Efforts to solve outstanding problems of housing in big cities
——Interview with Liu Hongyu, Director of the Institute of Real Estate, Tsinghua University
Our reporter Kang Shu
The Central Economic Work Conference held a few days ago proposed that the prominent housing problems in big cities should be resolved.
We must adhere to the positioning that houses are used for living, not for speculation, take measures to local conditions and adopt multiple strategies simultaneously to promote the stable and healthy development of the real estate market.
Recently, a reporter from the Economic Daily interviewed Liu Hongyu, director of the Institute of Real Estate, Tsinghua University, on a series of issues of concern to the market.
Reporter: The housing problem is related to people's livelihood and welfare.
What kind of signals have been released from the statements on real estate in the Central Economic Work Conference and the Central Political Bureau meeting?
Liu Hongyu: I think two main signals have been released.
The first is to promote the healthy development of the real estate market and effectively prevent risks in the real estate market. The state will adhere to the continuity and stability of real estate control policies, steadily implement long-term real estate control mechanisms, and continuously optimize and improve policy tools in practice box.
Second, the current problems in the housing sector are focused on large cities, especially megacities and megacities. It is necessary to change the mindset to increase the supply of rental housing through multiple channels, standardize and develop the housing rental market as an important way to solve housing problems in large cities.
Reporter: The Central Economic Work Conference put forward many specific requirements for housing leasing. What is the background and significance of these requirements?
What impact will it have on the development of housing leasing in my country?
Liu Hongyu: At present, the outstanding problems in the housing sector in my country are manifested in the relatively large housing difficulties of newly employed college students, urban non-resident permanent residents, and new citizens, and the housing prices in big cities generally exceed the ability of new citizens to pay.
Therefore, to effectively solve the housing problem of new citizens, the development of the housing rental market becomes the key.
In response to the main contradictions and outstanding problems in the urban housing leasing market in my country, the Central Economic Work Conference focused on diversifying and institutionalizing the supply of land for leased housing, implementing supporting policies such as public services for leased housing and financial and taxation, attracting multi-participation and standardizing The leasing market order and promotion of market stability put forward specific work requirements.
I believe that through the joint efforts of multiple parties, the shortcomings in the rental housing sector will be gradually filled.
Reporter: Strengthening real estate financial regulation is also an important part of promoting the stable and healthy development of the real estate market.
In your opinion, why implement fund monitoring and financing management rules?
Has it worked as expected?
Liu Hongyu: Real estate finance is a product of the integrated development of the financial market and the real estate market, which has a significant impact on the development of the real estate market.
The overheating and bubbles in the real estate market that have occurred in history are closely related to excessive financial participation.
Most real estate companies in my country have gradually developed and grown with the help of commercial housing pre-sales and debt financing. Therefore, high leverage is an important feature of my country's real estate companies, and it has also become an important risk that affects the stable and healthy development of the real estate market.
In this context, it is very timely and necessary to issue key real estate enterprise fund monitoring and financing management rules to restrict and regulate the financing behavior of real estate enterprises.
Judging from the effect of the pilot implementation, this control tool has begun to play a role in restraining the over-financing of real estate companies and will promote companies to improve their operational efficiency.
Reporter: Looking forward to the future, continue to improve the policy toolbox, establish a sound long-term real estate mechanism, and promote the steady and healthy development of the real estate market. What other efforts should be made?
Liu Hongyu: At present, the main task of establishing and improving the long-term real estate mechanism is how to implement the existing policy tools, and then the problem of improving the policy toolbox.
The policy tools in the long-term real estate control mechanism mainly involve five aspects: financial supervision, fiscal taxation, land supply, housing system, and market supervision. In the future, further enriching and improving the policy toolbox should also mainly start from these aspects.
In the future, the real estate market will perform differently in different cities.
For example, housing prices in cities with large population outflows may fall, and housing prices in cities with large population and labor attractiveness and relatively tight housing resources are still under upward pressure.
On the whole, the development of the real estate industry will remain basically stable.