What changes will happen to the property market regulation in the next 5 years? The
"14th Five-Year Plan" outline reiterates "housing to live without speculation" and accelerating the cultivation and development of the housing rental market
Expert interpretation
● During the "14th Five-Year Plan" period, we must still insist on "no speculation in housing and housing", and the "three stability" goals of stabilizing land prices, stabilizing housing prices and stabilizing expectations are more clear
● Speed up the establishment of a housing system featuring multi-subject supply, multi-channel guarantee, and simultaneous rental and purchase.
In particular, focusing on cities with high population inflows and high housing prices, expand the supply of affordable rental housing, and focus on solving the housing problems of the needy groups and new citizens
● Accelerate the cultivation and development of the housing rental market, effectively revitalize the stock of housing resources, effectively and orderly expand the supply of urban rental housing, improve the long-term rental policy, and gradually enable rent-purchasing housing to have equal rights in the enjoyment of public services.
Speed up the establishment of housing leasing laws and regulations, strengthen leasing market supervision, and protect the legitimate rights and interests of tenants and lessors
□ Our reporter Zhao Li
□ Guo Jing, an intern of our newspaper
On March 13, the "Outline of the Fourteenth Five-Year Plan for National Economic and Social Development of the People's Republic of China and Long-Term Goals for 2035" (hereinafter referred to as the "Outline") was released.
Regarding the real estate industry, the "Outline" puts forward that during the "14th Five-Year Plan" period, we must still insist on "no speculation in housing and housing", and the "three stability" goals of stabilizing land prices, stabilizing housing prices and stabilizing expectations have become clearer.
This has also set the tone for the future development of the real estate market.
Affordable housing is the focus of the "Outline".
The "Outline" proposes to speed up the establishment of a housing system featuring multi-subject supply, multi-channel guarantee, and simultaneous rent and purchase.
In particular, focus on cities with high population inflows and high housing prices, expand the supply of affordable rental housing, and focus on solving the housing problems of the needy groups and new citizens.
According to industry insiders, the housing problem for new citizens is the core issue of the housing market, and increasing the supply of shared property housing and rental housing is an important way to solve this problem, and it is of urgency.
Housing and non-speculation is still the keynote of the property market
Highlight the government's emphasis on people's livelihood issues
In 2021, "housing, housing, no speculation" appeared in the government work report for the third time. The previous two were in 2018 and 2020.
The Central Economic Work Conference held from December 14 to 16, 2016 first proposed the positioning of "houses are for living, not for speculation", and it has been more than four years since.
In the government work report, the expression of "housing is not speculation" is the same, but the text after "housing is not speculation" is different.
The 2018 government work report stated that the implementation of local main responsibilities, continue to implement differentiated control, establish a sound long-term mechanism, and promote the stable and healthy development of the real estate market.
In 2020, the following content is "Adopting policies in accordance with the city to promote the stable and healthy development of the real estate market".
In this regard, some commentators believe that the two years have focused on tailor-made control measures for each city according to its own situation, and the implementation of one city, one policy has gradually become the norm under continuous cognitive strengthening.
But this year is different. After "housing to live without speculation", it is clear that land prices, housing prices, and expectations must be stabilized. This is a formulation that takes the overall situation into consideration.
It is worth noting that, in addition to the “stabilizing land prices, housing prices, and expectations” in the government work report and “solving outstanding housing problems in big cities”, the insistence on “no speculation in housing” is also included in the “Outline”.
"The frequent occurrence of'housing, not speculation' in government work reports shows that the government attaches great importance to people's livelihood issues. Although it is a simple word, it has an important impact on real estate companies. The severity and timing of the regulatory policies issued by local governments The span is beyond expectations, and each company has a different level of understanding. Companies should always pay attention to real estate policies, and investment behavior should follow the underlying logic of government control policies." Yan Yuejin, research director of the Think Tank Center of E-House Research Institute, accepted the "Rules of Law Daily" The reporter said in an interview.
Lou Jianbo, director of the Real Estate Law Research Center of Peking University, pointed out that the housing issue has been the focus of the government’s attention in recent years. This year’s “no speculation on housing and housing” proposed by the National People’s Congress this year is the continuation and development of previous policies, but there are also outstanding highlights this year. For example, the new discussions on "solving outstanding housing problems in big cities" and "rental housing" issues can show that the government has made innovative explorations based on actual research and it is believed that the introduction of policies will effectively solve the housing problems of new employees and young people. .
Need to increase the supply of affordable housing
To solve the housing problem of new citizens
Regarding the rigid needs of families and the demand for improvement, the "Outline" emphasizes the need to develop shared property housing in accordance with local conditions.
