The introduction of new regulations brings new opportunities to real estate companies. Experts suggest——
To make up for the shortcomings of rental housing, we must do our best and we must do our best
"With so many preferential policies, we want market players to be able to account and do it. This is also a new way for companies to achieve transformation and development based on market needs. Therefore, the development of affordable rental housing will be the future for real estate companies. A direction to explore hard."
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The "Opinions on Accelerating the Development of Affordable Rental Housing" (hereinafter referred to as the "Opinions") issued by the General Office of the State Council recently clarified the top-level design of the housing security system at the national level for the first time.
Industry insiders believe that the "Opinions" may bring new growth points to real estate companies, and they are highly concerned.
Experts reminded that the construction of affordable rental housing must do their best, but also do what they can.
Affordable rental housing may help real estate development enterprises to transform and upgrade
Chen Jie, director of the Research Center for Housing and Urban-Rural Development of Shanghai Jiao Tong University and member of the Science and Technology Committee of the Ministry of Housing and Urban-Rural Development, said that in recent years, traditional real estate companies such as Vanke, Longhu, and Xuhui have invested a lot in long-term rental apartments.
According to the relevant provisions of the "Opinions", these companies can apply to participate in the development and operation of affordable rental housing as long as the stock of rental housing held by them meets the basic requirements such as house type and rent.
Tan Miao (pseudonym), the chief real estate analyst of a well-known brokerage firm, pointed out that the current long-term rental yield is relatively low, so any approach that may increase the rate of return may be concerned by companies.
In terms of cost reduction, the "Opinions" put forward specific measures.
For example, the use of stock land and the four ways of building houses have reduced the cost of land; reduced the burden of corporate taxes and fees, and the property tax has been reduced from 12% to 4%.
Particularly in the financial sector, differentiated treatment is given to guarantee rental housing loans in the implementation of real estate credit management; the price of civil water and electricity is implemented.
At the same time, the central government will give appropriate subsidies to eligible projects.
At the regular policy briefing of the Ministry of Housing and Urban-Rural Development, Ni Hong, the deputy minister of the Ministry of Housing and Urban-Rural Development, said that the development of affordable rental housing will be the direction that real estate companies will strive to explore in the future.
Ni Hong said bluntly that the “relatively short leg” of rental housing is due to the development of a high-leverage and fast-turnover model, which makes developers unwilling to develop long-term rental housing.
In order to support the construction of affordable rental housing, the "Opinions" clarified that enterprises and institutions use their own idle land for construction and need to change the land use, but they do not pay the land price and are exempt from urban infrastructure supporting fees.
The relevant person in charge of the Housing Security Department of the Ministry of Housing and Urban-Rural Development interpreted the "Opinions" and pointed out that housing leasing companies can choose to apply the simplified taxation method for renting houses to individuals, and the value-added tax is calculated at a reduction of 1.5% at the 5% collection rate; Enterprises, public institutions, social organizations, and other organizations renting houses to individuals and specialized large-scale housing leasing companies will be taxed at a reduced rate of 4%.
Exemption of urban infrastructure supporting fees for affordable rental housing projects.
"With so many preferential policies, we want market players to be able to account and do it. This is also a new way for companies to achieve transformation and development based on market needs. Therefore, the development of affordable rental housing will be the future for real estate companies. A direction to explore hard." Ni Hong said.
Cao Jinbiao, director of the Housing Security Department of the Ministry of Housing and Urban-Rural Development, pointed out that he hopes to adopt the "Opinions" to promote the transformation and upgrading of real estate development enterprises.
Chen Jie believes that affordable rental housing may become a more important business for real estate companies in the future.
"Enterprises must have new growth points, otherwise they will be less attractive in the capital market. There is no doubt that affordable rental housing has the opportunity to become a new growth point."
The "Opinions" have a geometric impact on the housing and land markets
The "Opinions" proposed that all four types of land, including collective operating construction land, can participate in the supply of affordable rental housing.
Chen Jie pointed out that according to the specific conditions of different cities, the future participation of various types of land will be very different.
