Personnel involved in "Shen Fang Li" were punished not only because of "real estate speculation"
■ Observer
Financial institutions must truly assume the duty of review to prevent people from continuing to blindly participate in similar financial games.
Recently, the official website of the Shenzhen Association of Real Estate Intermediaries published a notice, blacklisting 29 intermediary practitioners including Huang Xuerong who participated in the "real estate speculation" and copying relevant information to credit bureaus.
Some media pointed out that two of them are closely related to Li Xuefeng, the core figure of the "Shen Fang Li" incident.
From a joint investigation by Shenzhen's seven major departments on "Shenzhen Housing Management" in early April, to the recent blacklist of relevant practitioners by the Intermediary Association, the mystery surrounding "Shenzhen Housing Management" was gradually revealed, which also gave a warning to all relevant parties.
The hazards of "Deep Real Estate Management" are not limited to "real estate speculation"
Judging from the situation disclosed by the media, "Shenfangli" was originally a real estate self-media, and later saw the "huge market" on the demand side of the Shenzhen real estate market. After gradually gathering real estate user traffic, it began to be in the WeChat group Guide these people to engage in crowdfunding "real estate speculation".
In the context of rapidly rising housing prices but purchase restrictions, what "Shen Fang Li" does is to help those who are not qualified to buy houses and do not have sufficient funds to obtain a set of real estate in Shenzhen and benefit from this.
The operation method is similar to the establishment of a limited partnership company without a legal entity to buy a house together. Every crowdfunder is a shareholder of this limited partnership company, and the shareholders’ equity can be resold freely.
It is precisely because of this that some media have summarized the behavior of "Shen Fang Li": "Weibo Real Estate V'Shen Fang Li," with 1.4 million followers, is suspected of instigating Cradle members to use high leverage, fake marriages, and other methods to'speculate. Room'." But this view is actually biased.
If "Shenzhen Real Estate Management" only focuses on the "real estate speculation" link, it is impossible for him to suffer intensive investigations by so many departments.
The investigation is due to many violations of current laws and regulations in the process of buying a house, such as "assisting in obtaining business loans and forging housing qualifications" as pointed out in the notice of the Intermediary Association.
The main reason why financial institutions restrict the qualifications of homebuyers is that homebuyers need to apply for loans. In order to ensure asset safety, financial institutions need to impose various restrictions on homebuyers-but the core is still income. If it belongs to the full purchase, then there is no so-called qualification review.
Judging from the situation disclosed by the media, the service of "Shenzhen Real Estate Management" involves buying houses for those who do not have the financial means, and allowing unqualified buyers to participate in the market, which is not only detrimental to the interests of the buyers-in case of future housing prices. A decline will lead to damage to interests and financial risks: when housing prices rise, they will rise faster, and when they fall, they will fall faster.
The 2008 financial crisis in the United States was caused by banks issuing loans to unqualified home buyers.
Financial institutions need to strengthen the review of housing funds
This notification from Shenzhen means that the matter has already had a phased outcome.
So, what kind of experience can the relevant departments learn from the "Shenzhen Housing Management" incident?
In the face of such incidents, the key is to do a good job in the identification of qualified buyers, and to promote qualified buyers to the perspective of "qualified investors".
Since 2010, in order to stabilize housing prices, the government has imposed various restrictions on buyers, but these identification-based standards have not really resolved the real estate risks, and to some extent, various gray and black zones have been born , So that institutions and individuals like "Shen Fang Li" can obtain profitable space.
Some control measures have not focused much on the core indicators of financial stability significance, such as down payment and repayment ability.
Judging from the experience of rising housing prices in the past 20 years, many banks have forgotten the risks of real estate, and even cooperated with real estate companies to provide false pipelines to deal with supervision.
But in some developed countries, buyers need to make various explanations about the source of the down payment.
This is not only based on the needs of anti-money laundering, but also the needs of financial order.
If the down payment of individual home buyers comes from borrowing, it will aggravate the risks in the real estate and financial markets.
However, in this regard, almost no one in some parts of the country has asked about it, let alone whether the down payment is pieced together.
Once the real estate market drops, these are very dangerous behaviors.
Therefore, the fundamental reason why "Shen Fang Li" is punished is that he has gathered some people who are not able to withstand market risks into the financial market.
For this reason, financial institutions must truly assume the duty of review to prevent people from continuing to blindly participate in similar games. While maintaining the order of the real estate market, they must also effectively guard against hidden financial risks.
□Fu Weigang (Columnist)