In fact, in recent years, Beijing, Shanghai and other places have been exploring common-property housing. Through pilot projects, a set of rules for the distribution and pricing of common-property housing, property rights division, use management, and property rights transfer have been sorted out, which has also helped Beijing, Shanghai and Guangzhou. Other cities besides first-tier cities promote the establishment of housing security and supply systems for shared property housing.
Zhang Bo, Dean of 58 Anju Guest House Property Research Institute, said that from the current point of view, shared property housing will cover more second- and third-tier cities, especially second-tier cities.
In addition, as the coverage of shared property housing continues to increase, it will also play a significant role in promoting the stability of housing prices and the entire market.
By means of shared property rights, part of the housing problem of the sandwich layer in big cities can be solved.
It is worth noting that affordable housing is the focus of the "Outline".
The "Outline" proposes to effectively increase the supply of affordable housing and improve the basic housing security system and supporting policies.
Focus on cities with large population inflows and high housing prices, expand the supply of affordable rental housing, and focus on solving the housing problems of the needy groups and new citizens.
Improve the income distribution mechanism of land transfer and increase fiscal, taxation and financial support.
Xu Xiaole, chief market analyst of the Shell Research Institute, said in an interview with the media that the housing problem of new citizens is the core issue of the current housing market.
With the advancement of new urbanization, more and more people flow to big cities, but compared with the original residents, the income of the new citizens who have poured in in recent years has a large gap with the high housing prices, and the ability to pay for houses is limited.
In the view of industry insiders, at present, an important way to solve the housing problem of this part of the group is to increase supply.
"The housing problem in big cities is the key to solving the housing problem. First of all, the government will not only regulate and control housing prices by suppressing housing prices, but will also introduce policies such as'increasing housing supply, common property housing, affordable rental housing, and long-term rental housing'. Secondly, in addition to solving the problem of insufficient supply, the government will encourage everyone to solve the housing problem through renting. Thirdly, enterprises should also carry out refined management to meet market demand and provide products that conform to market laws." Yan Yuejin said.
Effectively revitalize the stock of housing resources
Standardize the development of the housing rental market
In addition to commercial housing and shared property housing, rental housing is an important channel to solve the housing problems of disadvantaged groups and new citizens.
The "Outline" pointed out that we should accelerate the cultivation and development of the housing rental market, effectively revitalize the stock of housing resources, effectively and orderly expand the supply of urban rental housing, improve the long-term rental policy, and gradually enable rent-purchasing housing to have equal rights in the enjoyment of public services.
Speed up the establishment of housing leasing laws and regulations, strengthen the supervision of the leasing market, and protect the legitimate rights and interests of lessees and lessors.
A reporter from the "Rule of Law Daily" noted that "solving outstanding housing problems in big cities" and "effectively increasing the supply of affordable rental housing and common-property housing" all appeared in the government work report for the first time.
Lou Jianbo's interpretation of these two "firsts" is that "solving the outstanding problems of housing in big cities" and "effectively increasing the supply of affordable rental housing and shared property housing" are the new highlights of the National Two Sessions, which are aimed at solving new citizens. , Young people have less housing, expensive housing prices, difficulty in renting, and tiredness in buying houses.
The government has taken actions, such as increasing land supply, arranging special rents, and intensive construction, which means that this will be the focus of real estate work in 2021.
Will the leasing market, especially the long-term apartment market, be intensified in the future?
Lou Jianbo believes that in view of the current chaos in the leasing market, the leasing market, especially long-term rental apartments, should be intensified and the improvement of long-term rental policies should be accelerated.
Zhao Qingxiang, secretary-general of the Beijing Real Estate Agency Industry Association, told the reporter of the "Rules of Law Daily" that the "House Rental Regulations" that is being enacted have included rental loans and other issues into the regulation, and the funding pool problem is expected to be resolved.
Regulating the development of the housing rental market, especially the long-term rental housing market, is the key to solving the prominent problems of housing in big cities.
In large cities with soaring housing prices, to solve the housing difficulties of new citizens, young people and urban operation guarantee personnel, it is necessary to consider their price affordability as well as the balance of work and housing. It is difficult to solve it only through the purchase of houses, and the development of long-term rental housing It is also one of the good solutions.
Some people in the industry have proposed that in the future, a national-level housing market regulatory agency can be established to unify the supervision, management, and control of the national real estate market, prevent the gradual formation of a monopoly pattern of intermediary agencies with a high market share in some cities, and ensure that the industry returns to a healthy and orderly structure. Coming in competition.
"Regulating the leasing market order advocates a clear division of powers and responsibilities, and emphasizes the government's top-level design. Enterprises should pay more attention to improving the quality of services." Lou Jianbo said that enterprises can focus on developing "butler" services and build bridges between tenants and landlords to satisfy The tenant's housing needs and the landlord's rental needs provide services such as decoration, maintenance, and payment.
