Beijing, Shanghai and Shenzhen to rectify the housing rental market——
Rental housing will become a long-term acceptable way of housing consumption
Our reporter Kang Shu
In February, the three first-tier cities of Shenzhen, Beijing and Shanghai have successively introduced policies to rectify the chaos in the leasing market and guide the steady development of the long-term leasing market.
Experts said that the intensive release of documents in the three cities this time is of wind vane significance and provides a reference for other large cities to regulate the housing rental market.
Relevant measures are expected to further promote the development of industry standards, effectively reduce the risk of breaking the capital chain of long-term rental apartment companies, and protect the interests of renters.
Reorganization is imminent
In recent years, with policy encouragement and capital pursuit, the housing rental market, especially the long-term rental market, has developed rapidly.
Some long-term rental apartment companies have adopted measures such as "high input and low output", "long income and short payment", and "rent loans" to substantially seize the housing and expand the scale and form a fund pool in violation of regulations, causing chaos.
Since 2018, more than a hundred parents renting apartments have been "exploding", and a large number of renters have been infringed on their rights and interests, destroying the reputation of the long-term rental market, and impacting the housing rental market that is on an upward path. The lessons are profound.
According to incomplete statistics, the number of rental houses provided by long-term rental apartments has been increasing year by year. In cities such as Beijing and Shanghai, the market share of long-term rental apartment companies has exceeded 20%.
The Minister of Housing and Urban-Rural Development Wang Menghui recently stated that in 2021, the housing rental market will be standardized and developed, and the rectification of "high-in-low-out", "long-term income and short-term payments" and the establishment of illegal fund pools will be strengthened to prevent "explosion" risk.
According to the practice of previous years, the housing rental market will usher in the peak season for signing contracts after the Spring Festival holiday.
The three first-tier cities of Beijing, Shanghai and Shenzhen have successively introduced regulatory rules for the housing leasing market before the Spring Festival to further regulate the leasing market, which is just the right time.
Directly point to industry pain points
"Rental loans" is one of the important reasons for the frequent occurrence of thunderstorms in long-term rental apartments in recent years.
Some long-term rental apartment companies use "rental loans" to finance in disguise and expand through high leverage. Once the capital chain has problems, it will cause great losses to the landlord, tenants and financial institutions-the landlord cannot receive the rent and hopes the renter will vacate Housing; renters still have to repay bank loans and face the dilemma of empty property; banks may face bad debts due to difficulty in repayment.
In the rectification measures in the three cities this time, "rental loans" have been regulated.
Beijing strictly controls the "rental loan" appropriation objects, requiring banking financial institutions, microfinance companies and other institutions not to allocate the "rental loan" funds applied by lessees to housing leasing companies.
Shenzhen proposed that the financial institution should sign a separate loan agreement with the lessee and allocate the loan to the lessee’s personal account.
Shanghai is more stringent, requiring that housing leasing agencies that have not launched personal "rental loan" business should not add this business in principle; housing leasing agencies that have already launched personal "rental loan" business should ensure the loan amount before the end of 2022 Adjusted to account for less than 15% of corporate rental income.
The use of "long-term income and short-term payment" to form a capital pool for large-scale expansion is also a prominent operating risk existing in long-term rental apartment companies.
The rectification measures in the three cities this time all include content to avoid mismatches in funds and lease terms.
In principle, the amount of rent received in advance by Beijing limited housing leasing companies from lessees shall not exceed 3 months' rent.
According to Shanghai regulations, if the rent payment period of the lessee is more than 3 months, the rent shall be transferred to the housing leasing company on a monthly basis; if the rent payment cycle is not more than 3 months, the housing leasing company and the undertaking bank shall agree on a monthly or monthly basis. Season transfer.
Shenzhen proposes that if the tenant's deposit and single payment cycle rent collected by housing leasing companies total more than 4 months of rent, the supervising bank shall supervise the excess funds.
In addition, the establishment of rent monitoring accounts to ensure the safety of funds is also a common measure for the three cities in this rectification.
