In January this year, the National Conference on Housing and Urban-Rural Construction proposed that "existing homes can be sold if conditions permit". In February this year, Henan Province proposed to actively explore the reform of the pre-sale system and the sale of existing homes with Zhengzhou and Kaifeng as pilots. Since then, Hunan Province and Shanxi Province have also begun to explore the pilot of existing home sales. In September, xiong’an new area announced that it would cancel the pre-sale of commercial housing and implement the sale of existing houses, so as to realize "what you see is what you get, and the certificate will be handed over when you hand over the house".
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Before the buyers received the house, the price of the auction house they bought was reduced by nearly half. This happened recently in Huizhou, Guangdong Province. The developer drastically reduced the price by returning the down payment, which caused many early buyers’ dissatisfaction. At present, this behavior has been stopped by the local housing and construction bureau. Not long ago, a similar situation occurred in Wuhan.
After the real estate market entered the adjustment period, the risk problem of people buying faster houses became more and more prominent, and some property buyers even felt that buying faster houses was "pit" after "pit". As a result, the voice of canceling the pre-sale system of commercial housing and implementing the sale of existing homes is getting higher and higher. In September, xiong’an new area announced the cancellation of the pre-sale of commercial housing and the implementation of the sale of existing homes, realizing "what you see is what you get, and the certificate is handed over when you hand over the house", which also made buyers see the dawn of the sale of existing homes.
Hand in the money and hand in the house.
At present, many owners who buy faster houses are "anxious". What they are most concerned about is whether the property they buy can be closed on time and get a certificate. Among them, control money — — Pre-sale of funds is very critical.
Recently, some people have left messages on the Internet asking whether the pre-sale funds of the commercial housing they bought have entered the supervision account, whether there is any abnormality in the use of funds, and whether the balance of funds can support the completion of the house.
In this regard, Zhao Xiuchi, president of capital university of economics and business Beijing-Tianjin-Hebei Real Estate Research Institute and vice-president and secretary-general of Beijing Real Estate Law Society, believes that the supervision of housing pre-sale funds increases the financing cost of enterprises, so individual enterprises try to evade supervision. In the future, more market management methods should be used to supervise the pre-sale funds of commercial housing. In addition, the problems in the auction should be solved from the aspects of credit system, housing quality laws and regulations system construction and so on.
The pre-sale of commercial housing originated in Hong Kong. In the 1990s, the pre-sale system of commercial housing was introduced in the early stage of the reform of the housing system in the Mainland, which provided support for the financing of housing enterprises, improved the efficiency of capital use and further promoted the development of the commercial housing market. Property buyers can also buy houses at lower prices. But at the same time, buyers are also facing more risks.
For a period of time, housing enterprises expanded rapidly, and the "three highs" model of high leverage, high turnover and high debt became a typical model for the development of some real estate enterprises. Continued pursuit of market scale through high turnover has also led to excessive debt scale of some housing enterprises, which hides the risk of capital chain breakage. Housing enterprises can’t hand over houses on time, the houses handed over are not right, and unfinished buildings happen from time to time, which obviously affects the confidence and expectations of buyers.
In recent years, the voice of implementing the commercial housing spot sale system is getting higher and higher. Zou Linhua, head of the housing big data project team of the Institute of Finance and Economics of China Academy of Social Sciences, said that with the real estate industry entering a new stage of development, the industry urgently needs a new development model, especially after entering the stock era, the real estate market has entered a "buyer’s market", and buyers have more voice, which is the aspiration of the people to promote the market to actively choose existing home sales and promote existing home sales.
"Compared with the pre-sale system, the sale of existing homes is more in line with the public’s expectations for the sale of commercial housing, ‘ What you see is what you get ’ It is more in line with the buyers’ willingness to buy a home. " Chen Wenjing, director of market research of the Central Finger Research Institute, said that the sale of existing homes is also conducive to ensuring the quality of real estate projects, putting forward higher requirements for the quality of projects, and effectively avoiding risks such as false propaganda, quality defects, delayed delivery and unfinished projects. This also tests the product strength of enterprises, and enterprises with high product strength and strong brand strength have greater opportunities for future development.