“For example, Beijing’s use of collective operating construction land to build rental housing is relatively large, accounting for more than half of the country’s total construction in this area. Shanghai mainly uses state-owned construction land and encourages enterprises and institutions to use their own stock of land for rental housing. The supply of specially designed R4 plots accounts for more than half of the country." Chen Jie said.
Chen Jie judged that the "Opinions" will have a significant impact on real estate companies and land policies in big cities.
He pointed out that the leasing market has developed to the present stage, the era of large-scale development has gone, and the era of stock housing has arrived.
The development level of the stock market in the leasing market in big cities will directly affect the attractiveness of talents, and then affect the competitiveness of cities in the long term.
“Now some cities also have relevant practices. Talent apartments are high-end welfare. The central government’s "Opinions" has a clear intention, not only to protect mid-to-high-end talents, but also to introduce more inclusive guarantee policies. Because urban development requires a variety of talents. ."
Zhang Jihui, a senior analyst at Tongce Research Institute, believes, “Under the current market environment, rental housing still provides structural and transitional residential products. Therefore, from a long-term, essential, and macro perspective, the "Opinions" are important The impact of urban land policies and the real estate market is limited."
Do your best and do your best
The "Opinions" stipulate that enterprises and public institutions can build their own businesses without funds or capabilities, and can cooperate with housing leasing companies, real estate development companies, etc. in construction and operation.
Tan Miao pointed out that the long-term rental apartment industry is currently not a profitable industry, and the market share of long-term rental housing provided by well-known real estate companies is also very limited.
Tan Miao revealed that he was informed at a meeting held by relevant departments that the housing guarantee policy of affordable rental housing "will definitely advance."
Even if affordable rental housing is not an important main body of housing rental supply in the short term, in the long run, its status will become more and more important.
The “Notice of the National Development and Reform Commission on Further Improving the Pilot Work of Real Estate Investment Trust Funds (REITs) in the Infrastructure Sector” issued on July 2 this year proposed to extend the scope of the pilot REITs to affordable rental housing.
This is regarded as a combination of the "Opinions", pushing the policy of affordable rental housing to a more important position.
A research report by Industrial Securities estimates that the cumulative stock asset scale of my country's affordable rental housing is about 3 trillion to 5 trillion yuan. Calculated with a 10% securitization rate, the scale of the REITs market corresponds to 300 billion to 500 billion yuan. yuan.
Chen Jie judged that the realization of REITs in affordable rental housing is unlikely to become mainstream.
During the survey, Chen Jie found that the overall rental yield of affordable rental housing is relatively low.
However, he believes that appropriate development in suitable locations and making a number of model cases to attract the attention of the capital market and increase corporate confidence will help promote the development of affordable rental housing.
Chen Jie introduced that various localities have tried various types of affordable rental housing. The "Opinions" issued by the State Council this time serve as programmatic guidance and are a kind of high-level promotion. All localities have the obligation to cooperate with the implementation.
"Originally, it was enterprises who wanted to fight for it, but now the locality also has greater motivation."
It is reported that this year, some large cities with net population inflow plan to raise 930,000 new affordable rental housing units, which is a good start for expanding the supply of affordable rental housing and optimizing the supply structure of rental housing.
"For local governments, it is necessary to make profit in the short term, and in the long term, the rental housing market may develop to a certain extent, and it may also squeeze demand." Tan Miao pointed out that local governments must take specific measures and cooperate with the implementation of policies with strong determination. .
The Ministry of Housing and Urban-Rural Development mentioned at the State Council Policy Briefing that the local government should change this matter from "I want to do it" to "I want to do it."
Chen Jie said that when companies see the market potential and actively contact the government, the government now grants limited subsidies to leverage marginal inputs in accordance with corresponding policies. Then this is a project with development potential.
"If the government has to provide a lot of subsidies before the company is willing to do it, then this may not be a mature project yet, and it can wait for it to mature before proceeding." In other words, we must do our best, but we must also do what we can.
China Youth Daily·China Youth Daily reporter Li Chenhe Source: China Youth Daily