Both Shanghai and Shenzhen proposed that housing leasing companies should open the only housing leasing fund supervision account in a local registered commercial bank.
Beijing has made it clear that the deposits collected by housing leasing companies from tenants need to be managed by the Beijing Real Estate Intermediary Industry Association to establish a special account, and be refunded after the contract is terminated.
Zhang Dawei, chief analyst of Centaline Real Estate, believes that strict control of capital pools and lease term mismatches will greatly reduce the possibility of long-term rental apartment companies exploding. Under strict implementation of the policy, the long-term rental apartment industry may undergo disruptive changes.
Industry insiders predict that companies that expand illegally through "high-in-low-out", "long-term receipts and short-term payments" and "rent loans" will gradually be eliminated, especially small and medium-sized enterprises with higher operating risks will be phased out, and the industry's operating environment will be optimized .
Regulate the long-term rental housing market
The Central Economic Work Conference held in December last year proposed to solve the outstanding problems of housing in big cities and put forward relevant requirements for rental housing in a longer space, including speeding up the improvement of long-term rental housing policies, standardizing the development of the long-term rental housing market, rectifying the order of the rental market, and regulating the market Behavior, reasonable regulation of rent levels, etc.
It is expected that my country's rental housing will usher in a comprehensive and rapid development, and in the future will become a long-term acceptable way of housing consumption for residents.
Yu Xiaofen, vice president of Zhejiang University of Technology, said that the Central Economic Work Conference particularly emphasized that "we must attach great importance to the construction of affordable rental housing", which shows that the construction of affordable rental housing and the standardized development of long-term rental housing have been raised to an unprecedented height.
Vigorously developing policy-based rental housing will become a breakthrough in solving the housing problem in big cities.
The relevant person in charge of the Shanghai Housing Management Bureau recently introduced that Shanghai plans to supply 8,000 new public rental housing units throughout the year in 2021, and at the same time strengthen the circulation and recycling of existing housing; increase efforts to promote the implementation of public rental housing demolition and dormitory housing. For the supply work, 10,000 new beds are planned for the year.
Liu Hongyu, director of the Real Estate Research Institute of Tsinghua University, believes that the current outstanding housing problems in my country mainly appear in large cities, especially mega- and mega-cities, and are manifested in the entry of newly employed college students, urban non-resident permanent residents, and sanitation and other important public service positions in cities. New citizen groups such as migrant workers have greater housing difficulties. To effectively solve the housing problem of new citizens, the development of the housing rental market becomes the key.
According to reports, affordable rental housing includes public rental housing and policy rental housing.
Public rental housing mainly solves the problem of urban housing and income "dual difficulty" families, and implements both physical security and monetary subsidies.
Policy-based rental housing is mainly for new citizens without housing. The government provides policy support, multi-subject investment, multi-channel supply, and government-guided prices.
Wang Menghui stated that it will focus on the development of policy-based rental housing in large cities with net population influx, and work with relevant departments to improve support policies for land, taxation, and finance, increase land supply, separate land use plans, and explore the use of collective construction land and enterprises and institutions. Idle land is available for construction, supporting the construction of industrial parks and non-residential renovations such as "commercial leasing" and "industrial leasing", simplifying approval procedures, and giving full play to the functions of state-owned and private enterprises.
Experts said that the relevant requirements put forward by the Central Economic Work Conference are milestones in the development of the housing rental market.
It opened the history of special land security for the large-scale housing rental market; at the same time, it will change the housing rental market that has long been dominated by private housing, and the proportion of public rental housing and centralized long-term rental housing is low; in addition, it is supported by policies. , Policy-based rental housing whose prices are controlled by the government will better play the role of market "stabilizer" in terms of stabilizing rental prices and providing low-rent housing supply.
"With the increase in the supply of affordable rental housing and the standardized development of the long-term rental housing market, my country’s long-existing housing supply system of heavy sales and light rental will change, the proportion of rental housing will further increase, the degree of market regulation will be greatly improved, and rental housing will become Residents can accept the long-term housing consumption mode." Yu Xiaofen said.