At present, there is still a rental model in which companies independently acquire land to build houses and rent houses independently in the market.
In order to prevent the disorderly expansion of enterprises, relevant restraint mechanisms should be introduced to regulate and control, such as raising the entry threshold and self-funding regulations.
The outline mentions real estate tax again
The launch requires comprehensive consideration
In addition, the "Outline" also mentions the promotion of real estate tax legislation, the improvement of the local tax system, and the gradual expansion of local tax administration powers.
Compared with 2018 and 2019, since 2020, there have not been many references to real estate tax in the official calibre of the government.
Looking back in history, the legislative work of real estate tax has been proposed for ten years.
In the five-year plan outline, the real estate tax first appeared in the “Twelfth Five-Year Plan” issued in 2011, which was expressed as “research and advance the reform of real estate tax”.
The "Thirteenth Five-Year Plan" outline proposed, "Improve the local tax system and advance the legislation of real estate tax."
In the National Congress of the People's Republic of China, real estate tax is also a highlight.
Real estate tax appeared in the 2014 government work report for the first time, and its mention was "promote the reform of the taxation system and do a good job in real estate tax and other related work", which was not mentioned from 2015 to 2017.
In 2018 and 2019, the government has repeatedly called for accelerating the promotion of real estate tax legislation. In the two-year government work report, the real estate tax legislation was described as "steadily advancing" and "steadily advancing".
After the National Two Sessions in 2020 and 2021, the government did not mention real estate tax.
However, the "Opinions on Accelerating the Improvement of the Socialist Market Economic System in the New Era" issued on May 11, 2020 pointed out that it is necessary to accelerate the establishment of a modern fiscal and taxation system and steadily advance real estate tax legislation.
In November 2020, Minister of Finance Liu Kun wrote the article "Establishing a Modern Fiscal and Taxation System" in the "Recommendations of the Central Committee of the Communist Party of China on Formulating the Fourteenth Five-Year Plan for National Economic and Social Development and Long-Term Goals for 2035". , Explain in detail the fiscal and taxation reform tasks during the "14th Five-Year Plan" period.
When Liu Kun talked about further improving the modern taxation system in his article, he mentioned that in accordance with the principle of "legislation first, full authorization, and step-by-step advancement", the legislation and reform of real estate tax should be actively and steadily promoted.
In Yan Yuejin's view, real estate tax is an effective means to regulate the real estate market. The main reason that has not been mentioned in the past two years is due to the impact of the new crown pneumonia epidemic. "If there are more contradictions in subsequent housing price speculation, real estate tax will still be an important adjustment. At the same time, the value-added tax policy of second-hand housing will dominate. For example, the value-added tax policy of second-hand housing sales in Wuxi, Chengdu, Shenyang and other places has become the mainstream of local real estate policy regulation, effectively reducing some real estate speculation.”
Gong Yongde, a member of the National Committee of the Chinese People's Political Consultative Conference, believes that there is an urgent need to systematically sort out and study various taxes related to the real estate industry, to more effectively use the power of taxation tools, and to formulate differentiated control policies.
The implementation of the real estate tax in the future should be adjusted according to factors such as the holding time of the house and the total number of units held by the family.
Establish a rent-purchase housing system
Pay attention to the development and construction of rental housing
"In recent years, the real estate market has achieved steady and healthy development, mainly because the long-term mechanism has played an active role in adhering to the basic positioning of'housing to live without speculation'. In the long run, if the real estate market is to maintain a healthy and stable development for a long time, In particular, to resolve the contradiction between housing supply and demand in big cities, the regulation and control policies must follow market laws and implement precise policies." Zhao Qingxiang said that under the premise of stabilizing land prices, housing prices, and expectations, on the one hand, we must increase the development and construction of shared property housing. New housing; on the other hand, we must solve the problem of irrational allocation and insufficient utilization of the stock housing by improving the efficiency of the stock housing market, accelerating the transaction speed and use efficiency of the stock housing.
"In short, both rent and purchase must be carried out simultaneously, but the incremental market and the stock market must also be developed." Zhao Qingxiang said.
In Zhao Qingxiang's view, two new changes will occur in the real estate market in the future:
First, both rent and purchase, housing leasing has become the top priority for regulating the development of the real estate market; second, more attention has been paid to the development and construction of leased housing, and new leased housing, especially affordable leased housing, has been tilted in terms of land, finance, and taxation.
In the real estate market, the leasing market and the buying and selling market are equally important, and the regulatory system and control policies should distinguish between different housing properties and market types, with holdings and pressures, and more precise.
In terms of leasing, more and more attention has been paid to newly built leased housing; in terms of sale, common property housing is the focus of development and construction.
Cartography/Gao Yue