Chen Wenjing said that from the market point of view, the existing home project takes up the enterprise’s own funds for a longer period of time and the cost increases, which may make the price of existing home projects higher than that of the same type of faster housing projects. She also said that for housing enterprises, under the existing home sales model, if the sales after the completion of the project are less than expected, the recovery of the funds invested in the early stage and the repayment of loans will face tremendous pressure, which will also force enterprises to respect the law of market supply and demand, take land cautiously and make scientific decisions.
From the perspective of the real estate industry, the high turnover mode of real estate development enterprises is unsustainable under the existing home sales model, and the existing home sales help to reduce the capital leverage of development enterprises.
Yan Yuejin, director of Yiju Research Institute, believes that xiong’an new area is exploring a "new housing system", and promoting the model of "existing home sales+hardcover delivery+hand-over certificate" is one of the important contents. This model has a positive effect on property buyers, and the convenience of buying a house is obviously increased. After paying the purchase price, you can move in directly and have a property right certificate, which greatly guarantees the rights and interests of buying a house. In his view, this model applies not only to Xiong ‘an, but also to other cities in the country. Compared with other regions, xiong’an new area, as a national new district, is a brand-new construction area from scratch. Thanks to a series of policies, the policy of promoting existing home sales can be implemented more thoroughly, which will also provide experience for other cities.
Zhao Xiuchi believes that the sale of existing homes in xiong’an new area has certain reference significance for other regions, but whether it can be realized and promoted remains to be tested by the market.
The "circle of friends" of the existing home sales pilot has gradually expanded.
With xiong’an new area proposing to cancel the pre-sale of commercial housing, more regions are also expecting that the spot sale of commercial housing can be more widely promoted.
However, the insiders believe that at present, the pre-sale of commercial housing is still the mainstream mode of commercial housing sales in China. The capital chain of many housing enterprises is relatively tight. Although the debts of many housing enterprises are extended, the financial pressure is still great, and it is difficult to implement existing home sales.
However, a gratifying change is that the "circle of friends" of the existing home sales pilot is gradually expanding. In January this year, the National Conference on Housing and Urban-Rural Construction proposed that "existing homes can be sold if conditions permit". In February this year, Henan Province proposed to actively explore the reform of the pre-sale system and the sale of existing homes with Zhengzhou and Kaifeng as pilots. Not long ago, Hunan Province and Shanxi Province also began to explore the pilot of existing home sales.
"Future existing home sales or an important direction to explore new development models in the industry." Chen Wenjing said that on the whole, the reform of the pre-sale system of commercial housing in the future may become an important part of the new development model. However, it is unlikely that the existing home sales will be fully implemented until the financial supporting policies are put in place and the supply cut-off problem that may occur in some core cities is solved. It is expected that some projects in core cities will be piloted or implemented on a small scale in some areas in the short term.
"You can’t kill the auction sales with a stick." Zhao Xiuchi believes that pre-sale and spot sale of commercial housing are two sales methods, which are also escorted by relevant laws and should be chosen by the market spontaneously. The advantage of auction sales is that auction pre-sale funds are low-cost financing channels for housing enterprises, and for buyers, lower house prices can be locked by purchasing auction. In the current situation of the property market, "one size fits all" to achieve existing home sales, I am afraid it will make the real estate industry worse.
Buying a house is a big deal for every family. How to avoid risks and protect rights and interests? Some buyers suggested that a cooling-off period should be set during the purchase agreement period. It was also suggested that the refund period after the check-out agreement was reached should be strictly regulated to prevent the development enterprises from deliberately occupying the down payment for a long time.
Xu Xiaole, chief analyst of RealData, also said that the pre-sale system of commercial housing itself does not necessarily lead to problems. The key is to supervise the pre-sale funds and distribute funds strictly according to nodes to prevent funds from being misappropriated.
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