prices in school districts, and a small number of business loans illegally entered the property market.

On the whole, the inhibitory effect of this regulatory upgrade may be relatively limited. In order to curb the overheating of new house lottery, it is recommended to increase the sale restriction period of popular projects to curb investment speculation.

  Zhang Bo pointed out that the introduction of the Ten New Policies and their immediate implementation are a quick response of government departments to the recent irrational rise in the Shanghai property market and a signal of continued tightening of follow-up regulation.

After these policies are implemented, if the irrational sentiment in the market is not effectively alleviated, second-hand housing prices in some areas will still be maliciously speculated, and there will be continuous policies to follow up in the future.

(Zhongxin Jingwei APP)

All rights reserved by Sino-Singapore Jingwei. Without written authorization, no unit or individual may reprint, extract or use in other ways.